/raid1/www/Hosts/bankrupt/TCR_Public/181028.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, October 28, 2018, Vol. 22, No. 300

                            Headlines

ACCESS GROUP 2003-A: Fitch Affirms B Rating on Class B Debt
AMUR EQUIPMENT 2018-2: DBRS Finalizes B Rating on Class F Notes
APIDOS CLO XVIII-R: S&P Assigns B- Rating on Class F Notes
ARCH STREET: Moody's Assigns B3 Rating on $5.5MM Class F-R Notes
BANC OF AMERICA 2006-1: S&P Raises Class F Certs Rating to B

BANC OF AMERICA 2008-LS1: Moody's Cuts Class A-M Debt Rating to Ca
BARINGS CLO 2018-IV: Moody's Gives (P)Ba3 Rating on Class E Notes
BLUEMOUNTAIN CLO 2014-2: S&P Assigns B- Rating on Class F-R2 Notes
CARLYLE US 2016-4: Moody's Assigns Ba3 Rating on D-R Notes
CIFC FUNDING 2014-III: Moody's Rates Class F-R2 Notes B3(sf)

COLUMBIA CENT 27: S&P Assigns Prelim B- Rating on Cl. E Notes
DENALI CLO XI: Moody's Assigns B3 Rating on Class E-R Notes
FREED ABS 2018-2: DBRS Finalizes BB(high) Rating on Class C Notes
GALTON FUNDING 2018-2: DBRS Gives Prov. BB Rating on Class B4 Certs
GREYWOLF CLO III: S&P Assigns B- Rating on $9.2MM Cl. E Notes

GS MORTGAGE 2018-HART: S&P Assigns Prelim. B+ Rating on F Certs
ICG US 2015-1: Moody's Gives Ba3 Rating on $22.25MM Class D-R Notes
IMSCI 2016-7: DBRS Confirms B Rating on Class G Certificates
ISHARES BROAD: S&P Cuts Fund Credit Quality Rating to B
JP MORGAN 2014-C25: DBRS Confirms B Rating on Class F Certs

JP MORGAN 2016-FL8: S&P Raises Class C Certs Rating to B+
JPMBB COMMERCIAL 2014-C26: DBRS Confirms B Rating on Class F Certs
KEY COMMERCIAL 2018-S1: DBRS Finalizes B Rating on Class F Certs
KVK CLO 2018-1: Moody's Affirms B3 Rating on $12MM Class F Notes
LCM LP XX: S&P Assigns BB Rating on $20MM Class E-R Notes

LCM LP XXI: S&P Affirms BB- Rating on Class E-R Notes
LENDMARK FUNDING 2018-2: DBRS Gives Prov. BB Rating on Cl. D Notes
LENDMARK FUNDING 2018-2: S&P Assigns Prelim. BB Rating on D Notes
MADISON PARK XIV: Moody's Assigns B3 Rating on Class F-R Notes
MELLO MORTGAGE 2018-MTG2: DBRS Gives Prov. B Rating on Cl. B5 Certs

MORGAN STANLEY I: Fitch Assigns B-sf Rating on Class H-RR Certs
NEW RESIDENTIAL 2018-NQM1: DBRS Gives (P)BB Rating on B-1 Notes
NEW RESIDENTIAL 2018-NQM1: S&P Assigns Prelim B Rating on B-2 Notes
OBX 2018-EXP2: DBRS Assigns Prov. B Rating on Class B-5 Notes
OCEAN TRAILS V: S&P Assigns Prelim B- Rating on Class F-RR Notes

REALT 2017: DBRS Confirms BB Rating on Class F Certs
REGATTA VI: Moody's Assigns Ba3 Rating on $20MM Class E-R Notes
SEQUOIA MORTGAGE 2018-8: Moody's Rates Class B-4 Certs Ba3(sf)
SOUND POINT VI-R: Moody's Assing Ba3 Rating on Class E Notes
SOUND POINT VII-R: Moody's Assigns B1 Rating on $10MM Class F Notes

TIAA BANK 2018-3: Moody's Assings (P)Ba1 Rating on B-4 Debt
TIAA CHURCHILL I: S&P Assigns B- Rating on Class F-R Notes
UBS-BARCLAYS 2012-C4: DBRS Confirms BB Rating on Class E Certs
VENTURE CLO 35: Moody's Assigns (P)Ba3 Rating on $30MM Cl. E Notes
VIBRANT CLO III: Moody's Assigns Ba3 Rating on $24MM Cl. D-RR Notes

WELLFLEET CLO 2015-1: Moody's Rates Ba2 Rating on Class E-R2 Notes
WFRBS COMMERCIAL 2013-C17: DBRS Confirms BB Rating on Class E Certs
[*] Moody's Takes Action on $112MM of Scratch-&-Dent RMBS
[*] S&P Discontinues D Ratings on 21 Classes From 11 US CMBS Deals
[*] S&P Takes Various Actions on 51 Classes From Four US RMBS Deals

[*] T&W Fetes 12 Outstanding Young Restructuring Lawyers Nov. 26

                            *********

ACCESS GROUP 2003-A: Fitch Affirms B Rating on Class B Debt
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of the notes of Access Group
Inc., 2002-A, 2003-A, 2004-A, 2005-A, 2005-B, 2007-A and Access
Funding 2010-A LLC as follows:

Access 2002-A

  -- Class A-2 at 'Asf'; Outlook Stable;

  -- Class B at 'CCCsf'; RE 85%.

Access 2003-A

  -- Class A-2 at 'AAAsf'; Outlook Stable;

  -- Class A-3 at 'AAAsf'; Outlook Stable;

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

Access 2004-A

  -- Class A-3 at 'BBBsf'; Outlook Stable;

  -- Class A-4 at 'BBBsf'; Outlook Stable;

  -- Class B-1 at 'Bsf'; Outlook Stable;

  -- Class B-2 at 'Bsf'; Outlook Stable.

Access 2005-A

  -- Class A-3 at 'AAAsf'; Outlook Stable;

  -- Class B at 'BBB-sf'; Outlook Stable.

Access 2005-B

  -- Class A-3 at 'AAAsf'; Outlook Stable.

Access 2007-A

  -- Class A-3 at'AAAsf'; Outlook Stable;

  -- Class B at 'BBB+sf'; Outlook Stable.

Access Funding 2010-A LLC

  -- Class A at 'AAAsf'; Outlook Stable.

The rating actions reflect the transactions' performance and credit
enhancement. Performance metrics have not changed materially for
any of the transactions since the last review. Therefore, a cash
flow analysis was not performed for any of the transactions except
2004-A where, pursuant to an irrevocable Issuer Order dated Oct.
30, 2017, the trustee is directed to redeem class B-2 prior to all
other classes.

KEY RATING DRIVERS

Collateral Performance: The trust is collateralized by private
student loans originated by Access Group. Transaction performance
has been in line with Fitch's expectations from 2017's review.
Fitch's key performance assumptions remain unchanged with a sCDR of
1.75% and principal payment rates of 20% for all transactions
except 2007-A and 2010-A where 17% sCDR is assumed.

Payment Structure: Credit enhancement consists of
overcollateralization and excess spread and for some trusts, senior
notes benefit from subordination of more junior notes. Total parity
as of the most recent distribution was at approximately 100.1% for
2002-A; 102% (the cash release level) for 2003-A and 2004-A; 103%
for 2005-A, 2005-B, and 2007-A and 200% for 2010-A. Liquidity
support is provided by reserve or capitalized interest accounts of
$400,000 for 2003-A and 2004-A, $1.0 million for 2005-A and 2005-B,
$2.0 million for 2007-A and $1.2 million for 2010-A. Access 2002-A
does not have a reserve account.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet Inc., which Fitch believes to be an acceptable servicer of
student loans due to their long servicing history.

Criteria Variation: Access 2002-A and 2004-A do not have a reserve
accounts sufficient to cover one month of senior expenses based on
the notes paying interest at Fitch's equilibrium LIBOR rate. This
constitutes a criteria variation under Fitch's payment interruption
risk analysis found in the Structured Finance and Covered Bonds
Counterparty Rating Criteria.

Fitch believes that the payment interruption risk is mitigated by
the size and servicing history of Nelnet as one of the three
federal direct loan servicers that are subject to federal
regulations. In addition, the student loan industry has a long
history of servicing transfers without payment interruptions.
Further, Access 2002-A has a quarterly note payment frequency so
two months of collections are available to pay note interest should
there be a payment interruption of one month.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or write-offs
on customer accounts could produce loss levels higher than the base
case and would likely result in declines of CE and remaining loss
coverage levels available to the investments. Decreased CE may make
certain ratings on the investments susceptible to potential
negative rating actions, depending on the extent of the decline in
coverage.

The rating sensitivity results only applies to Access 2004-A as
cash flow analysis was not performed for the other transactions.
Rating sensitivities only apply for existing ratings above 'Bsf'.

Access 2004-A

Expected impact on the note rating of increased defaults (class A)

Current Ratings:'BBBsf'

Increase base case defaults by 10%: 'BBBsf'

Increase base case defaults by 25%: 'BBBsf'

Increase base case defaults by 50%: 'BBB-sf'

Expected impact on the note rating of reduced recoveries

Reduce base case recoveries by 20%: 'BBBsf'

Reduce base case recoveries by 30%: 'BBBsf'

Reduce base case recoveries by 50%: 'BB+sf'


AMUR EQUIPMENT 2018-2: DBRS Finalizes B Rating on Class F Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of equipment contract backed notes issued by Amur Equipment
Finance Receivables VI LLC (the Issuer):

-- $64,000,000 Series 2018-2, Class A-1 Notes at R-1 (high) (sf)
-- $147,341,000 Series 2018-2, Class A-2 Notes at AAA (sf)
-- $9,803,000 Series 2018-2, Class B Notes at AA (sf)
-- $7,973,000 Series 2018-2, Class C Notes at A (sf)
-- $10,586,000 Series 2018-2, Class D Notes at BBB (sf)
-- $6,143,000 Series 2018-2, Class E Notes at BB (sf)
-- $5,098,000 Series 2018-2, Class F Notes at B (sf)

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

-- Transaction capital structure, proposed ratings and sufficiency
of available credit enhancement, which includes
overcollateralization (OC), subordination and amounts held in the
reserve account, to support the DBRS-projected cumulative net loss
assumption under various stressed cash flow scenarios.

-- The proposed concentration limits mitigating the risk of
material migration in the collateral pool's composition during the
approximately three-month prefunding period.

-- The capabilities of Amur Equipment Finance, Inc. (AEF) with
regard to originations, underwriting and servicing. DBRS has
performed an operational review of AEF and considers the entity to
be an acceptable originator and servicer of equipment-backed lease
and loan contracts. In addition, Wells Fargo Bank, National
Association (rated AA with a Stable trend by DBRS), an experienced
servicer of equipment lease-backed securitizations, is the back-up
servicer for the transaction.

-- The collateral pool primarily consists of essential-use
equipment, with approximately 94.9% of the contracts supported by
personal guarantees with a weighted-average non-zero guarantor FICO
score of approximately 704.

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

AEF (formerly known as Axis Capital, Inc.) is a privately owned
commercial finance company providing equipment financing solutions
to a broad range of small- to medium-sized businesses across all 50
states of the United States.

The rating on the Class A-1 Notes reflects 76.88% of initial hard
credit enhancement (as a percentage of collateral balance) provided
by the subordinated notes in the pool (71.52%), the Reserve Account
(1.36%) and OC (4.00%). The rating on the Class A-2 Notes reflects
20.51% of initial hard credit enhancement provided by the
subordinated notes in the pool (15.15%), the Reserve Account
(1.36%) and OC (4.00%). The ratings on the Class B, Class C, Class
D, Class E and Class F Notes reflect 16.76%, 13.71%, 9.66%, 7.31%
and 5.36% of initial hard credit enhancement, respectively.

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


APIDOS CLO XVIII-R: S&P Assigns B- Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to Apidos CLO
XVIII-R/Apidos CLO XVIII-R LLC's floating-rate notes. This is a
reissue of the Apidos CLO XVIII transaction, which S&P Global
Ratings did not originally rate.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  Apidos CLO XVIII-R/Apidos CLO XVIII-R LLC

  Class                Rating     Amount (mil. $)
  X                    AAA (sf)              6.00
  A-1                  AAA (sf)            365.95
  A-2                  NR                   24.00
  B                    AA (sf)              63.00
  C                    A (sf)               39.00
  D                    BBB- (sf)            33.00
  E                    BB- (sf)             24.60
  F                    B- (sf)              11.50
  Subordinated notes   NR                   33.49

  NR--Not rated.


ARCH STREET: Moody's Assigns B3 Rating on $5.5MM Class F-R Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
CLO refinancing notes issued by Arch Street CLO, Ltd.:

Moody's rating action is as follows:

US$256,000,000 Class A-R Senior Secured Floating Rate Notes due
2028 (the "Class A-R Notes"), Assigned Aaa (sf)

US$48,000,000 Class B-R Senior Secured Floating Rate Notes due 2028
(the "Class B-R Notes"), Assigned Aa2 (sf)

US$20,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Assigned A2 (sf)

US$22,750,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class D-R Notes"), Assigned Baa3 (sf)

US$21,000,000 Class E-R Secured Deferrable Floating Rate Notes due
2028 (the "Class E-R Notes"), Assigned Ba3 (sf)

US$5,500,000 Class F-R Secured Deferrable Floating Rate Notes due
2028 (the "Class F-R Notes"), Assigned B3 (sf)

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

NewStar Capital LLC manages the CLO. It directs the selection,
acquisition, and disposition of collateral on behalf of the Issuer.


RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of all classes of the secured notes
previously issued on September 15, 2016. 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: extensions of the non-call period;
changes to certain collateral quality tests; changes to the
post-reinvestment period trading criteria.

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: $399,135,434

Defaulted par: $2,939,001

Diversity Score: 68

Weighted Average Rating Factor (WARF): 3036

Weighted Average Spread (WAS): 3.98%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 46.50%

Weighted Average Life (WAL): 6.5 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.


BANC OF AMERICA 2006-1: S&P Raises Class F Certs Rating to B
------------------------------------------------------------
S&P Global Ratings raised its rating on the class F commercial
mortgage pass-through certificates from Banc of America Commercial
Mortgage Trust 2006-1, a U.S. commercial mortgage-backed securities
(CMBS) transaction. In addition, S&P affirmed its rating on class E
from the same transaction.

For the upgrade and affirmation, S&P's expectation of credit
enhancement was in line with the raised or affirmed rating levels.

S&P said, "While available credit enhancement levels may suggest
further positive rating movement on class F and positive rating
movements on class E, our analysis also considered the deal's
significant exposure to the Plaza Antonio loan ($34.8 million,
98.2%). This loan has been transferred to the special servicer
twice, once in January 2011 and again in May 2013, both times for
imminent default related to performance concerns. While the
operating performance of the property securing the loan has been
increasing, given the loan's history we are less optimistic about
the sustainability of the improved performance. In addition, we
considered the upcoming tenant rollover risk before the loan's 2021
maturity date." The servicer's reported net cash flow (NCF) has
been trending up over the past few years, while the reported
occupancy was 96.4% as of June 2018. The property has a diverse
tenant base, with the largest tenant being CVS (12,586 sq. ft.,
11.9% of property net rentable area [NRA]). While just 1.5% of the
property's NRA is scheduled to expire in the remainder of 2018,
14.1% is scheduled to expire in 2019, which includes the
fourth-largest tenant, Wells Fargo Bank (4,000 sq. ft., 3.8%), and
an additional 12.6% of property NRA is scheduled to expire in 2020.
Should the scheduled lease rollovers result in an occupancy
decline, the property's credit profile could deteriorate. S&P
calculated a 0.87x S&P Global Ratings weighted average debt service
coverage and a 98.8% S&P Global Ratings weighted average
loan-to-value ratio using a 7.00% S&P Global Ratings weighted
average capitalization rate. Given these concerns, as well as the
overall history of the property and loan, S&P's current rating
reflects these risks.

TRANSACTION SUMMARY

As of the Oct. 10, 2018, trustee remittance report, the collateral
pool balance was $35.4 million, which is 1.7% of the pool balance
at issuance. The pool currently includes two loans, down from 193
loans at issuance. One loan ($0.6 million, 1.8%) is defeased. There
are no loans with the special servicer, Torchlight Loan Services
LLC.

To date, the transaction has experienced $139.5 million in
principal losses, or 6.8% of the original pool trust balance.

  RATING RAISED

  Banc of America Commercial Mortgage Trust 2006-1
  Commercial mortgage pass-through certificates
                Rating
  Class     To          From
  F         B (sf)      D (sf)

  RATING AFFIRMED

  Banc of America Commercial Mortgage Trust 2006-1
  Commercial mortgage pass-through certificates

  Class     Rating
  E         BB+ (sf)



BANC OF AMERICA 2008-LS1: Moody's Cuts Class A-M Debt Rating to Ca
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
downgraded the rating on one class in Banc of America Commercial
Mortgage Inc., Commercial Mortgage Pass-Through Certificates,
Series 2008-LS1

Cl. A-SM, Affirmed A2 (sf); previously on Oct 19, 2017 Affirmed A2
(sf)

Cl. A-M, Downgraded to Ca (sf); previously on Oct 19, 2017 Affirmed
Caa3 (sf)

RATINGS RATIONALE

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

The rating on P&I class A-M was downgraded due to anticipated
losses and realized losses from specially serviced and troubled
loans that were higher than Moody's had previously expected.

Moody's rating action reflects a base expected loss of 48.2% of the
current pooled balance, compared to 26.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 25.3% of the
original pooled balance, compared to 24.4% at the last review.

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


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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 67.7% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 4.6% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the October 10, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 90.6% to $220.8
million from $2.345 billion at securitization. The certificates are
collateralized by 16 mortgage loans ranging in size from less than
1% to 29% of the pool, with the top ten loans (excluding
defeasance) constituting 92.5% of the pool.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 7, compared to 10 at Moody's last review.

Two loans, constituting 11.9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Eighty-one loans have been liquidated from the pool, resulting in
an aggregate realized loss of $486.8 million (for an average loss
severity of 56.2%). Twelve loans, constituting 67.7% of the pool,
are currently in special servicing.

The largest specially serviced loan is The Hallmark Building Loan
($64.0 million -- 29.0% of the pool), which is secured by a 305,000
square foot (SF) six-story office building in Dulles, Virginia. The
loan transferred to special servicing in December 2016 due to
imminent default and the loan has passed its maturity date in June
2017. As of July 2018, the property was 78% leased, compared to 82%
in June 2017.

The second largest specially serviced loan is the Poplar Run Office
Building Loan ($28.0 million -- 12.7% of the pool), which is
secured by a 144,672 SF office building located in Alexandria,
Virginia. The loan transferred to special servicing in November
2016 due to imminent default. As of July 2018, the property was 70%
leased, compared to 95% as of December 2016.

The third largest specially serviced loan is the Sanford Brown
Building Loan ($10.4 million -- 4.7% of the pool), which is secured
by a 55,000 SF class A office building located in Fenton, Missouri,
a submarket of St. Louis. Sanford Brown College, a for-profit
post-secondary higher education provider, occupied 100% of the NRA
at securitization and vacated in April 2016 at their lease
expiration. The property has been completely vacant since. The loan
transferred to special servicing in May 2016 for monetary default
and became REO in April 2017.

The remaining nine specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $95.5 million loss
for the specially serviced loans (64% expected loss on average).
Moody's has also assumed a high default probability for two poorly
performing loans, constituting 4.6% of the pool, and has estimated
an aggregate loss of $3.0 million (a 30% expected loss based on a
66% probability default) from these troubled loans.

The largest non-specially serviced loan is the 255 Rockville Pike
Loan ($38.2 million -- 17.3% of the pool), which is secured by a
145,281 SF office property located in downtown Rockville, Maryland.
As of June 2018, the property was 100% leased, unchanged from
securitization. The largest tenant, Montgomery County (99% of NRA),
has a lease expiration in September 2022. The loan has passed its
anticipated repayment date in September 2017 and has a final
maturity date in 2037. Due to the single tenant concentration,
Moody's evaluation of this property utilized a lit/dark analysis.
Moody's LTV and stressed DSCR are 132% and 0.74X, respectively.

The second largest non-specially serviced loan is the Capital
Square Office Building -- A-1 Note ($23.0 million -- 10.4% of the
pool), which is secured by a 494,487 SF office building located in
downtown Columbus, Ohio. The original loan was modified in June
2017, which included a bifurcation of the original A note into an
A-1 ($23 million) and A-2 ($7 million) note. As of June 2018, the
property was 67% leased. Performance has dropped due to declining
revenues and occupancy. Moody's LTV and stressed DSCR are 116% and
0.93X, respectively. Moody's has identified the A-2 Note as a
troubled loan.


BARINGS CLO 2018-IV: Moody's Gives (P)Ba3 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by Barings CLO Ltd. 2018-IV.

Moody's rating action is as follows:

US$305,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030 (the "Class A-1 Notes"), Assigned (P)Aaa (sf)

US$51,250,000 Class B Senior Secured Floating Rate Notes due 2030
(the "Class B Notes"), Assigned (P)Aa2 (sf)

US$25,000,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class C Notes"), Assigned (P)A2 (sf)

US$31,250,000 Class D Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class D Notes"), Assigned (P)Baa3 (sf)

US$27,500,000 Class E Secured Deferrable Mezzanine Floating Rate
Notes due 2030 (the "Class E Notes"), Assigned (P)Ba3 (sf)

The Class A-1 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.

Barings 2018-IV is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10% of the portfolio may consist of second lien loans and unsecured
loans. Moody's expects the portfolio to be approximately 55% ramped
as of the closing date.

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

In addition to the Rated Notes, the Issuer will issue one other
class of secured notes and 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: 65

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.28%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.9 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.


BLUEMOUNTAIN CLO 2014-2: S&P Assigns B- Rating on Class F-R2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class X,
A-1-R2, B-R2, C-R2, D-R2, E-R2, and F-R2 notes from BlueMountain
CLO 2014-2 Ltd., a collateralized loan obligation (CLO) that was
originally issued in July 2014, was first refinanced in July 2017,
and is managed by BlueMountain Capital Management LLC. S&P withdrew
its ratings on the original class A-R, B-1-R, B-2-R, C-R, D-R, E,
and F notes following payment in full on the Oct. 22, 2018,
refinancing date.

On the above refinancing date, the proceeds from the replacement
class X, A-1-R2, B-R2, C-R2, D-R2, E-R2, and F-R2 note issuances
were used to redeem the original class A-R, B-1-R, B-2-R, C-R, D-R,
E, and F notes as outlined in the transaction document provisions.
Therefore, S&P withdrew its ratings on the original notes in line
with their full redemption, and it is assigning ratings to the
replacement notes.

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

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

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

  RATINGS ASSIGNED

  BlueMountain CLO 2014-2 Ltd./BlueMountain CLO 2014-2 LLC   
  Replacement class          Rating        Amount (mil $)
  X                          AAA (sf)                3.00
  A-1-R2                     AAA (sf)              328.50
  A-2-R2                     NR                     20.00
  B-R2                       AA (sf)                62.00
  C-R2                       A (sf)                 32.50
  D-R2                       BBB- (sf)              32.00
  E-R2                       BB- (sf)               20.50
  F-R2                       B- (sf)                 9.10
  Subordinated notes         NR                     67.30

  RATINGS WITHDRAWN

  BlueMountain CLO 2014-2 Ltd./BlueMountain CLO 2014-2 LLC
                             Rating
  Original class       To              From
  A-R                  NR              AAA (sf)
  B-1-R                NR              AA (sf)
  B-2-R                NR              AA (sf)
  C-R                  NR              A (sf)
  D-R                  NR              BBB (sf)
  E                    NR              BB (sf)
  F                    NR              B (sf)

  NR--Not rated.


CARLYLE US 2016-4: Moody's Assigns Ba3 Rating on D-R Notes
----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to five
classes of CLO refinancing notes  issued by Carlyle US CLO 2016-4,
Ltd.

Moody's rating action is as follows:

US$302,500,000 Class A-1-R Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R Notes"), Definitive Rating Assigned Aaa (sf)


US$72,500,000 Class A-2-R Senior Secured Floating Rate Notes due
2027 (the "Class A-2-R Notes"), Definitive Rating Assigned Aa1 (sf)


US$38,000,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2027 (the "Class B-R Notes"), Definitive Rating Assigned
A2 (sf)

US$27,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class C-R Notes"), Definitive Rating Assigned
Baa3 (sf)

US$20,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D-R Notes"), Definitive Rating Assigned
Ba3 (sf)

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

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

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of certain classes of notes
previously issued on December 1, 2016. On the Refinancing Date, the
Issuer used the proceeds from the issuance of the Refinancing Notes
to redeem in full the Refinanced Original Notes.

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

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

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

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

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2915

Weighted Average Spread (WAS): 3.60%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.12 years

The definitive rating for the Class A-2-R notes, Aa1 (sf), is one
notch higher than its provisional rating, (P)Aa2 (sf). This
difference is a result of the final collateral quality matrix and
modifiers and other structural features that were provided to us by
the issuer as of the refinancing closing date.

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.


CIFC FUNDING 2014-III: Moody's Rates Class F-R2 Notes B3(sf)
------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
CLO refinancing notes issued by CIFC Funding 2014-III, Ltd.:

Moody's rating action is as follows:

US$427,000,000 Class A-1-R2 Senior Secured Floating Rate Notes due
2031 (the "Class A-1-R2 Notes"), Definitive Rating Assigned Aaa
(sf)

US$28,000,000 Class E-R2 Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class E-R2 Notes"), Definitive Rating Assigned
Ba3 (sf)

US$14,000,000 Class F-R2 Junior Secured Deferrable Floating Rate
Notes due 2031 (the "Class F-R2 Notes"), Definitive Rating Assigned
B3 (sf)

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

CIFC Asset Management LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of all classes of the secured notes
previously refinanced on July 24, 2017 and originally issued on
July 10, 2014. On the Second Refinancing Date, the Issuer used
proceeds from the issuance of the Refinancing Notes and four other
classes of secured notes to redeem in full the Refinanced Original
Notes.

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

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: $700,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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


The performance of the 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.


COLUMBIA CENT 27: S&P Assigns Prelim B- Rating on Cl. E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Columbia
Cent CLO 27 Ltd./Columbia Cent CLO 27 LLC's floating- and
fixed-rate notes. This is a proposed reissue of Cent CLO 20 Ltd.,
which was refinanced on April 25, 2017.

The note issuance is a collateralized debt obligation (CDO)
transaction backed by a revolving pool consisting primarily of
broadly syndicated senior secured loans

The preliminary ratings are based on information as of Oct. 22,
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.

At the time of assigning final ratings, S&P would expect the
downgrade provisions outlined in the transaction documents to be
commensurate with the counterparty rating framework.

  PRELIMINARY RATINGS ASSIGNED
  Columbia Cent CLO 27 Ltd./Columbia Cent CLO 27 LLC

  Class                  Rating    Amount (mil. $)
  X                      AAA (sf)             4.30
  A-1                    AAA (sf)           265.60
  A-2a                   AA (sf)             29.80
  A-2b                   AA (sf)             20.00
  B (deferrable)         A (sf)              27.00
  C (deferrable)         BBB- (sf)           22.00
  D (deferrable)         BB- (sf)            19.10
  E (deferrable)         B- (sf)              7.45
  Subordinated notes     NR                  44.75

  NR--Not rated.


DENALI CLO XI: Moody's Assigns B3 Rating on Class E-R Notes
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
CLO refinancing notes issued by Denali Capital CLO XI, Ltd.:

Moody's rating action is as follows:

US$1,000,000 Class X Amortizing Senior Secured Floating Rate Notes
Due 2028 (the "Class X Notes"), Assigned Aaa (sf)

US$212,200,000 Class A-1-RR Senior Secured Floating Rate Notes Due
2028 (the "Class A-1-RR Notes"), Assigned Aaa (sf)

US$39,500,000 Class A-2-RR Senior Secured Floating Rate Notes Due
2028 (the "Class A-2-RR Notes"), Assigned Aa2 (sf)

US$14,800,000 Class B-RR Senior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class B-RR Notes"), Assigned A2 (sf)

US$19,740,000 Class C-R Senior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$16,400,000 Class D-R Secured Deferrable Floating Rate Notes Due
2028 (the "Class D-R Notes"), Assigned Ba3 (sf)

US$6,600,000 Class E-R Secured Deferrable Floating Rate Notes Due
2028 (the "Class E-R Notes"), Assigned B3 (sf)

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

Crestline Denali Capital, L.P. manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of all classes of the secured notes
previously partially refinanced on July 20, 2017 and originally
issued on March 25, 2015. On the Second 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: $329,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2935

Weighted Average Spread (WAS): 3.3%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 6 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.


FREED ABS 2018-2: DBRS Finalizes BB(high) Rating on Class C Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes (the Notes) issued by FREED ABS Trust 2018-2
(FREED 2018-2):

-- $311,220,000 Class A Notes at A (sf)
-- $43,830,000 Class B Notes at BBB (sf)
-- $28,450,000 Class C Notes at BB (high) (sf)

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

(1) The transaction's form and sufficiency of available credit
enhancement.

-- Subordination, overcollateralization, amounts held in the
Reserve Fund and excess spread create credit enhancement levels
that are commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all A (sf), BBB (sf) and BB (high) (sf) stress scenarios in
accordance with the terms of the FREED 2018-2 transaction
documents.

(2) Structural features of the transaction that requires the Notes
to enter into full turbo principal amortization if certain triggers
are breached or if credit enhancement deteriorates.

(3) The experience, underwriting and servicing capabilities of
Freedom Financial Asset Management, LLC (FFAM).

(4) The experience, underwriting and origination capabilities of
Cross River Bank.

(5) The ability of Wilmington Trust, National Association to
perform duties as a Backup Servicer, and the ability of Portfolio
Financial Servicing Company to perform duties as a Backup Servicer
Subcontractor.

(6) All of the loans in FREED 2018-2 are originated by Cross River
Bank, a New Jersey chartered bank. Loans originated by Cross River
Bank are all within the New Jersey state usury limit of 30%. The
weighted average APR is 25.44% for the C+ Loans in the pool and
18.77% for the F+ Loans in the pool, which may be in excess of
individual state usury laws. As a result, it is not possible to
accurately forecast if litigation and enforcement actions will be
introduced in states where loans exceed state usury laws. Under the
Bank Purchase Agreement and this Grantor Trust, FFAM is obligated
to repurchase any loan if there is a breach of representation and
warranty that materially and adversely affects the interests of the
Purchaser.

(7) The legal structure and legal opinions that address the true
sale of the personal loans, the non-consolidation of the trust and
that the trust has a valid first-priority security interest in the
assets and consistency with the DBRS "Legal Criteria for U.S.
Structured Finance."

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


GALTON FUNDING 2018-2: DBRS Gives Prov. BB Rating on Class B4 Certs
-------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2018-2 (the
Certificates) to be issued by Galton Funding Mortgage Trust 2018-2
(GFMT 2018-2):

-- $411.5 million Class A11 at AA (high) (sf)
-- $411.5 million Class AX11 at AA (high) (sf)
-- $411.5 million Class A12 at AA (high) (sf)
-- $411.5 million Class AX12 at AA (high) (sf)
-- $411.5 million Class A13 at AA (high) (sf)
-- $411.5 million Class AX13 at AA (high) (sf)
-- $362.1 million Class A21 at AAA (sf)
-- $362.1 million Class AX21 at AAA (sf)
-- $362.1 million Class A22 at AAA (sf)
-- $362.1 million Class AX22 at AAA (sf)
-- $362.1 million Class A23 at AAA (sf)
-- $362.1 million Class AX23 at AAA (sf)
-- $49.3 million Class A31 at AA (high) (sf)
-- $49.3 million Class AX31 at AA (high) (sf)
-- $49.3 million Class A32 at AA (high) (sf)
-- $49.3 million Class AX32 at AA (high) (sf)
-- $49.3 million Class A33 at AA (high) (sf)
-- $49.3 million Class AX33 at AA (high) (sf)
-- $289.7 million Class A41 at AAA (sf)
-- $289.7 million Class AX41 at AAA (sf)
-- $289.7 million Class A42 at AAA (sf)
-- $289.7 million Class AX42 at AAA (sf)
-- $289.7 million Class A43 at AAA (sf)
-- $289.7 million Class AX43 at AAA (sf)
-- $72.4 million Class A51 at AAA (sf)
-- $72.4 million Class AX51 at AAA (sf)
-- $72.4 million Class A52 at AAA (sf)
-- $72.4 million Class AX52 at AAA (sf)
-- $72.4 million Class A53 at AAA (sf)
-- $72.4 million Class AX53 at AAA (sf)
-- $54.3 million Class A61 at AAA (sf)
-- $54.3 million Class AX61 at AAA (sf)
-- $54.3 million Class A62 at AAA (sf)
-- $54.3 million Class AX62 at AAA (sf)
-- $54.3 million Class A63 at AAA (sf)
-- $54.3 million Class AX63 at AAA (sf)
-- $18.1 million Class A71 at AAA (sf)
-- $18.1 million Class AX71 at AAA (sf)
-- $18.1 million Class A72 at AAA (sf)
-- $18.1 million Class AX72 at AAA (sf)
-- $18.1 million Class A73 at AAA (sf)
-- $18.1 million Class AX73 at AAA (sf)
-- $411.5 million Class AX at AA (high) (sf)
-- $7.0 million Class B1 at AA (sf)
-- $7.0 million Class BX1 at AA (sf)
-- $13.4 million Class B2 at A (low) (sf)
-- $13.4 million Class BX2 at A (low) (sf)
-- $9.1 million Class B3 at BBB (low) (sf)
-- $5.0 million Class B4 at BB (sf)
-- $3.8 million Class B5 at B (low) (sf)

Classes AX11, AX12, AX13, AX21, AX22, AX23, AX31, AX32, AX33, AX41,
AX42, AX43, AX51, AX52, AX53, AX61, AX62, AX63, AX71, AX72, AX73,
AX, BX1 and BX2 are interest-only (IO) certificates. The class
balances represent notional amounts.

Classes A11, AX11, A12, AX12, A13, AX13, A21, AX21, A22, AX22, A23,
AX23, A31, A32, A41, A42, A51, AX51, A52, AX52, A53, AX53, A61,
A62, A71 and A72 are exchangeable certificates. These classes can
be exchanged for combinations of exchange certificates as specified
in the offering documents.

The AAA (sf) ratings on the Super Senior Certificates reflect the
20.00% of credit enhancement provided by the Senior Support
Certificates and the Subordinate Certificates in the pool. The AA
(high) (sf), AA (sf), A (low) (sf), BBB (low) (sf), BB (sf) and B
(low) (sf) ratings reflect 9.10%, 7.55% 4.60%, 2.60%, 1.50% and
0.65% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of mostly
expanded prime qualified mortgage (QM), non-QM first-lien
residential mortgages and investor loans. The Certificates are
backed by 583 loans with a total principal balance of $452,664,294
as of the Cut-Off Date (October 1, 2018).

The originators for the mortgage pool are JMAC Lending (25.0%);
LendUS, LLC (9.9%); American Pacific Mortgage Corp. (9.5%);
loanDepot.com, LLC (9.3%); and various other originators, each
comprising less than 5.0% of the mortgage loans.

The loans will be serviced by New Penn Financial, LLC doing
business as Shell point Mortgage Servicing. Nation star Mortgage
LLC will act as the Master Servicer. Galton Mortgage Loan Seller
LLC (the Seller) will act as the Servicing Administrator.
Wilmington Savings Fund Society, FSB, will serve as Trustee.
Citibank, N.A. will act as Securities Administrator. U.S. Bank
National Association will serve as the Custodian.

The mortgages were generally originated pursuant to underwriting
standards that conform to Galton Funding (Galton) acquisition
criteria. Galton has established product matrices for different
loan programs. The majority of the loans in this securitization
(98.5%) are Credit Grade A+ borrowers with unblemished credit who
may not meet prime jumbo or agency/government guidelines. While
certain loan attributes are comparable to those in post-crisis
prime transactions, the loans in the GFMT 2018-2 portfolio may have
IO features, higher debt-to-income (DTI) and loan-to-value (LTV)
ratios, lower credit scores and barbelled distribution of certain
characteristics as compared with recent prime securitizations.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's (CFPB) ability-to-repay rules, they
were made to borrowers who generally do not qualify for agency,
government or private-label non-agency prime jumbo products for
various reasons described above. In accordance with the CFPB QM
rules, 24.4% of the loans are designated as QM Safe Harbor, 7.3% as
QM Rebuttable Presumption and 39.8% as non-QM. Approximately 28.5%
of the loans are not subject to the QM rules.

The transaction employs a senior-subordinate shifting-interest cash
flow structure that incorporates a unique feature in the
calculation of interest entitlements of the Certificates. The
interest entitlements, through the calculation of the net
weighted-average coupon rate, are reduced by the delinquent
interest that would have accrued on the stop advance loans (loans
that become 120 days or more delinquent or loans where the servicer
determines that the principal and interest advance would not be
recoverable). In other words, investors are not entitled to any
interest on such severely delinquent mortgages.

The Servicing Administrator will generally fund advances (to the
extent the available aggregate servicing rights strip has first
been reduced to zero to fund such amounts) of delinquent principal
and interest on any mortgage until such loan becomes 120 days
delinquent or until the servicer determines that an advance is not
recoverable and is obligated to make advances in respect of taxes,
insurance premiums and reasonable costs incurred in the course of
servicing and disposing of properties.

The Sponsor intends to retain 5% of the fair value of all the
Certificates issued by the Issuer (other than the residual
certificates) to satisfy the credit risk retention requirements
under Section 15G of the "Securities Exchange Act of 1934" and the
regulations promulgated thereunder.

The Seller and Sponsor will have the option, but not the
obligation, to repurchase any mortgage loan that becomes 90 or more
days delinquent under the Mortgage Bankers Association delinquency
method until the date on which the Representations and Warranties
(R&W) Enforcement Party delivers the enforcement initiation report,
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

STRENGTHS

-- Satisfactory Underwriting Standards
-- Robust Pool Composition
-- Third-Party Due Diligence Review
-- Satisfactory Loan Performance to Date (Albeit Short)

CHALLENGES

-- Geographic Concentration
-- Non-QM, QM Rebuttable Presumption and Investor Loans
-- R&W Framework
-- Servicing Administrator's Financial Capability

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


GREYWOLF CLO III: S&P Assigns B- Rating on $9.2MM Cl. E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Greywolf CLO III Ltd.
(Reissue)/Greywolf CLO III LLC (Reissue)'s floating-rate notes. At
the same time, S&P withdrew its ratings on the class A-1-R, A-2-R,
B-R, C-R, D, and E notes from Greywolf CLO III Ltd., which were
redeemed in connection with the reissue. This transaction is a
reissue of Greywolf CLO III Ltd., which was refinanced in April
2017.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  Greywolf CLO III Ltd. (Reissue)/Greywolf CLO III LLC (Reissue)

  Class                Rating   Amount (mil. $)
  X                    AAA (sf)            6.20
  A-1                  AAA (sf)          320.00
  A-2                  AA (sf)            53.70
  B                    A (sf)             36.30
  C                    BBB- (sf)          27.50
  D                    BB- (sf)           21.90
  E                    B- (sf)             9.20
  Subordinated notes   NR                 56.70

  RATINGS WITHDRAWN
  Greywolf CLO III Ltd.

                             Rating
  Replacement 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)   
  NR--Not rated.



GS MORTGAGE 2018-HART: S&P Assigns Prelim. B+ Rating on F Certs
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GS Mortgage
Securities Corp. Trust 2018-HART's $259.0 million commercial
mortgage pass-through certificates series 2018-HART.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by the fee interest in 39 office, retail, and
industrial properties totaling 5.8 million sq. ft. located across
Dallas/Fort Worth, Houston, and San Antonio, Texas.

The preliminary ratings are based on information as of Oct. 22,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

  PRELIMINARY RATINGS ASSIGNED
  GS Mortgage Securities Corp. Trust 2018-HART
  Class       Rating(i)       Amount (mil. $)
  A           AAA (sf)            128,965,000
  X-CP(ii)    BBB- (sf)           205,485,000(iii)
  X-NCP(ii)   BBB- (sf)           205,485,000(iii)
  B           AA- (sf)             28,659,000
  C           A- (sf)              21,494,000
  D           BBB- (sf)            26,367,000
  E           BB- (sf)             35,824,000
  F           B+ (sf)               4,741,000
  VRR         NR                   12,950,000

(i)The issuer will issue the certificates to qualified
institutional buyers in line with Rule 144A of the Securities Act
of 1933.
(ii)Interest only.
(iii)Notional balance. The notional amount of the class X-CP and
X-NCP certificates will equal the aggregate balance of the class A,
B, C, and D certificates.
NR--Not rated.


ICG US 2015-1: Moody's Gives Ba3 Rating on $22.25MM Class D-R Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by ICG US CLO 2015-1, Ltd.:

Moody's rating action is as follows:

US$259,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2028 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$42,750,000 Class A-2-R Senior Secured Floating Rate Notes due
2028 (the "Class A-2-R Notes"), Assigned Aa2 (sf)

US$24,250,000 Class B-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class B-R Notes"), Assigned A2 (sf)

US$24,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Assigned Baa3 (sf)

US$22,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class D-R Notes"), Assigned Ba3 (sf)

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

US$38,250,000 Combination Notes due 2028 (the "Combination Notes"),
Upgraded to A1 (sf); previously on December 13, 2016 Downgraded to
Baa1 (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.

ICG Debt Advisors LLC -- Manager Series (the "Manager") manages the
CLO. It directs the selection, acquisition, and disposition of
collateral on behalf of the Issuer.

RATINGS RATIONALE

The ratings on the Refinancing Notes 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 upgrade on the Combination Notes is primarily a result of the
reduction of the Combination Notes' rated balance and an increase
in the Combination Notes' rated balance collateralization coverage.


The Issuer has issued the Refinancing Notes on October 19, 2018 in
connection with the refinancing of all classes of the secured notes
previously issued on June 30, 2015. On the Refinancing Date, the
Issuer used proceeds from the issuance of the Refinancing Notes to
redeem in full the Refinanced Original Notes.

On the Refinancing Date, the Combination Notes' original $9,250,000
Class A-2 Notes component and $17,750,000 Class B Notes component
were exchanged for a $9,250,000 Class A-2-R Notes component and
$17,750,000 Class B-R Notes component, respectively. The
$11,250,000 Subordinated Notes component issued on the Original
Closing Date remain part of the Combination 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: $403,785,316

Defaulted par: $1,114,684

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.25%

Weighted Average Life (WAL): 7 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.

Moody's rating of the Combination Notes addresses only the ultimate
receipt of the Combination Notes' rated balance by the holders of
the Combination Notes. Moody's rating of the Combination Notes does
not address any other payments or additional amounts that a holder
of the Combination Notes may receive pursuant to the underlying
documents.

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.

The rating on the Combination Notes, which combines cash flows from
one or more of the CLO's debt tranches and the equity tranche, is
subject to a higher degree of volatility than the other rated
notes. Actual equity distributions that differ significantly from
Moody's assumptions can lead to a faster (or slower) speed of
reduction in the Combination Notes' rated balance, thereby
resulting in better (or worse) ratings performance than previously
expected.


IMSCI 2016-7: DBRS Confirms B Rating on Class G Certificates
------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2016-7 (the Certificates) issued
by Institutional Mortgage Securities Canada Inc. (IMSCI), Series
2016-7 (the Issuer) as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance
exhibited since issuance. At issuance, the collateral consisted of
38 fixed-rate loans secured by 60 commercial properties. As of the
September 2018 remittance, 37 loans remain in the pool with an
aggregate principal balance of $326.9 million, representing a
collateral reduction of 7.2% since issuance as a result of the
unscheduled repayment of one loan and scheduled loan amortization.
At issuance, the transaction had a weighted-average (WA) DBRS Term
Debt Service Coverage Ratio (DSCR) and DBRS Debt Yield of 1.47
times (x) and 9.2%, respectively. To date, only 17 loans,
representing 38.9% of the pool, have reported YE2017 financials,
with a WA DSCR and debt yield of 1.69x and 10.9%, respectively.

The transaction benefits from properties located in urban (38.9% of
the pool) and suburban (55.3% of the pool) markets. Additionally,
11 loans (36.3% of the pool) have either full or partial recourse
to their respective sponsors. The pool is concentrated by property
type, as 12 loans (37.6% of the pool) are secured by retail
properties, nine loans (25.8% of the pool) are secured by
industrial properties and five loans (12.8% of the pool) are
secured by multifamily properties. The pool is also concentrated by
loan size, as the top ten and top 15 loans represent 50.0% and
64.7% of the pool, respectively.

As of the September 2018 remittance, there were three loans,
representing 11.0% of the pool, on the servicer's watch list. The
largest loan, Portage Place (Prospectus ID #1, 7.9% of the pool),
was flagged as the loan was 30 to 59 days delinquent, although the
loan has been made current with the October 2018 remittance. The
second-largest loan, 4000 Innovation (Prospectus ID #18, 2.4% of
the pool), is cross-collateralized and cross-defaulted with 5050
Innovation (Prospectus ID #9, 3.4% of the pool) and has been
flagged as a result of the departure of its sole tenant. The
remaining loan, Kamloops Retail (Prospectus ID #38, 0.6% of the
pool), was flagged due to a decline in performance, driven by a
period of elevated vacancy. For additional information on these
loans, please see the loan commentary on the DBRS Viewpoint
platform, for which information is provided below.

Class X is interest-only (IO) certificates that reference multiple
rated tranches. The IO rating mirrors the lowest-rated applicable
reference obligation tranche adjusted upward by one notch if senior
in the waterfall.

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


ISHARES BROAD: S&P Cuts Fund Credit Quality Rating to B
-------------------------------------------------------
S&P Global Ratings said it lowered its fund credit quality rating
(FCQR) on the iShares Broad USD High Yield Corporate Bond ETF
(USHY), managed by BlackRock Fund Advisors (BFA), to 'Bf' from
'B+f'. At the same time, S&P affirmed its 'S4' fund volatility
rating (FVR). The 'Bf' FCQR signifies that the credit quality of
the fund's portfolio exposure is very weak.

S&P said, "Initially, we assigned our 'B+f' rating on the fund,
based in part on an assessment of the credit quality of the fund's
benchmark index portfolio, ICE BofAML US High Yield Constrained
Index, prior to the fund's official launch. We assessed the fund's
index portfolio to determine the preliminary FCQR, given the fund's
investment objective to track the investment results of the
benchmark index through a passive investing approach. We are now
lowering the FCQR because since the fund launched, its underlying
portfolio of investments has exhibited portfolio credit that has
steadily and continuously decreased on a monthly basis, and it has
recently began to exhibit risk equivalent to the 'Bf' rating level.
As part of our analysis, we also assessed the credit quality of the
ICE BofAML US High Yield Constrained Index, which has also declined
since our initial rating to a level of portfolio credit risk
equivalent to the 'Bf' level. We understand the components of the
underlying index, and the degree to which these components
represent certain industries, are likely to change over time."

USHY seeks to track the investment results of an index composed of
U.S. dollar-denominated, high yield corporate bonds.

S&P said, "We view the investment manager, BFA, as strong and the
portfolio risk assessment as neutral. Within our management-scoring
framework, we do not assess credit culture or credit research of
funds that are passively managed against an index. Our portfolio
risk assessment focused on counterparty risk, concentration risk,
liquidity, and the fund credit score cushion (the proximity of the
preliminary FCQR to a fund rating threshold)."

The 'S4' FVR signifies that the fund exhibits moderate to high
volatility of returns comparable to a portfolio of long-duration
government securities, typically maturing beyond 10 years and
denominated in the base currency of the fund.

S&P said, "We evaluated ICE BofAML US High Yield Constrained
Index's annualized standard deviation and distribution of monthly
returns to assess the preliminary FVR. Next, we evaluated portfolio
risk, taking into account duration, credit exposures, liquidity,
derivatives, leverage, foreign currency, and investment
concentration. We do not expect these risk factors to contribute to
a level of volatility that differs significantly from that observed
in the assessment of the preliminary FVR. We then used our
qualitative assessment of management to determine that no
adjustment was required to the FVR.

"In determining the FCQR and FVR, we performed a comparable rating
analysis with other iShares ETFs targeting U.S. dollar-denominated,
high yield corporate bonds that have similar portfolio strategy and
composition. We focused on a holistic view of the fund's portfolio
credit quality and characteristics relative to its peers." The
comparative rating analyses resulted in no adjustments to the
ratings. The investment manager, BFA, is a wholly owned subsidiary
of BlackRock Inc. (AA-/Stable/A-1+) which, as of Sept. 30, 2018,
had assets under management of US$6.44 trillion. iShares consists
of a global line-up of 800+ exchange-traded funds (ETFs) with $1.8
trillion in assets under management.

An FCQR, also known as a "bond fund rating," is a forward-looking
opinion about the overall credit quality of a fixed-income
investment fund. FCQRs, identified by the 'f' suffix, are assigned
to fixed-income funds, actively or passively managed, typically
exhibiting variable net asset values. The ratings reflect the
credit risks of the portfolio investments, the level of the fund's
counterparty risk, and the risk of the fund's management ability
and willingness to maintain current fund credit quality. Unlike
traditional credit ratings (e.g., issuer credit ratings), an FCQR
does not address a fund's ability to meet payment obligations and
is not a commentary on yield levels.

An FVR is a forward-looking opinion about a fixed-income investment
fund's volatility of returns relative to that of a "reference
index" denominated in the base currency of the fund. A reference
index is composed of government securities associated with the
fund's base currency. FVRs are not globally comparable. S&P said,
"FVRs reflect our expectation of a fund's future volatility of
returns to remain consistent with its historical volatility of
returns. FVRs reflect our view of a fund's sensitivity to interest
rate risk, credit risk, and liquidity risk, as well as other
factors that may affect returns such as use of derivatives, use of
leverage, exposure to foreign currency risk and investment
concentration, and fund management. Different symbology is used to
distinguish FVRs from our traditional issue or issuer credit
ratings. We do so because FVRs do not reflect creditworthiness, but
rather our view of a fund's volatility of returns."

S&P reviews pertinent fund information and portfolio reports
monthly as part of its surveillance process of our FCQRs and FVRs.



JP MORGAN 2014-C25: DBRS Confirms B Rating on Class F Certs
-----------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-C25
issued by J.P. Morgan Chase Commercial Mortgage Securities Trust,
Series 2014-C25:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4A1 at AAA (sf)
-- Class A-4A2 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-C at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class EC at A (high) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-F at BB (low) (sf)
-- Class F at B (high) (sf)

The Class A-S, Class B and Class C certificates may be exchanged
for the Class EC certificates (and
vice versa).

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained generally in line with DBRS's
expectations since issuance. The collateral consists of 65
fixed-rate loans secured by 157 properties, and as of the September
2018 remittance there has been a collateral reduction of 2.9% as a
result of scheduled loan amortization with all of the original
loans remaining in the pool. However, there are four loans,
representing 7.1% of the current pool balance, that are fully
defeased. Loans representing 90.8% of the current pool balance are
reporting YE2017 figures, with a weighted-average (WA) debt service
coverage ratio (DSCR) and a WA debt yield of 1.85 times (x) and
10.5%, respectively. The WA DBRS Term DSCR and WA DBRS Debt Yield
for the pool at issuance were 1.62x and 9.0%, respectively. The
largest 15 loans in the pool collectively represent 59.1% of the
transaction balance, and those loans showed a WA net cash flow
growth of 17.0% over the DBRS issuance figures at YE2017, with a WA
DSCR and in-place debt yield of 2.00x and 10.4%, respectively.

As of the September 2018 remittance, there are seven loans on the
servicer's watch list and four loans in special servicing,
representing 6.1% and 1.6% of the current pool balance,
respectively. Most of the loans on the servicer's watch list are
being monitored for occupancy and/or low DSCR figures, but all
seven are generally small loans, with the largest loan in the 3600
San Clemente Building B loan (Prospectus ID #22, 1.8% of the pool),
which is secured by a Class A suburban office property in Austin,
Texas and is being monitored for occupancy and cash flow declines
since issuance. Recent leasing activity suggests occupancy will
improve in 2019 for that property, with the overall submarket
generally healthy and over $200,000 in leasing reserves available
to fund costs for new tenants.

Three of the four loans in special servicing are secured by
limited-service hotels. The Fairfield Inn Dayton North loan
(Prospectus ID #54, 0.4% of the current pool balance) and the
Holiday Inn Express Kirksville loan (Prospectus ID #59, 0.4% of the
current pool balance) are both secured by limited-service hotel
properties that have lost their respective flags since issuance.
The only non-hotel loan in special servicing, East Jackson Shopping
Center (Prospectus ID #63, 0.3% of the current pool balance), is in
special servicing for imminent default following the collateral
property's loss of the Kroger anchor.

It is noteworthy that the pool has a concentration of retail
properties with Sears or Kmart as a tenant, with three loans,
representing 14.0% of the current pool balance, including two loans
in the top 15. With the recent announcement of the Sears bankruptcy
and related store closures on October 15, 2018, one of those loans,
Hershey Square Shopping Center (Prospectus ID #17, 1.9% of the
current pool balance), is confirmed to be affected as the Kmart at
the subject (47.4% of net rentable area (NRA) on a lease through
March 2019) was listed for closure. The other exposure is in the
Grapevine Mills (Prospectus ID #3, 6.4% of the current pool
balance) and Mall at Barnes Crossing and Market Center Tupelo
(Prospectus ID #4, 5.7% of the current pool balance) loans, with
both housing a Sears location. The Sears Appliance Outlet tenant at
Grapevine Mills represents 1.7% of the NRA on a lease through
November 2023, while the Sears at Mall at Barnes Crossing and
Market Center Tupelo is that property's third-largest tenant,
representing 13.1% of NRA and on a lease through March 2020.
According to the trailing 12 months August 2018 tenant sales report
for the Mall at Barnes Crossing and Market Center Tupelo, Sears
reported sales of $56 per square foot (psf), which is a 21.3%
decline from prior-year sales of $71 psf and a further decline from
issuance sales of $103 psf. The closure lists announced thus far
have not included either of those Sears locations, but DBRS will
continue to monitor closely for developments and has provided
detailed commentary on both loans in the DBRS Viewpoint platform.

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

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


JP MORGAN 2016-FL8: S&P Raises Class C Certs Rating to B+
---------------------------------------------------------
S&P Global Ratings raised its rating on the class C commercial
mortgage pass-through certificates from J.P. Morgan Chase
Commercial Mortgage Securities Trust 2016-FL8, a U.S. commercial
mortgage-backed securities (CMBS) transaction. At the same time,
S&P affirmed its ratings on three other classes from the same
transaction.

For the upgrade and affirmations on the principal- and
interest-paying certificates, S&P's expectation of credit
enhancement was in line with the raised or affirmed rating levels.

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

This is a large-loan transaction that is currently backed by one
remaining floating-rate IO mortgage loan, the Normandy Portfolio
loan. S&P said, "Our property-level analysis included a
re-evaluation of the office property that secures the mortgage loan
and considered the somewhat stable servicer-reported net operating
income and occupancy for the past five-plus years (2013 through the
trailing 12 months ended June 30, 2018). In addition, our analysis
considered the high rollover risk in 2020 and 2021, as well as
fluctuating historical occupancies, which were reported between
80.6% and 90.0%. We then derived our sustainable in-place net cash
flow (NCF), which we divided by an 8.25% S&P Global Ratings'
capitalization rate to determine our expected-case value. This
yielded an overall S&P Global Ratings' loan-to-value ratio and debt
service coverage (DSC) of 82.3% and 2.09x (based on current LIBOR
cap rate plus gross margin), respectively, on the trust balance."

According to the Oct. 15, 2018, trustee remittance report, the
trust consisted of the Normandy Portfolio loan, which is indexed to
one-month LIBOR with a trust balance of $23.4 million, down from
five loans totaling $337.0 million at issuance. The trust has not
experienced any principal losses to date.

The sole remaining loan, the Normandy Portfolio loan, had an
original trust balance of $55.7 million and was initially secured
by four office and one industrial properties totaling 960,724 sq.
ft. and two vacant land parcels in N.J. and Massachusetts.
Following the release of one office and one industrial property
totaling 691,766 sq. ft. in Massachusetts, the trust balance was
reduced to $23.4 million. There is also $11.6 million in mezzanine
debt. The trust loan pays floating rate of LIBOR plus 3.7187% gross
margin (which increased 0.25% following the second extension). The
loan currently matures on Aug. 9, 2019, and has one one-year
extension option remaining.

The master servicer, KeyBank Real Estate Capital, reported a DSC of
3.17x on the trust balance for the trailing 12 months ended June
30, 2018, and collateral occupancy was 89.9% according to the March
31, 2018, rent roll. Based on the March 2018 rent roll, the
five-largest tenants make up 55.0% of the collateral's total net
rentable area (NRA). In addition, 1.3%, 7.9%, 46.0%, and 16.3% of
the NRA have leases that expire in 2018, 2019, 2020, and 2021,
respectively.

  RATING RAISED

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-FL8
  Commercial mortgage pass-through certificates

                    Rating
  Class        To          From
  C            B+ (sf)     B (sf)

  RATINGS AFFIRMED

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-FL8
  Commercial mortgage pass-through certificates

  Class     Rating
  A         BBB- (sf)
  B         BB- (sf)
  X         BBB- (sf)


JPMBB COMMERCIAL 2014-C26: DBRS Confirms B Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed the Commercial Mortgage Pass-Through
Certificates, Series 2014-C26 issued by JPMBB Commercial Mortgage
Securities Trust 2014-C26 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. The collateral consists of 67 loans secured by 91
commercial and multifamily properties. As of the September 2018
remittance, the pool had an aggregate trust balance of
approximately $1.39 billion, representing a collateral reduction of
approximately 4.7% since issuance due to the repayment of two loans
and scheduled loan amortization. Four loans, representing 3.9% of
the current pool balance, are fully defeased. To date, 95.7% of the
pool is reporting year-end 2017 financials. Based on the most
recent year-end financials, the pool reported a weighted-average
(WA) debt service coverage ratio (DSCR) and debt yield of 1.80
times (x) and 10.4%, respectively, compared with the WA DBRS Term
DSCR and WA DBRS Debt Yield figures of 1.49x and 8.4% at issuance,
respectively.

The transaction is concentrated by property type, as 22 loans
(46.0% of the current pool balance) are secured by office
properties, while 11 loans (16.5% of the current pool balance) are
secured by hotel properties. The pool has benefited from stable
cash flow performance, as the top 15 loans (52.0% of the current
pool balance) reported a WA DSCR of 1.86x (based on the most recent
year-end financials), compared with the WA DBRS Term DSCR of 1.50x
at issuance, representing WA net cash flow (NCF) growth of 25.4%.

As of the September 2018 remittance, there are seven loans,
representing 8.1% of the current pool balance, on the servicer's
watch list. All of these loans were flagged because of either
performance declines and/or increased vacancy. Based on the most
recent financials available (both partial and full-year reporting),
these loans had a WA DSCR of 0.62x, compared the DBRS WA figure of
1.28x, representing a NCF decline of 44.2% over the DBRS Term
figure. The two largest loans, 117 Kendrick Street (Prospectus
ID#10, 2.9% of the current pool balance) and Columbia Centre I & II
(Prospectus ID#14, 2.6% of the current pool balance), are both in
the top 15 and have recently had increases in vacancy in excess of
15.0%. Both of these loans are highlighted in the DBRS Viewpoint
platform.

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

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


KEY COMMERCIAL 2018-S1: DBRS Finalizes B Rating on Class F Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2018-S1 (the Certificates) issued by Key Commercial Mortgage Trust
2018-S1:

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

The Class X balance is notional.

The collateral consists of 31 fixed-rate loans secured by 40
commercial and multifamily properties. The transaction is a
sequential-pay pass-through structure. The conduit pool was
analyzed to determine the ratings, reflecting the long-term
probability of loan default within the term and its liquidity at
maturity. When the cut-off loan balances were measured against the
DBRS Stabilized Net Cash Flow, one loan, representing 1.5% of the
pool, had a DBRS Term Debt-Service Coverage Ratio (DSCR) below 1.15
times (x), a threshold indicative of a higher likelihood of
mid-term default. To assess refinance risk given the current low
interest rate environment, DBRS applied its refinance constants to
the balloon amounts. This resulted in five loans, representing
10.0% of the pool by allocated loan balance, having refinance DSCRs
below 1.00x, a threshold indicative of a higher likelihood of
maturity default. These credit metrics are based on whole-loan
balances.

The deal exhibits ample property type diversification, with no
single property type accounting for more than 20.4% of the pool by
allocated loan balance. The largest concentrations include Retail,
Self-Storage, Manufactured Housing Community (MHC) and Office
properties, which account for 20.4%, 18.6%, 17.1% and 15.8% of the
pool by allocated loan balance, respectively. Only four loans,
representing 9.3% of the pool by allocated loan balance, are
secured by multifamily properties, and only one loan, representing
5.0% of the pool by allocated loan balance, is secured by a hotel
property. Additionally, only one loan, representing 5.5% of the
aggregate pool balance, is secured by a property that is fully
leased to a single tenant.

The pool exhibits relatively low refinance risk, as indicated by a
strong DBRS Refi DSCR of 1.20x. Nine loans, representing 31.8% of
the pool by allocated loan balance, have a DBRS Refi DSCR in excess
of 1.25x. Excluding Hillcrest Plaza, which individually contributes
a DBRS Refi DSCR of 2.65x, the deal still exhibits a favorable DBRS
Refi DSCR of 1.16x. Only one loan, representing 3.4% of the pool,
is interest only (IO) for the full term, and total scheduled pool
amortization is high at 15.0%.

The pool has a relatively high concentration of loans secured by
properties considered to be in less favorable markets, with 11
loans, representing 37.5% of the pool by allocated loan balance,
secured by properties considered to be in tertiary or rural
markets. Five of the top ten loans specifically are in markets
considered by DBRS to be tertiary or rural. The pool additionally
suffers from a relatively high concentration of loans secured by
non-traditional property types, with 14 loans, representing 40.7%
of the pool by allocated loan balance, secured by self-storage, MHC
or hospitality properties. The majority of these loans, 77.6% by
allocated loan balance, are structured without IO periods and
benefit from full-term amortization.

Of the 18 loans sampled by DBRS, five loans, representing 25.1% of
the pool by allocated loan balance (35.0% of the DBRS sample), are
secured by properties considered by DBRS to be of Below Average or
Average (-) property quality. DBRS increased the probability of
default of these loans to account for the elevated risk.
Additionally, the five loans have a weighted-average (WA) DBRS Exit
Debt Yield of 11.9%, which is greater than the pool's WA DBRS Exit
Debt Yield of 11.6%.

The pool is relatively concentrated based on loan size, as there
are only 31 loans, and it has a concentration profile similar to a
pool of 24 equally sized loans. The ten largest loans represent
52.9% of the pool by allocated loan balance, and the largest three
loans represent 20.3% of the pool by allocated loan balance.
Excluding the top six loans, which account for 36.1% of the pool by
allocated loan balance, no single loan accounts for more than 5.0%
of the pool by allocated loan balance. While the concentration
profile is like a pool of 24 equally sized loans — which is
typically worse than most fixed-rate conduit transactions — the
transaction benefits from favorable property type diversification.

Class X is an IO certificate that references a single rated tranche
or multiple rated tranches. The IO rating mirrors the lowest-rated
reference tranche adjusted upward by one notch if senior in the
waterfall.


KVK CLO 2018-1: Moody's Affirms B3 Rating on $12MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on the following
notes issued by KVK CLO 2018-1 Ltd. on May 21, 2018:

US$6,250,000 Class X Senior Secured Floating Rate Notes due 2029
(the "Class X Notes"), Affirmed Aaa (sf); previously on May 21,
2018 Assigned Aaa (sf)

US$387,000,000 Class A Senior Secured Floating Rate Notes due 2029
(the "Class A Notes"), Affirmed Aaa (sf); previously on May 21,
2018 Assigned Aaa (sf)

US$67,500,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Affirmed Aa2 (sf); previously on May 21,
2018 Assigned Aa2 (sf)

US$32,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2029 (the "Class C Notes"), Affirmed A2 (sf); previously on May
21, 2018 Assigned A2 (sf)

US$36,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2029 (the "Class D Notes"), Affirmed Baa3 (sf); previously on
May 21, 2018 Assigned Baa3 (sf)

US$28,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Affirmed Ba3 (sf); previously on
May 21, 2018 Assigned Ba3 (sf)

US$12,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2029 (the "Class F Notes"), Affirmed B3 (sf); previously on May
21, 2018 Assigned B3 (sf)

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

KVK CLO 2018-1 Ltd. is a collateralized loan obligation backed
primarily by a portfolio of senior secured loans. The issuer
declared the transaction's Effective Date as August 16, 2018. THL
Credit Advisors LLC 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 Manager in response to
the recent ramp-up failure. On August 29, 2018, Moody's was
notified of the Issuer's failure to satisfy the requirements of a
Moody's Effective Date Deemed Rating Confirmation, due to the
Issuer's non-compliance with the concentration limitation test
pertaining to assets with a Moody's default probability rating of
Caa1 or below as of the Effective Date. However, as per the latest
trustee report dated October 2, 2018, this test is in compliance.

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.


LCM LP XX: S&P Assigns BB Rating on $20MM Class E-R Notes
---------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-R, B-R, C-R, D-R, and E-R notes from LCM XX L.P./LCM LLC, a
collateralized loan obligation (CLO) originally issued in 2015 that
is managed by LCM Asset Management LLC. S&P withdrew its ratings on
the original class A, B, C, D, and E notes following payment in
full on the Oct. 22, 2018, refinancing date.

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

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

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

-- Reestablish the end of the non-call period as the October 2019
payment date for the class A-R notes and the April 2019 payment
date for the class B-R, C-R, D-R, and E-R notes.

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

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

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

  RATINGS ASSIGNED
  LCM XX L.P./LCM XX LLC

  Replacement class          Rating        Amount (mil $)
  A-R                        AAA (sf)              315.00
  B-R                        AA (sf)                60.00
  C-R                        A (sf)                 37.50
  D-R                        BBB (sf)               25.00
  E-R                        BB (sf)                20.00
  Subordinated notes         NR                     51.50

  RATINGS WITHDRAWN
  LCM XX L.P./LCM XX LLC

                             Rating
  Original class       To              From
  A                    NR              AAA (sf)
  B                    NR              AA (sf)
  C                    NR              A (sf)
  D                    NR              BBB (sf)
  E                    NR              BB (sf)

  NR--Not rated.


LCM LP XXI: S&P Affirms BB- Rating on Class E-R Notes
-----------------------------------------------------
S&P Global Ratings assigned its ratings to the class C-R and D-R
replacement notes from LCM XXI L.P., a U.S. collateralized loan
obligation (CLO) transaction managed by LCM Asset Management LLC.
The replacement notes are being issued via a supplemental
indenture. S&P withdrew its ratings on the original class C and D
notes from this transaction following payment in full on the Oct.
22, 2018, refinancing date. At the same time, S&P affirmed its
ratings on the class A-R, B-R, and E-R notes.

On the Oct. 22, 2018, refinancing date, the proceeds from the class
C-R and D-R replacement note issuances were used to redeem the
original class C and D 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 final ratings to the new notes. The class A-R, B-R, and
E-R notes are not affected by the changes in the supplemental
indenture.

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

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

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

  RATINGS ASSIGNED
  LCM XXI L.P./LCM XXI LLC

  Replacement class    Rating        Amount (mil $)
  C-R                  A (sf)                 28.00
  D-R                  BBB (sf)               18.90

  RATINGS WITHDRAWN
  LCM XXI L.P./LCM XXI LLC

                             Rating
  Original class       To              From
  C                    NR              A (sf)
  D                    NR              BBB (sf)

  RATINGS AFFIRMED
  LCM XXI L.P./LCM XXI LLC

  Class                      Rating
  A-R                        AAA (sf)
  B-R                        AA (sf)
  E-R                        BB- (sf)

  NR--Not rated.


LENDMARK FUNDING 2018-2: DBRS Gives Prov. BB Rating on Cl. D Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following notes to
be issued by Lendmark Funding Trust 2018-2 (Series 2018-2):

-- $234,840,000 Series 2018-2, Class A (the Class A Notes) rated
     AA (sf)

-- $20,080,000 Series 2018-2, Class B (the Class B Notes) rated A

     (sf)

-- $22,140,000 Series 2018-2, Class C (the Class C Notes) rated
     BBB (sf)

-- $22,940,000 Series 2018-2, Class D (the Class D Notes) rated
     BB (sf)

RATING RATIONALE/DESCRIPTION

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

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

-- Lendmark Financial Services, LLC's (Lendmark) capabilities with
regard to originations, underwriting and servicing.

-- The credit quality of the collateral and performance of
Lendmark's consumer loan portfolio. DBRS used a hybrid approach in
analyzing the Lendmark portfolio that incorporates elements of
static pool analysis, employed for assets such as consumer loans,
and revolving asset analysis, employed for such assets as credit
card master trusts.

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

The Series 2018-2 transaction represents the sixth securitization
of a portfolio of non-prime and subprime personal loans originated
through Lendmark's branch network.

Credit enhancement in the transaction consists of
overcollateralization, subordination, excess spread and a Reserve
Account. The rating on the Class A Notes reflects the 26.80% of
initial hard credit enhancement provided by the subordinated notes
in the pool, the Reserve Account (0.50%) and overcollateralization
(5.85%). The ratings on the Class B Notes, the Class C Notes and
the Class D Notes reflect 20.50%, 13.55% and 6.35% of initial hard
credit enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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


LENDMARK FUNDING 2018-2: S&P Assigns Prelim. BB Rating on D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Lendmark
Funding Trust 2018-2's personal consumer loan-backed notes.

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

The preliminary ratings are based on information as of Oct. 19,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 48.2%, 42.0%, 36.4%, and
30.6% credit support to the class A, B, C, and D notes,
respectively, in the form of subordination, overcollateralization,
a reserve account, and excess spread. These credit support levels
are sufficient to withstand stresses commensurate with the notes'
preliminary ratings that are based on S&P's stressed cash flow
scenarios.

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

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

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

-- The operational risks associated with Lendmark Financial
Services LLC's (Lendmark's) decentralized business model.

-- The transaction's payment and legal structures.

  PRELIMINARY RATINGS ASSIGNED

  Lendmark Funding Trust 2018-2

  Class       Rating       Amount (mil. $)(i)
  A           A (sf)                  234.840
  B           A- (sf)                  20.080
  C           BBB- (sf)                22.140
  D           BB (sf)                  22.940

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


MADISON PARK XIV: Moody's Assigns B3 Rating on Class F-R Notes
--------------------------------------------------------------
Moody's Investors Service assigns ratings to six classes of CLO
refinancing notes issued by Madison Park Funding XIV, Ltd.

Moody's rating action is as follows:

US$620,000,000 Class A-1-RR Floating Rate Notes due 2030 (the
"Class A-1-RR Notes"), Definitive Rating Assigned Aaa (sf)

US$98,500,000 Class B-RR Floating Rate Notes due 2030 (the "Class
B-RR Notes"), Definitive Rating Assigned Aa2 (sf)

US$50,000,000 Class C-RR Deferrable Floating Rate Notes due 2030
(the "Class C-RR Notes"), Definitive Rating Assigned A2 (sf)

US$66,750,000 Class D-RR Deferrable Floating Rate Notes due 2030
(the "Class D-RR Notes"), Definitive Rating Assigned Baa3 (sf)

US$61,000,000 Class E-R Deferrable Floating Rate Notes due 2030
(the "Class E-R Notes"), Definitive Rating Assigned Ba3 (sf)

US$9,000,000 Class F-R Deferrable Floating Rate Notes due 2030 (the
"Class F-R Notes"), Definitive Rating Assigned B3 (sf)

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

Credit Suisse Asset Management, LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of all classes of the secured notes
previously partially refinanced on April 20, 2017 and originally
issued on August 6, 2014 . On the Refinancing Date, the Issuer used
proceeds from the issuance of the Refinancing Notes and one other
class of secured 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: $1,000,000,000

Diversity Score: 62

Weighted Average Rating Factor (WARF): 3014

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

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

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


The performance of the 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.


MELLO MORTGAGE 2018-MTG2: DBRS Gives Prov. B Rating on Cl. B5 Certs
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage
Pass-Through Certificates, Series 2018-MTG2 (the Certificates)
issued by Mello Mortgage Capital Acceptance 2018-MTG2 (the Trust)
as follows:

-- $249.3 million Class A1 at AAA (sf)
-- $249.3 million Class A2 at AAA (sf)
-- $187.0 million Class A3 at AAA (sf)
-- $187.0 million Class A4 at AAA (sf)
-- $12.5 million Class A5 at AAA (sf)
-- $12.5 million Class A6 at AAA (sf)
-- $49.9 million Class A7 at AAA (sf)
-- $49.9 million Class A8 at AAA (sf)
-- $25.7 million Class A9 at AAA (sf)
-- $25.7 million Class A10 at AAA (sf)
-- $199.4 million Class A11 at AAA (sf)
-- $62.3 million Class A12 at AAA (sf)
-- $199.4 million Class A13 at AAA (sf)
-- $62.3 million Class A14 at AAA (sf)
-- $275.0 million Class A15 at AAA (sf)
-- $275.0 million Class A16 at AAA (sf)
-- $37.4 million Class A17 at AAA (sf)
-- $12.5 million Class A18 at AAA (sf)
-- $37.4 million Class A19 at AAA (sf)
-- $12.5 million Class A20 at AAA (sf)
-- $162.0 million Class A21 at AAA (sf)
-- $24.9 million Class A22 at AAA (sf)
-- $162.0 million Class A23 at AAA (sf)
-- $24.9 million Class A24 at AAA (sf)
-- $87.3 million Class A25 at AAA (sf)
-- $87.3 million Class A26 at AAA (sf)
-- $275.0 million Class AX1 at AAA (sf)
-- $249.3 million Class AX2 at AAA (sf)
-- $187.0 million Class AX3 at AAA (sf)
-- $12.5 million Class AX4 at AAA (sf)
-- $49.9 million Class AX5 at AAA (sf)
-- $25.7 million Class AX6 at AAA (sf)
-- $275.0 million Class AX7 at AAA (sf)
-- $37.4 million Class AX8 at AAA (sf)
-- $12.5 million Class AX9 at AAA (sf)
-- $162.0 million Class AX10 at AAA (sf)
-- $24.9 million Class AX11 at AAA (sf)
-- $275.0 million Class AX12 at AAA (sf)
-- $5.4 million Class B1 at AA (sf)
-- $5.1 million Class B2 at A (sf)
-- $3.4 million Class B3 at BBB (sf)
-- $1.9 million Class B4 at BB (sf)
-- $880.0 thousand Class B5 at B (sf)

Classes AX1, AX2, AX3, AX4, AX5, AX6, AX7, AX8, AX9, AX10, AX11 and
AX12 are interest-only Certificates. The class balances represent
notional amounts.

Classes A1, A2, A3, A4, A6, A7, A8, A10, A11, A12, A13, A14, A15,
A16, A17, A18, A23, A24, A25, A26, AX2, AX3, AX4, AX5, AX6, AX7,
AX10, AX11 and AX12 are exchangeable Certificates. These classes
can be exchanged for combinations of exchange Certificates as
specified in the offering documents.

Classes A1, A2, A3, A4, A5, A6, A7, A8, A11, A12, A13, A14, A17,
A18, A19, A20, A21, A22, A23, A24, A25 and A26 are super-senior
Certificates. These classes benefit from additional protection from
senior support Certificates (Classes A9 and A10) with respect to
loss allocation.

The AAA (sf) ratings on the Certificates reflect the 6.25% of
credit enhancement provided by subordinated Certificates in the
pool. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings
reflect 4.40%, 2.65%, 1.50%, 0.85% and 0.55% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of first-lien,
fixed-rate prime residential mortgages. The Certificates are backed
by 396 loans with a total principal balance of $293,293,146 as of
the Cut-Off Date (October 1, 2018).

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

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

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of 30 years. Approximately 20.9% of the
pools are conforming high-balance mortgage loans that were
underwritten by loanDepot using an automated underwriting system
designated by Fannie Mae or Freddie Mac and were eligible for
purchase by such agencies. The remaining 80.1% of the pool are
traditional, non-agency, prime jumbo mortgage loans.

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

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

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


MORGAN STANLEY I: Fitch Assigns B-sf Rating on Class H-RR Certs
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Ratings
Outlooks to the Morgan Stanley Capital I Trust 2018-L1 Commercial
Mortgage Pass-Through Certificates:

  -- $19,800,000 class A-1 'AAAsf'; Outlook Stable;

  -- $36,700,000 class A-2 'AAAsf'; Outlook Stable;

  -- $32,900,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $213,200,000 class A-3 'AAAsf'; Outlook Stable;

  -- $312,941,000 class A-4 'AAAsf'; Outlook Stable;

  -- $615,541,000a class X-A 'AAAsf'; Outlook Stable;

  -- $129,703,000a class X-B 'AA-sf'; Outlook Stable;

  -- $94,529,000 class A-S 'AAAsf'; Outlook Stable;

  -- $35,174,000 class B 'AA-sf'; Outlook Stable;

  -- $36,273,000 class C 'A-sf'; Outlook Stable;

  -- $40,670,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $21,984,000b class D 'BBBsf'; Outlook Stable;

  -- $18,686,000b class E 'BBB-sf'; Outlook Stable;

  -- $10,991,000bc class F-RR 'BB+sf'; Outlook Stable;

  -- $8,794,000bc class G-RR 'BB-sf'; Outlook Stable;

  -- $8,793,000bc class H-RR 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $28,579,579bc class J-RR;

  -- $21,254,130bd VRR Interest.

(a) Notional amount and interest only.

(b) Privately placed and pursuant to Rule 144A.

(c) Horizontal credit-risk retention interest.

(d) Vertical credit-risk retention interest. NR - Not rated.

The final ratings are based on information provided by the issuer
as of Oct. 22, 2018.

Since Fitch published its expected ratings on Oct. 3, 2018, the
balances for class A-3 and A-4 were finalized. At the time that
expected ratings were assigned, the class A-3 balance range was
$98,000,000 to $250,000,000 and the expected class A-4 balance
range was $276,141,000 to $428,141,000. The final class size for
class A-3 and A-4 are $213,200,000 and $312,941,000, respectively.
Additionally, based on final pricing of the certificates, class C
is WAC class which provides no excess cash flow that would affect
the payable interest on the class X-B certificates. Fitch's rating
on class X-B has been updated to 'AA-sf' (from 'A-sf') to reflect
the rating of the lowest referenced tranche whose payable interest
has an impact on the interest-only payments. The classes reflect
the final ratings and deal structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 47 loans secured by 74
commercial properties having an aggregate principal balance of
$900,598,709 as of the cut-off date. The loans were contributed to
the trust by Morgan Stanley Mortgage Capital Holdings LLC, Starwood
Mortgage Funding II LLC, KeyBank National Association and Cantor
Commercial Real Estate Lending.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.6% of the properties
by balance, cash flow analysis of 85.3%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage Relative to Recent Transactions: The pool's
fusion Fitch DSCR of 1.16x is below the YTD 2018 and 2017 averages
of 1.23x and 1.26x, respectively. The pool's fusion Fitch LTV of
102.4% is in-line with the YTD 2018 and 2017 averages of 102.7% and
101.6%, respectively.

Investment-Grade Credit Opinion Loans: Three loans, representing
17.3% of the pool have investment-grade credit opinions. Aventura
Mall (6.7%) has an investment-grade credit opinion of 'Asf*' on a
stand-alone basis. Millennium Partners Portfolio (6.2%) has an
investment-grade opinion of 'A-sf*' on a stand-alone basis. The
Gateway (4.4%) has an investment-grade credit opinion of 'BBBsf*'
on a stand-alone basis. Net of these loans, the pool's Fitch DSCR
and LTV are 1.12x and 110.0%, respectively.

Weak Amortization: Twenty-one loans (51.6% of the pool) are
full-term, interest-only, 13 loans (29.1% of the pool) are partial
interest-only and one loan (2.9% of the pool) is interest-only plus
an ARD structure. The pool is scheduled to amortize just 6.3% of
the initial pool balance by maturity, which is below than the YTD
2018 and 2017 averages of 7.3% and 7.9%, respectively.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 15.3% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the MSC
2018-L1 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


NEW RESIDENTIAL 2018-NQM1: DBRS Gives (P)BB Rating on B-1 Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage-Backed
Notes, Series 2018-NQM1 (the Notes) issued by New Residential
Mortgage Loan Trust 2018-NQM1 (the Trust or the Issuer) as
follows:

-- $210.7 million Class A-1 at AAA (sf)
-- $21.1 million Class A-2 at AA (sf)
-- $39.2 million Class A-3 at A (sf)
-- $14.6 million Class M-1 at BBB (sf)
-- $10.7 million Class B-1 at BB (sf)
-- $7.6 million Class B-2 at B (sf)

The AAA (sf) rating on the Notes reflects the 32.20% of credit
enhancement (CE) provided by subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 25.40%,
12.80%, 8.10%, 4.65% and 2.20% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, prime, expanded prime and non-prime first-lien
residential mortgages funded by the issuance of the Notes. The
Notes are backed by 581 loans with a total principal balance of
$310,744,719 as of the Cut-Off Date (October 1, 2018).

New Penn Financial, LLC (New Penn) is the Originator of the
mortgage loans and Shell point Mortgage Servicing (SMS) is the
Servicer. The New Penn mortgages were originated under the
following five programs:

(1) SmartSelf and SmartSelf Plus (54.7%) — Generally made to
self-employed borrowers using bank statements to support
self-employed income for qualification purposes.

(2) SmartEdge and SmartEdge Plus (38.3%) — Generally made to
borrowers seeking flexible financing options (interest-only (IO)
loans or higher debt-to-income ratios (DTI)), who may have a recent
credit event (two or more years seasoned) that may preclude
prequalification for another program.

(3) SmartVest (3.9%) — Generally made to borrowers who are
experienced real estate investors looking to purchase or refinance
an investment property that is held for business purposes.

(4) High Balance Extra (2.1%) — Generally made to prime borrowers
with loan amounts exceeding the government-sponsored enterprise
loan limits that may fall outside the Qualified Mortgage (QM)
requirements based on documentation and DTI.

(5) SmartTrac (0.9%) — Generally made to borrowers seeking
flexible financing options (IO loans or higher DTI) that may have a
recent credit event (one to two or more years seasoned) that may
preclude prequalification for another program.

New Residential Investment Corp. (NRZ) is the Sponsor of the
transaction. Nation star Mortgage LLC (Nation star) will act as the
Master Servicer. Citibank, N.A. (rated A (high) with a Positive
trend by DBRS) will act as the Paying Agent, Note Registrar and
Owner Trustee. Wilmington Trust National Association (rated A
(high) with a Positive Trend by DBRS) will serve as Indenture
Trustee. Citicorp Trust Delaware, National Association will serve
as the Delaware Trustee. Wells Fargo Bank, N.A. (rated AA with a
Stable trend by DBRS) will serve as Custodian.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau (CFPB) ability-to-repay (ATR) rules,
they were made to borrowers who generally do not qualify for
agency, government or private-label non-agency prime jumbo products
for various reasons described above. In accordance with the CFPB
QM/ATR rules, 1.7% of the loans are designated as QM Safe Harbor
and 73.8% as non-QM. Approximately 24.5% of the loans are made to
investors for business purposes and, hence, are not subject to the
QM/ATR rules.

The Servicer will generally fund advances of delinquent principal
and interest on any mortgage until such loan becomes 180 days
delinquent and they are obligated to make advances in respect of
taxes, insurance premiums and reasonable costs incurred in the
course of servicing and disposing of properties.

The Sponsor intends to retain 5% of the fair value of all the Notes
issued by the Issuer (other than the Class R Notes) to satisfy the
credit risk retention requirements under Section 15G of the
Securities Exchange Act of 1934 and the regulations promulgated
thereunder.

The Seller will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 60 or more days
delinquent under the Mortgage Bankers Association method or any
real estate-owned property acquired in respect of a mortgage loan
at a price equal to the stated principal balance of such loan,
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-off Date.

On or after the earlier of (1) the two-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Depositor has the option to purchase all of the
outstanding mortgage loans, thereby retiring the Notes, at a price
equal to the outstanding stated principal balance of the mortgage
loans plus accrued and unpaid interest.

The transaction employs a sequential-pay cash flow structure with a
pro-rata principal distribution among the senior tranches.
Principal proceeds can be used to cover interest shortfalls on the
Notes as the outstanding senior Notes are paid in full.

The ratings reflect transactional strengths that include the
following:

(1) Strong Underwriting Standards: Whether for prime or non-prime
mortgages, underwriting standards have improved significantly from
the pre-crisis era. In addition, DBRS considers 40.9% of the loans
to have full documentation standard with respect to verification of
income (generally through two years of Form W-2, Wage and Tax
Statement or tax returns), employment and assets. Generally, fully
executed Form 4506-T, Request for Transcript of Tax Return are
obtained and tax returns are verified with Internal Revenue Service
transcripts if applicable.

(2) Robust Loan Attributes and Pool Composition: The mortgage loans
in this portfolio generally exhibit expanded prime characteristics
and robust loan attributes as reflected in credit scores, combined
loan-to-value (LTV) ratios, borrower household income and liquid
reserves. As the programs move down the credit spectrum, certain
characteristics, such as lower LTVs, suggest the consideration of
compensating factors for riskier pools. The pool comprises 50.7%
fixed-rate mortgages, which have the lowest default risk because of
the stability of monthly payments. The pool comprises 49.3% hybrid
adjustable-rate mortgages with an initial fixed period of five to
ten years, allowing borrowers sufficient time to credit cure before
rates reset.

(3) ATR Rules and Appendix Q Compliance: All of the mortgage loans,
except for the business-purpose investor loans, were underwritten
in accordance with the eight underwriting factors of the ATR rules.
In addition, New Penn's underwriting standards for the SmartEdge,
SmartEdge Plus and SmartTrac programs generally comply with the
Standards for Determining Monthly Debt and Income as set forth in
Appendix Q of Regulation Z with respect to income verification and
the calculation of DTI ratios; however, in certain instances, loans
were permitted to have deviations from Appendix Q.

(4) Satisfactory Third-Party Due Diligence Review: A third-party
due diligence firm conducted property valuation, credit and
compliance reviews on 100% of the loans in the pool. Data integrity
checks were also performed on the pool.

The transaction also includes the following challenges and
mitigating factors:

(1) Representations and Warranties (R&W) Framework: The R&W
framework is considerably weaker than that of a post-crisis prime
jumbo securitization. Instead of an automatic review when a loan
becomes seriously delinquent, this transaction employs an optional
review only when realized losses occur (unless the alleged breach
relates to an ATR or TILA-RESPA Integrated Disclosure violation).
In addition, rather than engaging a third-party due diligence firm
to perform the R&W review, the Controlling Holder (initially the
Depositor) has the option to perform the review in house or use a
third-party reviewer. Finally, the R&W provider (the Seller) is an
unrated entity, has limited performance history of expanded prime,
non-QM securitizations and may potentially experience financial
stress that could result in the inability to fulfill repurchase
obligations. DBRS notes the following mitigating factors:

-- The Note holders representing 25% interest in the Notes may
direct the Trustee to commence a separate review of the related
mortgage loan, to the extent they disagree with the Controlling
Holder's determination of a breach.

-- Third-party due diligence was conducted on 100% of the loans
included in the pool. A comprehensive due diligence review
mitigates the risk of future R&W violations.

-- DBRS conducted an originator review of New Penn and deems it to
be operationally sound.

-- The Sponsor or an affiliate of the Sponsor will retain 5% of
each class of Notes (other than the Class R Notes), aligning
Sponsor and investor interest in the capital structure.

-- Notwithstanding the above, DBRS adjusted the originator score
downward to account for the potential inability to fulfill
repurchase obligations, the lack of performance history as well as
the weaker R&W framework. A lower originator score results in
increased default and loss assumptions and provides additional
cushions for the rated securities.

(2) Non-Prime, Non-QM and Investor Loans: Compared with post-crisis
prime jumbo transactions, this portfolio contains mortgages
originated to borrowers with weaker credit and prior derogatory
credit events as well as large concentrations of non-QM and
investor loans. DBRS notes the following mitigating factors:

-- All loans, except for the business-purpose investor loans, were
originated to meet the eight underwriting factors as required by
the ATR rules. Also, certain loans were underwritten to comply with
the standards set forth in Appendix Q.

-- Underwriting standards have improved substantially since the
pre-crisis era.

-- The DBRS RMBS Insight model incorporates loss severity penalties
for non-QM and QM Rebuttable Presumption loans, as explained
further in the Key Loss Severity Drivers section of the related
presale report.

-- For loans in this portfolio, borrower credit events had
generally happened 60 months, on average, prior to origination. In
its analysis, DBRS applies additional penalties for borrowers with
recent credit events within the past two years (four loans,
representing 0.2% of the pool).

-- For investor loans, DBRS applies a 1.7 times (x) to 1.8x penalty
to default frequency relative to owner-occupied loans, holding
other attributes constant, to address the higher default risk
associated with investment properties. In addition, DBRS applies
further penalties to 54 SmartVest loans, which were underwritten
using a property cash flow ratio to qualify borrowers for income.
The investor loans in this pool generally have a better credit
profile than the overall pool with a weighted-average (WA) current
FICO of 741, WA original CLTV of 67.8%, WA DTI of 28.5% and
substantial liquid reserves at approximately $375,221.

(3) Servicer Advances of Delinquent Principal and Interest: The
Servicer will advance scheduled principal and interest on
delinquent mortgages until such loans become 180 days delinquent.
This will likely result in lower loss severities to the transaction
because advanced principal and interest will not have to be
reimbursed from the Trust upon the liquidation of the mortgages,
but will increase the possibility of periodic interest shortfalls
to the Note holders. Mitigating factors include that principal
proceeds can be used to pay interest shortfalls to the Notes as the
outstanding senior Notes are paid in full and DBRS ran cash flow
scenarios that incorporated principal and interest advancing up to
180 days for delinquent loans. The cash flow scenarios are
discussed in more detail in the Cash Flow Analysis section of the
related presale report.

(4) Servicer's Financial Capability: In this transaction, SMS, as
the Servicer, is responsible for funding advances to the extent
required. The Servicer is an unrated entity and may face financial
difficulties in fulfilling its servicing advance obligations in the
future. Consequently, the transaction employs Nation star as the
Master Servicer. If the Servicer fails in its obligation to make
advances, Nation star will be obligated to fund such servicing
advances.

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

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


NEW RESIDENTIAL 2018-NQM1: S&P Assigns Prelim B Rating on B-2 Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to New
Residential Mortgage Loan Trust 2018-NQM1's mortgage-backed notes.

The note issuance is an residential mortgage-backed securities
transaction backed by U.S. residential mortgage loans.

The preliminary ratings are based on information as of Oct. 19,
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 originator.

  PRELIMINARY RATINGS ASSIGNED

  New Residential Mortgage Loan Trust 2018-NQM1  

  Class       Rating(i)       Amount (mil. $)
  A-1         AAA (sf)            210,684,000
  A-2         AA (sf)              21,131,000
  A-3         A (sf)               39,154,000
  M-1         BBB (sf)             14,605,000
  B-1         BB (sf)              10,721,000
  B-2         B (sf)                7,613,000
  B-3         NR                    6,836,719
  XS-1        NR                     Notional(ii)
  XS-2        NR                     Notional(ii)
  A-IO-S      NR                     Notional(ii)
  R           NR                          N/A

(i)The rating on each class of securities is preliminary and
subject to change. The collateral and structural information in
this report reflects the term sheet dated Oct. 18, 2018. The
preliminary ratings address the ultimate payment of interest and
principal.
(ii)Notional amount equals the loans' aggregate stated principal
balance.
NR--Not rated.
N/A--Not applicable.



OBX 2018-EXP2: DBRS Assigns Prov. B Rating on Class B-5 Notes
-------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage-Backed Notes, Series 2018-EXP2 (the Notes) issued by OBX
2018-EXP2 Trust (the Trust):

-- $134.8 million Class 1-A-1 at AAA (sf)
-- $33.7 million Class 1-A-2 at AAA (sf)
-- $168.4 million Class 1-A-3 at AAA (sf)
-- $4.3 million Class 1-A-4 at AAA (sf)
-- $172.7 million Class 1-A-5 at AAA (sf)
-- $134.8 million Class 1-A-IO1 at AAA (sf)
-- $33.7 million Class 1-A-IO2 at AAA (sf)
-- $168.4 million Class 1-A-IO3 at AAA (sf)
-- $4.3 million Class 1-A-IO4 at AAA (sf)
-- $172.7 million Class 1-A-IO5 at AAA (sf)
-- $172.7 million Class 1-A-IO6 at AAA (sf)
-- $134.8 million Class 1-A-6 at AAA (sf)
-- $33.7 million Class 1-A-7 at AAA (sf)
-- $168.4 million Class 1-A-8 at AAA (sf)
-- $4.3 million Class 1-A-9 at AAA (sf)
-- $172.7 million Class 1-A-10 at AAA (sf)
-- $126.4 million Class 2-A-1A at AAA (sf)
-- $31.6 million Class 2-A-1B at AAA (sf)
-- $158.0 million Class 2-A-1 at AAA (sf)
-- $4.0 million Class 2-A-2 at AAA (sf)
-- $162.0 million Class 2-A-3 at AAA (sf)
-- $162.0 million Class 2-A-IO at AAA (sf)
-- $1.3 million Class B-1 at AA (sf)
-- $1.3 million Class B1-IO at AA (sf)
-- $1.3 million Class B1-A at AA (sf)
-- $23.0 million Class B-2 at A (sf)
-- $23.0 million Class B2-IO at A (sf)
-- $23.0 million Class B2-A at A (sf)
-- $10.6 million Class B-3 at BBB (sf)
-- $6.3 million Class B-4 at BB (sf)
-- $3.3 million Class B-5 at B (sf)

Classes 1-A-IO1, 1-A-IO2, 1-A-IO3, 1-A-IO4, 1-A-IO5, 1-A-IO6,
2-A-IO, B1-IO and B2-IO are interest-only (IO) notes. The class
balances represent notional amounts.

Classes 1-A-3, 1-A-5, 1-A-IO3, 1-A-IO5, 1-A-6, 1-A-7. 1-A-8, 1-A-9,
1-A-10, 2-A-1, 2-A-3, B1-A and B2-A are exchangeable notes. These
classes can be exchanged for combinations of initial exchangeable
notes as specified in the offering documents.

The AAA (sf) ratings on the Notes reflect the 12.85% of credit
enhancement provided by subordinated Notes in the pool. The AA
(sf), A (sf), BBB (sf), BB (sf) and B (sf) ratings reflect 12.50%,
6.50%, 3.75%, 2.10% and 1.25% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of expanded
prime first-lien residential mortgages, which is funded by the
issuance of mortgage-backed notes. The Notes are backed by 603
loans with a total principal balance of $384,027,255 as of the
Cut-Off Date (October 1, 2018).

The Seller, Onslow Bay Financial LLC (OBF), acquired the loans
directly from certain select originators or third-party
aggregators. The loans were acquired based on agreed-upon
underwriting guidelines or carve outs of underwriting guidelines
that fit certain desired documentation requirements or credit
characteristics. This is the second expanded prime transaction
issued by the Seller.

While certain loan attributes are comparable to those in
post-crisis prime transactions, the loans in this transaction fall
into the expanded prime category and may have IO features, higher
debt-to-income and loan-to-value ratios, lower credit scores and
barbelled distribution of certain characteristics as compared with
recent prime securitizations.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau (CFPB) ability-to-repay rules, they
were made to borrowers who generally do not qualify for agency,
government or private-label non-agency prime jumbo products for
various reasons. In accordance with the CFPB Qualified Mortgage
(QM) rules, 13.1% of the loans are designated as QM Safe Harbor,
1.9% as QM Rebuttable Presumption and 54.5% as non-QM.
Approximately 30.5% of the loans are investor loans and are not
subject to the QM rules.

As of the Cut-Off Date, 47.6% of the pool is serviced by
Specialized Loan Servicing LLC, 42.4% by Select Portfolio
Servicing, Inc. and 10.0% by Quicken Loans, Inc. Wells Fargo Bank,
N.A. (Wells Fargo; rated AA, Stable, by DBRS) will act as the
Master Servicer, Paying Agent and Custodian. OBF will act as the
Principal & Interest (P&I) Advancing Party. Wilmington Savings Fund
Society, FSB, will serve as Trustee.

Advances of delinquent P&I will be made on any loan until such loan
becomes 120 days delinquent to the extent such advances are
determined to be recoverable. The servicers are obligated to make
advances in respect of taxes, insurance premiums and reasonable
costs incurred in the course of servicing and disposing of
properties.

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

Third-party due diligence was conducted on all the loans in the
pool. Credit and compliance reviews were performed on all the
loans, and property valuation reviews were performed on all but one
loan in the pool. Data integrity checks were also performed on the
pool. For certain seasoned loans, additional third-party due
diligence was performed with respect to tax, title and lien,
servicing comments and pay histories.

The Seller will be making representations and warranties (R&Ws) for
the life of the transaction. For loans designated as seasoned
mortgage loans (loans originated on or prior to July 1, 2016),
certain R&Ws will be inapplicable. The Seller intends to retain 5%
of the fair value of all the Notes issued by the Issuer (other than
the Class R Notes) and the trust certificate to satisfy the credit
risk retention requirements.

STRENGTHS

-- Robust Pool Composition
-- Satisfactory Underwriting Standards
-- Third-Party Due Diligence Review
-- Structural Enhancements

CHALLENGES

-- Non-QM and Investor loans
-- R&W Framework
-- Geographic Concentration
-- Limited Servicing Advances

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

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


OCEAN TRAILS V: S&P Assigns Prelim B- Rating on Class F-RR Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-RR, B-RR, C-RR, D-RR, E-RR, and F-RR replacement notes from Ocean
Trails CLO V, a collateralized loan obligation (CLO) managed by
Five Arrows Managers North America LLC, a wholly owned subsidiary
of Rothschild Credit Management Ltd. This is a proposed refinancing
of its December 2014 transaction. In March 2017, S&P assigned
ratings to replacement class A1-R, A-2R, A-3R, B-R, C-1R, C-2R,
D-R, and E-R notes that were issued in a previous refinancing.

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

The preliminary ratings are based on information as of Oct. 22,
2018. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Oct. 26, 2018, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original notes. S&P said, "At that time, we anticipate withdrawing
the ratings on the original notes and assigning ratings to the
replacement notes. However, if the refinancing doesn't occur, we
may affirm the ratings on the original notes and withdraw our
preliminary ratings on the replacement notes."

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

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

  PRELIMINARY RATINGS ASSIGNED
  Ocean Trails CLO V/Ocean Trails CLO V LLC

  Replacement class       Rating      Amount (mil. $)
  A-RR                    AAA (sf)             256.00
  B-RR                    AA (sf)               46.00
  C-RR                    A (sf)                24.00
  D-RR                    BBB (sf)              24.00
  E-RR                    BB- (sf)              18.00
  F-RR                    B- (sf)                2.25
  Subordinated notes      NR                    42.65

  NR--Not rated.


REALT 2017: DBRS Confirms BB Rating on Class F Certs
----------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2017 (the Certificates) issued by
Real Estate Asset Liquidity Trust (REALT), Series 2017 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The transaction closed in October
2017 and consists of 71 fixed-rate loans secured by 111 commercial
properties with an original balance of $406.8 million. As of the
September 2018 remittance, all loans remain in the pool with a
trust balance of $398.7 million, representing a collateral
reduction of 2.0% since issuance. Thirty-seven loans, representing
60.0% of the pool, reported year-end 2017 financials. Based on
these figures, the pool reported a weighted-average (WA)
debt-service coverage ratio (DSCR) and debt yield of 1.49 times (x)
and 10.7%, respectively, compared with the DBRS Term figures of
1.31x and 8.8% at issuance, respectively. Ten of the top 15 loans
reported year-end financials, reflective of a WA DSCR of 1.41x.

There is sponsor concentration within this transaction, as there
are only 37 different sponsors across the 71 loans. The most
significant sponsors are Skyline Group of Companies (Skyline Group)
(four loans, representing 14.2% of the pool balance) and AMERCO
Real Estate Company (AMERCO) (17 loans, representing 14.4% of the
pool balance). Loans sponsored by Skyline Group are full recourse
and AMERCO is viewed as having strong sponsorship strength.

There are no loans on the servicer's watch list or in special
servicing as of the September 2018 remittance.

Class X is an interest-only (IO) certificates that references a
single rated tranche or multiple rated tranches. The IO rating
mirrors the lowest-rated applicable reference obligation tranche
adjusted upward by one notch if senior in the waterfall.


REGATTA VI: Moody's Assigns Ba3 Rating on $20MM Class E-R Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following ratings to the
following notes issued by Regatta VI Funding Ltd.:

US$252,000,000 Class A-R Senior Secured Floating Rate Notes Due
2028 (the "Class A-R Notes"), Assigned Aaa (sf)

US$48,250,000 Class B-R Senior Secured Floating Rate Notes Due 2028
(the "Class B-R Notes"), Assigned Aa1 (sf)

US$23,750,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes Due 2028 (the "Class C-R Notes"), Assigned A1 (sf)

US$22,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes Due 2028 (the "Class D-R Notes"), Assigned Baa2 (sf)

US$20,000,000 Class E-R Junior Secured Deferrable Floating Rate
Notes Due 2028 (the "Class E-R Notes"), Assigned Ba3 (sf)

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

Regatta Loan Management LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of certain classes of notes
previously issued on the Original Closing Date. On the Refinancing
Date, the Issuer used the proceeds from the issuance of the
Refinancing Notes to redeem in full the Refinanced Original Notes.


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

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

Performing par and principal proceeds balance: $398,000,000

Defaulted par: $0

Diversity Score: 85

Weighted Average Rating Factor (WARF): 2739 (corresponding to a
weighted average default probability of 22.81%)

Weighted Average Spread (WAS): 3.32%

Weighted Average Recovery Rate (WARR): 47.4%

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 a Downgrade of the Rating:

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.


SEQUOIA MORTGAGE 2018-8: Moody's Rates Class B-4 Certs Ba3(sf)
--------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
classes of residential mortgage-backed securities (RMBS) issued by
Sequoia Mortgage Trust 2018-8. The certificates are backed by one
pool of prime quality, first-lien mortgage loans, including 168
agency-eligible high balance mortgage loans. The assets of the
trust consist of 666 fully amortizing, fixed-rate mortgage loans.
The borrowers in the pool have high FICO scores, significant equity
in their properties and liquid cash reserves. Nationstar Mortgage
LLC will serve as the master servicer for this transaction. There
are six servicers for this pool: Shellpoint Mortgage Servicing
(Shellpoint) (87.5% by loan balance), First Republic Bank (8.4%),
HomeStreet Bank (2.7%), Associated Bank, N.A. (0.8%), TIAA, FSB
(0.3%) and UBS Bank USA (0.2%).

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2018-8

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-19, Definitive Rating Assigned Aa1 (sf)

Cl. A-20, Definitive Rating Assigned Aa1 (sf)

Cl. A-21, Definitive Rating Assigned Aa1 (sf)

Cl. A-22, Definitive Rating Assigned Aaa (sf)

Cl. A-23, Definitive Rating Assigned Aaa (sf)

Cl. A-24, Definitive Rating Assigned Aaa (sf)

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

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

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

Cl. B-4, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

Summary Credit Analysis

Moody's expected cumulative net loss on the aggregate pool is 0.25%
in a base scenario and reaches 3.90% at a stress level consistent
with the Aaa (sf) ratings. Its loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to its Aaa stress loss below the model output also includes
adjustments related to aggregation and origination quality. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

The SEMT 2018-8 transaction is a securitization of 666 first-lien
residential mortgage loans, with an aggregate unpaid principal
balance of $452,714,208. There are 109 originators in this pool,
including United Shore Financial Services (18.6%), Quicken Loans
Inc. (16.4%) and First Republic Bank (8.4%). None of the
originators other than United Shore Financial Services and Quicken
Loans contributed 10% or more of the principal balance of the loans
in the pool. The loan-level third party due diligence review (TPR)
encompassed credit underwriting, property value and regulatory
compliance. In addition, Redwood has agreed to backstop the rep and
warranty repurchase obligation of all originators other than First
Republic Bank.

The loans were all aggregated by Redwood Residential Acquisition
Corporation (Redwood). Moody's consider Redwood, the mortgage loan
seller, to have strong aggregation and origination practices
compared to peers.

Borrowers of the mortgage loans backing this transaction have a
demonstrated ability to save and to manage credit. In addition, the
67.8% of the borrowers in the pool have more than 24 months of
liquid cash reserves or enough money to pay the mortgage for two
years should there be an interruption to the borrower's cash flow.
Consistent with prudent credit management, the borrowers have high
FICO scores, with a weighted average score of 772. In general, the
borrowers have high income, significant liquid assets and a stable
employment history, all of which have been verified as part of the
underwriting process and reviewed by the TPR firms. Borrowers also
have significant equity in their homes (WA CLTV 68.5%) consistent
with recent SEMT transactions.

Approximately, 1.4% of the mortgage loans by aggregate stated
principal balance are secured by mortgaged properties located in
the areas that the Federal Emergency Management Agency (FEMA) had
designated for federal assistance during the prior 12 months.
Redwood has engaged a third party to inspect these properties.
Regarding Hurricane Florence, approximately 0.2%, 0.6% and 0.9% of
the mortgage loans by aggregate stated principal balance are
located in North Carolina, South Carolina, and along the southern
coast of the Commonwealth of Virginia, respectively. As of October
18, 2018, one of the mortgaged properties is located in an area
currently declared as a disaster area by FEMA as a result of
Hurricane Florence. Redwood ordered an exterior inspection on the
mortgaged property. No material visible damage was detected from
the inspection and the related mortgage was included in the
transaction pool. Representations and warranties as to the mortgage
loans will have been made to the effect that in general, the
mortgage loans will be free of material damage as of the closing
date.

Structural considerations

Similar to recently rated Sequoia transactions, in this
transaction, Redwood is adding a feature prohibiting the servicer,
or securities administrator, from advancing principal and interest
to loans that are 120 days or more delinquent. These loans on which
principal and interest advances are not made are called the Stop
Advance Mortgage Loans ("SAML"). The balance of the SAML will be
removed from the principal and interest distribution amounts
calculations. In its opinion, the SAML feature strengthens the
integrity of senior and subordination relationships in the
structure. Yet, in certain scenarios the SAML feature, as
implemented in this transaction, can lead to a reduction in
interest payments to certain tranches even when more subordinated
tranches are outstanding. The senior/subordination relationship
between tranches is strengthened since the removal of SAML in the
calculation of the senior percentage amount directs more principal
to the senior bonds and less to the subordinate bonds. Further,
this feature limits the amount of servicer advances that could
increase the loss severity on the liquidated loans and preserves
the subordination amount for the most senior bonds. On the other
hand, this feature can cause a reduction in the interest
distribution amount paid to the bonds; and if that were to happen
such a reduction in interest payment is unlikely to be recovered.
The final ratings on the bonds take into consideration its expected
losses on the collateral and the potential reduction in interest
distributions to the bonds. Furthermore, the likelihood that the
subordinate tranches could potentially permanently lose some
interest as a result of this feature was considered.

Moody's believes there is a low likelihood that the rated
securities of SEMT 2018-8 will incur any losses from extraordinary
expenses or indemnification payments owing to potential future
lawsuits against key deal parties. First, the loans are of prime
quality and were originated under a regulatory environment that
requires tighter controls for originations than pre-crisis, which
reduces the likelihood that the loans have defects that could form
the basis of a lawsuit. Second, Redwood, who initially retains the
subordinate classes and provides a back-stop to the representations
and warranties of all the originators except for First Republic
Bank, has a strong alignment of interest with investors, and is
incentivized to actively manage the pool to optimize performance.
Third, historical performance of loans aggregated by Redwood has
been very strong to date. Fourth, the transaction has reasonably
well defined processes in place to identify loans with defects on
an ongoing basis. In this transaction, an independent breach
reviewer must review loans for breaches of representations and
warranties when a loan becomes 120 days delinquent, which reduces
the likelihood that parties will be sued for inaction.

Tail Risk & Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
subordination floor of 1.25% of the closing pool balance, which
mitigates tail risk by protecting the senior bonds from eroding
credit enhancement over time.

Third-party Review and Reps & Warranties

Two TPR firms conducted a due diligence review of nearly 100% of
the mortgage loans in the pool. Generally, the TPR firms conducted
a review for credit, property valuation, compliance and data
integrity ("full review loans"). The TPR firms randomly selected 79
mortgage loans for limited review that were originated by First
Republic Bank and PrimeLending.

Generally, for the full review loans, the sponsor or the originator
corrected all material errors identified by following defined
methods of error resolution under the TRID rule or TILA 130(b) as
per the proposed SFIG TRID framework. The sponsor or the originator
provided the borrower with a corrected Closing Disclosure and
letter of explanation as well as a refund where necessary. All
technical errors on the Loan Estimate were subsequently corrected
on the Closing Disclosure. Moody's believes that the TRID
noncompliance risk to the trust is immaterial due to the good-faith
efforts to correct the identified conditions.

No TRID compliance reviews were performed on the limited review
loans. Therefore, there is a possibility that some of these loans
could have unresolved TRID issues. Moody's reviewed the initial
compliance findings of loans from the same originator where a full
review was conducted and there were no material compliance
findings. As a result, Moody's did not increase its Aaa loss.

After a review of the TPR appraisal findings, Moody's notes that
there are 3 loans with final grade 'D' due to escrow holdback
distribution amounts. The review for these loans was incomplete
because the related appraisals were subject to the completion of
renovation work or missing evidence of disbursement of escrow
funds. In the event the escrow funds greater than 10% have not been
disbursed within six months of the closing date, the seller shall
repurchase the affected escrow holdback mortgage loan, on or before
the date that is six months after the closing date at the
applicable repurchase price. Given that the seller has the
obligation to repurchase, Moody's did not make an adjustment for
these loans.

Each of the originators makes the loan-level R&Ws for the loans it
originated, except for loans acquired by Redwood from the FHLB
Chicago. The mortgage loans purchased by Redwood from the FHLB
Chicago were originated by various participating financial
institution originators. For these mortgage loans, FHLB Chicago
will provide the loan-level R&Ws that are assigned to the trust.

In line with other SEMT transactions, the loan-level R&Ws for SEMT
2018-8 are strong and, in general, either meet or exceed the
baseline set of credit-neutral R&Ws Moody's identified for US RMBS.


Among other things, the R&Ws address property valuation,
underwriting, fraud, data accuracy, regulatory compliance, the
presence of title and hazard insurance, the absence of material
property damage, and the enforceability of the mortgage.

The R&W providers vary in financial strength, which include some
financially weaker originators. To mitigate this risk, Redwood will
backstop any R&W providers who may become financially incapable of
repurchasing mortgage loans, except for First Republic Bank, which
is one of the strongest originators. Moreover, a third-party due
diligence firm conducted a detailed review on the loans of all of
the originators, which mitigates the risk of unrated and
financially weaker originators.

Trustee & Master Servicer

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

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.

Methodology

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

Significant weight was put on judgment taking into account the
results of the modeling tools as well as the aggregate impact of
the third-party review and the quality of the servicers and
originators.


SOUND POINT VI-R: Moody's Assing Ba3 Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Sound Point CLO VI-R, Ltd.

Moody's rating action is as follows:

US$4,000,000 Class X Senior Secured Floating Rate Notes due 2031
(the "Class X Notes"), Assigned Aaa (sf)

US$390,000,000 Class A Senior Secured Floating Rate Notes due 2031
(the "Class A Notes"), Assigned Aaa (sf)

US$66,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$33,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned A2 (sf)

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

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

US$12,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

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.

Sound Point CLO VI-R 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,
senior unsecured loans, and first-lien last out loans. The
portfolio is approximately 88% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued one class of
subordinated notes which includes the legacy subordinated notes
assumed in connection with the Issuer's acquisition of the initial
portfolio from another CLO.

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

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

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

Par amount: $600,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2702

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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


SOUND POINT VII-R: Moody's Assigns B1 Rating on $10MM Class F Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Sound Point CLO VII-R, Ltd.

Moody's rating action is as follows:

US$310,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031 (the "Class A-1 Notes"), Assigned Aaa (sf)

US$15,000,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Assigned Aaa (sf)

US$56,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Assigned Aa2 (sf)

US$29,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned A2 (sf)

US$30,000,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D Notes"), Assigned Baa3 (sf)

US$20,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Assigned Ba3 (sf)

US$10,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Assigned B1 (sf)

The Class A-1 Notes, the 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."

RATINGS RATIONALE

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.

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

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

In addition to the Rated Notes, the Issuer issued one class of
subordinated notes which includes the legacy subordinated notes
assumed in connection with the Issuer's acquisition of the initial
portfolio from another CLO.

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

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

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

Par amount: $500,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2583

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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


TIAA BANK 2018-3: Moody's Assings (P)Ba1 Rating on B-4 Debt
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 28
classes of residential mortgage-backed securities issued by TIAA
Bank Mortgage Loan Trust 2018-3. The ratings range from (P)Aaa (sf)
to (P)Ba1 (sf).

TBMLT 2018-3 is the third transaction entirely backed by loans
originated by TIAA, FSB since 2013. TIAA, FSB is the successor to
EverBank, which was acquired by Teachers Insurance and Annuity
Association of America (Aa1) in June 2017. TBMLT 2018-3 consists of
prime jumbo loans underwritten to TIAA, FSB's underwriting
standards and agency-eligible loans underwritten to agency
guidelines. Of the 478 loans in the mortgage pool, 19 loans making
up approximately 3.5% of the pool balance are agency-eligible loans
underwritten to Fannie Mae guidelines. All of the mortgage loans in
TBMLT 2018-3 are fixed-rate with a 30-year original term and are
designated as qualified mortgage (QM) loans. TIAA, FSB will service
the loans and Nationstar Mortgage LLC (B2) will be the master
servicer.

The complete rating actions are as follows:

Issuer: TIAA Bank Mortgage Loan Trust 2018-3

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

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

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

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

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

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

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

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

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

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

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aaa (sf)

Cl. A-14, Assigned (P)Aaa (sf)

Cl. A-15, Assigned (P)Aaa (sf)

Cl. A-16, Assigned (P)Aaa (sf)

Cl. A-17, Assigned (P)Aaa (sf)

Cl. A-18, Assigned (P)Aaa (sf)

Cl. A-19, Assigned (P)Aa1 (sf)

Cl. A-20, Assigned (P)Aa1 (sf)

Cl. A-21, Assigned (P)Aa1 (sf)

Cl. A-22, Assigned (P)Aaa (sf)

Cl. A-23, Assigned (P)Aaa (sf)

Cl. A-24, Assigned (P)Aaa (sf)

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

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

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

Cl. B-4, Assigned (P)Ba1 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.30%
in a base scenario and reaches 4.30% at a stress level consistent
with the Aaa ratings. Its loss estimates are based on a
loan-by-loan assessment of the securitized collateral pool using
Moody's Individual Loan Level Analysis model. Loan-level
adjustments to the model included: adjustments to borrower
probability of default for higher and lower borrower DTIs,
borrowers with multiple mortgaged properties, self-employed
borrowers, origination channels and at a pool level, for the
default risk of HOA properties in super lien states. The adjustment
to its Aaa stress loss above the model output also includes
adjustments related to aggregator and originators assessments. The
model combines loan-level characteristics with economic drivers to
determine the probability of default for each loan, and hence for
the portfolio as a whole. Severity is also calculated on a
loan-level basis. The pool loss level is then adjusted for
borrower, zip code, and MSA level concentrations.

Collateral Description

TBMLT 2018-3 is a securitization of 478 30-year fixed-rate prime
residential mortgages. Borrowers of the mortgage loans backing this
transaction have strong credit profile demonstrated by strong
credit scores, high percentage of equity and significant liquid
reserves. The credit quality of the transaction is in line with
recent prime jumbo transactions that Moody's has rated.

Moody's decreased its loss levels for loans underwritten to TIAA,
FSB's guidelines due to TIAA, FSB's strength as an originator of
prime jumbo loans. Moody's believes that TIAA, FSB is stronger than
its peers due to its conservative underwriting standards, solid
performance history and strong quality control policies and
procedures.

Borrowers of the mortgage loans backing this transaction have a
demonstrated ability to save and to manage credit. On average,
borrowers have 25.8% equity in the properties backing the mortgage
loans. In addition, approximately 65% of borrowers have more than
24 months of liquid cash reserves or enough money to pay the
mortgage for two years should there be an interruption to the
borrower's cash flow. Consistent with prudent credit management,
the borrowers have high FICO scores, with a weighted average score
of 774. In general, the borrowers have high income, significant
liquid assets and a stable employment history, all of which have
been verified as part of the underwriting process and reviewed by
the TPR firm.

The transaction includes four mortgage loans backed by properties
located in areas currently designated by the Federal Emergency
Management Authority (FEMA) for federal assistance. The sponsor is
awaiting the results of inspections of the four mortgaged
properties. The transaction includes an unqualified representation
that the pool does not include properties with material damage that
would adversely affect the value of the mortgaged property.

Third Party Review and Reps & Warranties (R&W)

One third-party due diligence firm verified the accuracy of the
loan level information that the sponsor gave us. This TPR firm
conducted detailed credit, property valuation, data accuracy and
compliance reviews on 100% of the mortgage loans in the collateral
pool. The TPR results indicate that the majority of reviewed loans
were in compliance with originator's underwriting guidelines, that
there were no material compliance or data issues, and that there
were no material appraisal defects.

Moody's considers the strength of the R&W framework in TBMLT 2018-3
to be adequate. Its analysis of the R&W framework considers the
R&Ws, enforcement mechanisms and creditworthiness of the R&W
provider. The sponsor is TIAA, FSB whose parent, TIAA has an
insurance financial strength rating at Aa1 and a long-term issuer
rating at Aa2. The sponsor has provided unambiguous representations
and warranties (R&Ws) with no material knowledge qualifiers and not
subject to a sunset. There is a provision for binding arbitration
in the event of a dispute between investors and the R&W provider
concerning R&W breaches.

However, the R&W framework in TBMLT 2018-3 differs from other prime
jumbo transactions because breach review is not automatic. Once a
review trigger has been hit (i.e. 120-day delinquency), it is the
responsibility of the controlling holder, which is the holder of
majority of the most subordinate certificates, and subsequently the
senior holder group to engage an independent reviewer and to bear
the costs of the review, even if a breach is discovered (unless the
R&W is an "intrinsic representation," then the sponsor will bear
the cost of review). If the controlling holder and the senior
holder group elect not to engage an independent reviewer to conduct
a breach review, the loan will not be reviewed, which may result in
systemic defects remaining undetected. In its analysis, Moody's
considered the incentives of the controlling holder and the senior
holder group, that a third-party due diligence firm has performed a
100% review of the mortgage loans as well as the early payment
default protection in this transaction.

Trustee/Custodian and Master Servicer

U.S. Bank National Association (U.S. Bank) (A1) will act as the
trustee and custodian for this transaction. In its capacity as
custodian, U.S. Bank will hold the collateral documents, which
include, the original note and mortgage and any intervening
assignments of mortgage.

Nationstar Mortgage LLC (Nationstar) (B2) will act as the master
servicer for this transaction and will provide oversight of the
servicer. Moody's considers Nationstar as a strong master servicer
of residential loans. Nationstar's oversight encompasses loan
administration, default administration, compliance and cash
management.

Other Considerations

Servicer optional purchase of delinquent loans: The servicer, TIAA,
FSB, has the option to purchase any mortgage loan which is 90 days
or more delinquent, which may result in the step-down test used in
the calculation of the senior prepayment percentage to be satisfied
when otherwise it would not have been. Moreover, because the
purchase may occur prior to the breach review trigger of 120 days
delinquency, the loan may not be reviewed for breaches of
representations and warranties and thus, systemic defects may
remain undetected. In its analysis, Moody's considered that the
loans will be purchased by the servicer at par, that the servicer
is limited to purchasing loans up to 10% of the aggregate cut-off
date balance and that a third-party due diligence firm has
performed a 100% review of the mortgage loans. Moreover, the
reporting for this transaction will list the mortgage loans
purchased by the servicer.

Extraordinary expenses and risk of trustee holdback: Extraordinary
trust expenses in the TBMLT 2018-3 transaction are deducted from
net WAC as opposed to available distribution amount. Moody's
believes there is a very low likelihood that the rated certificates
in TBMLT 2018-3 will incur any losses from extraordinary expenses
or indemnification payments from potential future lawsuits against
key deal parties. Firstly, the loans are of prime quality, 100%
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. Secondly, the
transaction has reasonably well defined processes in place to
identify loans with defects on an ongoing basis. In this
transaction, an independent breach reviewer must review loans for
breaches of representations and warranties when certain clearly
defined triggers have been breached which reduces the likelihood
that parties will be sued for inaction. Thirdly, the issuer has
disclosed the results of a credit, compliance and valuation review
of all of the mortgage loans by an independent third party. 100% of
the loans were included in the due diligence review. Finally, the
performance of past EBMLT transactions have been well within
expectation.

Tail Risk & Subordination Floor

The transaction has a shifting interest structure that allows
subordinated bonds to receive principal payments under certain
defined scenarios. Because a shifting interest structure allows
subordinated bonds to pay down over time as the loan pool shrinks,
senior bonds are exposed to increased performance volatility, known
as tail risk. The transaction provides for a senior subordination
floor of 2.00% of the closing pool balance, which mitigates tail
risk by protecting the senior bonds from eroding credit enhancement
over time. Additionally, there is a subordination lock-out amount
which is 1.25% of the closing pool balance.

Transaction Structure

The transaction is structured as a one pool shifting interest
structure in which the senior bonds benefit from a senior floor and
a subordination floor. Funds collected, including principal, are
first used to make interest payments to the senior bonds. Next
principal payments are made to the senior bonds and then interest
and principal payments are paid to the subordinate bonds in
sequential order, subject to the subordinate class percentage of
the subordinate principal distribution amounts.

Realized losses are allocated in a reverse sequential order, first
to the lowest subordinate bond. After the balances of the
subordinate bonds are written off, losses from the pool begin to
write off the principal balances of the senior support bonds until
their principal balances are reduced to zero. Next realized losses
are allocated to the super senior bonds until their principal
balances are written off.

As in all transactions with shifting -interest structures, the
senior bonds benefit from a cash flow waterfall that allocates all
prepayments to the senior bonds for a specified period of time, and
allocates increasing amounts of prepayments to the subordinate
bonds thereafter only if loan performance satisfies both
delinquency and loss tests.

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.

Methodology

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


TIAA CHURCHILL I: S&P Assigns B- Rating on Class F-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to TIAA Churchill Middle
Market CLO I Ltd./TIAA Churchill Middle Market CLO I LLC's
floating-rate notes. This is a proposed refinancing of TIAA
Churchill Middle Market CLO I Ltd., which S&P Global Ratings did
not rate.

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

The ratings reflect:

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

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

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

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

  RATINGS ASSIGNED
  TIAA Churchill Middle Market CLO I Ltd./TIAA Churchill Middle
  Market CLO I LLC

  Class                      Rating       Amount (mil. $)
  A-R                        AAA (sf)              217.50
  B-R                        AA (sf)                37.50
  C-R (deferrable)           A (sf)                 26.25
  D-R (deferrable)           BBB- (sf)              24.38
  E-R (deferrable)           BB- (sf)               24.38
  F-R (deferrable)           B- (sf)                11.75
  Subordinate notes          NR                     40.44

  NR--Not rated.


UBS-BARCLAYS 2012-C4: DBRS Confirms BB Rating on Class E Certs
--------------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2012-C4 issued by UBS-Barclays
Commercial Mortgage Trust 2012-C4 as follows:

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

All trends are Stable, with the exception of Classes B and C, for
which the Positive trends assigned at the last review have been
maintained.

The rating confirmations reflect the overall stable performance of
the transaction; the two Positive trends reflect the collateral
reduction since issuance and the overall healthy cash flow growth
for the underlying loans. At issuance, the pool consisted of 89
fixed-rate loans secured by 131 commercial properties. As of the
September 2018 remittance, there are 82 loans remaining in the pool
with a remaining trust balance of $1,261 million, representing a
collateral reduction of 13.4% due to loan repayments and scheduled
amortization that resulted in the full repayment of the Class A-1
and Class A-2 bonds. In addition, there are 11 loans, representing
5.6% of the pool balance, that are fully defeased.

Approximately 87.9% of the pool, or 67 of the 82 remaining loans,
reported YE2017 financials. Based on the most recent year-end
financials, the pool is reporting a strong weighted-average (WA)
debt service coverage ratio (DSCR) of 1.84 times (x) and WA debt
yield of 10.7%, which is in line with the WA DBRS Term DSCR of
1.82x and WA DBRS debt yield of 10.1% derived at issuance for the
remaining loans in the pool.

There are 11 loans, representing 13.8% of the pool balance, that
are on the servicer's watch list. Three loans were placed on the
watch list due to deferred maintenance and another four loans are
being monitored for lease rollover. Three loans are on the watch
list for cash flow declines related to drops in occupancy related
to a renovation or repositioning of the respective collateral
property. When merited, stressed scenarios were applied for these
loans to reflect the increased risks in the performance declines or
potential for future revenue losses.

As of the September 2018 remittance, there are two loans,
representing 1.0% of the current pool balance, in special
servicing. The Worthington at the Beltway loan (Prospectus ID#52;
0.5% of the pool balance) transferred to the special servicer in
December 2016 for imminent non-monetary default after the
collateral multifamily property sustained substantial fire damage
in 2013 and the insurance coverage was reportedly not sufficient to
cover the necessary repairs. In addition, the sponsor demolished 20
affected units without lender consent. The loan remains current,
and property cash flows remain healthy, with a strong DSCR and
physical occupancy rate for the property (as based on the adjusted
unit count from issuance). The special servicer is pursuing
foreclosure, and lawsuits have been filed by both the sponsor and
the servicer, with those proceedings pending as of the date of this
press release. Due to the uncertainty of the litigation, DBRS
applied a stressed cash flow scenario for the loan to increase the
probability of default.

The Hickory Commons loan (Prospectus ID#57; 0.5% of the pool
balance) transferred to the special servicer in February 2017 for
imminent default and became real estate owned as of July 2017
following a deed in lieu. The special servicer has been marketing
the retail property for sale and lease since acquiring the asset.
DBRS applied a liquidation scenario to the pool for the subject
loan, with the most recent appraisal suggesting a loss severity in
excess of 30.0%.

At issuance, DBRS shadow-rated the 1000 Harbour Boulevard loan
(Prospectus ID#53; 0.54% of the current pool balance) investment
grade, and with this review, DBRS confirms that the performance of
the loan remains consistent with investment-grade loan
characteristics. The loan is secured by a ten-story office building
located in Weehawken, New Jersey, that is 95.5% occupied by UBS
Group AG with a lease expiration of December 2028. The loan
reported a YE2017 DSCR of 1.35x, which is consistent with prior
years.

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

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


VENTURE CLO 35: Moody's Assigns (P)Ba3 Rating on $30MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to eight
classes of notes to be issued by Venture 35 CLO, Limited.

Moody's rating action is as follows:

US$50,000,000 Class A-L Senior Secured Floating Rate Notes due 2031
(the "Class A-L Notes"), Assigned (P)Aaa (sf)

US$80,000,000 Class A-F Senior Secured Fixed Rate Notes due 2031
(the "Class A-F Notes"), Assigned (P)Aaa (sf)

US$255,000,000 Class A-S Senior Secured Step-Up Floating Rate Notes
due 2031 (the "Class A-S Notes"), Assigned (P)Aaa (sf)

US$36,475,000 Class B-L Senior Secured Floating Rate Notes due 2031
(the "Class B-L Notes"), Assigned (P)Aa2 (sf)

US$30,525,000 Class B-F Senior Secured Fixed Rate Notes due 2031
(the "Class B-F Notes"), Assigned (P)Aa2 (sf)

US$40,500,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Assigned (P)A2 (sf)

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

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

The Class A-L Notes, the Class A-F Notes, the Class A-S Notes, the
Class B-L Notes, the Class B-F 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

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.

Venture 35 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans and
unsecured loans. Moody's expects the portfolio to be approximately
100% ramped as of the closing date.

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


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

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

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

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

Par amount: $603,500,000

Diversity Score: 85

Weighted Average Rating Factor (WARF): 2775

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 6.0%

Weighted Average Recovery Rate (WARR): 46.00%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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


VIBRANT CLO III: Moody's Assigns Ba3 Rating on $24MM Cl. D-RR Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by Vibrant CLO III, Ltd.:

Moody's rating action is as follows:

US$320,000,000 Class A-1-RR Senior Secured Floating Rate Notes due
2031 (the "Class A-1-RR Notes"), Definitive Rating Assigned Aaa
(sf)

US$57,500,000 Class A-2-RR Senior Secured Floating Rate Notes due
2031 (the "Class A-2-RR Notes"), Definitive Rating Assigned Aa2
(sf)

US$27,500,000 Class B-RR Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class B-RR Notes"), Definitive Rating Assigned
A2 (sf)

US$31,000,000 Class C-RR Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C-RR Notes"), Definitive Rating Assigned
Baa3 (sf)

US$24,000,000 Class D-RR Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class D-RR Notes"), Definitive Rating Assigned
Ba3 (sf)

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

DFG Investment Advisers, Inc. manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of all classes of the secured notes
previously refinanced on December 20, 2016, and originally issued
on March 12, 2015. On the Refinancing Date, the Issuer used
proceeds from the issuance of the Refinancing Notes and additional
subordinated notes, to redeem in full the Refinanced Original
Notes.

In addition to the issuance of the Refinancing Notes and additional
subordinated notes, a variety of other changes to transaction
features will occur in connection with the refinancing. These
include: extension of the 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: $498,978,100

Defaulted par: $3,043,800

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2838

Weighted Average Spread (WAS): 3.50%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

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

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


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


WELLFLEET CLO 2015-1: Moody's Rates Ba2 Rating on Class E-R2 Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to the following
notes issued by Wellfleet CLO 2015-1, Ltd.:

US$215,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2027 (the "Class A-1-R Notes"), Assigned Aaa (sf)

US$15,750,000 Class E-R2 Junior Secured Deferrable Floating Rate
Notes due 2027 (the "Class E-R2 Notes"), Assigned Ba2 (sf)

Moody's has also taken rating actions on the following notes:

US$9,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2027
(the "Class A-2 Notes"), Affirmed Aaa (sf); previously on October
20, 2017 Affirmed Aaa (sf)

US$43,000,000 Class B-R Senior Secured Floating Rate Notes due 2027
(the "Class B-R Notes"), Affirmed Aa1 (sf); previously on October
20, 2017 Assigned Aa1 (sf)

US$20,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class C-R Notes"), Upgraded to A1 (sf);
previously on October 20, 2017 Assigned A2 (sf)

US$19,250,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D-R Notes"), Affirmed Baa3 (sf);
previously on October 20, 2017 Assigned Baa3 (sf)

US$7,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class F Notes"), Affirmed B2 (sf); previously on
October 20, 2017 Upgraded to B2 (sf)

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

Wellfleet Credit Partners, LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

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 October 22, 2018 in
connection with the refinancing of certain classes of notes
previously partially refinanced on October 20, 2017 or originally
issued on September 24, 2015. On the Second Refinancing Date, the
Issuer used proceeds from the issuance of the Refinancing Notes to
redeem in full the Refinanced Notes.

Moody's rating actions on the Class A-2 Notes, Class B-R Notes,
Class C-R Notes, Class D-R Notes, and Class F Notes are primarily a
result of the refinancing, which increases excess spread available
as credit enhancement to the rated notes.

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

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

Performing par and principal proceeds balance: $350,000,000

Defaulted par: $0

Diversity Score: 67

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.85%

Weighted Average Recovery Rate (WARR): 46.87%

Weighted Average Life (WAL): 4.92 years

Methodology Underlying the Rating Action:

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

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


The performance of each class of the Issuer's notes is subject to
uncertainty relating to certain factors and circumstances, and this
uncertainty could lead to either an upgrade or downgrade of Moody's
ratings:

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

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

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

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

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

6) Weighted average life (WAL): The notes' ratings can be sensitive
to the weighted average life assumption of the portfolio, which
could lengthen owing to any decision by the Manager to reinvest
into new issue loans or loans with longer maturities, or
participate in amend-to-extend offerings. Life extension can
increase the default risk horizon and assumed cumulative default
probability of CLO collateral.

7) Weighted Average Spread (WAS): CLO performance can be sensitive
to WAS, which is a key factor driving the amount of excess spread
available as credit enhancement when a deal fails its
over-collateralization or interest coverage tests. A decrease in
excess spread, including as a result of losing the net interest
benefit of LIBOR floors, or because market conditions make it
difficult for the deal to source assets of appropriate credit
quality in order to maintain its WAS target, would reduce the
effective credit enhancement available for the notes.


WFRBS COMMERCIAL 2013-C17: DBRS Confirms BB Rating on Class E Certs
-------------------------------------------------------------------
DBRS Limited upgraded the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-C17 (the
Certificates) issued by WFRBS Commercial Mortgage Trust 2013-C17
(the Trust):

-- Class B to AAA from AA (high) (sf)
-- Class C to AA (low) (sf) from A (high) (sf)

DBRS also confirmed the ratings on the following classes:

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

All trends are Stable.

The rating upgrades reflect the continued strong overall
performance of the transaction, which has benefited from a
collateral reduction of 21.5% since issuance. As of the September
2018 remittance, 78 of the original 84 loans remain in the pool
with an aggregate principal balance of $709.8 million. There are
seven loans, representing 6.1% of the pool, that are fully
defeased. Excluding the defeased loans, the pool reported a
weighted-average (WA) debt service coverage ratio (DSCR) of 2.32
times (x) and WA debt yield of 14.7%. Based on the servicer's most
recent reporting, the 15 largest loans, which represent 54.9% of
the pool, reported a WA net cash flow (NCF) growth of 29.0% over
the DBRS issuance figures, with a WA DSCR and debt yield of 2.56x
and 14.9%, respectively.

As of the September 2018 remittance, there are 12 loans,
representing 12.1% of the pool, on the servicer's watch list, and
one loan, representing 1.3% of the pool, in special servicing. Only
four loans, representing 2.8% of the pool, are being monitored for
performance-related issues. The remaining loans on the watch list
are performing well, with a WA DSCR and debt yield of 1.95x and
13.4%, respectively, and are being monitored for deferred
maintenance, occupancy declines, and upcoming tenant rollover.

The loan in special servicing, Oak Hill Apartments (Prospectus ID
#27, 1.3% of pool), is secured by a 108-unit multifamily property
located in Washington, D.C. The loan transferred to special
servicing in May 2017 for delinquency and reported an annualized Q1
2018 DSCR of -0.22x, compared with the DBRS Term DSCR derived at
issuance of 1.34x. The sponsor, Aubrey Carter Nowell, the founder
of Sanford Capital, has been involved in several legal issues over
the past few years. Sanford Capital is a property management
company based in Maryland which primarily owns and operates
multifamily properties located in low-income communities in D.C.
DBRS has located articles online noting that Sanford Capital was
sued in March 2017 by D.C. Attorney General Karl Racine relating to
D.C. housing law violations and as of April 2018, a settlement was
reached. As such, Sanford Capital has agreed to divest its real
estate holdings in D.C. by December 2018 and will be unable to
re-enter the market for the next seven years. According to special
servicer, a receiver was appointed in September 2017 and is
continuing to address and repair the several open housing
violations at the property.

The April 2018 appraisal obtained by the special servicer reported
an as-is value for the property at $14.8 million, suggesting value
outside of the $9.2 million trust exposure, as of September 2018.
In the analysis for this loan, DBRS applied a stressed cash flow
scenario to reflect the depressed performance and legal issues
surrounding Sanford Capital in recent years. DBRS will continue to
monitor the loan for developments. For additional information on
this loan, please see the loan commentary on the DBRS Viewpoint
platform, for which information is provided below.

At issuance, DBRS shadow-rated one loan, Westfield Mission Valley
(Prospectus ID #3, 7.8% of pool), as investment grade. DBRS
confirmed that the performance of this loan remains consistent with
investment-grade loan characteristics.

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

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


[*] Moody's Takes Action on $112MM of Scratch-&-Dent RMBS
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of fourteen
tranches and downgraded the rating of one tranche from seven
transactions, backed by "Scratch and Dent" loans, issued by
multiple issuers.

Complete rating actions are as follows:

Issuer: Bayview Financial Mortgage Pass-Through Certificates,
Series 2004-C

Cl. B, Upgraded to Caa2 (sf); previously on May 31, 2011 Downgraded
to Ca (sf)

Cl. M-3, Upgraded to Aaa (sf); previously on Jan 30, 2018 Upgraded
to Aa2 (sf)

Cl. M-4, Upgraded to Aa2 (sf); previously on Jan 30, 2018 Upgraded
to A3 (sf)

Issuer: CSFB Mortgage Pass-Through Certificates, Series 2004-CF1

Cl. M-1, Downgraded to B2 (sf); previously on Jan 30, 2018 Upgraded
to Ba3 (sf)

Issuer: RAAC Series 2004-SP3 Trust

Cl. A-I-4, Upgraded to Aa1 (sf); previously on Jan 30, 2018
Upgraded to Aa3 (sf)

Cl. A-I-5, Upgraded to Aa1 (sf); previously on Jan 30, 2018
Upgraded to Aa2 (sf)

Issuer: RAAC Series 2005-RP1 Trust

Cl. M-3, Upgraded to Aa2 (sf); previously on Jan 30, 2018 Upgraded
to A1 (sf)

Cl. M-4, Upgraded to Baa2 (sf); previously on Jan 30, 2018 Upgraded
to Ba1 (sf)

Issuer: RAAC Series 2005-SP3 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Jan 30, 2018 Upgraded
to Aa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Jan 30, 2018 Upgraded
to Ba1 (sf)

Cl. M-3, Upgraded to Ba1 (sf); previously on Jan 30, 2018 Upgraded
to Ba3 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Jan 30, 2018 Upgraded
to Caa1 (sf)

Issuer: RAAC Series 2006-RP4 Trust

Cl. A, Upgraded to Aaa (sf); previously on Jan 30, 2018 Upgraded to
Aa2 (sf)

Cl. M-1, Upgraded to Ba1 (sf); previously on Jan 30, 2018 Upgraded
to Ba3 (sf)

Issuer: Salomon Brothers Mortgage Trust 2001-2

Cl. M-3, Upgraded to A3 (sf); previously on Jan 4, 2018 Upgraded to
Baa3 (sf)

RATINGS RATIONALE

The rating upgrades are due to an increase in the credit
enhancement available to the bonds. The rating downgrade on CSFB
Mortgage Pass-Through Certificates, Series 2004-CF1 Cl. M-1 is due
to the outstanding interest shortfalls on this bond, which are not
expected to be reimbursed. In the prior rating action, the interest
shortfalls were incorrectly not taken into consideration. The
rating action properly reflects the current outstanding interest
shortfall of $246,082. The rating actions also reflect the recent
performance and Moody's updated loss expectations on the underlying
pools.

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

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


Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.7% in September 2018 from 4.2% in
September 2017. Moody's forecasts an unemployment central range of
3.5% to 4.5% for the 2018 year. Deviations from this central
scenario could lead to rating actions in the sector. House prices
are another key driver of US RMBS performance. Moody's expects
house prices to continue to rise in 2018. Lower increases than
Moody's expects or decreases could lead to negative rating actions.
Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


[*] S&P Discontinues D Ratings on 21 Classes From 11 US CMBS Deals
------------------------------------------------------------------
S&P Global Ratings discontinued its 'D (sf)' ratings on 21 classes
from 11 U.S. commercial mortgage-backed securities transactions.

S&P said, "We discontinued these ratings according to our
withdrawal policy. We had previously lowered the ratings on these
classes to 'D (sf)' because of principal losses and/or accumulated
interest shortfalls that we believed would remain outstanding for
an extended period of time. We view a subsequent upgrade to a
rating higher than 'D (sf)' to be unlikely under the relevant
criteria for the classes within this review."

A list of Affected Ratings can be viewed at:

           https://bit.ly/2SboVBd



[*] S&P Takes Various Actions on 51 Classes From Four US RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 51 classes from four
U.S. residential mortgage-backed securities (RMBS) resecuritized
real estate mortgage investment conduit (re-REMIC) transactions and
one prime jumbo transaction issued between 2004 and 2010. All of
these transactions are backed by prime and alternative-A
collateral. The review yielded 15 upgrades, 14 downgrades, and 22
affirmations.

MASTR Asset Securitization Trust 2004-6 was previously a hybrid
re-REMIC transaction consisting of the collateralization of a
previously issued RMBS security and mortgage loans. The previously
issued RMBS security was paid in full and the remaining collateral
consists of prime jumbo mortgage loans. This security is in the
scope of our criteria, "Criteria - Structured Finance - RMBS:
Methodology And Assumptions: U.S. RMBS Surveillance Credit And Cash
Flow Analysis For Pre-2009 Originations," published March 2, 2016.

MASTR Asset Securitization Trust 2004-9 is currently a hybrid
re-REMIC transaction, the collateral group three of which consists
of the collateralization of a previously issued RMBS security that
is still outstanding. All other groups consist of the
collateralization of mortgage loans. Certificates in collateral
group three of the above referenced transaction as well as
certificates in the other three re-REMIC transactions reviewed
today, are rated per our criteria "Criteria - Structured Finance -
General: Global Methodology For Rating Retranchings Of ABS, CMBS,
And RMBS," published Aug. 1, 2016.

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance or structural
characteristics (or both) and their potential effects on certain
classes." Some of these considerations include:

-- Underlying collateral performance/delinquency trends;
-- Historical interest shortfalls;
-- Priority of principal payments; and
-- Available subordination and/or overcollateralization.

Rating Actions

S&P said, "The ratings affirmations 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 13 classes as a result of increased
credit support. These classes benefited from sequential principal
allocation, which resulted in locking out principal to subordinate
classes and building credit support for those classes. 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/2S4d7QW


[*] T&W Fetes 12 Outstanding Young Restructuring Lawyers Nov. 26
----------------------------------------------------------------
Once a year, Beard Group's publication, Turnarounds & Workouts,
recognizes a select number of young corporate restructuring
lawyers, who within the prior year, have compiled an impressive
list of achievements. On Nov. 26th, another group of distinguished
young attorneys will be honored at a dinner reception following the
Distressed Investing 2018 Conference. The 5 p.m. reception and the
25th annual conference will be held at The Harmonie Club, 4 E. 60th
St. in Midtown Manhattan.

This year's awardees include:

     * Adam Brenneman, Cleary Gottlieb Steen & Hamilton
     * Jonathan Canfield, Stroock & Stroock & Lavan LLP
     * Ryan Preston Dahl, Weil, Gotshal & Manges LLP
     * Christopher Greco, Kirkland & Ellis LLP
     * Vincent Indelicato, Proskauer Rose LLP
     * Brian J. Lohan, Arnold & Porter Kaye Scholer LLP
     * Jennifer Marines, Morrison & Foerster LLP
     * Christine A. Okike, Skadden, Arps, Slate, Meagher
       & Flom LLP
     * Peter B. Siroka, Fried, Frank, Harris, Shriver &
       Jacobson LLP
     * Matthew B. Stein, Kasowitz Benson Torres LLP
     * Eli Vonnegut, Davis Polk & Wardwell LLP
     * Matthew L. Warren, Latham & Watkins LLP

You can learn more about the honorees at
https://www.distressedinvestingconference.com/turnarounds--workouts-2018-outstanding-young-restructuring-lawyers.html

Earlier in the day, the Distressed Investing 2018 Conference will
offer attendees the latest insights and information on distressed
investing and bankruptcy from seasoned corporate restructuring
professionals. And, after a quarter of a century, the conference's
subject matter and presenters are as relevant today as they were
when we began. The developing agenda can be viewed at
https://www.distressedinvestingconference.com/agenda.html

We are also pleased to partner this year with both long-time and
new sponsors including:

   Corporate Sponsors:

     * Conway MacKenzie
     * DSI
     * Foley & Lardner LLP
     * Milbank
     * Morrison & Foerster LLP

   Knowledge Partner:
     * Pacer Monitor

   Media Sponsors:
     * Debtwire
     * Financial Times

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

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.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Copyright 2018.  All rights reserved.  ISSN: 1520-9474.

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