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

              Sunday, December 23, 2018, Vol. 22, No. 356

                            Headlines

ACCESS GROUP 2007-1: Fitch Lowers Class A-5 Debt to BBsf
ATRIUM HOTEL 2017-ATRM: Moody's Affirms Class F Certs at B3
CITIGROUP COMMERCIAL 2018-C6: Fitch Rates Class J-RR Certs B-sf
CONN'S RECEIVABLES 2017-B: Fitch Affirms Class B Notes at BBsf
CREDIT SUISSE 2006-C1: Fitch Affirms C Rating on Class J Certs

DBWF 2018-GLKS: Fitch to Rate $86.33MM Class F Certs 'B-sf'
FLAGSHIP LTD VII: S&P Lowers Class F Notes Rating to B-
GS MORTGAGE 2016-RENT: Fitch Affirms B-sf Rating on Class F Certs
JP MORGAN 2001-CIBC2: Fitch Affirms C Rating on 2 Tranches
JP MORGAN 2018-MINN: Moody's Assigns B3 Rating on Class F Certs

MORGAN STANLEY 2007-IQ13: Fitch Affirms Dsf Rating on 12 Tranches
NORTHSTAR 2016-1: Moody's Hikes Class C Debt Rating to Ba2
RFC CDO 2006-1: Moody's Lowers Class C Notes Rating to C
TESLA AUTO 2018-B: Moody's Assigns (P)Ba3 Rating on Class E Notes
UBS COMMERCIAL 2018-C14: Fitch Assigns B-sf Rating on 2 Tranches

WACHOVIA BANK 2006-C29: Moody's Affirms C Rating on 3 Tranches
[*] Moody's Hikes $47.1MM Alt-A RMBS Issued 2003-2004
[*] Moody's Takes Action on $901MM RMBS Issued 2003-2007

                            *********

ACCESS GROUP 2007-1: Fitch Lowers Class A-5 Debt to BBsf
--------------------------------------------------------
Fitch Ratings has taken the following rating actions on Access
Group 2007-1:

  -- Class A-4 downgraded to 'BBBsf' from 'Asf', Outlook revised to
Negative from Stable;

  -- Class A-5 downgraded to 'BBsf' from 'Asf', Outlook revised to
Negative from Stable;

  -- Class B downgraded to 'Bsf' from 'Asf', Outlook Stable;

  -- Class C downgraded to 'Bsf' from 'Asf', Outlook Stable.

The downgrades and Negative Outlooks are driven by a revision to
the calculation of weighted average remaining term (WART) by the
issuer in conjunction with a change in servicing to Nelnet, Inc.
The WART of the trust increased by 15 months due to this revision,
changing Fitch's view of the maturity risk profile of the
outstanding notes.

The class A-4 notes failed Fitch's maturity stress under Fitch's
'BBBsf' rating stress; however, with five years remaining to
maturity, a one rating category tolerance is applied to class A-4
since the notes pass the credit stress.

Class A-5, B and C notes fail Fitch's baseline stress. The 'BBsf'
rating assigned to the class A-5 notes reflects the time horizon
until maturity and the failure of the 'Bsf' maturity stress is
deemed marginal with no principal or interest shortfalls. The two
category difference between the 'BBsf' rating on the A-5 notes and
Fitch's cash flow model implied rating represents a criteria
variation. The ratings on the A-5, B and C notes also reflects
Access Group's ability to call the notes upon reaching 10% pool
factor and the firm's prior commitment to the performance of its
securitizations as evidenced by support provided to another trust
in the form of cash infusion to meet obligations at maturity.

KEY RATING DRIVERS

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

Collateral Performance: Based on transaction specific performance
to date, Fitch assumed a sustainable constant default rate
assumption 2.1% and a sustainable constant prepayment rate of
12.0%. The claim reject rate is assumed to be 0.25% in the base
case and 2.0% in the 'AAA' case. The TTM levels of deferment,
forbearance, and income-based repayment (prior to adjustment) are
approximately 2.8%, 4.0% and 22.5%, respectively.

The notes will mature in 2023 and 2035 and Fitch's student loan ABS
cash flow model indicates that only the A-4 notes are paid in full
prior to the legal final maturity in the 'B' stress cases of
Fitch's modelling scenarios. If the breach of the A-4 or A-5 senior
classes' maturity date triggers an event of default, interest
payments will be diverted away from the subordinate and junior
subordinate notes, causing these notes to fail the base case as
well.

Payment Structure: Credit enhancement (CE) is provided by excess
spread and for the class A notes, subordination. As of October
2018, reported senior, senior subordinate and total parity is
111.6%, 104.4% and 99.93% respectively. Liquidity support is
provided by a capitalized interest account currently sized at
approximately $1.8 million. The trust is not releasing cash as
total parity is below 100.25%, the cash release threshold.

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of Oct. 25, 2018, all
trust student loans are indexed to either 91-day T-bill or
one-month LIBOR and all notes are indexed to 3ML. Fitch applies its
standard basis and interest rate stresses to this transaction as
per criteria.

Operational Capabilities: Day-to-day servicing for the trust's
entire portfolio is performed by Nelnet Inc.. Fitch believes Nelnet
to be an acceptable servicer of FFELP student loans due to their
long servicing history.

CRITERIA VARIATION

According to Fitch's U.S. Federal Family Education Loan Program
Student Loan ABS Rating Criteria, if the final ratings are
different from the model results by more than one rating category,
it would constitute a criteria variation. For this surveillance
review, the downgrade of the class A-5 notes is in excess of the
one rating category threshold for the credit stress, constituting a
variation to the criteria. Should Fitch not apply the variation,
class A-5 would have been downgraded to 'CCCsf'.

RATING SENSITIVITIES

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

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

Credit Stress Rating Sensitivity

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

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

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


  -- Basis Spread increase 0.50%: class A 'CCCsf'; class B 'CCCsf'

Maturity Stress Rating Sensitivity

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

  -- CPR increase 100%: class A 'CCCsf'; class B 'CCCsf'

  -- IBR Usage increase 100%: class A 'CCCsf'; class B 'CCCsf'

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

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


ATRIUM HOTEL 2017-ATRM: Moody's Affirms Class F Certs at B3
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings on six classes of
Atrium Hotel Portfolio Trust 2017-ATRM, Commercial Mortgage
Pass-Through Certificates, Series 2017-ATRM. Moody's rating action
is as follows:

Cl. A, Affirmed Aaa (sf); previously on Jan 2, 2018 Definitive
Rating Assigned Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Jan 2, 2018 Definitive
Rating Assigned Aa3 (sf)

Cl. C, Affirmed A3 (sf); previously on Jan 2, 2018 Definitive
Rating Assigned A3 (sf)

Cl. D, Affirmed Baa3 (sf); previously on Jan 2, 2018 Definitive
Rating Assigned Baa3 (sf)

Cl. E, Affirmed Ba3 (sf); previously on Jan 2, 2018 Definitive
Rating Assigned Ba3 (sf)

Cl. F, Affirmed B3 (sf); previously on Jan 2, 2018 Definitive
Rating Assigned B3 (sf)

RATINGS RATIONALE

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

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, defeasance of
the loan or an improvement in loan performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the November 15, 2018 distribution date, the transaction's
certificate balance remains unchanged at $600 million from
securitization. The certificates are collateralized by a single
floating rate loan backed by a first lien commercial mortgage
related to a portfolio of 29 full- and limited-service hotels. The
loan's final maturity date is in December 2024. There is mezzanine
debt totaling $150 million held outside of the trust.

The properties are located across 16 states and total 7,015
guestrooms. The portfolio operates under nine different flags
across three nationally recognized hotel franchises (Hilton,
Marriott and Intercontinental) and one independently managed
property. The properties were constructed between 1979 and 2000.

As of the trailing twelve month period ending June 2018, the net
cash flow (NCF) was $79.6 million. Moody's stabilized NCF is $66.0
million, the same as securitization. Moody's loan to value (LTV)
ratio is 103% and Moody's stressed DSCR is at 1.19X. There are no
interest shortfalls or losses outstanding as of the current
distribution date.


CITIGROUP COMMERCIAL 2018-C6: Fitch Rates Class J-RR Certs B-sf
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to Citigroup Commercial Mortgage Trust 2018-C6 Commercial
Mortgage Pass-Through Certificates series 2018-C6:

  -- $15,000,000 class A-1 'AAAsf'; Outlook Stable;

  -- $86,000,000 class A-2 'AAAsf'; Outlook Stable;

  -- $180,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $205,979,000 class A-4 'AAAsf'; Outlook Stable;

  -- $28,500,000 class A-AB 'AAAsf'; Outlook Stable;

  -- $545,855,000a class X-A 'AAAsf'; Outlook Stable;

  -- $30,376,000 class A-S 'AAAsf'; Outlook Stable;

  -- $37,741,000 class B 'AA-sf'; Outlook Stable;

  -- $39,581,000 class C 'A-sf'; Outlook Stable;

  -- $37,741,000ab class X-B 'AA-sf'; Outlook Stable;

  -- $37,741,000b class D 'BBB-sf'; Outlook Stable;

  -- $7,364,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $13,807,000bc class F-RR 'BBsf'; Outlook Stable;

  -- $7,364,000bc class G-RR 'BB-sf'; Outlook Stable;

  -- $9,205,000bc class J-RR 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

  -- $10,126,000bc class K-RR;

  -- $27,615,173bc class NR-RR.

(a) Notional amount and interest-only.

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

(c) Horizontal credit risk retention interest.

The ratings are based on information provided by the issuer as of
Dec. 10, 2018.

Since Fitch published its expected ratings on Nov. 13, 2018, the
balances for class A-3 and class A-4 were finalized. At the time
that the expected ratings were assigned, the exact initial
certificate balances of class A-3 and class A-4 were unknown and
expected to be within the range of $100,000,000 to $180,000,000 for
class A-3 and $205,979,000 to $285,979,000 for class A-4. The final
class balances for class A-3 and class A-4 are $180,000,000 and
$205,979,000, respectively.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 35 loans secured by 58
commercial properties having an aggregate principal balance of
$736,399,174 as of the cut-off date. The loans were contributed to
the trust by Citi Real Estate Funding Inc., Rialto Mortgage
Finance, LLC, Ladder Capital Finance LLC, and Cantor Commercial
Real Estate lending, L.P.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 77.8% of the properties
by balance, cash flow analysis of 92.8% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Higher Fitch Leverage: The pool's Fitch DSCR is 1.13x, which is
lower than the YTD 2018 average of 1.22x, while the pool's LTV of
105.7% is greater than the YTD 2018 average of 102.2%. Excluding
credit opinion loans, the pool's Fitch DSCR and LTV are 1.08x and
112.1%, respectively, compared to the YTD 2018 average Fitch DSCR
and LTV of 1.16x and 108.9%.

Investment-Grade Credit Opinion Loans: Two loans, representing
12.9% of the pool by balance, have investment-grade credit
opinions: Dumbo Heights Portfolio (9.5% of the pool) and Moffett
Towers - Buildings E, F and G (3.4% of the pool); each received
credit opinions of 'BBB-sf*' on a stand-alone basis.

Concentration of Loans Below 1.00x: Thirteen loans (30.5% of the
pool) have a Fitch DSCR on the trust amount below 1.00x. Loans with
a lower Fitch DSCR on the trust amount have a higher likelihood of
experiencing a loss upon default. Additionally, 18 loans (56.4% of
the pool) have a Fitch DSCR on the total debt stack below 1.00x,
which implies a higher likelihood of default in Fitch's analysis.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 16.6% below the most recent
year's NOI (for properties for which a full year NOI was provided,
excluding properties that were stabilizing during this period). The
following rating sensitivities describe how the ratings would react
to further NCF declines below Fitch's NCF. The implied rating
sensitivities are only indicative of some of the potential outcomes
and do not consider other risk factors to which the transaction is
exposed. Stressing additional risk factors may result in different
outcomes. Furthermore, the implied ratings, after the further NCF
stresses are applied, are more akin to what the ratings would be at
deal issuance had those further stressed NCFs been in place at that
time.


CONN'S RECEIVABLES 2017-B: Fitch Affirms Class B Notes at BBsf
--------------------------------------------------------------
Fitch Ratings has affirmed Conn's Receivables Funding 2017-B, LLC
(Conn's 2017-B), which consists of notes backed by retail loans
originated and serviced by Conn Appliances, Inc. (Conn's) as
follows:

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

  -- Class B notes at 'BBsf'; Outlook Stable;

  -- Class C notes at 'B-sf'; Outlook Stable.

The affirmation of the notes is due to performance in line with
expectations and growth in credit enhancement (CE) since closing.
CE for the class A, B, and C notes will continue to grow until the
target total overcollateralization (OC) level of 35% is reached.
Total OC is 31.41% as of the November 2018 payment date.

Although the model implied ratings of the notes are slightly higher
than their respective current ratings, the notes are affirmed due
to various other considerations. Conn's 2017-B includes greater
concentrations of re-aged accounts compared to prior transactions,
driving uncertainty regarding future performance. Further, Fitch is
taking a cautious approach to unsecured consumer credit,
particularly at the subprime level, given its view that the credit
cycle is in its late stages. Finally, the transaction has only been
outstanding one year, and the class B and C notes have not yet
begun to amortize.

In addition, while the class B notes will begin to amortize and
continue to build CE when the class A notes pay in full, the class
C notes will stop building OC when the 35% OC release level is met,
and will not begin to amortize until the class B note is paid in
full. Due to this, the class C notes are more sensitive to tail-end
risks.

KEY RATING DRIVERS

Collateral Quality: The 2017-B trust pool consists of 100%
fixed-rate consumer loans originated and serviced by Conn
Appliances, Inc. The pool exhibits a weighted average FICO score of
605 and a weighted average borrower rate of 27.45%.

The lifetime base case default rate for the 2017-B pool is assumed
to be approximately 25.25%, equal to the original lifetime base
case default rate at closing. After taking into account defaults
that have already been recognized, remaining defaults of
approximately 28.51% were assumed. Defaults are mitigated by the CE
that will continue to build to the 35% CE release level.

Fitch applied a 2.2x stress at the 'BBBsf' level, reflecting the
high absolute value of the historical defaults, along with the
variability of default performance in recent years and the high
geographic concentration. The recovery rate on defaulted loans for
each note is assumed to be 5%.

Dependence on Trust Triggers: The trust depends on three trust
triggers (Cumulative Net Loss Trigger, Annualized Net Loss Trigger,
and Recovery Trigger) in order to ensure the payments due on the
notes during times of degrading collateral performance. While the
class A notes are expected to be repaid shortly, the triggers help
protect the class B notes in stressed scenarios. The class C notes
are currently constrained due to excess spread that can be released
from the trust before the triggers are activated, especially with
stress scenarios with back loaded defaults.

A shortened version of the 18-month WAL default timing curve as
shown in the Global Consumer ABS Criteria was utilized in order to
recognize all defaults within the life of the transaction.

Rating Cap at the 'BBBsf' Category: Due to higher loan defaults in
recent years, management changes at Conn's, and Conn's credit risk
profile, Fitch has placed a rating cap on this transaction at the
'BBBsf' category.

Liquidity Support: Liquidity support is provided by a reserve
account, which was fully funded at closing at 1.50% of the initial
pool balance. The reserve account stepped down to 1.25% of the
original collateral balance when OC reached 30% of the current
collateral balance and will step down to 1.00% of the original
collateral balance once OC reaches 35% of the current collateral
balance. The reserve account is currently sized at $ 10,038,852.

Servicing Capabilities: Conn Appliances, Inc. demonstrates adequate
abilities as originator, underwriter, and servicer. The credit risk
profile of the entity is mitigated by the backup servicing provided
by Systems & Services Technologies, Inc. (SST), who has committed
to servicing transition period of 30 days.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or charge-offs
on borrower 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 notes. Decreased CE may make
certain ratings on the notes susceptible to potential negative
rating actions, depending on the extent of the decline in coverage.


Fitch conducts sensitivity analysis by stressing a transaction's
initial base case charge-off assumption by an additional 10%, 25%,
and 50%, and examining the rating implications. The increases of
the base case charge-offs are intended to provide an indication of
the rating sensitivity of the notes to unexpected deterioration of
a transaction's performance.

During the sensitivity analysis, Fitch examines the magnitude of
the multiplier compression by projecting the expected cash flows
and loss coverage levels over the life of investments under higher
than the initial base case charge-off assumptions. Fitch models
cash flows with the revised charge-off estimates while holding
constant all other modelling assumptions.

Rating sensitivity to increased charge-off rate:

  -- Class A, B, and C current ratings (Remaining Defaults as a
percent of current: 28.51%): 'BBBsf', 'BBsf', 'B-sf';

  -- Increase base case by 10% for class A, B, and C: 'BBBsf',
'BBsf', 'B-sf';

  -- Increase base case by 25% for class A, B, and C: 'BBBsf',
'BBsf', less than 'CCCsf';

  -- Increase base case by 50% for class A, B, and C: 'BBBsf',
'BBsf', less than 'CCCsf'.


CREDIT SUISSE 2006-C1: Fitch Affirms C Rating on Class J Certs
--------------------------------------------------------------
Fitch Ratings has upgraded one class, and affirmed eight classes of
Credit Suisse Commercial Mortgage Trust (CSMC) commercial mortgage
pass-through certificates, series 2006-C1.

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrade of class H reflects
increased credit enhancement since Fitch's last rating action from
better than expected recoveries on loan resolutions and continued
amortization. Since Fitch's last rating action in January 2018, the
pool has paid down by an additional $33.7 million and experienced
lower than expected realized losses of $11.3 million. As of the
November 2018 remittance report, the pool has been reduced by 98.6%
to $42.4 million from $3 billion at issuance. There have been $122
million in realized losses to date, accounting for 4.1% of the
original pool balance. Cumulative interest shortfalls in the amount
of $10.7 million are currently impacting classes J through S.

Stable Loss Expectations: Overall performance and loss expectations
for the remaining loans/assets remain stable since Fitch's last
rating action.

Concentrated Pool; Alternative Loss Consideration: The transaction
is very concentrated with only 17 loan interests/assets remaining.
Due to the concentrated nature of the pool, Fitch performed a look
through analysis to the underlying pool, which grouped the
remaining loans based on the likelihood of repayment and credit
characteristics, and factored in the expected losses on the REO
asset. The upgrade to class H was capped at 'Asf' to reflect the
collateral quality of the remaining pool.

The remaining pool includes one fully amortizing defeased loan
(3.1% of the pool) and seven high quality lowly leveraged loans
(18.6%) secured by New York and New Jersey co-op properties,
including four that are fully amortizing (5.1%). In addition there
is one fully amortizing loan (0.8%) secured by a CVS drugstore,
which has a lease that is virtually co-terminus with the loan.

Fitch Loans of Concern (FLOC) include two amortizing balloon loans
secured by a Walgreens drugstore (2%) and a Homewood Suites (15.5%)
that have upcoming maturities and uncertain payoffs; a loan (2.2%)
secured by a fully occupied unanchored retail center located in
Marietta, GA, which has a large month-to-month tenancy percentage;
a loan (1.7%) secured by an single tenant office property located
in Corpus Christi, TX that passed its anticipated repayment date
(ARD) in 2015 and has not reported financial information since
2012; three specially serviced loans interests (52.1%); and an REO
retail center (3.9%).

The largest FLOC is secured by the Providence Pavilion (38.7%), a
grocery anchored retail center located in Mableton, GA. The loan
re-transferred to special servicing in August 2018 due to its
imminent loan maturity. The loan was previously modified by the
special servicer into an A/B note structure in 2013. The loan
originally transferred in 2012 due to an occupancy decline and a
reported NOI DSCR of 0.82x. Workout discussions are currently
ongoing.

RATING SENSITIVITIES

The Stable Outlook on class H reflects increasing credit
enhancement and expected continued amortization. Further upgrades
to the senior class are unlikely due to the concentrated nature of
the transaction, high percentage of Fitch Loans of Concern
including specially serviced assets, and the potential for interest
shortfalls. Downgrade to class J is expected once realized losses
occur.

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

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

Fitch has upgraded the following ratings and assigned Rating
Outlooks as follows:

  -- $10.5 million class H to 'Asf' from 'CCCsf'; Outlook Stable
assigned.

Fitch has affirmed the following ratings:

  -- $30 million class J at 'Csf'; RE70%;

  -- $1.9 million class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class O at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%.


DBWF 2018-GLKS: Fitch to Rate $86.33MM Class F Certs 'B-sf'
-----------------------------------------------------------
Fitch Ratings has issued a presale report on DBWF 2018-GLKS
Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-GLKS.

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

  -- $255,500,000 class A 'AAAsf'; Outlook Stable;

  -- $91,800,000a class X-CP 'BBB-sf'; Outlook Stable;

  -- $91,800,000a class X-EXT 'BBB-sf'; Outlook Stable;

  -- $50,200,000 class B 'AA-sf'; Outlook Stable;

  -- $35,900,000 class C 'A-sf'; Outlook Stable;

  -- $55,900,000 class D 'BBB-sf'; Outlook Stable;

  -- $83,300,000 class E 'BB-sf'; Outlook Stable;

  -- $86,335,000 class F 'B-sf'; Outlook Stable.

The following class is not expected to be rated:

  -- $29,865,000b class HRR.

(a) Notional amount and interest-only.

(b) Non-offered horizontal credit risk retention interest.

The DBWF 2018-GLKS Commercial Mortgage Pass-Through Certificates
represent the beneficial interest in a trust that holds a single,
two-year, floating-rate interest-only mortgage loan, subject to
five, one-year extension options in the amount of $597.0 million
secured by the fee interest in The JW Marriott Grande Lakes (JW)
and The Ritz-Carlton Grande Lakes (RC) in Orlando, FL. Proceeds of
the loan, along with $53.0 million of mezzanine financing, were
used to facilitate the acquisition of the properties. The
certificates will follow a sequential-pay structure.

The expected ratings are based on information provided by the
issuer as of Dec. 11, 2018. All classes are being privately placed
pursuant to Rule 144A.

KEY RATING DRIVERS

Asset Quality: Fitch assigned JW and RC a property quality grade of
'A'. The collateral is situated on 500 acres at the headwaters of
the Everglades. Property amenities include: 263,210 sf of indoor
and outdoor meeting and event facilities, an 18-hole golf course
designed by Greg Norman, a 40,000-sf, full-service spa, a
state-of-the-art fitness center, 15 food and beverage (F&B) venues,
three pools, including the Lazy River, as well as a biking trail,
tennis courts, bocce ball courts and a sand volleyball court.

Good Location Near Demand Generators: JW and RC are located within
Orlando's major entertainment district, within five to 15 minutes
of SeaWorld Orlando, Universal Orlando Resort and Walt Disney World
Resort. In addition, the property is 10 miles from the Orlando
International Airport and three miles from the Orange County
Convention Center (OCCC), the second largest convention center in
the U.S., with 2.1 million sf of exhibition space.

Stable Historical Performance and Improvement: Property occupancy,
revenues and expenses have shown a high degree of consistency since
at least 2013. Since 2015, operating performance has improved on
both the revenue and expense side. Total revenue grew 16.0% from
2014 to October 2018.

Capital Improvements: The property has benefited from $53.6 million
($33,946 per key) in capital improvements since 2015. Recent
upgrades include: renovation of JW's lobby/bar; repositioning of
several F&B outlets; improvements to the fitness center,
landscaping and other public spaces; conversion of 17,000 sf of
back-office space to revenue-generating meeting space; and lobby
renovations.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 11.9% below
the TTM ended October 2018 NCF. Included in Fitch's presale report
are numerous Rating Sensitivities that describe the potential
impact given further NCF declines below Fitch's NCF. Fitch
evaluated the sensitivity of the ratings for class A and found that
a 30% decline would result in a downgrade to 'BBB+sf'.


FLAGSHIP LTD VII: S&P Lowers Class F Notes Rating to B-
-------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R, C-R, and D
notes from Flagship VII Ltd. and removed the ratings from
CreditWatch, where it placed them with positive implications on
Oct. 26, 2018. S&P said, "At the same time, we lowered our rating
on class F notes and removed it from CreditWatch, where we placed
it with negative implications on Oct. 26, 2018. We also affirmed
our ratings on the class A-1-R, A-2-R, and E notes from the same
transaction."

The rating actions follow S&P's review of the transaction's
performance using data from the Nov. 8, 2018, trustee report.

The upgrades reflect the transaction's $143.00 million collective
paydowns to the class A-1-R and A-2-R notes since the April 2017
refinancing. These paydowns resulted in improved reported senior
overcollateralization (O/C) ratios since the February 2017 trustee
report, which we used for our previous rating actions:

-- The class A/B O/C ratio increased to 149.33% from 130.36%,
-- The class C O/C ratio increased to 128.35% from 119.51%,
-- The class D O/C ratio increased to 115.51% from 112.13%,
-- The class E O/C ratio increased to 106.90% from 106.8%, and
-- The class F O/C ratio decreased to 102.95% from 104.28%

S&P said, "The upgrades also reflect the improved credit support at
the prior rating levels, and the affirmation reflects our view that
the credit support available is commensurate with the current
rating level.

"We also noticed that the collateral portfolio's credit quality has
deteriorated since our April 2017 rating actions. Collateral
obligations with ratings in the 'CCC' rating category have
increased, with $22.92 million reported as of the November 2018
trustee report, compared with $17.49 million reported as of the
February 2017 trustee report. Over the same period, the weighted
average rating of the pool dropped to 'B' from 'B+' and the
transaction also saw some par loss, which impacted the class F O/C
ratio."

The downgrade reflects the deteriorated credit quality of the
underlying portfolio, the declining overcollateralization (O/C)
ratios, and the lower credit support available to the class F
notes. Even though the cash flow results indicated a lower rating
for the class F notes, S&P does not believe this class represents
our definition of 'CCC' risk. However, any increase in defaults or
par losses could lead to negative rating actions in the future.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class C-R and D notes. However,
because the transaction now has increased exposure to 'CCC' rated
collateral obligations and the credit quality has deteriorated
since the last rating action, S&P limited the upgrade on some
classes to offset future potential credit migration in the
underlying collateral.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction as reflected in
the aforementioned 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 and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with this rating action."

S&P Global Ratings 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 RAISED AND REMOVED FROM CREDITWATCH

  Flagship VII Ltd.

                  Rating
  Class     To              From

  B-R       AAA (sf)        AA (sf)/Watch Pos
  C-R       AA (sf)         A (sf)/Watch Pos
  D         A- (sf)         BBB (sf)/Watch Pos   

  RATING LOWERED AND REMOVED FROM CREDITWATCH
  Flagship VII Ltd.

                 Rating
  Class     To             From
  F         B- (sf)        B (sf)/Watch Neg
    
  RATINGS AFFIRMED
  Flagship VII Ltd.

  Class              Rating
  A-1-R              AAA (sf)
  A-2-R              AAA (sf)
  E                  BB (sf)


GS MORTGAGE 2016-RENT: Fitch Affirms B-sf Rating on Class F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes of GS Mortgage Securities
Corporation Trust 2016-RENT commercial mortgage pass-through
certificates series 2016-RENT.

KEY RATING DRIVERS

Stable Performance: The underlying portfolio performance is
generally in line with Fitch's issuance expectations. Occupancy as
of June 2018 has dipped slightly to 92.0% from 93.6% at issuance.
The year-end (YE) 2017 net-cash-flow (NCF) also shows a decline of
5.9% from the Fitch NCF at issuance; however, this is a result of
increased expenses, while rental income is stable. Fitch has
reached out to the servicer for further clarification of the
portfolio's reported expenses.

Below Market Rents: All the units in the portfolio are subject to
rent-control restrictions. The portfolio is achieving an average
monthly rate of $2,593 per unit, according to the TTM June 2018
statement. In the aggregate, in-place rents are approximately 17.3%
below market, compared with 28% below market at issuance.

Strong Multifamily Market: The properties are all located in the
tight San Francisco multifamily market. The 61 properties are
located in several central neighborhoods, including Nob Hill,
Mission, Pacific Heights, Downtown San Francisco, Russian Hill and
the Marina District. Per Reis, the average vacancy rate was 4.8%
for third-quarter 2018.

Collateral Quality: Fitch assigned the portfolio a property quality
grade of 'B+' at issuance. As of that time, the sponsor had already
spent $32.9 million in capital improvements since acquiring the
portfolio, including $22.7 million on unit conversions and
renovations and $10.2 million on base-building upgrades with plans
to continue renovating units as they became vacant. As of March
2018, approximately 180 units (10.4% of the portfolio) have
undergone a heavy turn/renovation beyond the standard paint and
clean since YE2015.

Loan Structure: A capex reserve account was funded at issuance in
the amount of $19 million to reimburse the sponsor for unit
renovation and turnover costs. Monthly deposits continue to be made
to this fund, which has a current balance of approximately
$530,000. Monthly real estate taxes and insurance are escrowed.
Additionally, a cash management event will be triggered in the
event that the debt service coverage ratio (DSCR) dips below 1.10x.


High Fitch Leverage: Fitch's stressed DSCR and loan to value for
the whole loan debt are 0.77x and 114.3%, respectively, based on a
standard haircut to the servicer reported YE2017 net cash flow.

Additional Debt: The trust loan is pari-passu with two non-trust
notes totaling $130,250,000. In addition, there is a non-trust
mezzanine loan of $196,500,000.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Rating changes
are not anticipated unless there is a material change in the
portfolio's occupancy or cash flow. Overall performance has been
consistent with issuance expectations.

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

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


Fitch has affirmed the following ratings:

  -- $100 million class A at 'AAAsf'; Outlook Stable;

  -- $100 million* class X-A at 'AAAsf'; Outlook Stable;

  -- $53.7 million class B at 'AA-sf'; Outlook Stable;

  -- $53.7 million* class X-B at 'AA-sf'; Outlook Stable;

  -- $29 million class C at 'A-sf'; Outlook Stable;

  -- $42 million class D at 'BBB-sf'; Outlook Stable;

  -- $65 million class E at 'BB-sf'; Outlook Stable;

  -- $60 million class F at 'B-sf'; Outlook Stable.

  * Notional amount and interest only


JP MORGAN 2001-CIBC2: Fitch Affirms C Rating on 2 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed all classes of J.P. Morgan Chase
Commercial Mortgage Securities Corp. (JPMCC), commercial mortgage
pass-through certificates, series 2001-CIBC2.

KEY RATING DRIVERS

Realized Losses are Expected: The largest asset (99% of the pool)
is real estate owned (REO) and losses are expected on all remaining
classes.

Collin Creek Mall transferred to the special servicer in 2014 due
to written notice that the loan would not pay off at maturity. The
notice stated that no further debt service payments would be made
due to the poor property operations. The loan was modified to add
Dillard's and three undeveloped outparcels as collateral, and the
deed-in-lieu of foreclosure action closed in April 2015. CBRE is
manager and specialty leasing agent. Indigo Properties is the
permanent leasing agent. Midland and Avison Young prepared a
predevelopment plan working with anchors, the city and engineers.
The property was taken to market for sale with no asking price. The
property was under contract and had an initial closing date on or
before Dec. 31, 2017. The buyer was granted three extensions and
failed to close and the contract was terminated. Midland entered
into contract with a new buyer on July 31, 2018, and is working to
close this transaction prior to Dec. 31, 2018. The collateral is
327,631sf of a 1,117,611sf regional mall located in Plano, Texas.
Anchors include JC Penney, Sears and Amazing Jakes Food & Fun.
There are two vacant anchors. As of the trailing eight months
August 2018 reporting, the total mall occupancy was 68% with a
negative 0.24x DSCR. As of year-end 2017, DSCR was 0.08x. Midland
inspected the property on April 19, 2017, and found the property to
be in overall good condition.

No Principal or Interest Paid: The servicer has determined
principal and interest advances on the REO as non-recoverable and
is no longer advancing. In addition, the amount of principal and
interest received from the small performing loan is being used to
pay a portion of the special servicing and other fees, with the
remaining amounts due applied as monthly realized losses to class
G. Therefore, there is no principal or interest being paid to the
certificates.

Concentrated Pool: The pool is highly concentrated with only two
assets remaining. As the largest asset is REO, Fitch performed a
liquidation analysis to determine the ratings. The ratings reflect
that losses are expected on all remaining classes and those rated
'Csf' are expected to be downgraded to 'Dsf' as losses are
realized.


RATING SENSITIVITIES

All of the remaining classes are expected to take losses once the
REO Collin Creek Mall is disposed. At that time, classes rated
'Csf' will be downgraded to 'Dsf'.

DUE DILIGENCE USAGE

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

Fitch has affirmed the following classes:

  -- $27.6 million class E at 'Csf', RE5%';

  -- $12 million class F at 'Csf', RE0%';

  -- $15.9 million class G at 'Dsf', RE0%'.

Classes A-1 through D, as well as the interest only class X-2, have
paid in full. Classes H, J, K, L and M have been depleted due to
losses and are affirmed at 'Dsf'/RE0%. Fitch does not rate NR class
certificates. Fitch has previously withdrawn the rating on the
interest-only class X-1.


JP MORGAN 2018-MINN: Moody's Assigns B3 Rating on Class F Certs
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to seven
classes of CMBS securities, issued by J.P. Morgan Chase Commercial
Mortgage Securities Trust 2018-MINN, Commercial Mortgage
Pass-Through Certificates, Series 2018-MINN:

Cl. A, Definitive Rating Assigned Aaa (sf)

Cl. B, Definitive Rating Assigned Aa3 (sf)

Cl. C, Definitive Rating Assigned A3 (sf)

Cl. D, Definitive Rating Assigned Baa3 (sf)

Cl. E, Definitive Rating Assigned Ba3 (sf)

Cl. F, Definitive Rating Assigned B3 (sf)

Cl. X-CP*, Definitive Rating Assigned A2 (sf)

* Reflects interest-only class

RATINGS RATIONALE

The Certificates are collateralized by the borrower's leasehold
interest in an 821-room, 24-story full-service hotel known as
Hilton Minneapolis located within the central business district of
Minneapolis, MN, approximately three blocks from the Minneapolis
Convention Center. Its  ratings are based on the credit quality of
the loan and the strength of the securitization structure.

Moody's approach to rating this transaction involved the
application of both its  Large Loan and Single Asset/Single
Borrower CMBS methodology and its  IO Rating methodology. The
rating approach for securities backed by a single loan compares the
credit risk inherent in the underlying collateral with the credit
protection offered by the structure. The structure's credit
enhancement is quantified by the maximum deterioration in property
value that the securities are able to withstand under various
stress scenarios without causing an increase in the expected loss
for various rating levels. In assigning single borrower ratings,
Moody's also considers a range of qualitative issues as well as the
transaction's structural and legal aspects.

The credit risk of commercial real estate loans is determined
primarily by two factors: 1) the probability of default, which is
largely driven by the DSCR, and 2) and the severity of loss in the
event of default, which is largely driven by the LTV of the
underlying loan.

The first mortgage balance of $180,000,000 represents a Moody's LTV
ratio of 151.5% while the Moody's Total Debt Actual DSCR is 1.20X
and Moody's Total Debt Stressed DSCR is 0.77X.

Moody's also considers both loan level diversity and property level
diversity when selecting a ratings approach. The subject
transaction is secured by a single property.

As of the trailing twelve month period ending September 30, 2018,
the property's occupancy rate was 75.9%, average daily rate ("ADR")
was $162.02, and revenue per available room ("RevPAR") was $123.03.
Additionally, the property's occupancy, ADR, and RevPAR penetration
relative to its primary competitive set for the same period were
109.2%, 110.8%, and 120.9%, respectively.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The property's quality
grade is 2.25.

Notable strengths of the transaction include: asset's quality,
strong location, recent renovations, improved operating
performance, strong forward bookings and sponsorship.

Notable concerns of the transaction include: future supply,
leasehold interest, the lack of asset diversification, floating
rate/interest-only mortgage loan profile, property type and credit
negative legal features.

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating interest-only classes were "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in June
2017.

The Credit Rating for J.P. Morgan Chase Commercial Mortgage
Securities Trust 2018-MINN was assigned in accordance with Moody's
existing Methodology entitled "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" dated June 2017.
Please note that on November 14th, 2018, Moody's released a Request
for Comment, in which it has requested market feedback on potential
revisions to its Methodology for rating structured finance
interest-only (IO) securities. If the revised Methodology is
implemented as proposed, the Credit Rating on J.P. Morgan Chase
Commercial Mortgage Securities Trust 2018-MINN may be POSITIVELY
affected. Please refer to Moody's Request for Comment, titled
"Proposed Update to Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" for further details regarding the
implications of the proposed Methodology revisions on certain
Credit Ratings.

Moody's approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from its
Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

Moody's analysis considers the following inputs to calculate the
proposed IO rating based on the published methodology: original and
current bond ratings and credit estimates; original and current
bond balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

These ratings: (a) are based solely on information in the public
domain and/or information communicated to Moody's by the issuer at
the date it was prepared and such information has not been
independently verified by Moody's; (b) must be construed solely as
a statement of opinion and not a statement of fact or an offer,
invitation, inducement or recommendation to purchase, sell or hold
any securities or otherwise act in relation to the issuer or any
other entity or in connection with any other matter. Moody's does
not guarantee or make any representation or warranty as to the
correctness of any information, rating or communication relating to
the issuer. Moody's shall not be liable in contract, tort,
statutory duty or otherwise to the issuer or any other third party
for any loss, injury or cost caused to the issuer or any other
third party, in whole or in part, including by any negligence (but
excluding fraud, dishonesty and/or willful misconduct or any other
type of liability that by law cannot be excluded) on the part of,
or any contingency beyond the control of Moody's, or any of its
employees or agents, including any losses arising from or in
connection with the procurement, compilation, analysis,
interpretation, communication, dissemination, or delivery of any
information or rating relating to the issuer.

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 may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed and may
have a significant effect on yield to investors.

The ratings do not represent any assessment of (i) the likelihood
or frequency of prepayment on the mortgage loans, (ii) the
allocation of net aggregate prepayment interest shortfalls, (iii)
whether or to what extent prepayment premiums might be received, or
(iv) in the case of any class of interest-only certificates, the
likelihood that the holders thereof might not fully recover their
investment in the event of a rapid rate of prepayment of the
mortgage loans.


MORGAN STANLEY 2007-IQ13: Fitch Affirms Dsf Rating on 12 Tranches
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 12 classes of Morgan
Stanley Capital I Trust commercial mortgage pass-through
certificates series 2007-IQ13.

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrade of class A-J reflects
increased credit enhancement since Fitch's last rating action from
better than expected recoveries on specially serviced loan
liquidations and continued scheduled amortization. Since Fitch's
last rating action, two real-estate owned (REO) assets, Shadow
Medical and Westwood Square (ADF), were liquidated and the Shoppes
at Lakewood property, which was part of the specially serviced
Neiss Portfolio, sold for net proceeds to the trust greater than
the original allocated loan amount. As of the November 2018
distribution date, the aggregate pool balance has been reduced by
98.4% to $26.6 million from $1.6 billion at issuance. Realized
losses totaled $163.8 million (10% of original pool balance).
Cumulative interest shortfalls totalling $18.7 million are
currently impacting class B and classes D through P.

Stable Loss Expectations: Overall performance and loss expectations
for the remaining loans/assets remain stable since Fitch's last
rating action.

REO Asset: The REO Neiss Portfolio asset represents 34% of the
remaining pool balance. Only two grocery-anchored neighborhood
retail centers remain in the portfolio: Country Club Center in
Montgomery, AL and Main Street Crossing in Belmont, NC. Per the
special servicer, there are no current plans for disposition for
either of these assets. The Country Club Centre asset, a 67,622
square foot (sf) grocery-anchored neighborhood retail center
located in Montgomery, AL, became REO in August 2018. Per the
special servicer, the property manager is obtaining bids for
painting and deferred maintenance while also attempting to lease up
the center. The property is 84.6% occupied, with approximately 16%
of the NRA on month-to-month (MTM) leases. The largest tenants at
the property include Winn-Dixie (53% NRA, lease expiry in May 2021)
and Rite Aid (14%; April 2021). The Main Street Crossing asset, a
65,572 sf grocery-anchored neighborhood retail center located in
Belmont, NC, became REO in September 2018. The property is 71.7%
occupied, with approximately 14% of the NRA on MTM leases. The
largest tenants include Aldi (30% NRA, February 2022) and Dollar
Tree (15%; recently renewed to January 2023 from October 2017).

Concentrated Pool; Alternative Loss Consideration: The pool is
highly concentrated with only eight loans/assets remaining. Due to
the concentrated nature of the pool, Fitch performed a sensitivity
analysis that grouped the remaining loans based on the likelihood
of repayment and factored in the expected losses on the REO asset.
The remaining pool includes five co-operative loans (45.3% of
pool), two single-tenant retail loans (20.9%) and one REO asset
(33.8%). Fitch performed an additional sensitivity analysis that
assumed a 100% of the REO Neiss Portfolio asset. The ratings
reflect this sensitivity analysis. The upgrade of class A-J was
capped at 'BBBsf' to reflect the collateral quality of the
remaining pool.

RATING SENSITIVITIES

The Stable Outlook on class A-J reflects increasing credit
enhancement and expected continued amortization. Upgrades may be
possible with better than expected recoveries on the specially
serviced asset or with additional loan payoffs and/or defeasance.
Downgrades are unlikely, but may occur should performance on the
two retail loans in the pool deteriorate significantly.

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

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

Fitch has upgraded the following rating:

  -- $12.1 million class A-J to 'BBBsf' from 'Bsf'; Outlook
Stable.

Fitch has affirmed the following classes:

  -- $14.5 million class B at 'Dsf'; RE 50%;

  -- $0 class C at 'Dsf'; RE 0%;

  -- $0 class D at 'Dsf'; RE 0%;

  -- $0 class E at 'Dsf'; RE 0%;

  -- $0 class F at 'Dsf'; RE 0%;

  -- $0 class G at 'Dsf'; RE 0%;

  -- $0 class H at 'Dsf'; RE 0%;

  -- $0 class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%.

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


NORTHSTAR 2016-1: Moody's Hikes Class C Debt Rating to Ba2
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by NorthStar 2016-1:

Cl. B, Upgraded to Aaa (sf); previously on Oct 27, 2017 Affirmed
Baa3 (sf)

Cl. C, Upgraded to Ba2 (sf); previously on Oct 27, 2017 Affirmed
Ba3 (sf)

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

Cl. A, Affirmed Aaa (sf); previously on Oct 27, 2017 Affirmed Aaa
(sf)

The Cl. A, Cl. B, and Cl. C notes are referred to herein as the
"Rated Notes".

RATINGS RATIONALE

Moody's has upgraded the ratings of two class of notes due to a
combination of rapid amortization of the high credit risk
collateral and higher weighted average recovery rate for the
remaining collateral assets, which more than offsets the
deterioration in the weighted average rating factor. Moody's has
also affirmed the rating of one class of notes because key
transaction metrics are commensurate with the existing ratings. The
rating action is the result of Moody's on-going surveillance of
commercial real estate collateralized debt obligation (CRE CDO CLO)
transactions.

NorthStar 2016-1 is a static cash flow commercial real estate
collateralized loan obligation (CRE CLO). As of the trustee's
November 26, 2018 report, the aggregate note balance of the
transaction, including preferred shares, has decreased to $127.7
million from $284.2 million at issuance, due to prepayments of the
underlying collateral.

The pool contains no defaulted loans as of the trustee's November
26, 2018 report.

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

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 5186,
compared to 4556 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Ba1-Ba3 and 13.8% compared to 12.2% at
last review; and Caa1-Ca/C and 86.2%, compared to 86.4% at last
review.

Moody's modeled a WAL of 2.1 years, compared to 3.0 year at last
review. The WAL is based on assumptions about extensions on the
underlying loan collateral.

Moody's modeled a fixed WARR of 58.3%, compared to 55.6% at last
review.

Moody's modeled eight obligors, compared to eleven at last review.


Moody's modeled a pair-wise asset correlation of 35%, the same as
last review.

Methodology Underlying the Rating Action:

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

The Credit Ratings for NorthStar 2016-1 were assigned in accordance
with Moody's existing Methodology entitled "Moody's Approach to
Rating SF CDOs," dated June 1, 2017. Please note that on November
14, 2018, Moody's released a Request for Comment, in which it has
requested market feedback on potential revisions to its Methodology
for SF CDOs. If the revised Methodology is implemented as proposed,
the Credit Ratings on NorthStar 2016-1 may be neutrally affected.
Please refer to Moody's Request for Comment, titled "Proposed
Update to Moody's Approach to Rating SF CDOs" for further details
regarding the implications of the proposed Methodology revisions on
certain Credit Ratings.

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


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

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

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


RFC CDO 2006-1: Moody's Lowers Class C Notes Rating to C
--------------------------------------------------------
Moody's Investors Service has downgraded the rating on the
following notes issued by RFC CDO 2006-1, Ltd:

Cl. C, Downgraded to C (sf); previously on Dec 8, 2017 Affirmed Ca
(sf)

Moody's has also affirmed the ratings on the following notes:

Cl. B, Affirmed Caa1 (sf); previously on Dec 8, 2017 Affirmed Caa1
(sf)

Cl. D, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

Cl. J, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

Cl. K, Affirmed C (sf); previously on Dec 8, 2017 Affirmed C (sf)

The Cl. B, Cl. C, Cl. D, Cl. E, Cl. F, Cl. G, Cl. J, and Cl. K
notes are referred to herein as the "Rated Notes".

RATINGS RATIONALE

Moody's has downgraded the rating of one class of notes due to
increased implied losses on the Cl. C notes. Moody's has also
affirmed the ratings of seven classes because key transaction
metrics are commensurate with the existing ratings. The rating
action is the result of Moody's on-going surveillance of commercial
real estate collateralized debt obligation transactions.

RFC CDO 2006-1, Ltd is a currently static cash transaction
(reinvestment period ended in April 2011) backed solely by one
defaulted mezzanine interest. As of the November 26, 2018 payment
date, the aggregate note balance of the transaction, including
preferred shares, has decreased to $160.7 million from $600.0
million at securitization, with the pay-down directed to the senior
most class of notes outstanding, as a result of the combination of
principal repayment of collateral, resolution and sales of impaired
collateral, and the failing of certain par value tests. Currently,
the transaction has implied under collateralization of $140.7
million, compared to $107.7 million at last review, primarily due
to implied losses on the collateral.

Moody's does expect no recovery from the defaulted mezzanine
interest once realized and has accounted for this in its analysis.

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

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

WARF is a primary measure of the credit quality of a CRE CLO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 10000,
compared to 8729 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa-Aa3 and 0.0% compared to 12.7% at last
review; and Caa1-Ca/C and 100.0%, compared to 87.3% at last review.


Moody's modeled a WAL of 0.0 years, compared to 1.4 year at last
review. The WAL reflects that there is only one defaulted mezzanine
interest left in the collateral pool.

Moody's modeled a fixed WARR of 0.0%, compared to 7.0% at last
review.

Moody's modeled one obligor, compared to five at last review.

As there is only one asset in the outstanding pool, pair-wise asset
correlation is not applicable for this review.

Methodology Underlying the Rating Action:

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

The Credit Ratings for RFC CDO 2006-1, Ltd were assigned in
accordance with Moody's existing Methodology entitled "Moody's
Approach to Rating SF CDOs," dated June 1, 2017. Please note that
on November 14, 2018, Moody's released a Request for Comment, in
which it has requested market feedback on potential revisions to
its Methodology for SF CDOs. If the revised Methodology is
implemented as proposed, the Credit Ratings on RFC CDO 2006-1, Ltd
may be neutrally affected. Please refer to Moody's Request for
Comment, titled "Proposed Update to Moody's Approach to Rating SF
CDOs" for further details regarding the implications of the
proposed Methodology revisions on certain Credit Ratings.

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


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

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

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


TESLA AUTO 2018-B: Moody's Assigns (P)Ba3 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Tesla Auto Lease Trust 2018-B. This is the
second auto lease transaction for Tesla Finance LLC (TFL; not
rated). The notes will be backed by a pool of closed-end retail
automobile leases originated by TFL, who is also the servicer and
administrator for this transaction.

The complete rating actions are as follows:

Issuer: Tesla Auto Lease Trust 2018-B

Class A Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa2 (sf)

Class C Notes, Assigned (P)A2 (sf)

Class D Notes, Assigned (P)Baa2 (sf)

Class E Notes, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of TFL as the servicer
and administrator.

Moody's expected median cumulative net credit loss expectation for
TALT 2018-B is 0.5% and the total loss at a Aaa stress on the
collateral is 29.0% (including 4.5% credit loss and 24.5% residual
value loss at a Aaa stress). Moody's based its cumulative net
credit loss expectation and loss at a Aaa stress of the collateral
on an analysis of the quality of the underlying collateral; the
historical credit loss and residual value performance of similar
collateral, including securitization performance and managed
portfolio performance; the ability of TFL and its sub-servicer
LeaseDimensions to perform the servicing functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

At closing, the Class A notes, the Class B notes, the Class C
notes, the Class D notes, and the Class E notes are expected to
benefit from 27.50%, 21.25%, 17.25%, 13.95%, and 9.70% of hard
credit enhancement, respectively. Hard credit enhancement for the
notes consists of a combination of overcollateralization, a
non-declining reserve account and subordination, except for the
Class E notes which do not benefit from subordination. The notes
may also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
October 2016.

Please note that on November 14, 2018, Moody's released a Request
for Comment, in which it has requested market feedback on potential
revisions to its Methodology for auto loans and leases. If the
revised Methodology is implemented as proposed, the Credit Rating
on TALT 2018-B may be neutrally affected. Please refer to Moody's
Request for Comment, titled "Proposed Update to Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS," for further
details regarding the implications of the proposed Methodology
revisions on certain Credit Ratings.

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


Up

Moody's could upgrade the subordinate notes if levels of credit
enhancement are higher than necessary to protect investors against
current expectations of portfolio losses. 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 vehicles
securing an obligor's promise of payment. Portfolio losses also
depend greatly on the US job market and the market for used
vehicles. Other reasons for better-than-expected performance
include changes to servicing practices that enhance collections or
refinancing opportunities that result in prepayments.

Down

Moody's could downgrade the notes if levels of credit enhancement
are insufficient to protect investors against current expectations
of portfolio losses. 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 vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market and the market for used vehicles. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud.


UBS COMMERCIAL 2018-C14: Fitch Assigns B-sf Rating on 2 Tranches
----------------------------------------------------------------
Fitch Ratings has assigned the following final ratings and Rating
Outlooks to UBS Commercial Mortgage Trust 2018-C14 commercial
mortgage pass-through certificates, Series 2018-C14:

  -- $22,465,000 class A-1 'AAAsf'; Outlook Stable;

  -- $30,533,000 class A-2 'AAAsf'; Outlook Stable;

  -- $41,722,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $194,737,000 class A-3 'AAAsf'; Outlook Stable;

  -- $166,162,000 class A-4 'AAAsf'; Outlook Stable;

  -- $455,619,000b class X-A 'AAAsf'; Outlook Stable;

  -- $120,414,000b class X-B 'AA-sf'; Outlook Stable;

  -- $59,393,000 class A-S 'AAAsf'; Outlook Stable;

  -- $32,544,000 class B 'AA-sf'; Outlook Stable;

  -- $28,477,000 class C 'A-sf'; Outlook Stable;

  -- $30,917,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $16,272,000ab class X-F 'BB-sf'; Outlook Stable;

  -- $6,509,000ab class X-G 'B-sf'; Outlook Stable;

  -- $17,899,000a class D 'BBBsf'; Outlook Stable;

  -- $13,018,000a class E 'BBB-sf'; Outlook Stable;

  -- $16,272,000a class F 'BB-sf'; Outlook Stable;

  -- $6,509,000a class G 'B-sf'; Outlook Stable.

The following classes are not rated:

  -- $21,153,976ab class X-NR;

  -- $21,153,976a class NR.

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

(b) Notional amount and interest-only.

The ratings are based on information provided by the issuer as of
Dec. 11, 2018.

Since Fitch published its expected ratings on Nov. 15, 2018, the
following change occurred: Based on final pricing of the
certificates, class C is a WAC class that 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 45 loans secured by 236
commercial properties having an aggregate principal balance of
$650,884,977 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Societe Generale, Natixis Real Estate Capital
LLC, Rialto Mortgage Finance LLC, Cantor Commercial Real Estate
Lending, L.P. and CIBC, Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 67.4% of the properties
by balance, cash flow analysis of 80.1% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Fitch Leverage: The pool's Fitch LTV is 99.4%, which is better than
the 2018 YTD and 2017 averages of 102.2% and 101.6%, respectively.
However, the pool's DSCR of 1.20x is slightly lower than the 2018
YTD and 2017 averages of 1.22x and 1.26x, respectively. Excluding
investment-grade credit opinion loans, the pool has a Fitch LTV and
DSCR of 103.5% and 1.16x, respectively.

Investment Grade Credit Opinion Loans: Two loans, representing 9.2%
of the pool, have an investment-grade credit opinion. This is below
the 2018 YTD and 2017 averages of 13.5% and 11.7%, respectively.
Net of these loans, the Fitch DSCR and LTV are 1.16x and 103.4%,
respectively for this transaction.

Above Average Pool Amortization: There are 22 loans (45.2% of the
pool) that are partial IO and 16 loans (22.9%) that are balloon
loans. Based on the scheduled balance at maturity, the pool will
pay down by 10.4%, which is above the 2018 YTD average of 7.2% and
the 2017 average of 7.9%

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 11.0% below the most recent
year's NOI (for properties for which a full year NOI was provided,
excluding properties that were stabilizing during this period). The
following rating sensitivities describe how the ratings would react
to further NCF declines below Fitch's NCF. The implied rating
sensitivities are only indicative of some of the potential outcomes
and do not consider other risk factors to which the transaction is
exposed. Stressing additional risk factors may result in different
outcomes. Furthermore, the implied ratings, after the further NCF
stresses are applied, are more akin to what the ratings would be at
deal issuance had those further stressed NCFs been in place at that
time.


WACHOVIA BANK 2006-C29: Moody's Affirms C Rating on 3 Tranches
--------------------------------------------------------------
Moody's Investors Service, has affirmed the ratings on four classes
in Wachovia Bank Commercial Mortgage Trust Pass-Through
Certificates, Series 2006-C29 as follows:

Cl. C, Affirmed Caa1 (sf); previously on Dec 7, 2017 Upgraded to
Caa1 (sf)

Cl. D, Affirmed C (sf); previously on Dec 7, 2017 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Dec 7, 2017 Affirmed C (sf)

Cl. IO*, Affirmed C (sf); previously on Dec 7, 2017 Affirmed C (sf)


  * Reflects Interest-Only Class

RATINGS RATIONALE

The ratings on the three principal and interest (P&I) classes were
affirmed because the ratings are consistent with Moody's expected
loss.

The rating on the interest-only (IO) class was affirmed based on
the credit quality of the referenced classes.

Moody's rating action reflects a base expected loss of 62.1% of the
current pooled balance, compared to 37.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.7% of the
original pooled balance, compared to 8.4% at the last review.

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


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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except the
interest-only classes was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in the rating interest-only classes were
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017 and "Moody's Approach to
Rating Structured Finance Interest-Only (IO) Securities" published
in June 2017.

The Credit Ratings for Wachovia Bank Commercial Mortgage Trust
2006-C29 Cl. IO was assigned in accordance with Moody's existing
Methodology entitled "Moody's Approach to Rating Structured Finance
Interest-Only (IO) Securities" dated June 2017. Please note that on
November 14, 2018, Moody's released a Request for Comment, in which
it has requested market feedback on potential revisions to its
Methodology for rating structured finance interest-only (IO)
securities. If the revised Methodology is implemented as proposed,
the Credit Ratings on Wachovia Bank Commercial Mortgage Trust
2006-C29 Cl. IO may be positively affected. Please refer to Moody's
Request for Comment, titled "Proposed Update to Moody's Approach to
Rating Structured Finance Interest-Only (IO) Securities," for
further details regarding the implications of the proposed
Methodology revisions on certain Credit Ratings.

DEAL PERFORMANCE

As of the November 19, 2018 distribution date, the transaction's
aggregate certificate balance has decreased by 97.3% to $95.1
million from $3.37 billion at securitization. The certificates are
collateralized by 10 mortgage loans ranging in size from less than
1% to 23% of the pool. One loan, constituting 4% of the pool, has
defeased and is secured by US government securities.

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

Thirty loans have been liquidated from the pool, resulting in or
contributing to an aggregate realized loss of $238.4 million (for
an average loss severity of 46.6%). Eight loans, constituting 85%
of the pool, are currently in special servicing. The largest
specially serviced loan is the Boulder Crossing Shopping Center
Loan ($21.0 million -- 23.1% of the pool), which is secured by a
grocery anchored retail center located in Las Vegas, Nevada,
located about seven miles east of the Las Vegas strip. The loan was
transferred to the special servicer in November 2016 after it
failed to pay off on the November 11, 2016 maturity date. The loan
became real estate owned (REO) in October 2017. The property was
listed for sale in the February 2018 General 2 Auction and failed
to trade. The special servicer does not have disposition plans at
this time. The property was 82% leased as of June 2018, compared to
78% leased as of June 2017.

The second largest specially serviced loan is the Chestnut Run Loan
($16.6 million -- 18.2% of the pool), which is secured by an office
property located in Wilmington, Delaware about five miles from the
city center. The property was constructed in 2002. The loan
transferred to special servicing in June 2013 and has been REO
since March 2017. The special servicer does not have disposition
plans at this time. This loan was deemed non-recoverable by the
master servicer. The property was 50% leased as of June 2018,
compared to 47% in October 2017.

The third largest specially serviced loan is the PNC Bank Plaza
Loan ($10.1 million -- 11.0% of the pool), which is secured by a
high-rise office building located in downtown Lexington, Kentucky.
The loan transferred to special servicing in July 2016 due to
imminent default as the borrower was unable to obtain refinancing
prior to the December 2016 maturity date. The largest tenant, BB&T,
has a lease expiration through 2031. The loan became REO in June
2018. This loan was deemed non-recoverable by the master servicer.
The property was 72% leased as of March 2018 compared to 76% leased
as of July 2017.

The remaining five specially serviced loans are secured by a mix of
property types. Moody's estimates an aggregate $56.5 million loss
for the specially serviced loans (69% expected loss on average).

Moody's received full year 2017 operating results for 100% of the
pool, and partial year 2018 operating results for 100% of the pool
(excluding specially serviced and defeased loans).

There is only one conduit loan remaining in the pool which
represents 10.9% of the pool balance. The loan is the 100 Carillon
Parkway Loan ($9.9 million -- 10.9% of the pool), which is secured
by an office property located in Saint Petersburg, Florida roughly
14 miles from downtown Tampa, Florida. The property was 99% leased
as of September 2018, the same as at last review. The loan passed
its ARD in November 2016 and the final maturity date is in 2036.
Moody's LTV and stressed DSCR are 99% and 1.06X, respectively,
compared to 101% and 1.04X at the last review.


[*] Moody's Hikes $47.1MM Alt-A RMBS Issued 2003-2004
-----------------------------------------------------
Moody's Investors Service has upgraded the ratings of 10 tranches
from three transactions backed by Alt-A mortgage loans.

Complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2004-6 Collateralized Asset-Backed
Bonds, Series 2004-6

Cl. 1-A-3, Upgraded to Baa2 (sf); previously on Jan 30, 2017
Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jan 17, 2018 Upgraded
to B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Jan 17, 2018 Upgraded
to Caa2 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Jan 17, 2018 Upgraded
to Caa3 (sf)

Cl. M-6, Upgraded to Caa1 (sf); previously on Jan 17, 2018 Upgraded
to Ca (sf)

Issuer: Impac CMB Trust Series 2004-9 Collateralized Asset-Backed
Bonds, Series 2004-9

Cl. 1-A-2, Upgraded to B1 (sf); previously on Jan 25, 2017 Upgraded
to B2 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Jan 17, 2018 Upgraded
to Ca (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Mar 30, 2011 Downgraded
to C (sf)

Cl. 2-A, Upgraded to Ba3 (sf); previously on Jan 25, 2017 Upgraded
to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Jan 25, 2017
Upgraded to B2 (sf)

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

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through
Certificates, Series 2003-1

Cl. B, Upgraded to Caa1 (sf); previously on Jan 11, 2018 Downgraded
to Caa3 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools
and reflect Moody's updated loss expectations on the pools. The
rating upgrade is a result of the improving performance of the
related pools and an increase in credit enhancement available to
the bond.

For Impac CMB Trust Series 2004-6 Collateralized Asset-Backed
Bonds, Series 2004-6 and Impac CMB Trust Series 2004-9
Collateralized Asset-Backed Bonds, Series 2004-9, the rating
upgrades reflect model updates due to discrepancy in loss
allocation rules between the Prospectus Supplement and the Pooling
and Servicing Agreement (PSA). The Prospectus Supplement states
that realized losses from related group won't be allocated to the
bonds until both group 1 and group 2 are under-collateralized while
the PSA allocates the realized losses from related group when the
group is undercollateralized. Wells Fargo, the trustee, has
confirmed that it is following the Prospectus Supplement, as a
result Moody's has updated its  model to reflect the same. As a
result, the bond or component bonds from Group 2 benefit from
additional support from Group 1 reflected in its  current ratings
on the bonds.

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

The Credit Rating for these 10 tranches was assigned in accordance
with Moody's existing Methodology entitled "US RMBS Surveillance
Methodology," dated 1/31/2017. Please note that on 11/14/2018,
Moody's released a Request for Comment, in which it has requested
market feedback on potential revisions to its Methodology for
pre-2009 US RMBS Prime Jumbo, Alt-A, Option ARM, Subprime, Scratch
and Dent, Second Lien and Manufactured Housing transactions. If the
revised Methodology is implemented as proposed, the Credit Rating
on these 10 tranches are not expected to be affected. Please refer
to Moody's Request for Comment, titled "Proposed Update to US RMBS
Surveillance Methodology," for further details regarding the
implications of the proposed Methodology revisions on certain
Credit Ratings."

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


[*] Moody's Takes Action on $901MM RMBS Issued 2003-2007
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 47 tranches
from 22 transactions, backed by subprime RMBS loans, issued by
multiple issuers.

Complete rating actions are as follows:

Issuer: CWABS Asset-Backed Certificates Trust 2006-26

Cl. 2-A-3, Upgraded to Baa3 (sf); previously on Oct 10, 2017
Upgraded to Ba2 (sf)

Issuer: Ellington Loan Acquisition Trust 2007-1

Cl. A-2c, Upgraded to A1 (sf); previously on Jun 27, 2017 Upgraded
to A3 (sf)

Cl. A-2d, Upgraded to A2 (sf); previously on Jun 27, 2017 Upgraded
to Baa1 (sf)

Issuer: Fieldstone Mortgage Investment Trust 2005-2

Cl. M3, Upgraded to Caa3 (sf); previously on Aug 6, 2010 Downgraded
to C (sf)

Issuer: Fieldstone Mortgage Investment Trust 2007-1

Cl. 1-A1, Upgraded to B2 (sf); previously on Apr 8, 2013 Affirmed
Caa2 (sf)

Issuer: First NLC Trust 2005-2

Cl. M-2, Upgraded to Baa1 (sf); previously on Apr 20, 2016 Upgraded
to Ba1 (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded
to C (sf)

Issuer: Fremont Home Loan Trust 2005-C

Cl. M2, Upgraded to Aa1 (sf); previously on Mar 26, 2018 Upgraded
to A1 (sf)

Cl. M3, Upgraded to Ba2 (sf); previously on Apr 27, 2017 Upgraded
to B1 (sf)

Issuer: Fremont Home Loan Trust 2005-D

Cl. 2-A-4, Upgraded to Aa1 (sf); previously on May 18, 2017
Upgraded to A1 (sf)

Issuer: Fremont Home Loan Trust 2005-E

Cl. 1-A-1, Upgraded to Aaa (sf); previously on Dec 28, 2016
Upgraded to Aa2 (sf)

Cl. 2-A-4, Upgraded to A2 (sf); previously on Dec 28, 2016 Upgraded
to Baa1 (sf)

Cl. M1, Upgraded to Ca (sf); previously on Apr 29, 2010 Downgraded
to C (sf)

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series
2005-2

Cl. A-2c, Upgraded to A1 (sf); previously on May 18, 2017 Upgraded
to Baa1 (sf)

Cl. A-2d, Upgraded to A2 (sf); previously on May 18, 2017 Upgraded
to Baa2 (sf)

Issuer: GSAMP Trust 2007-HE2

Cl. A-2C, Upgraded to Caa2 (sf); previously on Jun 21, 2010
Downgraded to Ca (sf)

Issuer: HSI Asset Securitization Corporation Trust 2006-OPT2

Cl. M-4, Upgraded to Caa2 (sf); previously on May 31, 2016 Upgraded
to Ca (sf)

Issuer: HSI Asset Securitization Corporation Trust 2007-OPT1

Cl. I-A, Upgraded to Caa2 (sf); previously on Aug 13, 2010
Downgraded to Caa3 (sf)

Cl. II-A-3, Upgraded to Caa2 (sf); previously on Aug 13, 2010
Downgraded to Ca (sf)

Issuer: RAMP Series 2003-RS9 Trust

Cl. M-II-1, Upgraded to Baa1 (sf); previously on Jun 16, 2015
Upgraded to Ba1 (sf)

Cl. M-II-2, Upgraded to B2 (sf); previously on Mar 17, 2017
Upgraded to Caa3 (sf)

Issuer: RAMP Series 2004-RS1 Trust

M-II-1, Upgraded to A2 (sf); previously on Mar 19, 2018 Upgraded to
Baa1 (sf)

Issuer: RAMP Series 2004-RS12 Trust

Cl. M-I-1, Upgraded to Baa1 (sf); previously on Apr 6, 2017
Upgraded to Ba1 (sf)

Issuer: RASC Series 2003-KS10 Trust

Cl. M-I-1, Upgraded to Baa3 (sf); previously on Mar 30, 2011
Downgraded to Ba1 (sf)

Cl. A-I-5, Upgraded to Aa1 (sf); previously on Mar 30, 2011
Downgraded to A2 (sf)

Cl. A-I-6, Upgraded to Aaa (sf); previously on Mar 30, 2011
Downgraded to A1 (sf)

Issuer: RASC Series 2004-KS1 Trust

Cl. A-I-5, Upgraded to Aa2 (sf); previously on Mar 19, 2018
Upgraded to A1 (sf)

Cl. A-I-6, Upgraded to Aa1 (sf); previously on Mar 19, 2018
Upgraded to A1 (sf)

Cl. M-II-1, Upgraded to Baa1 (sf); previously on Mar 19, 2018
Upgraded to Ba1 (sf)

Cl. M-II-2, Upgraded to Caa1 (sf); previously on Mar 19, 2018
Upgraded to Ca (sf)

Issuer: RASC Series 2004-KS12 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Mar 19, 2018 Upgraded
to Aa2 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Apr 6, 2017 Upgraded
to B1 (sf)

Issuer: RASC Series 2004-KS2 Trust

Cl. A-I-5, Upgraded to Aa1 (sf); previously on Mar 17, 2017
Upgraded to A3 (sf)

Cl. A-I-6, Upgraded to Aaa (sf); previously on Mar 17, 2017
Upgraded to A2 (sf)

Cl. M-I-1, Upgraded to Baa3 (sf); previously on Mar 17, 2017
Upgraded to B1 (sf)

Cl. M-I-2, Upgraded to Caa3 (sf); previously on Apr 9, 2012
Downgraded to C (sf)

Cl. M-II-1, Upgraded to Baa2 (sf); previously on Mar 17, 2017
Upgraded to Ba1 (sf)

Cl. M-II-2, Upgraded to Caa3 (sf); previously on Apr 5, 2011
Downgraded to C (sf)

Issuer: RASC Series 2004-KS8 Trust

Cl. A-I-5, Upgraded to Aaa (sf); previously on Mar 17, 2017
Upgraded to Aa1 (sf)

Cl. A-I-6, Upgraded to Aaa (sf); previously on Mar 17, 2017
Upgraded to Aa1 (sf)

Cl. M-I-2, Upgraded to Baa3 (sf); previously on Mar 17, 2017
Upgraded to Ba3 (sf)

Cl. M-I-1, Upgraded to Aa1 (sf); previously on Mar 17, 2017
Upgraded to A2 (sf)

Issuer: Renaissance Home Equity Loan Trust 2004-1

AV-1, Upgraded to A3 (sf); previously on May 9, 2014 Downgraded to
Baa1 (sf)

AV-3, Upgraded to A3 (sf); previously on May 9, 2014 Downgraded to
Baa1 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2003-8HE

Cl. A, Upgraded to Aa2 (sf); previously on May 3, 2012 Confirmed at
A1 (sf)

Cl. M-1, Upgraded to Baa3 (sf); previously on Mar 24, 2016 Upgraded
to Ba2 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Feb 24, 2017 Upgraded
to Caa2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to improvement in pool
performances and credit enhancement available to the bonds. The
rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those pools.

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

The Credit Ratings were assigned in accordance with Moody's
existing Methodology entitled "US RMBS Surveillance Methodology,"
dated 1/31/2017. Please note that on November 14, 2018, Moody's
released a Request for Comment, in which it has requested market
feedback on potential revisions to its Methodology for pre-2009 US
RMBS Prime Jumbo, Alt-A, Option ARM, Subprime, Scratch and Dent,
Second Lien and Manufactured Housing transactions. If the revised
Methodology is implemented as proposed, these Credit Ratings are
not expected to be affected. Please refer to Moody's Request for
Comment, titled "Proposed Update to US RMBS Surveillance
Methodology," for further details regarding the implications of the
proposed Methodology revisions on certain Credit Ratings.

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 November 2018 from 4.1% in
November 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.


                            *********

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

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

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

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

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

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

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

                            *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***