/raid1/www/Hosts/bankrupt/TCR_Public/190421.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, April 21, 2019, Vol. 23, No. 110

                            Headlines

ANTARES CLO 2019-1: S&P Assigns Prelim BB- Rating to Class E Notes
ATTENTUS CDO I: Moody's Hikes Ratings on Class B Notes to 'Caa1'
BAIN CAPITAL 2019-1: Moody's Assigns Ba3 Rating on Class E Notes
BALLYROCK CLO 2016-1: Moody's Rates $19.2MM Class E-R Notes 'Ba3'
BRAVO RESIDENTIAL 2019-1: Fitch Rates Class B-2 Notes 'Bsf'

CEDAR FUNDING XI: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
CIFC FUNDING 2019-II: Moody's Assigns Ba3 Rating on Class E Notes
CPS AUTO 2019-B: S&P Assigns B(sf) Rating to $6.55MM Class F Notes
DBGS 2019-1735: S&P Assigns B (sf) Rating to Class F Certs
DEEPHAVEN 2019-2: S&P Assigns Prelim B- (sf) Rating to B-2 Notes

DEUTSCHE ALT-A 2007-RS1: Moody's Cuts Class A-3 Certs Rating to Ca
DRYDEN 36: S&P Assigns BB-(sf) Rating to $27.55MM Class E-R2 Notes
FANNIE MAE 2019-R03: S&P Assigns B+ (sf) Rating to 1M-2X Notes
FINANCIAL 15 SPLIT: DBRS Confirms Pfd-4 Rating on Preferred Shares
GE COMMERCIAL 2007-C1: S&P Lowers Class A-M Certs Rating to D (sf)

GREYWOLF CLO IV: S&P Assigns BB- (sf) Rating to Class D Notes
HILDENE TRUPS 2019-2: Moody's Gives (P)Ba3 Rating on Class C Notes
LCM XIX: S&P Affirms BB- (sf) Rating on Two Classes of Notes
MADISON AVENUE 2013-650M: Confirms BB(low) Rating on Class E Certs
MADISON PARK XXXV: S&P Assigns Prelim BB- Rating to Class E Notes

MARANON LOAN 2019-1: S&P Assigns BB- (sf) Rating to Class E Notes
MASTR RESECURITIZATION 2008-1: Moody's Cuts Class A-1 Notes to Ca
N-STAR REL VI: S&P Cuts Rating on Class J Notes to 'D (sf)'
NA FINANCIAL 15 SPLIT: DBRS Cuts Preferred Shares Rating to Pfd-4
NEW ORLEANS 2019-HNLA: S&P Assigns Prelim B-(sf) Rating to F Certs

NEW RESIDENTIAL 2019-2: DBRS Assigns Prov. BB Rating on 10 Tranches
NEW RESIDENTIAL 2019-2: Moody's Gives Ba3 Rating on Class B-7 Debt
NXT CAPITAL 2017-1: S&P Assigns Prelim BB (sf) Rating to E-R Notes
OCTAGON INVESTMENT 41: Moody's Rates $29MM Class E Debt 'Ba3'
ONDECK ASSET 2018-1: DBRS Confirms BB(high) Rating on Class D Debt

PFP LTD 2019-5: DBRS Assigns Prov. B(low) Rating on Class G Notes
PRIMA CAPITAL 2016-VI: Moody's Hikes Class C Notes Rating to 'Ba1'
READY CAPITAL 2019-FL3: DBRS Finalizes B Rating on Class F Notes
SOUND POINT I: Fitch Gives 'B-(EXP)' Rating on Class F Notes
SOUND POINT VIII-R: Moody's Rates $13MM Class F Notes 'B3'

STONE STREET 2015-1: DBRS Confirms BB Rating on Class C Notes
THL CREDIT 2019-1: S&P Assigns BB- (sf) Rating to Class E Notes
TOWD POINT 2019-3: DBRS Gives (P)B Rating on Class B2 Notes
TOWD POINT 2019-GRANITE4: Fitch Rates Class F Notes 'BB'
UBS COMMERCIAL 2019-C16: Fitch Rates $6MM Class H-RR Certs 'B-sf'

US AUTO FUNDING 2019-1: Moody's Rates $32.5MM Class D Notes 'B3'
WELLS FARGO 2012-CCRE2: Fitch Affirms B Rating on Class G Certs
[*] DBRS Reviews 1,358 Classes From 92 US RMBS Transactions
[*] DBRS Reviews 407 Classes From 31 US RMBS Transactions
[*] S&P Discontinues D Ratings on 45 Classes From 24 US CMBS Deals

[*] S&P Lowers Ratings on 34 Classes From 27 U.S. RMBS Deals

                            *********

ANTARES CLO 2019-1: S&P Assigns Prelim BB- Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Antares CLO
2019-1 Ltd./Antares CLO 2019-1 LLC's middle market collateralized
loan obligation (CLO) managed by Antares Capital Advisers LLC, a
subsidiary of Antares Capital L.P.

The note issuance is a CLO transaction backed by primarily middle
market speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of April 12,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's assessment of:

-- The diversified collateral pool.

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Antares CLO 2019-1 Ltd./Antares CLO 2019-1 LLC
  Class                  Rating         Amount (mil. $)
  A-1                    AAA (sf)                290.00
  A-2                    NR                        9.00
  B                      AA (sf)                  46.00
  C (deferrable)         A (sf)                   37.50
  D (deferrable)         BBB- (sf)                28.75
  E (deferrable)         BB- (sf)                 31.25
  Subordinated notes     NR                       62.84

  NR--Not rated.


ATTENTUS CDO I: Moody's Hikes Ratings on Class B Notes to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Attentus CDO I, Ltd.:

  US$280,000,000 Class A-1 First Priority Senior Secured
  Floating Rate Notes Due May 2036 (current balance of
  $63,309,219), Upgraded to A1 (sf); previously on September
  25, 2017 Upgraded to Baa1 (sf)

  US$20,000,000 Class A-2 Second Priority Senior Secured
  Floating Rate Notes Due May 2036, Upgraded to Baa3 (sf);
  previously on September 25, 2017 Upgraded to Ba3 (sf)

  US$65,000,000 Class B Third Priority Senior Secured Floating
  Rate Notes Due May 2036, Upgraded to Caa1 (sf); previously
  on September 25, 2017 Upgraded to Caa2 (sf)

Attentus CDO I, Ltd., issued in May 2006, is a collateralized debt
obligation (CDO) backed by a portfolio of REIT trust preferred
securities (TruPS), with exposure to bank TruPS, insurance notes,
corporate and CMBS securities.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, an increase in the transaction's
over-collateralization (OC) ratios, and the improvement in the
credit quality of the underlying portfolio since April 2018.

The Class A-1 notes have paid down by approximately 10.5% or $7.5
million since April 2018, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-1, Class A-2 and Class B notes have improved to 275.9%,
209.6% and 117.8%, respectively, from April 2018 levels of 247.3%,
192.8% and 112.4%, respectively. The Class A-1 notes will continue
to benefit from the diversion of excess interest and the use of
proceeds from redemptions of any assets in the collateral pool.

The deal has also benefited from improvement in the credit quality
of the underlying portfolio. According to Moody's calculations, the
weighted average rating factor (WARF) improved to 3072 from 3579 in
April 2018.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par and principal proceeds
balance of $174.6 million, defaulted par of $20.5 million, a
weighted average default probability of 41.29% (implying a WARF of
3072), and a weighted average recovery rate upon default of 11.6%.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in March 2019.

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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc or credit assessments.
Because these are not public ratings, they are subject to
additional estimation uncertainty.


BAIN CAPITAL 2019-1: Moody's Assigns Ba3 Rating on Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Bain Capital Credit CLO 2019-1, Limited.

Moody's rating action is as follows:

US$52,000,000 Class A-1A Senior Secured Floating Rate Notes due
2032 (the "Class A-1A Notes"), Assigned Aaa (sf)

US$6,000,000 Class A-1B Senior Secured Floating Rate Notes due 2032
(the "Class A-1B Notes"), Assigned Aaa (sf)

US$242,000,000 Class A-2L Senior Secured Floating Rate Notes due
2032 (the "Class A-2L Notes"), Assigned Aaa (sf)

US$25,000,000 Class A-2F Senior Secured Fixed Rate Notes due 2032
(the "Class A-2F Notes"), Assigned Aaa (sf)

US$23,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Bain 2019-1 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10.0% of
the portfolio may consist of second lien loans or senior unsecured
loans. The portfolio is approximately 75% ramped as of the closing
date.

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

In addition to the Rated Notes, the Issuer issued three other
classes of secured notes and one class of subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par amount: $500,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2788

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 9.0 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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


BALLYROCK CLO 2016-1: Moody's Rates $19.2MM Class E-R Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
CLO refinancing notes issued by Ballyrock CLO 2016-1 Ltd.:

Moody's rating action is as follows:

  US$224,000,000 Class A-R Senior Secured Floating Rate Notes
  Due 2028 (the "Class A-R Notes"), Assigned Aaa (sf)

  US$31,750,000 Class B-1-R Senior Secured Floating Rate Notes
  Due 2028 (the "Class B-1-R Notes"), Assigned Aa2 (sf)

  US$19,250,000 Class C-R Mezzanine Secured Deferrable Floating
  Rate Notes Due 2028 (the "Class C-R Notes"), Assigned A2 (sf)

  US$22,050,000 Class D-R Mezzanine Secured Deferrable Floating
  Rate Notes Due 2028 (the "Class D-R Notes"), Assigned Baa3 (sf)

  US$19,250,000 Class E-R Junior Secured Deferrable Floating
  Rate Notes Due 2028 (the "Class E-R Notes"), Assigned Ba3(sf)

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

Ballyrock Investment Advisors LLC manages the CLO. It directs the
selection, acquisition, and disposition of collateral on behalf of
the Issuer.

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer has issued the Refinancing Notes on April 15, 2019 in
connection with the refinancing of six classes of the secured notes
previously issued on September 20, 2016. On the Refinancing Date,
the Issuer used proceeds from the issuance of the Refinancing Notes
to redeem in full the Refinanced Original Notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

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

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2907

Weighted Average Spread (WAS): 3.25%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 5.5 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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


BRAVO RESIDENTIAL 2019-1: Fitch Rates Class B-2 Notes 'Bsf'
-----------------------------------------------------------
Fitch Ratings assigns ratings to BRAVO Residential Funding Trust
2019-1 (BRAVO 2019-1) as follows:

  -- $343,060,000 class A-1 notes 'AAAsf'; Outlook Stable;

  -- $274,448,000 class A-1-A exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $68,612,000 class A-1-B exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $257,295,000 class A-1-C exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $85,765,000 class A-1-D exchangeable notes 'AAAsf'; Outlook
Stable;

  -- $10,900,000 class A-2 notes 'AAsf'; Outlook Stable;

  -- $10,135,000 class A-3 notes 'Asf'; Outlook Stable;

  -- $6,310,000 class M-1 notes 'BBBsf'; Outlook Stable;

  -- $4,972,000 class B-1 notes 'BBsf'; Outlook Stable;

  -- $3,251,000 class B-2 notes 'Bsf'; Outlook Stable.

TRANSACTION SUMMARY

Fitch rates the first seasoned/non-qualified mortgage (Non-QM)
residential mortgage-backed transaction, BRAVO Residential Funding
Trust 2019-1 (BRAVO 2019-1), issued by a private fund managed by
Pacific Investment Management Company LLC (PIMCO). The notes are
supported by 1,311 prime quality seasoned loans (the majority of
which are Non-QM) with a total balance of $382.45 million as of the
cutoff date. The loans were originated by Capital One Financial
Corporation (Capital One), and purchased by a PIMCO managed private
fund in a bulk sale. Approximately 60% of the loans are subject to
the Ability to Repay (ATR) Rule; 37% were originated prior to the
rule's implementation in January 2014 and 2.5% are investor loans,
which are not subject to ATR.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral consists
primarily of seasoned 30-year fixed rate mortgages, with 5.8%
comprising 15 year mortgages and 7.0% seven year hybrid adjustable
rate mortgage (ARM) loans. The pool is seasoned over 50 months and
has a very low weighted average (WA) current combined loan-to-value
ratio (CLTV) of 60%. The borrowers have strong credit profiles with
a weighted average (WA) FICO of 752. The loans were originated
through Capital One's retail channel, which Fitch views positively.
In addition, 66% of the borrowers have been paying on time for the
past 36 months and 18% have 24 month clean pay histories.

Geographic Concentration (Negative): About 31% of the pool is
concentrated in New York (37.7%), which includes parts of New
Jersey, followed by Washington, DC (19.5%) and New Orleans MSA
(7.6%). The top three MSAs account for 65% of the pool, which
resulted in a 126bp increase to Fitch's 'AAAsf' expected loss.

Non-Qualified Mortgage (Negative): The loans were originated by
Capital One Financial Corporation (Capital One), and purchased by a
PIMCO managed private fund in a bulk sale. Approximately 60% of the
loans are subject to the ATR Rule and 37% were originated prior to
the rule's implementation in January 2014 and 2.5% are investor
loans, which are not subject to ATR. Of the 60% underwritten to
guidelines that satisfy the ATR Rule, 6.5% were designated as Safe
Harbor QM and 54% are Non-QM due to: loans coded as Non-QM because
QM could not be confirmed (26%); debt-to-income ratios (DTIs)
exceeding 43% (18%); 40-year terms (8%); and interest-only loans
(2%). Fitch applied a penalty of 55bps to account for potential
challenges to foreclosure under the rule.

Low Operational Risk (Neutral): Certain investment vehicles managed
by PIMCO have been actively acquiring residential mortgage loan
portfolios post crisis. PIMCO is assessed as 'Above Average'
aggregator by Fitch. The servicer for this transaction is Rushmore
Loan Management Servicer LLC, rated by Fitch as 'RPS2'/Outlook
Stable. The loans were originated by Capital One Financial
Corporation who has since exited mortgage loan originations and,
therefore, no operational review was conducted by Fitch. The
sponsor or majority-owned affiliate of the sponsor's vertical
retention of at least 5% helps to ensure an alignment of interest
between the issuer and investors.

Representation & Warranty Framework (Negative): Fitch views the
representation, warranty and enforcement (RW&E) construct as
consistent with Tier 2 quality. The Tier 2 assessment is driven
primarily by the automatic review limited to realized losses
resulting from ATR challenges and the optional review for all other
realized losses even though, 25% of the bond holders can initiate a
review. The RW&Es are being provided by an unrated counterparty,
BRAVO III Residential Funding I Ltd, a fund, with a limited life.
Fitch is comfortable with the limited life of the rep provider
because of the pool's seasoning, origination source and credit
quality. Fitch still increased its 'AAAsf' loss expectation by 61
bps to account for the RW&E construct and limited life of the RW&E
provider.

Third-Party Due Diligence (Positive): Third-party due diligence was
performed by a Fitch assessed 'Acceptable-Tier 2' due diligence
review firm on 38% of the pool (498 loans). The review confirmed
sound operational quality. The results of the reviews indicated low
operational risk, with approximately 15% of the loans assigned a
'C' or D' grade for compliance, which is consistent with overall
industry averages. Fitch adjusted its loss expectation upwards to
account primarily for 27 loans that could not be tested
conclusively for predatory lending compliance and seven loans with
TRID errors that were not corrected within the cure period. In
addition, 22 loans were identified as ATR "inconclusive" meaning
that the review firm could not conduct ATR testing. While Fitch
adjusted and/or extrapolated the findings to the pool's loss
severity (LS), there was minimal impact on the pool's loss
expectations.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a sequential pay structure,
whereby the subordinated classes do not receive interest or
principal until the classes with a higher payment priority are
paid. The credit enhancement (CE) consists of subordinated notes,
the distributions of which will be subordinated to principal and
interest payments due to senior noteholders and excess interest.
Under Fitch's cash flow analysis and default timing curves, the
'AAAsf' and 'AAsf' bonds were paid timely interest and ultimate
principal and the classes rated 'Asf' to 'Bsf' received ultimate
interest and principal. None of the Fitch-rated classes experienced
a principal write-down.

No Servicer Advancing (Mixed): The servicer will not be advancing
delinquent monthly payments of principal and interest (P&I).
Because P&I advances made on behalf of loans that become delinquent
and eventually liquidate reduce liquidation proceeds to the trust,
the loan-level LS are less for this transaction than for those
where the servicer is obligated to advance principal and interest.
Principal due the subordinated classes will be used to pay timely
interest to the 'AAAsf' and 'AAsf' notes in a high delinquency and
default scenario.

RATING SENSITIVITIES

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper market value declines at the
national level. The analysis assumes market value declines of 10%,
20% and 30%, in addition to the model-projected 3.3%.

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


CEDAR FUNDING XI: S&P Assigns Prelim B-(sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Cedar
Funding XI CLO Ltd.'s fixed- and floating-rate notes and
combination notes.

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

The preliminary ratings are based on information as of April 18,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

-- S&P's principal-only rating on the combination notes, which
consists of $31.5 million class B-1 notes, $20.25 million class C
notes, $6.25 million class D notes, $9.0 million class E notes, and
$8.0 million class F notes, takes into account the rating agency's
cash flow analysis, assuming paydowns to the principal balance of
the combination notes from both interest and principal payments
from the underlying notes.

  PRELIMINARY RATINGS ASSIGNED
  Cedar Funding XI CLO Ltd.
  Class                    Rating        Amount (mil. $)
  A-1A                     AAA (sf)               190.00
  A-1F                     AAA (sf)                50.00
  A-2                      NR                      20.00
  B-1                      AA (sf)                 31.50
  B-F                      AA (sf)                 14.50
  C (deferrable)           A- (sf)                 26.00
  D (deferrable)           BBB- (sf)               20.00
  E (deferrable)           BB- (sf)                13.50
  F (deferrable)           B- (sf)                  8.00
  Subordinated notes       NR                      30.50
  Combination notes(i)     A-p (sf)                75.00

(i)The combination notes are backed by $31.5 million class B-1
notes,$20.25 million class C notes, $6.25 million class D notes,
$9.0 million class E notes, and $8.0 million class F notes.
NR--Not rated.



CIFC FUNDING 2019-II: Moody's Assigns Ba3 Rating on Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by CIFC Funding 2019-II, Ltd.

Moody's rating action is as follows:

  US$320,000,000 Class A Senior Secured Floating Rate Notes
  due 2030 (the "Class A Notes"), Assigned Aaa (sf)

  US$60,000,000 Class B Senior Secured Floating Rate Notes
  due 2030 (the "Class B Notes"), Assigned Aa2 (sf)

  US$22,750,000 Class C Mezzanine Secured Deferrable Floating
  Rate Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

  US$29,750,000 Class D Mezzanine Secured Deferrable Floating
  Rate Notes due 2030 (the "Class D Notes"), Assigned Baa3 (sf)

  US$28,000,000 Class E Junior Secured Deferrable Floating
  Rate Notes due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

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

RATINGS RATIONALE

The rationale for the rating is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

CIFC Funding 2019-II is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 92.5% of the portfolio must
consist of first lien senior secured loans and eligible
investments, and up to 7.5% of the portfolio may consist of second
lien loans and unsecured loans. The portfolio is over 90% ramped as
of the closing date.

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2833

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 46.50%

Weighted Average Life (WAL): 7 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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


CPS AUTO 2019-B: S&P Assigns B(sf) Rating to $6.55MM Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to CPS Auto Receivables
Trust 2019-B's asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 59.0%, 50.2%, 41.4%, 32.5%,
25.6% and 23.9% of credit support for the class A, B, C, D, E, and
F notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
coverage of approximately 3.10x, 2.60x, 2.10x, 1.60x, 1.23x and
1.1x S&P's 18.50%-19.50% expected cumulative net loss (CNL) range
for the class A, B, C, D, E and F notes, respectively.
Additionally, credit enhancement, including excess spread for
classes A, B, C, D, E, and F covers breakeven cumulative gross
losses of approximately 95%, 81%, 69%, 54%, 43% and 38%,
respectively.

-- S&P's expectation that under a moderate stress scenario of
1.60x the rating agency's expected net loss level, all else equal,
the ratings on the class A through C notes would not decline by
more than one rating category while they are outstanding, and the
rating on the class D notes would not decline by more than two
rating categories within its life. The ratings on the class E and F
notes would remain within two rating categories during the first
year, but each class would eventually default under the 'BBB'
stress scenario: class E after receiving approximately 31%-54% of
its principal and class F without receiving any principal payments.
These rating migrations are consistent with S&P's credit stability
criteria.

-- The rated notes' underlying credit enhancement in the form of
subordination, overcollateralization, a reserve account, and excess
spread for the class A through F notes.

-- The timely interest and principal payments made to the rated
notes under S&P's stressed cash flow modeling scenarios, which it
believes are appropriate for the assigned ratings.

-- The transaction's payment and credit enhancement structure,
which includes an incurable performance trigger.

  RATINGS ASSIGNED
  CPS Auto Receivables Trust 2019-B

  Class       Rating       Amount (mil. $)
  A           AAA (sf)              97.750
  B           AA (sf)               38.410
  C           A (sf)                32.660
  D           BBB (sf)              27.830
  E           BB- (sf)              25.070
  F           B (sf)                 6.555


DBGS 2019-1735: S&P Assigns B (sf) Rating to Class F Certs
----------------------------------------------------------
S&P Global Ratings assigned its ratings to DBGS 2019-1735 Mortgage
Trust's commercial mortgage pass-through certificates series
2019-1735.

The certificate issuance is a commercial mortgage-backed securities
transaction backed by a 10-year, fixed rate, interest-only, $311.4
million mortgage loan. Deutsche Bank AG, New York Branch and
Goldman Sachs Bank USA acquired on the closing date an eligible
vertical interest in the issuing entity representing approximately
5.0% of the issuer's interest in the mortgage loan.

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

  RATINGS ASSIGNED
  DBGS 2019-1735 Mortgage Trust

  Class            Rating              Amount
  A                AAA (sf)       148,903,000
  X                A- (sf)        206,810,000(ii)
  B                AA- (sf)        33,090,000
  C                A- (sf)         24,817,000
  D                BBB- (sf)       30,442,000
  E                BB- (sf)        38,080,000
  F                B (sf)          20,474,000
  RR(i)            NR               7,784,500
  RR interest(i)   NR               7,784,500

(i)Non-offered eligible vertical interest.
(ii)Notional balance. The notional amount of the class X
certificates will be equal to the certificate balance of the class
A, B and C certificates.
NR--Not rated.


DEEPHAVEN 2019-2: S&P Assigns Prelim B- (sf) Rating to B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Deephaven
Residential Mortgage Trust 2019-2's mortgage-backed notes.

The note issuance is a residential mortgage-backed transaction
backed by first-lien, fixed- and adjustable-rate, amortizing (with
some interest-only and principal balloon payments) residential
mortgage loans secured by single-family residences, planned-unit
developments, two- to four-family residences, and condominiums to
both prime and nonprime borrowers. The pool has 883 loans, which
are primarily non-qualified mortgage loans.

The preliminary ratings are based on information as of April 15,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

  PRELIMINARY RATINGS ASSIGNED
  Deephaven Residential Mortgage Trust 2019-2
  Class     Rating            Amount ($)
  A-1       AAA (sf)         230,156,000
  A-2       AA (sf)           23,847,000
  A-3       A (sf)            45,292,000
  M-1       BBB (sf)          24,772,000
  B-1       BB (sf)           19,411,000
  B-2       B- (sf)           18,486,000
  B-3       NR                 7,765,217
  XS        NR                  Notional(i)
  A-IO-S    NR                  Notional(i)
  R         NR                       N/A

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


DEUTSCHE ALT-A 2007-RS1: Moody's Cuts Class A-3 Certs Rating to Ca
------------------------------------------------------------------
Moody's Investors Service has affirmed ratings on certificates
issued by Deutsche ALT-A Securities, Inc. Re-Remic Trust
Certificates, Series 2007-RS1:

  US$495,223,250 Class A-1 Certificates Due August 2037
  (current outstanding balance of $90,657,924), Affirmed
  Caa3 (sf); previously on February 15, 2019 Downgraded
  to Caa3 (sf)

  US$177,305,750 Class A-2 Certificates Due August 2037
  (current outstanding balance of $5,384,922), Affirmed
  C (sf); previously on June 9, 2011 Downgraded to C (sf)

Moody's also downgraded the rating on the following certificates:

  US$100,000,000 Class A-3 Certificates Due August 2037
  (current outstanding balance of $14,280,848), Downgraded
  to Ca (sf); previously on February 15, 2019 Upgraded to
  Caa3 (sf)

Deutsche ALT-A Securities, Inc. Re-Remic Trust Certificates, Series
2007-RS1, issued in August 2007, is a collateralized debt
obligation backed by a portfolio of RMBS originated in 2006.

RATINGS RATIONALE

The downgrade rating action is due primarily to the change in
methodology Moody's uses to monitor the transaction. Moody's will
use the methodology it uses to rate SF CDOs to monitor the
outstanding ratings on the Certificates going forward.

The downgrade rating action is also due to the expectation that the
losses will continue to write down the A-3 Certificates, adding to
the cumulative losses it has already incurred. Based on the Trustee
report dated March 2019, the Class A-3 Certificates suffered
$24,931 in principal loss, resulting in $10.4 million in cumulative
losses up to date. The affirmation rating actions reflect the
respective seniority in the capital structure in terms of loss
distributions where the losses are allocated first to the Class A-2
Certificates before affecting the Class A-1 Certificates.

Moody's applies a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for SF CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
define the reference pool's loss distribution. Moody's then uses
the loss distribution as an input in the CDOEdge cash flow model.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in March 2019.

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

The performance of the 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. Certain deal features and their
characteristics, such as amortization profile assumptions, and
waterfall features can also influence the rating outcomes.


DRYDEN 36: S&P Assigns BB-(sf) Rating to $27.55MM Class E-R2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class X-R2, A-R2,
B-R2, C-R2, D-R2, and E-R2 replacement notes from Dryden 36 Senior
Loan Fund, a collateralized loan obligation (CLO) originally issued
in December 2014 that is managed by PGIM Inc.

S&P withdrew its ratings on the original class A-R, B-R, C-R, D-R,
and E-R notes following payment in full on the April 15, 2019,
refinancing date.

On the April 15, 2019, refinancing date, the proceeds from the
class X-R2, A-R2, B-R2, C-R2, D-R2, and E-R2 replacement note
issuances were used to redeem the original class A-R, B-R, C-R,
D-R, and E-R notes as outlined in the transaction document
provisions. Therefore, S&P withdrew its ratings on the original
notes in line with their full redemption, and S&P is assigning
ratings to the replacement notes.

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

-- Shorten the reinvestment period to April 15, 2021, from Oct.
15, 2021.

-- Extend the non-call period to April 15, 2020, from Jan. 15,
2019.

-- Extend the weighted average life test to Oct. 15, 2025, from
eight years calculated from the Dec. 21, 2016 refinancing date
(approximately December 2024).

-- Extend the legal final maturity date on the rated and
subordinated notes to April 15, 2029, from Jan. 15, 2028.

-- Issue additional class X-R2 amortizing senior secured
floating-rate notes, which are expected to be paid down using
interest proceeds in equal quarterly installments of $400,000
beginning with the July 2019 payment date and ending on the April
2021 payment date.

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

"The assigned ratings reflect our opinion that the credit support
available is commensurate with the associated rating levels," S&P
said.

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

  RATINGS ASSIGNED

  Dryden 36 Senior Loan Fund
  Replacement class          Rating        Amount (mil $)
  X-R2                       AAA (sf)                3.20
  A-R2                       AAA (sf)              434.00
  B-R2                       AA (sf)                85.40
  C-R2                       A (sf)                 60.20
  D-R2                       BBB- (sf)              36.40
  E-R2                       BB- (sf)               27.55      
  Subordinated notes         NR                     66.15

  RATINGS WITHDRAWN

  Dryden 36 Senior Loan Fund
                             Rating
  Original class       To              From
  A-R                  NR              AAA (sf)
  B-R                  NR              AA (sf)
  C-R                  NR              A (sf)
  D-R                  NR              BBB (sf)
  E-R                  NR              BB- (sf)
  NR--Not rated.


FANNIE MAE 2019-R03: S&P Assigns B+ (sf) Rating to 1M-2X Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Connecticut Avenue
Securities Trust 2019-R03's (CAS 2019-R03's) notes.

The note issuance is a residential mortgage-backed securities
(RMBS) transaction in which the payments are determined by a
reference pool of fully amortizing, first-lien, fixed-rate
residential mortgage loans secured by one- to four-family
residences, planned-unit developments, condominiums, cooperatives,
and manufactured housing to mostly prime borrowers.

The ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches and the associated structural deal mechanics;

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

-- A REMIC structure that reduces the counterparty exposure to
Fannie Mae for periodic principal and interest payments but, at the
same time, pledges the support of Fannie Mae (a highly rated
counterparty) to cover shortfalls, if any, on interest payments and
to make up for any investment losses;

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

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

  RATINGS ASSIGNED
  Connecticut Avenue Securities Trust 2019-R03

  Class      Rating     Amount (mil. $)
  1A-H(i)    NR              20,477.151
  1M-1       BBB+ (sf)          204.126
  1M-1H(i)   NR                  10.744
  1M-2(ii)   B+ (sf)            500.109
  1M-2A(ii)  BBB (sf)           166.703
  1M-AH(i)   NR                   8.775
  1M-2B(ii)  BB+ (sf)           166.703
  1M-BH(i)   NR                   8.775
  1M-2C(ii)  B+ (sf)            166.703
  1M-CH(i)   NR                   8.775
  1B-1       NR                 153.095
  1B-1H(i)   NR                   8.058
  1B-2H(i)   NR                 107.435
  1E-A1      BBB (sf)           166.703
  1A-I1      BBB (sf)           166.703
  1E-A2      BBB (sf)           166.703
  1A-I2      BBB (sf)           166.703
  1E-A3      BBB (sf)           166.703
  1A-I3      BBB (sf)           166.703
  1E-A4      BBB (sf)           166.703
  1A-I4      BBB (sf)           166.703
  1E-B1      BB+ (sf)           166.703
  1B-I1      BB+ (sf)           166.703
  1E-B2      BB+ (sf)           166.703
  1B-I2      BB+ (sf)           166.703
  1E-B3      BB+ (sf)           166.703
  1B-I3      BB+ (sf)           166.703
  1E-B4      BB+ (sf)           166.703
  1B-I4      BB+ (sf)           166.703
  1E-C1      B+ (sf)            166.703
  1C-I1      B+ (sf)            166.703
  1E-C2      B+ (sf)            166.703
  1C-I2      B+ (sf)            166.703
  1E-C3      B+ (sf)            166.703
  1C-I3      B+ (sf)            166.703
  1E-C4      B+ (sf)            166.703
  1C-I4      B+ (sf)            166.703
  1E-D1      BB+ (sf)           333.406
  1E-D2      BB+ (sf)           333.406
  1E-D3      BB+ (sf)           333.406
  1E-D4      BB+ (sf)           333.406
  1E-D5      BB+ (sf)           333.406
  1E-F1      B+ (sf)            333.406
  1E-F2      B+ (sf)            333.406
  1E-F3      B+ (sf)            333.406
  1E-F4      B+ (sf)            333.406
  1E-F5      B+ (sf)            333.406
  1-X1       BB+ (sf)           333.406
  1-X2       BB+ (sf)           333.406
  1-X3       BB+ (sf)           333.406
  1-X4       BB+ (sf)           333.406
  1-Y1       B+ (sf)            333.406
  1-Y2       B+ (sf)            333.406
  1-Y3       B+ (sf)            333.406
  1-Y4       B+ (sf)            333.406
  1-J1       B+ (sf)            166.703
  1-J2       B+ (sf)            166.703
  1-J3       B+ (sf)            166.703
  1-J4       B+ (sf)            166.703
  1-K1       B+ (sf)            333.406
  1-K2       B+ (sf)            333.406
  1-K3       B+ (sf)            333.406
  1-K4       B+ (sf)            333.406
  1M-2Y      B+ (sf)            500.109
  1M-2X      B+ (sf)            500.109
  1B-1Y      NR                 153.095
  1B-1X      NR                 153.095

(i)Reference tranche only and will not have corresponding notes.
Fannie Mae retains the risk of each of these tranches.
(ii)Class 1M-2 is offered at closing and may be exchanged for
classes 1M-2A, 1M-2B, and 1M-2C.
NR--Not rated.


FINANCIAL 15 SPLIT: DBRS Confirms Pfd-4 Rating on Preferred Shares
------------------------------------------------------------------
DBRS Limited confirmed the rating of the Preferred Shares issued by
Financial 15 Split Corp. (the Company) at Pfd-4 (high). The Company
invests in a portfolio (the Portfolio) consisting primarily of
common shares of 15 high-quality North American financial services
companies: Bank of America Corporation, Bank of Montreal, Bank of
Nova Scotia, Canadian Imperial Bank of Commerce, CI Financial
Corp., Citigroup Inc., The Goldman Sachs Group Inc., Great-West
Lifeco Inc., JPMorgan Chase & Co., Manulife Financial Corporation,
National Bank of Canada, Royal Bank of Canada, Sun Life Financial
Inc., The Toronto-Dominion Bank and Wells Fargo & Company. In
addition, up to 15% of the net asset value (NAV) of the Company may
be invested in securities of issuers other than those mentioned
above. These issuers include Fifth Third Bancorp and AGF Management
as of November 30, 2018. No more than 10% of the NAV of the Company
may be invested in any single issuer. The Portfolio is actively
managed by Quadravest Capital Management Inc.

A portion of the Company's Portfolio is exposed to currency risk,
as it includes securities and options denominated in U.S. dollars
(USD), while the NAV of the Company is expressed in Canadian
dollars. The Company has not entered into currency hedging
contracts for the USD portion of the Portfolio, although the
Company may use derivatives for hedging purposes. As of November
30, 2018, approximately 44% of the Portfolio was invested in
USD-denominated assets.

The holders of the Preferred Shares are entitled to a fixed
cumulative monthly dividend of $0.04583 per share, yielding 5.50%
annually on their issue price of $10 per share. Holders of the
Class A Shares (the Class A Shares) receive regular monthly cash
distributions in an amount to be determined by the Board of
Directors. No regular monthly distributions will be paid to the
Class A Shares if the NAV per unit is below the $15 threshold or if
any dividends on the Preferred Shares are in arrears. Downside
protection available to holders of the Preferred Shares was
approximately 37% as of March 15, 2019. The dividend coverage ratio
was 0.64 times.

The scheduled redemption date for both classes of shares is
December 1, 2020. At maturity, the holders of the Preferred Shares
will be entitled to the value of the Company, up to the face amount
of the Preferred Shares, in priority to the holders of the Class A
Shares. Holders of the Class A Shares will receive the remaining
value of the Company.

The confirmation of the rating on the Preferred Shares at Pfd-4
(high) is based on the amount of downside protection, its
performance, and dividend coverage. The following constraints have
been also considered: (1) the reliance on the Portfolio Manager to
generate additional income through methods such as option writing,
(2) the monthly cash distributions to holders of the Class A Shares
and (3) the unhedged portion of the USD-denominated Portfolio that
exposes the Portfolio to foreign currency risk.

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


GE COMMERCIAL 2007-C1: S&P Lowers Class A-M Certs Rating to D (sf)
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on three classes of
commercial mortgage pass-through certificates from GE Commercial
Mortgage Corp. Series 2007-C1 Trust, a U.S. commercial
mortgage-backed securities (CMBS) transaction.

The downgrades of classes A-M, A-MFL, and A-MFX reflect accumulated
interest shortfalls that S&P expects to remain outstanding for the
foreseeable future. The classes had accumulated interest shortfalls
outstanding for seven consecutive months.

According to the April 10, 2019, trustee remittance report, the
current monthly interest shortfalls totaled $1.8 million and
resulted primarily from:

-- Interest not advanced totaling $1,488,753;
-- Interest rate modification of $486,624; and
-- Special servicing fees totaling $103,498.

These interest shortfalls affected classes subordinate to and
including classes A-M, A-MFL, and A-MFX.

TRANSACTION SUMMARY

As of the April 10, 2019, trustee remittance report, the collateral
pool certificate balance was $518.5 million, which is 13.1% of the
pool balance at issuance. The transaction is undercollateralized
because the asset balance is $515.1 million for the same reporting
period. The pool currently includes one loan, which is also on the
master servicer's watchlist ($112.1 million, 21.8% of the asset
balance) and six real estate owned (REO) assets ($403.0 million,
78.2%), which are all with the special servicer. There were 197
loans at issuance.

"For the sole performing loan, Wellpoint Office Tower, our analysis
reflects our view that the property may potentially be 100% vacant
at year-end 2019. As a result, we calculated an S&P Global Ratings
debt service coverage (DSC) of 0.73x and an S&P Global Ratings
loan-to-value ratio of over 100% using an S&P Global Ratings
capitalization rate of 10.25%," the rating agency said.

The loan is on the master servicer's watchlist because the single
tenant occupying 100% of the suburban office property, which totals
448,072 sq. ft. and secures the mortgage loan, has a Dec. 31, 2019,
lease expiration. The loan matures on Dec. 1, 2019. The tenant has
a four-year free rent period from Jan. 1, 2016, through Dec. 31,
2019. The master servicer, KeyBank Real Estate Capital, stated that
monthly debt service payments will be made from interest reserve
funds until the loan's maturity. S&P's analysis considered
refinancing risk, the single tenant vacating the property, and the
additional costs associated with leasing up the vacant space. The
reported DSC was 0.95x for the nine months ended Sept. 30, 2018.

To date, the transaction has experienced $426.4 million in
principal losses, or 10.8% of the original pool trust balance. S&P
expects losses to reach approximately 18.4% of the original pool
trust balance in the near term, based on losses incurred to date
and additional losses it expects on the eventual resolution of the
six specially serviced REO assets.

CREDIT CONSIDERATIONS

As of the April 10, 2019, trustee remittance report, six assets in
the pool were with the special servicers, C-III Asset Management
LLC (C-III) and CWCapital Asset Management LLC (CWCapital). Details
of the two largest specially serviced assets are as follows:

-- The Skyline Portfolio REO asset ($203.4 million, 39.5% of the
asset balance) is the largest asset in the pool and has a total
trust reported exposure of $213.7 million. The asset comprised
eight suburban office properties totaling 2.57 million sq. ft. in
Falls Church, Va. At issuance, the $678.0 million whole-loan
balance was split into three pari passu notes: a $271.2 million A-1
note included in Banc of America Commercial Mortgage Trust 2007-1,
a $203.4 million A-2 note included in GE Commercial Mortgage Corp.
Series 2007-C1 Trust, and a $203.4 million A-3 note contained in
JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP10--all
U.S. CMBS transactions. The whole-loan was previously modified
effective as of Oct. 30, 2013, which bifurcated the A-1, A-2, and
A-3 notes into an A/B structure and extending the maturity to Feb.
1, 2022, from Feb. 1, 2017, with one 12-month extension option
subject to extension hurdles. The whole-loan was transferred back
to the special servicer on April 6, 2016, because of imminent
monetary default and the properties became REO on Dec. 21, 2016.
The reported overall occupancy was 43.0% as of February 2019.
CWCapital stated that the properties are currently being marketed
for sale. The asset was deemed nonrecoverable, and S&P expects a
significant loss (greater than 60%) upon its eventual resolution.

-- The JPMorgan Portfolio REO asset ($134.5 million, 26.1% of the
asset balance) has a total reported exposure of $134.6 million. The
asset consists of a 428,629-sq.-ft. office building in Houston. The
loan was transferred to the special servicer on March 16, 2017, due
to imminent maturity default (matured on April 1, 2017) and the
property became REO on Feb. 6, 2018. The property is currently 100%
leased to JPMorgan Chase Bank N.A. until Sept. 30, 2021. C-III
stated that the property will be marketed for sale this month. The
asset has been deemed nonrecoverable, and S&P expects a significant
loss upon its eventual resolution. The four remaining assets with
the special servicers each have individual balances that represent
less than 4.0% of the total pool trust balance. S&P estimated
losses for the six specially serviced assets, arriving at a
weighted-average loss severity of 74.7%.

  RATINGS LOWERED
  GE Commercial Mortgage Corp. Series 2007-C1 Trust
  Commercial mortgage pass-through certificates

                   Rating
  Class     To              From
  A-M       D (sf)          B- (sf)
  A-MFL     D (sf)          B- (sf)
  A-MFX     D (sf)          B- (sf)


GREYWOLF CLO IV: S&P Assigns BB- (sf) Rating to Class D Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Greywolf CLO IV
Ltd./Greywolf CLO IV LLC's floating-rate notes. This is a reissue
of Greywolf CLO IV Ltd., which was refinanced in July 2017.

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

The ratings reflect:

-- The diversified collateral pool.

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

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

-- The transaction's legal structure, which is expected to be
bankruptcy remote.
  
  RATINGS ASSIGNED
  Greywolf CLO IV Ltd./Greywolf CLO IV LLC
  Class                       Rating      Amount (mil. $)
  A-1                         AAA (sf)             320.00
  A-2                         AA (sf)               60.00
  B                           A (sf)                30.00
  C                           BBB- (sf)             25.00
  D                           BB- (sf)              22.50
  Senior subordinated notes   NR                    18.50
  Junior subordinated notes   NR                    34.55

  NR--Not rated.


HILDENE TRUPS 2019-2: Moody's Gives (P)Ba3 Rating on Class C Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to four
classes of notes to be issued by Hildene TruPS Securitization
2019-2, Ltd.

Moody's rating action is as follows:

  US$235,500,000 Class A-1 Senior Secured Floating Rate
  Notes due 2039 (the "Class A-1 Notes"), Assigned (P)Aa2(sf)

  US$72,625,000 Class A-2 Senior Secured Floating Rate
  Notes due 2039 (the "Class A-2 Notes"), Assigned (P)Aa3 (sf)

  US$15,000,000 Class B Mezzanine Secured Deferrable Floating
  Rate Notes due 2039 (the "Class B Notes"), Assigned (P)Baa3 (sf)

  US$32,000,000 Class C Junior Secured Deferrable Floating Rate
  Notes due 2039 (the "Class C Notes"), Assigned (P)Ba3 (sf)

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

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

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CDO's portfolio and structure as
described in its methodology.

Hildene 2019-2 is a static cash flow TruPS CDO. The issued notes
will be collateralized primarily by a portfolio of (1) trust
preferred securities ("TruPS") and subordinated notes issued by US
community banks and their holding companies and (2) TruPS, senior
notes and surplus notes issued by insurance companies and their
holding companies. Moody's expects the portfolio to be 100% ramped
as of the closing date.

Hildene Structured Advisors, LLC will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer.
The Manager will direct the disposition of any defaulted securities
or credit risk securities. The transaction prohibits any asset
purchases or substitutions at any time.

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority. The transaction also includes an
interest diversion feature beginning on the May 2027 payment date
whereby 60% of the interest at a junior step in the priority of
interest payments is used to pay the principal on the Class A-1
Notes until the Class A-1 Notes' principal has been paid in full,
then the Class A-2 notes.

The portfolio of this CDO consists of (1) TruPS and subordinated
notes issued by 57 US community banks and (2) TruPS, senior notes
and surplus notes issued by 6 insurance companies, the majority of
which Moody's does not rate. Moody's assesses the default
probability of bank obligors that do not have public ratings
through credit scores derived using RiskCalc, an econometric model
developed by Moody's Analytics. Moody's evaluation of the credit
risk of the bank obligors in the pool relies on FDIC Q4-2018
financial data. Moody's assesses the default probability of
insurance company obligors that do not have public ratings through
credit assessments provided by its insurance ratings team based on
the credit analysis of the underlying insurance companies' annual
statutory financial reports. Moody's assumes a fixed recovery rate
of 10% for both the bank and insurance obligations.

Moody's ratings on the Rated Notes took into account a stress
scenario for highly levered bank holding company issuers. The
transaction's portfolio includes trust preferred securities and
subordinated debt issued by a number of bank holding companies with
significant amounts of other debt on their balance sheet which may
increase the risk presented by their subsidiaries. To address the
risk from higher debt burden at the bank holding companies, Moody's
conducted a stress scenario in which it made adjustments to the
RiskCalc credit scores for these highly leveraged holding
companies. This stress scenario was an important consideration in
the assigned ratings.

In addition, the analysis considered the concentrated nature of the
portfolio. There is one issuer that constitutes approximately 2.83%
of the portfolio par. Moody's ran a stress scenario in which
Moody's assumed a two notch downgrade for this obligor.

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

Par amount: $392,625,135

Weighted Average Rating Factor (WARF): 536

Weighted Average Spread (WAS) for floating assets only: 2.77%

Weighted Average Coupon (WAC) for fixed assets only: 8.10%

Weighted Average Spread (WAS) for fixed to float assets: 6.95%

Weighted Average Coupon (WAC) for fixed to float assets: 4.07%

Weighted Average Recovery Rate (WARR): 10.0%

Weighted Average Life (WAL): 10.47 years

In addition to the quantitative factors that Moody's explicitly
models, qualitative factors were part of the rating committee
consideration. Moody's considers the structural protections in the
transaction, the risk of an event of default, the legal environment
and specific documentation features. All information available to
rating committees, including macroeconomic forecasts, inputs from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transaction, influenced the final rating decision.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in March 2019.

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

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

1) Macroeconomic uncertainty: The transaction's performance could
be negatively affected by uncertainty about credit conditions in
the general economy. Moody's currently has a stable outlook on the
US banking sector and the US P&C insurance sector.

2) Portfolio credit risk: Credit performance of the assets
collateralizing the transaction that is better than Moody's current
expectations could have a positive impact on the transaction's
performance. Conversely, asset credit performance weaker than
Moody's current expectations could have adverse consequences on the
transaction's performance.

3) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds due to
redemptions will occur and at what pace. Note repayments that are
faster than Moody's current expectations could have an impact on
the notes' ratings.

4) Exposure to non-publicly rated assets: The portfolio consists
primarily of unrated assets whose default probability Moody's
assesses through credit scores derived using RiskCalc or credit
assessments. Because these are not public ratings, they are subject
to additional estimation uncertainty.

Moody's obtained a loss distribution for this CDO's portfolio by
simulating defaults using Moody's CDOROM, which used Moody's
assumptions for asset correlations and fixed recoveries in a Monte
Carlo simulation framework. Moody's then used the resulting loss
distribution, together with structural features of the CDO, as an
input in its CDOEdge cash flow model.


LCM XIX: S&P Affirms BB- (sf) Rating on Two Classes of Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R and B-R
replacement notes from LCM XIX L.P./LCM XIX LLC, a collateralized
loan obligation (CLO) originally issued in 2015 that is managed by
LCM Asset Management LLC. S&P withdrew its ratings on the original
class A and B notes following payment in full on the April 15,
2019, refinancing date. At the same time, S&P affirmed its ratings
on the class C, D, E-1, and E-2 notes.

On the April 15, 2019, refinancing date, the proceeds from the
class A-R and B-R replacement note issuances were used to redeem
the original class A and B notes as outlined in the transaction
document provisions. Therefore, S&P withdrew its ratings on the
original notes in line with their full redemption, and S&P assigned
ratings to the replacement notes.

"The ratings reflect our opinion that the credit support available
is commensurate with the associated rating levels. In conjunction
with the refinancing, the spread of the class A-R notes was reduced
from 1.47% to 1.24% above LIBOR, and the spread of the class B-R
notes was reduced from 2.00% to 1.75% above LIBOR," S&P said.

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

  Table
  Replacement And Original Note Issuances

  Class                Amount (mil. $)   Interest rate (%)
  Replacement notes
    A-R                         363.00        LIBOR + 1.24
    B-R                          81.00        LIBOR + 1.75
  Original notes
    A                           363.00        LIBOR + 1.47
    B                            81.00        LIBOR + 2.00

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

S&P will continue to review whether the ratings assigned to the
notes remain consistent with the credit enhancement available to
support them, and it will take further rating actions as it deems
necessary.

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

  Replacement class       Rating      Amount (mil. $)
  A-R                     AAA (sf)             363.00
  B-R                     AA (sf)               81.00
  
  RATINGS WITHDRAWN
  LCM XIX L.P./LCM XIX LLC

                               Rating
  Class                   To            From
  A                       NR            AAA (sf)
  B                       NR            A (sf)
  
  RATINGS AFFIRMED
  LCM XIX L.P./LCM XIX LLC

  Class                   Rating
  C                       A (sf)
  D                       BBB (sf)
  E-1                     BB- (sf)
  E-2                     BB- (sf)

  NR--Not rated.


MADISON AVENUE 2013-650M: Confirms BB(low) Rating on Class E Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings for all classes of Commercial
Mortgage Pass-Through Certificates Series 2013-650M issued by
Madison Avenue Trust 2013-650M (the Trust) as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the collateral property, which has recently improved with new
leasing activity, with cash flows expected to move back in line
with DBRS expectations at issuance. The transaction consists of a
$675.0 million fixed-rate loan secured by 650 Madison Avenue, a
27-storey Class A office and retail tower consisting of 523,608
square feet (sf) of office and 70,862 sf of retail space for a
total of 594,470 sf. The subject was constructed in 1957 and is
considered one of the premier office towers in the Manhattan Plaza
District. The loan is interest only (IO) for the entire seven-year
term, and the Trust mortgage loan is supplemented by an IO
mezzanine loan in the amount of $125.0 million.

The loan sponsor is a joint venture between Vornado Realty L.P., OP
USA Debt Holdings L.P. and other institutional investors. The
sponsors are highly experienced real estate professionals with a
significant presence in Manhattan, New York. Vornado alone owns and
operates over 23.0 million sf of Leadership in Energy and
Environmental Design–certified office and retail product. At
issuance, the sponsor retained approximately $594.0 million of cash
equity in the deal.

According to the January 2019 rent roll, the subject was 92.6%
occupied. The retail portion of the collateral, representing
approximately 10.6% of the net rentable area (NRA), has been
struggling to maintain stable long-term retail tenants after the
vacancy of Crate and Barrel (C&B) in August 2015, which was
contemplated at issuance. The retail space was 46.5% occupied at an
average rental rate of $709.16 per square foot (psf) as of the most
recent rent roll compared with the respective figures of 25.2% and
$655.55 in January 2018. CELINE is the newest retail to take
occupancy since last review; the tenant signed a lease starting
August 2018 that runs through February 2029 at an average rental
rate of $782.55 psf. The tenant is occupying 10,223 sf (1.7% of the
building NRA and 16.1% of the retail NRA). The remaining 53.5% of
the retail NRA was recently leased to Sotheby's at the end of 2018.
The tenant signed a 15-year lease at an average rental rate of
$91.60 psf, occupying 37,772 sf until December 2023, with 11 months
of rent abated. With these developments, the total occupancy rate
for the property is expected to improve to approximately 98.9%.

The office portion of the property represents roughly 89.4% of the
total NRA and has achieved consistently high occupancy levels since
issuance. Per the January 2019 rent roll, the office space was
97.4% occupied at an average rental rate of $100.00 psf compared
with the respective figures of 96.4% and $100.08 psf.
Investment-grade tenants on long-term leases occupy 63.4% of the
NRA, including Ralph Lauren and Memorial Sloan Kettering Cancer
Center (MSKCC). Ralph Lauren, at the property since 1989, has
corporate headquarters at the subject on a lease through December
2024. MSKCC operates a medical office at the subject on a lease
through July 2023. New office tenants signed in the last year
include Lomas Capital Management, LLC (1.1% of the NRA; from
December 2018 through January 2023) at $95.00 psf and BC Partners
(1.1% of the NRA; from June 2018 through January 2027) at $98.00
psf. Notably, there are no tenants rolling in 2019, and rollover is
minimal through the next year as well, with tenants representing
6.6% of the NRA scheduled to roll.

As C&B's exit was contemplated at issuance, several reserves and
guarantees were provided to mitigate risks surrounding its lease
and potential exit. At issuance, a reserve in the amount of $55.8
million was established to fund the difference between the C&B
rental rate and the market rental rate through the original lease
expiry in 2019. As of the March 2019 remittance, that reserve had a
balance of $14.0 million. In addition, a leasing reserve was funded
with monthly contributions required through the loan term; as of
the March 2019 remittance, that reserve had a balance of $5.0
million. The sponsor also provided a guaranty to fund all leasing
costs incurred in connection with future re-letting of any space
previously leased by C&B.

At Q3 2018, the debt service coverage ratio (DSCR) was 1.60 times
(x) compared with the YE2017 DSCR of 1.54x and the DBRS Term DSCR
derived at issuance of 2.05x. The Q3 2018 figure is reflective of a
3.6% increase in net cash flow (NCF) over the prior year-end
reporting and a 27.0% decrease over the DBRS Term NCF figure. For
the purposes of this review, DBRS calculated an updated DBRS NCF
figure, factoring in recent leasing activity (excluding Sotheby's,
as the tenant is not in occupancy), historical operating expense
ratios and below-the-line deductions for capital expenditures and
leasing costs. This adjusted DBRS NCF figure results in a DBRS Term
DSCR of 2.01x, just below the DBRS Term DSCR derived at issuance of
2.06x. Given the property's concentration of long-term
investment-grade tenancy, the asset's prominent status within the
submarket and the sponsors' significant equity in the transaction,
as well as the expected rebound in in-place cash flows over the
next year, DBRS expects the loan will be successfully repaid at
loan maturity in 2020.

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

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


MADISON PARK XXXV: S&P Assigns Prelim BB- Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Madison Park
Funding XXXV Ltd./Madison Park Funding XXXV LLC's floating-rate
notes.

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

The preliminary ratings are based on information as of April 15,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade (rated 'BB+' and lower) senior
secured term loans that are governed by collateral quality tests.

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC
  Class                 Rating       Amount (mil. $)
  A-1                   AAA (sf)              360.00
  A-2                   NR                     27.00
  B                     AA (sf)                60.00
  C (deferrable)        A (sf)                 42.00
  D (deferrable)        BBB- (sf)              33.00
  E (deferrable)        BB- (sf)               22.70
  Subordinated notes    NR                     57.00

  NR--Not rated.


MARANON LOAN 2019-1: S&P Assigns BB- (sf) Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Maranon Loan Funding
2019-1 Ltd./Maranon Loan Funding 2019-1 LLC's fixed- and
floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by middle-market speculative-grade (rated 'BB+'
and lower) senior secured term loans managed by Maranon Capital
L.P. The transaction is a reissue of the Maranon Loan Funding
2016-1 Ltd., which S&P Global Ratings did not rate.

The ratings reflect:

-- The diversified collateral pool.

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

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

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


  RATINGS ASSIGNED
  Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC
  
  Class                   Rating        Amount (mil. $)
  A-1a(i)                 AAA (sf)               135.00
  A-1b                    AAA (sf)                32.50
  A-1L loans(i)           AAA (sf)                30.00
  A-2a1                   AAA (sf)                15.00
  A-2a2                   AAA (sf)                 5.00
  A-2b                    AAA (sf)                 7.50
  B                       AA (sf)                 39.00
  C                       A (sf)                  30.00
  D                       BBB- (sf)               28.00
  E                       BB- (sf)                28.00
  Subordinated notes      NR                      60.00

(i)After the closing date, by written notice of 100% of the class
A-1L loans, all of the class A-1L loans may be converted into class
A-1a notes as outlined in the transaction documents. Upon such
conversion, the aggregate outstanding amount of class A-1a notes
will be increased by the current outstanding principal amount of
the class A-1L loans to be converted.
NR--Not rated.


MASTR RESECURITIZATION 2008-1: Moody's Cuts Class A-1 Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on notes issued
by MASTR Resecuritization Trust 2008-1:

  US$26,901,079 Class A-2 Notes Due September 2037 (current
  outstanding balance of $6,357,099.79), Affirmed C (sf);
  previously on May 15, 2009 Downgraded to C (sf)

  Class A-IO Notes* Due September 2037, Affirmed Caa3 (sf);
  previously on October 19, 2016 Confirmed at Caa3 (sf)

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

  US$242,106,000 Class A-1 Notes Due September 2037
  (current outstanding balance of $30,148,726.62),
  Downgraded to Ca (sf); previously on October 19, 2016
  Confirmed at Caa3 (sf)

  * Reflects Interest Only Classes

MASTR Resecuritization Trust 2008-1, issued in March 2008, is a
collateralized debt obligation backed primarily by a portfolio of
RMBS originated in 2006 to 2007.

RATINGS RATIONALE

The downgrade rating action is due primarily to the change in
methodology Moody's uses to monitor the transaction. Moody's will
use the methodology it uses to rate SF CDOs to monitor the
outstanding ratings on the Notes going forward.

The downgrade rating action is also due to deterioration in the
credit quality of the portfolio, in the form of a high weighted
average rating factor (WARF) and a low over-collateralization (OC)
ratio. According to Moody's calculation, the portfolio's WARF is
currently 8070, and the OC ratio of the Class A-1 notes is 54.6%.
Additionally, Moody's expects that the losses will continue to
write down the Class A-2 notes, adding to the cumulative losses it
has already incurred. Based on the Trustee report dated March 2019,
the Class A-2 notes suffered $49,480 in principal losses, resulting
in $20.5 million in cumulative losses up to date.

Moody's applies a Monte Carlo simulation framework in Moody's
CDOROM to model the loss distribution for SF CDOs. The simulated
defaults and recoveries for each of the Monte Carlo scenarios
define the reference pool's loss distribution. Moody's then uses
the loss distribution as an input in the CDOEdge cash flow model.

Methodology Underlying the Rating Action

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating SF CDOs,"
published in March 2019. The methodologies used in rating
interest-only classes were "Moody's Approach to Rating SF CDOs,"
published in March 2019 and "Moody's Approach to Rating Structured
Finance Interest-Only (IO) Securities," published in February 2019.


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

The performance of the 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. Certain deal features and their
characteristics, such as amortization profile assumptions, and
waterfall features can also influence the rating outcomes.

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


N-STAR REL VI: S&P Cuts Rating on Class J Notes to 'D (sf)'
-----------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its ratings
on the class J and K notes from N-Star REL CDO VI Ltd., a U.S.
commercial real estate collateralized debt obligation (CRE CDO)
transaction managed by NS Advisors LLC. At the same time, S&P
discontinued its rating on the class K notes.

The rating actions follow S&P's review of the trustee report dated
March 12, 2019, as well as a subsequent notice from the trustee
that the transaction has undergone an event of default (EOD).

The downgrade of the class J notes results from an interest
shortfall on the March 18, 2019, payment date and a failure to
repay the shortfall within the stated grace period of five days.
Class J is currently the senior-most outstanding, or controlling,
class and is thus no longer allowed to defer interest payments
without triggering an EOD.

"The lowered and discontinued rating on class K reflects our
opinion that the holders of this class will not receive full
payment of principal and deferred interest using the interest and
principal proceeds from the lone performing asset partially backing
the notes, as well as from the recovery proceeds of the three
defaulted assets also backing these notes. The class K noteholders
have not received interest for at least one year, and the tranche's
outstanding balance currently stands at 130.25% of its original
issuance," S&P said.  

"Furthermore, recoveries from the defaulted assets would have to
exceed both our and the trustee's assumptions by a significant
margin in order to fully repay this tranche. Given our expectation
that repayment will not occur by the CDO's maturity date, we
lowered our rating on class K to 'D (sf)' and then discontinued the
rating," S&P said.

S&P said that for this analysis, it did not rely on a cash or
credit analysis because too few assets remain in the portfolio. The
review was driven by the credit quality and assumed principal,
interest, and recovery proceeds of the assets backing the notes,
according to the rating agency.

  RATING LOWERED

  N-Star REL CDO VI Ltd.
                          Rating
  Class         To                         From
  J             D (sf)                     CCC- (sf)

  RATING LOWERED AND DISCONTINUED

  N-Star REL CDO VI Ltd.
                          Rating
  Class         To         Interim         From
  K             NR         D (sf)          CCC- (sf)

  NR-Not rated


NA FINANCIAL 15 SPLIT: DBRS Cuts Preferred Shares Rating to Pfd-4
-----------------------------------------------------------------
DBRS Limited downgraded the rating on the Preferred Shares issued
by North American Financial 15 Split Corp. to Pfd-4 (high) from
Pfd-3 (low). The Company holds a portfolio (the Portfolio) that
consists of common shares of approximately 15 North American
financial services companies: Bank of America Corporation; Bank of
Montreal; Bank of Nova Scotia; Canadian Imperial Bank of Commerce;
CI Financial Corp.; Citigroup Inc.; The Goldman Sachs Group, Inc.;
Great-West Lifeco Inc.; JPMorgan Chase & Co.; Manulife Financial
Corporation; National Bank of Canada; Royal Bank of Canada; Sun
Life Financial, Inc.; The Toronto-Dominion Bank; and Wells Fargo &
Company. Up to 15% of the Company's net asset value (NAV) may be
invested in securities of issuers other than those mentioned above
and no more than 10% of the Company's NAV may be invested in any
single issuer. Approximately 53% of the Portfolio was invested in
U.S. dollars as of November 30, 2018. The Company may use
derivatives for hedging purposes.

On February 21, 2019, the Company extended the term of the
Preferred Shares for additional five years. The new termination
date is December 1, 2024. After December 1, 2019, the Company will
have the right to amend the dividend rate on the Preferred Shares
for the new five-year term. Any such changes are expected to be
announced no later than September 30, 2019.

The Portfolio provides approximately 37% of downside protection to
holders of the Preferred Shares as of March 15, 2019. The downside
protection experienced a decline in 2018, showing only a slow
recovery over the past few months. The Preferred Shares currently
pay a fixed cumulative monthly dividend of $0.04583 per Preferred
Share, yielding 5.5% annually on their issue price of $10 per
share. Holders of the Class A Shares receive regular monthly
targeted cash distributions of $0.10 per Class A Share, yielding
8.0% annually on the issue price of $15 per share. No distributions
will be paid to Class A Shares if the NAV per unit falls below $15
and no special year-end dividends will be paid if, after such
payment, the Portfolio's NAV is less than $25. The Preferred Share
dividend coverage ratio was approximately 0.64 times. The average
grind on the Portfolio is expected to be 3.1% annually for the next
five years. To supplement dividend income received on the
Portfolio, the Company may engage in option writing.

Based on the current amount of the downside protection and
potential grind in the next five years, the Preferred Shares rating
was downgraded to Pfd-4 (high).

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


NEW ORLEANS 2019-HNLA: S&P Assigns Prelim B-(sf) Rating to F Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to New Orleans
Hotel Trust 2019-HNLA's commercial mortgage pass-through
certificates.

The note issuance is a commercial mortgage-backed securities
transaction backed by the borrower's leasehold interests in one
full-service hotel, the 1,193-guestroom Hyatt Regency located in
New Orleans, La.

The preliminary ratings are based on information as of April 16,
2019. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of the collateral's
historical and projected performance, the sponsor's and manager's
experience, the trustee-provided liquidity, the loan's terms, and
the transaction's structure. S&P determined that the loan has a
beginning and ending loan-to-value ratio of 116.4%, based on the
rating agency's  value of the property backing the transaction.

  PRELIMINARY RATINGS ASSIGNED
  New Orleans Hotel Trust 2019-HNLA
  Class       Rating          Amount ($)
  A           AAA (sf)        90,710,000
  B           AA- (sf)        31,540,000
  C           A- (sf)         23,440,000
  D           BBB- (sf)       30,980,000
  E           BB- (sf)        48,850,000
  F           B- (sf)         43,260,000
  G           NR              39,920,000
  HRR(i)      NR              16,300,000

  (i)Non-offered certificate.
  NR--Not rated.


NEW RESIDENTIAL 2019-2: DBRS Assigns Prov. BB Rating on 10 Tranches
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2019-2 (the Notes) to be issued by
New Residential Mortgage Loan Trust 2019-2 (NRMLT or the Trust):

-- $406.4 million Class A-1 at AAA (sf)
-- $406.4 million Class A-IO at AAA (sf)
-- $406.4 million Class A-1A at AAA (sf)
-- $406.4 million Class A-1B at AAA (sf)
-- $406.4 million Class A-1C at AAA (sf)
-- $406.4 million Class A1-IOA at AAA (sf)
-- $406.4 million Class A1-IOB at AAA (sf)
-- $406.4 million Class A1-IOC at AAA (sf)
-- $444.3 million Class A-2 at AAA (sf)
-- $406.4 million Class A at AAA (sf)
-- $37.9 million Class B-1 at AAA (sf)
-- $37.9 million Class B1-IO at AAA (sf)
-- $37.9 million Class B-1A at AAA (sf)
-- $37.9 million Class B-1B at AAA (sf)
-- $37.9 million Class B-1C at AAA (sf)
-- $37.9 million Class B-1D at AAA (sf)
-- $37.9 million Class B1-IOA at AAA (sf)
-- $37.9 million Class B1-IOB at AAA (sf)
-- $37.9 million Class B1-IOC at AAA (sf)
-- $34.2 million Class B-2 at AA (sf)
-- $34.2 million Class B2-IO at AA (sf)
-- $34.2 million Class B-2A at AA (sf)
-- $34.2 million Class B-2B at AA (sf)
-- $34.2 million Class B-2C at AA (sf)
-- $34.2 million Class B-2D at AA (sf)
-- $34.2 million Class B2-IOA at AA (sf)
-- $34.2 million Class B2-IOB at AA (sf)
-- $34.2 million Class B2-IOC at AA (sf)
-- $26.0 million Class B-3 at A (sf)
-- $26.0 million Class B3-IO at A (sf)
-- $26.0 million Class B-3A at A (sf)
-- $26.0 million Class B-3B at A (sf)
-- $26.0 million Class B-3C at A (sf)
-- $26.0 million Class B-3D at A (sf)
-- $26.0 million Class B3-IOA at A (sf)
-- $26.0 million Class B3-IOB at A (sf)
-- $26.0 million Class B3-IOC at A (sf)
-- $11.9 million Class B-4 at BBB (sf)
-- $11.9 million Class B-4A at BBB (sf)
-- $11.9 million Class B-4B at BBB (sf)
-- $11.9 million Class B-4C at BBB (sf)
-- $11.9 million Class B4-IOA at BBB (sf)
-- $11.9 million Class B4-IOB at BBB (sf)
-- $11.9 million Class B4-IOC at BBB (sf)
-- $9.3 million Class B-5 at BB (sf)
-- $9.3 million Class B-5A at BB (sf)
-- $9.3 million Class B-5B at BB (sf)
-- $9.3 million Class B-5C at BB (sf)
-- $9.3 million Class B-5D at BB (sf)
-- $9.3 million Class B5-IOA at BB (sf)
-- $9.3 million Class B5-IOB at BB (sf)
-- $9.3 million Class B5-IOC at BB (sf)
-- $9.3 million Class B5-IOD at BB (sf)
-- $21.2 million Class B-7 at BB (sf)

Classes A-IO, A1-IOA, A1-IOB, A1-IOC, B1-IO, B1-IOA, B1-IOB,
B1-IOC, B2-IO, B2-IOA, B2-IOB, B2-IOC, B3-IO, B3-IOA, B3-IOB,
B3-IOC, B4-IOA, B4-IOB, B4-IOC, B5-IOA, B5-IOB, B5-IOC and B5-IOD
are interest-only notes. The class balances represent notional
amounts.

Classes A-1A, A-1B, A-1C, A1-IOA, A1-IOB, A1-IOC, A-2, A, B-1A,
B-1B, B-1C, B-1D, B1-IOA, B1-IOB, B1-IOC, B-2A, B-2B, B-2C, B-2D,
B2-IOA, B2-IOB, B2-IOC, B-3A, B-3B, B-3C, B-3D, B3-IOA, B3-IOB,
B3-IOC, B-4A, B-4B, B-4C, B4-IOA, B4-IOB, B4-IOC, B-5A, B-5B, B-5C,
B-5D, B5-IOA, B5-IOB, B5-IOC, B5-IOD and B-7 are exchangeable
notes. These classes can be exchanged for combinations of initial
exchangeable notes as specified in the offering documents.

The AAA (sf) ratings on the Notes reflect the 21.40% of credit
enhancement provided by subordinated notes in the pool. The AA
(sf), A (sf), BBB (sf) and BB (sf) ratings reflect 15.35%, 10.75%,
8.65% and 7.00% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing first-lien residential mortgages. The
Notes are backed by 5,098 loans with a total principal balance of
$565,283,647 as of the Cut-Off Date (March 1, 2019).

The loans are significantly seasoned with a weighted-average (WA)
age of 172 months. As of the Cut-off Date, 95.1% of the pool is
current, 3.9% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method, and 1.0% is in bankruptcy
(all bankruptcy loans are performing or 30 days delinquent).
Approximately 77.9% and 89.4% of the mortgage loans have been zero
times 30 days delinquent (0 x 30) for the past 24 months and 12
months, respectively, under the MBA delinquency method. The
portfolio contains 48.9% modified loans. The modifications happened
more than two years ago for 94.0% of the modified loans. The entire
pool is exempt from the Ability-to-Repay/Qualified Mortgage rules
because of seasoning.

The Seller, NRZ Sponsor IX LLC (NRZ), acquired the loans prior to
the Closing Date in connection with the termination of various
securitization trusts. Upon acquiring the loans, NRZ, through an
affiliate, New Residential Funding 2019-2 LLC (the Depositor), will
contribute the loans to the Trust. As the Sponsor, New Residential
Investment Corp., through a majority-owned affiliate, will acquire
and retain a 5% eligible vertical interest in each class of
securities to be issued (other than the residual notes) to satisfy
the credit risk retention requirements under Section 15G of the
Securities Exchange Act of 1934 and the regulations promulgated
thereunder. These loans were originated and previously serviced by
various entities through purchases in the secondary market.

As of the Cut-off Date, 68.6% of the pool is serviced by Ocwen Loan
Servicing, 21.5% of the pool is serviced by Nationstar Mortgage LLC
(Nationstar), 4.2% of the pool is serviced by NewRez LLC d/b/a
Shellpoint Mortgage Servicing (SMS), 3.9% of the pool is serviced
by Wells Fargo and 1.8% of the pool is serviced by Select Portfolio
Servicing Inc. Nationstar will also act as the Master Servicer, and
SMS will act as the Special Servicer.

The Seller will have the option to repurchase any loan that becomes
60 or more days delinquent under the MBA method or any real
estate-owned property acquired in respect of a mortgage loan at a
price equal to the principal balance of the loan (Optional
Repurchase Price), provided that such repurchases will be limited
to 10% of the principal balance of the mortgage loans as of the
Cut-Off Date.

Unlike other seasoned re-performing loan securitizations, the
Servicers in this transaction will advance principal and interest
on delinquent mortgages to the extent such advances are deemed
recoverable. The transaction employs a senior-subordinate,
shifting-interest cash flow structure that is enhanced from a
pre-crisis structure.

The ratings reflect transactional strengths that include underlying
assets that have significant seasoning, relatively clean payment
histories and robust loan attributes with respect to credit scores,
product types and loan-to-value ratios. Additionally, historically,
NRMLT securitizations have exhibited fast voluntary prepayment
rates.

The transaction employs a relatively weak representations and
warranties framework that includes an unrated representation
provider (NRZ), certain knowledge qualifiers and fewer mortgage
loan representations relative to DBRS criteria for seasoned pools.

Satisfactory third-party due diligence was performed on the pool
for regulatory compliance, title/lien and payment history. Updated
Home Data Index and/or broker price opinions were provided for the
pool; however, reconciliation was not performed on the updated
values.

Certain loans have missing assignments or endorsements as of the
Closing Date. Given the relatively clean performance history of the
mortgages and the operational capability of the servicers, DBRS
believes the risk of impeding or delaying foreclosure is remote.

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


NEW RESIDENTIAL 2019-2: Moody's Gives Ba3 Rating on Class B-7 Debt
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 31
classes of notes issued by New Residential Mortgage Loan Trust
2019-2. The NRMLT 2019-2 transaction is a $565.3 million
securitization of first lien, seasoned performing and re-performing
mortgage loans with weighted average seasoning of 171 months, a
weighted average updated LTV ratio of 57.1% (based on its
calculation) and a weighted average updated FICO score of 692.
Based on the OTS methodology, 92.4% of the loans by scheduled
balance have been current every month for at least in the past 24
months using OTS methodology. Additionally, 48.9% of the loans in
the pool have been previously modified. NewRez LLC d/b/a Shellpoint
Mortgage Servicing (Shellpoint), Nationstar Mortgage LLC
(Nationstar Mortgage), Ocwen Loan Servicing, LLC (Ocwen), Wells
Fargo Bank, N.A. (Wells Fargo) and Select Portfolio Servicing, Inc.
(SPS), will act as primary servicers. Nationstar Mortgage will act
as master servicer and successor servicer and Shellpoint will act
as the special servicer.

The complete rating action is as follows:

Issuer: New Residential Mortgage Loan Trust 2019-2

Cl. A, Definitive Rating Assigned Aaa (sf)

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

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

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

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

Cl. A-2, Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Definitive Rating Assigned Aa2 (sf)

Cl. B-1A, Definitive Rating Assigned Aa2 (sf)

Cl. B-1B, Definitive Rating Assigned Aa2 (sf)

Cl. B-1C, Definitive Rating Assigned Aa2 (sf)

Cl. B-1D, Definitive Rating Assigned Aa2 (sf)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-5, Definitive Rating Assigned B1 (sf)

Cl. B-5A, Definitive Rating Assigned B1 (sf)

Cl. B-5B, Definitive Rating Assigned B1 (sf)

Cl. B-5C, Definitive Rating Assigned B1 (sf)

Cl. B-5D, Definitive Rating Assigned B1 (sf)

Cl. B-7, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

Its losses on the collateral pool equal 5.25% in an expected
scenario and reach 24.95% at a stress level consistent with the Aaa
ratings on the senior classes. Moody's based its expected losses
for the pool on its estimates of (1) the default rate on the
remaining balance of the loans and (2) the principal recovery rate
on the defaulted balances. The final expected losses for the pool
reflect the third party review (TPR) findings and its assessment of
the representations and warranties (R&Ws) framework for this
transaction. Also, the transaction contains a mortgage loan sale
provision, the exercise of which is subject to potential conflicts
of interest. As a result of this provision, Moody's increased its
expected losses for the pool.

To estimate the losses on the pool, Moody's used an approach
similar to its surveillance approach. Under this approach, it
applied expected annual delinquency rates, conditional prepayment
rates (CPRs), loss severity rates and other variables to estimate
future losses on the pool. The assumptions on these variables are
based on the observed performance of seasoned modified and
non-modified loans, the collateral attributes of the pool including
the percentage of loans that were delinquent in the past 36 months.
Moody's then aggregated the delinquencies and converted them to
losses by applying pool-specific lifetime default frequency and
loss severity assumptions. Of note, since the overall profile of
this pool is more similar to RPL pools, Moody's applied similar RPL
loss assumptions to this pool to derive collateral losses.

Collateral Description

NRMLT 2019-2 is a securitization of seasoned performing and
re-performing residential mortgage loans which the seller, NRZ
Sponsor IX LLC, has primarily purchased in connection with the
termination of various securitization trusts. Similar to prior
NRMLT transactions Moody's has rated, a significant percentage of
the collateral, 95.3% based on total balance, was sourced from
terminated securitizations. Approximately 48.9% of the loans had
previously been modified and are now current and cash flowing.
Moreover, 46.7% of the loans were originated post 2005. The
transaction is comprised of 5,098 loans.

The updated value of properties in this pool were provided by a
third party firm using a home data index (HDI) and/or an updated
broker price opinion (BPO). BPOs were provided for a sample of
1,362 out of the 5,098 properties contained within the
securitization. HDI values were provided for all but two properties
contained within the securitization. The weighted average updated
LTV ratio on the collateral is 57.1% (based on its calculation),
implying an average of 42.9% borrower equity in the properties. The
LTV is calculated using issuer provided updated BPOs or haircutted
HDIs.

Third-Party Review ("TPR") and Representations & Warranties
("R&W")

Two third party due diligence providers, AMC and Recovco, conducted
a compliance review on a sample of 1,966 and 85 seasoned mortgage
loans respectively for the securitization pool. The regulatory
compliance review consisted of a review of compliance with the
federal Truth in Lending Act (TILA) as implemented by Regulation Z,
the federal Real Estate Settlement Procedures Act (RESPA) as
implemented by Regulation X, the disclosure requirements and
prohibitions of Section 50(a)(6), Article XVI of the Texas
Constitution, federal, state and local anti-predatory regulations,
federal and state specific late charge and prepayment penalty
regulations, and document review.

AMC found that 1,820 out of 1,966 loans had compliance exceptions
with 493 having rating agency grade C or D level exceptions.
Recovco reviewed 85 loans and 4 loans have rating of C or D, 6
loans have a rating of A and the remaining 75 loans have a rating
of B. Also, based on information provided by the seller, there were
additional loans dropped from the securitization due to compliance
exceptions.

Based on its analysis of the TPR reports, Moody's determined that a
portion of the loans with some cited violations are at enhanced
risk of having violated TILA through an under-disclosure of the
finance charges or other disclosure deficiencies. Although the TPR
report indicated that the statute of limitations for borrowers to
rescind their loans has already passed, borrowers can still raise
these legal claims in defense against foreclosure as a set off or
recoupment and win damages that can reduce the amount of the
foreclosure proceeds. Such damages include up to $4,000 in
statutory damages, borrowers' legal fees and other actual damages.
Moody's increased its base case losses for these loans to account
for such damages.

AMC and Recovco reviewed the findings of various title search
reports covering 1,196 and 85 mortgage loans respectively in the
preliminary sample population in order to confirm the first lien
position of the related mortgages. Overall, AMC's review confirmed
that 795 mortgages were in first lien position. For 368 of the
remaining loans reviewed by AMC, proof of first lien position could
only be confirmed by supplemental searches or using the final title
policy as of loan origination. Recovco reported that mortgage loans
reviewed by it were in first-lien position and for any of the
remaining loans reviewed by Recovco, proof of first lien position
could only be confirmed using the final title policy as of loan
origination. Due to the title/lien results and because the title/
lien review was only conducted on a sample of the whole-loan
purchased loans in the pool, Moody's applied an adjustment to
losses in its analysis.

The seller, NRZ Sponsor IX LLC, is providing a representation and
warranty for missing mortgage files. To the extent that the master
servicer, related servicer or depositor has actual knowledge, or a
responsible officer of the Indenture Trustee has received written
notice, of a defective or missing mortgage loan document or a
breach of a representation or warranty regarding the completeness
of the mortgage file or the accuracy of the mortgage loan
documents, and such missing document, defect or breach is
preventing or materially delaying the (a) realization against the
related mortgaged property through foreclosure or similar loss
mitigation activity or (b) processing of any title claim under the
related title insurance policy, the party with such actual
knowledge will give written notice of such breach, defect or
missing document, as applicable, to the seller, indenture trustee,
depositor, master servicer and related servicer. Upon notification
of a missing or defective mortgage loan file, the seller will have
120 days from the date it receives such notification to deliver the
missing document or otherwise cure the defect or breach. If it is
unable to do so, the seller will be obligated to replace or
repurchase the mortgage loan.

Trustee, Custodian, Paying Agent, Servicers, Master Servicer,
Successor Servicer and Special Servicer

The transaction indenture trustee is Wilmington Trust, National
Association. The custodian functions will be performed by Wells
Fargo Bank, N.A. and U.S. Bank National Association. The paying
agent and cash management functions will be performed by Citibank,
N.A. In addition, Nationstar Mortgage, as master servicer, is
responsible for servicer oversight, termination of servicers, and
the appointment of successor servicers. Having Nationstar Mortgage
as a master servicer mitigates servicing-related risk due to the
performance oversight that it will provide. Nationstar Mortgage
will serve as the designated successor servicer for the transaction
and Shellpoint will serve as the special servicer. As the special
servicer, Shellpoint will be responsible for servicing mortgage
loans that become 60 or more days delinquent. Moody's  considers
the overall servicing arrangement to be adequate.

Nationstar Mortgage (21.5%), Shellpoint (4.2%), Ocwen (68.6%),
Wells Fargo (3.9%) and SPS (1.8%) will act as the primary servicers
of the collateral pool.

Transaction Structure

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to increasingly receive principal
prepayments after an initial lock-out period of five years,
provided two performance tests are met. To pass the first test, the
delinquent and recently modified loan balance cannot exceed 50% of
the subordinate bonds outstanding. To pass the second test,
cumulative losses cannot exceed certain thresholds that gradually
increase over time.

Because a shifting interest structure allows subordinated bonds to
pay down over time as the loan pool shrinks, senior bonds are
exposed to tail risk, i.e., risk of back-ended losses when fewer
loans remain in the pool. The transaction provides for a senior and
subordination floor that helps to reduce this tail risk.
Specifically, the subordination floor prevents subordinate bonds
from receiving any principal if the amount of subordinate bonds
outstanding falls below 7.0% of the cut-off date principal balance.
There is also a provision that prevents subordinate bonds from
receiving principal if the credit enhancement for the Class A-1
note falls below its percentage at closing, 28.10%. In addition,
there are provisions that "lock out" certain subordinate bonds and
allocate principal to more senior subordinate bonds if, for a given
class, credit enhancement levels decline below their initial
percentages or below 7.0% of the cut-off date principal balance.
These provisions have been incorporated into its cash flow model
and are reflected in its ratings.

Other Considerations

The transaction contains a mortgage loan sale provision, the
exercise of which is subject to potential conflicts of interest.
The servicers in the transaction may sell mortgage loans that
become 60 or more days delinquent according to the MBA methodology
to any party in the secondary market in an arms-length transaction
and at a fair market value. For such sale to take place, the
related servicer must determine, in its reasonable commercial
judgment, that such sale would maximize proceeds on a present value
basis. If the sponsor or any of its subsidiaries is the purchaser,
the related servicer must obtain at least two additional
independent bids. The transaction documents provide little detail
on the method of receipt of bids and there is no set minimum sale
price. Such lack of detail creates a risk that the independent bids
could be weak bids from purchasers that do not actively participate
in the market. Furthermore, the transaction documents provide
little detail regarding how servicers should conduct present value
calculations when determining if a note sale should be pursued. The
special servicer, Shellpoint, is an affiliate of the sponsor. The
second largest servicer in the transaction, Nationstar Mortgage,
has a commercial relationship with the sponsor outside of the
transaction. These business arrangements could lead to conflicts of
interest. Moody's took this into account and adjusted its losses
accordingly.

When analyzing the transaction, Moody's reviewed the transaction's
exposure to large potential indemnification payments owed to
transaction parties due to potential lawsuits. In particular,
Moody's assessed the risk that the indenture trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the seller. Moody's believes that NRMLT
2019-2 is adequately protected against such risk primarily because
the loans in this transaction are highly seasoned with a weighted
average seasoning is approximately 171 months. Although some loans
in the pool were previously delinquent and modified, the loans all
have a substantial history of payment performance. This includes
payment performance during the recent recession. As such, if loans
in the pool were materially defective, such issues would likely
have been discovered prior to the securitization. Furthermore,
third party due diligence was conducted on a significant random
sample of the loans for issues such as data integrity, compliance,
and title. As such, Moody's did not apply adjustments in this
transaction to account for indemnification payment risk.

In addition, prior to closing, the collateral pool has
approximately $1,175,863 of unreimbursed servicing advances such as
taxes and insurance. The mortgage borrower is responsible for
reimbursing the related servicer for the pre-existing servicing
advances. The related servicer may choose to set the pre-existing
advances as escrow to be repaid by the borrower as part of monthly
mortgage payments. However, in the event the borrower defaults on
the mortgage prior to fully repaying the pre-existing servicing
advances, the related servicer will recoup the outstanding amount
of pre-existing advances from the loan liquidation proceeds. The
amount of pre-existing servicing advances only represent 20.8 bps
of total pool balance. As borrowers make monthly mortgage payments,
this amount would likely decrease. Moreover, Moody's loan loss
severity assumption incorporates reimbursement of servicing
advances from liquidation proceeds.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from its original expectations
as a result of a lower number of obligor defaults or appreciation
in the value of the mortgaged property securing an obligor's
promise of payment. Transaction performance also depends greatly on
the US macro economy and housing market. Other reasons for
better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Down

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


NXT CAPITAL 2017-1: S&P Assigns Prelim BB (sf) Rating to E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
B-R, C-R, D-R, and E-R replacement notes from NXT Capital CLO
2017-1 LLC, a collateralized loan obligation (CLO) originally
issued in 2017 that is managed by NXT Capital Investment Advisers
LLC. The replacement notes will be issued via a proposed
supplemental indenture. The class A notes are not being
refinanced.

The preliminary ratings are based on information as of April 18,
2019, and reflect S&P's opinion that the credit support available
is commensurate with the associated rating level. Subsequent
information may result in the assignment of final ratings that
differ from the preliminary ratings.

On the April 22, 2019, refinancing date, the proceeds from the
issuance of the replacement notes are expected to redeem the
original class B, C, D, and E notes.

"At that time, we anticipate withdrawing the ratings on the
original refinanced notes and assigning ratings to the replacement
notes. However, if the refinancing doesn't occur, we may affirm the
ratings on the original notes and withdraw our preliminary ratings
on the replacement notes," S&P said.

The replacement notes are being issued through a proposed first
supplemental indenture at the same spreads over three-month LIBOR
as the notes being refinanced. There are no other material changes
being made to the transaction in connection with the proposed
supplemental indenture.

The non-call period for the transaction ends in April 2019. The
transaction is currently in its reinvestment period, which is
expected to end in April 2021. The replacement notes will have the
same stated maturity as the current class A notes, which is
expected to be April 2029.

"Our review of this transaction included a cash flow analysis,
based on the portfolio and transaction as reflected in the trustee
report, to estimate future performance. In line with our criteria,
our cash flow scenarios applied forward-looking assumptions on the
expected timing and pattern of defaults, and recoveries upon
default, under various interest rate and macroeconomic scenarios,"
S&P said. In addition, S&P's 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 S&P's
view, that all of the rated outstanding classes have adequate
credit enhancement available at the rating levels associated with
these rating actions.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and will take rating actions as we deem
necessary," S&P said.
  
  PRELIMINARY RATINGS ASSIGNED
  NXT Capital CLO 2017-1 LLC

  Replacement class         Rating      Amount (mil. $)
  B-R                       AA (sf)               39.70
  C-R (deferrable)          A (sf)                31.75
  D-R (deferrable)          BBB- (sf)             24.80
  E-R (deferrable)          BB (sf)               26.40


OCTAGON INVESTMENT 41: Moody's Rates $29MM Class E Debt 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Octagon Investment Partners 41, Ltd.

Moody's rating action is as follows:

  US$300,000,000 Class A-1 Senior Secured Floating
  Rate Notes due 2031 (the "Class A-1 Notes"),
  Definitive Rating Assigned Aaa (sf)

  US$46,400,000 Class B Senior Secured Floating
  Rate Notes due 2031 (the "Class B Notes"),
  Definitive Rating Assigned Aa2 (sf)

  US$25,600,000 Class C Secured Deferrable Floating
  Rate Notes due 2031 (the "Class C Notes"),
  Definitive Rating Assigned A2 (sf)

  US$31,600,000 Class D Secured Deferrable Floating
  Rate Notes due 2031 (the "Class D Notes"),
  Definitive Rating Assigned Baa3 (sf)

  US$29,500,000 Class E Secured Deferrable Floating
  Rate Notes due 2031 (the "Class E Notes"),
  Definitive Rating Assigned Ba3 (sf)

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

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Octagon 41 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans and
unsecured loans. The portfolio is approximately 80% ramped as of
the closing date.

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

In addition to the Rated Notes, the Issuer issued one other class
of secured notes and one class of subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par amount: $500,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2880

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 46.50%

Weighted Average Life (WAL): 9 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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


ONDECK ASSET 2018-1: DBRS Confirms BB(high) Rating on Class D Debt
------------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the four securities issued by
the OnDeck Asset Securitization Trust II LLC, Series 2018-1 U.S.
asset-backed transaction. The performance trends of the confirmed
securities are such that credit enhancement levels are sufficient
to cover DBRS's loss expectations at their current respective
rating levels.

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

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

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

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

The Affected Ratings are:

Series 2018-1 Asset-Backed Notes

                         Rating
                         ------
  Class A   Confirmed    AA(sf)
  Class B   Confirmed    A(sf)
  Class C   Confirmed    BBB(sf)
  Class D   Confirmed    BB(high)(sf)


PFP LTD 2019-5: DBRS Assigns Prov. B(low) Rating on Class G Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
secured floating-rate notes to be issued by PFP 2019-5, Ltd. (the
Issuer):

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

All trends are Stable.

All classes will be privately placed.

The initial collateral consists of 35 floating-rate mortgages
secured by 39 transitional properties totaling $764.2 million
(87.4% of the total fully funded balance), excluding the $109.9
million of remaining future funding commitments. The loans are
secured by currently cash flowing assets, most of which are in a
period of transition with plans to stabilize and improve the asset
value. Of these loans, 29 have remaining future funding
participations that may be acquired by the Issuer in the future
with principal repayment proceeds for a total of $109.9 million.
The initial future funding commitments totaled $115.5 million, of
which approximately $5.6 million has been funded to date. If the
acquisition by the Issuer of all or a portion of a future funding
participation results in a downgrade of the ratings by DBRS, then
PFP Holding Company VI, LLC will be required to promptly repurchase
such related funded companion participation at the same price as
the Issuer paid to acquire it.

The loans were all sourced by an affiliate of the Issuer that has
strong origination practices. The depositor, a wholly-owned
subsidiary of PFP Holding, will retain 100.0% of the Class F notes,
Class G notes and the Preferred Shares, accounting for
approximately 13.5% of the initial pool balance. Additionally, an
affiliate of PFP Holding is expected to retain 100.0% of the Class
E notes.

Given the floating-rate nature of the loans, the index DBRS used
(one-month LIBOR) was the lower of a DBRS stressed rate that
corresponded to the remaining fully extended term of the loans or
the strike price of the interest rate cap with the respective
contractual loan spread added to determine a stressed interest rate
over the loan term. When the cut-off balances were measured against
the DBRS As-Is net cash flow (NCF), 24 loans (79.1% of the mortgage
loan cut-off date balance) had a DBRS As-Is debt service coverage
ratio (DSCR) below 1.00 times (x), a threshold indicative of
default risk. Additionally, the DBRS Stabilized DSCR for 16 loans,
comprising 53.1% of the initial pool balance, is below 1.00 xs,
which is indicative of elevated refinance risk. The properties are
often transitioning with potential upside in the cash flow;
however, DBRS does not give full credit to the stabilization if
there are no holdbacks or if other loan structural features in
place are insufficient to support such treatment. Furthermore, even
with the structure provided, DBRS generally does not assume the
assets to stabilize above market levels. The transaction will have
a sequential-pay structure.

The deal is concentrated by property type with 15 loans,
representing 44.7% of the mortgage loan cut-off date balance,
secured by multifamily properties. Four of these loans, comprising
8.9% of the trust balance, are backed by student housing
properties, which often exhibit higher cash flow volatility than
traditional multifamily properties. Multifamily properties benefit
from staggered lease rollover and generally low expense ratios
compared with other property types. While revenue is quick to
decline in a downturn because of the short-term nature of the
leases, it is also quick to respond when the market improves. Four
loans, totaling 18.9% of the total multifamily cut-off balance, are
secured by properties located in a DBRS Market Rank of 7. An
additional loan, representing 2.7% of the multifamily
concentration, is located in a DBRS Market Rank of 6. More
importantly, DBRS sampled 69.5% of the pool, representing 79.0%
coverage of the total multifamily loan cut-off balance, thereby
providing comfort for the DBRS NCF. Student housing properties are
modeled with an elevated probability of default compared with
traditional multifamily properties. No loans are secured by
military housing properties, which also often exhibit higher cash
flow volatility than traditional multifamily properties.

Nine loans, totaling 27.6% of the trust balance, are secured by
properties in a DBRS Market Rank of 2. An additional loan,
representing 0.9% of the pool, is backed by a property in a DBRS
Market Rank of 1. Compared with sought-after gateway markets, these
locations often suffer from lower investor demand and liquidity,
particularly during times of economic stress. The properties
securing the loans are primarily located in core markets with the
overall pools weighted- average (WA) DBRS Market Rank at 4.0.
Furthermore, six loans, totaling 19.6% of the trust balance, are in
markets with a DBRS Market Rank of 7 and another three are within
markets with a Market Rank of 6, totaling 8.3% of the pool. Both of
the ranks correspond to zip codes that are more urbanized in
nature.

DBRS has analyzed the loans to a stabilized cash flow that is, in
some instances, above the current in-place cash flow. There is a
possibility that the sponsors will not execute their business plans
as expected and that the higher stabilized cash flow will not
materialize during the loan term. Failure to execute the business
plan could result in a term default or the inability to refinance
the fully funded loan balance. DBRS made relatively conservative
stabilization assumptions and, in each instance, considered the
business plan to be rational and the future funding amounts to be
sufficient to execute such plans. In addition, DBRS analyzes loss
given default (LGD) based on the As-Is loan-to-value (LTV) ratio.

Based on the weighted initial pool balances, the overall WA DBRS
As-Is DSCR and DBRS Stabilized DSCR of 0.73 xs and 1.00 xs,
respectively, are reflective of high-leverage financing. The DBRS
As-Is DSCR is based on the DBRS In-Place NCF and debt service
calculated using a stressed interest rate. The WA stressed rate
used is 6.56%, which is greater than the current WA interest rate
of 5.85% (based on a WA mortgage spread and an assumed 2.5%
one-month LIBOR index). The assets are generally well positioned to
stabilize and any realized cash flow growth would help to offset a
rise in interest rates and improve the overall debt yield of the
loans. DBRS associates its LGD based on the assets' As-Is LTV,
which does not assume that the stabilization plan and cash flow
growth will ever materialize. The As-Is LTV is considered
reasonable at 78.7% given the credit enhancement levels at each
rating category.

All loans have floating interest rates and there are 30 loans,
comprising 87.6% of the trust balance, that is IO during the
initial term that ranges from 24 months to 36 months, creating
interest rate risk. The borrowers of all 35 loans have purchase
LIBOR rate caps that have a range of 2.75% to 3.50% to protect
against a rise in interest rates over the term of the loan. All
loans are short term and, even with extension options, have a fully
extended loan term of five years maximum. Additionally, all loans
have extension options and in order to qualify for these options,
the loans must meet minimum DSCR and LTV requirements. Twenty-nine
of the loans, representing 88.6% of the total pool, amortize on
fixed schedules during all or a portion of their extension period.

The DBRS sample included 18 loans and site inspections were
performed on 20 of the 39 properties in the pool, representing
65.1% of the pool by allocated cut-off loan balance. DBRS conducted
meetings with the on-site property manager, leasing agent or
representative of the borrowing entity for 19 properties,
comprising 63.9% of the initial pool balance.


PRIMA CAPITAL 2016-VI: Moody's Hikes Class C Notes Rating to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings on
the following notes issued by Prima Capital CRE Securitization
2016-VI Ltd.:

Cl. A, Affirmed Aaa (sf); previously on Dec 17, 2017 Affirmed Aaa
(sf)

Cl. B, Upgraded to Aa1 (sf); previously on Dec 17, 2017 Affirmed
Aa3 (sf)

Cl. C, Upgraded to Ba1 (sf); previously on Dec 17, 2017 Affirmed
Ba2 (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 on two classes of the Rated Notes
primarily due to the defeasance of a CMBS collateral interest since
last review. The collateral interest is currently a 16.2% portion
of the outstanding collateral pool balance. The result is positive
credit migration as evidenced by WARF. Moody's has also affirmed
the ratings on one class of Rated Notes because the 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.

Moody's has also affirmed the ratings on one classes of notes
because the 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.

Prima 2016-VI is a static cash flow transaction (CRE CDO) backed by
a portfolio of : i) single asset/single borrower commercial real
estate bonds (CMBS) (75.9% of the current pool balance); ii)
mezzanine interests in commercial real estate, secured by office
and retail properties (20.6%); and iii) real estate investment
trust (REIT) bonds, primarily backed by retail properties (3.5%).
As of the March 20, 2019 trustee report, the aggregate balance of
notes has decreased to $282.2 million from $301.3 million at
issuance.

No assets had defaulted as of the March 20, 2019 trustee report.

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

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

WARF is a primary measure of the credit quality of a CRE CDO pool.
Moody's has updated its assessments for the collateral it does not
rate. The rating agency modeled a bottom-dollar WARF of 1046,
compared to 1426 at last review. The current ratings on the
Moody's-rated collateral and the assessments of the non-Moody's
rated collateral follow: Aaa and 16.2% compared to 0% at last
review, A1-A3 and 7.0% compared to 6.9% at last review, Baa1-Baa3
and 42.7% compared to 41.9% at last review, Ba1-Ba3 and 15.5%
compared to 27.1% at last review, B1-B3 and 14.2% compared to 19.8%
at last review, Caa1-Ca/C and 4.4% compared to 4.3% at last
review.

Moody's modeled a WAL of 5.0 years, compared to 5.9 years at last
review.

Moody's modeled a fixed WARR of 32.3%, compared to 31.9% at last
review.

Moody's modeled 18 obligors, compared to 19 at last review

Moody's modeled a pair-wise asset correlation of 31.2%, compare to
31.4% at last review.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in March 2019.

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 administrator's investment
decisions and management of the transaction will also affect the
performance of the Rated Notes.

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

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.


READY CAPITAL 2019-FL3: DBRS Finalizes B Rating on Class F Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage-Backed Notes, Series 2019-FL3 issued
by Ready Capital Mortgage Financing 2019-FL3:

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

All trends are Stable.

The initial collateral consists of 43 floating-rate mortgages
secured by 44 transitional properties totaling approximately $320.8
million, excluding approximately $101.3 million of future funding
commitments. Most loans are in a period of transition with plans to
stabilize and improve the asset value. Of these loans, 36 have
future funding participations that the Issuer may acquire with
principal repayment proceeds for a total of approximately $101.3
million in the future.

Because of the floating-rate nature of the loans, the index DBRS
used (one-month LIBOR) was the lower of a DBRS stressed rate that
corresponded to the remaining fully extended term of the loans or
the strike price of the interest rate cap with the respective
contractual loan spread added to determine a stressed interest rate
over the loan term. When the cut-off balances were measured against
the DBRS As-Is net cash flow (NCF), all loans had a DBRS Term debt
service coverage ratio (DSCR) below 1.00x, a threshold indicative
of a higher likelihood of term default. Additionally, the DBRS
Stabilized DSCR for 28 loans, comprising 67.6% of the initial pool
balance, are below 1.00 xs, a threshold indicative of default risk.
The properties are often transitioning with potential upside in
cash flow; however, DBRS does not give full credit to the
stabilization if there are no holdbacks or if other loan structural
features in place are insufficient to support such treatment.
Furthermore, even with the structure provided, DBRS generally does
not assume the assets to stabilize above market levels. The
transaction has a sequential-pay structure.

The loans are generally secured by traditional property types
(i.e., retail, multifamily, office, hotel and industrial).
Additionally, none of the multifamily loans in the pool are
currently secured by student or military housing properties, which
often exhibit higher cash flow volatility than traditional
multifamily properties. Thirty-three loans, totaling 76.4% of the
initial pool balance, represent acquisition financing with
borrowers contributing cash equity to the transaction. The
properties are primarily located in core markets – 29.7% in
super-dense urban and urban – that benefit from greater
liquidity. The borrowers of 36 loans have purchased LIBOR rate caps
that have a range of 3.0% up to 4.0% to protect against rising
interest rates over the term of the loan.

The deal is concentrated by property type with 24 loans,
representing 61.8% of the mortgage loan cut-off date balance,
secured by multifamily properties or mixed-use properties that are
predominantly multifamily (multifamily property concentration). Of
the multifamily property concentration, 95.8% of the loans are
located in urban and suburban markets. Additionally, DBRS sampled
73.1% of the pool, representing 78.2% coverage of the total office
loan cut-off balance, thereby providing comfort for the DBRS NCF.
Multifamily properties benefit from staggered lease rollover and
generally low expense ratios compared with other property types.
While revenue is quick to decline in a downturn because of the
short-term nature of the leases, it is also quick to respond when
the market improves.

Three loans, representing 3.9% of the pool, have sponsorship and/or
loan collateral with a prior or pending litigation issue related to
real estate. DBRS increased the probability of default (POD) for
loans with identified sponsorship concerns. This includes four of
the top 15 loans. All loans have floating interest rates and are
interest only (IO) during the original term. The loans that are IO
during the original term have original terms ranges from 18 months
to 36 months, creating interest rate risk. All loans are short-term
loans and, even with extension options, have a fully extended loan
term of maximum five years. Additionally, all loans have extension
options and, in order to qualify for the extension options, the
loans must meet minimum DSCR and loan-to-value (LTV) ratio
requirements. Of the loans that are IO during the original term, 35
loans, representing 93.3% of these loans, have fixed amortization
during the extensions.

Based on the weighted initial pool balances, the overall
weighted-average (WA) DBRS As-Is DSCR and DBRS Stabilized DSCR of
0.43x and 0.92x, respectively, reflect high-leverage financing. The
DBRS As-Is DSCR is based on the DBRS In-Place NCF and debt service
calculated using a stressed interest rate. The WA stressed rate
used is 6.8%, which is greater than the current WA interest rate of
6.3% (based on WA mortgage spread and an assumed 2.5% one-month
LIBOR index). Regarding the refinance risk indicated by the DBRS
Stabilized DSCR of 0.92 xs, the credit enhancement levels reflect
increased leverage, which is substantially higher than in recent
fixed-rate transactions. The assets are generally well positioned
to stabilize and any realized cash flow growth would help to offset
a rise in interest rates and also improve the overall debt yield of
the loans. DBRS associates its loss given default based on the
assets' in-place cash flow, which does not assume that the
stabilization plan and cash flow growth will ever materialize.

Of the 21 loans DBRS sampled, six loans, representing 21.4% of the
pool (29.3% of the DBRS sample), were identified with Below Average
or Average (-) property quality. Lower-quality properties are less
likely to retain existing tenants, resulting in less stable
performance. DBRS increased the POD for these loans to account for
the elevated risk. Additionally, ten loans have a straight-line
average DBRS Stabilized DSCR of 1.04 xs and Stabilized Balloon LTV
of 60.4%, which is substantially better than the pool's WA DBRS
Stabilized DSCR and Stabilized Balloon LTV of 0.92x and 61.3%,
respectively.

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


SOUND POINT I: Fitch Gives 'B-(EXP)' Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO I Funding DAC
expected ratings, as follows:

Class X: 'AAA(EXP)sf'; Outlook Stable

Class A: 'AAA(EXP)sf'; Outlook Stable

Class B-1: 'AA(EXP)sf'; Outlook Stable

Class B-2: 'AA(EXP)sf'; Outlook Stable

Class B-3: 'AA(EXP)sf'; Outlook Stable

Class C-1: 'A(EXP)sf'; Outlook Stable

Class C-2: 'A(EXP)sf'; Outlook Stable

Class C-3: 'A(EXP)sf'; Outlook Stable

Class D: 'BBB-(EXP)sf'; Outlook Stable

Class E: 'BB-(EXP)sf'; Outlook Stable

Class F: 'B-(EXP)sf'; Outlook Stable

Subordinated notes: 'NR(EXP)sf'

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

Sound Point Euro CLO I Funding DAC is a securitisation of mainly
senior secured loans and bonds (at least 90%) with a component of
senior unsecured, mezzanine, high-yield bonds and second-lien
assets. A total expected note issuance of EUR507.5 million will be
used to fund a portfolio with a target par of EUR500 million. The
portfolio will be managed by Sound Point CLO C-MOA, LLC. The CLO
envisages a 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 31.9.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-weighted average recovery rating (WARR) of the identified
portfolio is 68.3%.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the expected ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure based
on Fitch's industry definitions. The maximum exposure to the three
largest (Fitch-defined) industries in the portfolio is covenanted
at 40%. These covenants ensure that the asset portfolio will not be
exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to three notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches for the rated notes.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


SOUND POINT VIII-R: Moody's Rates $13MM Class F Notes 'B3'
----------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by Sound Point CLO VIII-R, Ltd.

Moody's rating action is as follows:

  US$396,000,000 Class A Senior Secured Floating Rate Notes due
  2030 (the "Class A Notes"), Assigned Aaa (sf)

  US$63,000,000 Class B Senior Secured Floating Rate Notes due
  2030 (the "Class B Notes"), Assigned Aa2 (sf)

  US$31,000,000 Class C Mezzanine Secured Deferrable Floating
  Rate Notes due 2030 (the "Class C Notes"), Assigned A2 (sf)

  US$20,000,000 Class D-1 Mezzanine Secured Deferrable Floating
  Rate Notes due 2030 (the "Class D-1 Notes"), Assigned Baa3 (sf)

  US$14,000,000 Class D-2 Mezzanine Secured Deferrable Fixed
  Rate Notes due 2030 (the "Class D-2 Notes"), Assigned Baa3 (sf)

  US$29,000,000 Class E Junior Secured Deferrable Floating
  Rate Notes due 2030 (the "Class E Notes"), Assigned Ba3 (sf)

  US$13,000,000 Class F Junior Secured Deferrable Floating
  Rate Notes due 2030 (the "Class F Notes"), Assigned B3 (sf)

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

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Sound Point CLO VIII-R is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90.0% of the portfolio must
consist of first lien senior secured loans and eligible
investments, and up to 10.0% of the portfolio may consist of second
lien loans and senior unsecured loans. The portfolio is
approximately 85% ramped as of the closing date.

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par amount: $600,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2734

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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


STONE STREET 2015-1: DBRS Confirms BB Rating on Class C Notes
-------------------------------------------------------------
DBRS, Inc. confirmed the ratings of four securities issued by two
U.S. asset-backed securities that are backed by structured
settlement receivables. Performance trends of the confirmed
securities are such that credit enhancement levels are sufficient
to cover DBRS's loss expectations at their current respective
rating levels.

Stone Street Receivables Funding 2015-1

                  Action         Rating
                  ------         ------  
  Class A Notes   Confirmed      AAA(sf)
  Class B Notes   Confirmed      BBB(sf)
  Class C notes   Confirmed      BB(sf)

Structured Asset Funding Securitization I LLC, Series 2015-A

                  Action         Rating
                  ------         ------  
  Class A Notes   Confirmed      A(sf)

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

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

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

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


THL CREDIT 2019-1: S&P Assigns BB- (sf) Rating to Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to THL Credit Wind River
2019-1 CLO Ltd./THL Credit Wind River 2019-1 CLO LLC's
floating-rate notes.

The note issuance is a collateralized loan obligation (CLO)
transaction backed by at least 90.0% senior secured loans, with a
minimum of 90.0% of the loan issuers required to be based in the
U.S. or Canada.

The ratings reflect:

-- The diversified collateral pool;

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

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

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

  RATINGS ASSIGNED
  THL Credit Wind River 2019-1 CLO Ltd./THL Credit Wind River
  2019-1 CLO LLC
  Class                Rating       Amount (mil. $)
  A-1                  AAA (sf)              298.50
  A-2                  NR                     21.50
  B                    AA (sf)                60.00
  C (deferrable)       A (sf)                 30.00
  D (deferrable)       BBB- (sf)              30.00
  E (deferrable)       BB- (sf)               17.25
  Subordinated notes   NR                     47.40(i)

(i)Comprised of class I subordinated notes of $26.842 mil and class
II subordinated notes of $20.558 mil.
NR--Not rated.


TOWD POINT 2019-3: DBRS Gives (P)B Rating on Class B2 Notes
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Asset-Backed Securities, Series 2019-3 (the Notes) to be issued by
Towed Point Mortgage Trust 2019-3 (TPMT 2019-3 or the Trust):

-- $1.9 billion Class A1A at AAA (sf)
-- $422.7 million Class A1B at AAA (sf)
-- $196.2 million Class A2 at AA (sf)
-- $166.8 million Class M1 at A (sf)
-- $124.3 million Class M2 at BBB (sf)
-- $111.2 million Class B1 at BB (sf)
-- $72.0 million Class B2 at B (sf)
-- $2.3 billion Class A1 at AAA (sf)
-- $2.5 billion Class A3 at AA (sf)
-- $2.7 billion Class A4 at A (sf)

Classes A1, A3 and A4 are exchangeable notes. These classes can be
exchanged for combinations of exchange notes as specified in the
offering documents.

The AAA (sf) ratings on the Notes reflect 28.20% of credit
enhancement provided by subordinated notes in the pool,
respectively. The AA (sf), A (sf), BBB (sf), BB (sf) and B (sf)
ratings reflect credit enhancement of 22.20%, 17.10%, 13.30%, 9.90%
and 7.70%, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and re-performing primarily first-lien, adjustable-rate
residential mortgages funded by the issuance of asset-backed notes
(the Notes). The Notes are backed by 25,994 loans with a total
principal balance of $3,270,471,036 as of the Statistical
Calculation Date (February 28, 2019).

The portfolio is approximately 149 months seasoned and contains
77.0% modified loans. The modifications happened more than two
years ago for 89.5% of the modified loans. Within the pool, 7,832
mortgages have non-interest-bearing deferred amounts, which equate
to 13.9% of the total principal balance. Included in the deferred
amounts are Home Affordable Modification Program and proprietary
principal forgiveness amounts, which comprise less than 0.01% of
the total principal balance.

As of the Statistical Calculation Date, 97.9% of the pool is
current, 1.8% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method, and 0.3% is in bankruptcy
(all bankruptcy loans are performing or 30 days delinquent).
Approximately 81.5% of the mortgage loans have been zero times 30
days delinquent (0 x 30) for at least the past 24 months under the
MBA delinquency method. All but 0.1% of the pool is exempt from the
Ability-to-Repay/Qualified Mortgage (QM) rules. These loans are
designated as Temporary QM Safe Harbor.

First Key Mortgage, LLC (First Key) will acquire the loans from
various transferring trusts on or prior to the Closing Date. The
transferring trusts acquired the mortgage loans between 2014 and
2019 and are beneficially owned by funds managed by affiliates of
Cerberus Capital Management, L.P. Upon acquiring the loans from the
transferring trusts, First Key, through a wholly owned subsidiary,
Towed Point Asset Funding, LLC (the Depositor), will contribute
loans to the Trust. As the Sponsor, First Key, through a
majority-owned affiliate, will acquire and retain a 5% eligible
vertical interest in each class of securities to be issued (other
than any residual certificates) to satisfy the credit risk
retention requirements. These loans were originated and previously
serviced by various entities through purchases in the secondary
market.

The loans will be serviced by Select Portfolio Servicing, Inc. and
Specialized Loan Servicing LLC. The servicing fee for the TPMT
2019-3 portfolio will be 0.18% per annum, lower than transactions
backed by similar collateral. DBRS stressed such servicing expenses
in its cash flow analysis to account for a potential fee increase
in a distressed scenario.

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

First Key, as the Asset Manager, has the option to sell certain
non-performing loans or real estate-owned (REO) properties to
unaffiliated third parties individually or in bulk sales. Bulk
sales require an asset sale price to equal a minimum reserve amount
of 55.62% and the current principal amount of the mortgage loans or
REO properties as of the bulk sale date.
When the aggregate pool balance of the mortgage loans is reduced to
less than 30.0% of the Cut-Off Date balance, the holders of more
than 50% of the Class X Certificates will have the option to cause
the Issuer to sell all of its remaining property (other than
amounts in the Breach Reserve Account) to one or more third-party
purchasers so long as the aggregate proceeds meet a minimum price.

When the aggregate pool balance is reduced to less than 10.0% of
the balance as of the Cut-off Date, the holder(s) of more than 50%
of the most subordinate class of Notes, or their affiliates, may
purchase all of the mortgage loans, REO properties and other
property from the Issuer, as long as the aggregate proceeds meet a
minimum price.

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

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

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

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

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


TOWD POINT 2019-GRANITE4: Fitch Rates Class F Notes 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Towd Point Mortgage Funding 2019 -
Granite 4 plc's notes final ratings as follows:

Class A1: 'AAAsf'; Outlook Stable

Class B: 'AAsf'; Outlook Stable

Class C: 'A+sf'; Outlook Stable

Class D: 'BBB+sf'; Outlook Stable

Class E: 'BBB-sf'; Outlook Stable

Class F: 'BBsf'; Outlook Stable

Class Z: 'NRsf'

The transaction is a securitisation of owner-occupied residential
mortgage assets originated by Northern Rock (NR) and secured
against properties in England, Scotland and Wales. The assets have
all previously been securitised in the Granite Master Trust and
either the Towd Point Mortgage Funding Granite 1 or Granite 2
deals.

KEY RATING DRIVERS

Seasoned Owner-Occupied Loans

Loans in this pool were originated by NR prior to 2008. NR offered
a wide variety of mortgage products, including a 'Together'
product, which combined a secured and unsecured loan to a maximum
125% loan-to-value (LTV). In the case of loans originated under
this product (40%), only the secured component is included in the
transaction.

Negative Performance

At closing, 93% of the loans by balance were sourced from TPMF
Granite 1 and 7% from TPMF Granite 2. These earlier transactions
reported higher arrears and foreclosures relative to the overall UK
mortgage market. Fitch expects the portfolio to continue to show
worse performance than its standard prime RMBS assumptions. Fitch's
foreclosure frequency (FF) analysis is based upon its prime matrix
with a lender adjustment of 1.4x.

Interest-Only Loans

Of the pool, 57.6% of loans are advanced on an interest-only (IO)
basis, a large proportion compared with owner-occupied (OO)
transactions with collateral from more recent vintages. Fitch
applied an upward adjustment to its FF, derived by reference to the
LTV of the loans and the time to maturity, in line with its
criteria. The portfolio shows a well dispersed maturity profile for
IO loans with maturities peaking at 8.2% of the transaction in 2031
and only 2.1% within 10 years of legal final maturity in October
2051.

Unhedged Basis Risk

The mortgage loans in this pool earn interest predominantly linked
to the lender's standard variable rate (SVR) while the notes pay
interest at a margin above Libor. Fitch has assumed that the margin
between Libor and the relevant SVR compresses by 0.5% in a stable
and decreasing interest rate scenario to 4.0% and to 2.5% over
Libor in a rising interest rate scenario.

VARIATIONS FROM CRITERIA

In assigning these ratings Fitch applied one variation to its EMEA
RMBS Rating Criteria. In this criteria Fitch states that it uses a
separate criterion for non-performing loans (Global Rating Criteria
for Non-Performing Loan Securitisations) when analysing portfolios
that have more than 5% of the loans in arrears at the point of
initial analysis. In this portfolio, while total arrears are
currently greater than 5%, Fitch was of the opinion that the
majority of borrowers in arrears were making payments towards
existing arrears balances and that it was appropriate to treat this
pool as performing rather than non-performing.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce loss levels greater than
Fitch's base-case expectations, which in turn may result in
negative rating action on the notes. Fitch's analysis revealed that
a 30% increase in the weighted average (WA) foreclosure frequency,
along with a 30% decrease in the WA recovery rate, would imply a
downgrade to 'AAsf' from 'AAAsf' for the class A notes.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on a comparison and re-computation of certain
characteristics with respect to the mortgage loans and related
mortgaged properties in the data file. Fitch considered this
information in its analysis and it did not have an effect on
Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Overall and together with the assumptions, Fitch's assessment of
the asset pool information relied upon for the agency's rating
analysis according to its applicable rating methodologies indicates
that it is adequately reliable.


UBS COMMERCIAL 2019-C16: Fitch Rates $6MM Class H-RR Certs 'B-sf'
-----------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to UBS Commercial Mortgage Trust 2019-C16 Commercial
Mortgage Pass-Through Certificates, Series 2019-C16:

  -- $18,368,000 class A-1 'AAAsf'; Outlook Stable;

  -- $78,496,000 class A-2 'AAAsf'; Outlook Stable;

  -- $36,080,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $140,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $204,926,000 class A-4 'AAAsf'; Outlook Stable;

  -- $477,870,000a class X-A 'AAAsf'; Outlook Stable;

  -- $126,253,000a class X-B 'A-sf'; Outlook Stable;

  -- $75,094,000 class A-S 'AAAsf'; Outlook Stable;

  -- $30,720,000 class B 'AA-sf'; Outlook Stable;

  -- $20,439,000 class C 'A-sf'; Outlook Stable;

  -- $10,240,000b class D 'BBB+sf'; Outlook Stable;

  -- $13,695,000bc class D-RR 'BBBsf'; Outlook Stable;

  -- $10,240,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $6,827,000bc class F-RR 'BB+sf'; Outlook Stable;

  -- $8,533,000bc class G-RR 'BB-sf'; Outlook Stable.

  -- $6,827,000bc class H-RR 'B-sf'; Outlook Stable.

The following class is not rated by Fitch:

  -- $22,187,051bc class NR-RR.

(a) Notional amount and interest-only.

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

(c) Horizontal credit risk retention interest representing no less
than 5% of the estimated fair value of all classes of regular
certificates issued by the issuing entity as of the closing date.

Since Fitch published its expected ratings on March 20, 2019, the
following changes have occurred: Class X-C was removed from the
pool; as such, Fitch withdrew its expected rating on this class.
Class X-B now references the class A-S, class B, and class C
certificates and its notional amount has increased to $126,253,000
(previously referenced the class A-S and B certificates with an
initial notional amount of $105,814,000). Fitch has updated its
rating for class X-B to 'A-sf' (from AA-sf). Additionally, the
balances for class A-3 and A-4 were finalized. At the time the
classes were assigned, the class A-3 balance range was $95,000,000
- $140,000,000 and the class A-4 range was $204,926,000 -
$249,926,000. The final class sizes for class A-3 and A-4 are
$140,000,000 and $204,926,000, respectively. The balances of
classes C and D-RR have changed. Class C's balance decreased from
$22,180,000 to $20,439,000, and class D-RR's balance increased from
$11,954,000 to $13,695,000. There are no further changes to Fitch's
expected ratings. The classes above reflect the final ratings and
deal structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 54 loans secured by 488
commercial properties having an aggregate principal balance of
$682,672,051 as of the cut-off date. The loans were contributed to
the trust by UBS AG, Ladder Capital Finance, Rialto Mortgage
Finance and Morgan Stanley Mortgage Capital Holdings LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 68.7% of the properties
by balance, cash flow analysis of 77.4%, and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Lower Leverage Relative to Recent Transactions: The pool has lower
leverage relative to other recent Fitch-rated multiborrower
transactions. The pool's Fitch debt service coverage ratio (DSCR)
of 1.28x is higher than the YTD 2019 average of 1.20x and the 2018
average of 1.22x. The pool's Fitch loan-to-value (LTV) of 96.1% is
lower than the YTD 2019 average of 104.4% and the 2018 average of
102.0%. Excluding the credit opinion loans, the Fitch DSCR is
1.27x, and the Fitch LTV is 98.7%.

Diverse Pool: The pool is more diverse than recent Fitch-rated
transactions. The top 10 loans make up 45.7% of the pool, which is
less than the YTD 2019 average of 50.5% and the 2018 average of
50.6%. The loan concentration index (LCI) of 320 is lower than the
YTD 2019 average of 377 and the 2018 average of 373. Likewise, the
sponsor concentration index (SCI) of 343 is lower than the YTD 2019
average of 418 and the 2018 average of 398.

Credit Opinion Loans: Two loans, representing 7.8% of the pool,
have investment-grade credit opinions, which is below the 2018
average of 13.6% and in line with the YTD 2019 average of 7.2%.
Great Value Storage Portfolio (4.4% of the pool) has an
investment-grade credit opinion of 'BBB-sf*' on a stand-alone
basis. ILPT Hawaii Portfolio (3.4% of the pool) has an
investment-grade credit opinion of 'BBBsf*' on a stand-alone basis.
In addition, two of the largest three loans in the pool (12.2% of
the pool) have Fitch expected losses below 2.5%.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 16.1% 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. Unanticipated further declines in property-level NCF
could result in higher defaults and loss severities on defaulted
loans and in potential rating actions on the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the UBS
2019-C16 certificates and found that the transaction displays
average sensitivities to further declines in NCF. In a scenario in
which NCF declined a further 20% from Fitch's NCF, a downgrade of
the junior 'AAAsf' certificates to 'BBB+sf' could result. In a more
severe scenario, in which NCF declined a further 30% from Fitch's
NCF, a downgrade of the junior 'AAAsf' certificates to 'BBB-sf'
could result.


US AUTO FUNDING 2019-1: Moody's Rates $32.5MM Class D Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by U.S. Auto Funding Trust 2019-1 (USAUT 2019-1). This
is the inaugural 144A auto loan securitization for U.S. Auto
Finance, Inc. (U.S. Auto Finance, not rated). The notes are backed
by a pool of closed-end retail automobile loans originated by U.S.
Auto Sales, Inc. (not rated), an affiliate of U.S. Auto Finance.
USASF Servicing LLC (USASF), a wholly owned subsidiary of U.S. Auto
Finance, is the servicer for this transaction and U.S. Auto Finance
is the administrator.

The complete rating actions are as follows:

Issuer: U.S. Auto Funding Trust 2019-1

$175,467,000, 3.61%, Class A Notes, Definitive Rating Assigned Baa1
(sf)

$45,486,000, 3.99%, Class B Notes, Definitive Rating Assigned Baa2
(sf)

$16,511,000, 5.34%, Class C Notes, Definitive Rating Assigned Ba3
(sf)

$32,536,000, 8.06%, Class D Notes, Definitive Rating Assigned B3
(sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, the experience and expertise of USASF and US Auto
Finance as the servicer and administrator respectively and the
presence of Wells Fargo Bank N.A. (Wells Fargo, Aa1(cr)) as named
backup servicer.

Moody's median cumulative net credit loss expectation for USAUT
2019-1 is 30%. Moody's based its cumulative net credit loss
expectation on an analysis of the quality of the underlying
collateral; managed portfolio performance; the historical credit
loss of similar collateral; the ability of USASF 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
and Class D notes are expected to benefit from 47.80%, 33.75%,
28.65% and 18.60% 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 D 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
March 2019.

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

Up

Moody's could upgrade the 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.


WELLS FARGO 2012-CCRE2: Fitch Affirms B Rating on Class G Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of German American Capital
Corp.'s Wells Fargo Commercial Mortgage Trust commercial mortgage
pass-through certificates, series 2012-CCRE2 (COMM 2012-CCRE2).

KEY RATING DRIVERS

Improved Loss Expectations: Fitch's loss expectations have improved
since the last rating action, primarily due to positive leasing
momentum, improved cash flow and/or tenant sales performance for
two of the larger Fitch Loans of Concern (FLOCs) among the top 15
loans. Reported in-line tenant sales at the Crossgates Mall (5.8%
of pool) in Albany, NY improved in 2018, and the mall has reported
stable occupancy and cash flow since issuance. Fitch's loss
expectations for the Sentry Park West (2.6%) office property in
Blue Bell, PA have improved slightly due to increased occupancy
from recent new leasing activity. Further, the Lakeside Square
(2.9%) loan, which was flagged as a FLOC at Fitch's last rating
action due to declining performance and a high concentration of
energy-related tenants, was fully defeased in December 2018. The
remaining pool continues to exhibit relatively stable performance
since issuance. There are currently no specially serviced loans,
and there have been no realized losses since issuance.

Increased Credit Enhancement: Credit enhancement has increased
since issuance due to loan payoffs, additional defeasance and
continued amortization. As of the March 2019 distribution date, the
pool's aggregate balance has paid down by 16.9% to $1.1 billion
from $1.3 billion at issuance. Ten loans (10.8% of pool) have been
defeased. The majority of the remaining pool (46 loans; 83.1% of
pool) is currently amortizing. Three loans (16.9%) are full-term
interest-only.

Fitch Loans of Concern: Fitch has designated seven loans (21.1% of
pool) as FLOCs, including five of the top 15 loans (19.7%). The
largest FLOC, the Chicago Ridge Mall in Chicago Ridge, IL (7.3%),
lost its largest collateral anchor when Carson's closed its store
at the property in August 2018 as a result of parent company
Bon-Ton's bankruptcy filing and liquidation. Although there is
limited term risk as performance remains relatively stable, there
are potential refinance concerns at maturity due to a substantial
amount of outstanding debt on the Crossgates Mall (5.9%) property
in Albany, NY. Occupancy has improved at the Sentry Park West
(2.6%) office property in Blue Bell, PA due to recent new leasing
activity, but the reported NOI DSCR for the loan remains below
1.00x as of YE 2018. The Renaissance Centre (2.3%) office property
in Wilmington, DE faces the upcoming lease rollover of its largest
tenant, Amtrak (occupying 29% of the property's net rentable area),
across three leases expiring between May 2019 and December 2020.
The servicer indicated that the borrower expects the tenant to
vacate, which would cause occupancy to drop to approximately 50%
from 78.8% as of September 2018. Occupancy at the Oakridge Court
Shopping Center (1.7%) in Algonquin, IL remains low after Toys R
Us/Babies R Us closed its store at the property in June 2018. The
other FLOCs outside of the top 15 (1.5%) were flagged for declining
occupancy.

Alternative Loss Considerations: Fitch applied a 25% loss severity
on the maturity balance of the Chicago Ridge Mall loan to reflect
the potential for outsized losses given the recent closure of the
mall's collateral Carson's anchor, as well as the superior
competition in the local area and exposure to weak non-collateral
anchor Sears. The closure of Carson's triggered co-tenancy clauses
for four tenants, including major tenants Aldi and Old Navy. In
addition to modeling a base case loss, Fitch applied a 15% loss
severity on the maturity balance of the Crossgates Mall loan to
account for outsized losses should the loan have difficulty
refinancing at maturity, as well as the declining anchor and major
tenant sales. Fitch has reduced its stress on the loan since the
last rating action in May 2018 (which applied a 25% loss severity
on the maturity balance of the loan given the declining in-line and
anchor sales reported in 2017) due to the mall reporting improved
in-line sales for 2018, which remain in line with the sales
reported at the time of issuance. Additionally, the collateral
JCPenney anchor recently renewed its lease through March 2024,
extending two years beyond the loan's scheduled maturity date in
March 2022. The sensitivity scenario also factored in the expected
paydown of the transaction from the defeased loans. This
sensitivity analysis contributed to the Outlook Revision for class
E and the Negative Rating Outlook on classes F and G.

ADDITIONAL CONSIDERATIONS

Pool Concentrations: Loans secured by office properties represent
52.9% of the current pool balance and include eight of the top 15
loans (50.4%). Loans secured by retail properties represent 25% of
the current pool balance and include five of the top 15 loans
(19.7%), two of which are secured by regional malls (13.1%). The
Chicago Ridge Mall (7.3%) has exposure to Sears and Kohl's as
non-collateral anchors and currently has a vacant collateral anchor
box. The Crossgates Mall (5.8%) has exposure to Macy's and Lord &
Taylor as non-collateral anchors, and to JCPenney as a collateral
anchor.

All of the remaining loans in the pool are scheduled to mature in
2022.

RATING SENSITIVITIES

The Negative Rating Outlook on classes F and G reflects additional
sensitivity analysis and potential downgrade concerns should
performance of the FLOCs, primarily the Chicago Ridge Mall loan,
continue to deteriorate, or should the Crossgates Mall loan face
difficulty in refinancing at maturity. The Stable Rating Outlooks
for classes A-SB through E and class X-A reflect increasing credit
enhancement and expected continued paydown. Future Rating Outlook
revisions to Stable from Negative may occur should performance of
the Chicago Ridge Mall improve and stabilize. Future rating
upgrades may occur with improved pool performance and additional
paydown or defeasance.

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

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

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

  -- $55.6 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $100 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $546.3 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $832.3 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $77.6 million class A-M at 'AAAsf'; Outlook Stable;

  -- $52.8 million class A-M-PEZ** at 'AAAsf'; Outlook Stable;

  -- $37.3 million class B at 'AAsf'; Outlook Stable;

  -- $25.4 million class B-PEZ** at 'AAsf'; Outlook Stable;

  -- $25.5 million class C at 'Asf'; Outlook Stable;

  -- $17.4 million class C-PEZ** at 'Asf'; Outlook Stable;

  -- $23.1 million class D** at 'BBB+sf'; Outlook Stable;

  -- $51.2 million class E at 'BBB-sf'; Outlook to Stable from
Negative;

  -- $23.1 million class F at 'BBsf'; Outlook Negative;

  -- $23.1 million class G at 'Bsf'; Outlook Negative.

  * Notional amount and interest-only.

  ** Up to the full certificate balance of the class A-M-PEZ, class
B-PEZ and class C-PEZ certificates and up to $9,363,000 in
certificate balance of the class D certificates may be exchanged
for class PEZ certificates. Class PEZ certificates may be exchanged
for up to the full certificate balance of the class A-M-PEZ, class
B-PEZ and class C-PEZ certificates and up to $9,363,000 in
certificate balance of the class D certificates.

Fitch does not rate the class X-B, PEZ, and H certificates. Classes
A-1 and A-2 have paid in full.


[*] DBRS Reviews 1,358 Classes From 92 US RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 1,358 classes from 92 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 1,358 classes
reviewed, DBRS upgraded 229 ratings, confirmed 1,123 ratings and
discontinued six ratings.

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit support levels that are consistent with the
current ratings. The discontinued ratings are the result of the
full repayment of principal to bondholders.

The rating actions are the result of DBRS's application of "RMBS
Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and
Rating Methodology" published on September 27, 2018.

The pools backing these U.S. RMBS transactions consist of prime,
Alt-A, non-QM, reperforming and Re-REMIC collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS considers this
difference to be a material deviation, but in this case, the
ratings of the subject notes reflect actual deal or tranche
performance that is not fully reflected in the projected cash flows
or model output.

-- APS Resecuritization Trust 2015-3, REMIC Notes, Series 2015-3,
Class 1-A

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 1-A2

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 2-A2

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 3-A2

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 4-A3

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 5-A3

-- Jefferies Resecuritization Trust 2009-R4, Resecuritization
Trust Certificates 2009-R4, Class 6-A2

-- J.P. Morgan Resecuritization Trust, Series 2010-1, Series
2010-1 Trust Certificates, Class 2-A-2

-- J.P. Morgan Resecuritization Trust, Series 2010-1, Series
2010-1 Trust Certificates, Class 2-A-5

-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization
Pass-Through Securities, Series 2015-R2, Class 1-A2

-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization
Pass-Through Securities, Series 2015-R2, Class 2-A1

-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization
Pass-Through Securities, Series 2015-R2, Class 2-A2

-- Nomura Resecuritization Trust 2015-5R, Resecuritization Trust
Securities, Series 2015-5R, Class 4A1

-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-3

-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-4

-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through
Certificates, Series 2015-4, Class B-4

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class IO-S-1

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class IO-S-2

-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series
2013-6, Class A-IO-S

-- CSMC Trust 2014-IVR3, Mortgage Pass-through Certificates,
Series 2014-IVR3, Class A-IO-S

-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series
2015-1, Class B-3

-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series
2015-1, Class B-4

-- CSMLT 2015-1 Trust, Mortgage Pass-through Certificates, Series
2015-1, Class A-IO-S

-- CSMLT 2015-2 Trust, Mortgage Pass-Through Certificates, Series
2015-2, Class A-IO-S

-- Shellpoint Asset Funding Trust 2013-1, Mortgage Pass-Through
Certificates, Series 2013-1, Class B-3

-- Shellpoint Asset Funding Trust 2013-1, Mortgage Pass-Through
Certificates, Series 2013-1, Class B-4

-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-3

-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through
Certificates, Series 2015-1, Class B-4

-- WinWater Mortgage Loan Trust 2014-3, Mortgage Pass-Through
Certificates, Series 2014-3, Class B-4

-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through
Certificates, Series 2015-4, Class B-4

-- WinWater Mortgage Loan Trust 2016-1, Mortgage Pass-Through
Certificates, Series 2016-1, Class B-4

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
AF-5

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
MV-3

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
MV-4

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
MV-5

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IO

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-2D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B2-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IO

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-3D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B3-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-4C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B4-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5A

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5B

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5C

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-5D

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOA

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOB

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOC

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B5-IOD

-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed
Notes, Series 2018-1, Class B-7

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
M2

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
M2-IO

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
M3

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
M3-IO

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
B1

-- Credit Suisse First Boston Mortgage Securities Corp., CSMC
Series 2009-6R, CSMC Series 2009-6R, Class 1-A4

-- Credit Suisse First Boston Mortgage Securities Corp., CSMC
Series 2009-6R, CSMC Series 2009-6R, Class 4-A4

-- COLT 2016-3 Mortgage Loan Trust, COLT 2016-3 Mortgage
Pass-Through Certificates, Series 2016-3, Class B-1

-- COLT 2016-3 Mortgage Loan Trust, COLT 2016-3 Mortgage
Pass-Through Certificates, Series 2016-3, Class B-2

-- COLT 2017-1 Mortgage Loan Trust, COLT 2017-1 Mortgage
Pass-Through Certificates, Series 2017-1, Class B-1

-- COLT 2017-1 Mortgage Loan Trust, COLT 2017-1 Mortgage
Pass-Through Certificates, Series 2017-1, Class B-2

-- COLT 2017-2 Mortgage Loan Trust, COLT 2017-2 Mortgage
Pass-Through Certificates, Series 2017-2, Class B-1

-- COLT 2017-2 Mortgage Loan Trust, COLT 2017-2 Mortgage
Pass-Through Certificates, Series 2017-2, Class B-2

-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes,
Series 2017-RPL1, Class M-1

-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes,
Series 2017-RPL1, Class M-2

-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes,
Series 2017-RPL1, Class B-1

-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes,
Series 2017-RPL1, Class B-2

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2016-1,
Asset Backed Securities, Series 2016-1, Class M-1

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2016-1,
Asset Backed Securities, Series 2016-1, Class M-2

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1,
Asset Backed Securities, Series 2017-1, Class M-1

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1,
Asset Backed Securities, Series 2017-1, Class M-2

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2,
Asset Backed Securities, Series 2017-2, Class M-1

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2,
Asset Backed Securities, Series 2017-2, Class M-2

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3,
Series 2017-3, and Class M-1

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3,
Series 2017-3, and Class M-2

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4,
Series 2017-4, Class M

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class A5

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class A6

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE7

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE8

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE9

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE10

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE11

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE12

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE13

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class AE14

-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series
2015-1, Class A

-- Towd Point Mortgage Trust 2015-2, Asset Backed Notes, Series
2015-2, Class 1-B1

-- Towd Point Mortgage Trust 2015-2, Asset Backed Notes, Series
2015-2, Class 1-B2

-- Towd Point Mortgage Trust 2015-3, Asset Backed Notes, Series
2015-3, Class B1

-- Towd Point Mortgage Trust 2015-3, Asset Backed Notes, Series
2015-3, Class B2

-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series
2015-4, Class B1

-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series
2015-4, Class B2

-- Towd Point Mortgage Trust 2015-5, Asset Backed Notes, Series
2015-5, Class B1

-- Towd Point Mortgage Trust 2015-5, Asset Backed Notes, Series
2015-5, Class B2

-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series
2015-6, Class M2

-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series
2015-6, Class M2A

-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series
2015-6, Class M2X

-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series
2015-6, Class B1

-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series
2015-6, Class B2

-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series
2016-1, Class A5

-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series
2016-1, Class M2

-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series
2016-1, Class B1

-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series
2016-1, Class B2

-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities,
Series 2016-2, Class A5

-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities,
Series 2016-2, Class M2

-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities,
Series 2016-2, Class B1

-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities,
Series 2016-2, Class B2

-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities,
Series 2016-3, Class B1

-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities,
Series 2016-3, Class B2

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class M1

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class M2

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class B1

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class B2

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class B3

-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities,
Series 2016-5, Class M1

-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities,
Series 2016-5, Class M2

-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities,
Series 2016-5, Class B1

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class M2

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class M2A

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class M2B

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class X6

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class X5

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class B1

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class B2

-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities,
Series 2017-2, Class M2

-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities,
Series 2017-2, Class B1

-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities,
Series 2017-2, Class B2

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class A4

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class M1

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class M2

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class B1

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class B2

-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities,
Series 2017-5, Class M2

-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities,
Series 2017-5, Class B2

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class A4

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class M1

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class M2

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class B2

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities
Series 2018-1, Class M1

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities
Series 2018-1, Class A4

-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities
Series 2018-2, Class M1

-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities
Series 2018-2, Class A4

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class A4

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class M1

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class M2

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class B1

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class B2

-- CSMC 2017-FHA1 Trust, Mortgage-Backed Notes, Series 2017-FHA1

The Affected Ratings is Available at https://bit.ly/2Gr2eox


[*] DBRS Reviews 407 Classes From 31 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 407 classes from 31 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 406 classes
reviewed, DBRS upgraded five ratings, confirmed 401 ratings and
discontinued one rating.

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The discontinued rating is the result of the full
repayment of principal to bondholders.

The rating actions are a result of DBRS's application of the "RMBS
Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and
Rating Methodology" published in September 2018.

The pools backing these RMBS transactions consist of seasoned
performing, seasoned re-performing, prime, subprime, home equity
line of credit and second-lien collateral.

The ratings assigned to the securities below differ from the
ratings implied by the quantitative model. DBRS considers this
difference to be a material deviation, but in this case, the
ratings of the subject notes reflect a dependency on another
tranche's ratings as well as actual deal or tranche performance
that is not fully reflected in the projected cash flows or model
output.

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class I-A

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class II-A-3

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class II-A-4

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series

2006-HE2, Class A-3

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series
2006-HE2, Class A-4

  -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series
2006-HE2, Class M-1

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-2

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B2-IO

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-2A

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-2B

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-2C

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B2-IOA

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B2-IOB

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B2-IOC

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3A

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3B

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3C

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOA

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOB

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOC

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-4

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-4A

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B4-IOA

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-5

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-5A

  -- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B5-IOA

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-2

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B2-IO

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-2A

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-2B

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-2C

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-2D

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B2-IOA

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B2-IOB

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B2-IOC

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-3

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B3-IO

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-3A

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-3B

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-3C

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-3D

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B3-IOA

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B3-IOB

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B3-IOC

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-4

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-4A

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-4B

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-4C

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B4-IOA

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B4-IOB

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B4-IOC

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-5

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-5A

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-5B

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-5C

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-5D

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B5-IOA

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B5-IOB

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B5-IOC

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B5-IOD

  -- New Residential Mortgage Loan Trust 2018-2, Mortgage-Backed
Notes, Series 2018-2, Class B-7

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1,
Class A2

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A1

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A4

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A5

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A6

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A1

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A2

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A4

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A1

  -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A4

  -- Sequoia Mortgage Trust 2005-3, Mortgage Pass-Through
Certificates, Series 2005-3, Class X-A

The Affected Ratings is Available at https://bit.ly/2DjeQMz


[*] S&P Discontinues D Ratings on 45 Classes From 24 US CMBS Deals
------------------------------------------------------------------
S&P Global Ratings discontinued its 'D (sf)' ratings on 45 classes
of commercial mortgage pass-through certificates from 24 U.S.
commercial mortgage-backed securities (CMBS) transactions.

"We discontinued these ratings according to our surveillance and
withdrawal policy. We had previously lowered the ratings on these
classes to 'D (sf)' because of principal losses and/or accumulated
interest shortfalls that we believed would remain outstanding for
an extended period of time," S&P said.

"We view a subsequent upgrade to a rating higher than 'D (sf)' to
be unlikely under the relevant criteria for the classes within this
review," S&P said.

A list of Affected Ratings can be reached at:

          https://bit.ly/2PbUOIy


[*] S&P Lowers Ratings on 34 Classes From 27 U.S. RMBS Deals
------------------------------------------------------------
S&P Global Ratings completed its review of 34 classes from 27 U.S.
residential mortgage-backed securities (RMBS) transactions issued
between 2003 and 2007. The review yielded 23 downgrades due to
observed principal write-downs and 11 downgrades due to the
application of S&P's interest shortfall criteria.

The lowered ratings due to outstanding principal write-downs
reflect S&P's assessment of the principal write-downs' impact on
the affected classes during recent remittance periods. All of the
classes were rated either 'CCC (sf)' or 'CC (sf)' before the rating
actions. All of the transactions in this review receive credit
enhancement from a combination of subordination, excess spread, and
overcollateralization (where applicable).

In reviewing the lowered ratings with observed interest shortfalls,
S&P applied its interest shortfall criteria as stated in
"Structured Finance Temporary Interest Shortfall Methodology," Dec.
15, 2015, which impose a maximum rating threshold on classes that
have incurred interest shortfalls resulting from credit or
liquidity erosion. In applying the criteria, S&P looked to see if
the applicable class received additional compensation beyond the
imputed interest due as direct economic compensation for the delay
in interest payment, which these classes did not. Therefore, in
these instances, S&P used the maximum length of time until full
interest is reimbursed as part of its analysis to assign the rating
on the class.

A list of Affected Ratings can be viewed at:

          https://bit.ly/2V4RR24


                            *********

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
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

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                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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 2019.  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
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