/raid1/www/Hosts/bankrupt/TCR_Public/180617.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, June 17, 2018, Vol. 22, No. 167

                            Headlines

5 BRYANT PARK 2018-5BP: S&P Assigns B-(sf) Rating on Class F Certs
ALM LTD VI: S&P Assigns B-(sf) Rating on $117MM Class E-R3 Notes
ALM XVI: Moody's Assigns (P)B3 Rating on $22MM Class E-R2 Notes
ARES XXXIII: Moody's Lowers Class E Notes Rating to Caa1
ARES XXXVR: Moody's Assigns (P)Ba3 Rating on $22MM Class E Notes

ATRIUM HOTEL 2018-ATRM: DBRS Gives Prov. BB(low) on F Certs
BANK OF AMERICA 2016-UBS10: DBRS Confirms B Rating on X-G Certs
BEAR STEARNS 2007-PWR17: S&P Lowers Class D Certs Rating to D
BLUEMOUNTAIN CLO 2016-1: S&P Withdraws BB- Rating on E-R Notes
BRAEMAR HOTELS 2018-PRME: DBRS Finalizes B(low) on Class F Certs

CARLYLE GLOBAL 2014-3-R: S&P Gives (P)B- Rating on E-R2 Notes
CARLYLE GLOBAL 2014-3-R: S&P Gives B- Rating on $5.5MM Cl. E Notes
CARVAL CLO I: Moody's Assigns Ba3 Rating on Class E Notes
CFCRE COMMERCIAL 2017-C8: Fitch Affirms 'B-sf' Rating on X-F Certs
CITIGROUP 2005-EMG: Moody's Affirms Caa3 Ratings on 2 Tranches

CITIGROUP 2013-GC15: DBRS Confirms BB Rating on Class E Certs
COBALT CMBS 2007-C3: S&P Lowers Class E Certs Rating to D(sf)
COLT 2018-2: Fitch Gives 'B+sf' Rating on Class B-2 Certs
COMM 2014-UBS4: DBRS Confirms BB Rating on Class E Certs
COMM MORTGAGE 2015-CCRE25: Fitch Affirms BB- Rating on Cl. E Debt

CRF-19 LLC: S&P Affirms CCC-(sf) Rating on Class E Notes
CWABS REVOLVING 2004-J: Moody's Ups Rating on Cl. 1-A Notes to Ba3
DBJPM 2017-C6: DBRS Confirms BB(low) Rating on Class F-RR Certs
DEUTSCHE BANK 2011-LC3: Fitch Affirms 'Bsf' Rating at Cl. F Debt
DRYDEN 55: S&P Assigns B-(sf) Rating on $11MM Class F Notes

DT AUTO 2017-1: S&P Raises Class E Notes Rating to 'BB+(sf)'
DT AUTO 2018-2: DBRS Assigns Prov. BB Rating on Class E Notes
FIGUEROA CLO 2013-2: S&P Gives Prelim BB Rating on $18MM DRR Notes
FREDDIE MAC SCRT 2018-2: DBRS Gives (P)B Rating to $51.7MM Certs
FREDDIE MAC SCRT 2018-2: Fitch Gives B-sf Rating on Class M Notes

FREDDIE MAC STACR 2018-SPI2: Fitch Rates Class M2-B Certs 'B+sf'
GMAC COMMERCIAL 1997-C2: Moody's Affirms C Ratings on 2 Tranches
GS MORTGAGE 2007-GG10: S&P Raises Class A-M Rating to BB+(sf)
JP MORGAN 2000-C10: Moody's Affirms C Ratings on 2 Tranches
JP MORGAN 2006-LDP7: Moody's Affirms C Ratings on 5 Tranches

JP MORGAN 2017-JP6: Fitch Affirms B-sf Rating on Class G-RR Certs
JP MORGAN 2018-5: Moody's Assigns B2 Rating on Class B-F Debt
JPMBB 2014-C22: DBRS Confirms B Rating on Class X-D Certs
JPMCC 2017-JP6: DBRS Confirms BB Rating on Cl. F-RR Certificates
LSTAR COMMERCIAL 2015-3: DBRS Confirms B Rating on Class F Certs

MADISON PARK XX: S&P Assigns Prelim B-(sf) Rating on Cl. F-R Notes
MORGAN STANLEY 2015-C23: DBRS Confirms B Rating on Cl. X-FG Certs
MORGAN STANLEY 2017-H1: DBRS Confirms B(low) Rating on H-RR Certs
NEUBERGER BERMAN 28: S&P Assigns BB-(sf) Rating on Class E Notes
NEW RESIDENTIAL 2018-RPL1: DBRS Gives (P)BB Rating on B-1 Notes

NEW RESIDENTIAL 2018-RPL1: Fitch Rates Class B-2 Notes 'Bsf'
OCP CLO 2018-15: S&P Assigns Prelim BB-(sf) Rating on D Notes
OCTAGON INVESTMENT XVI: S&P Assigns (P)B- Rating on Class F-R Notes
OZLM XIV: Moody's Assigns Ba3 Rating on Class D-R Notes
SCRT TRUST 2018-2: Fitch to Rate Class M Notes 'B-sf'

TKC HOLDINGS: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
TOWD POINT 2018-2: DBRS Finalizes B Rating on Class B2 Debt
UBS-BARCLAYS 2012-C3: DBRS Confirms BB(low) Rating on Cl. X-B Certs
WACHOVIA BANK 2007-C34: Moody's Cuts Class IO Certs Rating to C
[*] Beard Group 25th Annual Distressed Investing Conference Nov. 26

[*] Moody's Hikes $732.7MM of Alt-A/Subprime RMBS Issued 2004-2007
[*] Moody's Takes Action on $137MM Subprime RMBS Issued 2002-2004
[*] Moody's Takes Action on 29 Tranches From 12 US RMBS Deals
[*] Moody's Takes Action on 5 Tranches From 3 Subprime RMBS Deals
[*] S&P Discontinues Ratings on 84 Classes From 26 CDO Deals

[*] S&P Puts 10 Ratings on Two US CLO Deals on Watch Positive
[*] S&P Takes Various Actions on 115 Classes From 43 US RMBS Deals
[*] S&P Takes Various Actions on 260 Classes From 9 US RMBS Deals
[*] S&P Takes Various Actions on 60 Classes From 10 US RMBS Deals
[*] S&P Takes Various Actions on 64 Classes From 20 US RMBS Deals


                            *********

5 BRYANT PARK 2018-5BP: S&P Assigns B-(sf) Rating on Class F Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 5 Bryant
Park 2018-5BP Mortgage Trust's $463.0 million commercial mortgage
pass-through certificates series 2018-5BP.

The issuance is a commercial mortgage-backed securities transaction
backed by a two-year, floating-rate commercial mortgage loan
totaling $463.0 million, with five, one-year extension options,
secured by a first lien on the borrower's interest in Five Bryant
Park, a 682,988-sq.-ft., class A office building located within
Midtown Manhattan's Sixth Avenue/Rock Center office submarket.

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

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

  PRELIMINARY RATINGS ASSIGNED

  5 Bryant Park 2018-5BP Mortgage Trust  

  Class       Rating(i)            Amount ($)
  A           AAA (sf)            200,156,000
  B           AA- (sf)             44,479,000
  C           A- (sf)              33,359,000
  D           BBB- (sf)            40,921,000
  E           BB- (sf)             55,599,000
  F           B- (sf)              53,820,000
  G           NR                   11,516,000(ii)
  HRR         NR                   23,150,000(ii)

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

(ii) The initial certificate balances of the class G and HRR
certificates are subject to change based on the final pricing of
all certificates and the final determination of the eligible
horizontal residual interest that will be held by a retaining
third-party purchaser so German American Capital Corp. and Goldman
Sachs Mortgage Co., as loan sponsors, to satisfy their U.S. risk
retention requirements with respect to this securitization
transaction.

NR--Not rated.


ALM LTD VI: S&P Assigns B-(sf) Rating on $117MM Class E-R3 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1a-R3,
A-2-R3, B-R3, C-R3, D-R3, and E-R3 replacement notes and the new
class X and A-1b-R3 notes from ALM VI Ltd., a collateralized loan
obligation (CLO) originally issued in 2012 that is managed by
Apollo Credit Management (CLO) LLC. S&P withdrew its ratings on the
original class A-1-RR, A-2-RR, B-1-RR, B-2-RR, C-RR, D-RR, and E-R
notes following payment in full on the June 11, 2018, refinancing
date and its preliminary rating on the class B-2-R3 notes.

On the June 11, 2018, refinancing date, the proceeds from the class
A-1a-R3, A-2-R3, B-R3, C-R3, D-R3, and E-R3 replacement notes and
the new class X and A-1b-R3 note issuances were used to redeem the
original class A-1-RR, A-2-RR, B-1-RR, B-2-RR, C-RR, D-RR, and E-R
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 preliminary rating on the replacement class
B-2-R3 notes is being withdrawn because this class was not issued
at closing.

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

-- Replaced the current floating spreads with lower floating
spreads.

-- Extended the reinvestment period by six months.

-- Extended the weighted average life test by two years.

-- Extended the non-call period through April 2019.

-- Issued additional class X senior floating-rate notes that are
expected to be paid using interest proceeds in quarterly
installments beginning July 15, 2018.

-- Issued new class A-1b-R3 senior floating-rate notes and
consolidated the original class B-1-RR and B-2-RR pari passu notes
into the class B-R3 notes.   

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios.

"In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches.

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

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

  RATINGS ASSIGNED

  ALM VI Ltd.
  Replacement class          Rating        Amount (mil $)
  A-1a-R3                    AAA (sf)             306.00
  A-2-R3                     AA (sf)               51.50
  B-R3                       A (sf)                39.50
  C-R3                       BBB- (sf)             25.50
  D-R3                       BB- (sf)              20.00
  E-R3                       B- (sf)               17.00

  ALM VI Ltd.
  New class                  Rating        Amount (mil $)
  X                          AAA (sf)                1.75
  A-1b-R3                    AAA (sf)               15.50

  RATINGS WITHDRAWN

  ALM VI Ltd.
                             Rating
  Original class       To              From
  A—1-RR               NR              AAA (sf)
  A—2-RR               NR              AA (sf)
  B—1-RR               NR              A (sf)
  B-2-RR               NR              A (sf)
  C-RR                 NR              BBB (sf)
  D-RR                 NR              BB (sf)
  E-R                  NR              B (sf)

  PRELIMINARY RATING WITHDRAWN
                             Rating
  Class                To             From
  B-2-R3               NR             A (sf)

  NR--Not rated.


ALM XVI: Moody's Assigns (P)B3 Rating on $22MM Class E-R2 Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CLO refinancing notes to be issued by ALM XVI, Ltd.:

Moody's rating action is as follows:

US$682,000,000 Class A-1a-R2 Senior Secured Floating Rate Notes due
2027 (the "Class A-1a-R2 Notes"), Assigned (P)Aaa (sf)

US$112,200,000 Class A-2-R2 Senior Secured Floating Rate Notes due
2027 (the "Class A-2-R2 Notes"), Assigned (P)Aa2 (sf)

US$59,400,000 Class B-R2 Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class B-R2 Notes"), Assigned (P)A2 (sf)

US$73,150,000 Class C-R2 Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class C-R2 Notes"), Assigned (P)Baa3 (sf)

US$52,250,000 Class D-R2 Secured Deferrable Floating Rate Notes due
2027 (the "Class D-R2 Notes"), Assigned (P)Ba3 (sf)

US$22,000,000 Class E-R2 Secured Deferrable Floating Rate Notes due
2027 (the "Class E-R2 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 are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans.

Apollo Credit Management (CLO), LLC manages the CLO. It directs 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
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 intends to issue the Refinancing Notes on June 27, 2018
in connection with the refinancing of all classes of the secured
notes previously refinanced on July 17, 2017 and initially closed
on August 20, 2015. On the Second Refinancing Date, the Issuer will
use 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; extension of the non-call period; extension of the weighted
average life test, 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: 1,098,252,083

Defaulted par: $4,124,033

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3101

Weighted Average Spread (WAS): 3.20%

Weighted Average Recovery Rate (WARR): 49.0%

Weighted Average Life (WAL): 7.05 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% (from 3101 to 3566)

Rating Impact in Rating Notches

Class A-1a-R2 Notes: 0

Class A-2-R2 Notes: -1

Class B-R2 Notes: -2

Class C-R2 Notes: -1

Class D-R2 Notes: -1

Class E-R2 Notes: -1

Percentage Change in WARF -- increase of 30% (from 3101 to 4031)

Rating Impact in Rating Notches

Class A-1a-R2 Notes: -1

Class A-2-R2 Notes: -2

Class B-R2 Notes: -4

Class C-R2 Notes: -2

Class D-R2 Notes: -1

Class E-R2 Notes: -3





ARES XXXIII: Moody's Lowers Class E Notes Rating to Caa1
--------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by Ares XXXIII CLO Ltd.:

US$9,600,000 Class E Mezzanine Deferrable Floating Rate Notes Due
December 5, 2025, Downgraded to Caa1 (sf); previously on February
26, 2015 Definitive Rating Assigned B2 (sf)

Ares XXXIII CLO Ltd., issued in February 2015, is a collateralized
loan obligation (CLO) backed primarily by a portfolio of senior
secured loans. The transaction's reinvestment period will end in
March 2019.

RATINGS RATIONALE

The rating downgrade on the Class E notes is primarily due to
deterioration of the weighted average rating factor (WARF) and a
decrease in the weighted average spread (WAS) of the underlying
loan portfolio since October 2016. Based on the trustee's May 2018
report, the WARF is currently reported at 2910, versus the October
2016 level of 2863, and is failing its trigger level of 2710. Over
the same period, WAS has decreased, and is currently reported at
3.33%, versus the October 2016 level of 3.86%. Based on Moody's
calculation, the total collateral par balance, including principal
proceeds and current defaults carried at market value and capped at
par, is $595.7 million, which is $4.3 million less than the $600.0
million initial par amount targeted during the deal's ramp-up.

Methodology Underlying the Rating Action

The principal methodology used in this rating 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 Rating:

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

1) Macroeconomic uncertainty: CLO performance is subject to
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 commence and at what pace. Deleveraging of the CLO
could accelerate owing to high prepayment levels in the loan market
and/or collateral sales by the manager, which could have a
significant impact on the notes' ratings. Note repayments that are
faster than Moody's current expectations will usually have a
positive impact on CLO notes, beginning with those with the highest
payment priority.

5) Recovery of defaulted assets: Fluctuations in the market value
of defaulted assets 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 are 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) Post-Reinvestment Period Trading: Subject to certain
requirements, the deal can reinvest certain proceeds after the end
of the reinvestment period, and as such the manager has the ability
to erode some of the collateral quality metrics to the covenant
levels. Such reinvestment could affect the transaction either
positively or negatively.

8) 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.

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% (2328)

Class E: +4

Moody's Adjusted WARF + 20% (3492)

Class E: -2

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analyzed the collateral pool as having a performing par and
principal proceeds balance of $594.9 million, defaulted par of $0.8
million, a weighted average default probability of 22.85% (implying
a WARF of 2910), a weighted average recovery rate upon default of
49.34%, a diversity score of 81 and a weighted average spread of
3.34% (before accounting for LIBOR floors).

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


ARES XXXVR: Moody's Assigns (P)Ba3 Rating on $22MM Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by Ares XXXVR CLO Ltd.

Moody's rating action is as follows:

US$2,800,000 Class X Senior Floating Rate Notes due 2030 (the
"Class X Notes"), Assigned (P)Aaa (sf)

US$240,000,000 Class A-1 Senior Floating Rate Notes due 2030 (the
"Class A-1 Notes"), Assigned (P)Aaa (sf)

US$22,000,000 Class A-2 Senior Floating Rate Notes due 2030 (the
"Class A-2 Notes"), Assigned (P)Aaa (sf)

US$36,000,000 Class B Senior Floating Rate Notes due 2030 (the
"Class B Notes"), Assigned (P)Aa2 (sf)

US$22,000,000 Class C Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class C Notes"), Assigned (P)A2 (sf)

US$26,000,000 Class D Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$22,000,000 Class E Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Assigned (P)Ba3 (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."

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

RATINGS RATIONALE

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

Ares XXXVR 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.
Moody's expects the portfolio to be approximately 81% ramped as of
the closing date.

Ares CLO 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: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 48.55%

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 3000 to 3450)

Rating Impact in Rating Notches

Class X Notes: 0

Class A-1 Notes: 0

Class A-2 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 3000 to 3900)

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: -4

Class D Notes: -2

Class E Notes: -1


ATRIUM HOTEL 2018-ATRM: DBRS Gives Prov. BB(low) on F Certs
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-ATRM to
be issued by Atrium Hotel Portfolio Trust 2018-ATRM:

-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class X-CP at A (low) (sf)
-- Class X-FP at A (low) (sf)
-- Class X-NCP at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The Class X-CP, Class X-FP and Class X-NCP balances are notional.

The $635.0 million mortgage loan is secured by the fee and
leasehold interest in 24 limited-service, extended-stay and
full-service hotels, totaling 5,734 keys, located in 12 different
states across the United States. While geographically diverse, the
portfolio has a high exposure to properties located in markets
deemed tertiary by DBRS. All hotels, except for one, operate as
Hilton Hotels & Resorts (Hilton) or Marriott International branded
hotels under six different flags, the majority of which, or 68.9%
of the allocated loan balance, operate as Embassy Suites by Hilton.
The 24 collateral assets are being acquired by the sponsor, Atrium
Holding Company (Atrium), as part of a 35-hotel portfolio and with
other various assets, out of a bankruptcy reorganization of the
John Q Hammons Revocable Trust, JQH Entities and its affiliates
(collectively, JQH). In 2005, JD Holdings, LLC (JD Holdings), an
affiliate of Atrium, acquired properties from JQH and as part of
the agreement was given a right of first refusal (ROFR) applicable
to additional properties held by JQH Entities. Commencing in 2015,
JD Holdings and JQH had engaged in litigation over the validity of
the ROFR to purchase the 35 hotels, including the 24 collateral
assets and the other various assets valued by JQH at approximately
$400.0 million. To halt proceedings, JQH filed for Chapter 11
bankruptcy protection in June 2016. After a number of motions and
proceedings, a reorganization plan was confirmed by the court on
May 11, 2018, whereby JD Holdings, one of the largest unsecured
creditors to JQH, would acquire all of JQH's assets out of
bankruptcy, repay existing creditors and assume certain
liabilities. On May 17, 2018, trustees on behalf of four commercial
mortgage-backed security (CMBS) lenders filed an appeal of the
reorganization confirmation as the CMBS lenders held mortgage loans
made to JQH Entities that were secured by liens on nine of the
properties. While the liens have been released, the appeal by the
CMBS lenders is primarily additional claims on default interest
summing to approximately $77.6 million and not to the
reorganization itself. As part of the proceedings. JD Holdings has
filed a commitment letter to fund up to $200 million, if required
to fund plan distributions, with $90.0 million designated for the
CMBS disputed claims. In addition, as part of the confirmation, the
bankruptcy court required JD Holdings to deposit an additional
$25.0 million for disputed claims in an escrow account that cannot
be released without further order by the bankruptcy court. In
addition to the CMBS disputed claims, there are approximately $54.0
million in other disputed claims that have been asserted against
JQH and remain subject to resolution and, pursuant to the plan,
payment in full to extent such claims are allowed. The CMBS lenders
have until June 6, 2018, to file the Statement of Issues and
Designation of Record on Appeal. As part of this financing, JD
Holdings was required to contribute its $495.9 million claim, in
addition to the $635.0 million mortgage loan and $112.4 million
sponsor equity contribution, to purchase JQH. In conjunction with
the acquisition of the assets, all franchise agreements for all
flagged properties were extended to at least 2028 and are required
to go through an estimated $101.0 million ($4.4 million per flagged
hotel or $18,481 per flagged key).

The subject financing of $635.0 million along with a $112.4 million
equity infusion from the sponsor will go to retire $672.2 million
of existing debt, establish $61.9 million of upfront reserves and
cover closing costs of $13.3 million. Included in the upfront
reserves are a $16.0 million ($2,790 per key) upfront property
improvement plan (PIP) reserve and a $44.6 million delayed advance
holdback for the allocated loan amount of the Embassy Suites –
San Marcos. The delayed advance holdback is in relation to a $1.5
million mortgage loan held by the City of San Marco and secured by
the property. The funds will be released upon the delivery of a
subordination agreement from the City of San Marco in respect to
the $1.5 million outstanding loan. Once the funds are released, the
sponsor is required to establish a $1.5 million San Marco Reserve
to repay the full amount. If a subordination agreement is not
received, the reserve will be used to pay down the loan. The loan
is a two-year floating-rate (one-month LIBOR plus 2.29% per annum)
interest-only mortgage loan with five one-year extension options.

Since 2011, prior ownership invested $119.5 million ($20,836 per
key) of capital expenditures (capex) across the collateral
portfolio, including $29.2 million ($5,099 per key) and $30.4
million ($5,308 per key) injected in the portfolio in 2016 and
2017, respectively. Recently completed capital improvements include
upgrades to guest rooms, lobbies, meeting spaces, public spaces,
amenities and exteriors. Furthermore, all assets except for one
will be required to go through PIP renovations as a result of the
change in ownership estimated at $101.0 million for the portfolio.
In addition to the $16.0 million upfront PIP reserve, the sponsor
is required to deposit an additional $51.0 million over the first
five years ($40.0 million in the first 12 months) and make ongoing
furniture, fixtures and equipment reserve deposits equal to 4.0% of
gross revenue. The properties were built between 1983 and 2009,
averaging 14 years. DBRS assessed the overall portfolio quality to
be Average based on the site inspections, but individual property
quality assessments ranged from Average (+) to Average (-). While
the portfolio does not consist of old assets, a common theme
amongst the properties inspected by DBRS was that the properties
were dated, but still well maintained.

The portfolio is concentrated by property type, as all properties
are hotels. Hotels have the highest cash flow volatility of all
property types because of the relatively short lease/length of stay
compared with commercial properties, as well as higher operating
leverage. These dynamics can lead to rapidly deteriorating cash
flow in a declining market and, with nationwide revenue per
available room (RevPAR) in its eighth consecutive year of growth,
relatively easy RevPAR gains appear to be gone. The portfolio has
reported only modest gains in average daily rates and occupancy,
resulting in RevPAR gains at the T-12 February 2018 period of only
12.2% since 2012, which is underwhelming compared to the nationwide
hotel RevPAR growth of 28.2% from 2012 to 2017, according to the
U.S. Lodging Industry Overview. The portfolio has experienced
recent cash flow declines which can be attributed to a number of
factors including rooms being taken offline during renovations, a
number of aging properties with a lack of capital investment and
decreasing cash flow margins; however, it may also be a signal of a
late phase of the lodging cycle. While the $59.7 million invested
in 2016 and 2017 combined is a substantial amount of capex for the
portfolio's property types in their respective markets, $47.8
million, or 80.2% of the total renovations, is attributed to only
ten properties with 2,792 keys, or 48.7% of the total keys, and the
remaining properties on average received only $2,209 per key
annually over the past seven years.

The as-is portfolio appraised value is $1.0 billion, assuming a
bulk sale, based on an applied cap rate of 7.2%, which equates to a
moderate appraised loan-to-value (LTV) ratio of 63.2%. The
DBRS-concluded value of $634.2 million ($100,612 per key)
represents a significant 36.9% discount to the bulk sale appraised
value and results in a DBRS LTV of 100.1%, which is indicative of
high-leverage financing; however, the DBRS value is based on a
reversionary cap rate of 11.50%, which represents a significant
stress over current prevailing market cap rates. Furthermore, the
loan's DBRS Debt Yield and DBRS Term DSCR at 11.5% and 2.04 times,
respectively, are moderate considering the portfolio is primarily
securitized by suburban full- and limited-service hotels and the
portfolio's insurable replacement cost of $1.2 billion (excluding
land value) is substantially higher than the whole loan amount of
$635.0 million.

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


BANK OF AMERICA 2016-UBS10: DBRS Confirms B Rating on X-G Certs
---------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2016-UBS10 issued by Bank of
America Merrill Lynch Commercial Mortgage Trust 2016-UBS10 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-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class X-D at BBB (high) (sf)
-- Class D at BBB (sf)
-- Class X-E at BBB (low) (sf)
-- Class E at BB (high) (sf)
-- Class X-F at BB (sf)
-- Class F at BB (low) (sf)
-- Class X-G at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. The transaction consists of 52 loans
secured by 84 commercial properties. As of the May 2018 remittance
report, the trust balance was $866.2 million, representing
collateral reduction of 1.2% from issuance as a result of scheduled
amortization, with all original loans remaining in the pool. Loans
representing 71.1% of the pool reported YE2017 financials, with a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield of 1.68 times (x) and 10.3%, respectively. The largest 15
loans reported either partial-year or YE2017 financials, with a WA
DSCR and WA debt yield of 1.64x and 9.9%, respectively,
representing a WA cash flow improvement of 13.0% over the DBRS net
cash flow figures derived at issuance.

As of the May 2018 remittance, there was one loan on the servicer's
watch list, representing 0.6% of the pool, and one loan,
representing 0.8% of the pool, in special servicing. The loan on
the watch list is being monitored for deferred maintenance. The
specially serviced loan, Prospectus ID#34 – Comfort Inn – Cross
Lanes, WV, was transferred to special servicing in October 2017 for
imminent default, stemming from the low DSCR. The collateral
property is a limited-service hotel located in Cross Lanes, West
Virginia, and is currently operating as a Wyndham Garden Inn. As of
YE2017 financials, the loan is reporting a DSCR of 0.06x, compared
with the YE2016 DSCR of 1.48x. The performance decline in 2017 is
primarily due to a 33.5% decline in room revenue, driven by lower
occupancy at the property in 2017. The loan remains current, with
shortfalls funded from both a seasonality reserve and out of pocket
by the borrower. The borrower has engaged a hospitality consultant
in order to further improve performance. For additional information
on this loan, please see the Loan Commentary on the DBRS Viewpoint
platform, for which information is provided below.

Classes X-A, X-B, X-D, X-E, X-F and X-G 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.

All ratings will be subject to ongoing surveillance, which could
result in ratings being upgraded, downgraded, and placed under
review, confirmed or discontinued by DBRS.


BEAR STEARNS 2007-PWR17: S&P Lowers Class D Certs Rating to D
-------------------------------------------------------------
S&P Global Ratings raised its rating on the class B commercial
mortgage pass-through certificates from Bear Stearns Commercial
Mortgage Securities Trust 2007-PWR17, a U.S. commercial
mortgage-backed securities (CMBS) transaction. In addition, S&P
lowered its rating on class D and affirmed its rating on class C
from the same
transaction.

S&P said, "For the upgrade and affirmation, our expectation of
credit enhancement was in line with the raised or affirmed rating
levels, respectively, and considered the classes' interest
shortfall histories. In addition, the upgrade reflects the reduced
trust balance.

"While the available credit enhancement levels suggest positive
rating movement on class C, our analysis also considered class C's
susceptibility to reduced liquidity support from the six specially
serviced assets ($69.3 million, 62.2%).

"The downgrade on class D to 'D (sf)' reflects accumulated interest
shortfalls that we believe will be outstanding for the foreseeable
future. Class D had accumulated interest shortfalls outstanding for
12 consecutive months."

According to the May 11, 2018, trustee remittance report, the
current monthly net interest shortfalls totaled $18,829 and
resulted primarily from special servicing fees totaling $14,460 and
interest not advanced due to nonrecoverable determination totaling
$65,485, offset by net appraisal subordinate entitlement reduction
recovery of $61,308.

The current net interest shortfalls affected classes subordinate to
and including class E.

TRANSACTION SUMMARY

As of the May 11, 2018, trustee remittance report, the collateral
pool balance was $111.5 million, which is 3.4% of the pool balance
at issuance. The pool currently includes 11 loans and two real
estate-owned (REO) assets, down from 264 loans at issuance. Six of
these assets are with the special servicer, six loans ($39.1
million, 35.1%) are on the master servicer's watchlist, and no
loans are defeased.

Excluding the specially serviced assets, S&P calculated a 0.69x S&P
Global Ratings weighted average debt service coverage (DSC) and a
9.5% S&P Global Ratings weighted average loan-to-value ratio using
an 8.19% S&P Global Ratings weighted average capitalization rate
for the performing loans.

To date, the transaction has experienced $263.7 million in
principal losses, or 8.1% of the original pool trust balance. S&P
expects losses to reach approximately 8.6% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses we expect upon the eventual resolution of the
six specially serviced assets.

CREDIT CONSIDERATIONS

As of the May 11, 2018, trustee remittance report, six assets in
the pool were with the special servicer, C-III Asset Management LLC
(C-III). Details of the two largest specially serviced assets are
as follows:

The City Center Englewood loan ($33.0 million, 29.6%), the largest
asset in the pool, is the largest specially serviced asset. The
loan has a total reported exposure of $33.5 million and is secured
by a 218,076-sq.-ft. retail property in Englewood, Colo. The loan,
which has a foreclosure in process payment status, was transferred
to the special servicer on June 13, 2017, due to borrower's
anticipated inability to pay off the loan at its scheduled Aug. 1,
2017, maturity date. C-III indicated that it is pursuing
foreclosure, and an $8.2 million appraisal reduction amount (ARA)
is in effect against this loan. S&P expects a minimal loss, if any,
upon this loan's eventual resolution.

The Montimar Place REO asset ($13.4 million, 12.0%) is the
third-largest asset in the pool and the second-largest asset with
the special servicer. The asset has a total reported exposure of
$17.6 million and is a 173,204-sq.-ft. suburban office building in
Mobile, Ala. The loan was transferred to the special servicer on
Jan. 18, 2013, for imminent payment default. The property became
REO on Aug. 25, 2014. According to C-III, the property is currently
83.0% occupied. The master servicer has deemed the asset
nonrecoverable. S&P expects a moderate loss upon the asset eventual
resolution.

The four remaining assets with the special servicer each have
individual balances that represent less than 7.5% of the total pool
trust balance. S&P estimated losses for the six specially serviced
assets, arriving at a weighted-average loss severity of 23.6%.

With respect to the specially serviced assets noted above, a
minimal loss is less than 25%, a moderate loss is 26%-59%, and a
significant loss is 60% or greater.

  RATINGS LIST

  Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17
  Commercial mortgage pass-through certificates 2007-PWR17
                                          Rating
  Class      Identifier            To                  From
  B          07388QAL3             BB+ (sf)            B+ (sf)
  C          07388QAN9             B- (sf)             B- (sf)
  D          07388QAQ2             D (sf)              CCC- (sf)


BLUEMOUNTAIN CLO 2016-1: S&P Withdraws BB- Rating on E-R Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-R, and E-R replacement notes from BlueMountain CLO 2016-1 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 class A, B, C, D, and E notes following payment in
full on the June 4, 2018, refinancing date.

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

On the June 4, 2018, refinancing date, the proceeds from the
issuance of the replacement notes were used to redeem the original
notes. Therefore, S&P withdrew its ratings on the refinanced notes
in line with their full redemption, and it is assigning ratings to
the replacement notes.

Based on provisions in the supplemental indenture:

-- The replacement class A-R, B-R, C-R, D-R, and E-R notes are
issued at lower spreads than the original notes.

-- The non-call period will be extended to June 2019.

-- The weighted average life test date will be extended to 6.5
years after the deal closes.

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

  BlueMountain CLO 2016-1 Ltd.  

  Replacement class         Rating      Amount (mil. $)
  A-R                       AAA (sf)             263.50
  B-R                       AA (sf)               59.50
  C-R (deferrable)          A (sf)                29.75
  D-R (deferrable)          BBB (sf)              18.70
  E-R (deferrable)          BB- (sf)              19.55

  RATINGS WITHDRAWN

  BlueMountain CLO 2016-1 Ltd.
                                 Rating
  Class                     To                 From
  A                         NR                 AAA (sf)
  B                         NR                 AA (sf)
  C (deferrable)            NR                 A (sf)
  D (deferrable)            NR                 BBB (sf)
  E (deferrable)            NR                 BB- (sf)

  NR--Not rated.


BRAEMAR HOTELS 2018-PRME: DBRS Finalizes B(low) on Class F Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-PRME issued by Braemar Hotels & Resorts Trust 2018-PRME:

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

The trends are Stable.

All classes will be privately placed.

The subject portfolio is secured by four full-service hotels,
managed under two different brands and three different flags in
four different cities: Seattle (361 keys; 31.0% of allocated loan
amount), San Francisco (410 keys; 26.7% of allocated loan amount),
Chicago (415 keys; 22.9% of allocated loan amount) and Philadelphia
(499 keys; 19.4% of allocated loan amount). The portfolio has a
combined room count of 1,685 keys. Management is provided by
Marriott International (Marriott) and Accor Hotel Group (Accor).
Both are global hospitality firms, with Marriott, the largest hotel
company in the world, managing more than 6,500 properties worldwide
and Accor managing over 4,200 properties. DBRS considers all of the
assets to be located in core urban markets with an abundance of
demand drivers for commercial and leisure purposes, with the San
Francisco location considered one step stronger yet as a
super-dense urban market. The $370.0 million subject mortgage loan,
along with $65.0 million of mezzanine debt, refinanced $344.3
million of existing debt, returned $60.8 million of sponsor equity,
funded reserves and covered closing costs of $29.9 million.

DBRS considers the subject properties to be in the range of Average
to Above Average in regard to property quality, depending on the
asset. Each property has not only been improved through capital
improvement projects, but has also been exceptionally maintained
over the years, as evidenced by the $61.6 million ($36,561 per key)
invested on the portfolio since 2013, including $37.6 million
($22,336 per key) spent over just the past two years. Furthermore,
sponsorship continues to show commitment to the portfolio, with the
two Courtyard by Marriott properties at the beginning stages of a
major renovation to re-flag the hotels to Marriott's luxury brand,
the Autograph Collection (Autograph). At a total estimated cost of
$46.8 million, split as $29.6 million ($72,525 per key) for the
Courtyard San Francisco Downtown and $17.2 million ($34,419 per
key) for the Courtyard Philadelphia Downtown, the conversions
should only benefit the portfolio by elevating the two hotels to
true full-service product with higher potential ADR and F&B
revenue, which DBRS did not recognize. The sponsor has reserved
$25.5 million upfront to cover the remaining 2018 budgeted PIP
costs for the two Courtyard hotels, with subsequent PIP items for
2019 escrowed at the beginning of that year.

The portfolio realized steady occupancy gains from 2011–2016 but
has since tailed off to an overall occupancy rate of 82.5% as of
the T-12 February 2018. DBRS occupancy rates vary by property and
market, and in each instance are in line with or below the asset's
seven-year historical average. This is demonstrated through the
portfolio's T-12 February 2018 RevPAR, which is relatively in line
with the YE2017 level but 3.4% and 1.6% below the YE2016 and YE2015
levels, respectively. With DBRS occupancy caps, the resulting DBRS
portfolio RevPAR of $180.69 is 3.8% below the T-12 February 2018
level and well below the previous few years, closer to the
portfolio RevPAR for YE2014 at $180.37.

Loan proceeds refinanced prior existing debt of $344.3 million that
was securitized across two separate CMBS transactions (MSC
2017-PRME and COMM 2014-FL4), providing for a large $60.8 million
cash-out to the sponsor. According to the April 2018 appraisals by
Cushman & Wakefield, the as-is value of the portfolio is $692.0
million ($410,682 per key), using an average cap rate of 6.1%. DBRS
applied a blended cap rate of 10.18% to the DBRS NCF, resulting in
a DBRS value of $360.7 million ($214,303 per key), a significant
47.9% discount to the appraiser's concluded value. The DBRS blended
cap rate was based on a range of cap rates from 9.75% to 10.5%,
taking into account the distinct markets in which each property
resides.

Classes X-CP and X-EXT are IO certificates that reference multiple
rated tranches. While the DBRS methodology states that IO ratings
mirror the lowest-rated reference tranche adjusted upward by one
notch if senior in the waterfall, in this case, as a result of the
pricing of the transaction, no excess interest proceeds from the
Class B, Class C or Class D certificates are expected to be
available to contribute to the Class X-CP or Class X-EXT
certificates, therefore, DBRS ratings for Class X-CP and Class
X-EXT have been withdrawn.


CARLYLE GLOBAL 2014-3-R: S&P Gives (P)B- Rating on E-R2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carlyle
Global Market Strategies CLO 2014-3-R Ltd.'s $709.45 million
floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
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 June 1,
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
  Carlyle Global Market Strategies CLO 2014-3-R Ltd.
  Class                      Rating                     Amount
                                                       (mil. $)
  A-1A-R2                    AAA (sf)                   480.00
  A-1B-R2                    NR                          32.00
  A-2-R2                     AA (sf)                     98.00
  B-R2 (deferrable)          A (sf)                      49.50
  C-R2 (deferrable)          BBB- (sf)                   47.00
  D-R2 (deferrable)          BB- (sf)                    29.50
  E-R2 (deferrable)          B- (sf)                      5.45
  Subordinated notes         NR                          74.40

  NR--Not rated.


CARLYLE GLOBAL 2014-3-R: S&P Gives B- Rating on $5.5MM Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Carlyle Global Market
Strategies CLO 2014-3-R Ltd.'s $709.45 million floating-rate
notes.

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

The ratings are based on information as of June 12, 2018.

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

  Carlyle Global Market Strategies CLO 2014-3-R Ltd./Carlyle   
  Global Market Strategies CLO 2014-3-R LLC
  Class                   Rating                     Amount
                                                    (mil. $)
  A-1A                    AAA (sf)                   480.00
  A-1B                    NR                          32.00
  A-2                     AA (sf)                     98.00
  B (deferrable)          A (sf)                      49.50  
  C (deferrable)          BBB- (sf)                   47.00
  D (deferrable)          BB- (sf)                    29.50
  E (deferrable)          B- (sf)                      5.45
  Subordinated notes      NR                          74.40

  NR--Not rated.


CARVAL CLO I: Moody's Assigns Ba3 Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by CarVal CLO I Ltd.

Moody's rating action is as follows:

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

US$54,750,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$24,600,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned A2 (sf)

US$32,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$29,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

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

CarVal CLO I 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, cash, and eligible investments, and up to 10%
of the portfolio may consist of second-lien loans and unsecured
loans. The portfolio is approximately 90% ramped as of the closing
date.

CarVal CLO 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.
This is the Manager's first CLO.

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: 55

Weighted Average Rating Factor (WARF): 2798

Weighted Average Spread (WAS): 3.00%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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

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


CFCRE COMMERCIAL 2017-C8: Fitch Affirms 'B-sf' Rating on X-F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of CFCRE Commercial Mortgage
Trust 2017-C8 Commercial Mortgage Pass-Through Certificates.

KEY RATING DRIVERS

Stable Performance: The affirmations are based on the overall
stable performance of the pool with no material changes to pool
metrics or Fitch's loss expectations since issuance. There are no
delinquent or specially serviced loans.

Minimal Change to Credit Enhancement: As of the May 2018
distribution date, the pool's aggregate balance has been reduced by
0.5% to $641.4 million from $644.6 million at issuance.

One loan, Best Western Syracuse-Liverpool (0.46% of pool balance)
is on the servicers watchlist and is considered a Fitch Loan of
Concern (FLOC) due to a declining occupancy and LOW DSCR. The
declining occupancy and LOW DSCR are attributed to renovations at
the property, which resulted in units being offline and higher
operating expenses. Per servicer update, renovations are
completed.

Single-Tenant Properties: Five of the 20 largest loans are
collateralized by single-tenant properties (19.4% of the pool):
Yeshiva University Portfolio (5.4%), 380 Lafayette Street (5.0%),
Google Kirkland Campus Phase II (3.5%), Art Van Portfolio (3.2%)
and Brink's Office (2.2%). At issuance, Fitch conducted a
dark-value analysis to test the probability of recovery in the
event that the tenant in each case vacated the entire property.

Above-Average Amortization: Based on the scheduled balance at
maturity, the pool will pay down by 10.8%, which is generally
higher than other 2017 transactions. Seven loans representing 24.1%
of the pool are full-term interest only (IO), and 16 loans
representing 40.9% of the pool are partial IO.

Pari Pasu Loans: Ten loans (36.2% of the pool), including five of
the top 10, are pari passu loans.

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 affirmed the following ratings:

  -- $20 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $44.5 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $34.4 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $147.3 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $179.4 class A-4 at 'AAAsf'; Outlook Stable;

  -- $30.6 million class A-M at 'AAAsf'; Outlook Stable;

  -- $36.7 million class B at 'AA-sf'; Outlook Stable;

  -- $30.6 million class C at 'A-sf'; Outlook Stable;

  -- $36.7 million class D at 'BBB-sf'; Outlook Stable;

  -- $16.8 million class E at 'BB-sf'; Outlook Stable;

  -- $6.9 million class F at 'B-sf'; Outlook Stable.

  -- $425.6* million class X-A at 'AAAsf'; Outlook Stable;

  -- $67.4* million class X-B at 'AA-sf'; Outlook Stable;

  -- $30.6* million class X-C at 'A-sf'; Outlook Stable;

  -- $36.7* million class X-D at 'BBB-sf'; Outlook Stable;

  -- $16.8* million class X-E at 'BB-sf'; Outlook Stable;

  -- $6.9* million class X-F at 'B-sf'; Outlook Stable;

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

*Notional amount and interest-only


CITIGROUP 2005-EMG: Moody's Affirms Caa3 Ratings on 2 Tranches
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in Citigroup Commercial Mortgage Trust 2005-EMG, Commercial
Pass-Through Certificates, Series 2005-EMG as follows:

Cl. M, Affirmed Caa3 (sf); previously on Jun 23, 2017 Affirmed Caa3
(sf)

Cl. X, Affirmed Caa3 (sf); previously on Jun 23, 2017 Affirmed Caa3
(sf)

RATINGS RATIONALE

The rating of Cl. M was affirmed because the rating is consistent
with Moody's expected loss plus realized losses. Cl. M has already
experienced a 25% realized loss as result of previously liquidated
loans.

The rating of the IO Class, Cl. X, was affirmed because of the
credit quality 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 0.1%
of the original pooled balance, the same as Moody's 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 Citigroup Commercial
Mortgage Trust 2005-EMG, 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 Citigroup Commercial
Mortgage Trust 2005-EMG, Cl. X was "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 May 22, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.9% to $0.6
million from $722.1 million at securitization. The certificates are
collateralized by one mortgage loan. Four loans have been
liquidated from the pool at a loss, contributing to an aggregate
realized loss of $0.5 million.

The remaining loan is the 177-179 Forest Avenue Loan ($0.6 million
-- 100% of the pool), which is secured by 48,192 SF, single-tenant,
grocery-anchored retail property located in Glen Cove, New York.
The property is 100% leased to Shop & Stop through August 2020. The
loan is fully-amortizing and has paid-down 76% since
securitization. The Shop & Stop lease expiration is coterminous
with loan maturity. Moody's analysis incorporated a Lit/Dark
approach to account for the single-tenant exposure. Moody's LTV and
stressed DSCR are 16% and greater than 4.00X, respectively.


CITIGROUP 2013-GC15: DBRS Confirms BB Rating on Class E Certs
-------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2013-GC15 issued by Citigroup
Commercial Mortgage Trust 2013-GC15 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance
exhibited since issuance in 2013. At issuance, the collateral
consisted of 92 fixed-rate loans secured by 129 commercial
properties. As of the May 2018 remittance, 87 loans remain in the
pool with an aggregate principal balance of $1.01 billion,
representing a collateral reduction of 9.3% since issuance due to
scheduled loan amortization and the full repayment of five loans.
Eight loans, representing 7.7% of the pool, are fully defeased.
Five loans (23.8% of the pool) are structured with full IO periods,
while three loans (9.56% of the pool) have partial IO periods of
just a few months remaining.

The pool is relatively diverse by loan size, as the top 10 and top
15 loans only represent 41.7% and 50.5% of the pool, respectively.
The transaction is primarily concentrated in retail and hospitality
properties as 34.9% of the pool is secured by retail properties,
including five loans in the top 15, and 10 loans, representing
14.8% of the pool, are secured by hotel properties, including two
loans in the top 15. Overall, the performance for these subsets is
healthy, with the most recent financial reporting showing a
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield for the retail loans of 1.21 times (x) and 7.3%,
respectively, while the hotel properties reported a WA DSCR and
debt yield of 1.98x and 13.5%, respectively.

Based on the most recent 2017 financials, the top 15 loans reported
a WA DSCR of 1.52x, compared with the year-end (YE) 2016 WA DSCR of
1.49x and WA DBRS Term DSCR of 1.52x, reflective of a WA net cash
flow (NCF) growth of 2.0% year over year and 4.8% over the DBRS NCF
figures at issuance. Pool-wide, as based on the most recent
year-end figures available (83.6% of the pool's reported YE2017
financials), the WA DSCR and debt yield for all loans were 1.51x
and 9.1%, respectively. Throughout the remainder of 2018, 12 loans
(19.6% of the pool) are scheduled to mature; however, five of these
loans (5.2% of the pool) are fully defeased. For the five
non-defeased loans, the analyzed cash flows implied a WA exit DSCR
and exit debt yield of 1.23x and 9.8%, respectively, suggesting the
overall refinance profile is healthy.

As of the May 2018 remittance, there is one loan (0.5% of the pool)
in special servicing and 14 loans (16.3% of the pool) on the
servicer's watch list. The City Center Building loan (Prospectus
ID#34) was transferred to special servicing in December 2015 for
imminent default. The property is now real estate owned and is
anticipated to be sold sometime in late 2018. DBRS expects the loss
severity will be significant, in excess of 80%, with the
liquidation of the underlying asset. Of the 14 loans on the
servicer's watch list, two loans (1.89% of the pool) were flagged
due to deferred maintenance, nine loans (9.85% of the pool) were
flagged for tenant rollover and three loans (4.54% of the pool)
were flagged for upcoming maturity. There is only one small loan on
the watch list with a DSCR below 1.0x, and based on the most recent
financials for all 14 watch listed loans, the WA amortizing DSCR
and WA debt yield were 1.55x and 9.6%, respectively.

Classes X-A and X-C 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.


COBALT CMBS 2007-C3: S&P Lowers Class E Certs Rating to D(sf)
-------------------------------------------------------------
S&P Global Ratings raised its rating on the class A-J commercial
mortgage pass-through certificates from Cobalt CMBS Commercial
Mortgage Trust 2007-C3, a U.S. commercial mortgage-backed
securities (CMBS) transaction. In addition, S&P lowered its ratings
on three classes and affirmed its rating on one other class from
the same transaction.

S&P said, "For the upgrade and affirmations, our expectation of
credit enhancement was generally in line with the respective raised
or affirmed rating levels. The upgrade on class A-J also reflects
the trust balance's significant reduction.

"While available credit enhancement levels suggest further positive
rating movement on class A-J, our analysis also considered the
class' susceptibility to reduced liquidity support from the seven
specially serviced assets ($141.0 million, 75.5%) and the corrected
performing loan ($36.0 million, 19.3%).

"The downgrade on class C reflects the credit support erosion we
anticipate will occur upon the eventual resolution of the seven
assets with the special servicer, as well as the reduced liquidity
support available to this class due to ongoing interest
shortfalls.

"We lowered our ratings on classes D and E to 'D (sf)' because we
expect the accumulated interest shortfalls to remain outstanding
for the foreseeable future. Classes D and E had accumulated
interest shortfalls outstanding for six and eight months,
respectively.

According to the May 17, 2018, trustee remittance report, the trust
experienced net interest recoveries this period totaling $64,227.
These were mainly attributable to special servicing fees, work out
fees, and interest on advances recoveries totaling $96,933 from the
liquidation of the 321 Ballenger Center Drive specially serviced
asset ($12.5 million original trust balance) and the appraisal
subordinate entitlement reduction (ASER) recovery of $147,805 from
the Sheraton Suites – Wilmington, DE loan ($33.6 million, 18.0%).
Excluding the nonrecurring recoveries, this month's interest
shortfalls totaled $180,512 and comprised primarily of:

-- Special servicing fees totaling $29,411;
-- ASER amounts totaling $90,486;
-- Interest on advances of $17,192; and
-- Reduced interest from rate modification totaling $79,800.

TRANSACTION SUMMARY

As of the May 17, 2018, trustee remittance report, the collateral
pool balance was $186.8 million, which is 9.3% of the pool balance
at issuance. The pool currently includes five loans and four real
estate owned (REO) assets, down from 124 loans at issuance. Seven
of these assets are with the special servicer, none are defeased,
and two loans ($45.8 million, 24.5%) are on the master servicer's
watchlist.

For the two performing loans, S&P calculated a 2.06x S&P Global
Ratings weighted average debt service coverage (DSC) and 105.8% S&P
Global Ratings weighted average loan-to-value ratio using a 7.80%
S&P Global Ratings weighted average capitalization rate.

To date, the transaction has experienced $141.4 million in
principal losses, or 7.0% of the original pool trust balance. S&P
expects losses to reach approximately 10.2% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses it expects upon the eventual resolution of
the seven specially serviced assets.

CREDIT CONSIDERATIONS

As of the May 17, 2018, trustee remittance report, seven assets in
the pool were with the special servicer, CWCapital Asset Management
LLC (CWCapital). Details of the two largest specially serviced
assets are as follows:

The Zale Corporation Headquarters Building REO asset ($37.7
million, 20.2%) is the largest asset in the pool and has a total
reported exposure of $38.7 million. The asset is a 358,884-sq.-ft.
office property located in Irving, Texas that is currently 100%
vacant. The loan was transferred to the special servicer on March
8, 2017, because of imminent maturity default (matured on June 11,
2017) and the property became REO on Oct. 3, 2017. CWCapital stated
that it is working to lease-up the vacant property.
An $18.9 million appraisal reduction amount (ARA) is in effect
against asset. S&P expects a significant loss (60% or greater) upon
its eventual resolution.

The Sheraton Suites – Wilmington, DE loan is the third-largest
asset in the pool and has a total reported exposure of $34.0
million. The loan is secured by a 223-key full-service hotel in
Wilmington, Del. The loan, which has a nonperforming matured
balloon payment status, was transferred to the special servicer on
May 31, 2017, because of imminent maturity default (matured on June
11, 2017). CWCapital has indicated that it is working on
stabilizing the property. The reported DSC and occupancy as of
year-end 2017 were 0.09x and 50.0%, respectively, and a $16.7
million ARA is reported for the loan. S&P expects a moderate loss
(26%-59%) upon this loan's eventual resolution.

The five remaining assets with the special servicer each have
individual balances that represent less than 13.0% of the total
pool trust balance. S&P estimated losses for the seven specially
serviced assets, arriving at a weighted-average loss severity of
45.1%.

  RATINGS LIST

  Cobalt CMBS Commercial Mortgage Trust 2007-C3
  Commerical mortgage pass-through certificates, series 2007-C3
                                          Rating
  Class       Identifier            To              From
  A-J         19075DAJ0             B (sf)          B- (sf)
  B           19075DAK7             B- (sf)         B- (sf)
  C           19075DAL5             CCC- (sf)       B- (sf)
  D           19075DAM3             D (sf)          B- (sf)
  E           19075DAN1             D (sf)          CCC (sf)


COLT 2018-2: Fitch Gives 'B+sf' Rating on Class B-2 Certs
---------------------------------------------------------
Fitch rates COLT 2018-2 Mortgage Loan Trust (COLT 2018-2) as
follows:

  -- $275,919,000 class A-1 certificates 'AAAsf'; Outlook Stable;

  -- $27,512,000 class A-2 certificates 'AAsf'; Outlook Stable;

  -- $35,544,000 class A-3 certificates 'Asf'; Outlook Stable;

  -- $19,680,000 class M-1 certificates 'BBBsf'; Outlook Stable;

  -- $19,077,000 class B-1 certificates 'BBsf'; Outlook Stable;

  -- $8,950,000 class B-2 certificates 'B+sf'; Outlook Stable.

Fitch will not be rating the following certificates:

  -- $14,947,437 class B-3 certificates;

KEY RATING DRIVERS

Non-Prime Credit Quality (Concern): The pool has a weighted average
(WA) model credit score of 705 and a WA combined loan to value
ratio (CLTV) of 78%. Of the pool, 42% consists of borrowers with
prior credit events and 53% had a debt to income (DTI) ratio of
over 43%. Investor properties and loans to foreign nationals
account for 4% of the pool. Fitch applied default penalties to
account for these attributes, and loss severity (LS) was adjusted
to reflect the increased risk of ATR challenges.

100% Full Income Documentation (Positive): All loans in the
mortgage pool were underwritten to the comprehensive Appendix Q
documentation standards defined by ATR, which is not typical for
non-prime RMBS. Mortgage pools of all other active non-prime RMBS
issuers include a significant percentage of non-traditional income
documentation. While a due diligence review identified roughly 20%
of loans as having minor variations to Appendix Q, Fitch views
those differences as immaterial and all loans as having full income
documentation. The COLT series transactions are the only non-prime
RMBS issued with 100% full income documentation.

Strong Operational and Data Quality (Positive): Caliber has one of
the largest and most established Non-QM programs in the sector.
Fitch views the visibility into the origination programs as a
strength relative to Non-QM transactions with a high number of
originators. Fitch reviewed Caliber and Hudson Americas L.P.'s
(Hudson's) origination and acquisition platforms and found them to
have sound underwriting and operational control environments,
reflecting industry improvements following the financial crisis.
These improvements are expected to reduce risk related to
misrepresentation and data quality, and were reflected in strong
third-party due diligence results.

Alignment of Interests (Positive): The transaction benefits from an
alignment of interests between the issuer and investors. LSRMF
Acquisitions I, LLC (LSRMF), as sponsor and securitizer, or an
affiliate will retain a horizontal interest in the transaction
equal to not less than 5% of the aggregate fair market value of all
certificates in the transaction. As part of its focus on investing
in residential mortgage credit, as of the closing date, LSRMF or an
affiliate will retain at least the class B-3 and X certificates,
which represent more than a 5.00% fair market value of the
transaction. Lastly, the representations and warranties are
provided by Caliber, which is owned by LSRMF affiliates and aligns
the interest of the investors with those of LSRMF to maintain
high-quality origination standards and sound performance, as
Caliber will be obligated to repurchase loans due to rep breaches.

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

R&W Framework (Concern): As originator, Caliber will be providing
loan-level representations and warranties to the trust. While the
reps for this transaction are substantively consistent with those
listed in Fitch's published criteria and provide a solid alignment
of interest, Fitch added approximately 198bps to the expected loss
at the 'AAAsf' rating category to reflect the non-investment-grade
counterparty risk of the provider and the lack of an automatic
review of defaulted loans. The lack of an automatic review is
mitigated by the ability of holders of 25% of the total outstanding
aggregate class balance to initiate a review.

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

Performance Triggers (Mixed): Credit enhancement, delinquency and
loan loss triggers convert principal distribution to a straight
sequential payment priority in the event of poor asset performance.
Similar to the prior transaction, the delinquency trigger is based
only on the current month and not on a rolling six-month average.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 8.1%. The analysis indicates that there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


COMM 2014-UBS4: DBRS Confirms BB Rating on Class E Certs
--------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS4
issued by COMM 2014-UBS4 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-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BBB (low) (sf)
-- Class X-C at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-D at B (high) (sf)
-- Class F at B (sf)

In addition, DBRS has assigned a Negative trend for the Class F and
Class X-D certificates. All other trends are Stable. The Class PEZ
certificates are exchangeable for the Class A-M, Class B and Class
C certificates (and vice versa).

The rating confirmations reflect the overall stable performance of
the transaction since issuance, with Negative trends assigned to
the two junior classes listed above to reflect DBRS's concerns
surrounding performance declines for two of the top ten loans in
the pool in Prospectus ID#2, 597 Fifth Avenue (8.4% of the pool
balance) and Prospectus ID #9, Cross County Plaza (5.6% of the pool
balance), as well as the two specially serviced loans in the pool.
As of the May 2018 remittance, all of the original 91 loans
remained in the pool, with an aggregate principal balance of
$1,243.7 million, representing a collateral reduction of 3.6% since
issuance as a result of scheduled loan amortization.

The pool benefits from defeasance collateral with seven loans,
representing 3.3% of the pool, fully defeased. Based on the most
recent year-end cash flows reported for the 84 non-defeased loans,
the pool reported a weighted-average (WA) debt service coverage
ratio (DSCR) and WA debt yield of 1.61 times (x) and 10.2%,
respectively, compared with the WA DBRS Term DSCR and DBRS Debt
Yield of 1.49x and 8.8%, respectively, derived at issuance for the
same loans.

The second-largest loan, Prospectus ID #2, 597 Fifth Avenue, is
secured by two Class B mixed-use retail and office properties in
Midtown Manhattan. The loan was added to the servicer's watch list
when Sephora, which previously occupied the retail space and made
up 80.5% of revenues for the property, vacated its space in March
2017. A lease with Lululemon was signed and began in June 2017,
with a July 2018 expiration date, after which the tenant will
switch to a month-to-month lease. The loan reported a YE2017 DSCR
of 0.24x, driven by the low occupancy rate for most of 2017. Given
the deteriorating market conditions for retail within the subject's
vicinity and overall submarket, DBRS assumed a stressed cash flow
scenario for the loan and will continue to monitor for further
developments.

Another loan of concern, Prospectus ID #9, Cross Country Plaza, is
secured by a 357,537 square foot (sf) power retail center property
located in West Palm Beach, Florida. K-Mart is the anchor and
represents 35% of NRA, with a lease expiration in September 2018;
however, the space has been dark since August 2016. This should
have gotten the loan placed on the servicer's watch list, but to
date that has not occurred. DBRS has requested clarification from
the servicer. Also noteworthy, another large tenant at the subject,
Winn-Dixie (15.2% of the NRA), is being monitored by DBRS for the
bankruptcy filing by the store's parent company, Southeastern
Grocers. Given these factors, as well as the property's awkward
site configuration that could limit leasing prospects for any
vacancies, DBRS assumed a stressed cash flow scenario for the loan
and will closely monitor for developments.

As of the May 2018 remittance there are two loans in special
servicing, representing a combined 1.9% of the current pool
balance. The largest of these loans, Prospectus ID#19, The Showcase
at Indio (1.7% of the current pool balance), is secured by a
157,540 sf anchored retail property located in Indio, California.
The issues with the loan started in early 2017 after the Target
shadow anchor was closed. There were 12 tenants that had co-tenancy
clauses allowing them to pay percentage rent in lieu of base rent
for an ongoing period until the former Target box was fully leased,
substantially reducing cash flows at the property. At Q1 2018, the
loan reported a DSCR of 0.78x. As of May 2018, the loan remains
current and the special servicer reports that the borrower is in
negotiations to buy the former Target site, with national tenants
in line to take the divided space once the deal is finalized. A
DBRS analyst visited the property in late 2017 and observed that
the center, while generally well-located along a major freeway,
suffers from poor access from the exit ramp and competition from a
superior power center located across the street. DBRS believes
there is potential for a loss to the trust with this loan, and in
the analysis for this review assumed a loss severity in excess of
20.0%. The loan will be closely monitored for developments. For
additional information on the pivotal loans and both loans in
special servicing, please see the Loan Commentary on the DBRS
Viewpoint platform, for which information is provided below.

Classes X-A, X-B, X-C 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.


COMM MORTGAGE 2015-CCRE25: Fitch Affirms BB- Rating on Cl. E Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of COMM Mortgage Trust
2015-CCRE25 Commercial Mortgage Trust commercial mortgage
pass-through certificates.

KEY RATING DRIVERS

Relatively Stable Overall Performance: The affirmations are a
result of the majority of the pool continuing to perform as
expected and sufficient credit enhancement in light of Fitch Loans
of Concern (FLOCs). However, two loans (2.7%) are in special
servicing, 18 loans (20.4%) are on the servicer's watchlist, and 10
loans (9.2%) are considered FLOCs. The largest specially serviced
loan is Square 95 (3%), secured by a retail property with 155,309sf
located in Woodbridge, VA. The occupancy has dropped to 51% after
Gander Mountain vacated in 2017 after the lease was rejected in
bankruptcy. The borrower has indicated that they do not have funds
to re-tenant the property and foreclosure was expected to take
place in May 2018.

Loans of Concern in Top 15 and Increasing Loss Expectations: Fitch
has designated 10 loans (9.2% of pool) as FLOCs, including three
loans in the top 15, which includes one specially serviced loan.
The seventh largest loan (2.9%), Monarch 815 at East Tennessee
State is a student housing property in Johnson City, TN. The
property is less than one mile from East Tennessee State
University's (ETSU) main campus. There is a free shuttle bus to
campus with a stop located across the street from the property.
Fall 2017 enrollment was 14,606, an increase of 321 students
compared to last year. The School of Graduate Studies had its
largest class for the third consecutive year with 2,442 students,
an increase of 3.7 percent from the previous fall. There was a
large drop in occupancy to 70% at the start of the 2017-2018 school
year from 96.4% at issuance. The property owners have hired a new
management company to increase occupancy and better maintain the
property. The YE 2017 NOI DSCR was 0.5x with a 65% occupancy. Fitch
applied the standard analysis to the loan which included a stressed
NOI and cap rate of 9.25%. Given the lower cash flow, the loan was
modeled with significant losses in Fitch's base case analysis. The
negative outlook on class E is the result of increased loss
expectations in the base case, primarily as a result of expected
losses on this loan. If performance improves, the Outlook may be
revised to Stable.

The 14th largest loan, The Village Square Shopping Center (2.0%),
is a retail property located in Woodmere Ohio and built in 1960.
The shopping center is anchored by Whole Foods Market; however, a
new Whole Foods Market is expected to open in August 2018
approximately one mile away in a new mixed use center called
Pinecrest. Whole Foods' lease expires in December 2020. YE 2017 NOI
DSCR is 1.90x and the March 2018 occupancy is 98%.

Minimal Change to Credit Enhancement: As of the May 2018
remittance, the pool's aggregate principal balance has been reduced
by 1.8% to $1.107 billion from $1.127 billion at issuance. Interest
shortfalls are currently impacting class G.

The pool is scheduled to amortize by 12.8% of the initial pool
balance prior to maturity. Eight loans, representing 12.6% of the
pool, are full-term interest-only, and 33 loans, representing 54%
of the pool, are partial interest-only. Twenty-six loans (37.6% of
the pool) of the 33 partial interest-only loans have expired or
will be expiring in the next few months. The remainder of the pool
consists of 43 balloon loans representing 33.4% by balance.

High Retail and Hotel Exposure: Retail represents 30.1% of the pool
by balance, multifamily represents 19.6% and industrial represents
19.8%. However, 17.1% of the pool by balance, including two of the
top five loans (7.8%), consists of hotel properties.

Pari-Passu Debt and Additional Debt: Three loans in the pool are
pari passu: Heartland Industrial Portfolio (10.8% of pool),
Pearlridge Center (4.3% of pool) and Scottsdale Quarter (2.5% of
pool). Two loans in the pool (3.8%) have existing subordinate debt
held outside the trust.

RATING SENSITIVITIES

The Negative Rating Outlook on class E reflects potential rating
downgrades mainly due to the declining performance of Monarch 815
at East Tennessee State along with the specially serviced loans.
Rating downgrades are possible if the performance of the FLOCs
continues to decline. The Rating Outlooks on classes A-1 through D
remain Stable due to the overall stable performance of the pool.
Future rating upgrades, although unlikely in the near term given
FLOCs and concentration concerns, may occur with improved pool
performance and/or significant defeasance or paydown.

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 Rating
Outlooks as indicated:

  -- $29.5 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $15.1 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $225 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $410.9 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $88.3 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $67.6 million class A-M at AAAsf'; Outlook Stable;

  -- $69.1 million class B at 'AA-sf'; Outlook Stable;

  -- $50.7 million class C at 'A-sf'; Outlook Stable;

  -- $57.8 million class D at 'BBB-sf'; Outlook Stable;

  -- $29.6 million class E at 'BB-sf'; Outlook revised to Negative
from Stable;

  -- $845.2 million X-A* at 'AAAsf'; Outlook Stable;

  -- $57.8 million X-C* at 'BBB-sf'; Outlook Stable.

  *Notional amount and interest only

Fitch does not rate the class F and G certificates. Fitch
previously withdrew the rating on the interest-only class X-B
certificate.


CRF-19 LLC: S&P Affirms CCC-(sf) Rating on Class E Notes
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class E notes from
CRF-18 LLC (CRF-18) and affirmed its ratings on the class D and E
notes from the CRF 19 LLC (CRF 19).

CRF-18 and CRF 19 are asset-backed securities (ABS) transactions
collateralized primarily by small-business development loans that
are not insured or guaranteed by any governmental agency. These
loans are secured by predominantly second-lien commercial real
estate. Both transactions distribute principal payments on a
sequential basis.

The raised rating for CRF-18's class E notes reflects the greater
level of credit support available for the notes, while the
affirmations for CRF 19's class D and E notes reflect credit
support levels consistent with their current ratings .

S&P said, "Since our last rating action in 2015, the CRF-18
transaction has paid down significantly, with the class D notes
paid in full and the class E notes have less than $235,000 still
outstanding. The loan portfolio cumulative loss rate is
approximately 10.07% through the April 2018 payment date. Because
the transaction follows a sequential principal payment priority,
the class E notes, which are now the most senior class still
outstanding, are the only class of notes that are receiving
principal payments. No cumulative loss rate event has been
triggered in this transaction, so both the class E and the unrated
class F notes are receiving interest payments. The reserve account
is at the required amount.

"Additionally, since our last rating action in 2015, the CRF 19
transaction has paid the class B and C notes in full; however, the
total delinquency/default rate has increased to over 70.0% (as a
percentage of the current pool balance) from approximately 48.9%,
and the cumulative loss rate (as a percentage of the original pool
balance) increased to approximately 23.2% from less than 10.0%.
Because the transaction follows a sequential principal payment
priority, the class D notes are the only class of notes that are
currently receiving principal payment. A cumulative loss rate event
has been in effect so only the class D notes are receiving interest
payments, while the class E, F, and G notes' interest payments have
been deferred, and the deferred interest will be carried forward.
The class F and G notes are not rated by S&P Global Ratings. The
reserve account is at the required 90 days' interest amount.

"We will continue to monitor 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."

  RATING RAISED

  CRF-18 LLC
  CRF USA community reinvestment revenue notes series 18

                   Rating
  Class       To          From
  E           BB (sf)     B (sf)

  RATINGS AFFRIRMED

  CRF 19 LLC
  CRF USA community reinvestment revenue notes series 19

              Rating
  Class       Affirmed
  D           B- (sf)
  E           CCC- (sf)



CWABS REVOLVING 2004-J: Moody's Ups Rating on Cl. 1-A Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Classes 1-A
and 2-A from CWABS Revolving Home Equity Loan Asset Backed Notes,
Series 2004-J.

Complete rating actions are as follows:

Issuer: CWABS Revolving Home Equity Loan Asset Backed Notes, Series
2004-J

Cl. 1-A, Upgraded to Ba3 (sf); previously on Jun 10, 2010
Downgraded to Caa1 (sf)

Cl. 2-A, Upgraded to Baa2 (sf); previously on Jul 11, 2017 Upgraded
to B1 (sf)

RATINGS RATIONALE

The upgrades are primarily due to the total credit enhancement
available to the bonds. The actions reflect the recent performance
of the underlying pools and Moody's updated loss expectations on
the pools.

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

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

Ratings in the US RMBS sector remain exposed to macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 3.8% in May 2018 from 4.3% in May 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.


DBJPM 2017-C6: DBRS Confirms BB(low) Rating on Class F-RR Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2017-C6
issued by DBJPM 2017-C6 Mortgage Trust:

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

All trends are Stable.

This transaction closed in June 2017, at a trust balance of $1.1
billion. At issuance, the transaction consisted of 41 loans secured
by 196 properties. Per the May 2018 remittance, the pool has
experienced a collateral reduction of 0.3% with all loans remaining
in the pool. Approximately 73.2% of the pool is reporting YE2017
financials, with a weighted-average (WA) debt service coverage
ratio (DSCR) and debt yield of 1.78 times (x) and 9.4%,
respectively. At issuance, the pool reported a DBRS WA Term DSCR
and debt yield of 2.02x and 9.9%, respectively. The top 15 loans in
the pool are reporting a DBRS WA Term DSCR of 2.24x and debt yield
of 9.5%, respectively.

There is one loan on the servicer's watch list (Prospectus ID#31
– Long Meadow Farms), representing 0.9% of the current pool
balance and there are no loans in special servicing. The above loan
was added to the servicer's watch list as it is being monitored for
possible delinquency. There are eight loans, representing 33.4% of
the current pool balance, that are backed by properties in urban or
super dense urban markets.

Two of the top five loans (Gateway Net Lease Portfolio and Olympic
Tower), representing a combined 14.6% of the pool, were shadow
rated investment grade at issuance. In its analysis for this
review, DBRS confirmed that the performance of these loans remains
consistent with investment-grade loan characteristics. At issuance,
DBRS assigned a shadow rating on 245 Park Avenue (Prospectus ID#1
– 8.3% of the current pool). The loan was shadow rated because of
the strong sponsorship of HNA Group Co., Ltd. (HNA Group),
substantial market equity and moderate debt yield for a property
located in a low cap market. Recent news articles state that HNA
Group is in the process of selling the property because of the debt
burden it is currently facing as well as pressure from the Chinese
government to slow international spending. Due to the uncertainty
surrounding HNA Group, DBRS has removed the shadow rating from this
loan.

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.


DEUTSCHE BANK 2011-LC3: Fitch Affirms 'Bsf' Rating at Cl. F Debt
----------------------------------------------------------------
Fitch Ratings affirms Deutsche Bank Securities (DBUBS) commercial
mortgage pass-through certificates series 2011-LC3.

KEY RATING DRIVERS

Increased Loss Expectations: The change in loss expectations since
Fitch's last rating action reflects the high retail concentration
with exposure to anchor tenants Macy's, JC Penney's, Sears, and
other retailers such as Toys R Us, occupancy declines,
secondary/tertiary markets, near-term rollover, and single tenant
exposure. However, the rating affirmations are a result of
sufficient credit enhancement due to paydown and defeasance since
issuance.

Increased Credit Enhancement: The rating affirmations reflect
increased credit enhancement to the classes due to defeasance and
paydown that help to offset Fitch's increased loss expectations.
Further, the majority of the pool continues to perform in line with
issuance expectations.

As of the May 2018 distribution date, the pool's aggregate
principal balance has paid down by 62.6% to $522.4 million from
$1.4 billion at issuance. Four loans (17.7%) are fully defeased,
including the fourth, fifth, and ninth largest loans. Two loans
(9%) have paid off since Fitch's last rating action; one loan
(7.5%) prepaid with yield maintenance in March 2018 and one loan
(1.5%) prepaid during its open period in July 2017. There have been
no realized losses since issuance.

High Concentration of Retail Loans and Fitch Loans of Concern:
Loans secured by retail properties represent 49% of the pool, three
(30%) of which are in the top 10 and are secured by regional malls.
Six loans (31.4%) are considered Fitch Loans of Concern. Of the
six, two (21%) are secured by regional malls located in Dover, DE
and Albany, GA; two (7.5%) are secured by retail shopping centers
located in Albuquerque, NM and Feasterville, PA; one (1.5%) is
secured by a congregate care healthcare property located in San
Leandro, CA; and one (1.1%) is secured by a mobile home community
located in Stony Point, NY.

The largest FLOC is the Dover Mall and Commons (16%) located in
Dover, DE with exposure to collateral anchors Macy's and Sears and
non-collateral anchor JC Penney. Sears recently announced they will
be vacating and closing this location in August 2018. The next
largest FLOC is the Albany Mall (5%) located in Albany, GA with
exposure to collateral anchor Dillard's and non-collateral anchors
Sears, JC Penney, and Belk. Sears closed its location and vacated
in March 2017 and Toys R Us has announced it will be closing its
store at this location in August 2018. The third largest loan,
Feasterville Shopping Center (2.6%) is a retail property located in
Feasterville, PA anchored by Giant Foods which occupies 49% NRA and
it has been publicly reported they will be vacating their space and
moving to another location. The space previously vacated by Office
Max in 2017 was leased to Altitude Trampoline. The remaining two
loans (2.6%) of concern are outside of the top 15 and secured by a
healthcare property and a mobile home community and have suffered
declines in performance due to increased expenses and/or declines
in occupancy.

Pool Concentrations/Amortization: The transaction is highly
concentrated with 23 loans remaining; the top five and 10 largest
loans account for 58% and 79% of the pool, respectively. Fitch
applied higher NOI and cap rate scenario pool wide (assuming a 10%
NOI decline and 100 bps increase to the default cap rates) in its
base case due to the increased pool concentration. The rating
affirmations reflect this additional stress. In addition, Fitch
performed an additional sensitivity stress on the Dover Mall and
Commons assuming an outsize loss. The negative outlook on class F
reflects this additional stress scenario.

The remaining loans in the transaction (92%) mature in 2021; one
loan (2.8%) matures in 2036 and has an ARD date in 2021. One loan
(2.8%) is full-tem interest only, with the remaining 27 loans
(97.2%) currently amortizing.

RATING SENSITIVITIES

The ratings and Stable Outlook on classes A-4 through E reflect
increased credit enhancement since issuance. Fitch's analysis
included a higher NOI and cap rate scenario pool wide to reflect
increased concentrations. The Negative Outlook for class F reflects
concerns with the Dover Mall and Commons loan as well as the
overall retail concentration within the pool. A downgrade to this
class is possible if performance of the Dover Mall and Commons
and/or the larger Fitch Loans of Concern show further declines.

Fitch's additional sensitivity scenario incorporates a 50% loss on
the Dover Mall and Commons loan to reflect the potential for
outsized losses. Rating Outlooks for classes PM-1 thru PM-5 remain
Stable due to the stable performance of the Providence Place Mall.
Upgrades may occur with improved pool performance and additional
paydown or defeasance; however, they may be limited due to the high
retail and Fitch Loan of Concern concentration.

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

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

Fitch has affirmed the following ratings and revised Outlooks as
follows:

  -- $102.9 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $127.6 million class A-M at 'AAAsf'; Outlook Stable;

  -- Interest-only class X-A at 'AAAsf'; Outlook Stable;

  -- $75.2 million class B at 'AAAsf'; Outlook Stable;

  -- $54.2 million class C at 'Asf'; Outlook Stable;

  -- $73.4 million class D at 'BBB-sf'; Outlook Stable;

  -- $19.2 million class E at 'BBsf'; Outlook Stable;

  -- $19.2 million class F at 'Bsf'; Outlook to Negative from
Stable;

  -- $118.3 million class PM-1 at 'AAAsf'; Outlook Stable;

  -- Interest-only class PM-X at 'AAAsf'; Outlook Stable;

  -- $32.9 million class PM-2 at 'AAsf'; Outlook Stable;

  -- $28.9 million class PM-3 at 'Asf'; Outlook Stable;

  -- $26.5 million class PM-4 at 'BBBsf'; Outlook Stable;

  -- $20.9 million class PM-5 at 'BBB-sf'; Outlook Stable.

Classes PM-1 through PM-5 are secured by Providence Place Mall on a
stand-alone basis. Performance of the mall remains stable since
issuance. The class A-1, A-2, and A-3 certificates have paid in
full. Fitch does not rate the class G certificates.


DRYDEN 55: S&P Assigns B-(sf) Rating on $11MM Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Dryden 55 CLO
Ltd./Dryden 55 CLO LLC's $501.50 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed primarily by 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
  Dryden 55 CLO Ltd./Dryden 55 CLO LLC
  Class                Rating                 Amount
                                            (mil. $)
  X                    AAA (sf)                 5.50
  A-1                  AAA (sf)               332.50
  A-2                  NR                      20.75
  B                    AA (sf)                 72.00
  C (deferrable)       A (sf)                  29.50
  D (deferrable)       BBB- (sf)               33.00
  E (deferrable)       BB- (sf)                18.00
  F (deferrable)       B- (sf)                 11.00
  Subordinate notes    NR                      41.00

  NR--Not rated.


DT AUTO 2017-1: S&P Raises Class E Notes Rating to 'BB+(sf)'
------------------------------------------------------------
S&P Global Ratings raised its ratings on 13 classes and affirmed
its ratings on two classes from six DT Auto Owner Trust
asset-backed securities (ABS) transactions.

S&P said, "The rating actions reflect each transaction's collateral
performance to date, our views regarding future collateral
performance, as well as each transaction's structure, credit
enhancement levels, and remaining cumulative net loss expectations.
In addition, we incorporated secondary credit factors into our
analysis such as credit stability, payment priorities under certain
scenarios, and sector- and issuer-specific analyses. Considering
these factors, we believe the creditworthiness of the notes remains
consistent with the raised and affirmed ratings.

"We revised our loss expectations on DT Auto series 2014-3, 2015-1,
2015-2, and 2015-3, which are performing in line with, to slightly
better than, the previously revised loss expectations.
Additionally, these series are well seasoned and are within their
peak loss ranges. We maintained our lifetime loss expectations for
series 2016-4 and 2017-1, which are performing in line with our
initial expectations. We did not take any actions on the remaining
2017 series, given their limited performance history to date."

  Table 1
  Collateral Performance (%)
  As of the May 2018 distribution date
                   Pool   Current   60+ day
  Series   Mo.   factor       CNL   delinq.
  2014-3   41     15.37     25.28      8.31
  2015-1   39     16.62     25.43      7.81
  2015-2   35     21.47     23.99      8.62
  2015-3   31     27.27     23.10      7.41
  2016-4   19     48.24     16.73      6.60
  2017-1   15     60.04     13.90      6.03

  Mo.--Month.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.

  Table 2
  CNL Expectations (%)
  As of the May 2018 distribution month
                Initial        Revised
               lifetime       lifetime
  Series       CNL exp.       CNL exp.
  2014-3    26.00-27.00    Up to 26.50
  2015-1    27.00-28.00    Up to 27.50
  2015-2    27.00-28.00    27.25-27.75
  2015-3    27.50-28.50    27.75-28.25
  2016-4    29.50-30.50    29.50-30.50
  2017-1    29.50-30.50    29.50-30.50

  CNL exp.--Cumulative net loss expectations.

Each transaction has a sequential principal payment structure with
credit enhancement consisting of overcollateralization (O/C),
subordination, and a nonamortizing reserve account. The credit
enhancement for each transaction is at the specified target. Since
the six transactions closed, the credit support for each series has
increased as a percentage of the amortizing pool balance. The
raised and affirmed ratings reflect our view that the total credit
support, as a percentage of the current amortizing pool balance and
compared with our revised remaining loss expectations, is
commensurate with the raised and affirmed ratings.

  Table 3
  Hard Credit Support (%)
  As of the May 2018 distribution month
                       Total hard   Current total hard
                   credit support       credit support
  Series   Class   at issuance(i)     % of current)(i)
  2014-3   D                24.50                36.71
  2015-1   D                25.75                37.83
  2015-2   C                39.75               103.73
  2015-2   D                25.00                35.04
  2015-3   C                43.50                93.34
  2015-3   D                28.00                36.50
  2016-4   B                54.00                95.64
  2016-4   C                40.00                66.64
  2016-4   D                27.75                41.26
  2016-4   E                20.75                26.76
  2017-1   A                66.95               102.45
  2017-1   B                56.71                85.40
  2017-1   C                42.73                62.10
  2017-1   D                30.24                41.31
  2017-1   E                21.50                26.75

(i)Calculated as a percentage of the total gross receivables pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination. Excess spread is excluded from
the hard credit support that can also provide additional
enhancement.

S&P said, "We incorporated an analysis of the current hard credit
enhancement versus the expected remaining expected CNL for the
classes where hard credit enhancement alone--without credit to the
expected excess spread--was sufficient, in our view, to upgrade to,
or affirm the notes at, 'AAA (sf)'. For the other classes, we
incorporated a cash flow analysis to assess the loss coverage
levels, giving credit to excess spread. Our various cash flow
scenarios included forward-looking assumptions on recoveries,
timing of losses, and voluntary absolute prepayment speeds that we
believe are appropriate, given each transaction's performance to
date. In addition to our break-even cash flow analysis, we
conducted sensitivity analyses to determine the impact that a
moderate ('BBB') stress level scenario would have on our ratings if
losses trended higher than our revised and maintained base-case
loss expectations.

"The results demonstrated, in our view, that all of the classes
have adequate credit enhancement at their current rating levels. We
will continue to monitor the performance of all the outstanding
transactions to ensure the credit enhancement remains sufficient,
in our view, to cover our cumulative net loss expectations under
our stress scenarios for each of the rated classes."

  RATINGS RAISED
  DT Auto Owner Trust
                            Rating
  Series     Class      To           From
  2014-3     D          AAA (sf)     A (sf)

  2015-1     D          AA+ (sf)     A (sf)
  2015-2     D          AA- (sf)     A- (sf)
  2015-3     C          AAA (sf)     AA (sf)
  2015-3     D          A+ (sf)      A- (sf)

  2016-4     B          AAA (sf)     AA (sf)
  2016-4     C          AAA (sf)     A (sf)
  2016-4     D          A (sf)       BBB (sf)
  2016-4     E          BBB (sf)     BB (sf)

  2017-1     B          AAA (sf)     AA (sf)
  2017-1     C          AA+ (sf)     A (sf)
  2017-1     D          A (sf)       BBB (sf)
  2017-1     E          BB+ (sf)     BB (sf)

  RATINGS AFFIRMED
  DT Auto Owner Trust
                          
  Series     Class      Rating
  2015-2     C          AAA (sf)
  2017-1     A          AAA (sf)


DT AUTO 2018-2: DBRS Assigns Prov. BB Rating on Class E Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by DT Auto Owner Trust 2018-2 (DTAOT 2018-2 or
the Issuer):

-- $216,010,000 Class A Notes at AAA (sf)
-- $57,000,000 Class B Notes at AA (sf)
-- $87,010,000 Class C Notes at A (sf)
-- $78,000,000 Class D Notes at BBB (sf)
-- $48,000,000 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.

-- DTAOT 2018-2 provides for Class A, B, C, D and E coverage
multiples slightly below the DBRS range of multiples set forth in
the criteria for this asset class. DBRS believes that this is
warranted given the magnitude of expected loss and structural
features of the transaction.

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

-- The quality and consistency of the provided historical static
pool data for Drive Time originations and the performance of the
Drive Time auto loan portfolio.

-- The November 19, 2014, settlement of the Consumer Financial
Protection Bureau inquiry relating to allegedly unfair trade
practices.

-- 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 Drive Time,
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."

The DTAOT 2018-2 transaction represents a securitization of a
portfolio of motor vehicle retail installment sales contracts
originated by Drive Time Car Sales Company, LLC (the Originator).
The Originator is a direct, wholly owned subsidiary of Drive Time.
Drive Time is a leading used vehicle retailer in the United States
that focuses primarily on the sale and financing of vehicles to the
subprime market.

The provisional rating on the Class A Notes reflects the 65.50% of
initial hard credit enhancement provided by the subordinated notes
in the pool, the Reserve Account (1.50%) and overcollateralization
(19.00%). The ratings on the Class B, C, D and E Notes reflect
56.00%, 41.50%, 28.50% and 20.50% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.


FIGUEROA CLO 2013-2: S&P Gives Prelim BB Rating on $18MM DRR Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A1RR, A2RR, BRR, CRR, DRR, and XRR replacement notes from Figueroa
CLO 2013-2 Ltd., a collateralized loan obligation (CLO) originally
issued in December 2013 that is managed by TCW Asset Management Co.
The replacement notes will be issued via a proposed supplemental
indenture.

S&P said, "The preliminary ratings reflect our opinion that the
credit support available is commensurate with the associated rating
levels. Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

"On the June 20, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. 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, outlined lower spreads for each class than the
original notes.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the trustee report, to estimate future performance. In line with
our criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios.

"In addition, our analysis considered the transaction's ability to
pay timely interest or ultimate principal, or both, to each of the
rated tranches."

  PRELIMINARY RATINGS ASSIGNED

  Figueroa CLO 2013-2 Ltd./Figueroa CLO 2013-2 LLC
  Replacement class         Rating      Amount (mil. $)
  Class A1RR                AAA (sf)       $245,000,000
  Class A2RR                AA (sf)         $48,000,000
  Class BRR                 A (sf)          $25,500,000
  Class CRR                 BBB (sf)        $20,500,000
  Class DRR                 BB (sf)         $18,000,000
  Class XRR                 AAA (sf)         $1,000,000


FREDDIE MAC SCRT 2018-2: DBRS Gives (P)B Rating to $51.7MM Certs
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional rating to the
Asset-Backed Security, Series 2018-2 (the Certificate) issued by
Freddie Mac Seasoned Credit Risk Transfer Trust (SCRT), Series
2018-2 (the Trust):

-- $51.7 million Class M at B (low) (sf)

The B (low) (sf) rating on the Certificate reflects 4.75% of credit
enhancement provided by subordinated certificates in the pool.

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

This transaction is a securitization of a portfolio of seasoned
re-performing first-lien residential mortgages funded by the
issuance of the certificates, which are backed by 8,628 loans with
a total principal balance of $1,592,058,636 as of the Cut-Off Date
(April 30, 2018).

The mortgage loans were either purchased by Freddie Mac from
securitized Freddie Mac Participation Certificates or retained by
Freddie Mac in whole-loan form since their acquisition. The loans
are currently held in Freddie Mac's retained portfolio and will be
deposited into the Trust on the Closing Date (June 13, 2018).

The portfolio contains 100% modified loans. Each mortgage loan was
modified under either a government-sponsored enterprise (GSE) Home
Affordable Modification Program (HAMP) or GSE non-HAMP modification
programs. Within the pool, 3,186 mortgages have forborne principal
amounts as a result of modification, which equates to 10.7% of the
total unpaid principal balance as of the Cut-Off Date. For 90.1% of
the modified loans, the modifications happened more than two years
ago. The loans are approximately 139 months seasoned and all are
current as of Cut-Off Date. Furthermore, 82.7% of the mortgage
loans have been zero times 30 days delinquent for at least the past
24 months under the Mortgage Bankers Association delinquency
methods. None of the loans are subject to the Consumer Financial
Protection Bureau's Qualified Mortgage rules.

The mortgage loans will be serviced by Specialized Loan Servicing,
LLC. There will not be any advancing of delinquent principal or
interest on any mortgages by the Servicer; however, the Servicer is
obligated to advance to third parties any amounts necessary for the
preservation of mortgaged properties or real estate¬ owned
properties acquired by the Trust through foreclosure or a loss
mitigation process.

Freddie Mac will serve as the Sponsor, Seller and Trustee of the
transaction, as well as Guarantor of the senior certificates (Class
HT, Class HA, Class HB, Class HV, Class HZ, Class MT, Class MA,
Class MB, Class MV, Class MZ, Class M55C, Class M55D, Class M55E
and Class M55I Certificates). Wilmington Trust, National
Association will serve as the Trust Agent. Wells Fargo Bank, N.A.
will serve as the Custodian for the Trust. U.S. Bank National
Association will serve as the Securities Administrator for the
Trust and will act as paying agent, registrar, transfer agent and
authenticating agent.

Freddie Mac, as the Seller, will make certain representations and
warranties (R&Ws) with respect to the mortgage loans. It will be
the only party from which the Trust may seek indemnification (or in
certain cases, a repurchase) as a result of a breach of R&Ws. If a
breach review trigger occurs, the Trust Agent, Wilmington Trust,
will be responsible for the enforcement of R&Ws. The warranty
period will only be effective through June 11, 2021 (approximately
three years from the Closing Date), for substantially all R&Ws
other than the real estate mortgage investment conduit R&W.

The mortgage loans will be divided into three loan groups. The
Group H loans (26.8% of the pool) were subject to step-rate
modifications. Group M loans (64.2% of the pool) and Group M55
loans (9.0% of the pool) were subject to either fixed-rate
modifications or step-rate modifications that have reached their
final step dates and the borrowers have made at least one payment
after such loans reached their final step dates as of the Cut-Off
Date. Each Group M loan has a mortgage interest rate less than or
equal to 5.5% or has forbearance. Each Group M55 loan has mortgage
interest rate greater than 5.5% and has no forbearance. Principal
and interest (P&I) on the senior
certificates (the Guaranteed Certificates) will be guaranteed by
Freddie Mac. The Guaranteed Certificates will be backed by
collateral from each group, respectively. The remaining
Certificates, including the subordinate, non-guaranteed
interest-only, mortgage insurance and residual Certificates will be
cross-collateralized among the three groups.

The transaction employs a pro rata pay cash flow structure with a
sequential-pay feature among the subordinate certificates. Certain
principal proceeds can be used to cover interest shortfalls on the
rated Class M certificates. Senior classes benefit from guaranteed
P&I payments by the Guarantor, Freddie Mac; however, such
guaranteed amounts, if paid, will be reimbursed to Freddie Mac from
the P&I collections prior to any allocation to the subordinate
certificates. The senior principal distribution amounts vary
subject to the satisfaction of a step-down test. Realized losses
are allocated reverse sequentially.

The rating reflects transactional strengths that include underlying
assets that have generally performed well through the crisis (82.7%
of the pool has remained consistently current in the past 24
months), good credit quality relative to other re-performing pools
reviewed by DBRS and a strong servicer. Additionally, a third-party
due diligence review, albeit on less than 100% of the portfolio
with respect to regulatory compliance and payment histories, was
performed on a sample that exceeds DBRS's criteria. The due
diligence results and findings on the sampled loans were
satisfactory.

This transaction employs a relatively weak R&W framework that
includes a 36-month sunset without an R&W reserve account,
substantial knowledge qualifiers (with claw back) and fewer
mortgage loan representations relative to DBRS criteria for
seasoned pools. DBRS increased loss expectations from the model
results to capture the weaknesses in the R&W framework. Other
mitigating factors include (1) significant loan seasoning and very
clean performance history in the past two years, (2) stringent and
automatic breach review triggers, (3) Freddie Mac as the R&W
provider and (4) a satisfactory third-party due diligence review.

The lack of P&I advances on delinquent mortgages may increase the
possibility of periodic interest shortfalls to the note holders;
however, certain principal proceeds can be used to pay interest to
the rated Certificate and subordination levels are greater than
expected losses, which may provide for interest payments to the
rated Certificate.

The DBRS rating addresses the ultimate payment of interest and full
payment of principal by the legal final maturity date in accordance
with the terms and conditions of the related certificates.


FREDDIE MAC SCRT 2018-2: Fitch Gives B-sf Rating on Class M Notes
-----------------------------------------------------------------
Fitch Ratings rates Freddie Mac's risk-transfer transaction,
Seasoned Credit Risk Transfer Trust Series 2018-2 (SCRT 2018-2) as
follows:

  -- $51,742,000 class M notes 'B-sf'; Outlook Stable.

The following classes will not be rated by Fitch:

  -- $392,154,000 class HT notes;

  -- $294,116,000 class HA exchangeable notes;

  -- $98,038,000 class HB exchangeable notes;

  -- $49,019,000 class HV exchangeable notes;

  -- $49,019,000 class HZ exchangeable notes;

  -- $940,967,000 class MT notes;

  -- $705,725,000 class MA exchangeable notes;

  -- $235,242,000 class MB exchangeable notes;

  -- $117,621,000 class MV exchangeable notes;

  -- $117,621,000 class MZ exchangeable notes;

  -- $131,572,000 class M55C exchangeable notes;

  -- $131,572,000 class M55D exchangeable notes;

  -- $131,572,000 class M55E exchangeable notes;

  -- $131,572,000 class M55I exchangeable notes;

  -- $1,464,693,000 class A-IO exchangeable notional notes;

  -- $1,592,058,635 class XS-IO notional notes;

  -- $75,623,635 class B notes;

  -- $127,365,635 class B-IO exchangeable notional notes;

  -- $75,623,635 class BX notes;

  -- $75,623,635 class BBIO notes.

The 'B-sf' rating for the M notes reflects the 4.75% subordination
provided by the class B notes.

SCRT 2018-2 represents Freddie Mac's seventh seasoned credit risk
transfer transaction issued. SCRT 2018-2 consists of three
collateral groups backed by 8,628 seasoned performing and
re-performing mortgages with a total balance of approximately
$1.592 billion, which includes $169.8 million, or 10.7%, of the
aggregate pool balance in non-interest-bearing deferred principal
amounts, as of the cutoff date. The three collateral groups are
distinguished between loans that have additional interest rate
increases outstanding due to the terms of the modification and
those that are expected to remain fixed for the remainder of the
term. Among the loans that are fixed, the groups are further
distinguished by both loans that include a portion of principal
forbearance as well as the interest rate on the loans. The
distribution of principal and interest (P&I) and loss allocations
to the rated note is based on a senior subordinate, sequential
structure.

KEY RATING DRIVERS

Distressed Performance History (Negative): The collateral pool
comprises primarily peak-vintage re-performing loans (RPLs), all of
which have been modified. Roughly 83% of the pool has been paying
on time for the past 24 months per the Mortgage Bankers Association
methodology (MBA), and none of the loans has experienced a
delinquency within the past 12 months. The pool has a weighted
average sustainable loan-to-value ratio (WA sLTV) of 80.9%, and the
WA model FICO is 676.

Interest Payment Risk (Negative): In Fitch's timing scenarios, the
M class incurs temporary shortfalls in 'B-sf' rating category but
is ultimately repaid prior to maturity of the transaction. The
difference between Fitch's expected loss and the credit enhancement
(CE) on the rated classes is due to the repayment of interest
deferrals. Interest to the rated classes is subordinated to the
senior notes as well as repayments made to Freddie Mac for prior
payments on the senior classes. Timely payments of interest are
also at potential risk as principal collections on the underlying
can only be used to repay interest shortfalls on the rated classes
after the balance has been paid off. This results in an extended
period of time until potential shortfalls are ultimately repaid in
Fitch's stress scenarios.

Third-Party Due Diligence (Neutral): A third-party due diligence
review was conducted on a sample basis of approximately 15% of the
pool as it relates to regulatory compliance and 10% for pay history
and a tax and title lien search was conducted on 100%. The
third-party review (TPR) firms' due diligence review resulted in 3%
of the sample loans remaining in the final pool graded 'C' or 'D'
(less than 1% graded 'C'), meaning the loans had material
violations or lacked documentation to confirm regulatory
compliance.

Regular Issuer (Neutral): This is Freddie Mac's seventh rated RPL
securitization and the fourth that Fitch has been asked to rate.
Fitch has conducted multiple reviews of Freddie Mac and is
confident that it has the necessary policies, procedures and
third-party oversight in place to properly aggregate and securitize
RPLs.

Representation Framework (Negative): Fitch considers the
representation, warranty and enforcement (RW&E) mechanism construct
for this transaction as weaker than other Fitch-rated RPL deals.
The weakness is due to the exclusion of a number of reps that Fitch
views as consistent with a full framework as well as the limited
diligence that may have otherwise acted as a mitigant.
Additionally, Freddie Mac as rep provider will only be obligated to
repurchase a loan, pay an indemnity loss amount or cure the
material breach prior to June 11, 2021. However, Fitch believes
that the defect risk is lower relative to other RPL transactions
because the loans were subject to Freddie Mac's loan level review
process in place at the time the loan became delinquent. Therefore,
Fitch treated the construct as Tier 3 and increased its 'B-sf'
expected loss expectations by 16 bps to account for the weaknesses
in the reps.

Sequential-Pay Structure (Positive): The transaction's cash flow is
similar to Freddie Mac's STACR transactions. Once the initial CE of
the senior notes has reached the target and if all performance
triggers are passing principal is allocated pro rata among the
seniors and subordinate classes with the most senior subordinate
bond receiving the full subordinate share. This structure is a
positive to the rated notes as it results in a faster paydown and
allows them to receive principal earlier than under a traditional
sequential structure. However, to the extent any of the performance
triggers are failing, principal is distributed sequentially to the
senior notes until triggers pass.

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

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its June 2017 report, "U.S. RMBS Rating Criteria."
This incorporates a review of the aggregator's lending platforms,
as well as an assessment of the transaction's R&W and due diligence
results, which were found to be consistent with the ratings
assigned to the notes.

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 12.1% at the 'B-sf' 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 that determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade, and to 'CCCsf'. For example,
additional MVDs of 4% would potentially move the 'B-sf' rated class
down to 'CCCsf' respectively.

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

Fitch was provided with due diligence information from the
third-party diligence provider. The due diligence focused on
regulatory compliance, pay history, the presence of key documents
in the loan file and data integrity on a sample of the loans in the
pool. Additionally, an updated tax and title search was conducted
on all of the loans in the transaction. Fitch received
certifications indicating that the loan-level due diligence was
conducted in accordance with Fitch's published standards. The
certifications also stated that the company performed its work in
accordance with the independence standards, per Fitch's criteria,
and that the due diligence analysts performing the review met
Fitch's criteria of minimum years of experience. Fitch considered
this information in its analysis and based on the findings, Fitch
made the following adjustments:

Fitch made an adjustment on 23 loans that were subject to federal,
state and/or local predatory testing. These loans contained
material violations, including an inability to test for high-cost
violations or confirm compliance, which could expose the trust to
potential assignee liability. These loans were marked as
"indeterminate." Typically, the HUD issues are related to missing
the final HUD, illegible HUDs, incomplete HUDs due to missing pages
or only having estimated HUDs where the final HUD1 was not used to
test for high-cost loans. To mitigate this risk, Fitch assumed a
100% LS for loans in the states that fall under Freddie Mac's "do
not purchase" list of high cost or "high risk." Two loans were
affected by this approach. For the remaining 21 loans, where the
properties are not located in the states that fall under Freddie
Mac's do not purchase list, the likelihood of all loans being high
cost is lower. However, Fitch assumes the trust could potentially
incur additional legal expenses. Fitch increased its LS
expectations by 5% for these loans to account for the risk.

There were two loans missing modification documents at the time of
the review, and for these loans, timelines were extended by an
additional three months in addition to the six-month timeline
extension applied to the entire pool.




FREDDIE MAC STACR 2018-SPI2: Fitch Rates Class M2-B Certs 'B+sf'
----------------------------------------------------------------
Fitch Ratings rates Freddie Mac's transaction, Structured Agency
Credit Risk Securitized Participation Interests Trust Series
2018-SPI2 (STACR 2018-SPI2) as follows:

-- $92,229,000 class M-1 certificates 'BBB-sf'; Outlook Stable;

-- $52,702,000 class M2-A certificates 'BBsf'; Outlook Stable;

-- $52,702,000 class M2-B certificates 'B+sf'; Outlook Stable;

-- $105,404,000 class M-2 exchangeable certificates 'B+sf';
Outlook Stable.

The following classes will not be rated by Fitch:

-- $0 class X certificates;

-- $32,939,522 class B-1 certificates;

-- $32,939,522 class B-2 certificates;

-- $65,879,044 class B exchangeable certificates

-- $0 class R certificate.

The 'BBB-sf' rating for the M-1 certificates reflects the 2.60%
subordination provided by the 0.80% class M-2A certificates, the
0.80% class M-2B certificates, the 0.50% class B-1 certificates and
the 0.50% class B-2 certificates.

This will be the third SPI transaction issued by Freddie Mac;
Freddie Mac issued its first STACR SPI deal in 2017. The SPI
program transfers credit risk on conforming and super-conforming
loans to investors. Payments from the loans are used to make
payments on the SPI certificates.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral pool consists
of 23- to 30-year fully amortizing fixed-rate loans acquired by
Freddie Mac. The weighted average (WA) credit score of 756, WA
original combined loan-to-value ratio (LTV) of 80% and WA
debt-to-income (DTI) ratio of 36% reflect the strong credit profile
of the underlying collateral. The pool is also geographically
diverse, with the top three metropolitan statistical areas (MSAs)
comprising only 14.7%.

Super-Conforming Loans Included (Positive): The pool consists of
roughly 10% super-conforming loans, i.e. loan amounts greater than
the single-unit property conforming limit of $424,100 but capped at
$636,150 for loans originated in 2017 and $453,100 but capped at
$679,650 for loans originated in 2018. While the WA credit score
and LTVs are comparable to the conforming loan portion,
super-conforming loans benefit from higher property values and
larger loan balances.

Transaction Structure (Neutral): The SPI transaction is
collateralized by participation interests (PIs) in 19,198 mortgage
loans, 96% of which are deposited into participation certificates
(PCs) and 4% are deposited into the SPI trust. Generally, the PI
for loans in the PCs that become 120 days delinquent are
repurchased by Freddie Mac from the PC and deposited into the SPI
trust. Freddie Mac is repaid for these advances to the PC from SPI
cash flows at the top of the waterfall, vis-a-vis the class X
certificates, from proceeds otherwise distributable to the class
M-1, M-2A, M-2B, B-1 and B-2 certificates.

Potential Interest Shortfalls (Negative): Classes M-1, M-2A and
M-2B may be subject to long periods of interest deferral for loans
that become 120 days delinquent due to the stop advance feature and
prioritization of accrued interest distributions to the class X
certificates ahead of the rated classes. Principal collections are
not allowed to cover interest shortfalls except in limited
circumstances.

Delinquent Loans Indemnified by Freddie (Positive): Roughly 75
loans have either multiple prior delinquencies of up to 60 days or
are currently 30 or 60 days past due. If any of the loans become a
constructive defaulted loan (CDL) before July 2021, Freddie Mac
will either repurchase the loan with interest or make an
indemnification payment for the amount of any realized losses
incurred at liquidation. Furthermore, if any of the loans that are
currently 60 days past due (five loans) roll to a 90-day status as
of May 31, 2018, Freddie Mac will repurchase the loan on the July
2018 distribution date. The repurchase obligation is viewed by
Fitch as a strong mitigant to the additional default risk posed by
these loans and no default penalty was applied.

Modification Treatment (Neutral): Rate modifications and expenses
will be absorbed by interest due to the class B-1 and B-2 first and
any excess amount may be absorbed on each distribution date by
principal up to 10bps of the aggregate class principal balance of
M-1, M-2A, M-2B, B-1 and B-2 classes, as long as classes B-1 and
B-2 are outstanding. Similar to other STACR actual loss
transactions, principal forbearance is treated as a realized loss
at the time of forbearance and forgiveness modifications are made
to the SPI trust by Freddie Mac, which will only be reimbursable to
Freddie Mac if a loan with principal forgiven defaults.

Solid Lender Review and Acquisition Processes (Positive): Freddie
Mac has a well-established and disciplined process in place for the
purchase of loans. Fitch views its lender-approval and oversight
processes for minimizing counterparty risk and ensuring sound loan
quality acquisitions as positive. Loan quality control (QC) review
processes are thorough and indicate a tight control environment
that limits origination risk. Fitch has determined Freddie Mac to
be an above-average aggregator for loans originated in 2013 and
later. Fitch accounted for the lower risk by applying a lower
default estimate for the mortgages.

Strong Alignment of Interests (Positive): Fitch believes the
transaction benefits from a solid alignment of interests. Freddie
Mac will retain the class X certificate as well as approximately 5%
of the initial balance of each of the subordinate certificates.

Mortgage Insurance Guaranteed by Freddie Mac (Positive): 28.8% of
the loans are covered either by borrower-paid mortgage insurance
(BPMI) or lender-paid MI (LPMI). Freddie Mac will guarantee the MI
claim 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% LTV. LPMI does not automatically terminate
and remains for the life of the loan.

Satisfactory Due Diligence (Neutral): A third-party due diligence
review was completed on a statistical sample of the entire pool
(350 loans) by Clayton Services LLC (Clayton). Of the 350 loans
reviewed, six loans had material findings and were graded 'D' due
to missing documentation. All six loans remain in the pool, and are
listed on Schedule II and therefore are subject to Freddie Mac's 36
month repurchase indemnification. The diligence results generally
reflected solid manufacturing controls and, consequently, no
adjustments were made to Fitch's loss expectations.

Home Possible Exposure (Negative): Approximately 4.2% of the
reference pool was originated under Freddie Mac's Home Possible or
Home Possible Advantage program. Home Possible is a program that
targets low- to moderate-income homebuyers or buyers in high-cost
or underrepresented communities and provides flexibility for a
borrower's LTV, income, down payment and MI coverage requirements.
Fitch anticipates higher default risk for Home Possible loans due
to measurable attributes (such as FICO, LTV and property value),
which is reflected in increased loss expectations.

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its RMBS rating
criteria, as described in its "U.S. RMBS Rating Criteria." An
assessment of the transaction's reps and warranties was also
completed and found to be consistent with the ratings assigned to
the certificates. Fitch assessed the reps and warranties using the
criteria described in the report, "U.S. RMBS Rating Criteria."

A criteria variation was made to 75 loans that had multiple prior
delinquencies of up to 60 days or are currently delinquent 30 or 60
days. Fitch applies a default penalty to loans that do not have
clean pay histories for 24 months or more. The penalty was not
applied to these loans because Freddie Mac is obligated to
repurchase the related loan's PI or make an indemnification payment
if the loans becomes a CDL before July 2021 and will repurchase on
the July 2018 distribution date any 60 day delinquent loan (as of
April 30, 2018) that rolls to 90 days past due by May 31, 2018.
Fitch believes that the additional default risk associated with
these delinquent loans is adequately addressed by the protection
provided by Freddie Mac's repurchase obligation. The variation had
no rating impact.

MODELING

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

A customized version of the US RMBS Cash Flow Assumptions Workbook
was created to estimate the monthly transfers of participation
interests from the PC trust to the SPI trust, increasing the
balance of the class X.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the model
projected 24.5% at the 'BBB-sf' level, 21.4% at the 'BBsf' level
and 18.3% at the 'B+sf' level. The analysis indicates that there is
some potential rating migration with higher MVDs, compared with the
model projection.

Fitch also conducted defined rating sensitivities, which determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade, and to 'CCCsf'. For example,
additional MVDs of 10%, 10% and 28% would potentially move the
'BBB-sf' rated class down one rating category, to non-investment
grade, to 'CCCsf', respectively.

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

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


GMAC COMMERCIAL 1997-C2: Moody's Affirms C Ratings on 2 Tranches
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in GMAC Commercial Mortgage Securities Inc 1997-C2 as follows:

Cl. H, Affirmed C (sf); previously on Jun 2, 2017 Affirmed C (sf)

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

RATINGS RATIONALE

The rating on Cl. H was affirmed because the rating is consistent
with Moody's expected plus realized loss. Class H has already
experienced a realized loss of 65%.

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

Moody's rating action reflects a base expected loss of 0.0% of the
current balance, unchanged from the prior 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 5.4% of the original
pooled balance, unchanged from 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 GMAC Commercial Mortgage
Securities Inc 1997-C2, Cl. H was "Moody's Approach to Rating Large
Loan and Single Asset/Single Borrower CMBS" published in July 2017.
The methodologies used in rating GMAC Commercial Mortgage
Securities Inc 1997-C2, 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 May 15, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $12.1 million
from $1.07 billion at securitization. The certificates are
collateralized by three mortgage loans. One loan, constituting
47.7% of the pool, has defeased and is secured by US government
securities.

Fifteen loans have been liquidated from the pool, resulting in an
aggregate realized loss to the trust of $57.6 million (for an
average loss severity of 22%).

The largest non-defeased loan is the Kmart - Laredo Loan ($3.4
million -- 28.3% of the pool), which is secured by a 112,000 square
foot (SF) single-tenant retail property located in Laredo, Texas.
The property is 100% leased to Kmart through October 2022. This
store is on the most recent Sears' closing list as of May 2018,
however, the loan fully amortizes during its term and has amortized
63% since securitization. The loan is co-terminus with the lease
maturity. Due to the single tenant nature, Moody's utilized a
lit/dark analysis. Moody's LTV and stressed DSCR are 83% and 1.30X,
respectively.

The other non-defeased loan is the former Kmart - Lafayette Loan
($2.9 million -- 24.0% of the pool), which is secured by a 119,000
SF retail property located in Lafayette, Indiana, which is 100%
leased to Kmart through October 2022. Kmart closed this store in
2016, however, the loan is current on its debt service payment. The
loan fully amortizes during its term and has amortized 63% since
securitization. The loan is co-terminus with the Kmart's original
lease maturity. Due to the single tenant nature, Moody's utilized a
lit/dark analysis. Moody's LTV and stressed DSCR are 85% and 1.28X,
respectively.


GS MORTGAGE 2007-GG10: S&P Raises Class A-M Rating to BB+(sf)
-------------------------------------------------------------
S&P Global Ratings raised its rating on the class A-M commercial
mortgage pass-through certificates from GS Mortgage Securities
Trust 2007-GG10, a U.S. commercial mortgage-backed securities
(CMBS) transaction, and placed it on CreditWatch with positive
implications.

S&P said, "The upgrade reflects that our expectation of credit
enhancement was in line with the raised rating level. The upgrade
also reflects the significant reduction in the trust's balance and
class A-M's interest shortfall history, including the timing of
repayment.

"The CreditWatch placement of our rating on class A-M reflects that
today's upgrade is constrained by the lack of timely interest
payments on class A-M. Based on the criteria, "Structured Finance
Temporary Interest Shortfall Methodology," published Dec. 15, 2015,
for any tranche downgraded to below 'BB+ (sf)' due to temporary
interest shortfalls, we generally consider an upgrade as high as
'BB+ (sf)' after the reimbursement of all past interest shortfalls
and the subsequent payment of timely interest over at least the
subsequent six months. For an upgrade as high as 'AA+ (sf)', we
would consider this after the reimbursement of all past interest
shortfalls and the subsequent payment of timely interest over at
least the subsequent 15 months. Class A-M received timely interest
payments for only 12 consecutive months.

"S&P Global Ratings will resolve the CreditWatch positive placement
after we observe that class A-M has received 15 consecutive months
of full interest payments. A definitive liquidation timing of some
of the specially serviced assets will also be considered during the
CreditWatch resolution. Based on communications with the special
servicer, it is our understanding that some of the specially
serviced assets are expected to be resolved in the near term."

TRANSACTION SUMMARY

As of the May 11, 2018, trustee remittance report, the collateral
pool balance was $402.0 million, which is 5.3% of the pool balance
at issuance. The pool currently includes 11 loans and two real
estate-owned (REO) assets (combining A/B notes as one loan), down
from 202 loans at issuance. Ten of these assets ($189.2 million,
47.1%) are with the special servicer, none are defeased, and two
($101.5 million, 25.3%) are on the master servicer's watchlist. The
three remaining performing loans ($212.8 million, 52.9%) are
corrected mortgage loans.

S&P said, "Excluding the 10 specially serviced assets and the
Franklin Mills subordinate B hope note ($36.0 million, 9.0%), we
calculated a 1.34x S&P Global Ratings weighted average debt service
coverage (DSC) and 117.7% S&P Global Ratings weighted average
loan-to-value ratio using a 8.13% S&P Global Ratings weighted
average capitalization rate.

"To date, the transaction has experienced $1.21 billion in
principal losses, or 16.0% of the original pool trust balance. We
expect losses to reach approximately 16.6% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses we expect upon the eventual resolution of the
10 specially serviced assets."

CREDIT CONSIDERATIONS

As of the May 11, 2018, trustee remittance report, 10 assets in the
pool were with the special servicer, C-III Asset Management LLC
(C-III). Details of the two largest specially serviced assets, both
of which are top 10 assets, are as follows:

The Rosemount Commons loan ($55.5 million, 13.8%) is the
third-largest asset in the pool and has a total reported exposure
of $55.7 million. The loan is secured by a 483,347-sq.-ft. retail
property in Fairlawn, Ohio. The loan, which has a performing
matured balloon payment status, was transferred to the special
servicer on April 28, 2017, because of imminent maturity default.
The loan matured on June 6, 2017. C-III stated that it is currently
exploring a liquidation strategy for the loan. C-III stated that
the property is currently 98.5% occupied. S&P expects a minimal
loss (less than 25%) upon this loan's eventual resolution.

The One Financial Plaza loan ($51.8 million, 12.9%) is the
fourth-largest asset in the pool and has a total reported exposure
of $52.0 million. The loan is secured by a 322,402-sq.-ft. office
building in Providence, R.I. The loan was transferred to the
special servicer on Jan. 5, 2017, because of imminent default.
C-III stated that it is evaluating this loan for liquidation. C-III
stated that the property is currently 83.0% occupied. S&P expects a
minimal loss (less than 25%) upon this loan's eventual resolution.

The eight remaining assets with the special servicer each have
individual balances that represent 6.2% or less of the total pool
trust balance. S&P estimated losses for the 10 specially serviced
assets, arriving at a weighted average loss severity of 24.2%.

  RATINGS LIST

  GS Mortgage Securities Trust 2007-GG10
  Commercial mortgage pass-through certificates series 2007-GG10
                           Rating                                  
   
  Class      Identifier    To                    From          
  A-M        36246LAG6     BB+ (sf)/Watch Pos    B- (sf)


JP MORGAN 2000-C10: Moody's Affirms C Ratings on 2 Tranches
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
in J.P. Morgan Commercial Mortgage Finance Corp. 2000-C10,
Commercial Pass-Through Certificates, Series 2000-C10, as follows:

Cl. G, Affirmed C (sf); previously on Jun 1, 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 G was affirmed because the rating is
consistent with Moody's expected loss plus realized losses. Class G
has already experienced a 59% realized loss as result of previously
liquidated loans.

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

Moody's realized losses are 8.4% of the original 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.

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-C10, 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 J.P. Morgan
Commercial Mortgage Finance Corp. 2000-C10, 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 May 15th, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.6% to $3.0
million from $738.5 million at securitization. The certificates are
collateralized by four mortgage loans ranging in size from 13% to
37% of the pool. One loan, constituting 37% 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 three, the same as at Moody's last review.

Thirty-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $62.3 million (for an average loss
severity of 45%). No loans are currently in special servicing.

The three non-defeased loans represent 63% of the pool balance. The
largest loan is the Eckerd - Media Loan ($815,637 -- 27% of the
pool), which is secured by a freestanding Rite-Aid drugstore in
Media Borough, Pennsylvania. The loan is subject to a 20-year lease
with multiple five-year renewal options. The loan has amortized 81%
since securitization. Given the single tenant exposure, Moody's
applied a lit/dark analysis. Moody's LTV and stressed DSCR are 33%
and 3.25X, respectively.

The second largest non-defeased loan is the Eckerd-Clayton, NC Loan
($695,470 -- 23.3% of the pool), which is secured by a freestanding
Rite-Aid drugstore in Clayton, North Carolina. The loan has
amortized 66% since securitization. Given the single tenant
exposure, Moody's applied a lit/dark analysis. Moody's LTV and
stressed DSCR are 64% and 1.69X, respectively.

The third largest non-defeased loan is the Safe N Sound Self
Storage Loan ($374,972 -- 12.5% of the pool), which is secured by
885-unit storage property located in Groton, Connecticut. The
property consists of climate controlled units, outdoor storage,
U-Haul, mailboxes, an office, and a vacant two bedroom staff
apartment. The loan has amortized 85% since securitization. Moody's
LTV and stressed DSCR are 6.7% and 16.12X, respectively.


JP MORGAN 2006-LDP7: Moody's Affirms C Ratings on 5 Tranches
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
in J.P. Morgan Chase Commercial Mortgage Securities Corp. Series
2006-LDP7 as follows:

Cl. A-J, Affirmed Caa2 (sf); previously on Jun 1, 2017 Downgraded
to Caa2 (sf)

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

Cl. C, Affirmed C (sf); previously on Jun 1, 2017 Affirmed C (sf)

Cl. D, Affirmed C (sf); previously on Jun 1, 2017 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Jun 1, 2017 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jun 1, 2017 Affirmed 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.

Moody's rating action reflects a base expected loss of 60.4% of the
current pooled balance, compared to 51.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 14.5% of the
original pooled balance, compared to 13.7% 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 these ratings was "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 87% of the pool is in
special servicing and Moody's has identified an additional troubled
loan representing 3% 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 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 May 15, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 87% to $506 million
from $3.94 billion at securitization. The certificates are
collateralized by 23 mortgage loans ranging in size from less than
1% to 47% of the pool.

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

Two loans, constituting 4% 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.

Sixty loans have been liquidated from the pool with a loss,
contributing to an aggregate realized loss of $265 million (for an
average loss severity of 43%). Twelve loans, constituting 87% of
the pool, are currently in special servicing. The largest specially
serviced loan is the Multi-Property Retail Portfolio, formerly
known as the Westfield Centro Portfolio, ($240.0 million -- 47.3%
of the pool), which is currently secured by three mall properties.
The portfolio was originally secured by four mall properties and
one large retail center. In 2017 two of the properties were sold
and the proceeds were used to paydown outstanding advances. The
remaining three properties are REO and Moody's anticipates a
significant loss on this loan.

The second largest specially serviced loan is the JQH Hotel
Portfolio Loan ($118.8 million -- 23.4% of the pool), which is
secured by six hotel properties located across five states,
encompassing 1,431 rooms. The loan transferred to special servicing
in April 2016 after the loan passed its maturity date and the
borrower indicated they would not be able to payoff the loan. The
sponsor declared Chapter 11 bankruptcy in June 2016 and bankruptcy
proceedings are ongoing.

The third largest specially serviced loan is the Hilton -- Lisle /
Naperville Loan ($34.0 million -- 6.7% of the pool), which is
secured by a 309-key hotel located in Lisle, Illinois,
approximately 30 miles west of Chicago. The loan transferred to
special servicing in February 2016 due to imminent maturity default
and the property is now REO.

The remaining nine specially serviced loans are secured by a mix of
property types. Moody's has also assumed a high default probability
for one poorly performing loan constituting 3% of the pool. Moody's
estimates an aggregate $302 million loss for the specially serviced
and troubled loans (a 67% expected loss on average).

As of the May 15, 2018 remittance statement cumulative interest
shortfalls on outstanding P&I classes were $16.5 million and impact
up to Class B. Moody's anticipates interest shortfalls will
continue because of the exposure to specially serviced loans and/or
modified loans. Interest shortfalls are caused by special servicing
fees, including workout and liquidation fees, appraisal entitlement
reductions (ASERs), loan modifications and extraordinary trust
expenses.

Moody's received full year 2016 operating results for 100% of the
pool, and full or partial year 2017 operating results for 100% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 89%, compared to 90% at Moody's
last review. Moody's conduit component represents approximately 10%
of the pool and excludes loans with structured credit assessments,
defeased and CTL loans, and specially serviced and troubled loans.
Moody's net cash flow (NCF) reflects a weighted average haircut of
16% to the most recently available net operating income (NOI).
Moody's value reflects a weighted average capitalization rate of
9%.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.68X,
respectively, compared to 1.26X and 1.52X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing conduit loans represent 7.2% of the pool
balance. The largest conduit loan is the Linden Plaza -- A Note
Loan ($19.0 million -- 3.7% of the pool), which is secured by a
278,000 square foot (SF) anchored retail shopping center located
off Route 9 in Linden, New Jersey, approximately 10 miles south of
Newark. The loan previously transferred to special servicing in May
2014 due to cash flow issues at the property. A loan modification
was executed on the original loan in 2015 and included a note split
into a $19 million A Note and a $13.6 million B Note (hope note).
The modification also included, among other items, a 36-month term
extension and 96 additional interest-only (IO) periods. The loan
was subsequently returned to the master servicer in March 2016 and
is performing under the terms of the modification. Moody's has
identified the B Note as a troubled loan. Moody's A Note LTV and
stressed DSCR are 137% and 0.65X, respectively, the same as at the
last review.

The second largest loan is the 231 Ship Canal Parkway Loan ($8.9
million -- 1.8% of the pool), which is secured by a single tenant
occupied, 277,000 SF industrial property located in Buffalo, New
York. The building is 100% occupied by Certainteed Corporation with
a lease expiration in December 2024. Due to the single tenancy,
Moody's value incorporated a lit/dark analysis. Moody's LTV and
stressed DSCR are 97% and 1.00X, respectively, compared to 99% and
0.98X at the last review.

The third largest loan is the Main Street Village Shopping Center
Loan ($8.6 million -- 1.7% of the pool), which is secured by a
65,000 SF shopping center located in Frisco, TX, approximately 25
miles north of the Dallas central business district. Moody's LTV
and stressed DSCR are 71% and 1.33X, respectively, compared to 73%
and 1.29X at the last review.



JP MORGAN 2017-JP6: Fitch Affirms B-sf Rating on Class G-RR Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust commercial mortgage
pass-through certificates, series 2017-JP6.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The overall pool
performance remains stable from issuance. There are no delinquent
or specially serviced loans, no loans on the servicer's watchlist
and there are no Fitch Loans of Concern.

Minimal Change to Credit Enhancement: As of the May 2018
distribution date, the pool's aggregate balance has been reduced by
0.41% to $783.4 million, from $786.6 million at issuance. At
issuance, based on the scheduled balance at maturity, the pool is
expected to pay down 8.3%. Eight full term interest-only loans
comprise 34.3% of the pool, and 18 loans representing 34.8% of the
pool are partial interest only. The remainder of the pool consists
of 16 balloon loans representing 30.9% of the pool. Two
interest-only loans (6.9%) have an ARD instead of a balloon at
maturity.

High Office Concentration: Loans backed by office properties
represent 52.7% of the pool, including nine (46.3%) in the top 15.
At issuance in 2017, this was higher than the office concentration
in Fitch-rated transactions, which averaged 39.8% in 2017 and 28.7%
in 2016.

Lower Leverage Than Recent Transactions: The Fitch leverage for
this transaction is better than other recent Fitch-rated
transactions. The pool's weighted average (WA) Fitch DSCR of 1.21x
is in line with both the 2017 average of 1.26x and the 2016 average
of 1.21x. The pool's WA Fitch LTV of 99.5% is lower than both the
2017 average of 101.6% and the 2016 average of 105.2%. The lower WA
Fitch LTV is due in part to two credit opinion loans in the pool.
When excluding these loans, the WA Fitch LTV increases to 104.4%.

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 has affirmed the following ratings:

  -- $23 million class A-1 notes at 'AAAsf'; Outlook Stable;

  -- $124 million class A-2 notes at 'AAAsf'; Outlook Stable;

  -- $86.7 million class A-3 notes at 'AAAsf'; Outlook Stable;

  -- $80 million class A-4 notes at 'AAAsf'; Outlook Stable;

  -- $200.1 million class A-5 notes at 'AAAsf'; Outlook Stable;

  -- $33.6 million class A-SB notes at 'AAAsf'; Outlook Stable;

  -- $76.7 million class A-S notes at 'AAAsf'; Outlook Stable;

  -- $624.1 million class X-A* notes at 'AAAsf'; Outlook Stable;

  -- $34.4 million class B notes at 'AA-sf'; Outlook Stable;

  -- $34.4 million class C notes at 'A-sf'; Outlook Stable;

  -- $68.8 million class X-B* notes at 'A-sf'; Outlook Stable;

  -- $9.8 million class D notes at 'BBB+sf'; Outlook Stable;

  -- $29.5 million class E-RR** notes at 'BBB-sf'; Outlook Stable;

  -- $16.7 million class F-RR** notes at 'BB-sf'; Outlook Stable;

  -- $7.9 million class G-RR** notes at 'B-sf'; Outlook Stable.

  *Notional amount and interest only.

  **Horizontal credit risk retention interest representing at least
5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity.


JP MORGAN 2018-5: Moody's Assigns B2 Rating on Class B-F Debt
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 23
classes of residential mortgage-backed securities (RMBS) issued by
J.P. Morgan Mortgage Trust 2018-5 (JPMMT 2018-5). The ratings range
from Aaa (sf) to B2 (sf).

The certificates are backed by 1,050 predominantly 30-year,
fully-amortizing fixed rate mortgage loans with a total balance of
$650,520,005 as of the May 1, 2018 cut-off date. Similar to prior
JPMMT transactions, JPMMT 2018-5 includes conforming fixed-rate
mortgage loans (49.6% by loan balance) mostly originated by
JPMorgan Chase Bank, N.A. (Chase) and loanDepot.com, LLC
(LoanDepot) underwritten to the government sponsored enterprises
(GSE) guidelines in addition to prime jumbo non-conforming
mortgages purchased by J.P. Morgan Mortgage Acquisition Corp.
(JPMMAC) from various originators and aggregators.

Chase, Shellpoint Mortgage Servicing and Cenlar FSB will be the
servicers on the conforming loans. Shellpoint Mortgage Servicing,
Nationstar Mortgage LLC, Bank of Oklahoma and Johnson Bank will be
the servicers on the prime jumbo loans. Wells Fargo Bank, N.A. will
be the master servicer and securities administrator. U.S. Bank
Trust National Association will be the trustee. Pentalpha
Surveillance LLC will be the representations and warranties breach
reviewer. Distributions of principal and interest and loss
allocations are based on a typical shifting-interest structure that
benefits from and a senior and subordination floor.

The complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2018-5

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-15, Definitive Rating Assigned Aaa (sf)

Cl. A-16, Definitive Rating Assigned Aaa (sf)

Cl. A-17, Definitive Rating Assigned Aaa (sf)

Cl. A-18, Definitive Rating Assigned Aaa (sf)

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

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

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

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

Cl. B-5, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.40%
in a base scenario and reaches 5.20% at a stress level consistent
with the Aaa ratings.

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

Moody's base its definitive ratings on the certificates on the
credit quality of the mortgage loans, the structural features of
the transaction, its assessments of the aggregators, originators
and servicers, the strength of the third party due diligence and
the representations and warranties (R&W) framework of the
transaction.

Collateral Description

JPMMT 2018-5 is a securitization of a pool of 1,050 predominantly
30-year, fully-amortizing mortgage loans with a total balance of
$650,520,005 as of the cut-off date, with a weighted average (WA)
remaining term to maturity of 357 months, and a WA seasoning of 3
months. The borrowers in this transaction have high FICO scores and
sizeable equity in their properties. The WA current FICO score is
772 and the WA original combined loan-to-value ratio (CLTV) is
69.6%. The characteristics of the loans underlying the pool are
generally comparable to other JPMMT transactions backed by prime
mortgage loans that Moody's has rated.

In this transaction, 49.6% of the pool by loan balance was
underwritten by Chase, LoanDepot and JMAC Lending to Fannie Mae's
and Freddie Mac's guidelines (conforming loans). Moreover, the
conforming loans in this transaction have a high average current
loan balance at $512,052. The high conforming loan balance of loans
in JPMMT 2018-5 is attributable to the large number of properties
located in high-cost areas, such as the metro areas of New York
City, Los Angeles and San Francisco. United Shore Financial
Services originated 16.5% of the total mortgage balance of the
pool. The remaining originators each account for less than 6% of
the principal balance of the loans in the pool.

Third-party Review and Reps & Warranties

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

JPMMT 2018-5's R&W framework is in line with that of other JPMMT
transactions where an independent reviewer is named at closing, and
costs and manner of review are clearly outlined at issuance.
Moody's review of the R&W framework takes into account the
financial strength of the R&W providers, scope of R&Ws (including
qualifiers and sunsets) and enforcement mechanisms.

The R&W providers vary in financial strength. JPMorgan Chase Bank,
National Association (rated Aa2), along with its affiliate, JPMMAC,
is the R&W provider for approximately 45.7% (by loan balance) of
the loans, and is the strongest R&W provider. We made no
adjustments to the loans for which Chase and JPMMAC provided R&Ws.
In contrast, the rest of the R&W providers are unrated and/or
financially weaker entities. Moreover, JPMMAC will not backstop any
R&W providers who may become financially incapable of repurchasing
mortgage loans. Moody's made an adjustment for these loans in
Moody's analysis to account for this risk.

For loans that JPMMAC acquired via the MAXEX platform, MAXEX under
the assignment, assumption and recognition agreement with JPMMAC,
will make the R&Ws. The R&Ws provided by MAXEX to JPMMAC and
assigned to the trust are in line with the R&Ws found in the JPMMT
transactions. Five Oaks Acquisition Corp. will backstop the
obligations of MaxEx with respect to breaches of the mortgage loan
representations and warranties made by MaxEx.

Trustee and Master Servicer

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

Tail Risk & Subordination Floor

This deal has a standard shifting-interest structure, with a
subordination floor to protect against losses that occur late in
the life of the pool when relatively few loans remain (tail risk).
When the total senior subordination is less than 1.00% of the
original pool balance, the subordinate bonds do not receive any
principal and all principal is then paid to the senior bonds. In
addition, if the subordinate percentage drops below 6.00% of
current pool balance, the senior distribution amount will include
all principal collections and the subordinate principal
distribution amount will be zero. The subordinate bonds themselves
benefit from a floor. When the total current balance of a given
subordinate tranche plus the aggregate balance of the subordinate
tranches that are junior to it amount to less than 0.80% of the
original pool balance, those tranches do not receive principal
distributions. Principal those tranches would have received are
directed to pay more senior subordinate bonds pro-rata.

Transaction Structure

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

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

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

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

Down

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

Up

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


JPMBB 2014-C22: DBRS Confirms B Rating on Class X-D Certs
---------------------------------------------------------
DBRS Limited confirmed all classes of the Commercial Pass-Through
Certificates, Series 2014-C22 (the Certificates) issued by JPMBB
2014-C22 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3A1 at AAA (sf)
-- Class A-3A2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class EC at A (sf)
-- Class D at BBB (low) (sf)
-- Class X-C at BB (sf)
-- Class E at BB (low) (sf)
-- Class F at B (high) (sf)
-- Class X-D at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has had a collateral reduction of 3.5% since
issuance as a result of scheduled loan amortization and one loan
having been repaid in full. At issuance, the pool consisted of 76
fixed-rate loans secured by 120 commercial properties. The May 2018
remittance shows 75 loans remaining in the pool, with a total
outstanding trust amount of $1.10 billion. Three loans,
representing 2.76% of the pool, are scheduled to mature in 2019. In
addition, there are three loans that are fully defeased (1.12% of
the pool). At issuance, six loans, representing 12.9% of the pool
balance, were structured with full interest-only (IO) terms with an
additional 37 loans, representing 60.0% of the pool balance,
structured with partial IO terms. As at the May 2018 remittance, 19
loans, representing 51.3% of the pool balance, have partial IO
periods remaining.

The top 15 loans, which represent 58.2% of the pool balance,
continue to exhibit overall stable performance with a
weighted-average (WA) debt service coverage ratio (DSCR) of 1.60
times (x) and a WA net cash flow growth over the respective DBRS
issuance figures of 15.2%, based on the most recent year-end (YE)
reporting available for the individual loans. All but three loans,
representing 1.1% of the pool, are reporting YE2017 financials.
Based on the most recent YE reporting, the pool reported a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.60x and 10.1%, respectively, compared with 1.39x
and 8.3% at issuance, respectively.

As at the May 2018 remittance, there is one loan in special
servicing and twelve loans, representing 23.7% of the pool, on the
servicer's watch list. The specially serviced loan is 10333
Richmond (Prospectus ID#7), which represents 3.2% of the pool
balance and was transferred to special servicing in December 2017
because of imminent default related to declining occupancy. Seven
loans are watch listed because of low occupancy, cash flow declines
related to expense increases or upcoming tenant rollover. Four
loans are watch listed because of non-performance related items
limited to deferred maintenance. One loan (Prospectus ID#3, Las
Catalinas Mall, 6.9% of the pool) is watch listed because of
damages sustained from Hurricane Irma and Hurricane Maria; however,
the property was repaired and all but four tenants began operations
as at May 1, 2018.

Classes X-A, X-B, X-C 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. The Class EC certificates are exchangeable with the
Class A-S, Class B and Class C certificates (and vice versa).


JPMCC 2017-JP6: DBRS Confirms BB Rating on Cl. F-RR Certificates
----------------------------------------------------------------
DBRS Limited confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2017-JP6 issued by JPMCC
Commercial Mortgage Securities Trust 2017-JP6 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which has remained in line with DBRS expectations
since issuance. The collateral consists of 42 fixed-rate loans
secured by 72 commercial and multifamily properties. As at the May
2018 remittance, there has been a collateral reduction of 0.4% as a
result of scheduled loan amortization. Eight loans, representing
34.3% of the pool, are structured with full-term interest-only (IO)
payments. An additional 17 loans, comprising 30.8% of the pool,
have partial IO periods remaining, with eight of those loans (17.2%
of the pool) scheduled to amortize in the next year. Loans
representing 83.9% of the pool reported YE2017 financials. These
loans reported a weighted-average debt service coverage ratio and
debt yield of 1.62 times and 8.9%, respectively.

As at the May 2018 remittance, there were no loans on the
servicer's watch list and no loans in special servicing. At
issuance, DBRS assigned a shadow rating on 245 Park Avenue
(Prospectus ID #1), representing 12.5% of the pool. The loan was
shadow rated because of the strong sponsorship of HNA Group,
substantial market equity and moderate debt yield for a property
located in a low-cap market. Recent news articles state that HNA
Group is in the process of selling the property because of the debt
burden it is currently facing as well as pressure from the Chinese
government to slow international spending. Because of the
uncertainty surrounding HNA Group, DBRS has removed the shadow
rating from this loan. For additional information on this loan,
please see the loan commentary on the DBRS Viewpoint platform, for
which information is provided below.

Classes X-A and X-B 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.


LSTAR COMMERCIAL 2015-3: DBRS Confirms B Rating on Class F Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings of Commercial Mortgage
Pass-Through Certificates, Series 2015-3 issued by LSTAR Commercial
Mortgage Trust 2015-3 (the Trust) as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class X-A at B (high) (sf)
-- Class X-B 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 remained in line with DBRS's
expectations since issuance. As of the May 2018 remittance, there
has been a collateral reduction of 15.6% since issuance as a result
of loan prepayments and liquidations, as 33 of the original 62
loans have paid out or have been liquidated. As of the May 2018
remittance report, total losses of approximately $50,000 to the
Trust have been contained to the unrated Class G certificates.

The 11 largest loans remaining in the pool were newly originated at
issuance, while the other 18 loans are seasoned loans that were
purchased by the loan seller from Fannie Mae or were originally
part of the now retired LASL 2006-MF2 and LASL 2006-MF3 commercial
mortgage-backed securities (CMBS) transactions. The newly
originated loans are secured by hospitality, retail, office and
multifamily properties, while the seasoned loans are secured by
multifamily and manufactured housing community properties. The
seasoned loans are of granular concentration as the largest
seasoned loan represents 0.4% of the current pool balance. All of
the remaining seasoned loans, representing 4.4% of the current pool
balance, are fully amortizing.

Loans representing 93.8% of the current pool balance are reporting
updated year-end figures. Based on these financials, those loans
reported a weighted-average (WA) debt service coverage ratio (DSCR)
and WA debt yield of 1.67 times (x) and 8.7%, respectively. The
DBRS WA DSCR and WA debt yield at issuance for those loans were
1.38x and 8.6%, respectively.

As of the May 2018 remittance, one loan is in special servicing and
four loans are on the servicer's watch list, representing 0.4% and
1.1% of the pool, respectively. The loans on the servicer's watch
list have been flagged because of items of deferred maintenance,
lack of recent financials provided or a decrease in financial
performance since issuance. The specially serviced loan was
transferred due to imminent default.

Classes X-A, X-B and X-C 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.


MADISON PARK XX: S&P Assigns Prelim B-(sf) Rating on Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-1R, B-R, C-R, D-R, E-R, and F-R replacement notes from Madison
Park Funding XX Ltd., a collateralized loan obligation (CLO)
originally issued in April 2016. The transaction is managed by
Credit Suisse Asset Management LLC. The replacement notes will be
issued via a proposed supplemental indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels. The replacement classes are expected to be issued at a
lower weighted average cost of debt than the current notes.
Furthermore, all replacement classes are expected to be issued at
floating spreads, replacing the current fixed and floating rates.

The preliminary ratings are based on information as of June 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the June 29, 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 Class A notes and assigning ratings to
the replacement A-1R, B-R, C-R, D-R, E-R, and F-R notes. However,
if the refinancing doesn't occur, we may affirm the ratings on the
original class A notes and withdraw our preliminary ratings on the
replacement A-1R, B-R, C-R, D-R, E-R, and F-R notes."

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

-- Issue the replacement classes at a lower weighted average cost
of debt than the current notes.

-- Issue the all replacement classes at floating spreads,
replacing the current fixed and floating rates.

-- The stated maturity, reinvestment period, and non-call period
will be extended by 3.25, 2.5, and 2.2 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."

  PRELIMINARY RATINGS ASSIGNED

  Madison Park Funding XX Ltd./Madison Park Funding XX LLC

  Replacement class        Rating       Amount (mil. $)
  A-1R                     AAA (sf)              313.50
  A-2R                     NR                     45.00
  B-R                      AA (sf)                62.25
  C-R (deferrable)         A (sf)                 31.50
  D-R (deferrable)         BBB- (sf)              34.50
  E-R (deferrable)         BB- (sf)               20.50
  F-R (deferrable)         B- (sf)                 9.75
  Subordinated notes       NR                     44.90

  NR--Not rated.


MORGAN STANLEY 2015-C23: DBRS Confirms B Rating on Cl. X-FG Certs
-----------------------------------------------------------------
DBRS Limited confirmed the following ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2015-C23 issued by
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23:

-- 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-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class PST at A (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class F at B (high) (sf)
-- Class X-FG at B (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS's
expectations since issuance. As at the May 2018 remittance, there
has been a collateral reduction of 2.4% as a result of scheduled
amortization and one loan prepaying out of the Trust. Loans
representing 98.8% of the current pool balance are reporting
updated year-end figures. Based on these financials, those loans
reported a weighted-average (WA) debt service coverage ratio (DSCR)
and WA debt yield of 1.68 times (x) and 9.3%, respectively. The
DBRS WA DSCR and WA debt yield at issuance for the pool were 1.64x
and 8.6%, respectively. The largest 15 loans in the pool represent
57.7% of the transaction balance and 14 of those loans,
representing 54.5% of the current pool balance, reported YE2017
financials, which showed a WA net cash flow growth of 6.1% over the
DBRS issuance figures with a WA DSCR and WA debt yield of 1.67x and
8.6%, respectively.

At issuance, two loans, representing 9.3% of the current pool
balance, were shadow-rated investment-grade. DBRS confirmed that
the performance of these loans remains consistent with
investment-grade loan characteristics.

As at the May 2018 remittance, there were seven loans on the
servicer's watch list, representing 13.5% of the current pool
balance, including two loans in the top 15; however, the majority
of these loans are being monitored for non-performance related
issues.

Classes X-A, X-B and X-FG 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.


MORGAN STANLEY 2017-H1: DBRS Confirms B(low) Rating on H-RR Certs
-----------------------------------------------------------------
DBRS Limited confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2017-H1 issued by Morgan Stanley
Capital I Trust 2017-H1 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class X-D at A (sf)
-- Class D at A (low) (sf)
-- Class E-RR at BBB (sf)
-- Class F-RR at BBB (low) (sf)
-- Class G-RR at BB (low) (sf)
-- Class H-RR 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. This transaction closed in May 2017,
with a trust balance of $1,090 million, composed of 58 fixed-rate
loans secured by 89 commercial properties. As of the May 2018
remittance, the pool has an aggregate balance of $1,085.0 million,
with a collateral reduction of 0.5% since issuance due to scheduled
loan amortization, with all loans remaining in the pool. There are
14 loans (36.0% of the pool balance), including six of the top 10
loans, that were structured with full interest-only (IO) payment
terms at issuance. In addition, 19 loans (32.1% of the pool) were
structured with partial IO periods at issuance, with a remaining
partial IO term ranging from five months to 48 months.

Of the 58 loans in the pool, 40 loans (59.3% of the pool) reported
year-end 2017 financials and based on those figures, the
weighted-average (WA) debt service coverage ratio (DSCR) and debt
yield was 1.61 times (x) and 9.3%, respectively. At issuance, the
WA DBRS Term DSCR and WA DBRS Debt Yield for the pool was 1.59x and
8.9%, respectively.

As of the April 2018 remittance, there were no loans on the
servicer's watch list and no loans in special servicing.

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


NEUBERGER BERMAN 28: S&P Assigns BB-(sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Neuberger Berman Loan
Advisers CLO 28 Ltd./Neuberger Berman Loan Advisers CLO 28 LLC's
$432.50 million floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed 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

  Neuberger Berman Loan Advisers CLO 28 Ltd./Neuberger Berman Loan

  Advisers CLO 28 LLC
  Class                  Rating           Amount
                                        (mil. $)
  A-1                    AAA (sf)         297.50
  A-2                    NR                27.50
  B                      AA (sf)           55.00
  C                      A (sf)            32.50
  D                      BBB- (sf)         27.50
  E                      BB- (sf)          20.00
  Subordinated notes     NR                49.40

  NR--Not rated.


NEW RESIDENTIAL 2018-RPL1: DBRS Gives (P)BB Rating on B-1 Notes
---------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage-Backed Notes, Series 2018-RPL1 (the Notes) issued by New
Residential Mortgage Loan Trust 2018-RPL1 (NRMLT or the Trust):

-- $529.9 million Class A-1 at AAA (sf)
-- $30.2 million Class A-2 at AA (sf)
-- $28.8 million Class M-1 at A (sf)
-- $26.4 million Class M-2 at BBB (sf)
-- $26.0 million Class B-1 at BB (sf)
-- $21.5 million Class B-2 at B (sf)
-- $560.1 million Class A-3 at AA (sf)
-- $588.9 million Class A-4 at A (sf)

Classes A-3 and A-4 are exchangeable notes. These classes can be
exchanged for combinations of exchange notes as specified in the
offering documents.

The AAA (sf) rating on the Notes reflects the 23.65% of credit
enhancement provided by subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 19.30%,
15.15%, 11.35%, 7.60% and 4.50% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 3,055 loans with a total principal balance of
$694,018,973 as of the Cut-Off Date (April 30, 2018).

The portfolio is approximately 137 months seasoned and contains
99.4% modified loans. The modifications happened more than two
years ago for 85.6% of the modified loans. Within the pool, 2,159
mortgages have non-interest-bearing deferred amounts, which equate
to 6.5% of the total principal balance.

The majority of the loans in the pool (97.4%) are current as of the
Cut-Off Date. Approximately 1.5% of the pool is 30 days delinquent
and 1.1% is bankruptcy loans, which are either performing or 30
days delinquent. Approximately 91.2% of the mortgage loans have
been zero times 30 days delinquent for at least the past 24 months
under the Mortgage Bankers Association (MBA) delinquency method. As
a result of the seasoning of the collateral, none of the loans are
subject to the Consumer Financial Protection Bureau
Ability-to-Repay/Qualified Mortgage rules.

The Seller, NRZ Sponsor V LLC (NRZ), acquired the loans prior to
the Closing Date and, through an affiliate, New Residential Funding
2018-RPL1 LLC (the Depositor), will contribute the loans to the
Trust. As the Sponsor, New Residential Investment Corp., or a
majority-owned affiliate, will acquire and retain a 5.0% eligible
horizontal residual interest to satisfy the credit risk retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder. These loans were
originated and previously serviced by various entities through
purchases in the secondary market.

As of the Cut-Off Date, the loans will be serviced by Nationstar
Mortgage LLC (Nationstar Mortgage, 98.3%), Fay Servicing LLC (1.1%)
and Select Portfolio Servicing, Inc. (0.5%). The servicing of 96.7%
of the aggregate pool that are initially serviced by Nationstar
Mortgage is scheduled to transfer to Shellpoint Mortgage Servicing
(SMS) by July 2, 2018. SMS will also act as Special Servicer for
any loan that becomes 60 days delinquent under the MBA method.

There will not be any advancing of delinquent principal or interest
on any mortgages by the servicers or any other party to the
transaction; however, the servicers are obligated to make advances
with respect to the preservation, inspection, restoration,
protection and repair of a mortgaged property, including delinquent
tax and insurance payments, the enforcement or judicial proceedings
associated with a mortgage loan and the management and liquidation
of properties (to the extent such advances are deemed recoverable
by the related servicer).

NRZ, as the Seller, will have the option to repurchase any loan
that becomes 60 or more days delinquent under the MBA method or any
real estate owned property acquired in respect of a mortgage loan
at a price equal to the principal balance of the loan (Optional
Repurchase Price), provided that such repurchases will be limited
to 10.0% of the principal balance of the mortgage loans as of the
Cut-Off Date.

As a loss mitigation alternative, each Servicer has the right to
sell (or cause to be sold) mortgage loans that become 60 or more
days delinquent under the MBA method to any party in the secondary
market in an arms-length transaction at fair market value to
maximize proceeds on such loan on a present value basis.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M-1
and more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Note holders; however, principal proceeds can be used to pay
interest to the Notes sequentially and subordination levels are
greater than expected losses, which may provide for timely payment
of interest to the rated Notes.

The ratings reflect transactional strengths that include underlying
assets that have significant seasoning, relatively clean payment
histories and robust loan attributes with respect to credit scores,
product types and loan-to-value ratios. Additionally, a
satisfactory third-party due diligence review was performed on the
portfolio with respect to regulatory compliance, payment history
and data capture as well as title and tax review. Servicing
comments were reviewed for a large sample of loans. Updated broker
price opinions were provided for all the loans; however, a
reconciliation was not performed on the updated values.

The transaction employs a relatively weak representations and
warranties framework that includes a 12-month sunset, an unrated
representation provider (NRZ), certain knowledge qualifiers and
fewer mortgage loan representations relative to DBRS criteria for
seasoned pools. Mitigating factors include (1) significant loan
seasoning and clean performance history, (2) a comprehensive due
diligence review and (3) certain representations and warranties
mechanisms such as a loss review trigger and a breach reserve
account.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (sf) and B
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Notes.


NEW RESIDENTIAL 2018-RPL1: Fitch Rates Class B-2 Notes 'Bsf'
------------------------------------------------------------
Fitch Ratings assigns ratings to New Residential Mortgage Loan
Trust 2018-RPL1 (NRMLT 2018-RPL1) as follows:

  -- $529,883,000 class A-1 notes 'AAAsf'; Outlook Stable;

  -- $30,190,000 class A-2 notes 'AAsf'; Outlook Stable;

  -- $28,802,000 class M-1 notes 'Asf'; Outlook Stable;

  -- $26,372,000 class M-2 notes 'BBBsf'; Outlook Stable;

  -- $26,026,000 class B-1 notes 'BBsf'; Outlook Stable;

  -- $21,515,000 class B-2 notes 'Bsf'; Outlook Stable;

  -- $560,073,000 class A-3 exchangeable notes 'AAsf'; Outlook
Stable;

  -- $588,875,000 class A-4 exchangeable notes 'Asf'; Outlook
Stable.

Fitch will not be rating the following classes:

  -- $10,410,000 class B-3 notes;

  -- $10,410,000 class B-4 notes;

  -- $10,410,973 class B-5 notes.

The notes are supported by one collateral group that consists of
3,055 seasoned performing and re-performing mortgages with a total
balance of approximately $694.0 million, which includes $45.1
million, or 6.5%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts, as of the
statistical calculation date.

KEY RATING DRIVERS

Clean Current Loans (Positive): Although 1.6% of the borrowers are
currently delinquent and 3.3% have had a delinquency in the prior
12 months, over 91% of the borrowers have been paying on time for
the past 24 months. In addition, 84% of the borrowers have been
clean for 36 months. Borrowers who have been current for at least
the past 36 months received a 35% reduction to Fitch's 'AAAsf'
probability of default (PD), while those who have been current
between 24 and 36 months received a 26.25% reduction.

Third-Party Review Results (Positive): A third-party due diligence
review (TPR) was conducted and focused on regulatory compliance,
pay history, and a tax and title lien search. Approximately 10% of
the pool was graded 'C' and 'D' (meaning the loans had material
violations or lacked documentation to confirm regulatory
compliance). The findings resulted in a lower percentage of applied
adjustments than is typically seen for most Fitch-rated RPL RMBS
transactions. Fitch increased its loss projections by only 25bps at
the 'AAAsf' level.

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

Limited Life of Rep Provider (Negative): NRZ Sponsor V LLC, as rep
provider, will only be obligated to repurchase a loan due to
breaches prior to the payment date in June 2019. Thereafter, a
reserve fund will be available to cover amounts due to noteholders
for loans identified as having material rep breaches. Amounts on
deposit in the reserve fund, as well as the increased level of
subordination, will be available to cover additional defaults and
losses resulting from rep weaknesses or material breaches occurring
on or after the payment date in June 2019. However, the rep
provider's obligation to repurchase loans with collateral
documentation issues that would impact the servicer's ability to
take action such as foreclosure, does not sunset.

Representation Framework (Negative): Fitch considers the
representation, warranty and enforcement (RW&E) mechanism construct
for this transaction to generally be consistent with what it views
as a Tier 2 framework, due to the inclusion of knowledge qualifiers
without any clawback language. Thus, Fitch increased its 'AAAsf'
expected loss by roughly 150bps to account for a potential increase
in defaults and losses arising from weaknesses in the reps.

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

Deferred Amounts (Negative): Non-interest-bearing principal
forbearance amounts totaling $45.1 million (6.5%) of the unpaid
principal balance are outstanding on 2,159 loans. Fitch included
the deferred amounts when calculating the borrower's LTV and sLTV,
despite the lower payment and amounts not being owed during the
term of the loan. The inclusion resulted in higher PDs and LS than
if there had been no deferrals. Fitch believes that borrower
default behavior for these loans will resemble that of loans with
higher LTVs, as exit strategies (that is, sales or refinancings)
will be limited relative to those borrowers with more equity in the
property.

CRITERIA APPLICATION

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

There were two variations from the "U.S. RMBS Seasoned,
Re-Performing and Non-Performing Loan Rating Criteria." The first
variation is in regard to sales by the related servicer of loans
that become 60 or more days delinquent or REO. Fitch looks for a
minimum sales price to be set at a minimum of Fitch's 'Bsf'
recovery rate or at a price obtained by an independent third party.
While no minimum sales price is set, there is sufficient reporting
regarding these sales in the monthly remittance reports. These
reports will include information such as the loan id, the loan's
unpaid principal balance, the related servicer's net present value
estimate for its loss mitigation approach, proceeds received from
the sale and whether the buyer was the sponsor or an affiliate of
the sponsor. If investors feel the related servicer is neither
maximizing proceeds on the mortgage loans nor following the terms
of its servicing agreement, they can act through the indenture
trustee or master servicer. Consequently, no adjustment was applied
due to this variation.

The second variation was due to a full tax and title review not
being performed on 3% of the pool. However, Fitch received a
summary of electronic search results completed using Corelogic or
ATS services. The results indicated the lien position of the loans
in question and identified outstanding property taxes and muni
liens. Given these mitigants, no rating adjustment was applied.

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 38.9% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs, compared with the
model projection.

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

Fitch's stress and rating sensitivity analysis are discussed in its
presale report 'New Residential Mortgage Loan Trust 2018-RPL1'.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC Diligence, LLC (AMC)/JCIII & Associates, Inc.
(JCIII). The third-party due diligence described in Form 15E
focused on: regulatory compliance, pay history, servicing comments,
the presence of key documents in the loan file and data integrity.
In addition, AMC was retained to perform an updated title and tax
search, as well as a review to confirm that the mortgages were
recorded in the relevant local jurisdiction and the related
assignment chains. A regulatory compliance and data integrity
review was completed on 100% of the pool.

A due diligence review was completed in line with Fitch criteria on
substantially all of the loans in this transaction. A variation to
criteria exists because roughly 3% of the loan pool was not subject
to a full tax, title and lien (TTL) search. The issuer advised that
if a title issue impacts the servicer's ability to take action on
behalf of the trust (such as foreclosure), then the loan would be
repurchased from the trust. For loans not covered by the TTL
search, the issuer provided a summary of electronic search results
completed using Corelogic or ATS services. The results indicated
that the subject loans are in first lien position and also
identified a small amount of delinquent tax payments. The
delinquent taxes are included in the summary table below. Given
these mitigants and the low percentage of impacted loans, no
adjustments other than to account for delinquent taxes, were
applied for these loans.

A review of the collateral reporting from the custodian identified
a number of collateral exceptions and missing documents, consistent
with other RPL transactions. The issuer is actively working with
the loan servicers and custodian to clear the issues. Issuers
typically repurchase loans with outstanding issues after one year
from the transaction closing date but in this transaction the loans
would only be repurchased if the missing documents impact the
servicer's ability to take action such as foreclosure. Fitch does
not view this difference as significant as the seller's obligation
to repurchase these loans does not sunset. No adjustments were
applied.

Overall, the diligence findings resulted in lower applied
adjustments than the industry average for other Fitch rated RPL
transactions. Loan level adjustments were applied on a total of 202
loans that could not be reliably tested for predatory lending
compliance. This adjustment is common for RPL transactions and
increased expected losses by only 25bps at 'AAAsf'. Eight loans
were also assigned 100% PD, as per Fitch's criteria, since they are
currently delinquent but did not receive updated servicing
comments. Servicing comments for all loans in the pool were
reviewed in January or February 2018, and a 100% PD adjustment was
applied to account for the two- to three-month lag. This did not
have any effect on the 'AAAsf' expected loss.


OCP CLO 2018-15: S&P Assigns Prelim BB-(sf) Rating on D Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OCP CLO
2018-15 Ltd./OCP CLO 2018-15 LLC's $529.20 million floating-rate
notes.

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

The preliminary ratings are based on information as of June 1,
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

  OCP CLO 2018-15 Ltd./OCP CLO 2018-15 LLC
  Class                     Rating          Amount
                                          (mil. $)
  A-1                       AAA (sf)        369.00
  A-2                       NR               21.00
  A-3                       AA (sf)          63.00
  B (deferrable)            A (sf)           42.00
  C (deferrable)            BBB- (sf)        33.00
  D (deferrable)            BB- (sf)         22.20
  Subordinated securities   NR               63.90

  NR--Not rated.


OCTAGON INVESTMENT XVI: S&P Assigns (P)B- Rating on Class F-R Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the
replacement class A-1-R, B-R, C-R, D-R, E-R, and F-R notes and the
new class X-R notes from Octagon Investment Partners XVI Ltd., a
collateralized loan obligation originally issued in June 2013. The
transaction is managed by Octagon Credit Investors LLC. The
replacement notes will be issued via a proposed supplemental
indenture.

The preliminary ratings reflect S&P's opinion that the credit
support available is commensurate with the associated rating
levels. The replacement classes are expected to be issued at a
slightly lower weighted average cost of debt than the current
notes. Furthermore, all replacement classes are expected to be
issued at floating spreads, replacing the current fixed- and
floating-rate classes.

The preliminary ratings are based on information as of June 11,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the July 17, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. At that time, S&P anticipates withdrawing the
ratings on the original class A, B-1, B-2, C-1, C-2, D, E, and F
notes and assigning ratings to the replacement class A-1-R, B-R,
C-R, D-R, E-R, and F-R notes and the new class X-R notes.

S&P said, "We placed our ratings on the original class B-1, B-2,
C-1, C-2, and D notes on CreditWatch with positive implications on
April 20, 2018, to reflect increased credit support for these
classes due to paydowns on the senior class. In light of
substantial changes to the transaction post reset--which include
upsizing both the asset portfolio and the total balance of the
transaction's tranches, as well as extending the reinvestment
period--we do not expect to place any replacement class ratings on
CreditWatch. However, if the refinancing doesn't occur, we will
resolve the above CreditWatch placements and may take other rating
actions as we deem appropriate on the original class A, B-1, B-2,
C-1, C-2, D, E, and F notes and withdraw our preliminary ratings on
the replacement class X-R, A-1-R, B-R, C-R, D-R, E-R, and F-R
notes.

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

-- Issue the replacement classes at a slightly lower weighted
average cost of debt than the current notes.

-- Issue all replacement classes at floating spreads, replacing
the current fixed- and floating-rate classes.

-- Extend the stated maturity of the rated notes by five years
compared to the original transaction.

-- Reestablish the reinvestment period and non-call period and set
them to end five and two years from the reset closing date,
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."

  PRELIMINARY RATINGS ASSIGNED

  Octagon Investment Partners XVI Ltd./Octagon Investment Partners

  XVI LLC
  Replacement class        Rating       Amount (mil. $)
  X-R                      AAA (sf)                4.50
  A-1-R                    AAA (sf)              300.00
  A-2-R                    NR                     25.00
  B-R                      AA (sf)                55.00
  C-R (deferrable)         A (sf)                 30.00
  D-R (deferrable)         BBB- (sf)              30.00
  E-R (deferrable)         BB- (sf)               20.00
  F-R (deferrable)         B- (sf)                10.00
  Subordinated notes       NR                     86.00

  NR--Not rated.


OZLM XIV: Moody's Assigns Ba3 Rating on Class D-R Notes
-------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes issued by OZLM XIV, Ltd.:

US$46,500,000 Class A-2a-R Senior Secured Floating Rate Notes due
2029 (the "Class A-2a-R Notes"), Assigned Aa2 (sf)

US$15,750,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B-1-R Notes"), Assigned A2 (sf)

US$30,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$23,750,000 Class D-R Secured Deferrable Floating Rate Notes due
2029 (the "Class D-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.

Och-Ziff Loan Management LP 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
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 June 4, 2018 in
connection with the refinancing of certain classes of notes
previously issued on 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.

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, 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 - 20% (2130)

Class A-2a-R: +1

Class B-1-R: +3

Class C-R: +3

Class D-R: +1

Moody's Assumed WARF + 20% (3196)

Class A-2a-R: -2

Class B-1-R: -3

Class C-R: -1

Class D-R: -2

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: 73

Weighted Average Rating Factor (WARF): 2663 (corresponding to a
weighted average default probability of 22.68%)

Weighted Average Spread (WAS): 3.45%

Weighted Average Recovery Rate (WARR): 47.18%

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.


SCRT TRUST 2018-2: Fitch to Rate Class M Notes 'B-sf'
-----------------------------------------------------
Fitch Ratings expects to rate Freddie Mac's risk-transfer
transaction, Seasoned Credit Risk Transfer Trust Series 2018-2
(SCRT 2018-2) as follows:

  -- $51,742,000 class M notes 'B-sf'; Outlook Stable.

The following classes will not be rated by Fitch:

  -- $392,154,000 class HT notes;

  -- $294,116,000 class HA exchangeable notes;

  -- $98,038,000 class HB exchangeable notes;

  -- $49,019,000 class HV exchangeable notes;

  -- $49,019,000 class HZ exchangeable notes;

  -- $940,967,000 class MT notes;

  -- $705,725,000 class MA exchangeable notes;

  -- $235,242,000 class MB exchangeable notes;

  -- $117,621,000 class MV exchangeable notes;

  -- $117,621,000 class MZ exchangeable notes;

  -- $131,572,000 class M55C exchangeable notes;

  -- $131,572,000 class M55D exchangeable notes;

  -- $131,572,000 class M55E exchangeable notes;

  -- $131,572,000 class M55I exchangeable notes;

  -- $1,464,693,000 class A-IO exchangeable notional notes;

  -- $1,592,058,635 class XS-IO notional notes;

  -- $75,623,635 class B notes;

  -- $127,365,635 class B-IO exchangeable notional notes;

  -- $75,623,635 class BX notes;

  -- $75,623,635 class BBIO notes.

The 'B-sf' rating for the M notes reflects the 4.75% subordination
provided by the class B notes.

SCRT 2018-2 represents Freddie Mac's seventh seasoned credit risk
transfer transaction issued. SCRT 2018-2 consists of three
collateral groups backed by 8,628 seasoned performing and
re-performing mortgages with a total balance of approximately
$1.592 billion, which includes $169.8 million, or 10.7%, of the
aggregate pool balance in non-interest-bearing deferred principal
amounts, as of the cutoff date. The three collateral groups are
distinguished between loans that have additional interest rate
increases outstanding due to the terms of the modification and
those that are expected to remain fixed for the remainder of the
term. Among the loans that are fixed, the groups are further
distinguished by both loans that include a portion of principal
forbearance as well as the interest rate on the loans. The
distribution of principal and interest (P&I) and loss allocations
to the rated note is based on a senior subordinate, sequential
structure.

KEY RATING DRIVERS

Distressed Performance History (Negative): The collateral pool
comprises primarily peak-vintage re-performing loans (RPLs), all of
which have been modified. Roughly 83% of the pool has been paying
on time for the past 24 months per the Mortgage Bankers Association
methodology (MBA), and none of the loans has experienced a
delinquency within the past 12 months. The pool has a weighted
average sustainable loan-to-value ratio (WA sLTV) of 80.9%, and the
WA model FICO is 676.

Interest Payment Risk (Negative): In Fitch's timing scenarios, the
M class incurs temporary shortfalls in 'B-sf' rating category but
is ultimately repaid prior to maturity of the transaction. The
difference between Fitch's expected loss and the credit enhancement
(CE) on the rated classes is due to the repayment of interest
deferrals. Interest to the rated classes is subordinated to the
senior notes as well as repayments made to Freddie Mac for prior
payments on the senior classes. Timely payments of interest are
also at potential risk as principal collections on the underlying
can only be used to repay interest shortfalls on the rated classes
after the balance has been paid off. This results in an extended
period of time until potential shortfalls are ultimately repaid in
Fitch's stress scenarios.

Third-Party Due Diligence (Neutral): A third-party due diligence
review was conducted on a sample basis of approximately 15% of the
pool as it relates to regulatory compliance and 10% for pay history
and a tax and title lien search was conducted on 100%. The
third-party review (TPR) firms' due diligence review resulted in 3%
of the sample loans remaining in the final pool graded 'C' or 'D'
(1% graded C), meaning the loans had material violations or lacked
documentation to confirm regulatory compliance.

Regular Issuer (Neutral): This is Freddie Mac's seventh rated RPL
securitization and the fourth that Fitch has been asked to rate.
Fitch has conducted multiple reviews of Freddie Mac and is
confident that it has the necessary policies, procedures and
third-party oversight in place to properly aggregate and securitize
RPLs.

Representation Framework (Negative): Fitch considers the
representation, warranty and enforcement (RW&E) mechanism
construct for this transaction as weaker than other Fitch-rated RPL
deals. The weakness is due to the exclusion of a number of reps
that Fitch views as consistent with a full framework as well as the
limited diligence that may have otherwise acted as a mitigant.
Additionally, Freddie Mac as rep provider will only be obligated to
repurchase a loan, pay an indemnity loss amount or cure the
material breach prior to June 11, 2021. However, Fitch believes
that the defect risk is lower relative to other RPL transactions
because the loans were subject to Freddie Mac's loan level review
process in place at the time the loan became delinquent. Therefore,
Fitch treated the construct as Tier 3 and increased its Mac's
expected loss expectations by 16 bps to account for the weaknesses
in the reps.

Sequential-Pay Structure (Positive): The transaction's cash flow is
similar to Freddie Mac's STACR transactions. Once the initial CE of
the senior notes has reached the target and if all performance
triggers are passing principal is allocated pro rata among the
seniors and subordinate classes with the most senior subordinate
bond receiving the full subordinate share. This structure is a
positive to the rated notes as it results in a faster paydown and
allows them to receive principal earlier than under a traditional
sequential structure. However, to the extent any of the performance
triggers are failing, principal is distributed sequentially to the
senior notes until triggers pass.

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

CRITERIA APPLICATION

Fitch analyzed the transaction in accordance with its criteria, as
described in its June 2017 report, "U.S. RMBS Rating Criteria".
This incorporates a review of the aggregator's lending platforms,
as well as an assessment of the transaction's R&W and due diligence
results, which were found to be consistent with the ratings
assigned to the notes.

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 12.1% at the 'B-sf' 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 that determine
the stresses to MVDs that would reduce a rating by one full
category, to non-investment grade, and to CCCsf. For example,
additional MVDs of 4% would potentially move the B-sf; rated class
down to CCCsf; respectively.

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

Fitch was provided with due diligence information from the
third-party diligence provider. The due diligence focused on
regulatory compliance, pay history, the presence of key documents
in the loan file and data integrity on a sample of the loans in the
pool. Additionally, an updated tax and title search was conducted
on all of the loans in the transaction. Fitch received
certifications indicating that the loan-level due diligence was
conducted in accordance with Fitch's published standards. The
certifications also stated that the company performed its work in
accordance with the independence standards, per Fitch's criteria,
and that the due diligence analysts performing the review met
Fitch's criteria of minimum years of experience. Fitch considered
this information in its analysis and based on the findings, Fitch
made the following adjustments:

Fitch made an adjustment on 23 loans that were subject to federal,
state and/or local predatory testing. These loans contained
material violations, including an inability to test for high-cost
violations or confirm compliance, which could expose the trust to
potential assignee liability. These loans were marked as
"indeterminate." Typically, the HUD issues are related to missing
the final HUD, illegible HUDs, incomplete HUDs due to missing pages
or only having estimated HUDs where the final HUD1 was not used to
test for high-cost loans. To mitigate this risk, Fitch assumed a
100% LS for loans in the states that fall under Freddie Mac's "do
not purchase" list of high cost or "high risk" Two loans were
affected by this approach. For the remaining 21 loans, where the
properties are not located in the states that fall under Freddie
Mac's do not purchase list, the likelihood of all loans being high
cost is lower. However, Fitch assumes the trust could potentially
incur additional legal expenses. Fitch increased its LS
expectations by 5% for these loans to account for the risk.

There were two loans missing modification documents at the time of
the review, and for these loans, timelines were extended by an
additional three months in addition to the six-month timeline
extension applied to the entire pool.




TKC HOLDINGS: S&P Cuts Corp. Credit Rating to 'B-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on TKC
Holdings Inc. to 'B-' from 'B'. The outlook is stable.

S&P said, "At the same time, we lowered our issue-level rating on
the company's senior secured debt to 'B-' from 'B'. The '3'
recovery rating is unchanged, indicating our expectation for
meaningful recovery (50%-70%; rounded estimate: 55%) in the event
of a default.

"Additionally, we lowered our issue-level rating on the company's
second-lien debt to 'CCC' from 'CCC+'. The '6' recovery rating is
unchanged, indicating our expectation for minimal recovery (0%-10%;
rounded estimate: 0%) in the event of a default.

"The downgrade reflects an increase in already elevated leverage
following the divestiture of ICS, TKC's inmate communications
service segment, and the associated decline in EBITDA. Though not a
core business, ICS was a profitable contributor, accounting for 10%
of total EBITDA. Despite our expectations for continued earnings
growth, the EBITDA decline ($26 million-$28 million) contributes to
a rise in S&P Global Ratings-adjusted debt to EBITDA from 7x as of
the last 12 months ended March 2018 to the high-8x area, where we
expect it will remain over the next 12 months. A portion of the
proceeds from the $300 million sale to Securus (expected to close
in the second half of 2018) will be applied toward a dividend
distribution to its sponsor owners. This will be the fourth
distribution since the merger of Trinity Service Inc. and Keefe
Group Holdings in late 2016. The company is also contemplating
applying a portion of the proceeds toward debt reduction. We view
the company's financial policy as aggressive and believe that TKC
will continue to prioritize dividend distributions over debt
reduction over the foreseeable future.

"The stable outlook reflects our expectation that ongoing contract
wins and the realization of synergies will support earnings growth,
but that credit metrics will remain elevated due to high debt and a
smaller EBITDA base following the divestiture of ICS. We expect S&P
Global Ratings-adjusted debt to EBITDA to remain in the high-8x
area through 2019.

"Although unlikely over the next year, we could lower our ratings
on TKC if leverage increases further, resulting in a capital
structure that we perceive to be unsustainable. This could occur,
for example, if customers choose to switch providers or insource,
terminate contracts early, or introduce large penalties stemming
from unsatisfactory service levels or government policy changes. We
could also lower the ratings if liquidity deteriorates or we come
to believe TKC depends upon favorable business, financial, and
economic conditions to meet its financial commitments.

"Although unlikely over the next 12 months, we could raise our
ratings if leverage declines below 7x and we believe that the
company's sponsors would commit to a financial policy that allows
leverage to remain below that threshold on a sustained basis."


TOWD POINT 2018-2: DBRS Finalizes B Rating on Class B2 Debt
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Asset-Backed
Securities Series 2018-2 (the Notes) issued by Towd Point Mortgage
Trust 2018-2 (the Trust):

-- $923.9 million Class A1 at AAA (sf)
-- $103.8 million Class A2 at AA (sf)
-- $94.7 million Class M1 at A (sf)
-- $88.6 million Class M2 at BBB (sf)
-- $55.0 million Class B1 at BB (sf)
-- $24.4 million Class B2 at B (sf)
-- $1.0 billion Class A3 at AA (sf)
-- $1.1 billion Class A4 at A (sf)

Classes A3 and A4 are exchangeable notes. These classes can be
exchanged for combinations of exchange notes as specified in the
offering documents.

The AAA (sf) rating on the Class A1 Notes reflects the 39.50% of
credit enhancement provided by subordinated Notes in the pool. The
AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect
credit enhancement of 32.70%, 26.50%, 20.70%, 17.10% and 15.50%,
respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first- or second-lien residential
mortgages. The Notes are backed by 9,721 loans with a total
principal balance of $1,527,098,828 as of the Cut-Off Date (April
30, 2018).

As of the Statistical Calculation Date (March 31, 2018), the
portfolio contained 9,936 loans with a total principal balance of
$1,558,896,597. Unless specified otherwise, all the statistics
regarding the mortgage loans in this press release are based on the
Statistical Calculation Date.

The portfolio is approximately 141 months seasoned and contains
80.1% modified loans. The modifications happened more than two
years ago for 76.4% of the modified loans. Within the pool, 3,888
mortgages have non-interest-bearing deferred amounts, which equate
to 11.4% of the total principal balance. Included in the deferred
amounts are proprietary principal forgiveness and Home Affordable
Modification Program principal reduction alternative amounts, which
comprise approximately 0.2% of the total principal balance.

As of the Statistical Calculation Date, 94.2% of the pool is
current, 5.8% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method and 0.9% is in bankruptcy (all
bankruptcy loans are performing or 30 days delinquent).
Approximately 56.4% of the mortgage loans have been zero times 30
days delinquent (0 x 30) for at least the past 24 months under the
MBA delinquency method. In accordance with the Consumer Financial
Protection Bureau Ability-to-Repay (ATR) and Qualified Mortgage
(QM) rules, 32 loans are classified as Safe-Harbor (0.6% of the
pool), eight loans are classified as Non-QM (0.1% of the pool) and
five loans are classified as Rebuttable Presumption (0.1% of the
pool). Additionally, certain loans (3.5% of the pool; 40 borrowers)
are secured by multiple investor properties.

FirstKey Mortgage, LLC (FirstKey) will acquire the loans from
various transferring trusts on or prior to the Closing Date. The
transferring trusts acquired the mortgage loans between 2013 and
2018 and are beneficially owned by funds managed by affiliates of
Cerberus Capital Management, L.P. Upon acquiring the loans from the
transferring trusts, FirstKey, through a wholly owned subsidiary,
Towd Point Asset Funding, LLC (the Depositor), will contribute
loans to the Trust. As the Sponsor, FirstKey, through a
majority-owned affiliate, will acquire and retain a 5% eligible
vertical interest in each class of securities to be issued (other
than any residual certificates) to satisfy the credit risk
retention requirements. These loans were originated and previously
serviced by various entities through purchases in the secondary
market.

As of the Closing Date, 96.9% of the loans will be serviced by
Select Portfolio Servicing, Inc., and 3.1% of the loans will be
serviced by Cohen Financial Services (DE), LLC (Cohen). Cohen will
service all of the portfolio investment property loans secured by
first liens on a portfolio of one- to 16-family investment
properties.

There will not be any advancing of delinquent principal or interest
on any mortgages by the servicers or any other party to the
transaction; however, the servicers are obligated to make advances
in respect of homeowner association fees, taxes and insurance,
installment payments on energy improvement liens and reasonable
costs and expenses incurred in the course of servicing and
disposing of properties.

FirstKey, as the Asset Manager, has the option to sell certain
non-performing loans or real estate owned (REO) properties to
unaffiliated third parties individually or in bulk sales. The asset
sale price has to equal a minimum reserve amount to maximize
liquidation proceeds of such loans or properties. The minimum
reserve amount equals the product of 59.3% and the then-current
principal amount of the mortgage loans or REO properties. In
addition, on any payment date on or after the first payment date
when the aggregate pool balance of the mortgage loans is reduced to
less than 30.0% of the Cut-Off Date balance, the holders of more
than 50% of the Class X Certificates will have the option to cause
the Issuer to sell all of its remaining property (other than
amounts in the Breach Reserve Account) to one or more third-party
purchasers so long as the aggregate proceeds meet a minimum price.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M1
and more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired.

The lack of principal and interest advances on delinquent mortgages
may increase the possibility of periodic interest shortfalls to the
Note holders; however, principal proceeds can be used to pay
interest to the Notes sequentially, and subordination levels are
greater than expected losses, which may provide for timely payment
of interest to the rated Notes.

The ratings reflect transactional strengths that include underlying
assets that generally performed well through the crisis, a strong
servicer and Asset Manager oversight. Additionally, a satisfactory
third-party due diligence review was performed on the portfolio
with respect to regulatory compliance, payment history and data
capture, as well as title and tax review. Servicing comments were
reviewed for a sample of loans. Updated broker price opinions or
exterior appraisals were provided for most of the pool; however, a
reconciliation was not performed on the updated values.

As compared with prior TPMT securitizations, the representations
and warranties (R&W) framework for this transaction has changed to
incorporate a pool-level review trigger, as well as a Breach
Reserve Account that is unfunded on the Closing Date. Although
these updates weaken the R&W framework, the historical experience
of having zero put backs since the first TPMT deal in 2015
mitigates these features.

The DBRS ratings of AAA (sf) and AA (sf) address the timely payment
of interest and full payment of principal by the legal final
maturity date in accordance with the terms and conditions of the
related Notes. The DBRS ratings of A (sf), BBB (sf), BB (sf) and B
(sf) address the ultimate payment of interest and full payment of
principal by the legal final maturity date in accordance with the
terms and conditions of the related Notes.


UBS-BARCLAYS 2012-C3: DBRS Confirms BB(low) Rating on Cl. X-B Certs
-------------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2012-C3, issued by UBS-B
Barclays Commercial Mortgage Trust 2012-C3 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall healthy performance of
the transaction since issuance. As of the May 2018 remittance, 70
of the original 76 loans remained in the pool, with an aggregate
principal balance of $875.0 million and a 19.1% collateral
reduction since issuance as a result of scheduled amortization and
the repayment of six loans, including the second-largest loan at
issuance, Apache Mall. All loans structured with a five-year term
have been successfully repaid, with the bulk of the remaining loans
maturing in 2022.

The pool benefits from defeasance collateral, as six loans,
representing 9.0% of the current pool balance, are fully defeased.
There have been no losses to the trust to date; however, there is
one loan in special servicing as of the May 2018 remittance in
Summit Village Apartments (Prospectus ID #29, 1.14% of the pool).
DBRS expects a loss will be incurred at liquidation, contained to
the unrated Class G certificates. For additional information on the
DBRS analysis and outlook for that loan, please see the DBRS
Viewpoint platform, for which information is provided below.

Although the pool benefits from a healthy amount of repayment and a
strong concentration of defeased collateral (factors that
contributed to the upgrades for five classes at last review), there
are challenges in the high concentration of loans secured by retail
properties, which represent approximately 36.0% of the transaction
balance as of May 2018. In addition, there are six loans,
representing 8.4% of the pool, on the servicer's watch list, with
all but one of those loans secured by a retail property.

Of the remaining 64 non-defeased loans, 57 of those loans,
representing 81.7% of the pool, reported year-end net cash flow
(NCF) figures as of the May 2018 remittance. Those 57 loans had a
weighted-average (WA) debt service coverage ratio (DSCR) and WA
debt yield of 1.80 times (x) and 12.9%, respectively, compared with
the YE2016 figures of 1.77x and 12.7%, respectively.

Of the six loans on the watch list, DBRS considers Prospectus
ID#11, Great Northeast Plaza, representing 2.4% of the current pool
balance, the most concerning. The property lost its anchor tenant,
Sears (81.0% of NRA) in April 2018 and DBRS expects the in-place
coverage to fall below 0.50x with the loss of the Sears rent at
lease expiry in May 2019 (or before, in the event the company
declares bankruptcy).

At issuance, DBRS assigned an investment-grade shadow rating to two
loans, Prospectus ID#1, 1000 Harbor Boulevard and Prospectus ID#8,
Franklin Towne Center. Both shadow ratings were supported by the
investment-grade rating for the long-term tenant. With this review,
DBRS has confirmed the characteristics of both loans remain in line
with an investment-grade shadow rating.

Classes X-A and X-B 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.


WACHOVIA BANK 2007-C34: Moody's Cuts Class IO Certs Rating to C
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class,
affirmed the ratings on twelve classes and downgraded the rating on
one class in Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2007-C34 as follows:

Class A-J, Upgraded to Baa1 (sf); previously on August 31, 2017
Upgraded to Baa3 (sf)

Class B, Affirmed Ba2 (sf); previously on August 31, 2017 Upgraded
to Ba2 (sf)

Class C, Affirmed B2 (sf); previously on August 31, 2017 Upgraded
to B2 (sf)

Class D, Affirmed Caa2 (sf); previously on August 31, 2017 Affirmed
Caa2 (sf)

Class E, Affirmed Caa3 (sf); previously on August 31, 2017 Affirmed
Caa3 (sf)

Class F, Affirmed Ca (sf); previously on August 31, 2017 Affirmed
Ca (sf)

Class G, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class H, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class J, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class K, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class L, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class M, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class N, Affirmed C (sf); previously on August 31, 2017 Affirmed C
(sf)

Class IO, Downgraded to C (sf); previously on August 31, 2017
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating on Cl. A-J was upgraded based primarily on an increase
in credit support resulting from loan paydowns and amortization.
The deal has paid down 51% since Moody's last review.

The rating on Cl. B and Cl. C was affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges. The ratings on the remaining ten P&I classes, Classes D
through N, were affirmed because the ratings are consistent with
Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 37.7% of the
current pooled loan balance, compared to 22.6% at Moody's last
review. Moody's base expected loss plus realized losses is now 8.2%
of the original pooled balance, compared to 9.4% 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 Series 2007-C34, Class A-J, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
Class M, and Class N 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 Series 2007-C34, Class IO 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 81% of the pooled loan
balance is in special servicing. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced to the most junior classes
and the recovery as a pay down of principal to the most senior
classes.

DEAL PERFORMANCE

As of the May 17, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 85.4% to $226.8
million from $1.5 billion at securitization. The certificates are
collateralized by 18 mortgage loans ranging in size from less than
1% to 30.1% of the pool. The transaction is under-collateralized as
the aggregate certificate balance is $11 million greater than the
pooled loan balance.

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

Three loans, constituting 11.2% of the pooled loan balance, 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.

Eleven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $40.6 million (for an average loss
severity of 29%). Eight loans, constituting 81% of the pooled loan
balance, are currently in special servicing. The largest specially
serviced loan is the Sheraton Park Hotel -- Anaheim, CA ($65.0
million), which is secured by a 486-room full service hotel located
in Anaheim, California, approximately one block to Disney Land and
the Anaheim Convention Center. The loan transferred to special
servicing in February 2012 due to imminent monetary default and
became real estate owned (REO) in June 2013. The property underwent
renovations throughout 2014. The property is also subject to an
unsubordinated ground lease with the City of Anaheim through 2068.
The special servicer indicated they are working on stabilizing the
asset.

The second largest specially serviced loan is Glenbrooke at Palm
Bay ($27.1 million), which is secured by a 170-unit senior housing
multifamily property located in Palm Bay, Florida. The loan
transferred to special servicing in April 2012 and became REO in
July 2013. As of May 2018, the property was 85% leased, compared to
97% in June 2017. The special servicer indicated the current
strategy is to stabilize the asset.

The third largest specially serviced loan is the Village Shoppes of
Sugarloaf ($18.8 million), which is secured by 147,817 SF grocery
anchored retail center located in Lawrenceville, GA. The loan
transferred to special servicing in October 2012 for imminent
monetary default and became REO in February 2013. As of April 2018,
the property was 73% leased, compared to 68% year-end 2016. The
special servicer indicated they are working on stabilizing the
asset.

The remaining five specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $70.4 million loss
for all the specially serviced loans (40.4% expected loss on
average). Additionally, Moody's is currently treating the
under-collateralization as a loss of principal to the trust.

Moody's weighted average conduit LTV is 54%, compared to 96% at
Moody's last review. Moody's conduit component represents only 19%
of the pooled balance and excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 17.1% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.9%.

Moody's actual and stressed conduit DSCRs are 2.67X and 2.37X,
respectively, compared to 1.73X and 1.35X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loan exposures represent 15.8% of the pool
balance. The largest exposure is the Cole Portfolio Loan ($15.5
million -- 7.2% of the pooled balance), which is secured by six
cross-collateralized and cross-defaulted loans located across four
states. Each property has one tenant, which is either Walgreens,
Walmart or Logan's Roadhouse. Logan Roadhouse entered chapter 11
bankruptcy and announced it will close 21 of its 250 US stores.
These loans past their anticipated repayment date (ARD) in 2017.
Moody's LTV and stressed DSCR are 81.7% and 1.22X, respectively,
compared to 95.7% and 1.05X at the last review.

The second largest loan is the Winn-Dixie Distribution Center (Note
B) Loan ($9.3 million -- 4.3% of the pooled balance), which is
secured by 1,089,411 square foot distribution center located in
Orlando, Florida. The loan has benefitted from amortization and
Moody's LTV and stressed DSCR are 28.8% and 3.57X, respectively.

The third largest loan is the Winn-Dixie Headquarters/Manufacturing
Facility (Note B) Loan ($9.2 million -- 4.3% of the pooled
balance), which is secured by a 879,151 square foot four-building
industrial complex located in Jacksonville, Florida. This center
serves as Winn-Dixie's corporate headquarters. The loan has
benefitted from amortization and Moody's LTV and stressed DSCR are
28.8% and 3.57X, respectively.


[*] Beard Group 25th Annual Distressed Investing Conference Nov. 26
-------------------------------------------------------------------
Conway MacKenzie is the latest sponsor for Beard Group's 2018
Distressed Investing (DI) Conference on Nov. 26, 2018.

Conway, a global management consulting and financial advisory firm,
joins law firm Foley & Lardner, DSI (Development Specialist Inc.),
provider of management consulting and financial advisory services,
and Longford Capital, a private investment company, in partnering
with the DI Conference, as it marks its Silver (25th) Anniversary
this year. This milestone denotes the event as the oldest,
influential DI conference in U.S. The day-long program will be held
at The Harmonie Club in New York City.  All four firms have been
supporting the DI Conference in past.

For a quarter of a century, the DI Conference's focus has been on
"Maximizing Profits in the Distressed Debt Market."  The event also
serves as a forum for leaders in corporate restructuring, lending
and debt and equity investments to gather and discuss the latest
topics and trends in the distressed investing industry, as well as
exchange ideas about high-profile chapter 11 bankruptcy proceedings
and out-of-court restructurings. These are distinguished
professionals who place their resources and reputations at risk to
produce stellar results by preserving jobs, rebuilding broken
businesses, and efficiently redeploying underutilized assets in the
marketplace.

The conference will also feature:

     * a luncheon presentation of the Harvey K. Miller Award to
       Edward I. Altman, Professor of Finance, Emeritus, New York
       University's Stern School of Business.  The award will be
       presented by last year's winner billionaire Marc Lasry,
       Altman's  former student.

     * an evening awards dinner recognizing the 2018 Turnarounds
       & Workouts Outstanding Young Restructuring Lawyers.

To register for the one-day conference visit:

          https://www.distressedinvestingconference.com/
     Discounted early registration tickets are now available.

To learn how you can be a sponsor and participate in shaping the
day-long program, contact:

            Bernard Tolliver at bernard@beardgroup.com
                   or Tel: (240) 629-3300 x-149

To learn about media sponsorship opportunities to bring your outlet
into the view of leaders in corporate restructuring, lending and
debt and equity investments, and

to expand your network of news sources, contact:

                 Jeff Baxt at jeff@beardgroup.com
                    or (240) 629-3300, ext 150


[*] Moody's Hikes $732.7MM of Alt-A/Subprime RMBS Issued 2004-2007
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 43 tranches
from 19 transactions, backed by Alt-A and Subprime RMBS loans,
issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Alternative Loan Trust 2004-J9

Cl. M-2, Upgraded to B1 (sf); previously on Sep 27, 2016 Upgraded
to Caa1 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-13

Cl. A-2, Upgraded to Aaa (sf); previously on Jul 12, 2017 Upgraded
to Aa1 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Mar 14, 2011
Downgraded to Ca (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2006-NC5

Cl. A-3, Upgraded to Caa2 (sf); previously on Apr 29, 2010
Downgraded to Ca (sf)

Cl. A-4, Upgraded to Caa2 (sf); previously on Apr 29, 2010
Downgraded to Ca (sf)

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB6

Cl. A-1, Upgraded to B1 (sf); previously on Sep 21, 2016 Upgraded
to B3 (sf)

Cl. A-2, Upgraded to B1 (sf); previously on Sep 21, 2016 Upgraded
to B3 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Sep 21, 2016 Upgraded
to B3 (sf)

Cl. A-4, Upgraded to Caa3 (sf); previously on Sep 21, 2016 Upgraded
to Ca (sf)

Issuer: CitiMortgage Alternative Loan Trust 2007-A6

Cl. IIA-1, Upgraded to Ba2 (sf); previously on Jun 28, 2017
Upgraded to B3 (sf)

Issuer: CitiMortgage Alternative Loan Trust Series 2007-A7

Cl. IIIA-1, Upgraded to Baa1 (sf); previously on Aug 27, 2012
Downgraded to Ba1 (sf)

Cl. IIIA-2, Upgraded to Ba1 (sf); previously on Aug 27, 2012
Downgraded to Ba3 (sf)

Issuer: CitiMortgage Alternative Loan Trust, Series 2007-A2

Cl. IIA-1, Upgraded to Ba1 (sf); previously on Jun 28, 2017
Upgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Cl. AF-5A, Upgraded to Aaa (sf); previously on Oct 13, 2016
Confirmed at Baa2 (sf)

Cl. AF-5B, Upgraded to Aaa (sf); previously on Oct 13, 2016
Confirmed at Baa2 (sf)

Underlying Rating: Upgraded to Aaa (sf); previously on Oct 13, 2016
Confirmed at Baa2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. AF-6, Upgraded to Aaa (sf); previously on Oct 13, 2016
Confirmed at Baa1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-8

Cl. M-6, Upgraded to Caa1 (sf); previously on Oct 13, 2016 Upgraded
to Ca (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB3

Cl. 1-A-1, Upgraded to Baa1 (sf); previously on Oct 26, 2016
Upgraded to Ba3 (sf)

Cl. 2-A-3, Upgraded to Aaa (sf); previously on Oct 26, 2016
Upgraded to Aa2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-IM1

Cl. A-3M, Upgraded to Aaa (sf); previously on Jun 28, 2017 Upgraded
to A3 (sf)

Cl. A-3, Upgraded to Aaa (sf); previously on Jun 28, 2017 Upgraded
to Aa2 (sf)

Cl. A-4, Upgraded to Aaa (sf); previously on Jun 28, 2017 Upgraded
to Aa1 (sf)

Cl. A-4M, Upgraded to Aaa (sf); previously on Jun 28, 2017 Upgraded
to Baa1 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Sep 27, 2016 Upgraded
to Caa2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-IM2

Cl. A-4, Upgraded to Baa3 (sf); previously on Sep 27, 2016 Upgraded
to B2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2006-19

Cl. 1-A, Upgraded to Baa3 (sf); previously on Oct 19, 2016 Upgraded
to B1 (sf)

Cl. 2-A-2, Upgraded to B1 (sf); previously on Oct 19, 2016 Upgraded
to Caa1 (sf)

Cl. 2-A-3, Upgraded to B2 (sf); previously on Oct 19, 2016 Upgraded
to Caa2 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-22CB

Cl. 1-A-1, Upgraded to Ba3 (sf); previously on Sep 21, 2016
Upgraded to B2 (sf)

Cl. 2-A-1, Upgraded to B1 (sf); previously on Sep 21, 2016 Upgraded
to Caa1 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2004-J7

Cl. 1-A-4, Upgraded to Aaa (sf); previously on Sep 27, 2016
Upgraded to Aa3 (sf)

Cl. 1-A-5, Upgraded to Aaa (sf); previously on Sep 27, 2016
Upgraded to Aa2 (sf)

Cl. 3-A-1, Upgraded to Aaa (sf); previously on Sep 27, 2016
Upgraded to A1 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Sep 27, 2016 Upgraded
to Caa2 (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J4

Cl. B-1, Upgraded to B1 (sf); previously on Sep 27, 2016 Upgraded
to Caa3 (sf)

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan
Trust, Series 2004-1

Cl. III-A-5, Upgraded to Aa2 (sf); previously on Jul 20, 2017
Upgraded to A2 (sf)

Cl. III-A-6, Upgraded to Aa2 (sf); previously on Jul 20, 2017
Upgraded to A1 (sf)

Issuer: Homebanc Mortgage Trust 2007-1

Cl. II-A, Upgraded to B1 (sf); previously on Oct 9, 2015 Upgraded
to B3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A6

Cl. I-A-1, Upgraded to Aa1 (sf); previously on Jun 28, 2017
Upgraded to A3 (sf)

Cl. I-A-2, Upgraded to A1 (sf); previously on Jun 28, 2017 Upgraded
to Ba1 (sf)

Cl. II-A-3, Upgraded to Aaa (sf); previously on Jun 28, 2017
Upgraded to Aa3 (sf)

Cl. II-A-4, Upgraded to Aaa (sf); previously on Jun 28, 2017
Upgraded to A3 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Apr 1, 2010
Downgraded to C (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
the pools. The rating upgrades are a result of the improving
performance of the related pools and/or an increase in credit
enhancement available to the bonds. The action on Cl. II-A-1 issued
by Homebanc Mortgage Trust 2007-1 further reflects the interest
shortfall reported on the bond.

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 Takes Action on $137MM Subprime RMBS Issued 2002-2004
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 12 tranches
from six transactions and downgraded the ratings of two tranches
from two transactions, backed by Subprime RMBS loans, issued by
multiple issuers.

Complete rating actions are as follows:

Issuer: GSAMP Trust 2004-NC1

Cl. M-2, Upgraded to B1 (sf); previously on Jan 20, 2016 Upgraded
to B3 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Mar 17, 2011
Downgraded to Ca (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. Series 2002-AFC1

Cl. BV-1, Upgraded to Ca (sf); previously on Mar 21, 2011
Downgraded to C (sf)

Cl. MF-2, Downgraded to B2 (sf); previously on Apr 9, 2012
Downgraded to B1 (sf)

Issuer: Saxon Asset Securities Trust 2004-2

Cl. MF-2, Upgraded to B3 (sf); previously on Mar 5, 2013 Affirmed
Caa3 (sf)

Cl. MV-3, Downgraded to B3 (sf); previously on Nov 7, 2016 Affirmed
B1 (sf)

Cl. MF-3, Upgraded to Caa2 (sf); previously on Mar 5, 2013 Affirmed
Ca (sf)

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2003-BC2

Cl. M-2, Upgraded to Baa3 (sf); previously on Nov 2, 2017 Upgraded
to B1 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2004-BC4

Cl. A-1B, Upgraded to Aa2 (sf); previously on Jan 21, 2016 Upgraded
to A1 (sf)

Cl. A-1A, Upgraded to Aa1 (sf); previously on Jan 21, 2016 Upgraded
to Aa3 (sf)

Cl. A-2C, Upgraded to A2 (sf); previously on Apr 9, 2012 Confirmed
at Baa2 (sf)

Issuer: Structured Asset Investment Loan Trust 2004-11

Cl. M1, Upgraded to A1 (sf); previously on Oct 25, 2017 Upgraded to
Baa1 (sf)

Cl. M2, Upgraded to Ba3 (sf); previously on Nov 7, 2016 Upgraded to
B2 (sf)

Cl. M3, Upgraded to Caa3 (sf); previously on Mar 4, 2011 Downgraded
to C (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 downgraded are a result of interest shortfall and/or weak
performance of the underlying pools. The ratings upgraded are a
result of improving performance of the related pools and/or 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 macroeconomic
uncertainty, and in particular the unemployment rate. The
unemployment rate fell to 3.8% in May 2018 from 4.3% in May 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.


[*] Moody's Takes Action on 29 Tranches From 12 US RMBS Deals
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 27 tranches
and downgraded the ratings of two tranches issued by 12
transactions backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-D

Cl. A-5, Upgraded to Aa2 (sf); previously on Feb 1, 2017 Upgraded
to A3 (sf)

Issuer: RAMP Series 2006-RZ1 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Apr 12, 2017 Upgraded
to Aa1 (sf)

Cl. M-2, Upgraded to Aaa (sf); previously on Apr 12, 2017 Upgraded
to A1 (sf)

Cl. M-3, Upgraded to A1 (sf); previously on Apr 12, 2017 Upgraded
to Baa3 (sf)

Cl. M-4, Upgraded to Baa3 (sf); previously on Apr 12, 2017 Upgraded
to B1 (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Jul 15, 2011 Downgraded
to C (sf)

Issuer: RASC Series 2005-AHL1 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on May 18, 2016 Upgraded
to Aa2 (sf)

Issuer: RASC Series 2005-AHL2 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Mar 28, 2017 Upgraded
to Aa3 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Mar 28, 2017 Upgraded
to Ba2 (sf)

Issuer: RASC Series 2005-KS5 Trust

Cl. M-5, Upgraded to Aaa (sf); previously on Mar 28, 2017 Upgraded
to Aa2 (sf)

Cl. M-6, Upgraded to Aa2 (sf); previously on Mar 28, 2017 Upgraded
to A3 (sf)

Cl. M-7, Upgraded to Ba1 (sf); previously on Mar 28, 2017 Upgraded
to B1 (sf)

Issuer: RASC Series 2006-EMX3 Trust

Cl. A-2, Upgraded to Ba1 (sf); previously on Apr 12, 2017 Upgraded
to Ba3 (sf)

Cl. A-3, Upgraded to B1 (sf); previously on Apr 12, 2017 Upgraded
to B2 (sf)

Issuer: RASC Series 2006-KS4 Trust

Cl. A-4, Upgraded to Aaa (sf); previously on Apr 12, 2017 Upgraded
to Aa2 (sf)

Cl. M-1, Upgraded to Aa1 (sf); previously on Apr 12, 2017 Upgraded
to Baa1 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Apr 12, 2017 Upgraded
to Caa2 (sf)

Issuer: Specialty Underwriting and Residential Finance Series
2006-BC5

Cl. A-2A, Downgraded to Ca (sf); previously on Jul 17, 2014
Downgraded to Caa3 (sf)

Cl. A-2C, Downgraded to Ca (sf); previously on Jul 17, 2014
Downgraded to Caa3 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-11

Cl. A1, Upgraded to Ba2 (sf); previously on Mar 31, 2017 Upgraded
to B1 (sf)

Cl. A3, Upgraded to A1 (sf); previously on Mar 31, 2017 Upgraded to
Baa2 (sf)

Cl. A7, Upgraded to Baa1 (sf); previously on Mar 31, 2017 Upgraded
to Ba3 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-3

Cl. M2, Upgraded to Aaa (sf); previously on Mar 31, 2017 Upgraded
to Aa3 (sf)

Cl. M3, Upgraded to A1 (sf); previously on Mar 31, 2017 Upgraded to
Baa2 (sf)

Cl. M4, Upgraded to Caa1 (sf); previously on Mar 31, 2017 Upgraded
to Caa3 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-6

Cl. M2, Upgraded to Aaa (sf); previously on Mar 31, 2017 Upgraded
to A1 (sf)

Cl. M3, Upgraded to Ba1 (sf); previously on Mar 31, 2017 Upgraded
to B1 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-HE2

Cl. M1, Upgraded to Aaa (sf); previously on Dec 12, 2016 Upgraded
to Aa2 (sf)

Cl. M2, Upgraded to Ba1 (sf); previously on Dec 12, 2016 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and Moody's updated loss expectations on the pools. The rating
upgrades are a result of the improving performance of the related
pools and an increase in credit enhancement available to the bonds.
The ratings downgraded are due to the erosion of 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 3.8% in May 2018 from 4.3% in May
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 Takes Action on 5 Tranches From 3 Subprime RMBS Deals
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of one tranche
and downgraded the ratings of four tranches issued by three
subprime RMBS transactions.

Complete list of rating actions is as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series
2006-HE2

Cl. A-2C, Upgraded to Baa3 (sf); previously on Aug 8, 2017 Upgraded
to B1 (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R4

Cl. M-4, Downgraded to B1 (sf); previously on Feb 24, 2016 Upgraded
to Ba3 (sf)

Issuer: Fieldstone Mortgage Investment Trust, 2005-3

Cl. 1-A, Downgraded to Ba3 (sf); previously on Jun 10, 2014
Upgraded to Baa3 (sf)

Cl. 2-A2, Downgraded to B1 (sf); previously on Feb 8, 2016 Upgraded
to Baa3 (sf)

Cl. 2-A3, Downgraded to B2 (sf); previously on Feb 8, 2016 Upgraded
to Ba2 (sf)

RATINGS RATIONALE

The rating downgrade of Cl. M-4 from Ameriquest Mortgage Securities
Inc., Series 2005-R4 is due to a missed interest payment which is
not expected to be reimbursed due to a weak interest shortfall
reimbursement mechanism. The ratings downgrades of the Cl. 1-A, Cl.
2-A2, and Cl. 2-A3 from Fieldstone Mortgage Investment Trust,
2005-3 are due to the outstanding interest shortfalls and Moody's
expectation that additional shortfalls will continue to be incurred
over time due to a structural feature which limits the tranches
interest accruals to the interest payments collection, rather than
the interest payments due.The ratings upgrade of Cl. A-2C from ACE
Securities Corp. Home Equity Loan Trust, Series 2006-HE2 is
primarily due to the increase in credit enhancement available to
the bond.

The actions reflect the recent performance and Moody's updated loss
expectations on the underlying pools.

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

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.8% in May 2018 from 4.3% in May
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.


[*] S&P Discontinues Ratings on 84 Classes From 26 CDO Deals
------------------------------------------------------------
S&P Global Ratings discontinued its ratings on 79 classes from 21
cash flow (CF) collateralized loan obligation (CLO) transactions,
two classes from two CF collateralized debt obligations (CDO)
backed by commercial mortgage-backed securities (CMBS), two classes
from two CF CDO other transactions, and one class from one CF CDO
transaction.

The discontinuances follow the complete paydown of the notes as
reflected in the most recent trustee-issued note payment reports
for each transaction:

-- Anchorage Capital CLO 2012-1 Ltd. (CF CLO): optional redemption
in April 2018.

-- ARCap 2004-1 Resecuritization Trust (CF CDO of CMBS):
senior-most tranche paid down; other rated tranches still
outstanding.

-- ARCap 2004-1 Resecuritazation Trust Class D (CF CDO of CMBS):
last remaining tranche paid down.

-- Babson CLO Ltd. 2013-II (CF CLO): optional redemption in March
2018.

-- Battalion CLO IV Ltd. (CF CLO): optional redemption in April
2018.

-- California Street CLO II Ltd. (CF CLO): senior-most tranche
paid down; other rated tranches still outstanding.

-- California Street CLO III Ltd (CF CLO): last remaining rated
tranche paid down.

-- CIFC Funding 2013-III Ltd. (CF CLO): optional redemption in
April 2018.

-- CIFC Funding 2014-II Ltd. (CF CLO): all rated tranches paid
down.

-- CLO Repackaging 2014-1 Ltd. (CF other): all rated tranches paid
down.

-- Dryden 31 Senior Loan Fund (CF CLO): all rated tranches paid
down.

-- Fortress Credit Opportunities V CLO Ltd. (CF CLO): optional
redemption in April 2018.

-- Galaxy XIV CLO Ltd. (CF CLO): optional redemption in May 2018.

-- Galaxy XVI CLO Ltd. (CF CLO): optional redemption in April
2018.

-- Hillmark Funding Ltd. (CF CLO): senior-most tranche paid down;
other rated tranches still outstanding.

-- JFIN Revolver CLO 2014 Ltd. (CF CLO): senior-most tranche paid
down; other rated tranches still outstanding.

-- Oaktree CLO 2014-1 Ltd. (CF CLO): Class X notes(i) paid down;
other rated tranches still outstanding.

-- Oaktree EIF II Series A2 Ltd. (CF CLO): optional redemption in
May 2018.

-- OCP CLO 2013-4 Ltd. (CF CLO): Class X notes(i) paid down; other
rated tranches still outstanding.

-- Red River CLO Ltd. (CF CLO): last remaining rated tranche paid
down.

-- Repackaged CLO Series KK-1 Ltd. (CF other): all rated tranches
paid down.

-- Rockwall CDO II Ltd. (CF CDO): senior-most tranche paid down;
other rated tranches still outstanding.

-- Shackleton 2014-V CLO Ltd. (CF CLO): optional redemption in May
2018.

-- TICP CLO I Ltd. (CF CLO): optional redemption in April 2018.

-- Voya CLO IV Ltd. (CF CLO): all rated tranches paid down.

-- West CLO 2012-1 Ltd. (CF CLO): all rated tranches paid down.

(i)An "X note" within a CLO is generally a note with a principal
balance intended to be repaid early in the CLO's life using
interest proceeds from the CLO's waterfall.

  RATINGS DISCONTINUED

  Anchorage Capital CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  A-1-R               NR                  AAA (sf)
  A-2-R               NR                  AA (sf)
  B-R                 NR                  A (sf)
  C-R                 NR                  BBB (sf)
  D-R                 NR                  BB (sf)

  ARCap 2004-1 Resecuritization Trust
                              Rating
  Class               To                  From
  D                   NR                  BBB+ (sf)

  ARCap 2004-1 Resecuritization Trust Class D
                              Rating
  Class               To                  From
  D                   NR                  BBB+ (sf)

  Babson CLO Ltd. 2013-II
                              Rating
  Class               To                  From
  A-1R                NR                  AAA (sf)
  A-2R                NR                  AA (sf)
  B-R                 NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
  E                   NR                  B (sf)

  Battalion CLO IV Ltd.
                              Rating
  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)

  California Street CLO II Ltd.
                              Rating
  Class               To                  From
  A-3                 NR                  AAA (sf)

  California Street CLO III Ltd.
                              Rating
  Class               To                  From
  E                   NR                  BB+ (sf)

  CIFC Funding 2013-III Ltd.
                              Rating
  Class               To                  From
  A-1A-R              NR                  AAA (sf)
  A-1B-R              NR                  AAA (sf)
  A-2A-R              NR                  AA (sf)
  A-2B-R              NR                  AA (sf)
  B-R                 NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)

  CIFC Funding 2014-II Ltd.
                              Rating
  Class               To                  From
  A-1R-L              NR                  AAA (sf)

  CLO Repackaging 2014-1 Ltd.
                              Rating
  Class               To                  From
  A-1                 NR                  AAA (sf)

  Dryden 31 Senior Loan Fund
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)

  Fortress Credit Opportunities V CLO Ltd.
                              Rating
  Class               To                  From  
  A-1F-R              NR                  AAA (sf)
  A-1T-R              NR                  AAA (sf)
  A-2-R               NR                  AAA (sf)
  B-R                 NR                  AA+ (sf)
  C-R                 NR                  A+ (sf)
  D-R                 NR                  BBB (sf)
  E-R                 NR                  BBB- (sf)
  F                   NR                  BB (sf)

  Galaxy XIV CLO Ltd.
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-R                 NR                  AA (sf)
  C-R                 NR                  A (sf)
  D-R                 NR                  BBB (sf)
  E-R                 NR                  BB (sf)

  Galaxy XVI CLO Ltd.
                              Rating
  Class               To                  From
  A-1-R               NR                  AAA (sf)
  A-2-R               NR                  AAA (sf)
  B-1-R               NR                  AA (sf)
  B-2-R               NR                  AA (sf)
  C-R                 NR                  A (sf)
  D                   NR                  BBB (sf)
  E                   NR                  BB (sf)

  Hillmark Funding Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)
  
  JFIN Revolver CLO 2014 Ltd.
                              Rating
  Class               To                  From
  B                   NR                  AAA (sf)

  Oaktree CLO 2014-1 Ltd.
                              Rating
  Class               To                  From
  X                   NR                  AAA (sf)

  Oaktree EIF II Series A2 Ltd.
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-R                 NR                  AA (sf)
  C-R                 NR                  A (sf)

  OCP CLO 2013-4 Ltd.
                              Rating
  Class               To                  From
  X                   NR                  AAA (sf)
  
  Red River CLO Ltd.
                              Rating
  Class               To                  From
  E                   NR                  BB+ (sf)

  Repackaged CLO Series KK-1 Ltd.
                              Rating
  Class               To                  From
  A                   NR                  AAA (sf)

  Rockwall CDO II Ltd.
                              Rating
  Class               To                  From
  A-1LB               NR                  AAA (sf)

  Shackleton 2014-V CLO Ltd.
                              Rating
  Class               To                  From
  A-R                 NR                  AAA (sf)
  B-1-R               NR                  AA (sf)
  B-2-R               NR                  AA (sf)
  C-1-R               NR                  A (sf)
  C-2-R               NR                  A (sf)
  D                   NR                  BBB- (sf)
  E                   NR                  BB- (sf)
  F-1                 NR                  B (sf)
  F-2                 NR                  B (sf)

  TICP CLO I Ltd.
                              Rating
  Class               To                  From
  A-1-R               NR                  AAA (sf)
  A-2a-R              NR                  AA (sf)
  A-2b-R              NR                  AA (sf)
  A-2c-R              NR                  AA (sf)
  B-R                 NR                  A (sf)
  C                   NR                  BBB (sf)
  D                   NR                  BB (sf)
  E                   NR                  B (sf)

  Voya CLO IV Ltd.
                              Rating
  Class               To                  From
  C                   NR                  AAA (sf)
  D                   NR                  A+ (sf)

  West CLO 2012-1 Ltd.
                              Rating
  Class               To                  From
  A-2R                NR                  AAA (sf)
  B                   NR                  AAA (sf)
  C                   NR                  AAA (sf)
  D                   NR                  BB+ (sf)

  NR--Not rated.


[*] S&P Puts 10 Ratings on Two US CLO Deals on Watch Positive
-------------------------------------------------------------
S&P Global Ratings placed its ratings on ten tranches from two U.S.
collateralized loan obligation (CLO) transactions on CreditWatch
with positive implications (see list). The CreditWatch placements
follow S&P's surveillance review of U.S. cash flow collateralized
debt obligation (CDO) transactions.

The CreditWatch positive placements reflect enhanced
overcollateralization due to paydowns to the senior tranches of
these CLO transactions. One transaction is from the 2007 vintage
and the other is from the 2014 vintage. Both of the transactions
have exited their reinvestment periods.

S&P said, "We expect to resolve the CreditWatch placements within
90 days after we complete a comprehensive cash flow analysis and
committee review for each of the affected transactions. We will
continue to monitor the CDO transactions we rate and take rating
actions, including CreditWatch placements, as we deem
appropriate."

  RATINGS PLACED ON CREDITWATCH POSITIVE

  APIDOS CLO XVI
                     Rating
  Class       To                    From
  A-2A-R      AA (sf)/Watch Pos     AA (sf)
  A-2B-R      AA (sf)/Watch Pos     AA (sf)
  B-R         A (sf)/Watch Pos      A (sf)
  C-R         BBB (sf)/Watch Pos    BBB (sf)
  D           BB (sf)/Watch Pos     BB (sf)
  E           B (sf)/Watch Pos      B (sf)

  Symphony CLO V Ltd
                       Rating
  Class       To                    From
  A-2         AA+ (sf)/Watch Pos    AA+ (sf)
  B           AA- (sf)/Watch Pos    AA- (sf)  
  C           BBB+ (sf)/Watch Pos   BBB+ (sf)
  D           BB+ (sf)/Watch Pos    BB+ (sf)


[*] S&P Takes Various Actions on 115 Classes From 43 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 115 classes from 43 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 1999 and 2007. All of these transactions are backed by
subprime collateral. The review yielded 35 upgrades, 13 downgrades,
62 affirmations, and five discontinuances.

Analytical Considerations

S&P incorporate various considerations into its decisions to raise,
lower, or affirm ratings when reviewing the indicative ratings
suggested by its projected cash flows. These considerations are
based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments; 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 raised our ratings by five or more notches on 27 classes due to
increased credit support, expected short duration, and/or decreased
delinquencies. A vast majority of the classes with raised ratings
have the benefit of failing cumulative loss triggers, whereby the
most-senior classes in the payment priority are receiving all
scheduled and unscheduled principal allocations, which increases
credit support. As a result, we believe these classes have credit
support that is sufficient to withstand losses at higher rating
levels."

A list of Affected Ratings can be viewed at:

           https://bit.ly/2sLCZWY


[*] S&P Takes Various Actions on 260 Classes From 9 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 260 classes from nine
U.S. residential mortgage-backed securities (RMBS) issued between
2013 and 2018. All of these transactions are backed by seasoned
loan collateral. The review yielded 29 upgrades, 133 downgrades,
and 98 affirmations. Ten of the raised ratings were removed from
CreditWatch with positive implications, and all of the lowered
ratings were removed from CreditWatch with negative implications.
Additionally, 67 of the affirmed ratings were also removed from
CreditWatch negative, where S&P placed them on March 28, 2018.

All of the ratings within this review were placed under criteria
observation (UCO) on Feb. 22, 2018, following the publication of
our updated post-2008 criteria, "Methodology And Assumptions For
Rating U.S. RMBS Issued 2009 And Later," on the same date. Before
this review, S&P removed some of the ratings from UCO because of
subsequent CreditWatch placements. Following the rating actions, it
has removed all remaining UCO placements on the reviewed classes.

S&P said, "In addition, the rating actions resolve 210 of the 422
CreditWatch placements made on March 28, 2018, based on the
application of our new RMBS criteria.

"For each mortgage pool, based on our updated criteria, we
performed credit analysis using updated loan-level information from
which we determined foreclosure frequency, loss severity, and loss
coverage amounts commensurate with each rating level, after which
we applied our cash flow stresses. We applied adjustments at the
loan and pool level when warranted.

"For the six post-2015 New Residential Mortgage Loan Trust
transactions within this review, we maintained a 100% loss severity
assumption for outstanding loans that were determined to have a
grade D regulatory compliance exception at transaction origination.
For these transactions, only a sample of the loans in the pool had
a due diligence review at closing; therefore, we extrapolated the
percentage of loans graded Din the sample to the remainder of the
pool. We also adjusted loss coverage levels accordingly, based on
our increase in loss severity. For loans missing updated FICOs at
deal origination, we assumed the average FICO of the remaining
loans.

"For seven of the transactions within this review, we assumed 25%
of the pool were loans to borrowers who were self-employed, for
which there is a 1.10 foreclosure frequency adjustment. We also
assumed 50% of the mortgage pools in these seven transactions
contain loans with multiple borrowers, for which there is a 0.75
foreclosure frequency adjustment. The remaining two transactions in
this review (New Residential Mortgage Loan Trust 2014-1 and New
Residential Mortgage Loan Trust 2017-1) reflected the same
foreclosure frequency adjustments for any outstanding loans
identified with such characteristics at deal origination.

"For all transactions, we applied the same mortgage operational
assessment, representation and warranty, and due diligence loss
coverage adjustments that were applied at deal origination. In
addition, we applied a 1.05 loss coverage adjustment to the six
post-2015 New Residential Mortgage Loan Trust transactions due to
performance and seasoning of loan modifications in the mortgage
pools of these transactions.

"We lowered our ratings on 133 classes from five of the post-2015
New Residential Mortgage Loan Trust transactions within this review
and removed them from CreditWatch negative. The downgrades ranged
from one to five notches. Of the 133 ratings lowered, approximately
24% affected senior rated tranches, while approximately 76%
affected subordinate tranches. These downgrades were primarily
driven by higher foreclosure frequency adjustment factors to loans
with lower FICOs (at a given combined loan-to-value ratio (CLTV)),
loans with marred payment histories over the past two years, and
the change in the CLTV used to determine foreclosure frequency for
these seasoned loans. These affected transactions also demonstrated
elevated delinquencies, which affected foreclosure frequency
adjustment factors and overall rating movements. The more
senior-rated classes are less affected by the downgrades due to the
greater level of deleveraging at the top of the rated structures,
as well as by the structural mitigants in place that protect
against more stressful scenarios.

"We raised our ratings on 29 classes from four transactions within
this review and removed 10 of them from CreditWatch positive. The
upgrades ranged from one to nine notches and affected only
subordinate tranches. The upgrades primarily reflect increased
credit support due to deleveraging as the respective transactions
season; the better treatment of higher-quality collateral as a
result of our recalibration of criteria relating to credit factors,
such as loan purpose and loan type; and new factors, such as the
multiborrower credit. The recalibration of criteria would have
resulted in lower lifetime loss projections at closing for
Citigroup Mortgage Loan Trust 2014-A, Nationstar Mortgage Loan
Trust 2013-A, and New Residential Mortgage Loan Trust 2017-2.

"The affirmations reflect our opinion that our projected credit
support on these classes is sufficient to cover our projected
losses for those rating scenarios. For the ratings on the 67
classes that we affirmed and removed from CreditWatch negative, the
application of our post-2008 criteria at the time of our
CreditWatch placements indicated a negative movement. However,
after applying our criteria with the latest performance information
and taking into account the analytical considerations described
below, we affirmed the ratings on these classes and removed them
from CreditWatch."

ANALYTICAL CONSIDERATIONS

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Tail risk;
-- Expected short duration; and
-- Available subordination, credit enhancement floors, and/or
excess spread (where available).

A list of Affected Ratings can be viewed at:

          https://bit.ly/2JJlakQ


[*] S&P Takes Various Actions on 60 Classes From 10 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 60 classes from 10 U.S.
residential mortgage-backed securities (RMBS) issued between 2017
and 2018. S&P said, "All of these transactions are backed primarily
by non-QM collateral. The review yielded 31 upgrades, two
downgrades, and 27 affirmations. Of the raised ratings, we removed
30 from CreditWatch with positive implications. Additionally, we
removed both of the lowered ratings from CreditWatch negative.
Finally, we removed six of the affirmed ratings from CreditWatch
negative and removed seven of the affirmed ratings from CreditWatch
positive, where we placed them on March 28, 2018."

All of the ratings within this review were placed under criteria
observation (UCO) on Feb. 22, 2018, following the publication of
our updated post-2008 criteria, "Methodology And Assumptions For
Rating U.S. RMBS Issued 2009 And Later," on the same day. Before
this review, S&P removed some of the ratings from UCO because of
subsequent CreditWatch placements. Following the rating actions,
S&P has removed all remaining UCO placements on the reviewed
classes.

In addition, the rating actions resolve 45 of the 422 CreditWatch
placements made on March 28, 2018, based on the application of
S&P's new RMBS criteria.

S&P said, "For each mortgage pool, based on our updated RMBS
criteria, we performed a credit analysis using updated loan-level
information from which we determined foreclosure frequency, loss
severity, and loss coverage amounts commensurate for each rating
level, after which we applied our cash flow stresses. We applied
adjustments at the loan and pool level when warranted.

"In addition, for all transactions we applied the same mortgage
operational assessment, due diligence, and representation and
warranty loss coverage adjustments that we applied at deal
origination.

"We lowered our ratings to 'B- (sf)' from 'B (sf)' on both class
B-2 from Deephaven Residential Mortgage Trust 2017-1 and class B-2
from Deephaven Residential Mortgage Trust 2018-1 and removed them
from CreditWatch negative. The downgrades were primarily driven by
increased delinquencies since these transactions were issued and
our cash flow stress assumptions. For these classes, which are the
lowest-rated tranches, excess spread as compared to subordination
makes up a substantial portion of their credit enhancement. In
certain base-case ('B') stress scenarios, we project that excess
spread and subordination may not be sufficient to cover losses."

The upgrades primarily reflect deleveraging as the respective
transactions season and the better treatment of higher-quality
collateral resulting from our recalibration of criteria relating to
credit factors, such as loan purpose and loan type, as well as new
factors, such as the multi-borrower credit. S&P said, "In addition,
since these transactions closed, there are fewer loans for which we
apply a loss coverage adjustment relating to prior credit events
(PCEs). Each transaction contained a segment of borrowers with
PCEs, which may have made them ineligible for agency or prime jumbo
loans. We made a loss coverage adjustment for those loans to
borrowers that had a PCE related to either a bankruptcy in the 24
months prior to the transaction cut-off date or a housing-related
event (foreclosure, short sale, or deed-in-lieu) in the 36 months
prior to the transaction cut-off date. As the loans have seasoned
over time, a portion of these borrowers have PCEs that are now
beyond these thresholds, and their respective loans are no longer
subject to the PCE-related loss coverage adjustment."

S&P said, "The affirmations reflect our opinion that our projected
credit support on these classes is sufficient to cover our
projected losses for those rating scenarios. For the ratings on the
13 classes that we affirmed and removed from CreditWatch positive
or CreditWatch negative, the application of our post-2008 criteria
at the time of our CreditWatch placements indicated either a
positive or a negative movement. However, after applying our
criteria with the latest performance information and taking into
account the analytical considerations described below, we affirmed
the ratings on these classes and removed them from CreditWatch."

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes. Some of these considerations include:

-- Collateral performance/delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Tail risk; and
-- Available subordination, credit enhancement floors, and/or
excess spread (where available).

A list of Affected Ratings can be viewed at:

            https://bit.ly/2sLGnki


[*] S&P Takes Various Actions on 64 Classes From 20 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 64 classes from 20 U.S.
residential mortgage-backed securities (RMBS) transactions,
including three resecuritized real estate mortgage investment
conduit (re-REMIC) transactions, issued between 2002 and 2010. All
of these transactions are backed by mixed collateral. The review
yielded 12 upgrades, one downgrade, 39 affirmations, seven
withdrawals, and four discontinuances. S&P also placed one rating
on CreditWatch with developing implications.

Analytical Considerations

S&P incorporates various considerations into its 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 missed interest payments;
-- Expected short duration;
-- Small loan count; 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 placed our rating on class A2 from Nomura Resecuritization
Trust 2010-3R on CreditWatch with developing implications. The
CreditWatch placement reflects our ongoing review with the re-REMIC
trustee, Deutsche Bank, as to whether the distributions from the
underlying security have been properly applied to this class. In
the December 2015 distribution period, the underlying deal trustee
revised its remittance report; however, distributions allocated to
the re-REMIC were not reported per the updated documents. We
continue to work with the trustee to determine whether or not the
re-REMIC class received the applicable distributions, and we will
take the rating action we consider appropriate, including potential
withdrawal of the rating due to lack of sufficient information."

A list of Affected Ratings can be viewed at:

          https://bit.ly/2MfkdPT


                            *********

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
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Copyright 2018.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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                   *** End of Transmission ***