/raid1/www/Hosts/bankrupt/TCR_Public/180930.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, September 30, 2018, Vol. 22, No. 272

                            Headlines

AIR 2 US: Fitch Affirms BB+ Rating on Series A EENs
AMERICAN CREDIT 2018-3: S&P Assigns B  Rating on Class F Notes
BUTTERMILK PARK: S&P Assigns BB-(sf) Rating on $18MM Class E Notes
CITIGROUP COMMERCIAL 2013-GC17: Fitch Rates 2 Tranches 'BB'
DEEPHAVEN RESIDENTIAL 2018-3: S&P Gives (P)B Rating on B-2 Notes

FLAGSTAR MORTGAGE 2018-5: Moody's Gives B2 Rating on Cl. B-5 Certs
GS MORTGAGE 2006-RR2: Moody's Affirms Ca Rating on Class A-1 Certs
GS MORTGAGE 2013-GC10: S&P Lowers Class F Notes Rating to B-(sf)
GS MORTGAGE 2015-GS1: Fitch Affirms B- Rating on Class F Certs
HARBOR LLC 2006-1: Moody's Affirms Caa2 Rating on Class A Debt

HARBOURVIEW CLO VII-R: Moody's Affirms Ba3 Rating on Class E Notes
HILTON USA 2016-HHV: Moody's Affirms Ba3 Rating on Class E Certs
MADISON PARK XXIX: S&P Assigns Prelim B-(sf) Rating on F Notes
MERRILL LYNCH 2007-CAN22: Moody's Affirms C Rating on Cl. XC Certs
MONROE CAPITAL VII: Moody's Gives Ba3 Rating on $33.7MM Cl. E Notes

MORGAN STANLEY 2015-C25: Fitch Affirms BB- Rating on Class E Certs
MOUNTAIN HAWK III: Moody's Lowers Rating on Class E Notes to Ba3
MYERS PARK: S&P Assigns BB- Rating on $18.5MM Class E Notes
N-STAR REAL I: Fitch Withdraws Dsf Ratings on 2 Tranches
RESIDENTIAL ASSET 2005-A15: Moody's Cuts Rating on 17 Classes to Ca

RIVERVIEW MORTGAGE 2007-2: Moody's Cuts Cl. X Debt Rating to B3
SLC STUDENT 2008-2: Fitch Gives B- Rating on 2 Tranches
SLM STUDENT 2010-1: Fitch Affirms B Rating on 2 Tranches
STACR TRUST 2018-DNA3: S&P Assigns B+ Rating on Cl. M-2 Notes
THL CREDIT 2014-3K: Moody's Assigns (P)Ba3 Rating on Class E Notes

THL CREDIT 2018-2: S&P Rates $22.8MM Class E Notes 'BB-'
VOYA CLO 2013-3: S&P Assigns B-(sf) Rating on Class E-R Notes
VOYA CLO 2018-3: S&P Assigns (P)BB- Rating on $24MM Cl. E Notes
WELLS FARGO 2016-C36: Fitch Affirms B- Rating on Class F Certs
YORK CLO-5: Moody's Assigns Ba3 Rating on Class E Notes

YORK LTD CLO-1: Moody's Gives Ba3 Rating to $30MM Class E-RR Notes
[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
[*] Moody's Takes Action on $159MM of RMBS Issued 2003-2006
[*] Moody's Takes Action on $50.2MM RMBS Issued 2002-2006
[*] S&P Lowers 13 Ratings on Seven SLM Student Loan Trusts

[*] S&P Takes Various Actions on 26 Classes From 18 US RMBS Deals
[*] S&P Takes Various Actions on 81 Classes From 24 US RMBS Deals

                            *********

AIR 2 US: Fitch Affirms BB+ Rating on Series A EENs
---------------------------------------------------
Fitch Ratings has affirmed the ratings on the following enhanced
equipment notes (EENs) issued by Air 2 US:

  -- Series A EENs at 'BB+'/'RR1';

  -- Series B EENs at 'BB-'/'RR5'.

Air 2 US is a special purpose Cayman Islands company created to
issue EENs. The proceeds from the notes were used to purchase
permitted investments and to enter into a risk transfer agreement.
The transaction is structured as a lease payment securitization
backed by payments from United Airlines for 22 Airbus A320's. The
deal initially included payments from American Airlines for 19
leased A300's; however, American's obligations only ran through
October 2011. United's lease payments were restructured when they
filed for bankruptcy in 2002, creating a continuing deficiency on
each payment date. As such, the class C and class D notes (not
rated by Fitch) are subject to on-going payment deficiencies. The
shortfall is funded by allocating a portion of a pool of permitted
investments to the lessor on each payment date. The class A and B
notes continue to receive timely payments.

Air 2 US entered into the risk transfer agreement (the Payment
Recovery Agreement), with a subsidiary of Airbus. The primary
provision of the Payment Recovery Agreement states that if United
Airlines, Inc. (BB/Outlook Stable) fails to pay scheduled rentals
under existing subleases of aircraft with subsidiaries of Airbus,
AIR 2 US will pay these rental deficiencies to a subsidiary of
Airbus. These deficiency payments will come from the cash flows
created by the permitted investments. As such, the greatest risk of
the transaction is the bankruptcy risk of the lessee airline.

KEY RATING DRIVERS

Fitch rates this transaction using its Non-Financial Corporates
Notching and Recovery Ratings Criteria. Fitch's analysis utilizes a
discounted cash flow model to determine the NPV of future lease
payments. The analysis assumes that lease payments experience a
severe haircut in the stress case, reflecting a scenario where the
aircraft are rejected and re-leased at a lower rate. The analysis
also assumes a six month re-leasing period, wherein, no rental
proceeds are received. The NPV is then compared to the outstanding
principal balance to determine a recovery rating. Fitch expects
recoveries for series A noteholders to be very strong in a lease
rejection scenario. Discounted lease cash flows, applying heavy
stresses to current A320 lease rates, cover series A principal and
a full liquidity facility draw. The 'BB+'/'RR1' rating, one notch
above United's 'BB' Long-Term Issuer Default Rating (IDR), reflects
the high level of projected recovery. Fitch notes that the series A
notes have sufficient collateral cushion to withstand a longer
re-leasing period, or lower future lease rates while still
maintaining an 'RR1' recovery rating.

Expected recoveries for series B noteholders may be weak, in the
'RR5' range, reflecting a high probability of lease payment
shortfalls in a post-rejection scenario. The one-notch differential
between the 'BB-'/'RR5' rating of the series B notes and United's
'BB' corporate Long-Term IDR captures this weak recovery potential.
Fitch notes that a rejection scenario is unlikely at this point
given the limited remaining tenor of the transaction.

The aircraft underlying this transaction are not highly desirable.
The collateral aircraft consist of Airbus A320-200s that were
delivered in the mid-1990s and are now over 20 years old. While
newer build A320s would be considered tier 1 aircraft, older
production A320's, such as those in this pool, are classified as
tier 3 due to the lower demand for these less fuel efficient
vintages.

DERIVATION SUMMARY

Air 2 US is a unique transaction and is not directly comparable to
EETC ratings or other aircraft backed debt. Fitch rates the Air 2
US class A notes in line with United's secured term loan
facilities. The term loans benefit from their security interests in
key strategic assets for United like slots and gates at key
airports. Fitch does not consider the A320s underlying the Air 2 US
transaction to be key strategic assets due to their advanced age.
Nonetheless, both Air 2 US and the United term loans are rated at
'BB+'/'RR1' due to their strong recovery prospects. The class B
notes are rated one notch below United's unsecured notes reflecting
the subordinated position and relatively weak recovery prospects of
the class B notes.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Air 2 US
include;

  -- A stress scenario where the underlying leases are rejected in
the near to intermediate term;

  -- Lease rates come under pressure, falling below current market
rates;

  -- The collateral aircraft experience a re-leasing period of six
months.

RATING SENSITIVITIES

The ratings are primarily driven by Fitch's recovery expectations
and by the IDR of the underlying airline. Therefore, changes in
either of those factors could lead to rating actions on the Air 2
US notes.

LIQUIDITY

The class A notes are cash collateralized in an amount intended to
cover up to 18 months of interest payments.

FULL LIST OF RATING ACTIONS

Fitch has affirmed the following ratings:

Air 2 US

  -- Series A EENs at 'BB+'/'RR1';

  -- Series B EENs at 'BB-'/'RR5'


AMERICAN CREDIT 2018-3: S&P Assigns B  Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to American Credit
Acceptance Receivables Trust 2018-3's $256.20 million asset-backed
notes.

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

The ratings reflect:

-- The availability of approximately 64.9%, 58.4%, 48.7%, 41.5%,
35.8%, and 32.5% credit support for the class A, B, C, D, E, and F
notes, respectively, based on break-even stressed cash flow
scenarios (including excess spread). These credit support levels
provide coverage of approximately 2.35x, 2.10x, 1.70x, 1.37x,
1.20x, and 1.10x S&P's 27.00%-28.00% expected net loss range for
the class A, B, C, D, E, and F notes, respectively.

-- The timely interest and principal payments made to the rated
notes by the assumed legal final maturity dates under S&P's
stressed cash flow modeling scenarios that it believes are
appropriate for the assigned ratings.

-- S&P said, "The expectation that under a moderate ('BBB') stress
scenario, all else being equal, our ratings on the class A, B, and
C notes would not be lowered from our 'AAA (sf)', 'AA (sf)', and 'A
(sf)' ratings, respectively, during the first year; our rating on
the class D notes would remain within one rating category of our
'BBB (sf)' rating during the first year; and our rating on the
class E and F notes are expected to default from our 'BB- (sf)' and
'B (sf)' ratings by their legal final maturity date with
approximately 79%-100% and 0%, respectively, of principal
repayment. These potential rating movements are within the limits
specified in our credit stability criteria."

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

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

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

-- The transaction's legal structure.

  RATINGS ASSIGNED

  American Credit Acceptance Receivables Trust 2018-3

  Class       Rating          Amount (mil. $)
  A           AAA (sf)                 102.20
  B           AA (sf)                   30.80
  C           A (sf)                    47.60
  D           BBB (sf)                  32.20
  E           BB- (sf)                  25.20
  F           B (sf)                    18.20


BUTTERMILK PARK: S&P Assigns BB-(sf) Rating on $18MM Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Buttermilk Park CLO
Ltd./Buttermilk Park CLO LLC 's fixed- and floating-rate notes. The
class A-2 notes are not rated by S&P Global Ratings.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED

  Buttermilk Park CLO Ltd./Buttermilk Park CLO LLC
  Class                Rating        Amount
                                   (mil. $)
  A-1                  AAA (sf)      306.25
  A-2                  NR             18.75
  B-1                  AA (sf)        35.00
  B-2                  AA (sf)        12.50
  C (deferrable)       A (sf)         37.00
  D (deferrable)       BBB- (sf)      30.00
  E (deferrable)       BB- (sf)       18.00
  Subordinated notes   NR             58.15

  NR--Not rated.



CITIGROUP COMMERCIAL 2013-GC17: Fitch Rates 2 Tranches 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Citigroup Commercial
Mortgage Trust commercial mortgage pass-through certificates,
series 2013-GC17 (CGCMT 2013-GC17).

KEY RATING DRIVERS

Stable Loss Projections: The affirmations reflect the overall
stable performance of the majority of the pool and stable loss
expectations since issuance. As of year-end 2017, aggregate
pool-level NOI improved 5.5% from 2016 for the 50 non-defeased
loans reporting full-year 2016 and 2017 financials. There have been
no realized losses since issuance.

Increased Credit Enhancement: Credit enhancement has increased
since issuance due to loan payoffs and continued amortization.
Since Fitch's last rating action, five loans ($70.9 million) were
repaid prior to their 2018 scheduled maturity date. As of the
September 2018 distribution date, the pool's aggregate principal
balance has paid down by 13.5% to $750.2 million from $867.0
million at issuance. Four loans (2.8% of pool) have been defeased.


Upcoming loan maturities in October and November 2018 include an
additional five loans (16.1%), including the largest loan, Ernst &
Young Tower (11.6%). Seven loans (14.5%) are full-term, interest
only, and one loan (10%) still has a partial interest-only
component during its remaining loan term, compared with 39.9% of
the original pool at issuance.

Fitch Loans of Concern: Fitch has designated four loans (11.1% of
pool) as Fitch Loans of Concern (FLOCs), including three of the top
15 loans (10.6%), one of which is in special servicing (1.7%).

Occupancy at the largest FLOC, One Union Square (6.7%), a mixed-use
property located in the Union Square shopping district in San
Francisco, CA, declined to 75.7% as of June 2018 from 96.4% in June
2017 after two office tenants vacated at lease expiration in August
and September 2017. The second-largest FLOC, Park Place Shopping
Center (2.2%), is secured by a retail center in Vallejo, CA. The
property's Raley's grocery anchor tenant closed in June 2017, ahead
of its September 2017 lease expiration, and property occupancy
declined to 52.6% as of March 2018 from 92.4% in December 2016.

The third-largest FLOC, SpringHill Suites - Willow Grove, PA
(1.7%), transferred to special servicing in April 2017 for
delinquent payments and remains over 90-days delinquent.
Property-level NOI between 2016 and 2017 declined over 40% due to a
significant decline in rates, as well as increased expenses. Legal
counsel has been engaged and the special servicer is pursuing
foreclosure. The fourth FLOC, 301 South Livingston Ave., which is
outside the top 15, is a suburban office property (0.6%) in
Livingston, NJ with ongoing occupancy and cash flow declines.

Retail Concentration: Retail properties represent 52.7% of the
current pool by balance and include nine of the top 15 loans
(35.8%). The retail exposure includes the second-largest loan,
Miracle Mile Shops (10%), a regional mall located along the Las
Vegas Strip that has reported strong in-line tenant sales above
$800 psf since issuance, and the third-largest loan, The Outlet
Shoppes at Atlanta (9.8%), a retail outlet center located in
Woodstock, GA, approximately 30 miles north of Atlanta.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable pool performance, increasing credit enhancement and expected
continued paydown. Future rating upgrades may occur with improved
pool performance and additional defeasance or paydown from loans
maturing in October and November 2018. Fitch's analysis includes an
additional sensitivity scenario, which incorporates a 50% loss on
the Park Place Shopping Center loan to reflect the potential for
outsized losses. The sensitivity test did not result in any
negative rating actions or Outlooks to the classes, given improved
credit enhancement from paydown and defeasance and overall stable
pool-level performance. Rating downgrades may be possible should
overall performance decline significantly.

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:

  -- $122.2 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $120 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $192.3 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $55.5 million class A-AB at 'AAAsf'; Outlook Stable;

  -- $559.5 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $54.2 million class X-B* at 'AA-sf'; Outlook Stable;

  -- $69.4 million class A-S at 'AAAsf'; Outlook Stable;

  -- $54.2 million class B at 'AA-sf'; Outlook Stable;

  -- $33.6 million class C at 'A-sf'; Outlook Stable;

  -- $0 class PEZ at 'A-sf'; Outlook Stable;

  -- $17.3 million class X-C* at 'BBsf'; Outlook Stable;

  -- $42.3 million class D at 'BBB-sf'; Outlook Stable;

  -- $17.3 million class E at 'BBsf'; Outlook Stable;

  -- $8.7 million class F at 'Bsf'; Outlook Stable.

  - Notional amount and interest-only.

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

Class A-1 has paid in full. Fitch does not rate the class G and X-D
certificates.


DEEPHAVEN RESIDENTIAL 2018-3: S&P Gives (P)B Rating on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Deephaven
Residential Mortgage Trust 2018-3's mortgage-backed notes.

The note issuance is a residential mortgage-backed securities
(RMBS) transaction backed by first-lien, fixed- and
adjustable-rate, and interest-only residential mortgage loans
secured by single-family residences, planned-unit developments,
two- to four-family residences, and condominiums to both prime and
nonprime borrowers. The pool has 749 loans, which are primarily
non-qualified mortgage loans.

The preliminary ratings are based on information as of Sept. 20,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition,
-- The credit enhancement provided for this transaction,
-- The transaction's associated structural mechanics,
-- The transaction's representation and warranty framework, and
-- The mortgage aggregator.

  PRELIMINARY RATINGS ASSIGNED

  Deephaven Residential Mortgage Trust 2018-3

  Class     Rating       Amount (mil. $)
  A-1       AAA (sf)      205,438,000.00
  A-2       AA (sf)        22,175,000.00
  A-3       A (sf)         45,653,000.00
  M-1       BBB (sf)       19,076,000.00
  B-1       BB (sf)        15,001,000.00
  B-2       B (sf)         10,109,000.00
  B-3       NR              8,641,497.00
  XS        NR                  Notional(i)
  A-IO-S    NR                  Notional(i)
  R         NR                       N/A

(i)Notional amount equals the loans' aggregate stated principal
balance.
NR--Not rated.
N/A--Not applicable.


FLAGSTAR MORTGAGE 2018-5: Moody's Gives B2 Rating on Cl. B-5 Certs
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 16
classes of residential mortgage-backed securities issued by
Flagstar Mortgage Trust 2018-5. The ratings range from Aaa (sf) to
B2 (sf).

The certificates are backed by a single pool of fixed rate high
balance agency eligible (31.94%), conventional agency balance with
conforming limits (0.79%), non-agency jumbo (55.12%), and
non-agency Jumbo Express (12.15%) loans originated by Flagstar
Bank, FSB, with an aggregate stated principal balance of
$470,243,665.

Flagstar is the servicer of the pool, Wells Fargo Bank, N.A. is the
master servicer and Wilmington Trust, National Association will
serve as the trustee.

Servicing compensation in this transaction is based on a
fee-for-service incentive structure similar to previous Flagstar
Mortgage Trust transactions. The fee-for-service incentive
structure includes an initial monthly base servicing fee of $20.50
for all performing loans and increases according to certain
delinquent and incentive fee schedules. The Class B-6-C (NR) is
first in line to absorb any increase in servicing costs above the
base servicing costs. Moreover, the transaction does not have a
servicing fee cap.

The complete rating actions are as follows:

Issuer: Flagstar 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 Aa1 (sf)

Cl. B-1, Definitive Rating Assigned A1 (sf)

Cl. B-2, Definitive Rating Assigned A3 (sf)

Cl. B-3, Definitive Rating Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

Summary credit analysis

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. Its final loss
estimates also incorporate adjustments for the third-party review
(TPR) scope and results, and the financial strength of
representation & warranty (R&W) provider. Its expected loss for
this pool in a base case scenario is 0.40% and reaches 6.45% at a
stress level consistent with its Aaa (sf) scenario.

Collateral description

The FSMT 2018-5 transaction is a securitization of 719 first lien
residential mortgage loans with an unpaid principal balance of
$470,243,665. This transaction has approximately three months
seasoned loans and strong borrower characteristics. The non-zero
weighted-average primary-borrower original FICO score is 770 and
the weighted-average original combined loan-to-value ratio (CLTV)
is 69.7%. There are however a relatively high percentage of
self-employed borrowers (32.6% by loan balance) in the aggregate
pool. tings. Seven loans have dropped from the pool since the
provisional ratings due to delinquencies or a payment in full.

For the first time, Flagstar is including their Jumbo Express loans
in one of their securitizations. Loans in the Jumbo Express program
are run through Fannie Mae's Desktop Underwriter (DU) automated
underwriting system (AUS) and receive a designation of
"Approve/Ineligible" due to their acceptable credit worthiness and
reserves but ineligible loan balance. For the Jumbo Express
program, Flagstar follows Fannie Mae guidelines in terms of
documentation of income, employment and assets. Delegated
underwriting is not permitted for this program and loans in the
program must adhere to the Ability to Repay requirements under
Appendix Q. Flagstar completes a 100% quality check to make sure
loans originated through the Jumbo Express program comply with
Qualified Mortgage criteria. The new product allows for
underwriting of loans using DU for loan amounts up to $679,650,
which is the Fannie Mae/Freddie Mac limit in high cost areas.
Moody's did not make an adjustment in its analysis to account for
the presence of loans underwritten under Flagstar's Jumbo Express
program.

Flagstar originated and will service the loans in the transaction.
Moody's considers Flagstar an adequate originator and servicer of
prime jumbo and conforming mortgages and its loss estimates did not
include an adjustment for origination or servicing arrangement
quality.

Third-party review and representation & warranties

The compliance, credit, property valuation, and data integrity
portion of the third party review (TPR) was conducted on a random
sample of loans of 219 loans (30% of the initial pool by loan
count). Compared to the FSMT 2018-4 transaction, the sample size
remained the same. Compared to the Flagstar Mortgage Trust
2018-3INV and Flagstar Mortgage Trust 2018-2 transactions, the
sample size increased from 20% to 30% by initial loan count. With
sampling, there is a risk that loans with grade C or grade D issues
remain in the pool and that data integrity issues were not
corrected prior to securitization for all of the loans in the pool.
Moreover, vulnerabilities of the R&W framework, such as the weaker
financial strength of the R&W provider, may be amplified due to the
limited TPR sample. Moody's made an adjustment to loss levels to
account for this risk.

Flagstar, as the originator, makes the loan-level representation
and warranties (R&Ws) for the mortgage loans. The loan-level R&Ws
are strong and, in general, either meet or exceed the baseline set
of credit-neutral R&Ws Moody's has identified for US RMBS. Further,
R&W breaches are evaluated by an independent third party using a
set of objective criteria. Similar to JPMMT transactions, the
transaction contains a "prescriptive" R&W framework. The originator
makes comprehensive loan-level R&Ws and an independent reviewer
will perform detailed reviews to determine whether any R&Ws were
breached when loans become 120 days delinquent, the property is
liquidated at a loss above a certain threshold, or the loan is 30
to 119 days delinquent and is modified by the servicer. These
reviews are prescriptive in that the transaction documents set
forth detailed tests for each R&W that the independent reviewer
will perform. However, Moody's made an adjustment to its loss
levels to incorporate the weaker financial strength of the R&W
provider, which is amplified due to the smaller sample size used in
the due diligence review. Moody's also considered in its analysis
the materiality tests that may absolve the R&W provider from being
required to repurchase the loan. For example, data integrity
exceptions within a 10% threshold will not require Flagstar to
repurchase a loan, even if such exception causes the loan to fail
to comply with the sponsor's underwriting guidelines.

Servicing arrangement

Moody's considers the overall servicing arrangement for this pool
to be adequate.

Servicing compensation for loans in this transaction is based on a
fee-for-service incentive structure. The fee-for-service incentive
structure includes an initial monthly base fee of $20.5 for all
performing loans and increases according to certain delinquent and
incentive fee schedules. By establishing a base servicing fee for
performing loans that increases with the delinquency of loans, the
fee-for-service structure aligns monetary incentives to the
servicer with the costs of the servicer. The fee-for-service
compensation is reasonable and adequate for this transaction. It
also better aligns the servicer's costs with the deal's performance
and structure.

The Class B-6-C (NR) is first in line to absorb any increase in
servicing costs above the base servicing costs. Delinquency and
incentive fees will be deducted from the Class B-6-C interest
payment amount first and could result in interest distribution
shortfalls and certificate writedown amounts for the certificates
depending on the magnitude of the delinquency and incentive fees.

Trustee and master servicer

The transaction trustee is Wilmington Trust, National Association.
The custodian functions will be performed by Wells Fargo. The
paying agent and cash management functions will be performed by
Wells Fargo, rather than the trustee. In addition, Wells Fargo, as
master servicer, is responsible for servicer oversight, and
termination of servicers and for the appointment of successor
servicers. In addition, Wells Fargo is obligated to make servicing
advances if the servicer is unable to do so.

Tail risk & subordination floor

This deal has a shifting-interest structure, with a subordination
floor to protect against losses that occur late in the life of the
pool when relatively few loans remain (tail risk). When the total
senior subordination is less than 1.25% 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 6.50% of current pool balance,
the senior distribution amount will include all principal
collections and the subordinate principal distribution amount will
be zero. The subordinate bonds themselves benefit from a floor.
When the total current balance of a given subordinate tranche plus
the aggregate balance of the subordinate tranches that are junior
to it amount to less than 0.85% 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.

Based on an analysis of scenarios where the largest five to 10
loans in the pool default late in the life of the transaction,
Moody's viewed the 1.25% senior floor as credit neutral. Moody's
viewed the 0.85% subordination floor as credit neutral in its
rating analysis.

Transaction structure

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

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

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

Exposure to extraordinary expenses

Certain extraordinary trust expenses (such as fees paid to the
reviewer, servicing transfer costs) in the FSMT 2018-5 transaction
are deducted directly from the available distribution amount. The
remaining trust expenses (which have an annual cap of $300,000 per
year) are deducted from the net WAC. Moody's believes there is a
very low likelihood that the rated certificates in FSMT 2018-5 will
incur any losses from extraordinary expenses or indemnification
payments from potential future lawsuits against key deal parties.
First, the loans are prime quality, 100 percent qualified mortgages
and were originated under a regulatory environment that requires
tighter controls for originations than pre-crisis, which reduces
the likelihood that the loans have defects that could form the
basis of a lawsuit. Second, the transaction has reasonably well
defined processes in place to identify loans with defects on an
ongoing basis. In this transaction, an independent breach reviewer
(Inglet Blair, LLC), named at closing must review loans for
breaches of representations and warranties when certain clear
defined triggers have been breached, which reduces the likelihood
that parties will be sued for inaction. Furthermore, the issuer has
disclosed the results of a compliance, credit, valuation and data
integrity review covering a sample of the mortgage loans by an
independent third party (Clayton Services LLC). Moody's did not
make an adjustment for extraordinary expenses because most of the
trust expenses will reduce the net WAC as opposed to the available
funds.

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

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


Down

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

Up

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


GS MORTGAGE 2006-RR2: Moody's Affirms Ca Rating on Class A-1 Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
certificate issued by GS Mortgage Securities Corporation II,
Commercial Mortgage Pass-Through Certificates, Series 2006-RR2:

Cl. A-1, Affirmed Ca (sf); previously on Sep 20, 2017 Downgraded to
Ca (sf)

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

RATINGS RATIONALE

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

GSMS 2006-RR2 is a static cash transaction backed by a portfolio of
commercial mortgage backed securities (CMBS) (100% of the
collateral pool balance). As of the August 23, 2018 trustee report,
the aggregate certificate balance of the transaction has decreased
to $119.6 million from $771 million at issuance, due to full and
partial realized losses applied to certain classes of certificates.
Class A-1 has received payments in the form of pre-payments and
regular amortization of the underlying collateral, as well as
partial realized losses. Class A-1 is the senior-most outstanding
class of Rated Certificates.

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

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 5319,
compared to 5621 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 and 0.5% compared to 2.7% at last
review; A1-A3 and 20.7% compared to 0.0% at last review; Baa1-Baa3
and 0.8% compared to 14.2% at last review; Ba1-Ba3 and 0.0%
compared to 0.9% at last review; B1-B3 and 21.0% compared to 18.0%
at last review; and Caa1-Ca/C and 57.1%, compared to 64.3% at last
review.

Moody's modeled a WAL of 1.6 years, compared to 1.8 years at last
review. The WAL is based on assumptions about extensions on the
underlying CMBS collateral look-through assets.

Moody's modeled a fixed WARR of 0.0%, compared to 3.2% at last
review.

Moody's modeled 15 obligors, compared to 22 obligors at last
review.

Moody's modeled a pair-wise asset correlation of 40.0%, compared to
37.8% at last review.

Methodology Underlying the Rating Action:

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

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

The performance of the Rated Certificates is subject to
uncertainty. The performance of the Rated Certificates 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 Certificates.

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

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


GS MORTGAGE 2013-GC10: S&P Lowers Class F Notes Rating to B-(sf)
----------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from GS Mortgage Securities
Trust 2013-GC10, a U.S. commercial mortgage-backed securities
(CMBS) transaction. In addition, S&P affirmed its ratings on nine
other classes from the same transaction.
     
S&P said, "For the downgrades and affirmations, our credit
enhancement expectation was more or less in line with the lowered
or affirmed rating levels. Specifically, the downgrades reflect our
revised sustainable net cash flows, which are lower than expected
for the largest and ninth largest nondefeased loans in the pool
(the Empire Hotel & Retail [$108.9 million, 15.0%] and Parkwood
Plaza [$18.5 million, 2.5%] loans, respectively). Neither loan is
currently reported on the master servicer's watchlist. We will
continue to monitor these two loans for further developments and
may revisit our assumptions if the reported performance differs
significantly.        

"We affirmed our 'AAA (sf)' and 'A- (sf)' ratings on the class X-A
and X-B interest-only (IO) certificates, respectively, based on our
criteria for rating IO securities, in which the ratings on the IO
securities would not be higher than that of the lowest-rated
reference class. Class X-A's notional balance references classes
A-4, A-5, A-AB, and A-S, while class X-B's notional balance
references classes B and C."

TRANSACTION SUMMARY

As of the Sept. 12, 2018, trustee remittance report, the collateral
pool balance was $728.4 million, which is 84.8% of the pool balance
at issuance. The pool currently includes 56 loans, down from 61
loans at issuance. Eight ($92.7 million, 12.7%) of these loans are
on the master servicer's watchlist and 11 ($87.4 million, 12.0%)
are defeased. To date, the transaction has not experienced any
principal losses.

S&P calculated a 1.54x S&P Global Ratings weighted average debt
service coverage (DSC) and 83.5% S&P Global Ratings weighted
average loan-to-value (LTV) ratio using a 7.86% S&P Global Ratings
weighted average capitalization rate. The DSC, LTV, and
capitalization rate calculations exclude the defeased loans. The
top 10 nondefeased loans have an aggregate outstanding pool trust
balance of $439.5 million (60.3%). Using adjusted servicer-reported
numbers, we calculated an S&P Global Ratings weighted average DSC
and LTV of 1.49x and 89.3%, respectively, for the top 10
nondefeased loans.

  RATINGS LOWERED

  GS Mortgage Securities Trust 2013-GC10
  Commercial mortgage pass-through certificates

                                  Rating
  Class       Identifier         To          From
  E           36192CAS4          BB- (sf)    BB (sf)
  F           36192CAU9          B- (sf)     B+ (sf)    


  RATINGS AFFIRMED

  GS Mortgage Securities Trust 2013-GC10
  Commercial mortgage pass-through certificates

  Class     Identifier            Rating
  A-4       36192CAD7             AAA (sf)
  A-5       36192CAE5             AAA (sf)
  A-AB      36192CAF2             AAA (sf)
  X-A       36192CAG0             AAA (sf)
  A-S       36192CAH8             AAA (sf)
  X-B       36192CAJ4             A- (sf)
  B         36192CAL9             AA (sf)
  C         36192CAN5             A- (sf)
  D         36192CAQ8             BBB- (sf)


GS MORTGAGE 2015-GS1: Fitch Affirms B- Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of GS Mortgage Securities
Trust 2015-GS1 commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Limited Changes in Loss Expectations: The overall pool performance
has been stable since issuance and Fitch's base case losses have
been relatively stable. The pool has one specially serviced loan,
Hammons Hotel Portfolio (5.4%); however, minimal losses are
expected. Four loans in the top 15 are considered Fitch Loans of
Concern due to tenant rollover or vacancy issues. Fitch's base case
loss incorporates additional stresses on these loans. Fitch's
analysis also considered a sensitivity test on the largest retail
loan of concern, Glenbrook Square (7.3%).

Minimal Change to Credit Enhancement: As of the August 2018
distribution date, the pool's aggregate principal balance has been
reduced 1.53% to $808.1 million from $820.6 million at issuance
with all the original 39 loans remaining. 39% of the pool's loans
are full term interest only including the top three loans in the
pool, which is considerably higher than the 23.3% average for
similar vintage transactions. There are no defeased loans.

Fitch Loans of Concern: Glenbrook Square (7.3%) is a super-regional
mall located in Fort Wayne, IN. Two anchor tenants, non-collateral
Sears (17% NRA) and collateral tenant Carson's (9% NRA), have left
or are in the process of leaving. Carson's vacated the property at
the end of August 2018 and per announcements from Sears, they will
vacate at the end of November 2018. Sales were requested but not
received. In addition, questions on co-tenancy clauses remain
outstanding. Fitch's base case loss was based on an additional 15%
stress to the year-end 2017 NOI. In addition, Fitch performed a
sensitivity analysis that assumed an outsized loss of 25%, which
considers the possibility of significant performance declines given
the anchor vacancy. The sensitivity analysis resulted in the
Negative Outlook on class F.

The Pine Creek Shopping Center (3.2%) is a regional mall located in
Grass Valley, CA. The property's largest tenants are the grocery
store Raley's (27.74% NRA) and JC Penney. JC Penney, which
represents 17% of the total property NRA, has a lease that expires
in November of 2018. The servicer was unable to provide details on
whether the tenant has exercised their extension option. In
addition, sales were not provided. JC Penney's lease includes a
five-year extension option. In addition, if JC Penney does not
renew there is an excess cash flow trap. Fitch's base case analysis
included an additional 10% stress on the year-end 2017 NOI.

The Lake Forest Place (2.3%) is an office property located in Blue
Ash, Ohio. The property's largest tenant, General Electric (25.6%
NRA), did not formally renew their lease that expires on Sept. 30,
2018 by year-end 2017, which triggered a cash flow sweep. Per the
servicer, reserves will cover three years of rental payments. In
addition, Logic Technology (NRA 6%) vacated its space at year-end
2017 and the space remains vacant. Fitch's base case analysis
included an additional 25% stress on year-end 2017 NOI; however,
given the relatively low leverage of the loan, did not result in
expected losses.

The sixth-largest loan, Hammons Hotel Portfolio (8.4%), transferred
to special servicing in August 2016 due to the borrower and parent
company filing for Chapter 11 bankruptcy. The filing was made in
connection with litigation, which was ongoing at issuance, related
to a complex deal made in 2005 to reprivatize Hammons Hotels. The
loan remains current, and the collateral hotels have continued to
demonstrate stable performance trends since issuance.

Retail and Mall Concentration: Retail properties represent 37% of
the pool and include two regional malls in the top 15 (16%) located
in secondary markets with exposure to Sears, Macy's and JC Penney.
The largest 10 loans in the transaction represent 66% of the pool
by balance, which is above the 2015 and 2016 average concentrations
of 49.3% and 54.8%, respectively.

RATING SENSITIVITIES

The revision of the Rating Outlook to Negative on Class F is based
on a sensitivity test that applied a 25% loss to Fitch's largest
retail Loan of Concern, Glenbrook Square. The Rating Outlooks on
all other classes remain Stable due to overall stable pool
performance. Future rating upgrades may occur with improved pool
performance and significant increased credit enhancement from
additional defeasance or paydown. Rating downgrades to the lower
rated classes are possible should overall pool performance decline
and/or if Fitch's loans of concern continue to deteriorate.

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:

  -- $21.9 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $200.0 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $297.6 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $47.7 million class A-AB at 'AAAsf'; Outlook Stable;

  -- $618.5 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $43.1 million* class X-B at 'AA-sf'; Outlook Stable;

  -- $51.3 million class A-S at 'AAAsf'; Outlook Stable;

  -- $43.1 million class B at 'AA-sf'; Outlook Stable;

  -- $141.6 million class PEZ at 'A-sf'; Outlook Stable;

  -- $47.2 million class C at 'A-sf'; Outlook Stable;

  -- $42.1 million class D at 'BBB-sf'; Outlook Stable;

  -- $42.1 million* class X-D at 'BBB-sf'; Outlook Stable;

  -- $20.5 million class E at 'BB-sf'; Outlook Stable;

  -- $8.2 million class F at 'B-sf'; Revise Outlook to Negative
from stable.

Notional amount and interest-only.

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

Fitch does not rate the class G certificate.


HARBOR LLC 2006-1: Moody's Affirms Caa2 Rating on Class A Debt
--------------------------------------------------------------
Moody's Investors Service has affirmed the rating on the following
notes issued by Harbor Series 2006-1 LLC:

Cl. A, Affirmed Caa2 (sf); previously on Aug 11, 2017 Affirmed Caa2
(sf)

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

RATINGS RATIONALE

Moody's has affirmed the ratings on the Rated Notes because the key
transaction metrics are commensurate with existing ratings. While
credit further deteriorated since last review, as evidenced by
WARF, the WARR offset the deterioration, resulting in no ratings
movements to the current ratings. The affirmation is the result of
Moody's on-going surveillance of commercial real estate
collateralized debt obligation (CRE CDO Synthetic) transactions.

Harbor Series 2006-1 LLC is a static synthetic transaction. The
transaction is wholly backed by a portfolio of credit default swaps
on commercial mortgage backed securities (CMBS) (100% of the
reference obligation pool balance) issued between 2005 and 2006. As
of the trustee's July 20, 2018 report, the aggregate notional
balance of the transaction, including preferred shares, has
decreased to $54.6 million from $160.0 million at issuance, with
the reference pool amortization being paid to the notes on a senior
sequential basis. This transaction features a pro-rata to
senior-sequential and vice-versa waterfall switch which is based
upon certain thresholds. As of the current review, the transaction
is amortising in a senior-sequential manner.

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

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the reference obligations
it does not rate. The rating agency modeled a bottom-dollar WARF of
4475, compared to 3649 at last review. The current ratings on the
Moody's-rated reference obligations and the assessments of the
non-Moody's rated reference obligations are as follow: Aaa-Aa3 and
11.2% compared to 8.5% at last review, A1-A3 and 0.0% compared to
0.2% at last review, Baa1-Baa3 and 0.0% compared to 0.0% at last
review, Ba1-Ba3 and 0.0% compared to 38.4% at last review, B1-B3
and 55.2% compared to 7.7% at last review, Caa1-Ca/C and 33.6%
compared to 45.3% at last review.

Moody's modeled a WAL of 1.2 years, compared to 1.3 years at last
review.

Moody's modeled a fixed WARR of 12.8%, compared to 10.1% at last
review.

Moody's modeled 11 obligors, compared to 13 at last review.

Moody's modeled a pair-wise asset correlation of 49.6%, compare to
51.6% at last review.

Methodology Underlying the Rating Action:

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

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

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

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

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


HARBOURVIEW CLO VII-R: Moody's Affirms Ba3 Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by HarbourView CLO VII-R, Ltd. on June 18, 2018:

US$259,610,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Affirmed Aaa (sf); previously on June
18, 2018 Assigned Aaa (sf)

US$43,940,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Affirmed Aa2 (sf); previously on June 18,
2018 Assigned Aa2 (sf)

US$21,920,000 Class C Secured Deferrable Floating Rate Notes due
2031 (the "Class C Notes"), Affirmed A2 (sf); previously on June
18, 2018 Assigned A2 (sf)

US$24,020,000 Class D Secured Deferrable Floating Rate Notes due
2031 (the "Class D Notes"), Affirmed Baa3 (sf); previously on June
18, 2018 Assigned Baa3 (sf)

US$17,910,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Affirmed Ba3 (sf); previously on June
18, 2018 Assigned Ba3 (sf)

US$8,000,000 Class F Secured Deferrable Floating Rate Notes due
2031 (the "Class F Notes"), Affirmed B3 (sf); previously on June
18, 2018 Assigned B3 (sf)

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

HarbourView CLO VII-R, Ltd. is a collateralized loan obligation
backed primarily by a portfolio of senior secured loans. The
transaction's Effective Date was August 18, 2018. HarbourView Asset
Management Corporation directs the selection, acquisition and
disposition of assets on behalf of the Issuer.

RATINGS RATIONALE

The affirmation rating actions on the Rated Notes reflect the
impact of certain actions undertaken by the Issuer in response to a
recent Moody's Ramp-Up Failure. On August 31, 2018, Moody's
received notice of a Moody's Ramp-Up Failure resulting from the
Issuer's failure to satisfy the Target Initial Par Condition as of
the Effective Date. The Manager has certified that subsequently the
Target Initial Par Condition was satisfied as of August 31, 2018.

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.


HILTON USA 2016-HHV: Moody's Affirms Ba3 Rating on Class E Certs
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven classes
of Hilton USA Trust 2016-HHV, Commercial Mortgage Pass-Through
Certificates, Series 2016-HHV. Moody's rating action is as follows:


Cl. A, Affirmed Aaa (sf); previously on Oct 12, 2017 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Oct 12, 2017 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Oct 12, 2017 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Oct 12, 2017 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba3 (sf); previously on Oct 12, 2017 Affirmed Ba3
(sf)

Cl. F, Affirmed B3 (sf); previously on Oct 12, 2017 Affirmed B3
(sf)

Cl. X-A, Affirmed Aaa (sf); previously on Oct 12, 2017 Affirmed Aaa
(sf)

RATINGS RATIONALE

Moody's has affirmed the ratings on six P&I classes due to the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio and Moody's stressed debt service coverage ratio (DSCR),
being within acceptable ranges. The rating on the IO class, Class
X-A is affirmed based on the credit quality of the reference class.


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, an increase in defeasance or
an improvement in loan performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the loan or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating Hilton USA Trust 2016-HHV,
Cl. A, Cl. B, Cl. C, Cl. D, Cl. E and Cl. F was "Moody's Approach
to Rating Large Loan and Single Asset/Single Borrower CMBS"
published in July 2017. The methodologies used in rating Hilton USA
Trust 2016-HHV, Cl. X-A 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 September 7, 2018 payment date, the transaction's
aggregate certificate balance remains unchanged at $750.0 million.
The securitization is backed by a single fixed rate loan
collateralized by the Hilton Hawaiian Village Waikiki Beach Resort.
The whole loan of $1.275 billion has a split structure of a trust
loan component of $750.0 million and companion loan components
totaling $525.0 million. The trust comprises of Trust A Notes
($171.6 Million) and Trust B Notes ($578.4 Million). The Trust A
Notes and the companion loans are pari passu and are senior to the
Trust B Notes. The companion loans are securitized in JPMCC
2016-JP4, JPMCC 2017-JP5, JPMDB 2017-C5, CD 2017-CD3, CD 2017-CD4,
CFCRE 2016-C7, MSBAM 2016-C32 and WFCM 2016-C37 transactions. The
interest only loan's final maturity date is in November 2026.

The Hilton Hawaiian Village is situated on twenty-two beachfront
acres overlooking Waikiki Beach in Hawaii. The resort features
2,860 guest rooms spread across five towers, 20 food and beverage
outlets, 150,000 SF of indoor and outdoor function space, three
conference centers, five swimming pools, a saltwater lagoon, spa
grottos, the Mandara Spa and Fitness Center, two chapels and
approximately 130,500 SF of leased retail and restaurant space.

The property's net cash flow (NCF) for the first three months of
2018 was $33.7 million, and the NCF for 2017 was $139.2 million.
Moody's stabilized NCF is $116.1 million, the same as
securitization. Moody's stressed LTV and stressed DSCR for the
first mortgage are 109% and 0.98X, respectively. The trust has not
incurred any losses or interest shortfalls as of the current
payment date.


MADISON PARK XXIX: S&P Assigns Prelim B-(sf) Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Madison Park
Funding XXIX Ltd./Madison Park Funding XXIX LLC's floating-rate
notes.

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

The preliminary ratings are based on information as of Sept. 20,
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
  Madison Park Funding XXIX Ltd./Madison Park Funding XXIX LLC
  Class                Rating        Amount
                                   (mil. $)
  X                    AAA (sf)        2.19
  A-1                  AAA (sf)      399.00
  A-2                  NR             47.25
  B                    AA (sf)        84.00
  C (deferrable)       A (sf)         40.25
  D (deferrable)       BBB- (sf)      43.75
  E (deferrable)       BB- (sf)       26.25
  F (deferrable)       B- (sf)        10.50
  Subordinated notes   NR             61.40

  NR--Not rated.


MERRILL LYNCH 2007-CAN22: Moody's Affirms C Rating on Cl. XC Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one interest
only class of Merrill Lynch Financial Assets Inc. Commercial
Mortgage Pass-Through Certificates, Series 2007-Canada 22 as
follows:

Cl. XC, Affirmed C (sf); previously on Sep 15, 2017 Downgraded to C
(sf)

RATINGS RATIONALE

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

Moody's rating action reflects a base expected loss of 8.7% of the
current pooled balance, compared to 48.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 0.8% of the
original pooled balance, compared to 1.7% at the last review.

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

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


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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in this rating were "Moody's Approach to
Rating Large Loan and Single Asset/Single Borrower CMBS" published
in July 2017 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

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

DEAL PERFORMANCE

As of the September 12, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 99.5% to $2.1
million from $434.4 million at securitization. The certificates are
collateralized by one remaining mortgage loan constituting 100% of
the pool.

One loan has been liquidated from the pool, resulting in an
aggregate realized loss of $3.2 million (for an average loss
severity of 41.3%).

The one remaining loan, the Coldstream Meadows Property Loan ($2.3
million), is in special servicing. The loan is secured by a 57 unit
senior housing development located in Coldstream, British Columbia.
The loan transferred to special servicing in July 2017 for loan
maturity default, after the borrower was unable to secure
financing. The property was 75% leased as of June 2018, compared to
93% leased as of December 2016. The loan is 100% recourse to the
borrower and/or guarantors.


MONROE CAPITAL VII: Moody's Gives Ba3 Rating on $33.7MM Cl. E Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of notes to be issued by Monroe Capital MML CLO VII, Ltd.

Moody's rating action is as follows:

US$4,500,000 Class X Senior Floating Rate Notes Due 2030 (the
"Class X Notes"), Assigned (P)Aaa (sf)

US$252,000,000 Class A Senior Floating Rate Notes Due 2030 (the
"Class A Notes"), Assigned (P)Aaa (sf)

US$46,125,000 Class B Floating Rate Notes Due 2030 (the "Class B
Notes"), Assigned (P)Aa2 (sf)

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

US$34,875,000 Class D Deferrable Mezzanine Floating Rate Notes Due
2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$33,750,000 Class E Deferrable Mezzanine Floating Rate Notes Due
2030 (the "Class E Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

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

Monroe Capital CLO VII is a managed cash flow CLO. The issued notes
will be collateralized primarily by small and medium enterprise
loans. At least 95% of the portfolio must consist of senior secured
loans and eligible investments, and up to 5% of the portfolio may
consist of second lien loans and unsecured loans. Moody's expects
the portfolio to be approximately 80% ramped as of the closing
date.

Monroe Capital Asset Management LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four year
reinvestment period. Thereafter, the Manager may not reinvest in
new assets and all principal proceeds, including sale proceeds,
will be used to amortize the notes in accordance with the priority
of payments.

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: $450,00,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3660

Weighted Average Spread (WAS): 4.30%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

The CLO permits the manager to determine RiskCalc-derived rating
factors, based on modifications to certain pre-qualifying
conditions applicable to the use of RiskCalc, for obligors
temporarily ineligible to receive Moody's credit estimates. Such
determinations are limited to a small portion of the portfolio. Its
rating analysis included a stress scenario in which Moody's assumed
a rating factor commensurate with a Caa2 rating for such obligors.


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.


MORGAN STANLEY 2015-C25: Fitch Affirms BB- Rating on Class E Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Morgan Stanley Bank of
America Merrill Lynch Trust (MSBAM) Mortgage Trust 2015-C25
commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The affirmations are
based on the relatively stable performance and loss expectations of
the underlying collateral. Two loans (6.5% of pool) are designated
as Fitch Loans of Concern and are in the top 15 (5.9%) with one
also being a specially serviced loan.

Loans of Concern/Specially Serviced Loan: The largest Fitch Loan of
Concern (4.7%), Villas at Dorsey Ridge, is a 238 unit multifamily
property located in Hanover, MD. The property has sustained a 20.6%
drop in YE 2017 NOI compared to issuance. NOI DSCR has improved
slightly to 1.30x at YE 2017 compared to 1.23x at YE 2016. The
property occupancy still remains strong after recently increasing
to 96% as of May 2018 from to 88% at YE 2017 and 98% at issuance.

The second largest Fitch Loan of Concern and specially serviced
loan (1.9%), Lycoming Crossing Shopping Center, is a 136,000 sf
community shopping center located in Muncy Township, PA. The loan
transferred to the special servicer due to risk of material
impairment after a former tenant, Ross Dress for Less, obtained a
$1.9 million judgement against the borrower for overpaid rent
between March 2009 and September 2011. Forbearance has been agreed
upon and the borrower has posted a bond of $1.95 million during the
appeal process and paid a fee to reimburse the trust for expenses
incurred to date. Property performance remains strong with a 1.76x
DSCR at YE 2017 and occupancy remains at 100%.

Minimal Credit Enhancement Improvement/Limited Amortization: As of
the September 2018 distribution date, the pool's aggregate
principal balance has been paid down by 1.3% to $1.164 billion from
$1.179 billion at issuance. The pool is scheduled to amortize by
10.1% of the initial pool balance prior to maturity. Five loans
(22.4%) are full-term interest-only, 14 loans (32%) have partial
interest-only periods, and the 37 remaining loans (45.7%) are
balloon loans.

Property Diversity/Pool Concentration: The largest property type is
office, which comprises 22.6% of the pool, followed by retail
(21.7%) and multifamily (19.9%). Hotels comprise only 13.2% of the
pool, which is lower than the average of 17% for 2015. The two
largest loans (19.3% of current pool) are located in Manhattan in
the Midtown South and Penn Station Submarkets.

Limited Upcoming Maturities: Only 2.3% of the pool is scheduled to
mature in 2020. The remainder of the pool matures in 2022 (1.2%),
2024 (9.9%), 2025 (86%), and 2030 (0.6%).

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to the overall
stable performance of the pool and continued amortization. Future
rating upgrades may occur with improved pool performance and
additional paydown or defeasance. Rating downgrades to the classes
are possible should overall pool performance decline.

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

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

Fitch has affirmed the following classes:

  -- $18,515,208 class A-1 at 'AAAsf'; Outlook Stable;

  -- $28,700,000 class A-2 at 'AAAsf'; Outlook Stable;

  -- $93,700,000 class A-SB at 'AAAsf'; Outlook Stable;

  -- $115,000,000 class A-3 at 'AAAsf'; Outlook Stable;

  -- $230,000,000 class A-4 at 'AAAsf'; Outlook Stable;

  -- $324,193,000 class A-5 at 'AAAsf'; Outlook Stable;

  -- $810,108,208* class X-A at 'AAAsf'; Outlook Stable;

  -- $45,702,000* class X-B at 'AAAsf'; Outlook Stable;

  -- $63,394,000* class X-D at 'BBB-sf'; Outlook Stable;

  -- $45,702,000 class A-S at 'AAAsf'; Outlook Stable;

  -- $89,931,000 class B at 'AA-sf'; Outlook Stable;

  -- $56,022,000 class C at 'A-sf'; Outlook Stable;

  -- $63,394,000 class D at 'BBB-sf'; Outlook Stable;

  -- $29,485,000 class E at 'BB-sf'; Outlook Stable;

  -- $13,269,000 class F at 'B-sf'; Outlook Stable.

Notional amount and interest-only.

Fitch does not rate class G.


MOUNTAIN HAWK III: Moody's Lowers Rating on Class E Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Mountain Hawk III CLO, Ltd.:

US$69,250,000 Class B-R Senior Secured Floating Rate Notes Due
2025, Upgraded to Aaa (sf); previously on April 18, 2017 Assigned
Aa2 (sf)

Moody's has also downgraded the rating on the following notes:

US$24,500,000 Class E Secured Deferrable Floating Rate Notes Due
2025, Downgraded to Ba3 (sf); previously on April 8, 2014
Definitive Rating Assigned Ba2 (sf)

In addition, Moody's affirmed the ratings on the following notes:

US$346,250,000 Class A-R Senior Secured Floating Rate Notes Due
2025 (current outstanding balance of $303,679,081), Affirmed Aaa
(sf); previously on April 18, 2017 Assigned Aaa (sf)

US$45,750,000 Class C Secured Deferrable Floating Rate Notes Due
2025, Affirmed A2 (sf); previously on April 8, 2014 Definitive
Rating Assigned A2 (sf)

US$30,750,000 Class D Secured Deferrable Floating Rate Notes Due
2025, Affirmed Baa3 (sf); previously on April 8, 2014 Definitive
Rating Assigned Baa3 (sf)

Mountain Hawk III CLO, Ltd., issued in April 2014, is a
collateralized loan obligation (CLO) backed primarily by a
portfolio of senior secured loans. The transaction's reinvestment
period ended in April 2018.

The upgrade action on the Class B-R notes primarily reflects the
benefit of the end of the deal's reinvestment period in April 2018
and the expectation that deleveraging will continue. The downgrade
action on the Class E notes reflects the specific risks to the
junior notes posed by credit deterioration observed in the
underlying CLO portfolio. Based on Moody's calculation, the
weighted average spread (WAS) has been decreasing and the current
level is 3.27% compared to 3.63% in April 2017.

Methodology Underlying the Rating Action:

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

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


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

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

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

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

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

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

6) 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.

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.

Loss and Cash Flow Analysis:

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score weighted average
recovery rate, and weighted average spread, are based on its
published methodology and could differ from the trustee's reported
numbers. In its base case, Moody's analyzed the collateral pool as
having a performing par and principal proceeds balance of $499.3
million, no defaulted par, a weighted average default probability
of 22.10% (implying a WARF of 2948), a weighted average recovery
rate upon default of 49.71%, a diversity score of 65 and a weighted
average spread of 3.27% (before accounting for LIBOR floors).


MYERS PARK: S&P Assigns BB- Rating on $18.5MM Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Myers Park CLO
Ltd./Myers Park CLO LLC's floating- and fixed-rate notes.

The note issuance is a collateralized loan obligation transaction
backed primarily by broadly syndicated 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

  Myers Park CLO Ltd./Myers Park CLO LLC  

  Class                      Rating          Amount (mil. $)
  A-1                        AAA (sf)                 293.75
  A-2                        NR                        26.25
  B-1                        AA (sf)                   42.50
  B-2                        AA (sf)                   15.00
  C (deferrable)             A (sf)                    30.00
  D (deferrable)             BBB- (sf)                 31.00
  E (deferrable)             BB- (sf)                  18.50
  Subordinated notes         NR                        52.60

  NR--Not rated.


N-STAR REAL I: Fitch Withdraws Dsf Ratings on 2 Tranches
--------------------------------------------------------
Fitch Ratings downgraded two classes of N-Star Real Estate CDO I
Ltd. due to the recent liquidation of the remaining assets in the
trust. In addition, Fitch has withdrawn the ratings on these two
classes as the collateral balance of this transaction has been
reduced to zero.

KEY RATING DRIVERS

The remaining collateral for the commercial real estate
collateralized debt obligation transaction has been liquidated. No
assets currently remain.

Final liquidation proceeds were sufficient to repay class C-2 in
full and a portion of classes D-1a and D-1b. The downgrade of
classes D-1a and D-1b reflects insufficient principal proceeds to
repay these notes in full. The trustee held back $150,000 of
liquidation proceeds to cover liquidation and other expenses, which
may arise or be presented for payment. The negligible amount in
this holdback account would not impact any rating recommendations.

RATING SENSITIVITIES

The bonds have defaulted and are not expected to recover any
material amount of lost principal in the future.

Fitch has downgraded and withdrawn ratings on the following
classes:

  -- Class D-1a to 'Dsf' from 'Csf';

  -- Class D-1b to 'Dsf' from 'Csf'.


RESIDENTIAL ASSET 2005-A15: Moody's Cuts Rating on 17 Classes to Ca
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 5 tranches
and downgraded the rating of 18 tranches from 3 transactions,
backed by Alt-A loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series
2004-4CB

Cl. 1-A-6, Upgraded to Baa3 (sf); previously on Sep 22, 2016
Upgraded to Ba2 (sf)

Cl. 3-A-2, Upgraded to Baa3 (sf); previously on Sep 22, 2016
Upgraded to Ba2 (sf)

Cl. 3-A-3, Upgraded to Baa3 (sf); previously on Sep 22, 2016
Upgraded to Ba2 (sf)

Cl. 3-A-4, Upgraded to Baa3 (sf); previously on Sep 22, 2016
Upgraded to Ba2 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2005-2AR

Cl. A, Upgraded to Baa1 (sf); previously on Nov 21, 2017 Upgraded
to Ba1 (sf)

Issuer: Residential Asset Securitization Trust 2005-A15

Cl. PO, Downgraded to Caa3 (sf); previously on Apr 1, 2010
Downgraded to Caa2 (sf)

Cl. 2-A-1, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-2, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-3, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-4, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-5, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-6, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-7, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-8, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-9, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-10, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-11, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-12, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 2-A-X, Downgraded to Ca (sf); previously on Feb 7, 2018
Confirmed at Caa3 (sf)

Cl. 4-A-1, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 5-A-1, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 5-A-2, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (sf)

Cl. 5-A-3, Downgraded to Ca (sf); previously on Apr 1, 2010
Downgraded to Caa3 (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 rating downgrades are due
to the weaker performance of the underlying collateral and / or the
erosion of enhancement available to the bonds.

The principal methodology used in rating CWMBS, Inc. Mortgage
Pass-Through Certificates, Series 2004-4CB Cl. 1-A-6 , Cl. 3-A-2
and Cl. 3-A-3 , Morgan Stanley Mortgage Loan Trust 2005-2AR Cl. A
and Residential Asset Securitization Trust 2005-A15 Cl. PO , Cl.
2-A-1 , Cl. 2-A-4 , Cl. 2-A-5 , Cl. 2-A-6 , Cl. 2-A-8 , Cl. 2-A-9,
Cl. 2-A-10, Cl. 2-A-12, Cl. 4-A-1, Cl. 5-A-1, Cl. 5-A-2, Cl. 5-A-3,
Cl. 2-A-3 and Cl. 2-A-7 was "US RMBS Surveillance Methodology"
published in January 2017. The methodologies used in rating CWMBS,
Inc. Mortgage Pass-Through Certificates, Series 2004-4CB Cl. 3-A-4
and Residential Asset Securitization Trust 2005-A15 Cl. 2-A-2 , Cl.
2-A-11 and Cl. 2-A-X were "US RMBS Surveillance Methodology"
published in January 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only Securities" published in June
2017.

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


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

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

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.


RIVERVIEW MORTGAGE 2007-2: Moody's Cuts Cl. X Debt Rating to B3
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class 2-A-1
from CHL Mortgage Pass-Through Trust 2005-2, which is backed by
Option ARM loans and downgraded the rating of Class X from
Riverview Mortgage Loan Trust 2007-2, which is backed by Home
Equity Conversion Mortgages.

Complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2005-2

Cl. 2-A-1, Upgraded to Baa2 (sf); previously on Jun 28, 2017
Upgraded to Ba3 (sf)

Issuer: Riverview Mortgage Loan Trust 2007-2

Cl. X, Downgraded to B3 (sf); previously on Feb 7, 2018 Confirmed
at B2 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
rating upgrade of Class 2-A-1 from CHL Mortgage Pass-Through Trust
2005-2 is a result of improving performance of the related pools
and continued amortization of the tranche. The rating downgrade of
Class X of Riverview Mortgage Loan Trust 2007-2, an interest-only
tranche (IO), reflects the reduction in balances of the referenced
securities to which this IO bond is linked.The factors that Moody's
considers in rating an IO bond depend on the type of referenced
securities or assets to which the IO bond is linked. Generally, the
ratings on IO bonds reflect the linkage and performance of the
respective transactions, including expected losses on the
collateral, and pay-downs or write-offs of the related reference
bonds.

The principal methodology used in rating CHL Mortgage Pass-Through
Trust 2005-2 Cl. 2-A-1 was "US RMBS Surveillance Methodology"
published in January 2017. The methodologies used in rating
Riverview Mortgage Loan Trust 2007-2 Cl. X were "Moody's Global
Approach to Rating Reverse Mortgage Securitizations" published in
May 2015 and "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" published in June 2017.

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


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

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.


SLC STUDENT 2008-2: Fitch Gives B- Rating on 2 Tranches
-------------------------------------------------------
Fitch Ratings has taken the following actions on SLC Student Loan
Trust 2008-2:

  -- Class A-4 notes 'B-sf'; placed on Rating Watch Negative;

  -- Class B notes 'B-sf'; maintained on Rating Watch Negative.

The placement of the A-4 notes on Rating Watch Negative is
reflective of slower principal paydown on the notes than what Fitch
expected last review. The issuer attributed the slowdown in
principal collection to an increased number of loans placed into
disaster forbearance during the September 2017 to November 2017
timeframe. If the principal paydown continues at the current speed,
Fitch does not expect the A-4 notes to be paid in full by its
maturity date unless the transaction reaches to 10% pool factor and
Navient exercises the call option. The maintenance of Rating Watch
Negative on the B notes indicates that if the A-4 notes were to
default, interest payments to the class B notes would be cut off
causing the notes to default.

The ratings were left at 'B-sf' instead of downgrading them to
'CCCsf' because Fitch considers qualitative factors such as
Navient's ability to call the notes upon reaching a 10% pool factor
and the eventual full payment of principal in modelling. If the
pool doesn't reach 10% pool factor by the A-4 maturity date, or
Navient does not choose to exercise their option to purchase the
remaining pool at 10% pool factor, then the notes are expected to
default.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans, with guaranties
provided by eligible guarantors and reinsurance provided by the
U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. The U.S. sovereign rating is currently
'AAA'/Outlook Stable.

Collateral Performance: Fitch assumes a base case default rate of
23.5% and a 70.5% default rate under the 'AAA' credit stress
scenario. Based on transaction specific performance to date, Fitch
maintained the sustainable constant default rate assumption of
4.3%, and maintained the sustainable constant prepayment rate
(voluntary and involuntary) of 10.0%. The claim reject rate is
assumed to be 0.5% in the base case and 3.0% in the 'AAA' case. The
TTM levels of deferment, forbearance, income-based repayment (prior
to adjustment) are 9.1%, 16.0% and 21.9%, which are in line with
Fitch's expectations.

Fitch's student loan ABS cash flow model indicates that the class
A-4 notes do not pay off before their maturity date in all of
Fitch's modeling scenarios, including the base cases. If the breach
of the class A-4 maturity date triggers an event of default,
interest payments will be diverted away from the class B notes,
causing them to fail the base cases as well.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of August 2018, all of
the trust student loans and notes are indexed to three-month LIBOR.
Fitch applies its standard basis interest rate stresses to this
transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by excess
spread, a reserve account and, for the class A notes,
subordination. As of March 2018, total and senior effective parity
ratios (including the reserve) are 101.6% (1.55% CE) and 121.5%
(17.68% CE). Liquidity support is provided by a reserve account
currently sized at its floor of $3,072,877. The trust will release
cash as long as the target total parity of 100.75% is maintained.

Operational Capabilities: SLC Trusts are the securitizations of The
Student Loan Corporation, now a subsidiary of Discover Bank.
Navient purchased the SLC Trust certificates and assumed servicing
responsibilities in December 2010. Discover Bank serves as master
servicer, while day-to-day servicing is provided by Navient
Solutions, LLC. (formerly known as Sallie Mae, Inc.). Fitch
believes Navient to be an acceptable servicer, due to its extensive
track record as the largest servicer of FFELP loans.

RATING SENSITIVITIES

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating, given the strong
linkage to the U.S. sovereign by nature of the reinsurance and SAP
provided by ED. Sovereign risks are not addressed in Fitch's
sensitivity analysis.

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results should only be considered as one potential
model-implied outcome, as the transaction is exposed to multiple
risk factors that are all dynamic variables. Additionally, the
results do not take into account any rating cap considerations.


SLM STUDENT 2010-1: Fitch Affirms B Rating on 2 Tranches
--------------------------------------------------------
Fitch Ratings has affirmed the following ratings of SLM Student
Loan Trust 2010-1 (SLM 2010-1):

  -- Class A at 'Bsf'; Outlook Stable;

  -- Class B at 'Bsf'; Outlook Stable.

The class A notes miss their legal final maturity date in Fitch's
cash flow modelling under the base case. This technical default
would result in interest payments being diverted away from class B,
which would cause that note to default as well. In affirming at
'Bsf' rather than downgrading to 'CCCsf' or below, Fitch has
considered qualitative factors such as Navient's ability to call
the notes upon reaching 10% pool factor, and the revolving credit
agreement in place for the benefit of the noteholders.

The trust has entered into a revolving credit agreement with
Navient by which it may borrow funds at maturity in order to pay
off the notes. Because Navient has the option but not the
obligation to lend to the trust, Fitch cannot give full
quantitative credit to this agreement. However, the agreement does
provide qualitative comfort that Navient is committed to limiting
investors' exposure to maturity risk.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans, approximately 11% of
which are rehab loans, with guaranties provided by eligible
guarantors and reinsurance provided by the U.S. Department of
Education (ED) for at least 97% of principal and accrued interest.
The U.S. sovereign rating is currently 'AAA'/Outlook Stable.

Collateral Performance: Based on transaction specific performance
to date, Fitch assumed a sustainable constant default rate
assumption of 5.8% and a sustainable constant prepayment rate of
12.0%. The claim reject rate is assumed to be 0.50% in the base
case and 3.0% in the 'AAA' case. The TTM levels of deferment,
forbearance, and income-based repayment (prior to adjustment) are
approximately 9.4%, 15.6% and 23.9%, respectively. The borrower
benefit is assumed to be 0.04%, based on information provided by
the sponsor.

Fitch's student loan ABS cash flow model indicates that the class A
notes do not pay off before their maturity date in all of Fitch's
modelling scenarios, including the base cases.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. Approximately 19.8% of the
student loans are indexed to T-Bill, and 80.2% are indexed to
one-month LIBOR. All notes are indexed to one month LIBOR. Fitch
applies its standard basis and interest rate stresses to this
transaction as per criteria.

Payment Structure: Credit enhancement (CE) is provided by excess
spread, overcollateralization, and for the Class A notes,
subordination. As of July 2018, senior and total effective parity
ratio (including the reserve) are 117.5% (14.9% CE) and 101.5%
(1.5% CE), respectively. Liquidity support is provided by a reserve
sized at its floor of $1,211,252. The transaction will continue to
release cash as long as the specified OC amount of $3 million is
maintained.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions, LLC. (formerly known as Sallie Mae, Inc.). Fitch
believes Navient to be an acceptable servicer, due to its extensive
track record as the largest servicer of FFELP loans.

RATING SENSITIVITIES

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating, given the strong
linkage to the U.S. sovereign by nature of the reinsurance and SAP
provided by ED. Sovereign risks are not addressed in Fitch's
sensitivity analysis.

Fitch conducted a CE sensitivity analysis by stressing both the
related lifetime default rate and basis spread assumptions. In
addition, Fitch conducted a maturity sensitivity analysis by
running different assumptions for the IBR usage and prepayment
rate. The results should only be considered as one potential model
implied outcome as the transaction is exposed to multiple risk
factors that are all dynamic variables.

Credit Stress Rating Sensitivity

  -- Default increase 25%: class A 'CCCsf'; class B 'CCCsf';

  -- Default increase 50%: class A 'CCCsf'; class B 'CCCsf';

  -- Basis Spread increase 0.25%: class A 'CCCsf'; class B
'CCCsf';

  -- Basis Spread increase 0.5%: class A 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

  -- CPR decrease 25%: class A 'CCCsf'; class B 'CCCsf';

  -- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf';

  -- IBR Usage increase 25%: class A 'CCCsf'; class B 'CCCsf';

  -- IBR Usage increase 50%: class A 'CCCsf'; class B 'CCCsf'.

It is important to note that the stresses are intended to provide
an indication of the rating sensitivity of the notes to unexpected
deterioration in trust performance. Rating sensitivity should not
be used as an indicator of future rating performance.


STACR TRUST 2018-DNA3: S&P Assigns B+ Rating on Cl. M-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Freddie Mac STACR Trust
2018-DNA3's notes.

The note issuance is residential mortgage-backed securities
transaction backed by fully amortizing, first-lien, fixed-rate
residential mortgage loans secured by one- to four-family
residences, planned-unit developments, condominiums, cooperatives,
and manufactured housing to mostly prime borrowers.

The ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches, as well as the associated structural deal mechanics;

-- The credit quality of the collateral included in the reference
pool;

-- A credit-linked note structure that reduces the counterparty
exposure to Freddie Mac for periodic principal payments but, at the
same time, relies on credit premium payments from Freddie Mac (a
highly rated counterparty) to make monthly interest payments and to
make up for any investment losses;

-- The issuer's aggregation experience and alignment of interests
between the issuer and noteholders in the deal's performance,
which, in S&P's view, enhances the notes' strength; and

-- The enhanced credit risk management and quality control
processes Freddie Mac uses in conjunction with the underlying
representations and warranties framework.

  RATINGS ASSIGNED

  Freddie Mac STACR Trust 2018-DNA3
  Class             Rating               Amount ($)
  A-H(i)            NR               28,429,987,815
  M-1               BBB+ (sf)           210,000,000
  M-1H(i)           NR                   86,145,706
  M-2               B+ (sf)             400,000,000
  M-2R              B+ (sf)             400,000,000
  M-2S              B+ (sf)             400,000,000
  M-2T              B+ (sf)             400,000,000
  M-2U              B+ (sf)             400,000,000
  M-2I              B+ (sf)             400,000,000
  M-2A              BB+ (sf)            200,000,000
  M-2AR             BB+ (sf)            200,000,000
  M-2AS             BB+ (sf)            200,000,000
  M-2AT             BB+ (sf)            200,000,000
  M-2AU             BB+ (sf)            200,000,000
  M-2AI             BB+ (sf)            200,000,000
  M-2AH(i)          NR                   81,338,422
  M-2B              B+ (sf)             200,000,000
  M-2BR             B+ (sf)             200,000,000
  M-2BS             B+ (sf)             200,000,000
  M-2BT             B+ (sf)             200,000,000
  M-2BU             B+ (sf)             200,000,000
  M-2BI             B+ (sf)             200,000,000
  M-2RB             B+ (sf)             200,000,000
  M-2SB             B+ (sf)             200,000,000
  M-2TB             B+ (sf)             200,000,000
  M-2UB             B+ (sf)             200,000,000
  M-2BH(i)          NR                   81,338,421
  B-1               B- (sf)             105,000,000
  B-1A              B+ (sf)              52,500,000
  B-1AR             B+ (sf)              52,500,000
  B-1AI             B+ (sf)              52,500,000
  B-1AH(i)          NR                   21,536,426
  B-1B              B- (sf)              52,500,000
  B-1BH(i)          NR                   21,536,427
  B-2               NR                  105,000,000
  B-2A              NR                   52,500,000
  B-2AR             NR                   52,500,000
  B-2AI             NR                   52,500,000
  B-2AH(i)          NR                   21,536,426
  B-2B              NR                   52,500,000
  B-2BH(i)          NR                   21,536,427
  B-3H(i)           NR                   29,614,571

(i)Reference tranche only and will not have corresponding notes.
Freddie Mac retains the risk of each of these tranches.
NR--Not rated.


THL CREDIT 2014-3K: Moody's Assigns (P)Ba3 Rating on Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of notes to be issued by THL Credit WR 2014-3K CLO Ltd.

Moody's rating action is as follows:

US$246,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$18,000,000 Class A-2 Senior Secured Floating Rate Notes due 2030
(the "Class A-2 Notes"), Assigned (P)Aaa (sf)

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

US$20,800,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned (P)A2 (sf)

US$25,400,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$17,800,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class E Notes"), Assigned (P)Ba3 (sf)

US$8,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2030 (the "Class F Notes"), Assigned (P)B3 (sf)

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

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.

THL Credit WR 2014-3K 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 84% ramped as of
the closing date.

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


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

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

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

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

Par amount: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 48.2%

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.


THL CREDIT 2018-2: S&P Rates $22.8MM Class E Notes 'BB-'
--------------------------------------------------------
S&P Global Ratings assigned its ratings to THL Credit Wind River
2018-2 CLO Ltd./THL Credit Wind River 2018-2 CLO LLC's
floating-rate notes.

The note issuance is a collateralized loan obligation transaction
backed primarily by broadly syndicated 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
  THL Credit Wind River 2018-2 CLO Ltd./THL Credit Wind River
2018-2 CLO LLC

  Class                 Rating           Amount (mil. $)
  A-1                   AAA (sf)                 351.000
  A-2                   NR                        36.000
  B                     AA (sf)                   69.000
  C                     A (sf)                    39.000
  D                     BBB- (sf)                 33.000
  E                     BB- (sf)                  22.800
  Subordinated notes    NR                        60.165

  NR--Not rated.



VOYA CLO 2013-3: S&P Assigns B-(sf) Rating on Class E-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-RR,
A-2-RR, B-RR, C-RR, D-R, and E-R replacement notes from Voya CLO
2013-3 Ltd., a collateralized loan obligation (CLO) originally
issued in December 2013 that is managed by Voya Alternative Asset
Management LLC. The replacement notes have been issued via a
supplemental indenture.

On the Sept. 20, 2018, refinancing date, the proceeds from the
class A-1-RR, A-2-RR, B-RR, C-RR, D-R, and E-R replacement note
issuances were used to redeem the class A-1-R, A-2-R, B-R, C-R, D,
and E notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

S&P said, "The ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels.
Although the cash flows for certain classes of notes show that they
could achieve higher ratings than those currently assigned, the
rating action follow our rating framework for CLOs that allow
reinvestment of assets during the reinvestment period. Under our
framework, we typically would not consider upgrades to the rated
tranches in the collateralize debt obligation (CDO) transaction
because the transaction typically would allow the collateral
manager to have a few years to reinvest and change the credit risk
profile of the transaction."

On the Sept. 20, 2018, refinancing date, the proceeds from the
issuance of the replacement notes have been used to redeem the
original notes.

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

-- Issued the replacement class A-1-RR, A-2-RR, B-RR, and C-RR
notes at a lower spread than the original notes.

-- Issued the replacement class D-R and E-R notes at a higher
spread than the original notes.

-- Changed the rated par amount and aggregate ramp-up par amount
to $394.25 million and $421.60 million from $475.20 million and
$500.00 million, respectively.

-- Extended the reinvestment period to Oct. 18, 2023, from Jan.
18, 2018.

-- Extended the non-call period to Oct. 18, 2020, from Jan. 18,
2016.

-- Extended the weighted average life test to nine years from the
Sept. 20, 2018, refinancing date.

-- Extended the legal final maturity date on the rated and
subordinated notes to Oct. 18, 2031, from Jan. 18, 2026.

-- Adopted the use of the non-model version of CDO Monitor for
this transaction. During the reinvestment period, the non-model
version of CDO Monitor may be used to indicate whether changes to
the collateral portfolio are generally consistent with the
transaction parameters S&P assumed when initially assigning ratings
to the notes.

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

-- Incorporated the recovery rate methodology and updated industry
classifications outlined in our CLO criteria update published Aug.
8, 2016.

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

"We will continue to review whether, in our view, the 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

  Voya CLO 2013-3 Ltd.

  Replacement class         Rating      Amount (mil. $)
  A-1-RR                    AAA (sf)             262.00
  A-2-RR                    AA (sf)               59.50
  B-RR                      A (sf)                25.25
  C-RR                      BBB- (sf)             25.25
  D-R                       BB- (sf)              10.00
  E-R                       B- (sf)               12.25
  Subordinated notes        NR                    67.60

  RATINGS WITHDRAWN

  Voya CLO 2013-3 Ltd.

  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                         NR             BB (sf)
  E                         NR             B (sf)

  NR--Not rated.


VOYA CLO 2018-3: S&P Assigns (P)BB- Rating on $24MM Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Voya CLO
2018-3 Ltd.'s fixed- and floating-rate notes.

The note issuance is a $607.70 million broadly syndicated
collateralized loan obligation (CLO) managed by Voya Alternative
Asset Management LLC, an affiliate of Voya Investment Management.
This is Voya Alternative Asset Management LLC's third CLO in 2018,
which will bring its total CLO assets under management to
approximately $12.5 billion.

The preliminary ratings are based on information as of Sept. 20,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflects:

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

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

-- The collateral 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

  Voya CLO 2018-3 Ltd./Voya CLO 2018-3 LLC
  Class                         Rating     Amount (mil. $)
  A-1A                          AAA (sf)            337.50
  A-1B                          AAA (sf)             22.50
  A-2                           NR                   30.00
  B                             AA (sf)              66.00
  C (deferrable)                A (sf)               39.00
  D (deferrable)                BBB- (sf)            33.00
  E (deferrable)                BB- (sf)             24.00
  Class I subordinated notes    NR                   32.54
  Class II subordinated notes   NR                   23.16

  NR--Not rated.


WELLS FARGO 2016-C36: Fitch Affirms B- Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Wells Fargo Commercial
Mortgage Trust 2016-C36 (WFCM 2016-C36) commercial mortgage
pass-through certificates.

KEY RATING DRIVERS

Stable Loss Expectations: Pool-level losses have remained
relatively stable since issuance, despite some fluctuations in the
Fitch Loans of Concern (FLOCs). There have been no specially
serviced loans since issuance and the pool has not incurred any
losses to date.

Minimal Increase in Credit Enhancement: As of the August 2018
distribution date, the pool's aggregate principal balance has paid
down by 1.7% to $843.7 million from $858.2 million at issuance. The
pool has experienced no realized losses since issuance. Twelve
loans (31.2% of pool) are full-term interest only and nine loans
(11.1%) still have a partial interest-only component during their
remaining loan term, compared to 12.5% of the original pool at
issuance.

Fitch Loans of Concern: Fitch designated eight loans (26.1% of
pool) as FLOCS, including four in the top 15 (22.9%), two of which
are secured by regional mall properties with declining occupancy
and declining sales trends since issuance.

The Gurnee Mills loan (9.2%) is secured by a 1.7 million sf portion
of a 1.9 million square foot (sf) regional mall located in Gurnee,
IL, approximately 45 miles north of Chicago. Non-collateral anchors
include Burlington Coat Factory, Marcus Cinema and Value City
Furniture. Collateral anchors include Macy's, Bass Pro Shops,
Kohl's and a vacant anchor box previously occupied by Sears.
Collateral occupancy has declined in 2018 to approximately 77% from
88% in December 2017 and 91% at issuance. Sears vacated during
second quarter 2018 and Last Call Neiman Marcus vacated during
first quarter 2018. Both tenants vacated prior to their scheduled
April 2019 and January 2020 lease expiration, respectively.
Additionally, in-line tenant sales have dropped to $313 psf as of
YE 2017 from $347 psf around the time of issuance (as of TTM July
2016).

The Mall at Turtle Creek loan (3.4%) is secured by 329,398 sf of
in-line space within an 693,567 sf enclosed regional mall located
in Jonesboro, AR, approximately 60 miles northwest of Memphis, TN.
Non-collateral anchor tenants include JC Penney, Dillard's and
Target. The largest collateral tenants include Barnes and Noble,
Bed Bath & Beyond, Best Buy and H&M. Although the mall benefits
from limited direct competition, occupancy and tenant sales have
both declined since issuance. Collateral occupancy declined to
83.7% as of March 2018 from 90.9% in December 2017 and 90.8% at
issuance. The recent occupancy decline was primarily due to tenants
vacating at lease expiration, including Dress Barn, Express and
Versona. Additionally, in-line tenant sales have dropped to $298
psf as of YE 2017 from $349 psf around the time of issuance (as of
TTM March 2016).

Fitch ran an additional sensitivity scenario on both the Gurnee
Mills and Mall at Turtle Creek loans, which assumed a 20% and 25%
loss severity, respectively, to reflect the potential for outsized
losses. The Negative Outlooks on classes E, F, E-1, E-2 and EF
reflect this analysis.

The 101 Hudson Street loan (8%), which is secured by a 1.3 million
sf office property in downtown Jersey City, NJ, has experienced
significant occupancy declines since issuance. The property was
68.6% occupied as of May 2018, down 85.1% (although 98.3% leased)
in September 2016 around the time of issuance. Fitch's analysis at
issuance accounted for two tenants with dark space at the property,
including the second largest tenant, National Union Fire Insurance,
which subsequently vacated at its April 2018 lease expiration. The
Houston Industrial Portfolio (2.3%) loan, which is secured by six
cross-collateralized and cross-defaulted industrial properties
totaling 459,485 sf in Houston, TX, was flagged due to declining
occupancy, exposure to Houston's energy sector and significant
upcoming tenant rollover. Per the March 2018 rent roll, tenant
rollover is heavy over the next few years, with 3.4% of the NRA
that expired in 2017, 32.6% rolling in 2018, 20.5% in 2019 and
15.7% in 2020. The loan has been on the servicer's watchlist since
November 2017 for damages incurred during Hurricane Harvey; the
borrower is still awaiting outstanding claims from insurance. The
other FLOCs outside of the top 15 (3.2%) were flagged for occupancy
and/or cash flow declines since issuance.


High Retail Concentration: Loans secured by retail properties
represent 30.6% of the pool, including six of the top 15 loans
(25.4% of pool), two of which are secured by regional mall
properties (12.6%).

Co-Op Collateral: The pool contains 10 loans (8.3% of pool) secured
by multifamily co-operative properties, nine of which are located
within the greater New York City metro area. These loans have a
lower default probability.

Investment-Grade Credit Opinion Loans: Two loans in the pool:
Easton Town Center (5.3% of pool) and Gas Company Tower & World
Trade Center Parking Garage (1.8%), had investment-grade credit
opinions of 'A+sf*' and 'Asf*', respectively, on a stand-alone
basis at issuance.

RATING SENSITIVITIES

The Negative Rating Outlooks for classes E, F, E-1, E-2 and EF
reflect potential rating downgrades due to performance concerns on
the Gurnee Mills and Mall at Turtle Creek loans. Rating downgrades
are possible if the performance of these properties continues to
decline or with limited positive leasing momentum. Fitch's
additional sensitivity scenario incorporates an additional 20% loss
on the Gurnee Mills loan and a 25% loss on the Mall at Turtle Creek
loan to reflect the potential for outsized losses. The Rating
Outlooks for classes A-1 through D remain Stable due to overall
stable performance and continued amortization. Upgrades may occur
with improved pool performance and additional paydown or
defeasance.

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

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

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

  -- $27.5 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $39.7 million class A-2 at 'AAAsf'; Outlook Stable;

  -- $220.0 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $250.2 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $48.9 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $77.2 million class A-S at 'AAAsf'; Outlook Stable;

  -- $586.3 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $120.1 million class X-B* at 'AA-sf'; Outlook Stable;

  -- $42.9 million class B at 'AA-sf'; Outlook Stable;

  -- $36.5 million class C at 'A-sf'; Outlook Stable;

  -- $41.8 million class X-D* at 'BBB-sf'; Outlook Stable;

  -- $41.8 million class D at 'BBB-sf'; Outlook Stable;

  -- $9.1 million class E-1** at 'BB+sf'; Outlook to Negative from
Stable;

  -- $9.1 million class E-2** at 'BB-sf'; Outlook to Negative from
Stable;

  -- $18.2 million class E** at 'BB-sf'; Outlook to Negative from
Stable;

  -- $8.6 million class F** at 'B-sf'; Outlook to Negative from
Stable;

  -- $26.8 million class EF** at 'B-sf'; Outlook to Negative from
Stable.

  - Notional amount and interest-only.

  -- The class E-1 and E-2 certificates may be exchanged for a
related amount of class E certificates, and the class E
certificates may be exchanged for a ratable portion of class E-1
and E-2 certificates. Additionally, a holder of class E-1, E-2, F-1
and F-2 certificates may exchange such classes of certificates (on
an aggregate basis) for a related amount of class EF certificates,
and a holder of class EF certificates may exchange that class EF
for a ratable portion of each class of the class E-1, E-2, F-1 and
F-2 certificates. A holder of class E-1, E-2, F-1, F-2, G-1 and G-2
certificates may exchange such classes of certificates (on an
aggregate basis) for a related amount of class EFG certificates,
and a holder of class EFG certificates may exchange that class EFG
for a ratable portion of each class of the class E-1, E-2, F-1,
F-2, G-1 and G-2 certificates.

Fitch does not rate classes F-1, F-2, G-1, G-2, G, EFG, H-1, H-2,
and H.


YORK CLO-5: Moody's Assigns Ba3 Rating on Class E Notes
-------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by York CLO-5 Ltd.

Moody's rating action is as follows:

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

US$51,000,000 Class B Floating Rate Notes due 2031 (the "Class B
Notes"), Assigned Aa2 (sf)

US$15,000,000 Class C-1 Deferrable Floating Rate Notes due 2031
(the "Class C-1 Notes"), Assigned A2 (sf)

US$11,000,000 Class C-2 Deferrable Fixed Rate Notes due 2031 (the
"Class C-2 Notes"), Assigned A2 (sf)

US$33,000,000 Class D Deferrable Floating Rate Notes due 2031 (the
"Class D Notes"), Assigned Baa3 (sf)

US$30,000,000 Class E Deferrable Floating Rate Notes due 2031 (the
"Class E Notes"), Assigned Ba3 (sf)

US$7,500,000 Class F Deferrable Floating Rate Notes due 2031 (the
"Class F Notes"), Assigned B3 (sf)

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


RATINGS RATIONALE

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

York CLO-5 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
senior secured loans, cash and eligible investments, and up to 7.5%
of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 70% ramped as of the closing
date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2710

Weighted Average Spread (WAS): 3.20%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 9.5 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.


YORK LTD CLO-1: Moody's Gives Ba3 Rating to $30MM Class E-RR Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by York CLO-1 Ltd.:

Moody's rating action is as follows:

US$328,300,000 Class A-RR Floating Rate Notes Due 2029 (the "Class
A-RR Notes"), Assigned Aaa (sf)

US$47,000,000 Class B-RR Floating Rate Notes Due 2029 (the "Class
B-RR Notes"), Assigned Aa2 (sf)

US$25,000,000 Class C-RR Deferrable Floating Rate Notes Due 2029
(the "Class C-RR Notes"), Assigned A2 (sf)

US$34,800,000 Class D-RR Deferrable Floating Rate Notes Due 2029
(the "Class D-RR Notes"), Assigned Baa3 (sf)

US$30,000,000 Class E-RR Deferrable Floating Rate Notes Due 2029
(the "Class E-RR Notes"), Assigned Ba3 (sf)

US$5,900,000 Class F-RR Deferrable Floating Rate Notes Due 2029
(the "Class F-RR Notes"), Assigned B3 (sf)

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

York CLO Managed Holdings, LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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


The Issuer has issued the Refinancing Notes on September 20, 2018
in connection with the refinancing of all classes of the secured
notes previously refinanced on April 24, 2017 and originally issued
on January 22, 2015. On the Refinancing Date, the Issuer used
proceeds from the issuance of the Refinancing Notes to redeem in
full the Refinanced Original Notes.

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

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

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

Performing par and principal proceeds balance: $500,000,000

Defaulted par: $0

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2767

Weighted Average Spread (WAS): 3.25%

Weighted Average Coupon (WAC): 5.0%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 7.5 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.


[*] Mark That Calendar! Distressed Investing Conference on Nov. 26
------------------------------------------------------------------
Come and join Beard Group's Distressed Investing conference on
November 26, 2018.

Now on its 25th year, this annual gathering is the oldest and most
established New York restructuring conference.  The day-long
program will be held the Monday after Thanksgiving at The Harmonie
Club, 4 E. 60th St. in Midtown Manhattan.

Among the highlights of the Distressed Investing 2018 Conference --
https://www.distressedinvestingconference.com -- Nov. 26th in
midtown Manhattan will be an Investors' Roundtable featuring:

     * Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP

     * Gary E. Hindes, Managing Director, THE DELAWARE BAY
       COMPANY LLC

     * Dave Miller, Portfolio Manager, ELLIOTT MANAGEMENT CORP.

     * Richard M. Fels, Managing Director, ODEON CAPITAL
       GROUP LLC

There's a high probability that you'll want to call your broker
with a buy or sell order following this roundtable discussion.

The conference will also feature:

     * Luncheon presentation of the Harvey R. 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.)

     * Evening awards dinner recognizing the 12 Outstanding Young
       Restructuring Lawyers of 2018

Visit https://www.distressedinvestingconference.com/ for
registration details and information about this year's conference
agenda as well as highlights from past conferences.

This year's corporate sponsors include:

     * Conway MacKenzie
     * DSI
     * Foley & Lardner
     * Longford Capital
     * Milford
     * Pacer Monitor

Our media sponsors this year are Debtwire and Financial Times.

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

Beard Group, Inc., publishes Turnarounds & Workouts, Troubled
Company Reporter, and Troubled Company Prospector.  Visit
http://bankrupt.com/freetrial/for a free trial subscription to one
or more of Beard Group's corporate restructuring publications.



[*] Moody's Takes Action on $159MM of RMBS Issued 2003-2006
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 21 tranches
from eight transactions and downgraded the rating of one tranche
from one transaction.

Complete rating actions are as follows:

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series
2003-2XS

Cl. A-5, Upgraded to A1 (sf); previously on Nov 12, 2017 Upgraded
to Baa2 (sf)

Cl. A-6, Upgraded to Aa1 (sf); previously on Nov 12, 2017 Upgraded
to A3 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Feb 23, 2016 Upgraded
to Caa3 (sf)

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series
2003-4XS

Cl. A-5, Upgraded to Ba2 (sf); previously on Mar 3, 2011 Downgraded
to B3 (sf)

Cl. A-6A, Upgraded to Baa2 (sf); previously on Mar 3, 2015
Downgraded to B1 (sf)

Underlying Rating: Upgraded to Baa2 (sf); previously on Mar 3, 2015
Downgraded to B1 (sf)

Financial Guarantor: MBIA Insurance Corporation (Caa1, Outlook
Developing on Jan 17, 2018)

Cl. A-6B, Upgraded to Baa2 (sf); previously on Mar 3, 2015
Downgraded to B1 (sf)

Issuer: Homebanc Mortgage Trust 2006-2

Cl. A-1, Upgraded to Baa3 (sf); previously on Nov 12, 2017 Upgraded
to Ba3 (sf)

Cl. A-2, Upgraded to Baa3 (sf); previously on Nov 12, 2017 Upgraded
to Ba3 (sf)

Issuer: Impac CMB Trust Series 2003-11

Cl. 1-A-1, Upgraded to Aa3 (sf); previously on Nov 7, 2017 Upgraded
to A1 (sf)

Cl. 1-A-2, Upgraded to A1 (sf); previously on Nov 7, 2017 Upgraded
to A3 (sf)

Cl. 1-M-1, Upgraded to A2 (sf); previously on Nov 7, 2017 Upgraded
to Baa1 (sf)

Cl. 1-M-2, Upgraded to A2 (sf); previously on Nov 7, 2017 Upgraded
to Baa2 (sf)

Cl. 1-M-3, Upgraded to A2 (sf); previously on Nov 7, 2017 Upgraded
to Baa2 (sf)

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 2004-2

Cl. A-6, Upgraded to A3 (sf); previously on Nov 7, 2017 Upgraded to
Baa3 (sf)

Issuer: Lehman XS Trust Series 2006-1

Cl. 1-M1, Upgraded to A1 (sf); previously on Nov 12, 2017 Upgraded
to Baa3 (sf)

Cl. 1-M2, Upgraded to Ca (sf); previously on Feb 4, 2009 Downgraded
to C (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2004-11AR

Cl. 1-A-1, Upgraded to Baa1 (sf); previously on Jun 29, 2015
Upgraded to Baa2 (sf)

Cl. 1-A-2B, Upgraded to Baa1 (sf); previously on Jun 29, 2015
Upgraded to Baa3 (sf)

Cl. 1-X-2, Upgraded to Baa1 (sf); previously on Oct 27, 2017
Confirmed at Baa2 (sf)

Issuer: Morgan Stanley Mortgage Loan Trust 2005-6AR

Cl. 1-B-2, Upgraded to B1 (sf); previously on Nov 12, 2017 Upgraded
to B2 (sf)

Cl. 1-B-3, Upgraded to B2 (sf); previously on Nov 12, 2017 Upgraded
to Caa2 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2004-AR2

Cl. I-A, Downgraded to Baa3 (sf); previously on Aug 22, 2016
Confirmed at Baa1 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
rating downgraded is due to the weaker performance of the
underlying collateral. 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 rating Deutsche Alt-A Securities,
Inc. Mortgage Loan Trust Series 2003-2XS Cl. A-5, Cl. A-6, and Cl.
M-1; Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series
2003-4XS Cl. A-5, Cl. A-6A, and Cl. A-6B; Impac CMB Trust Series
2003-11 Cl. 1-A-1, Cl. 1-A-2, Cl. 1-M-1, Cl. 1-M-2, and Cl. 1-M-3;
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2004-2 Cl. A-6; Morgan Stanley Mortgage Loan Trust 2004-11AR
Cl. 1-A-1 and Cl. 1-A-2B; Structured Asset Mortgage Investments II
Trust 2004-AR2 Cl. I-A; Homebanc Mortgage Trust 2006-2 Cl. A-2 and
Cl. A-1; Lehman XS Trust Series 2006-1 Cl. 1-M1 and Cl. 1-M2;
Morgan Stanley Mortgage Loan Trust 2005-6AR Cl. 1-B-2 and Cl. 1-B-3
was "US RMBS Surveillance Methodology" published in January 2017.
The methodologies used in rating Morgan Stanley Mortgage Loan Trust
2004-11AR Cl. 1-X-2 were "US RMBS Surveillance Methodology"
published in January 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.  

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 3.9% in August 2018 from 4.4% in August
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 $50.2MM RMBS Issued 2002-2006
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven
tranches from three transactions, backed by Subprime RMBS loans,
issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-HE8

Cl. II-1A-2, Upgraded to A1 (sf); previously on Dec 28, 2017
Upgraded to A3 (sf)

Cl. II-1A-3, Upgraded to A2 (sf); previously on Dec 28, 2017
Upgraded to Baa1 (sf)

Cl. II-2A, Upgraded to Aa1 (sf); previously on Dec 28, 2017
Upgraded to A2 (sf)

Cl. II-M-1, Upgraded to Ca (sf); previously on Sep 24, 2010
Downgraded to C (sf)

Issuer: Chase Funding Trust, Series 2002-4

Cl. IM-2, Upgraded to B3 (sf); previously on Apr 23, 2012 Upgraded
to Caa3 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series
2002-4

Cl. M-1, Upgraded to A2 (sf); previously on Jan 19, 2017 Upgraded
to Baa1 (sf)

Cl. M-2, Upgraded to Caa3 (sf); previously on Mar 15, 2011
Downgraded to Ca (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
ratings upgraded are a result of 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 3.9% in August 2018 from 4.4% in August
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.


[*] S&P Lowers 13 Ratings on Seven SLM Student Loan Trusts
----------------------------------------------------------
S&P Global Ratings lowered 13 ratings from seven SLM Student Loan
Trusts, which are asset-backed securities (ABS) backed by Federal
Family Education Loan Program (FFELP) student loans. All of these
trusts were issued between 2007 and 2008.

S&P said, "Our rating actions primarily reflect the liquidity
pressure the senior classes are experiencing, not the credit
enhancement levels available to these classes for ultimate
principal repayment. Our ratings address each trust's ability to
make timely interest payments, as well as its ability to repay the
note balances by their respective legal final maturity dates. We
considered each trust's asset/note payment rate, expected future
collateral performance, payment priorities, and current credit
enhancement levels."

RATIONALE

S&P said, "The primary drivers in our analysis are sensitivity to
payment amounts, the remaining time to maturity, and the change in
payment structure upon an event of default. We also considered the
further decline in payment levels since our last review. We have
reviewed the historical amounts paid to these trusts and noted
significant declines in payment rates, due to reduced collateral
payment rates, over time."

Assuming that the trusts continue to receive the minimum quarterly
amount received over the past year, or an amount less than that, we
believe the class A notes are sensitive to receiving full principal
payments after their legal final maturity dates. S&P said, "We
lowered our ratings to 'A (sf)' from 'AA+ (sf)' on three senior
classes from three trusts. These classes have recently moved within
five years of their legal final maturity dates and have heightened
sensitivity to any future declines in note principal payment rates.
We also lowered our ratings to 'BB (sf)' on four senior classes
from four trusts, which we had previously lowered to 'A (sf)' in
2017. Since then, their payment levels have not improved, and they
are now closer to maturity. We believe these classes face major
uncertainty that could lead to the trusts' inadequate capacity to
meet their financial commitment on these obligations."

S&P said, "We also lowered our ratings on the respective class B
notes to that of the lowest-rated senior note, except for our
rating on SLM 2007-3's class B, which is already rated 'B (sf)',
the same rating as on its class A-3. These downgrades reflect our
view that the risk of nonpayment of principal for the class A notes
is the same as the risk of nonpayment of timely interest on the
class B notes. An event of default on a senior note due to missing
repayment on its legal final maturity date triggers a structural
change in which all principal payments to class A noteholders are
prioritized over periodic interest payments to the class B note. As
such, the class B notes may not receive periodic interest payments
until the class a notes have been repaid. As such, our ratings on
the class B notes are not higher than the lowest-rated senior
notes. If a senior note were paid in full at its legal final
maturity date, the risk of a missed interest payment on the class B
note would be avoided. In this case, we may raise our ratings on
the class B note."

COLLATERAL

These trusts are discrete trusts backed by FFELP student loans
originated through the U.S. Department of Education's (ED's)
program. The loan pools consist predominantly of seasoned Stafford
loans originated under FFELP guidelines. The ED reinsures at least
97% of the principal and accrued interest on defaulted loans that
are serviced according to the FFELP guidelines. Due to the high
level of recoveries from the ED on defaulted loans, defaults
effectively function similar to prepayments. Thus, S&P expects net
losses to be minimal.

Approximately 35%-40% of the pools are in a non-paying loan status.
These loans are expected to be repaid or to default and be
reimbursed by the ED.

CREDIT ENHANCEMENT AND CURRENT CAPITAL STRUCTURE

The trusts have reached their required release thresholds and are
releasing excess funds to the residual holders. The notes receive
interest based on three-month LIBOR and their respective margin.
Principal distribution amounts are allocated sequentially.

Credit enhancement consists of overcollateralization (as measured
by parity), subordination (for the senior classes), the reserve
account, and excess spread.

The classes are fully collateralized. S&P expects them to receive
payment in full, but the likelihood that they will be repaid after
their legal final maturity has increased as the note principal
paydowns have slowed.

ADVANCE NOTICE OF PROPOSED CRITERIA CHANGE

On Sept. 12, 2018, we published an Advance Notice of Proposed
Criteria Change, which notifies the market that we are reviewing
our criteria for assigning ratings to U.S. FFELP student loan ABS
transactions. The proposed criteria will revise our current ratings
approach to classes that are at higher risk of repayment after
their legal final maturity dates.

The rating actions apply S&P's current approach.

  RATINGS LOWERED

  SLM Student Loan Trust 2007-3
                            Rating
  Class              To                     From
  A-4                BB (sf)                A (sf)

  SLM Student Loan Trust 2007-7
                            Rating
  Class              To                     From
  A-4                BB (sf)                A (sf)
  B                  BB (sf)                A (sf)

  SLM Student Loan Trust 2008-1
                            Rating
  Class              To                     From
  A-4                BB (sf)                A (sf)
  B                  BB (sf)                A (sf)

  SLM Student Loan Trust 2008-4
                            Rating
  Class              To                     From
  A-4                BB (sf)                A (sf)
  B                  BB (sf)                A (sf)

  SLM Student Loan Trust 2008-5
                            Rating
  Class              To                     From
  A-4                A (sf)                 AA+ (sf)
  B                  A (sf)                 AA (sf)

  SLM Student Loan Trust 2008-6
                            Rating
  Class              To                     From
  A-4                A (sf)                 AA+ (sf)
  B                  A (sf)                 AA (sf)

  SLM Student Loan Trust 2008-7
                            Rating
  Class              To                     From
  A-4                A (sf)                 AA+ (sf)
  B                  A (sf)                 AA (sf)


[*] S&P Takes Various Actions on 26 Classes From 18 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 26 classes from 18 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2000 and 2007. The transactions are backed by RMBS
second-lien high LTV, closed-end second-lien, HELOC collateral, or
prime jumbo. The review yielded 12 upgrades, 12 affirmations, one
withdrawal, and one discontinuance.

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,
-- Historical interest shortfalls,
-- Priority of principal payments,
-- Proportion of reperforming loans in the pool,
-- Tail risk, and
-- Available subordination and/or overcollateralization.

RATING ACTIONS

S&P said, "The affirmed ratings reflect our opinion that our
projected credit support and collateral performance on these
classes have remained relatively consistent with our prior
projections.

"We raised our ratings by five or more notches on eight classes due
to increased credit support or expected short duration. The vast
majority of the upgraded classes benefit from failing cumulative
loss triggers, whereby the most senior classes in the payment
priority are receiving all scheduled and unscheduled principal
allocations, which in effect 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/2D7FVEY


[*] S&P Takes Various Actions on 81 Classes From 24 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 81 classes from 24 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 1999 and 2007. All of these transactions are backed by
subprime and Alternative-A collateral. The review yielded 21
upgrades, five downgrades, and 55 affirmations.

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;
-- Historical interest shortfalls;
-- Principal payment priority;
-- Proportion of reperforming loans in the pool;
-- Tail risk; 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 on 19 classes as a result of increased
credit support, of which three ratings were raised by six or more
notches. These classes have benefitted from the failure of
performance triggers and/or reduced subordinate class principal
distribution amounts, which has built credit support for these
classes as a percent of their respective deal balance. Ultimately,
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/2NXUIWJ


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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                   *** End of Transmission ***