/raid1/www/Hosts/bankrupt/TCR_Public/190616.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, June 16, 2019, Vol. 23, No. 166

                            Headlines

AASET TRUST 2019-1: Fitch to Rate $25MM Series C notes 'BB(EXP)'
ACCESS GROUP 2007-1: Fitch Affirms B Ratings on 2 Tranches
ACCREDITED MORTGAGE 2007-1: Moody's Hikes Class M-1 Debt to Caa2
AMERICREDIT AUTOMOBILE 2019-2: Fitch Rates Class E Notes 'BBsf'
AMERICREDIT AUTOMOBILE 2019-2: Moody's Rates Class E Notes 'Ba1'

ANGEL OAK 2019-3: S&P Assigns B (sf) Rating to Class B-2 Certs
BANK OF AMERICA 2015-UBS7: Fitch Cuts Class F Certs Rating to CCC
BAYVIEW COMMERCIAL 2007-2: Moody's Cuts Class A-1 Debt to Ba1
BBCMS MORTGAGE 2019-C3: Fitch Rates $9.367MM Class H-RR Certs B-sf
BEAR STEARNS 2006-PWR11: Fitch Lowers Class B Certs Rating to C

BEAR STEARNS 2007-PWR17: Fitch Affirms D Rating on 11 Tranches
CHL MORTGAGE 2004-HYB6: Moody's Hikes Class A-4 Debt to 'Caa1'
CSAIL 2019-C16: Fitch to Rate $7.87MM Class G-RR Certs 'B-sf'
ELLINGTON FINANCIAL 2019-1: S&P Gives Prelim B Rating to B-2 Certs
FLATIRON CLO 2015-1: Moody's Hikes $22MM Class E Notes to Ba2

GCAT 2019-NQM1: S&P Assigns B(sf) Rating to Class B-2 Certificates
GSMPS MORTGAGE 2002-1: Moody's Cuts Class A-1 Debt Rating to 'Caa1'
HAYFIN KINGSLAND XI: Moody's Gives (P)Ba3 Rating to Class E Notes
JC PENNEY: Moody's Cuts Ratings on 2 Tranches to Caa3
JP MORGAN 2005-CIBC13: Moody's Affirms C Rating on B Certs

JP MORGAN 2010-C1: Fitch Lowers Class D Certs Rating to Csf
JP MORGAN 2013-C14: Fitch Affirms B Rating on Class G Certs
JP MORGAN 2014-C22: Fitch Affirms BB- Ratings on 2 Tranches
JPMCC COMMERCIAL 2019-COR5: Fitch to Rate Class G-RR Certs 'B-sf'
LATAM WALKERS 2006-101: Fitch Cuts CLP5MM Certs Rating to 'BB-sf'

MONROE CAPITAL VIII: Moody's Rates $32.4MM Class E Notes 'Ba3'
MORGAN STANLEY 2006-HQ9: Fitch Hikes $7.6MM Class E Certs to BBsf
MORGAN STANLEY 2011-C2: Moody's Cuts Class F Certs Rating to 'B2'
MORGAN STANLEY 2013-C9: Moody's Affirms B3 on Class H Debt
MORGAN STANLEY 2016-UBS11: Fitch Affirms B- Rating on 2 Tranches

NAAC REPERFORMING 2004-R1: Moody's Cuts Class PT Certs to 'C'
NATIONSTAR HECM 2019-1: Moody's Give (P)B3 Rating to Class M4 Debt
NEW RESIDENTIAL 2019-NQM3: Fitch to Give B(EXP) Rating to B-2 Debt
OBX TRUST 2019-INV2: Moody's Assigns (P)B3 Rating on Class B-5 Debt
PIONEER AIRCRAFT: Fitch Rates $26MM Series C Notes 'BBsf'

PSMC TRUST 2019-1: Fitch to Give B(EXP) Rating to Class B-5 Debt
TRAPEZA CDO XIII: Moody's Hikes Ratings on 2 Tranches to B1
WACHOVIA BANK 2003-C7: Moody's Hikes Class G Certs Rating to 'Ba3'
WACHOVIA BANK 2005-C17: Moody's Cuts Class J Certs Rating to 'C'
WAMU MORTGAGE 2005-AR19: Moody's Hikes Ratings on 2 Tranches to B3

WELLS FARGO 2012-LC5: Fitch Affirms $23.9MM Class F Certs at Bsf
WFRBS COMMERCIAL 2013-C16: Fitch Affirms B- Rating on Cl. F Certs
[*] Moody's Takes Action on $135.7MM RMBS Issued 2001-2005

                            *********

AASET TRUST 2019-1: Fitch to Rate $25MM Series C notes 'BB(EXP)'
----------------------------------------------------------------
Fitch Ratings expects to assign the following ratings and Outlooks
to AASET 2019-1 Trust:

  -- $300,299,000 series A notes 'A(EXP)sf'; Outlook Stable;

  -- $54,600,000 series B notes 'BBB(EXP)sf'; Outlook Stable;

  -- $25,025,000 series C notes 'BB(EXP)sf'; Outlook Stable.

AASET 2019-1 Trust (AASET 2019-1) expects to use proceeds of the
initial notes to acquire all the aircraft-owning entity (AOE)
series A, B and C notes (initial series A, B and C AOE notes)
issued by AASET 2019-1 US Ltd. (AASET US) and AASET 2019-1
International Ltd. (AASET International; collectively, the AOE
issuers). The notes will be secured by lease payments and
disposition proceeds on a pool of 25 mid- to end-of-life aircraft
purchased from the SASOF III fund, managed by Carlyle Aviation
Partners (CAP) and its affiliates. Carlyle Aviation Management
Limited (CAML), a wholly owned subsidiary of Carlyle Aviation
Holdings Limited, will be the servicer. This is the fifth public,
Fitch-rated AASET transaction, and the eighth issued since 2014 and
serviced by CAML. Fitch does not rate CAP or CAML.

UMB Bank, National Association (UMB) will act as trustee, security
trustee and operating bank, and Phoenix American Financial
Services, Inc. (Phoenix) will act as managing agent.

KEY RATING DRIVERS

Stable Asset Quality - High Widebody Aircraft Concentration
(29.4%): The pool is composed of 25 aircraft including 10 B737-800s
(39.8%) and seven A319-100s (20.9%). The five widebody aircraft
include two A330-200s (13.4%), two A330-300s (11.9%) and one
B777-200ER (4.1%) aircraft. The pool has a weighted average (WA)
age of 15.8 years, which is at the older end of the range for
recent transactions but generally consistent with 2018-2.

Lease Term and Maturity Schedule - Neutral: The WA original lease
term is 9.8 years with a WA remaining lease term of 3.9 years,
comparable to recently rated pools. Two leases totaling 8.1% come
due in 2020, five (14.3%) in 2021, six (29.5%) in 2022 and three
(13.3%) in 2023. From 2021-2024, 19 leases (80.4%) come due.

Weaker Lessee Credits: Lessees assumed at 'CCC' by Fitch total
47.5%, which is notably higher compared to prior AASET
transactions, and most of the 17 lessees are either unrated or
speculative-grade credits, typical of aircraft ABS. Unrated or
speculative airlines are assumed to perform consistent with either
a 'B' or 'CCC' Issuer Default Rating to reflect default risk in the
pool. Ratings were further stressed during future assumed
recessions, and once an aircraft reaches Tier 3 classification.

Country Credit Risk - Neutral: The largest country concentration is
Brazil (16.9%) with three aircraft, which has a Long-Term IDR of
'BB-'/Stable Rating Outlook, and second largest is France (12.0%)
with two followed by the U.S. (11.9%), Senegal (9.6%) and Russia
(9.3%). Senegal is not rated by Fitch. The top five countries total
59.6%, with 28.4% of lessees concentrated in developed Europe.

Consistent Transaction Structure: Credit enhancement (CE) comprises
overcollateralization (OC), a liquidity facility and a cash
reserve. The initial loan to value (LTV) ratios for class A, B and
C notes are 66.0%, 78.0% and 83.5%, respectively, based on the
average of the maintenance-adjusted base values. These levels are
consistent with AASET 2018-2.

Adequate Structural Protections: Each class of notes makes full
payment of interest and principal in the primary scenarios,
commensurate with their ratings after applying Fitch's stressed
asset and liability assumptions. Fitch will also create multiple
alternative cash flows to evaluate the structural sensitivity to
different scenarios, detailed in this report.

Capable Servicing History and Experience: Fitch believes CAML has
the ability to collect lease payments, remarket and repossess
aircraft in an event of lessee default, and procure maintenance to
retain values and ensure stable performance. This is evidenced by
their prior securitization performance and its servicing experience
of aviation assets and managed aviation funds. CAP's parent
company, The Carlyle Group (Carlyle), is rated 'BBB+'/Stable.

Aviation Market Cyclicality: Commercial aviation has been subject
to significant cyclicality due to macroeconomic and geopolitical
events. Fitch's analysis assumes multiple periods of significant
volatility over the life of the transaction. Downturns are
typically marked by reduced aircraft utilization rates, values and
lease rates, as well as deteriorating lessee credit quality. Fitch
employs aircraft value stresses in its analysis, which takes into
account age and marketability to simulate the decline in lease
rates expected over the course of an aviation market downturn, and
the decrease to potential residual sales proceeds.

Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings
to a maximum cap of 'Asf' due to the factors and the potential
volatility they produce.

RATING SENSITIVITIES

The performance of aircraft operating lease securitizations can be
affected by various factors, which, in turn, could have an impact
on the assigned ratings. Fitch conducted multiple rating
sensitivity analyses to evaluate the impact of changes to a number
of the variables in the analysis. As previously stated, these
sensitivity scenarios were also considered in determining Fitch's
expected ratings.

Technological Cliff Stress Scenario

All aircraft in the pool face replacement programs over the next
decade. Fitch believes the current generation aircraft in the pool
remain well insulated due to large operator bases and long lead
times for full replacement. This scenario simulates a drop in
demand (and associated values). The first recession was assumed to
occur two years following close, and all recessionary value decline
stresses were increased by 10% at each rating category. Fitch
additionally utilized a 25% residual assumption rather than the
base level of 50% to stress end-of-life proceeds for each asset in
the pool. Lease rates drop under this scenario, and aircraft are
sold for scrap at end of useful lives. Under this scenario, all
classes fail Asf, BBBsf and BBs. Class A notes are able to pass at
'Bsf' category. As a result, such a scenario could result in the
downgrade of class A notes by up to three notches, while class B
and C notes could experience a downgrade of up to two categories.
This is the most stressful sensitivity to this transaction due to
the higher reliance on residual proceeds than previous
transactions.

'CCC' Unrated Lessee Assumption Stress Scenario

Airlines across the globe are generally viewed as speculative
grade. While Fitch gives credit to available ratings of the initial
lessees in the pool, assumptions must be made for the unrated
lessees in the pool, as well as all future unknown lessees. While
Fitch typically utilizes a 'B' assumption for most unrated lessees
with some assumed to be 'CCC', Fitch evaluated a scenario in which
all unrated airlines are assumed to carry a 'CCC' rating. This
scenario mimics a prolonged recessionary environment in which
airlines are susceptible to an increased likelihood of default.
This, in turn, would subject the aircraft pool to increased
downtime and expenses, as repossession and remarketing events would
increase. Under this scenario, class A and class B notes pass
comfortably at 'Asf'. Class C notes pass at 'BBsf'. This
sensitivity is less stressful to the transactions because 47.5% of
the lessees are already modeled at CCC in the primary scenario, so
much of this risk is already captured in to the primary scenario.

Widebody Stress Scenarios

The pool contains a large concentration of A330s and one
B777-200ER, which are less marketable compared to the A320 family
aircraft in the pool, and have seen value declines in recent years.
The B777, in particular, has been phased out by other more
marketable variants. In addition, both Airbus and Boeing plan to
introduce new engine variants to replace the current generation of
A330s and B777s in the coming years.

Therefore, Fitch created a scenario in which the widebody aircraft
in the pool encounter a considerable amount of stress to their
residual values. First, Fitch assumed all were initially considered
to be Tier 3 aircraft to stress depreciation rates and recessionary
value declines. In addition, Fitch decreased its residual credit to
25% from 50% of stressed future market values. Essentially under
this scenario, the A330-200s and -300s and B777 encounter severe
value decline stresses and are only granted part-out value at the
end of their useful lives. Under this scenario, class A and class B
pass at their respective ratings and class C passes at one category
lower at Bsf. Although stressful, Fitch feels this scenario is
important to consider due to the weaker demand profiles of the
widebody aircraft. indicating potentially lower reliance on
widebody aircraft due to the level and timing of expected cash
flows and sales proceeds.

AASET 2019-1

Debt/Entity    Rating
-----------    ------
Class A       LT 'A(EXP)sf'     Expected Rating
Class B       LT 'BBB(EXP)sf'   Expected Rating
Class C       LT 'BB(EXP)sf'    Expected Rating


ACCESS GROUP 2007-1: Fitch Affirms B Ratings on 2 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Access Group 2007-1.

The affirmations reflect that none of the key performance
assumptions or characteristics affecting credit or maturity risk
have changed beyond those expected since the last review. Class
A-5, B and C notes fail Fitch's baseline stress, however, the
current ratings reflect Access Group's ability to call the notes
upon reaching 10% pool factor and the firm's prior commitment to
the performance of its securitizations as evidenced by support
provided to another trust in the form of cash infusion to meet
obligations at maturity. The two category difference between the
'BBsf' rating on the A-5 notes and Fitch's cash flow model implied
rating represents a criteria variation; however, the assigned
rating to the notes reflects the time horizon until maturity and
the failure of the cash flow model 'Bsf' maturity stress is deemed
marginal.

KEY RATING DRIVERS

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

Collateral Performance: Fitch maintained the sustainable constant
default rate assumption 2.1% and sustainable constant prepayment
rate of 12.0%. The base case and 'BB' default rate is 12.3% and
15.3%, respectively. Fitch applied the standard default timing
curve in its credit stress cash flow analysis. The claim reject
rate is assumed to be 0.25% in the base case and 0.6% in the 'BB'
case. The TTM levels of deferment and forbearance are approximately
2.6% and 3.4%, respectively and are used as the starting point in
cash flow modelling. Subsequent declines or increases are modelled
as per criteria.

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

Payment Structure: Credit enhancement (CE) is provided by excess
spread and for the class A notes, subordination. As of the April
2019 distribution, reported senior, senior subordinate and total
parity is 112.4%, 104.6% and 99.8%, respectively. Liquidity support
is provided by a capitalized interest account currently sized at
approximately $1.8 million. The trust is not releasing cash as
total parity is below 100.25%, the cash release threshold.

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of April 25, 2019, all
trust student loans are indexed to either 91-day T-bill or
one-month LIBOR and all notes are indexed to 3ML. Fitch applies its
standard basis and interest rate stresses to this transaction as
per criteria.

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

RATING SENSITIVITIES

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

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

Credit Stress Rating Sensitivity

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

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

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


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

Maturity Stress Rating Sensitivity

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

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

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

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

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

CRITERIA VARIATION

The final rating of the class A-5 note is in excess of the one
rating category allowed by the FFELP criteria. Should Fitch not
apply the variation, class A-5 would have been downgraded to
'CCCsf'.

Access Group, Inc. - Federal Student Loan Notes, Series 2007-1

Debt/Entity                 Rating                 Prior
-----------                 ------                 -----
Class A-4 00432CDP3   LT BBBsf   Affirmed  previously BBBsf
Class A-5 00432CDQ1   LT BBsf    Affirmed  previously BBsf
Class B 00432CDR9     LT Bsf     Affirmed  previously Bsf
Class C 00432CDS7     LT Bsf     Affirmed  previously Bsf


ACCREDITED MORTGAGE 2007-1: Moody's Hikes Class M-1 Debt to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of class M-1 from
Accredited Mortgage Loan Trust 2007-1.

Complete rating action is as follows:

Issuer: Accredited Mortgage Loan Trust 2007-1

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

RATINGS RATIONALE

Moody's action reflects corrections to the cash-flow model used by
Moody's in rating this transaction. In prior rating actions, the
interest payment was calculated incorrectly, resulting in less
excess cashflow to related classes. This error has now been
corrected, and its rating action reflects this change.

The rating action also considers the recent performance of the
underlying pool and reflects Moody's updated loss expectation on
the pool together with changes in tranche level credit
enhancement.

The principal methodology used in this rating was "US RMBS
Surveillance Methodology" published in February 2019.

The Credit Rating was assigned in accordance with Moody's existing
methodology entitled "US RMBS Surveillance Methodology," dated
February 22, 2019. Please note that on May 8, 2019, Moody's
released a Request for Comment, in which it has requested market
feedback on the use of an updated version of third-party cash flow
modeling software for certain structured finance asset classes. If
the revised update is implemented as proposed, these Credit Ratings
may be negatively or positively affected. The final rating outcome
will overlay qualitative judgments and considerations such as
performance to date and structural features.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in April 2019 from 3.9% in April
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2019. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


AMERICREDIT AUTOMOBILE 2019-2: Fitch Rates Class E Notes 'BBsf'
---------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to the notes issued by AmeriCredit Automobile Receivables
Trust 2019-2:

  -- $153,000,000 class A-1 notes 'F1+sf';

  -- $180,920,000 class A-2-A notes 'AAAsf'; Outlook Stable;

  -- $65,000,000 class A-2-B notes 'AAAsf'; Outlook Stable;

  -- $182,600,000 class A-3 notes 'AAAsf'; Outlook Stable;

  -- $63,120,000 class B notes 'AAsf'; Outlook Stable;

  -- $78,350,000 class C notes 'Asf'; Outlook Stable;

  -- $77,040,000 class D notes 'BBBsf'; Outlook Stable;

  -- $20,460,000 class E notes 'BBsf'; Outlook Stable.

KEY RATING DRIVERS

Collateral-Consistent Credit Quality: The pool has consistent
credit quality versus recent pools based on the weighted average
(WA) Fair Isaac Corp. (FICO) score of 577 and internal credit
scores. Obligors with FICOs greater than 600 total 36.2%, down from
38.2% in 2019-1.

High Percent of Extended-Term (61+ month) Loans: Loans with 61+
terms total 92.8%, consistent with 2019-1 and 2018 pools, but high
relative to the historical platform range. The 73-month to 75-month
contracts total 14.1%, down from 16.4% in 2019-1, but up from
2018-3 (11.3%). Performance of these loans is limited due to lack
of seasoning; however, they have obligors with stronger credit
metrics and low concentration.Fitch did not apply an additional
stress to these loans.

Forward-Looking Approach to Derive Base Case Loss Proxy: Losses on
GMF's managed portfolio and securitizations have been moderating
over the past two years, with 2015-2017 CNL vintages tracking
higher. However, performance, including CNLs continue to be within
Fitch's expectations despite normalizing in recent years to higher
levels. Fitch accounted for the weaker performance of recent
vintages when deriving the CNL proxy of 11.00%.

Payment Structure - Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) is consistent with that of 2019-1 and 2018
transactions, totaling 35.20%, 27.95%, 18.95%, 10.10% and 7.75% for
classes A, B, C, D and E, respectively. Excess spread is expected
to be 8.28% per annum, slightly lower versus 2019-1. Loss coverage
for each class of notes is sufficient to cover the respective
multiples of Fitch's base case cumulative net loss (CNL) proxy.

Seller/Servicer Operational Review - Consistent
Origination/Underwriting/Servicing: Fitch rates GM and GMF's
'BBB'/'F2'/Stable. GMF demonstrates adequate abilities as
originator, underwriter and servicer, as evidenced by historical
portfolio and securitization performance. Fitch deems GMF capable
of adequately servicing this series.

Legal Structure Integrity: The legal structure of the transaction
should provide that a bankruptcy of GMF would not impair the
timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce
CNL levels higher than the base case, and would likely result in
declines of CE and remaining net loss coverage levels available to
the notes. Additionally, unanticipated declines in recoveries could
also result in lower net loss coverage, which may make certain note
ratings susceptible to potential negative rating actions depending
on the extent of the decline in coverage.

Hence, Fitch conducts sensitivity analyses by stressing both a
transaction's initial base case CNL and recovery rate assumptions,
and examining the rating implications on all classes of issued
notes. The CNL sensitivity stresses the CNL proxy to the level
necessary to reduce each rating by one full category, to
non-investment grade (BBsf) and to 'CCCsf', based on the break-even
loss coverage provided by the CE structure. Additionally, Fitch
conducts a 1.5x and 2.0x increase to the CNL proxy, representing
both moderate and severe stresses, respectively. Fitch also
evaluates the impact of stressed recovery rates on an auto loan ABS
structure and rating impact with a 50% haircut. These analyses are
intended to provide an indication of the rating sensitivity of
notes to unexpected deterioration of a trust's performance.


AMERICREDIT AUTOMOBILE 2019-2: Moody's Rates Class E Notes 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by AmeriCredit Automobile Receivables Trust 2019-2.
This is the second AMCAR auto loan transaction of the year for
AmeriCredit Financial Services, Inc. (AFS; Unrated). The notes will
be backed by a pool of retail automobile loan contracts originated
by AFS, who is also the servicer and administrator for the
transaction.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2019-2

Class A-1 Notes, Definitive Rating Assigned P-1 (sf)

Class A-2-A Notes, Definitive Rating Assigned Aaa (sf)

Class A-2-B Notes, Definitive Rating Assigned Aaa (sf)

Class A-3 Notes, Definitive Rating Assigned Aaa (sf)

Class B Notes, Definitive Rating Assigned Aa1 (sf)

Class C Notes, Definitive Rating Assigned Aa3 (sf)

Class D Notes, Definitive Rating Assigned Baa1 (sf)

Class E Notes, Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

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

Moody's median cumulative net loss expectation for the 2019-2 pool
is 10.0% and the loss at a Aaa stress is 38.0%. Moody's based its
cumulative net loss expectation and loss at a Aaa stress on an
analysis of the credit quality of the underlying collateral; the
historical performance of similar collateral, including
securitization performance and managed portfolio performance; the
ability of AFS to perform the servicing functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

At closing, the Class A notes, Class B notes, Class C notes, Class
D, and Class E notes benefit from 35.20%, 27.95%, 18.95%, 10.10%,
and 7.75% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of
overcollateralization, a non-declining reserve account, and
subordination. The notes may also benefit from excess spread.

Methodology Underlying the Rating Action:

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 subordinate notes if, given current
expectations of portfolio losses, levels of credit enhancement are
consistent with higher ratings. In sequential pay structures, such
as the one in this transaction, credit enhancement grows as a
percentage of the collateral balance as collections pay down senior
notes. Prepayments and interest collections directed toward note
principal payments will accelerate this build of enhancement.
Moody's expectation of pool losses could decline 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, the market for
used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise 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, the market for used
vehicles, and poor servicing. Other reasons for worse-than-expected
performance include error on the part of transaction parties,
inadequate transaction governance, and fraud. Additionally, Moody's
could downgrade the Class A-1 short-term rating following a
significant slowdown in principal collections that could result
from, among other things, high delinquencies or a servicer
disruption that impacts obligor's payments.


ANGEL OAK 2019-3: S&P Assigns B (sf) Rating to Class B-2 Certs
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Angel Oak Mortgage Trust
2019-3's mortgage pass-through certificates.

The issuance is an RMBS transaction backed by first-lien,
second-lien, fixed- and adjustable-rate, fully amortizing, and
interest-only residential mortgage loans secured by single-family
residential properties, townhouses, planned-unit developments,
condominiums, and two- to four-family residential properties to
both prime and nonprime borrowers. The pool has 1,169 loans, which
are primarily nonqualified mortgage loans.

The 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 (R&W) framework;
and
-- The mortgage originator.

  RATINGS ASSIGNED

  Angel Oak Mortgage Trust 2019-3
  Class       Rating                     Amount ($)

  A-1         AAA (sf)                  227,037,000
  A-2         AA (sf)                    26,687,000
  A-3         A (sf)                     53,185,000
  M-1         BBB- (sf)                  31,263,000
  B-1         BB (sf)                    16,203,000
  B-2         B (sf)                     16,585,000
  B-3         NR                         10,293,566
  A-IO-S      NR                         Notional(i)
  XS          NR                         Notional(i)
  R           NR                                N/A

(i)The notional amount equals the loans' stated principal balance.
The ratings address the ultimate payment of interest and principal.

NR--Not rated.


BANK OF AMERICA 2015-UBS7: Fitch Cuts Class F Certs Rating to CCC
-----------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed 11 classes
of Bank of America Merrill Lynch Commercial Mortgage Trust
2015-UBS7 commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades to classes E, F, and
X-E reflect an increase to Fitch's base case loss expectations for
the remaining pool since its prior rating action in June 2018.

The driver of the elevated loss expectations remains the WPC
Department Store Portfolio (2.76% of the current pool). The
portfolio consists of six single-tenant retail properties that were
100% leased by Bon-Ton stores. The loan transferred to the special
servicer when Bon-Ton filed for bankruptcy in February 2018. As
part of the bankruptcy, the company surrendered its leases and
vacated the properties. All six properties remain fully vacant, and
recent appraisals indicate that significant losses are likely. The
properties are within regional malls located in the Milwaukee MSA
(3), Green Bay, WI, Joliet, IL and Fargo, ND. In addition to a base
case loss, Fitch performed a sensitivity analysis that assumed the
potential for a full loss on the WPC Portfolio. This additional
sensitivity contributed to the Outlooks remaining Negative for
classes D and E.

In addition, The Mall of New Hampshire has been designated as a
FLOC due to declining inline sales as well as an empty Sears' box.
Per the borrower, Dick's Sporting Goods and Dave & Buster's are
planning to take the former Sears space. Dick's is expected to open
by the end of 2019 and Dave & Buster's is planning a 2020 opening.
Fitch will continue to monitor the loan.

Minimal Change in Credit Enhancement: As of the May 2019
distribution date, the pool's aggregate balance has been reduced by
3.95% to $727.4 million, from $757.3 million at issuance. One loan
(0.3% of the pool) has been defeased. Two loans are with the
special servicer, the WPC Portfolio and one (0.4% of the pool)
performing loan. The majority of the loans in the pool continue to
have stable performance compared to issuance.

ADDITIONAL CONSIDERATIONS

Pool Concentration: The top 10 & 15 loans in the pool account for
65% and 77% of total pool balances, respectively, with no loan
accounting for more than 10% of the pool.

Collateral Diversification: The pool's collateral is diversified
with office backed loans representing roughly 25% of the pool and
retail representing 20%. Within the retail concentration, only a
single loan is backed by a regional mall. The third and fourth
largest concentrations are multi-family with 19.9% of the pool and
lodging with 16.7% of the pool.

Transaction Amortization: Fourteen loans (37.5%) are structured as
amortizing balloon, 11 loans (33.4%) are interest-only, and 16
loans (29%) are structured as partial interest-only.

RATING SENSITIVITIES

The Negative Rating Outlooks reflect an increase in Fitch's base
case loss expectations for the remaining pool since its prior
rating action in June 2018. Classes D and below are subject to
further downgrades depending on the ultimate recovery prospects for
the specially serviced loans. The Outlooks on classes A-1 through C
remain Stable due to generally stable performance of most of the
loans in the pool, increasing credit enhancement and expected
continued paydown. Future upgrades may occur with improved pool
performance and additional defeasance or paydown and/or better than
expected recoveries on the WPC portfolio.

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 downgraded the following ratings:

  -- $17 million (a) class E to 'B-sf' from 'BB-sf'; Outlook
     Negative;

  -- $7.6 million (a) class F to 'CCCsf' from 'B-sf'; RE 30%;

  -- $17 million (a)(b) class X-E to 'B-sf' from 'BB-sf'; Outlook
     Negative.

Fitch has affirmed the following ratings:

  -- $8.8 million class A-1 at 'AAAsf'; Outlook Stable;

  -- $62.4 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $200 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $229 million class A-4 at 'AAAsf'; Outlook Stable;

  -- $500.2 million (b) class X-A at 'AAAsf'; Outlook Stable;

  -- $50 million (b) class X-B at 'AAAsf'; Outlook Stable;

  -- $50.2 million class A-S at 'AAAsf'; Outlook Stable;

  -- $50.2 million class B at 'AA-sf'; Outlook Stable;

  -- $33 million class C at 'A-sf'; Outlook Stable;

  -- $39.9 million class D at 'BBB-sf'; Outlook Negative;

  -- $39.9 million (b) class X-D at 'BBB-sf'; Outlook Negative.

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

(b) Notional amount and interest-only.

Fitch does not rate the $15,146,000 class X-FG, $21,772,331 class
X-NR, $7,573,000 class G and $21,772,331 class H.


BAYVIEW COMMERCIAL 2007-2: Moody's Cuts Class A-1 Debt to Ba1
-------------------------------------------------------------
Moody's Investors Service downgraded the rating on one tranche from
Bayview Commercial Asset Trust 2007-2, reflecting performance of
the transaction. The loans are secured primarily by small
commercial real estate properties in the U.S. owned by small
businesses and investors.

The complete rating action is as follow:

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. A-1, Downgraded to Ba1 (sf); previously on Jan 23, 2015
Downgraded to Baa2 (sf)

RATINGS RATIONALE

The downgrade is primarily due to an increase in loans in
foreclosure and REO. Over the past six months, loans in foreclosure
and REO have increased to 6.18% as of the May 2019 distribution
date, from 3.14% as of the November 2018 distribution date, with
90+ days delinquent loans including foreclosure and REO at 13.42%
as of the May 2019 distribution date.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
March 2019.

Other methodologies and factors that may have been considered in
the process of rating these transactions can also be found on
Moody's website.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against expected losses could drive the ratings
up. Losses below Moody's expectations as a result of a decrease in
seriously delinquent loans or lower severities than expected on
liquidated loans.

Down

Levels of credit protection that are insufficient to protect
investors against expected losses could drive the ratings down.
Losses above Moody's expectations as a result of an increase in
seriously delinquent loans and higher severities than expected on
liquidated loans.


BBCMS MORTGAGE 2019-C3: Fitch Rates $9.367MM Class H-RR Certs B-sf
------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to BBCMS Mortgage Trust 2019-C3 Commercial Mortgage
Pass-Through Certificates, Series 2019-C3:

  -- $16,654,000 class A-1 'AAAsf'; Outlook Stable;

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

  -- $266,000,000 class A-3 'AAAsf'; Outlook Stable;

  -- $307,000,000 class A-4 'AAAsf'; Outlook Stable;

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

  -- $655,654,000a class X-A 'AAAsf'; Outlook Stable;

  -- $167,426,000a class X-B 'A-sf'; Outlook Stable;

  -- $87,811,000 class A-S 'AAAsf'; Outlook Stable;

  -- $39,808,000 class B 'AA-sf'; Outlook Stable;

  -- $39,807,000 class C 'A-sf'; Outlook Stable;

  -- $18,349,000ab class X-D 'BBBsf'; Outlook Stable;

  -- $18,349,000b class D 'BBBsf'; Outlook Stable;

  -- $27,313,000bc class E-RR 'BBB-sf'; Outlook Stable;

  -- $11,708,000bc class F-RR 'BB+sf'; Outlook Stable;

  -- $10,537,000bc class G-RR 'BB-sf'; Outlook Stable;

  -- $9,367,000bc class H-RR 'B-sf'; Outlook Stable.

The following class is not rated by Fitch:

  -- $36,295,542bc class J-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 May 13, 2019, the
following changes occurred: the balances for class A-3 and class
A-4 were finalized. At the time that the expected ratings were
assigned, the exact initial certificate balances of class A-3 and
class A-4 were unknown and expected to be within the range of
$100,000,000-$325,000,000 and $248,000,000-$473,000,000,
respectively. The final class balances for class A-3 and class A-4
are $266,000,000 and $307,000,000, respectively. The classes
reflect the final ratings and deal structure.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 50 loans secured by 517
commercial properties having an aggregate principal balance of
$936,649,542 as of the cut-off date. The loans were contributed to
the trust by KeyBank National Association, Natixis Real Estate
Capital LLC, Societe Generale, Barclays Capital Real Estate Inc.,
UBS Real Estate Securities Inc. and Rialto Mortgage Finance, LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 63.1% of the properties
by balance, cash flow analysis of 88.2% and asset summary reviews
on 100% of the pool.

KEY RATING DRIVERS

Fitch Ratings Leverage: The pool's Fitch leverage is slightly
higher than other Fitch-rated fixed-rate, multiborrower
transactions. The pool's Fitch debt service coverage ratio (DSCR)
of 1.18x is lower than the 2018 and YTD 2019 averages of 1.22x and
1.21x, respectively. The pool's Fitch loan-to-value (LTV) ratio of
105.2% is higher than the 2018 and YTD averages of 102.0%, and
102.3%, respectively. Excluding investment-grade credit opinion
loans, the pool has a Fitch DSCR and LTV of 1.17x and 108.9%,
respectively.

Lower Pool Concentration Relative to Recent Transactions: The top
10 loans make up 45.4% of the pool, which is below the 2018 and YTD
2019 averages of 50.6%, and 50.7%, respectively. The pool has a
loan concentration index (LCI) of 312, indicating a lower loan
concentration than the 2018 and YTD 2019 averages of 373 and 375,
respectively. Additionally, the pool has a sponsor concentration
index (SCI) of 319, indicating a lower sponsor concentration than
the 2018 and YTD 2019 averages of 398 and 404, respectively.

Investment-Grade Credit Opinion Loans: Four loans, representing
9.0% of the pool, are credit assessed, which is lower than the 2018
and YTD 2019 averages of 13.6% and 10.8%, respectively. Two of the
investment-grade credit option loans are in the top 10; NEMA San
Francisco (3.7% of the pool) received a credit opinion of BBB-sf*
on a stand-alone basis and 787 Eleventh Avenue (3.2% of the pool)
received a credit opinion of BBB-sf* on a stand-alone basis.

RATING SENSITIVITIES

For this transaction, Fitch's net cash flow (NCF) was 10.2% below
the most recent year's net operating income (NOI) for properties
for which a full-year NOI was provided, excluding properties that
were stabilizing during this period. Unanticipated further declines
in property-level NCF could result in higher defaults and loss
severities on defaulted loans and in potential rating actions on
the certificates.

Fitch evaluated the sensitivity of the ratings assigned to the
BBCMS 2019-C3 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.


BEAR STEARNS 2006-PWR11: Fitch Lowers Class B Certs Rating to C
---------------------------------------------------------------
Fitch Ratings has downgraded one distressed class and affirmed 12
classes of commercial mortgage pass-through certificates from Bear
Stearns Commercial Mortgage Securities Trust series 2006-PWR11.

KEY RATING DRIVERS

Concentrated Pool/High Loss Expectations: Only three of the
original 184 assets remain. The largest loan, Hickory Point Mall
(81.2%), is collateralized by a 424,700 sf interest in a 824,102 sf
regional mall in Forsyth, IL. The loan had previously been with the
special servicer and modified with an extended Maturity date in
December 2019. As of YE 2018, occupancy was at 33%, and has
subsequently increased to 58% as of March 2019. Given the low
occupancy, refinance of the loan is unlikely.

The remaining loans are an REO office property in Fairborn, OH
(13.6%) and a single-tenant retail property (CVS-Washington Court
House) in OH. The REO asset is 46% occupied. Class B is reliant on
recoveries from the Hickory Point Mall.

Decreased Credit Enhancement/Lower Recoveries: The largest asset at
the previous rating action, SBC-Hoffman Estates( $55.7 million) was
resolved at a full loss.

As of the May 2019 distribution date, the pool's aggregate
principal balance has been reduced by 98.2% to $33.8 million from
$1.9 billion at issuance. Realized losses since issuance total
$176.3 million (9.5% of original pool balance).

RATING SENSITIVITIES

Fitch considers Class B to have a high probability of losses. This
class would be brought to 'Dsf' as losses are realized.

Entity/ Debt           Rating               Prior

Bear Stearns Commercial Mortgage Securities Trust 2006-PWR11
   
Class B (07387MAK5)  LT Csf  Downgrade  previously CCCsf
Class C (07387MAL3)  LT Dsf  Affirmed   previously Dsf
Class D (07387MAM1)  LT Dsf  Affirmed   previously Dsf
Class E (07387MAN9)  LT Dsf  Affirmed   previously Dsf
Class F (07387MAP4)  LT Dsf  Affirmed   previously Dsf
Class G (07387MAQ2)  LT Dsf  Affirmed   previously Dsf
Class H (07387MAR0)  LT Dsf  Affirmed   previously Dsf  
Class J (07387MAS8)  LT Dsf  Affirmed   previously Dsf
Class K (07387MAT6)  LT Dsf  Affirmed   previously Dsf
Class L (07387MAU3)  LT Dsf  Affirmed   previously Dsf
Class M (07387MAV1)  LT Dsf  Affirmed   previously Dsf
Class N (07387MAW9)  LT Dsf  Affirmed   previously Dsf
Class O (07387MAX7)  LT Dsf  Affirmed   previously Dsf


BEAR STEARNS 2007-PWR17: Fitch Affirms D Rating on 11 Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Bear Stearns Commercial
Mortgage Securities Trust, series 2007-PWR17 commercial mortgage
pass-through certificates.

KEY RATING DRIVERS

High Loss Expectations; Concentration of Specially Serviced
Loans/Assets: Fitch's overall loss expectations on the specially
serviced loans/REO assets remain high. Six loans totaling $69
million (77% of pool) are currently in special servicing of which
five (72.4%) are REO assets. Fitch expects losses for these assets
to be significant based on the servicer's most recent values.

The largest specially serviced loan, City Center Englewood (37%),
is secured by a 218,076 sf retail center located in Englewood, CO,
six miles south of the Denver CBD. The loan transferred to special
servicing in June 2017 and is REO as of August 2018. Larger tenants
include Ross Dress for Less, 24 Hour Fitness, Office Depot and
Harbor Freight Tools. As of the April 2019 rent roll, property
occupancy was 83.4%. The center is part of the larger development,
including a 425-unit apartment complex and a Walmart, and has been
identified in an Opportunity Zone. The trust's interest is
leasehold as the property is on a ground lease with the City of
Englewood. The ground lease, which began in 2000, is for 75 years
with no renewal options. The entire $4.2 million ground lease
payment for the 75-year term was pre-paid. The property is
currently being marketed for sale.

Minimal Changes to Enhancement: Since Fitch's last rating action,
the pool balance has been reduced by 1.2% from limited
amortization. As of the May 2019 distribution date, the pool's
aggregate principal balance has been reduced by 97.3% to $89.4
million from $3.26 billion at issuance. There have been $263.8
million (8.1% of original pool balance) in realized losses to date.
Cumulative interest shortfalls of $8.8 million are currently
affecting classes D through S.

Pool Concentration: Only 12 of the original 265 loans remain.
Retail and office properties located in secondary and tertiary
markets comprise 69% and 31% of the pool, respectively. Due to the
concentrated nature of the pool, Fitch performed a sensitivity
analysis that grouped the remaining loans based on the likelihood
of repayment and expected losses from the liquidation of specially
serviced loans and/or underperforming or overleveraged loans.

Five performing loans (19.7% of pool) are fully amortizing and
secured by Rite Aid properties in tertiary markets with leases that
expire in 2026 and 2027. The loans had an ARD in June 2017 and have
final maturity in June 2037. One performing loan (3.2%) is secured
by a Rite Aid property in California that matures in July 2019.

RATING SENSITIVITIES

Upward rating migration for the remaining classes is limited due to
pool concentration, including the high percentage of specially
serviced loans and binary risks associated with the non-specially
serviced collateral. All of the remaining classes are dependent on
the repayment of specially serviced loans. Losses are expected to
impact classes D and E, which will be downgraded to 'Dsf' if
incurred.

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.

Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17

Debt/Entity            Rating            Prior   
-----------            ------            -----
Class C 07388QAN9;  LT CCCsf Affirmed; previously CCCsf
Class D 07388QAQ2;  LT Csf   Affirmed; previously Csf
Class E 07388QAS8;  LT Csf   Affirmed; previously Csf
Class F 07388QAU3;  LT Dsf   Affirmed; previously Dsf
Class G 07388QAW9;  LT Dsf   Affirmed; previously Dsf
Class H 07388QAY5;  LT Dsf   Affirmed; previously Dsf
Class J 07388QBA6;  LT Dsf   Affirmed; previously Dsf
Class K 07388QBC2;  LT Dsf   Affirmed; previously Dsf
Class L 07388QBE8;  LT Dsf   Affirmed; previously Dsf
Class M 07388QBG3;  LT Dsf   Affirmed; previously Dsf
Class N 07388QBJ7;  LT Dsf   Affirmed; previously Dsf
Class O 07388QBL2;  LT Dsf   Affirmed; previously Dsf
Class P 07388QBN8;  LT Dsf   Affirmed; previously Dsf
Class Q 07388QBQ1;  LT Dsf   Affirmed; previously Dsf


CHL MORTGAGE 2004-HYB6: Moody's Hikes Class A-4 Debt to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has upgraded and downgraded the ratings
of 19 tranches from 10 transactions, backed by Subprime mortgage
loans, Alt-A and Prime Jumbo issued by multiple issuers.

The complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB6

Cl. A-4, Upgraded to Caa1 (sf); previously on Jun 4, 2018 Upgraded
to Caa3 (sf)

Issuer: Citicorp Residential Mortgage Trust Series 2007-2

Cl. A-4, Upgraded to Aa3 (sf); previously on Nov 17, 2017 Upgraded
to Baa3 (sf)

Cl. A-5, Upgraded to A1 (sf); previously on Nov 17, 2017 Upgraded
to Ba1 (sf)

Cl. A-6, Upgraded to A1 (sf); previously on Nov 17, 2017 Upgraded
to Baa3 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Nov 17, 2017 Upgraded
to Ca (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2004-1

Cl. AF-4, Upgraded to A1 (sf); previously on Jul 25, 2013 Confirmed
at A2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2006-10

Cl. 2-AV, Upgraded to Aaa (sf); previously on Oct 9, 2017 Upgraded
to A1 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2002-BC3

Cl. M-2, Downgraded to Caa1 (sf); previously on Jan 26, 2018
Upgraded to B2 (sf)

Issuer: Global Mortgage Securitization 2005-A Ltd

Cl. A1, Upgraded to Baa3 (sf); previously on Sep 6, 2012 Downgraded
to Ba2 (sf)

Cl. A2, Upgraded to Baa3 (sf); previously on Sep 6, 2012 Downgraded
to Ba2 (sf)

Cl. A3, Upgraded to Baa3 (sf); previously on Sep 6, 2012 Downgraded
to Ba2 (sf)

Cl. B1, Upgraded to Caa1 (sf); previously on Sep 6, 2012 Downgraded
to Caa3 (sf)

Cl. X-A1*, Upgraded to Baa3 (sf); previously on Sep 6, 2012
Downgraded to Ba2 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A3

Cl. M-1, Upgraded to A2 (sf); previously on Dec 29, 2017 Upgraded
to Baa3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A6

Cl. I-A-1, Upgraded to Aaa (sf); previously on Jun 4, 2018 Upgraded
to Aa1 (sf)

Cl. I-A-2, Upgraded to Aa2 (sf); previously on Jun 4, 2018 Upgraded
to A1 (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. 2003-WMC2

Cl. M-2, Upgraded to A3 (sf); previously on Aug 14, 2018 Downgraded
to Baa3 (sf)

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC4

Cl. B-1, Upgraded to Ca (sf); previously on Feb 11, 2009 Downgraded
to C (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Mar 25, 2016 Upgraded
to B3 (sf)

  * Reflects Interest Only Classes

RATINGS RATIONALE

The rating upgrades are primarily due to an improvement in the
performance of the underlying pools and an increase in the credit
enhancement available to the bonds. The downgrade is due to
depleting credit enhancement. The rating actions also reflect the
recent performance and Moody's updated loss expectations on the
underlying pools.

The principal methodology used in rating all classes except
interest-only classes was "US RMBS Surveillance Methodology"
published in February 2019. The methodologies used in rating
interest-only classes were "US RMBS Surveillance Methodology"
published in February 2019 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in
Februay 2019.

The Credit Ratings for the tranches were assigned in accordance
with Moody's existing methodology entitled " US RMBS Surveillance
Methodology" date published in February 2019. Please note that on
May 8, 2019, Moody's released a Request for Comment, in which it
has requested market feedback on the use of an updated version of
third-party cash flow modeling software for certain structured
finance asset classes. If the revised update is implemented as
proposed, the Credit Ratings on the tranches may be negatively or
positively affected. The final rating outcome will overlay
qualitative judgments and considerations such as performance to
date and structural features.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in May 2019 from 3.8% in May
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2019. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
this transaction.


CSAIL 2019-C16: Fitch to Rate $7.87MM Class G-RR Certs 'B-sf'
-------------------------------------------------------------
Fitch Ratings has issued a presale report on CSAIL 2019-C16
Commercial Mortgage Trust pass-through certificates, series
2019-C16.

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

  -- $19,153,000 class A-1 'AAAsf'; Outlook Stable;

  -- $185,000,000d class A-2 'AAAsf'; Outlook Stable;

  -- $315,180,000d class A-3 'AAAsf'; Outlook Stable;

  -- $31,923,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $615,241,000b class X-A 'AAAsf'; Outlook Stable;

  -- $66,938,000b class X-B 'A-sf'; Outlook Stable;

  -- $63,985,000 class A-S 'AAAsf'; Outlook Stable;

  -- $31,501,000 class B 'AA-sf'; Outlook Stable;

  -- $35,437,000 class C 'A-sf'; Outlook Stable;

  -- $24,413,000ab class X-D 'BBB-sf'; Outlook Stable;

  -- $24,413,000ae class D 'BBB-sf'; Outlook Stable;

  -- $17,916,000ace class E-RR 'BBB-sf'; Outlook Stable;

  -- $20,672,000ac class F-RR 'BB-sf'; Outlook Stable;

  -- $7,875,000ac class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

  -- $34,454,331ac class NR-RR.

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

  (b) Notional amount and interest-only.

  (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.

  (d) The initial certificate balances of classes A-2 and A-3 are
      unknown and expected to be approximately $500,180,000 in
      aggregate, subject to a 5% variance. The expected class A-2
      balance range is $75,000,000 to $295,000,000, and the
      expected class A-3 balance range is $205,180,000 to
      $425,180,000. The certificate balances for class A-2 and
      A-3 are assumed at the midpoint of the range for each
      class.

  (e) The aggregate initial certificate balances of the class D
      and E-RR certificates are estimated based in part on the
      ranges of certificate balances and estimated fair values.
      The Class D certificate balances are expected to fall within
      a range of $22,484,000 to $26,185,000, and Class E-RR
      certificate balances are expected to fall within a range of
      $16,144,000 and $19,845,000, with the ultimate certificate
      balance determined such that the aggregate fair value of
      the Class E-RR, Class F-RR, Class G-RR and Class NR-RR
      certificates will equal at least 5% of the aggregate
      estimated fair value of all of the classes of certificates.

The expected ratings are based on information provided by the
issuer as of June 11, 2019.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 47 loans secured by 96
commercial properties having an aggregate principal balance of
$787,509,331 as of the cut-off date. The loans were contributed to
the trust by: Column Financial, Inc., Societe Generale Financial
Corporation, Ladder Capital Finance LLC, Starwood Mortgage Capital
LLC and CIBC Inc.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 72.7% of the properties
by balance, cash flow analysis of 84.6% and asset summary reviews
on 100.0% of the pool.

KEY RATING DRIVERS

Higher than Average Leverage Relative to Recent Transactions: The
pool's Fitch DSCR of 1.14x is worse than the YTD 2019 average of
1.22x and the 2018 average of 1.22x. The pool's Fitch LTV of 108.9%
is worse than the YTD 2019 average of 101.8% and the 2018 average
of 102.0%. Excluding the credit opinion loans, the Fitch DSCR is
1.12x and the Fitch LTV is 113.5%.

High Hotel Exposure: Loans secured by hotel properties represent
30.6% of the pool by balance. Four of the top 10 loans (19.3% of
the pool) are backed by hotel properties. The pool's total hotel
concentration far exceeds both the YTD 2019 average of 13.7% and
the 2018 average of 14.7%.

Investment-Grade Credit Opinion Loans: Two loans totaling 10.2% of
the pool have stand-alone investment-grade credit opinions. The
largest loan in the transaction, 3 Columbus Circle (6.4% of the
pool), received a credit opinion of 'BBB-sf*', and 787 Eleventh
Avenue (3.8%) also received a credit opinion of 'BBB-sf*'.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 18.5% 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
CSAIL 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.


ELLINGTON FINANCIAL 2019-1: S&P Gives Prelim B Rating to B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ellington
Financial Mortgage Trust 2019-1's mortgage pass-through
certificates.

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

The preliminary ratings are based on information as of June 7,
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 pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty framework for this transaction;
and
-- The mortgage aggregator.

  PRELIMINARY RATINGS ASSIGNED
  Ellington Financial Mortgage Trust 2019-1
  Class       Rating      Amount ($)
  A-1         AAA (sf)   158,386,000
  A-2         AA (sf)     15,089,000
  A-3         A (sf)      27,684,000
  M-1         BBB (sf)    10,551,000
  B-1         BB (sf)      7,829,000
  B-2         B (sf)       5,219,000
  B-3         NR           2,155,421
  A-IO-S      NR            Notional(i)
  XS          NR            Notional(i)
  R           NR                 N/A

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


FLATIRON CLO 2015-1: Moody's Hikes $22MM Class E Notes to Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Flatiron CLO 2015-1, Ltd.:

US$20,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2027, Upgraded to A1 (sf); previously on September 1,
2017 Assigned A2 (sf)

US$24,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2027, Upgraded to Baa2 (sf); previously on March 25, 2015
Assigned Baa3 (sf)

US$22,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2027, Upgraded to Ba2 (sf); previously on March 25, 2015
Assigned Ba3 (sf)

Flatiron CLO 2015-1, Ltd., issued in March 2015 and partially
refinanced in August 2017, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2019.

RATINGS RATIONALE

These rating actions reflect the benefit of the end of the deal's
reinvestment period in April 2019. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will remain
stable. The deal has also benefited from a shortening of the
portfolio's weighted average life.

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

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

In its base case, Moody's analyzed the collateral pool as having a
performing par and principal proceeds balance of $398.5 million, no
defaulted par, a weighted average default probability of 21.83%
(implying a WARF of 2888), a weighted average recovery rate upon
default of 48.50%, a diversity score of 74 and a weighted average
spread of 3.31%.

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 CLO manager's investment
decisions and management of the transaction will also affect the
performance of the rated notes.


GCAT 2019-NQM1: S&P Assigns B(sf) Rating to Class B-2 Certificates
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to GCAT 2019-NQM1 Trust's
mortgage pass-through certificates.

The certificate issuance is a residential mortgage-backed
securities (RMBS) transaction backed by first-lien fixed- and
adjustable-rate fully amortizing and interest-only residential
mortgage loans primarily secured by single-family residential
properties, co-operatives, planned-unit developments, condominiums,
and two- to four-family residential properties to both prime and
nonprime borrowers. The pool has 876 loans, which are primarily
nonqualified mortgage loans.

The ratings reflect:

-- The pool's collateral composition;
-- The credit enhancement provided for this transaction;
-- The transaction's associated structural mechanics;
-- The representation and warranty (R&W) framework for this
transaction; and
-- The mortgage aggregator, Blue River Mortgage TRS (BRM).

  RATINGS ASSIGNED
  GCAT 2019-NQM1 Trust

  Class       Rating(i)          Amount ($)
  A-1         AAA (sf)          277,287,000
  A-2         AA (sf)            25,744,000
  A-3         A (sf)             42,841,000
  M-1         BBB (sf)           19,259,000
  B-1         BB (sf)            12,774,000
  B-2         B (sf)              8,843,000
  B-3         NR                  6,288,931
  A-IO-S      NR                   Notional(ii)
  X           NR                   Notional(ii)
  R           NR                        N/A

(i)The collateral and structural information in this report
reflects the term sheet dated May 23, 2019. The ratings address
S&P's expectation for the ultimate payment of interest and
principal.
(ii)The notional amount equals the loans' stated principal balance.

N/A--Not applicable.
NR--Not rated.


GSMPS MORTGAGE 2002-1: Moody's Cuts Class A-1 Debt Rating to 'Caa1'
-------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Class
A-1 tranche issued by GSMPS Mortgage Loan Trust 2002-1, backed by
FHA and VA RMBS loans.

Complete rating action is as follows:

Issuer: GSMPS Mortgage Loan Trust 2002-1

Cl. A-1, Downgraded to Caa1 (sf); previously on Aug 10, 2018
Downgraded to B3 (sf)

RATINGS RATIONALE

The rating action is a result of the recent performance of the
underlying pool and reflect Moody's updated loss expectation on the
pool. The rating downgrade is due to the weaker performance of the
underlying collateral, erosion of enhancement available and
principal loss incurred to date on the bond.

A FHA guarantee covers 100% of a loan's outstanding principal and a
large portion of its outstanding interest and foreclosure-related
expenses in the event that the loan defaults. A VA guarantee covers
only a portion of the principal based on the lesser of either the
sum of the current loan amount, accrued and unpaid interest, and
foreclosure expenses, or the original loan amount. HUD usually pays
claims on defaulted FHA loans when servicers submit the claims, but
can impose significant penalties on servicers if it finds
irregularities in the claim process later during the servicer
audits. This can prompt servicers to push more expenses to the
trust that they deem reasonably incurred than submit them to HUD
and face significant penalty. The rating actions consider the
portion of a defaulted loan normally not covered by the FHA or VA
guarantee and other servicer expenses they deemed reasonably
incurred and passed on to the trust.

The principal methodology used in this rating was "FHA-VA US RMBS
Surveillance Methodology" published in February 2019.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in May 2019 from 3.8% in May
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2019. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
this transaction.


HAYFIN KINGSLAND XI: Moody's Gives (P)Ba3 Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of debt to be issued by Hayfin Kingsland XI, Ltd.

Moody's rating action is as follows:

  US$256,000,000 Class A Loans maturing in 2032 (the "Class A
  Loans"), Assigned (P)Aaa (sf)

  US$39,600,000 Class B Senior Secured Floating Rate Notes due
  2032 (the "Class B Notes"), Assigned (P)Aa2 (sf)

  US$20,200,000 Class C Mezzanine Secured Deferrable Floating
  Rate Notes due 2032 (the "Class C Notes"), Assigned
  (P)A2 (sf)

  US$26,600,000 Class D Mezzanine Secured Deferrable Floating
  Rate Notes due 2032 (the "Class D Notes"), Assigned (P)Baa3 (sf)

  US$22,800,000 Class E Junior Secured Deferrable Floating Rate
  Notes due 2032 (the "Class E Notes"), Assigned (P)Ba3 (sf)

The Class A Loans, 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 Debt."

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 CLO's portfolio and structure as
described in its methodology.

Hayfin Kingsland XI is a managed cash flow CLO. The issued debt
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans, and up to 7.5% of the portfolio
may consist of second lien loans or unsecured loans. Moody's
expects the portfolio to be approximately 80% ramped as of the
closing date.

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

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt 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: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 47.75%

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


JC PENNEY: Moody's Cuts Ratings on 2 Tranches to Caa3
-----------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
certificates in four structured note transactions:

Issuer: Corporate Asset Backed Corporation

  US$52,650,000 Trust Certificates, Downgraded to Caa3;
  previously on August 22, 2018 Downgraded to Caa2

Issuer: Corporate Backed Callable Trust Certificates, J.C. Penney
Debenture-Backed Series 2006-1

  Class A-1 Certificates, Downgraded to Caa3; previously on
  August 22, 2018 Downgraded to Caa2

  Class A-2 Certificates, Downgraded to Caa3; previously on
  August 22, 2018 Downgraded to Caa2

Issuer: Corporate Backed Callable Trust Certificates, J.C. Penney
Debenture-Backed Series 2007-1

  Class A-1 Certificates, Downgraded to Caa3; previously on
  August 22, 2018 Downgraded to Caa2

  Class A-2 Certificates, Downgraded to Caa3; previously on
  August 22, 2018 Downgraded to Caa2

Issuer: SATURNS J.C Penney Corporation Inc. Debenture Backed Series
2007-1

  US$54,500,000 of 7.00% Callable Units due March 1, 2097
  ("Certificates"), Downgraded to Caa3 (sf); previously on
  August 22, 2018 Downgraded to Caa2 (sf)

  US$3,690,000 Initial Notional Amortizing Balance of
  Interest-Only Class B Callable Units due March 1, 2097
  ("Certificates"), Downgraded to Caa3 (sf); previously on
  August 22, 2018 Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating actions are a result of the change in the rating of J.C.
Penney Corporation, Inc.'s 7.625% Debentures due March 1, 2097
("Underlying Securities"), which was downgraded to Caa3 on May 31,
2019. The four transactions are structured notes whose ratings are
based on the rating of the Underlying Securities and the
corresponding legal structure of each transaction, respectively.

Methodology Underlying the Rating Action:

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


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

The ratings of the structured notes will be sensitive to any change
in the rating of the 7.625% Debentures due March 1, 2097 issued by
J.C. Penney Corporation, Inc.


JP MORGAN 2005-CIBC13: Moody's Affirms C Rating on B Certs
----------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on one class in J.P. Morgan Chase Commercial
Mortgage Securities Corp. Series 2005-CIBC13, Commercial
Pass-Through Certificates, Series 2005-CIBC13 as follows:

Cl. A-J, Upgraded to Baa3 (sf); previously on Jun 29, 2018 Upgraded
to B1 (sf)

Cl. B, Affirmed C (sf); previously on Jun 29, 2018 Affirmed C (sf)

RATINGS RATIONALE

The rating on principal and interest (P&I) class, Cl. A-J, was
upgraded based primarily on an increase in credit support resulting
from loan paydowns and amortization as well as a reduction in
ongoing interest shortfalls. At last review, Class B was receiving
$137,748 in monthly interest shortfalls (80% of interest due). At
this review, Class B is receiving $53,276 in monthly interest
shortfalls (35% of interest due). The deal has paid down 11% since
Moody's last review.

The rating on P&I class, Cl. B, was affirmed because the ratings
are consistent with Moody's expected loss plus realized losses.
Class B has already experienced a 40% realized loss as result of
previously liquidated loans.

Moody's rating action reflects a base expected loss of 17.0% of the
current pooled balance, compared to 24.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 12.3% of the
original pooled balance, compared to 12.5% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in these ratings were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in July 2017 and
"Moody's Approach to Rating Large Loan and Single Asset/Single
Borrower CMBS" published in July 2017.

DEAL PERFORMANCE

As of the May 13, 2019 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $66.7 million
from $2.72 billion at securitization. The certificates are
collateralized by 16 mortgage loans ranging in size from less than
1% to 17% of the pool, with the top ten loans (excluding
defeasance) constituting 83% of the pool. Four loans, constituting
15% of the pool, have defeased and are secured by US government
securities.

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

One loan, constituting less than 1% of the pool, is on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Forty-eight loans have been liquidated from the pool, resulting in
or contributing to an aggregate realized loss of $325 million (for
an average loss severity of 55%). Three loans, constituting 32% of
the pool, are currently in special servicing. The largest specially
serviced loan is the Bayou Walk Village Loan ($11.3 million --
17.0% of the pool), which is secured by a 94,000 square foot (SF)
retail shopping center in Shreveport, Louisiana. The loan
transferred to special servicing in January 2014 for imminent
default due to structural issues at the property. The loan became
REO in March 2018.

The second largest specially serviced loan is the Cressona Mall
Loan ($7.6 million -- 11.4% of the pool), which is secured by a
partially enclosed community shopping center, anchored by a Giant
Food Store, in Pottsville, Pennsylvania. The loan transferred to
special servicing in October 2014 for imminent default due to the
borrower engaging in a legal dispute with a construction company.
The loan is currently REO.

The remaining specially serviced loan is secured by a suburban
office property. Moody's estimates an aggregate $11.4 million loss
for the specially serviced loans (54% expected loss on average).

Moody's received full year 2018 operating results for 79% of the
pool, and partial year 2018 operating results for 21% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 78%, compared to 75% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 27% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9%.

Moody's actual and stressed conduit DSCRs are 1.02X and 1.47X,
respectively, compared to 1.10X and 1.84X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 37% of the pool balance. The
largest loan is the 1015 -- 1055 North Main Street Loan ($8.4
million -- 12.5% of the pool), which is secured by a 208,000 SF
suburban office building located in Santa Ana, California. The
property has been 100% leased since securitization. The County of
Orange leases 96% of the NRA and the Orange County Department of
Child Support Services' Community Resource Center is based out of
this location. Moody's LTV and stressed DSCR are 55% and 1.88X,
respectively, compared to 56% and 1.84X at the last review.

The second largest loan is the T-Mobile -- Oakland Maine Loan ($8.0
million -- 12.0% of the pool), which is secured by a suburban
office property in Oakland, Maine. The space is 100% leased to
T-Mobile as a call center through August 2020. The loan benefits
from amortization and has amortized 23% since securitization.
Moody's LTV and stressed DSCR are 95% and 1.02X, respectively,
compared to 98% and 0.99X at the last review.

The third largest loan is the State Farm Insurance Loan ($8.0
million -- 12.0% of the pool), which is secured by a suburban
office property in Vallejo, California. The servicer indicates that
the loan is expected to pay off in the near future. The loan
benefits from amortization and has amortized 31% since
securitization. Moody's LTV and stressed DSCR are 100% and 0.98X,
respectively, compared to 106% and 0.93X at the last review.


JP MORGAN 2010-C1: Fitch Lowers Class D Certs Rating to Csf
-----------------------------------------------------------
Fitch Ratings has downgraded one distressed class and affirmed nine
classes of JP Morgan Chase Commercial Mortgage Securities Trust,
commercial mortgage pass through certificates, series 2010-C1.

KEY RATING DRIVERS

Improved Loss Expectations: The affirmations and Outlook revisions
reflect the improved loss expectations from better than expected
recoveries on the Gateway Salt Lake (representing approximately 26%
of the collateral pool at last review). The Gateway Salt Lake is a
648,177 SF open-air lifestyle center located in Salt Lake City, UT
with major tenants including Gateway Theatres (11.9% of NRA), Dave
& Buster's (6.9%), and The Depot (4.0%). The new owner, Vestar, an
operator of retail and entertainment destinations in the Western
U.S., has been repositioning the property with a focus on shopping
and dining, entertainment, and creative office space tenants. The
loan was disposed of in May 2019 during the allowable prepayment
period. The downgrade of class D reflects the greater certainty of
loss on the REO asset, Aquia Office Building (8.1%).

REO Asset: The Aquia Office Building is 99,492 SF suburban office
building located in Stafford, VA. The asset transferred to the
special servicer for a second time in June 2016 after the borrower
was unable to refinance at the modified maturity date. The asset
became REO through a deed-in-lieu of foreclosure in August 2016.
Property occupancy has improved significantly to 72% from the
historical low of 31% in 2014 when TASC, the former largest tenant
that occupied 61% of NRA, exercised its lease termination option
and vacated. There is ongoing litigation with the borrower and the
master developer of the area around the office building due to
unreasonable parking/CAM expenses and a hearing has been scheduled
for June.

Pool Concentration/Adverse Selection: The transaction is highly
concentrated with only nine of the original 39 loans remaining. A
significant percentage of the remaining loans are secured by retail
properties (59.4% of the pool). Due to the concentrated nature of
the pool, Fitch performed a sensitivity analysis that grouped the
remaining loans based on collateral quality and performance and
ranked them by their perceived likelihood of repayment. The ratings
reflect this sensitivity analysis.

The largest loan in the pool, Cole Portfolio (27.2%), is secured by
a portfolio of 16 retail and industrial single-tenant properties
totaling 465,878 sf that are located in 10 different states. The
properties are occupied by Walgreens (22.3% of NRA), Fed Ex (26.5%
of NRA), LA Fitness (19.3%), Academy Sports (20.7%), Tractor
Supplies (8.1%), and Advance Autos (3.0%). The portfolio remains
100% occupied, and all properties are under long-term leases with
expirations ranging from 2022-2035. The servicer reported YE 2018
NOI DSCR was 2.46x.

The second largest loan in the pool, Ramco Retail Portfolio
(17.5%), is secured by two retail properties totaling 379,771 sf
that are located in Novi, MI and Holland, OH. Based on the March
2019 rent roll, the portfolio was 91% occupied down from 97% at YE
2016. The servicer reported YE 2018 NOI DSCR was 2.07 and has been
relatively stable since 2010.

Loan Maturity: Of the eight performing loans, all are scheduled to
mature from March to June 2020.

Increased Credit Enhancement: As of the May 2019 distribution date,
the pool's aggregate principal balance has been reduced by 80% to
$145.1 million from $716.3 million at issuance. Since Fitch's last
rating action, in addition to the Salt Lake Gateway loan paying in
full, the Cedarbrook loan (4% of current pool balance)
fully-defeased. Realized losses since issuance total $46.2 million
(6.5% of original pool balance). Cumulative interest shortfalls
totaling $4.8 million are currently impacting classes C, D, E, and
NR.

RATING SENSITIVITIES

The Positive Outlook for class B and the Stable Outlooks for
classes A-2, A-3 and C reflect increased credit enhancement from
better than expected recoveries on the Gateway Salt Lake. The
Positive Outlook indicates potential for upward rating migration
should pool credit enhancement increase from additional paydown as
loans mature. A downgrade of the distressed class D is likely as
losses are realized.

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.

A description of the transaction's representations, warranties and
enforcement mechanisms that are disclosed in the offering document
and which relate to the underlying asset pool was not prepared for
this transaction. Offering Documents for this market sector
typically do not include RW&Es that are available to investors and
that relate to the asset pool underlying the trust. Therefore,
Fitch credit reports for this market sector will not typically
include descriptions of RW&Es.

J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C1

Debt/Entity                 Rating                 Prior
-----------                 ------                 -----
Class A-2 46634NAD8   LT AAAsf   Affirmed   previously AAAsf
Class A-3 46634NAG1   LT AAAsf   Affirmed   previously AAAsf
Class B 46634NAR7     LT BBBsf   Affirmed   previously BBBsf
Class C 46634NAU0     LT BBsf    Affirmed   previously BBsf
Class D 46634NAX4     LT Csf     Downgrade  previously CCsf
Class E 46634NBA3     LT Dsf     Affirmed   previously Dsf
Class F 46634NBD7     LT Dsf     Affirmed   previously Dsf
Class G 46634NBG0     LT Dsf     Affirmed   previously Dsf
Class H 46634NBK1     LT Dsf     Affirmed   previously Dsf
Class X-A 46634NAK2   LT AAAsf   Affirmed   previously AAAsf


JP MORGAN 2013-C14: Fitch Affirms B Rating on Class G Certs
-----------------------------------------------------------
Fitch Ratings has upgrade three classes and affirmed nine classes
of J.P. Morgan Chase Commercial Mortgage Securities Trust
commercial mortgage pass-through certificates series 2013-C14.

KEY RATING DRIVERS

Increasing Credit Enhancement: The upgrades to classes B, C and D
and the Rating Outlook revision of class E to Stable from Negative
reflect increased credit enhancement since Fitch's last rating
action from scheduled amortization and loan repayments. As of the
May 2019 distribution date, the aggregate pool balance has paid
down by 15% since the last rating action and 28% since issuance. In
addition, the San Tan Village loan (8.37% of the pool), paid in
full at the loans maturity on June 1, 2019, which Fitch accounted
for in its analysis. Four loans (6.4% of pool) are fully defeased.

Stable Performance and Loss Expectations: Outside of the Fitch
Loans of Concern (FLOCs), the remaining pool has exhibited
relatively stable performance since issuance, with loss
expectations in-line with the prior rating action. Fitch has
designated four loans (23.5% of pool) as FLOCs, including three
performing loans secured by regional malls (22.5%) and one
specially serviced loan (1.0%). No losses have been incurred to
date, and cumulative interest shortfalls are currently affecting
class NR.

High Retail Concentration and Regional Mall Exposure: Per the May
2019 distribution, loans secured by retail properties represent the
largest property type concentration at 49% of the pool, including
seven top 15 loans (45%), four (31%) of which are secured by
regional malls. Two of these regional mall loans, South Ridge Mall
(8.4%; located in Greendale, WI) and Country Club Mall (2.8%;
Lavale, MD), have been identified as FLOCs due to significant
performance deterioration since issuance, including vacating
anchors and declining sales, as well as their secondary market
locations and/or poor property quality. The Meadows Mall (11.3%;
Las Vegas, NV) has also been identified as a FLOC due to near-term
lease rollover concerns, coupled with newer nearby competition.
Although performance has seen a recent improvement in occupancy,
NOI and tenant sales, these metrics still remain below the levels
reported around the time of issuance. Per servicer updtes the
Santan Village loan (8.7%), which was secured by a lifestyle center
in Gilbert, AZ, paid in full at the loans maturity on June 1,
2019.

Additional Loss Considerations: Prior to considering upgrades to
classes B, C, and D, Fitch performed an additional sensitivity
scenario, which applied a 50% loss severity to the balloon balance
for two of the regional mall FLOCs, Southridge Mall (8.4% of pool;
located in Greendale, WI) and Country Club Mall (2.8%; Lavale, MD),
to reflect the potential for outsized losses. The sensitivity
scenario also factored in the expected paydown of the transaction
from defeased loans and the repayment of the Santan Village loan
(8.7%) that matured at the beginning of June 2019. This sensitivity
analysis supports the ratings upgrades and contributed to the
Rating Outlook revision for class E to Stable and to the Outlooks
remaining Negative for classes F and G.

Specially Serviced Loan: The Four Points Sheraton - San Diego loan
(1.0% of the pool), which is secured by a 225-key, full-service
hotel property located in San Diego, CA, transferred to special
servicing in February 2016 due to payment default in December 2015.
The property has experienced cash flow issues due to a significant
increase in expenses since issuance, driven by an increase in
franchise fees plus general and administrative costs. In addition,
the property condition had significantly declined, leaving the
borrower in default with the franchiser on a property improvement
plan (PIP). A receiver was appointed by the servicer in April 2016,
followed shortly by the borrower filing for Chapter 11 bankruptcy
in May 2016. A court-ordered bankruptcy reorganization plan was
approved in May 2017, which included a completion of the PIP (still
in process) and repayment of servicer advances and outstanding debt
service payments (repaid as of June 2018).

Per the servicer updates, the borrower has been working to receive
an extension of th PIP deadline. A new property manager has been
placed by the borrower, and the special servicer (Midland) has
noted it is working with the borrower to complete all conditional
approval items. The loan will continue to be monitored in special
servicing until the borrower is in compliance with the franchise
agreement.

RATING SENSITIVITIES

The Negative Outlook for classes F and G reflects refinance
concerns and additional sensitivity analysis applied to the South
Ridge Mall and Country Club Mall loans. Downgrades to these classes
are possible if performance at these properties continue to
decline. Fitch's additional sensitivity scenario incorporates a 50%
loss on both these loans' balloon balance to reflect the potential
for outsized losses. Rating Outlooks for classes A-2 through E are
Stable due to increasing credit enhancement relative to Fitch's
loss expectations and expected continued paydowns. Upgrades may
occur with improved pool performance and/or significant additional
paydown or defeasance; however, they may be limited due to the high
retail concentration. Downgrades to these classes are possible
should a material asset-level or economic event adversely affect
pool performance.

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.

A description of the transaction's representations, warranties and
enforcement mechanisms that are disclosed in the offering document
and which relate to the underlying asset pool was not prepared for
this transaction. Offering Documents for this market sector
typically do not include RW&Es that are available to investors and
that relate to the asset pool underlying the trust. Therefore,
Fitch credit reports for this market sector will not typically
include descriptions of RW&Es.

JPMBB 2013-C14

Debt/Entity                 Rating                 Prior
-----------                 ------                 -----
Class A-2 46640LAB8   LT AAAsf   Affirmed  previously AAAsf
Class A-3 46640LAC6   LT AAAsf   Affirmed  previously AAAsf
Class A-4 46640LAD4   LT AAAsf   Affirmed  previously AAAsf
Class A-S 46640LAH5   LT AAAsf   Affirmed  previously AAAsf
Class A-SB 46640LAE2  LT AAAsf   Affirmed  previously AAAsf
Class B 46640LAJ1     LT AAsf    Upgrade   previously AA-sf
Class C 46640LAK8     LT Asf     Upgrade   previously A-sf
Class D 46640LAN2     LT BBBsf   Upgrade   previously BBB-sf
Class E 46640LAQ5     LT BBB-sf  Affirmed  previously BBB-sf
Class F 46640LAS1     LT BB+sf   Affirmed  previously BB+sf
Class G 46640LAU6     LT Bsf     Affirmed  previously Bsf
Class X-A 46640LAF9   LT AAAsf   Affirmed  previously AAAsf


JP MORGAN 2014-C22: Fitch Affirms BB- Ratings on 2 Tranches
-----------------------------------------------------------
Fitch Ratings has affirmed 13 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust, series 2014-C22.

KEY RATING DRIVERS

Increased Loss Expectations: While overall performance for the
majority of the pool remains stable, loss expectations have
increased since issuance due to the declining performance of the
six Fitch Loans of Concern (FLOCs; 15.8%), primarily the Las
Catalinas Mall (7.1%) and Charlottesville Fashion Square (1.7%)
loans. There are three FLOCs in the top 15 (12.1%), including one
specially serviced loan (3.3%).

Fitch Loans of Concern: The largest FLOC, Las Catalinas Mall
(7.1%), is secured by a 355,385-sf collateral portion of a
494,071-sf regional mall in Caguas, Puerto Rico that lost its Kmart
in 1Q19. Kmart previously occupied 34.5% of NRA and contributed 12%
of GPR as of the March 2019 rent roll. Collateral occupancy
decreased to 50.4% after Kmart's departure from 91.8% as of YE
2017. In line occupancy also decreased slightly to 77% as of the
March 2019 rent roll from 81.8% at March 2018. Sears remains as a
non-collateral anchor. Fitch Ratings' request for updated tenant
sales data remains outstanding.

The second largest FLOC, the specially serviced 10333 Richmond
(3.3%) loan, is secured by a 218,680-sf office building in Houston.
The loan transferred to special servicing in May 2017 due to
imminent default related to low occupancy. Occupancy decreased
further to 57.8% as of the December 2018 rent roll from 63.2% at YE
2017 and 70.7% at YE 2016. The third largest FLOC, Charlottesville
Fashion Square (1.7%), is secured by a 360,249-sf collateral
portion of a 576,749-sf regional mall in Charlottesville, VA that
recently lost its collateral anchor Sears. Collateral occupancy
decreased to 62.6% after Sears' departure from 93.4% at YE 2017.
Inline occupancy also decreased slightly to 84.2% as of the
December 2018 rent roll from 87.8% at March 2018. While 2018 tenant
sales data was not provided, comparable inline sales decreased to
$283 psf as of TTM February 2018, compared with $295 psf for the
prior period and $305 psf at issuance.

The remaining FLOCs outside of the top 15 are secured by a
portfolio of two grocery-anchored retail centers located in
Rochester and Massena, NY that recently lost an anchor tenant
(1.7%), a 99,769-sf medical office property located in New
Rochelle, NY that has experienced declining occupancy (1.5%) and a
33,966-sf mixed-use property located in Ithaca, NY that has
experienced declining occupancy and cash flow (0.5%). Fitch will
continue to monitor all FLOCs.

Minimal Change to Credit Enhancement: As of the May 2019
distribution date, the pool's aggregate principal balance has been
paid down by 5.8% to $1.06 billion from $1.12 billion at issuance.
Three small loans (1.6%) have paid off since issuance, including
two since Fitch's last rating action. Seven loans (3.2%) are
defeased. There have been no realized losses to date. Six loans
(13.7% of the current pool balance), including the second largest
loan, are fully interest-only. Thirteen loans (38.8%) remain in
partial interest-only periods; however, all 13 begin amortizing by
August 2019. The transaction is scheduled to pay down by 14.9% of
the original pool balance prior to maturity. Loan maturities are
concentrated in 2024 (94.9%), with limited maturities scheduled in
2019 (1.8%), 2021 (0.5%), 2029 (0.8%) and 2034 (2.0%). Cumulative
interest shortfalls totaling $153,139 are currently impacting the
non-rated class NR.

Alternative Loss Considerations: The Negative Rating Outlooks on
classes C, D, E, X-C and EC reflect concerns surrounding the
deteriorating performance of the Las Catalinas Mall (7.1%) and
Charlottesville Fashion Square (1.7%) loans. Fitch performed an
additional sensitivity scenario that assumed a potential outsized
loss of 50% on both loans to reflect their recent anchor
departures, potential triggered co-tenancy clauses, lack of recent
tenant sales data and secondary market locations.

ADDITIONAL CONSIDERATIONS

Pool Concentrations: Loans secured by office properties represent
38.7% of the pool, including six loans (26.3%) in the top 15. Loans
backed by retail properties represent 21.1% of the pool, including
three (11.2%) loans in the top 15. Two retail loans in the top 15,
Las Catalinas Mall (7.1%) and Charlottesville Fashion Square
(1.7%), have been designated FLOCs.

RATING SENSITIVITIES

The Negative Outlooks on classes C, D, E, X-C and EC primarily
reflect the potential for outsized losses on the Las Catalinas Mall
and Charlottesville Fashion Square loans. Downgrades to these
classes are possible should these malls deteriorate further in
performance. Downgrades are also possible if the other FLOCs
continue to deteriorate. The Stable Outlooks on all other classes
reflect the stable performance of the majority of the pool and
increasing credit enhancement from continued amortization. Rating
upgrades, while unlikely in the near term, may occur with improved
pool performance, stabilization of the FLOCs and additional paydown
or defeasance.

JPMBB 2014-C22
   
Class A-2 (46642NBB1)     LT  AAAsf   Affirmed
Class A-3A1 (46642NBC9)   LT  AAAsf   Affirmed
Class A-3A2 (46642NAA4)   LT  AAAsf   Affirmed
Class A-4 (46642NBD7)     LT  AAAsf   Affirmed
Class A-S (46642NBH8)     LT  AAAsf   Affirmed
Class A-SB (46642NBE5)    LT  AAAsf   Affirmed  
Class B (46642NBJ4)       LT  AA-sf   Affirmed
Class C (46642NBK1)       LT  A-sf    Affirmed
Class D (46642NAJ5)       LT  BBB-sf  Affirmed
Class E (46642NAL0)       LT  BB-sf   Affirmed
Class EC (46642NBL9)      LT  A-sf    Affirmed
Class X-A (46642NBF2)     LT  AAAsf   Affirmed  
Class X-C (46642NAC0)     LT  BB-sf   Affirmed


JPMCC COMMERCIAL 2019-COR5: Fitch to Rate Class G-RR Certs 'B-sf'
-----------------------------------------------------------------
Fitch Ratings has issued a presale report on JPMCC Commercial
Mortgage Securities Trust 2019-COR5 commercial mortgage
pass-through certificates, series 2019-COR5.

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

  -- $14,650,000 class A-1 'AAAsf'; Outlook Stable;

  -- $66,432,000 class A-2 'AAAsf'; Outlook Stable;

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

  -- $201,348,000d class A-4 'AAAsf'; Outlook Stable;

  -- $26,615,000 class A-SB 'AAAsf'; Outlook Stable;

  -- $546,683,000b class X-A 'AAAsf'; Outlook Stable;

  -- $65,497,000b class X-B 'A-sf'; Outlook Stable;

  -- $57,638,000 class A-S 'AAAsf'; Outlook Stable;

  -- $34,932,000 class B 'AA-sf'; Outlook Stable;

  -- $30,565,000 class C 'A-sf'; Outlook Stable;

  -- $16,244,000abe class X-D 'BBBsf'; Outlook Stable.

  -- $16,244,000a class D 'BBBsf'; Outlook Stable;

  -- $17,815,000ae class E-RR 'BBB-sf'; Outlook Stable;

  -- $16,592,000ace class F-RR 'BB-sf'; Outlook Stable;

  -- $6,987,000ac class G-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

  -- $28,819,121ac class H-RR 'NR'.

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

(b) Notional amount and interest-only.

(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.

(d) The initial certificate balances of class A-3 and A-4 are
unknown and expected to be $381,348,000 in aggregate. The
certificate balances will be determined based on the final pricing
of those classes of certificates. The expected class A-3 balance
range is $75,000,000 to $180,000,000, and the expected class A-4
balance range is $201,348,000 to $306,348,000.

(e) The initial certificate balances of classes D, E-RR and X-D are
unknown. The aggregate certificate balances of classes E-RR, F-RR,
G-RR and H-RR will equal at least 5% of the estimated fair value of
all the classes of certificates issued by the issuing entity. The
expected class D balance range is $14,497,000 and $18,340,000, the
expected class E-RR balance range is $15,719,000 and $19,562,000,
and the expected class X-D balance range is $14,497,000 and
$18,340,000.
NR - Not rated.

The expected ratings are based on information provided by the
issuer as of June 4, 2019.

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 46 loans secured by 135
commercial properties having an aggregate principal balance of
$698,637,121 as of the cutoff date. The loans were originated by
JPMorgan Chase Bank, National Association (f) and LoanCore Capital
Markets LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 81.8% of the properties
by balance, cash flow analysis of 96.0% and asset summary reviews
on 100.0% of the pool.

(f) One of the mortgage loans being sold by JPMorgan Chase Bank,
National Association, the SWVP Portfolio mortgage loan, is part of
a whole loan that was co-originated by Societe Generale Financial
Corporation and JPMCB. Such mortgage loan has been or will be
purchased by JPM or an affiliate.

KEY RATING DRIVERS

Higher Fitch Leverage than Recent Transactions: The pool's leverage
is higher than that of recent Fitch-rated multiborrower
transactions. The pool's Fitch loan-to-value (LTV) of 103.3% is
higher than 2018 and YTD 2019 averages of 102.0% and 101.6%,
respectively. The pool's Fitch debt service coverage ratio (DSCR)
of 1.12x is below the 2018 and YTD 2019 averages of 1.22x and
1.23x, respectively.

Investment-Grade Credit Opinion Loans: Twenty loans comprising
15.0% of the transaction received an investment-grade credit
opinion. This is above the YTD 2019 and 2018 averages of 8.3% and
13.2%, respectively. 3 Columbus Circle (7.2% of the pool) and ICON
UES (3.6%) each received stand-alone credit opinions of 'BBB-sf'*.
The ICON 18 loans (4.3%) have credit opinions ranging from
'BBB-sf*' to 'BBB+sf*' on a stand-alone basis. Excluding these
loans, the pool's Fitch DSCR and LTV are 1.09x and 109.1%,
respectively.

Limited Amortization: Thirty loans (57.1% of the pool) are full
term interest only and 10 loans (21.9% of the pool) are partial
interest only. The pool is scheduled to amortize just 6.4% of the
initial pool balance by maturity, which is lower than the 2018
average of 7.2% but slightly higher than the YTD 2019 average of
6.2%.

RATING SENSITIVITIES

For this transaction, Fitch's NCF was 8.0% below the most recent
year's NOI for properties for which a full-year NOI was provided,
excluding properties that were stabilizing during this period.
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
JPMCC 2019-COR5 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.


LATAM WALKERS 2006-101: Fitch Cuts CLP5MM Certs Rating to 'BB-sf'
-----------------------------------------------------------------
Fitch Ratings has downgraded Latam Walkers Cayman Trust 2006-101
as follows:

  -- CLP5,348,000,000 UF-Adjusted Certificates to 'BB-sf' from
'BBsf'; Outlook Negative.

KEY RATING DRIVERS

The rating considers the credit quality of Bank of America Corp.
(A+/Stable), as the swap counterparty and issuer of the qualified
investment. The rating also considers the Issuer Default Rating
(IDR) of the reference entity, Petroleos Mexicanos (Pemex), which
is subject to restructuring as a credit event; therefore, as a
result of the credit-linked note (CLN) criteria, "Single-and
Multi-Name Credit-Linked Notes Rating Criteria," dated April 24,
2019, Fitch has applied a one-notch downward adjustment to the
rating to 'BB'/Outlook Negative from 'BB+'/Outlook negative, prior
to applying the "two-risk matrix." The Rating Outlook reflects the
Outlook on the main risk driver, Pemex, which is the lowest-rated
risk-presenting entity.


MONROE CAPITAL VIII: Moody's Rates $32.4MM Class E Notes 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Monroe Capital MML CLO VIII, Ltd.

Moody's rating action is as follows:

US$252,000,000 Class A Senior Floating Rate Notes due 2031 (the
"Class A Notes"), Definitive Rating Assigned Aaa (sf)

US$49,500,000 Class B Floating Rate Notes due 2031 (the "Class B
Notes"), Definitive Rating Assigned Aa2 (sf)

US$27,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class C Notes"), Definitive Rating Assigned A2 (sf)

US$32,850,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class D Notes"), Definitive Rating Assigned Baa3 (sf)

US$32,400,000 Class E Deferrable Mezzanine Floating Rate Notes due
2031 (the "Class E Notes"), Definitive Rating 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 ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Monroe Capital MML CLO VIII is a managed cash flow CLO. The issued
notes will be collateralized primarily by small and medium
enterprise loans. At least 95% of the portfolio must consist of
first lien senior secured loans and eligible investments, and up to
5% of the portfolio may consist of second lien loans and unsecured
loans. The portfolio is approximately 70% ramped as of the closing
date.

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

In addition to the Rated Notes, the Issuer 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: $450,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3700

Weighted Average Spread (WAS): 4.45%

Weighted Average Coupon (WAC): 7.5%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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

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


MORGAN STANLEY 2006-HQ9: Fitch Hikes $7.6MM Class E Certs to BBsf
-----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 11 classes of Morgan
Stanley Capital I Trust commercial mortgage pass-through
certificates series 2006-HQ9.

KEY RATING DRIVERS

Continued Paydown and Stable Loss Expectations: The upgrade for
class E reflects sufficient credit enhancement relative to expected
losses, continued paydown and performance characteristics and asset
quality of the remaining pool. The Positive Outlook reflects
expected future paydown and increased credit enhancement.

The largest loan, 5600 Broken Sound Boulevard (62%), is considered
to be a Fitch Loan of Concern (FLOC) due to the binary risk
associated with the single tenant lease expiration. The loan is
secured by an office property in Boca Raton, FL and is fully leased
to Cannon through February 2020. Per the servicer, it is likely
Cannon will vacate and the borrower is attempting to sell or
re-lease the asset. The loan matures in March 2020 and the balloon
balance equates to $128.50 psf. Should the single tenant vacate and
the borrower not find a tenant prior to the maturity, a transfer to
the special servicer is likely.

Concentration: The pool is highly concentrated with only four of
the original 219 assets remaining. Due to the concentrated nature
of the pool, Fitch performed a sensitivity analysis which grouped
the remaining loans based on loan structural features, collateral
quality and performance, which ranked them by their perceived
likelihood of repayment. The ratings reflect this sensitivity
analysis.

Moreno Beach Plaza (23.5%) is a 22,667 sf retail property in Moreno
Valley, CA, located approximately 90 minutes east of Los Angeles.
The loan is current and matures in August 2020.

105 Regency Park Drive (5.8%) is secured by a 17,700 sf
single-tenant medical office building in Mcdonough, GA. The
building is fully leased to Resurgens through June 2020 and the
loan matures in July 2026.

One loan (9.1%) is defeased and matures in July 2021.

Increased Credit Enhancement: As of the May 2019 remittance report,
the pool has been reduced by 98.8% to $30.3 million from $2.6
billion at issuance. Realized losses to date total $182.5 million
(7.02% of the original pool balance).

RATING SENSITIVITIES

The Positive Outlook reflects the likelihood that the second
largest loan pays off at its 2020 maturity and the largest loan
remains outstanding; should this scenario occur the class would be
fully covered by defeased collateral and would be subject to
multiple category upgrades. A downgrade to class E is not likely.

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

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

Fitch has upgraded the following class:

  -- $7.6 million class E to 'BBsf' from 'CCCsf'; assigned Positive
Outlook.

Fitch has affirmed the following ratings:

  -- $22.7 million class F at 'Dsf'; RE 0%;

  -- $0 million class G at 'Dsf'; RE 0%.

  -- $0 million class H at 'Dsf'; RE 0%;

  -- $0 million class J at 'Dsf'; RE 0%;

  -- $0 class K at 'Dsf'; RE 0%;

  -- $0 class L at 'Dsf'; RE 0%;

  -- $0 class M at 'Dsf'; RE 0%;

  -- $0 class N at 'Dsf'; RE 0%;

  -- $0 class O at 'Dsf'; RE 0%;

  -- $0 class P at 'Dsf'; RE 0%;

  -- $0 class Q at 'Dsf'; RE 0%.

Classes A-1, A-1A, A-2, A-3, A-AB, A-4, A-4FL, A-M, A-J, X-RC, B,
C, D, ST-A, ST-B, ST-C, ST-D, and ST-E have paid in full. Fitch
does not rate the class S, ST-F and DP certificates. Fitch
previously withdrew the ratings on the interest-only class X and
X-MP certificates.


MORGAN STANLEY 2011-C2: Moody's Cuts Class F Certs Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on three classes in Morgan Stanley
Capital I Trust 2011-C2, Commercial Mortgage Pass-Through
Certificates, Series 2011-C2 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Feb 1, 2018 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Feb 1, 2018 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa2 (sf); previously on Feb 1, 2018 Affirmed Aa2
(sf)

Cl. C, Affirmed A2 (sf); previously on Feb 1, 2018 Affirmed A2
(sf)

Cl. D, Affirmed Baa2 (sf); previously on Feb 1, 2018 Affirmed Baa2
(sf)

Cl. E, Downgraded to Ba1 (sf); previously on Feb 1, 2018 Affirmed
Baa3 (sf)

Cl. F, Downgraded to B2 (sf); previously on Feb 1, 2018 Affirmed
Ba2 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 1, 2018 Affirmed Aaa
(sf)

Cl. X-B*, Downgraded to Caa1 (sf); previously on Feb 1, 2018
Downgraded to B2 (sf)

  * Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on five P&I classes were affirmed because the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio, Moody's stressed debt service coverage ratio (DSCR) and the
transaction's Herfindahl Index (Herf), are within acceptable
ranges. The rating on one IO class, Cl. X-A, was affirmed based on
the credit quality of the referenced classes.

The ratings on Cl. E and Cl. F were downgraded due to a decline in
pool performance, driven primarily by the declines in performance
of the Towne West Square Mall (6.2% of the pool) and Three Riverway
Office loan (6.4% of the pool).

The rating on one IO Class, Cl. X-B, was downgraded due to a
decline in the credit quality of its referenced classes. Cl. X-B
references eight P&I classes, including Cl. G, Cl. H and Cl. J,
which are not rated by Moody's.

Moody's rating action reflects a base expected loss of 7.1% of the
current pooled balance, compared to 4.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.9% of the
original pooled balance, compared to 3.4% at the last review.

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

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

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

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

DEAL PERFORMANCE

As of the May 2019 distribution date, the transaction's aggregate
certificate balance has decreased by 41% to $722.7 million from
$1.21 billion at securitization. The certificates are
collateralized by 42 mortgage loans ranging in size from less than
1% to 18.5% of the pool, with the top ten loans (excluding
defeasance) constituting 67% of the pool. Eight loans, constituting
9.5% of the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of ten, compared to 11 at Moody's last review.

Five loans, constituting 14% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Two loans, constituting 7.0% of the pool, are currently in special
servicing. The largest specially serviced loan is the Towne West
Square Mall ($44.9 million -- 6.2% of the pool), which is secured
by an approximately 400,000 square foot (SF) portion of a 900,000
SF regional mall in Wichita, Kansas. The loan transferred to
special servicing in February 2017 due to imminent default. The
mall is currently anchored by J.C. Penney, Dick's Sporting Goods,
and Dillard's Clearance. All anchor tenants own their own
improvement. At securitization the anchors included a Sear's
(collateral) and two non-collateral Dillard stores, however, Sears
(123,000 SF) vacated in 2015 and Dillard's Women's & Home (160,000
SF) closed in 2017. Convergys backfilled 32,000 SF of the former
Sear's space. Property performance has declined significantly since
securitization and the 2018 net operating income (NOI) was more
than 40% lower than underwritten levels. As of January 2019, the
total property was 88% leased and 70% occupied, respectively, and
the total collateral and inline space was 80% and 73% leased,
respectively. The special servicer indicated they are pursuing
foreclosure.

The other specially serviced loan (0.8% of the pool) is secured by
a mixed-use property.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 7.6% of the pool, and has estimated
an aggregate loss of $51.1 million (a 48% expected loss on average)
from these specially serviced and troubled loans.

Moody's received full year 2017 operating results for 98% of the
pool, and full or partial year 2018 operating results for 93% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 80%, compared to 83% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 19% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.61X and 1.36X,
respectively, compared to 1.52X and 1.25X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 42.5% of the pool balance.
The largest loan is the Deerbrook Mall Loan ($133.8 million --
18.5% of the pool), which is secured by a 554,500 SF portion of a
1.2 million SF regional mall located in Humble, Texas. The property
is anchored by Dillard's, Macy's, Sears, JC Penney and AMC
Theatres. AMC Theatres is the only anchor space included in the
loan collateral. Additional major collateral tenants include
Forever 21 and Dick's Sporting Goods. Inline occupancy was 93% as
of September 2018. The loan benefits from amortization, having
amortized 13% since securitization and is scheduled to mature in
April 2021. The property's 2018 NOI was 32% higher than
underwritten levels. Moody's LTV and stressed DSCR are 78% and
1.24X, respectively, compared 81% and 1.21X at last review.

The second largest loan is the Ingram Park Mall Loan ($126.9
million -- 17.6% of the pool), which is secured by a 375,000 SF
portion of a 1.1 million SF regional mall located in San Antonio,
Texas. The property is anchored by Dillard's, Macy's, and J.C.
Penney, all of which own their own improvements. Two anchors, Sears
and Dillard's Home Center, have closed and remain dark. Inline
occupancy was 88% as of September 2018, compared to 84% at year-end
2017. The sponsor, Simon Property Group, recently completed a $9
million renovation which included an expanded food court, lounge
areas with charging stations and upgrades to flooring and lighting.
While property performance has been declining the past three years,
the property's 2018 NOI remained 14% above underwritten levels. The
loan is amortizing on a 30-year schedule, having amortized 12%
since securitization, and matures in June 2021. Moody's LTV and
stressed DSCR are 94% and 1.18X, respectively, compared to 87% and
1.15X at last review.

The third largest loan is the Three Riverway Office Loan ($46.4
million -- 6.4% of the pool), which is secured by a 20-story, Class
A office building totaling approximately 398,000 SF and located in
Houston, Texas. The property is part of a five-building office park
situated in the northern portion of the Galleria/Uptown Houston
submarket. The property is located within a larger 27-acre master
planned development featuring office, retail, and apartment
properties, as well as a 378-room full service hotel. As of March
2019, the property was 61% leased, down from 76% at Moody's prior
review and 87% at securitization. Leases representing 22% of the
NRA are scheduled to roll within one year, including the largest
tenant (6.8% of the NRA). As a result of the increased vacancy, the
property's year-end 2018 NOI has declined nearly 36% from
underwritten levels and the loan's actual NOI DSCR was below 1.00X
the past two years. The collateral property sustained damage as a
result of flooding related to Hurricane Harvey in 2017. The loan is
amortizing on a 30-year schedule and matures in May 2021. Due to
the declining performance, Moody's considers this loan troubled and
at a heightened risk of default.


MORGAN STANLEY 2013-C9: Moody's Affirms B3 on Class H Debt
----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on sixteen
classes in Morgan Stanley Bank of America Merrill Lynch Trust
2013-C9, Commercial Mortgage Pass-Through Certificates Series
2013-C9 as follows:

Cl. A-AB, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed Aaa
(sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed
Aaa (sf)

Cl. A-3FX, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Feb 2, 2018 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Feb 2, 2018 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Feb 2, 2018 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Feb 2, 2018 Affirmed Ba2
(sf)

Cl. F, Affirmed Ba3 (sf); previously on Feb 2, 2018 Affirmed Ba3
(sf)

Cl. G, Affirmed B1 (sf); previously on Feb 2, 2018 Affirmed B1
(sf)

Cl. H, Affirmed B3 (sf); previously on Feb 2, 2018 Affirmed B3
(sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Feb 2, 2018 Affirmed Aaa
(sf)

Cl. X-B*, Affirmed A2 (sf); previously on Feb 2, 2018 Affirmed A2
(sf)

Cl. PST**, Affirmed Aa3 (sf); previously on Mar 18, 2019 Upgraded
to Aa3 (sf)

* Reflects interest-only classes

** Reflects exchangeable classes

RATINGS RATIONALE

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

The ratings on two IO classes were affirmed based on the credit
quality of the referenced classes.

The rating on the exchangeable class, Cl. PST, was affirmed due to
the credit quality of the referenced exchangeable classes.

Moody's rating action reflects a base expected loss of 2.4% of the
current pooled balance, compared to 3.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.8% of the
original pooled balance, compared to 2.4% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except exchangeable
classes and interest-only classes were "Approach to Rating US and
Canadian Conduit/Fusion CMBS" published in July 2017 and "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017. The principal methodology used in
rating exchangeable classes was "Moody's Approach to Rating
Repackaged Securities" published in March 2019. The methodologies
used in rating interest-only classes were "Approach to Rating US
and Canadian Conduit/Fusion CMBS" published in July 2017, "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017, and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in
February 2019.

DEAL PERFORMANCE

As of the May 15, 2019 distribution date, the transaction's
aggregate certificate balance has decreased by 24% to $973.8
million from $1.28 billion at securitization. The certificates are
collateralized by 55 mortgage loans ranging in size from less than
1% to 17% of the pool, with the top ten loans (excluding
defeasance) constituting 46% of the pool. One loan, constituting
17% of the pool, has an investment-grade structured credit
assessment. Seven loans, constituting 25.3% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 13, compared to the 16 at Moody's last review.

Four loans, constituting 8.8% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

No loans have been liquidated from the pool.

Moody's received full year 2018 operating results for 92% of the
pool. Moody's weighted average conduit LTV is 97%, compared to 98%
at Moody's last review. Moody's conduit component excludes loans
with structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 18% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.65X and 1.13X,
respectively, compared to 1.67X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The loan with a structured credit assessment is the Milford Plaza
Fee Loan ($165 million -- 16.9% of the pool), which represents a
pari passu interest in a $275 million first mortgage. The loan is
secured by the ground lease on the land beneath the Row NYC Hotel,
formerly the Milford Plaza Hotel -- a 28-story, 1,331 key
full-service hotel located in Midtown Manhattan. The triple net
(NNN) ground lease commenced in 2013, expires in 2112 and includes
annual CPI rent increases. The tenant has purchase options at the
end of years 10, 20 and 30. Moody's structured credit assessment
and stressed DSCR are baa1 (sca.pd) and 0.67X, respectively,
compared to baa1 (sca.pd) and 0.66X at the last review.

The top three conduit loans represent 14.9% of the pool balance.
The largest loan is the Dartmouth Mall Loan ($59.2 million -- 6.1%
of the pool), which is secured by an approximately 531,000 SF
component of a 671,000 SF regional mall in Dartmouth,
Massachusetts. The property is anchored by Macy's, Sears, J.C.
Penney and a 12-screen AMC theatre. The Macy's is not part of the
collateral. Sears announced plans to close its location in Fall
2019. In-line occupancy was 99% and total collateral occupancy was
nearly 100% as of December 2018, compared to 95% and 96%,
respectively, in September 2017. Inline sales for 2018 (tenants
less than 10,000 SF) were $461 per SF. The property's 2018 net
operating income (NOI) was approximately 21% higher than
underwritten NOI due primarily to increased rental revenue. The
loan has amortized 11% since securitization and Moody's LTV and
stressed DSCR are 123% and 0.94X, respectively, compared to 127%
and 0.91X at the last review.

The second largest loan is the Apthorp Retail Condominium Loan
($58.3 million -- 6.0% of the pool), which is secured by a 12,851
SF ground floor retail condominium unit within the Apthorp
condominium building located on Broadway between 79th and 80th
streets on the Upper West Side in New York City. The building was
built between 1906-1908 and is on the National Register of Historic
Places. The property was 81% leased as of December 2018, compared
to 96% in December 2017. Property performance has declined from
securitization as a result of the lower occupancy. Moody's LTV and
stressed DSCR are 109% and 0.77X, respectively, compared to 101%
and 0.83X at the last review.

The third largest loan is the Lodge at Sonoma Renaissance Resort
and Spa Loan ($27.4 million -- 2.8% of the pool), which is secured
by a 182-room (115 kings, 62 doubles and five suites), full-service
located in Sonoma, California. The property is operated under the
Renaissance brand, which is an affiliate of Marriott International.
For the trailing twelve month period ending March 2019 the property
occupancy and RevPAR were 72% and $218.5, respectively. Property
performance has significantly improved from securitization. Moody's
LTV and stressed DSCR are 55% and 2.08X, respectively, compared to
56% and 2.02X at the last review.


MORGAN STANLEY 2016-UBS11: Fitch Affirms B- Rating on 2 Tranches
----------------------------------------------------------------
Fitch Ratings affirms 16 classes of Morgan Stanley Capital I Trust
2016-UBS11 commercial mortgage pass-through certificates.

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations are based on the stable
performance of the underlying collateral. There have been no
material changes to the pool since issuance, and thus the original
rating analysis was considered in affirming the transaction. There
are no loans in special servicing or on the servicer's watchlist.
One loan, Nameoki Commons (2.2%), has been designated as a Fitch
Loan of Concern due to the grocery anchor going dark. No loans have
been defeased.

Minimal Change to Credit Enhancement: As of the May 2019
distribution date, the pool's aggregate principal balance has been
reduced by 3.2% to $696.4 million from $719.8 million at issuance.
Four loans (24.6% of the current pool balance) are full-term
interest-only and six loans (16.5%) are partial-term interest-only
loans. Three loans (5.8%) have begun amortizing, two (0.8%) will
begin amortizing in September 2019, and one (10.1%) will begin
amortizing in September 2021.

Pool Concentration: Loans accounting for approximately 35.6% of the
current pool balance have exposure to hotel properties, including
five (24.8%) in the top 15. Two of these hotel properties include a
net leased hotel (9.3%) and the leased fee interest of a ground
leased hotel property (7.0%). Excluding these loans, hotel
concentration is 19.3%. Loans backed by retail properties account
for approximately 26.4% of the current pool balance, including five
(21.1%) in the top 15. There is no regional mall exposure in this
pool.

RATING SENSITIVITIES

The Rating Outlooks on all classes remain Stable. Fitch does not
foresee positive or negative ratings migration until a material
economic or asset-level event changes the transaction's overall
portfolio-level metrics.

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

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

A description of the transaction's representations, warranties and
enforcement mechanisms that are disclosed in the offering document
and which relate to the underlying asset pool was not prepared for
this transaction. Offering Documents for this market sector
typically do not include RW&Es that are available to investors and
that relate to the asset pool underlying the trust. Therefore,
Fitch credit reports for this market sector will not typically
include descriptions of RW&Es.

MSC 2016-UBS11

Debt/Entity                 Rating                 Prior
-----------                 ------                 -----
Class A-1 61767FAW1   LT AAAsf   Affirmed  previously AAAsf
Class A-2 61767FAX9   LT AAAsf   Affirmed  previously AAAsf
Class A-3 61767FAZ4   LT AAAsf   Affirmed  previously AAAsf
Class A-4 61767FBA8   LT AAAsf   Affirmed  previously AAAsf
Class A-S 61767FBD2   LT AAAsf   Affirmed  previously AAAsf
Class A-SB 61767FAY7  LT AAAsf   Affirmed  previously AAAsf
Class B 61767FBE0     LT AA-sf   Affirmed  previously AA-sf
Class C 61767FBF7     LT A-sf    Affirmed  previously A-sf
Class D 61767FAJ0     LT BBB-sf  Affirmed  previously BBB-sf
Class E 61767FAL5     LT BB-sf   Affirmed  previously BB-sf
Class F 61767FAN1     LT B-sf    Affirmed  previously B-sf
Class X-A 61767FBB6   LT AAAsf   Affirmed  previously AAAsf
Class X-B 61767FBC4   LT A-sf    Affirmed  previously A-sf
Class X-D 61767FAA9   LT BBB-sf  Affirmed  previously BBB-sf
Class X-E 61767FAC5   LT BB-sf   Affirmed  previously BB-sf
Class X-F 61767FAE1   LT B-sf    Affirmed  previously B-sf


NAAC REPERFORMING 2004-R1: Moody's Cuts Class PT Certs to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Class PT
tranches from NAAC Reperforming Loan Remic Trust Certificates,
Series 2004-R1 and Series 2004-R2.

Complete rating actions are as follows:

Issuer: NAAC Reperforming Loan Remic Trust Certificates, Series
2004-R1

Cl. PT*, Downgraded to C (sf); previously on Feb 22, 2016
Downgraded to Caa1 (sf)

Issuer: NAAC Reperforming Loan Remic Trust Certificates, Series
2004-R2

Cl. PT*, Downgraded to C (sf); previously on Jan 23, 2017
Downgraded to Caa1 (sf)

  * Reflects Interest Only Classes

RATINGS RATIONALE

The actions reflect the correction of an error in the analytical
approach used in prior rating actions. Each of the  tranches has an
Interest Only (IO) and a Principal Only (PO) component, but prior
analyses neglected to consider the rating of the IO component. The
factors that Moody's considers in rating an IO bond depend on the
type of referenced securities or assets to which the IO bond is
linked. For IO PO bonds, which have both an IO component and a PO
component, Moody's determines the rating of the IO PO bond using a
weighted average of the ratings of the two components.

The rating downgrades reflect the nonpayment of interest on the IO
component of the tranches for an extended period of 12 months or
more. The coupon rate of the IO component is subject to a
calculation that has reduced the required interest distribution to
zero. The coupons on these bonds are subject to changes in interest
rates and/or collateral composition and there is a remote
possibility that the bonds may receive interest in the future. The
rating action also takes into account the recent performance of the
underlying pool and reflects Moody's updated loss expectations on
the pools together with changes in tranche level credit
enhancement.

The methodologies used in these ratings were "FHA-VA US RMBS
Surveillance Methodology" published in February 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:

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in April 2019 from 3.9% in April
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's
expects house prices to continue to rise in 2019. Lower increases
than Moody's expects or decreases could lead to negative rating
actions.

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

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions.


NATIONSTAR HECM 2019-1: Moody's Give (P)B3 Rating to Class M4 Debt
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of residential mortgage-backed securities issued by
Nationstar HECM Loan Trust 2019-1. The ratings range from (P)Aaa
(sf) to (P)B3 (sf).

The certificates are backed by a pool that includes 1,255 inactive
home equity conversion mortgages and 199 real estate owned
properties. The servicer for the deal is Nationstar Mortgage LLC.
The complete rating actions are as follows:

Issuer: Nationstar HECM Loan Trust 2019-1

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

Cl. M1, Assigned (P)Aa3 (sf)

Cl. M2, Assigned (P)A3 (sf)

Cl. M3, Assigned (P)Baa3 (sf)

Cl. M4, Assigned (P)B3 (sf)

RATINGS RATIONALE

The collateral backing NHLT 2019-1 consists of first-lien inactive
HECMs covered by Federal Housing Administration (FHA) insurance
secured by properties in the US along with Real-Estate Owned (REO)
properties acquired through conversion of ownership of reverse
mortgage loans that are covered by FHA insurance. If a borrower or
their estate fails to pay the amount due upon maturity or otherwise
defaults, the sale of the property is used to recover the amount
owed. Nationstar acquired the mortgage assets from Ginnie Mae
sponsored HECM mortgage backed (HMBS) securitizations. All of the
mortgage assets are covered by FHA insurance for the repayment of
principal up to certain amounts.

There are 1,454 mortgage assets with a balance of $397,720,687. The
assets are in either default, due and payable, referred,
foreclosures or REO status. Loans that are in default may move to
due and payable; due and payable loans may move to foreclosure; and
foreclosure loans may move to REO. 24.18% of the assets are in
default of which 0.12% (of the total assets) are in default due to
non-occupancy and the remaining are in default due to delinquent
taxes and insurance, non-repairs and HOA. 20.96% of the assets are
due and payable, 39.08% of the assets are in foreclosure and 1.91%
of the assets are in pre-foreclosure liquidated status. Finally,
13.88% of the assets are REO properties and were acquired through
foreclosure or deed-in-lieu of foreclosure on the associated loan.
If the value of the related mortgaged property is greater than the
loan amount, some of these loans may be settled by the borrower or
their estate.

The collateral composition of NHLT 2019-1 is different from that of
NHLT 2018-3 in several key respects. First, NHLT 2019-1 has a lower
percentage of loans in default status and a higher percentage of
loans in REO status. In addition, a relatively large percentage of
the collateral in NHLT 2019-1 is inactive due to death or
non-occupancy (23.0% compared to 17.1% in NHLT 2018-3).
Furthermore, the weighted average loan-to-value ratio, at 121.5%,
is slightly lower than the NHLT 2018-3 transaction, but also
generally in line with other NHLT transactions Moody's has rated.
This implies that borrowers in this pool tend to have more equity
in their homes compared to in prior transactions which may lead to
higher cure and repayment rates.

As with most NHLT transactions Moody's has rated, the pool has a
significant concentration of mortgage assets backed by properties
in New York, New Jersey and Florida. Such states are judicial
foreclosure states with long foreclosure timelines. Also, there are
20 assets (0.7% of the asset balance) in NHLT 2019-1 that are
backed by properties in Puerto Rico, which is still recovering from
Hurricane Maria and suffering from poor economic conditions due to
a public debt crisis and continued out-migration. Its credit
ratings reflect state-specific foreclosure timeline stresses as
well as adjustments for risks associated with the real estate
market in Puerto Rico.

Nationstar has noted that there are no damaged properties in the
pool. In addition, there are property level representations &
warranties that no mortgaged property has suffered damages due to
fire, flood, windstorm, earthquake, tornado, hurricane, or any
other damages.

Transaction Structure

The securitization has a sequential liability structure amongst six
classes of notes with structural subordination. All funds
collected, prior to an acceleration event, are used to make
interest payments to the notes, then principal payments to the
Class A notes, then to a redemption account until the amount on
deposit in the redemption account is sufficient to cover future
principal and interest payments for the subordinate notes up to
their expected final payment dates. The subordinate notes will not
receive principal until the beginning of their respective target
amortization periods (in the absence of an acceleration event). The
notes benefit from structural subordination as credit enhancement,
and an interest reserve account funded with cash received from the
initial purchasers of the notes for liquidity and credit
enhancement.

The transaction is callable on or after six months with a 1.0%
premium and on or after 12 months without a premium. The mandatory
call date for the Class A notes is in October 2021. For the Class
M1 notes, the expected final payment date is in February 2022. For
the Class M2 notes, the expected final payment date is in May 2022.
For the Class M3 notes, the expected final payment date is in
August 2022. For the Class M4 notes, the expected final payment
date is in January 2023. Finally, for the Class M5 notes, the
expected final payment date is in February 2023. For each of the
subordinate notes, there are target amortization periods that
conclude on the respective expected final payment dates. The legal
final maturity of the transaction is 10 years.

Available funds to the transaction are expected to primarily come
from the liquidation of REO properties and receipt of FHA insurance
claims. These funds will be received with irregular timing. In the
event that there are insufficient funds to pay interest in a given
period, the interest reserve account may be utilized. Additionally,
any shortfall in interest will be classified as an available funds
cap shortfall. These available funds cap carryover amounts will
have priority of payments in the waterfall and will also accrue
interest at the respective note rate.

Certain aspects of the waterfall are dependent upon Nationstar
remaining as servicer. Servicing fees and servicer related
reimbursements are subordinated to interest and principal payments
while Nationstar is servicer. However, servicing advances will
instead have priority over interest and principal payments in the
event that Nationstar defaults and a new servicer is appointed.

Third-Party Review

A third party firm conducted a review of certain characteristics of
the mortgage assets on behalf of Nationstar. The review focused on
data integrity, FHA insurance coverage verification, accuracy of
appraisal recording, accuracy of occupancy status recording,
borrower age documentation, identification of excessive corporate
advances, documentation of servicer advances, and identification of
tax liens with first priority in Texas. Also, broker price opinions
(BPOs) were ordered for 108 properties in the pool.

The TPR firm conducted an extensive data integrity review. Certain
data tape fields, such as the mortgage insurance premium (MIP)
rate, the current UPB, current interest rate, and marketable title
date were reviewed against Nationstar's servicing system. However,
a significant number of data tape fields were reviewed against
imaged copies of original documents of record, screen shots of
HUD's HERMIT system, or HUD documents. Some key fields reviewed in
this manner included the original note rate, the debenture rate,
foreclosure first legal date, and the called due date.

The results of the third-party review (TPR) are comparable to
previous NHLT transactions in many respects. However, the number of
exceptions related to the accuracy of reported valuations, and
foreclosure and bankruptcy attorney fees is similar to what was
observed in NHLT 2018-3 transaction. NHLT 2019-1's TPR results
showed an 2.08% initial-tape exception rate related to the accuracy
of reported valuations and a 24.38% initial-tape exception rate
related to foreclosure and bankruptcy attorney fees. In its
analysis of the pool, Moody's applied adjustments to account for
the TPR results in certain areas.

Reps & Warranties (R&W)

Nationstar is the loan-level R&W provider and is rated B2 (Stable).
This relatively weak financial profile is mitigated by the fact
that Nationstar will subordinate its servicing advances, servicing
fees, and MIP payments in the transaction and thus has significant
alignment of interests. Another factor mitigating the risks
associated with a financially weak R&W provider is that a
third-party due diligence firm conducted a review on the loans for
evidence of FHA insurance.

Nationstar represents that the mortgage loans are covered by FHA
insurance that is in full force and effect. Nationstar provides
further R&Ws including those for title, first lien position,
enforceability of the lien, and the condition of the property.
Although Nationstar provides a no fraud R&W covering the
origination of the mortgage loans, determination of value of the
mortgaged properties, and the sale and servicing of the mortgage
loans, the no fraud R&W is made only as to the initial mortgage
loans. Aside from the no fraud R&W, Nationstar does not provide any
other R&W in connection with the origination of the mortgage loans,
including whether the mortgage loans were originated in compliance
with applicable federal, state and local laws. Although certain
representations are knowledge qualified, the transaction documents
contain language specifying that if a representation would have
been breached if not for the knowledge qualifier then Nationstar
will repurchase the relevant asset as if the representation had
been breached.

Upon the identification of an R&W breach, Nationstar has to cure
the breach. If Nationstar is unable to cure the breach, Nationstar
must repurchase the loan within 90 days from receiving the
notification. Moody's believes the absence of an independent third
party reviewer who can identify any breaches to the R&W makes the
enforcement mechanism weak in this transaction. Also, Nationstar,
in its good faith, is responsible for determining if a R&W breach
materially and adversely affects the interests of the trust or the
value the collateral. This creates the potential for a conflict of
interest.

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 acquisition trustee would be
subject to lawsuits from investors for a failure to adequately
enforce the R&Ws against the seller. Moody's believes that NHLT
2019-1 is adequately protected against such risk in part because a
third-party data integrity review was conducted on a significant
random sample of the loans. In addition, the third-party due
diligence firm verified that all of the loans in the pool are
covered by FHA insurance.

Trustee

The acquisition and owner trustee for the NHLT 2019-1 transaction
is Wilmington Savings Fund Society, FSB. The paying agent and cash
management functions will be performed by U.S. Bank National
Association. U.S. Bank National Association will also serve as the
claims payment agent and as such will be the HUD mortgagee of
record for the mortgage assets in the pool.

Methodology

The methodologies used in these ratings were "Moody's Approach to
Rating Securitisations Backed by Non-Performing and Re-Performing
Loans" published in February 2019 and "Moody's Global Approach to
Rating Reverse Mortgage Securitizations" published in May 2019.

Its quantitative asset analysis is based on a loan-by-loan modeling
of expected payout amounts given the structure of FHA insurance and
with various stresses applied to model parameters depending on the
target rating level.

FHA insurance claim types: funds come into the transaction
primarily through the sale of REO properties and through FHA
insurance claim receipts. There are uncertainties related to the
extent and timing of insurance proceeds received by the trust due
to the mechanics of the FHA insurance. HECM mortgagees may suffer
losses if a property is sold for less than its appraised value.

The amount of insurance proceeds received from the FHA depends on
whether a sales based claim (SBC) or appraisal based claim (ABC) is
filed. SBCs are filed in cases where the property is successfully
sold within the first six months after the servicer has acquired
marketable title to the property. ABCs are filed six months after
the servicer has obtained marketable title if the property has not
yet been sold. For an SBC, HUD insurance will cover the difference
between (i) the loan balance and (ii) the higher of the sales price
and 95.0% of the latest appraisal, with the transaction on the hook
for losses if the sales price is lower than 95.0% of the latest
appraisal. For an ABC, HUD only covers the difference between the
loan amount and 100% of appraised value, so failure to sell the
property at the appraised value results in loss.

Moody's expects ABCs to have higher levels of losses than SBCs. The
fact that there is a delay in the sale of the property usually
implies some adverse characteristics associated with the property.
FHA insurance will not protect against losses to the extent that an
ABC property is sold at a price lower than the appraisal value
taken at the six month mark of REO. Additionally, ABCs do not cover
the cost to sell properties (broker fees) while SBCs do cover these
costs. For SBCs, broker fees are reimbursable up to 6.0%
ordinarily. Its base case expectation is that properties will be
sold for 13.5% less than their appraisal value for ABCs. This is
based on the historical experience of Nationstar. Moody's stressed
this percentage at higher credit rating levels. At a Aaa rating
level, it assumed that ABC appraisal haircuts could reach up to
30.0%.

In its asset analysis, Moody's also assumed there would be some
losses for SBCs, albeit lower amounts than for ABCs. Based on
historical performance, in the base case scenario it assumed that
SBCs would suffer 1.0% losses due to a failure to sell the property
for an amount equal to or greater than 95.0% of the most recent
appraisal. Moody's stressed this percentage at higher credit rating
levels. At a Aaa rating level, it assumed that SBC appraisal
haircuts could reach up to 11.0% (i.e., 6.0% below 95.0%).

Under its analytical approach, each loan is modeled to go through
both the ABC and SBC process with a certain probability. Each loan
will thus have both of the sales disposition payments and
associated insurance payments (four payments in total). All
payments are then probability weighted and run through a modeled
liability structure. Based on the historical experience of
Nationstar for the base case scenario, Moody's assumed that 85% of
claims would be SBCs and the rest would be ABCs. It stressed this
assumption and assumed higher ABC percentages for higher rating
levels. At a Aaa rating level, it assumed that 85% of insurance
claims would be submitted as ABCs.

Liquidation process: each mortgage asset is categorized into one of
four categories: default, due and payable, foreclosure and REO. In
its analysis, Moody's assumes loans that are in referred status to
be either in foreclosure or REO category. The loans are assumed to
move through each of these stages until being sold out of REO.
Moody's assumed that loans would be in default status for six
months. Due and payable status is expected to last six to 12 months
depending on the default reason. Foreclosure status is based on the
state in which that the related property is located and is further
stressed at higher rating levels. The base case foreclosure
timeline is based on FHA timeline guidance. REO disposition is
assumed to take place in six months with respect to SBCs and 12
months with respect to ABCs.

Debenture interest: the receipt of debenture interest is dependent
upon performance of certain actions within certain timelines by the
servicer. If these timeline and performance benchmarks are not met
by the servicer, debenture interest is subject to curtailment. Its
base case assumption is that 95.0% of debenture interest will be
received by the trust. Moody's stressed the amount of debenture
interest that will be received at higher rating levels. Its
debenture interest assumptions reflect the requirement that
Nationstar (B2, Stable) reimburse the trust for debenture interest
curtailments due to servicing errors or failures to comply with HUD
guidelines.

Additional model features:

Moody's incorporated certain additional considerations into its
analysis, including the following:

  - In most cases, the most recent appraisal value was used as the
property value in its analysis. However, for seasoned appraisals,
Moody's applied a 15.0% haircut to account for potential home price
depreciation between the time of the appraisal and the cut-off
date.

  - Mortgage loans with borrowers that have significant equity in
their homes are likely to be paid off by the borrowers or their
heirs rather than complete the foreclosure process. Moody's
estimated which loans would be bought out of the trust by comparing
each loans' appraisal value (post haircut) to its UPB.

  - Moody's assumed that foreclosure costs will average $4,500 per
loan, two thirds of which will be reimbursed by the FHA. It then
applied a negative adjustment to this amount based on the TPR
results.

  - Moody's estimated monthly tax and insurance advances based on
cumulative tax and insurance advances to date.

Moody's ran additional stress scenarios that were designed to mimic
expected cash flows in the case where Nationstar is no longer the
servicer. It assumes the following in the situation where
Nationstar is no longer the servicer:

  - Servicing advances and servicing fees: While Nationstar
subordinates their recoupment of servicing advances, servicing
fees, and MIP payments, a replacement servicer will not subordinate
these amounts.

  - Nationstar indemnifies the trust for lost debenture interest
due to servicing errors or failure to comply with HUD guidelines.
In the event of a bankruptcy, Nationstar will not have the
financial capacity to do so.

  - A replacement servicer may require an additional fee and thus
Moody's assumes a 25 bps strip will take effect if the servicer is
replaced.

  - One third of foreclosure costs will be removed from sales
proceeds to reimburse a replacement servicer (one third of
foreclosure costs are not reimbursable under FHA insurance). This
is typically on the order of $1,500 per loan.

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 stress could
drive the ratings up. Transaction performance depends greatly on
the US macro economy and housing market. Property markets could
improve from its original expectations resulting in appreciation in
the value of the mortgaged property and faster property sales.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of stresses could drive the
ratings down. Transaction performance depends greatly on the US
macro economy and housing market. Property markets could
deteriorate from its original expectations resulting in
depreciation in the value of the mortgaged property and slower
property sales.


NEW RESIDENTIAL 2019-NQM3: Fitch to Give B(EXP) Rating to B-2 Debt
------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by New Residential Mortgage Loan Trust 2019-NQM3. The
notes are supported by 638 loans with a balance of $304.60 million
as of the cut-off date. This will be the third Fitch-rated near
prime transaction in 2019 comprised of loans solely originated by
NewRez LLC, which was formerly known as New Penn Financial, LLC.

The notes are secured mainly by non-qualified mortgages (NQMs) as
defined by the Ability to Repay (ATR) Rule. Approximately 74% of
the loans in the pool are designated as NQM, and the remaining 26%
are investor properties and, thus, not subject to the ATR Rule.

Initial credit enhancement (CE) for the class A-1 notes of 30.00%
is higher than Fitch's 'AAAsf' rating stress loss of 22.55%. The
additional initial CE is primarily driven by the pro rata principal
distribution between the A-1, A-2 and A-3 notes, which will result
in a significant reduction of the class A-1 subordination over time
through principal payments to the A-2 and A-3.

The 'AAAsf' for NRMLT 2019-NQM3 reflects the satisfactory
operational review conducted by Fitch of the originator, 100%
loan-level due diligence review with no material findings, a Tier 2
representation and warranty framework, and the transaction's
structure.

KEY RATING DRIVERS

Near Prime Credit Quality (Positive): The collateral consists of
30-year fixed-rate (42%) and five-, seven- and 10-year
adjustable-rate mortgage (ARM) loans (47%). Roughly 8% are
five-year ARM interest-only (IO) loans, roughly 1% are seven-year
ARM IO loans and almost 1% are 10-year ARM IO loans. Almost 1% are
30-year fixed rate with a 10-year IO term, while the remaining
loans are fixed-rate fully amortizing 10-, 15- and 20-year loans.
The weighted average (WA) credit score is 729, and the WA combined
loan-to-value ratio (CLTV) is 74%. Only 3% of the pool consists of
borrowers with prior credit events in the past seven years, which
is lower than that observed in other Fitch-rated NQM transactions.
72% of the loans in the pool are made to self-employed borrowers.

Fitch analyzed NRMLT 2019-NQM3 as a non-prime transaction, due to a
slight deterioration in credit characteristics compared to prior
NRMLT NQM transactions. Compared to NRMLT 2019-NQM2, this pool has
a higher CLTV, more loans have a CLTV over 80%, more loans have a
credit score less than 700, there are fewer full documentation
loans in the pool, the percentage of ARM loans is higher, there are
fewer loans originated by a retail channel, and 1.6% are
piggybacked seconds (more than double the amount in the prior
transaction). The increase in losses accounts for the additional
credit risk due to the slightly more risky loan attributes.

Alternative Income Documentation (Negative): Approximately 63% of
the loans in the pool were to self-employed borrowers underwritten
using bank statements to verify income (60.5% were underwritten
using 12 months of statements and 2.8% using 24 months). 9% of the
loans were to self-employed borrowers that were underwritten to
full documentation, and 1% of the loans were to self-employed
borrowers underwritten to DSCR. Fitch views the use of bank
statements as a less reliable method of calculating income than the
traditional method of two years of tax returns. Fitch applied
approximately a 1.5x increase in its probability of default (PD)
for bank-statement loans in the base case to reflect the higher
risk. This adjustment assumes slightly less relative risk than a
pre-crisis "stated income" loan.

Investor Loans (Negative): Approximately 26% of the pool comprises
investment property loans, including 11.4% of the pool that was
underwritten to a cash flow ratio rather than the borrower's
debt-to-income ratio. Investor property loans exhibit higher PDs
and higher loss severities (LS) than owner-occupied homes. The
borrowers of the investor properties in the pool have a WA FICO of
736 and an original combined LTV of 69% (loans underwritten to the
cash flow ratio have a WA FICO of 735 and an original combined LTV
of 63%).

Fitch increased the default probability by more than 2.0x for the
cash flow ratio loans (relative to a traditional income
documentation investor loan) to account for the increased risk.

Geographic Concentration (Negative): Approximately 30% of the pool
is concentrated in California with relatively low MSA
concentration. The largest MSA concentration is in the New York MSA
(24.4%), followed by the Los Angeles MSA (19.8%) and the Miami MSA
(7.9%). The top three MSAs account for 52.1% of the pool. As a
result, there was a 1.08x adjustment for geographic concentration.

Low Operational Risk (Positive): Operational risk is well
controlled for in this transaction. NewRez, a wholly owned
subsidiary of NRZ, contributed 100% of the loans in the
securitization pool. NewRez employs robust sourcing and
underwriting processes and is assessed by Fitch as an 'Average'
originator. Fitch believes NRZ has solid RMBS experience despite
its limited NQM issuance and is an 'Acceptable' aggregator. Primary
and master servicing functions will be performed by entities rated
'RPS3+' and 'RMS2+', respectively. The issuer's retention of at
least 5% of each class of bonds helps to ensure an alignment of
interest between the issuer and investors.

R&W Framework (Negative): The seller is providing loan-level
representations (reps) and warranties (R&W) with respect to the
loans in the trust. The R&W framework for this transaction is
classified as a Tier 2 due to the lack of an automatic review for
loans other than those with ATR realized losses.

While the seller, NRZ Sponsor VI LLC, is not rated by Fitch, its
parent, NRZ, has an internal credit opinion from Fitch. Through an
agreement, NRZ ensures that the seller will meet its obligations
and remain financially viable. Fitch increased its loss
expectations 91bps at the 'AAAsf' rating category to account for
the limitations of the Tier 2 framework and the counterparty risk.

Third-Party Due Diligence Review (Positive): Third-party due
diligence was performed on 100% of loans in the transaction by AMC,
an 'Acceptable - Tier 1' TPR. The results of the review confirm
strong origination practices with no material exceptions.
Exceptions on loans with 'B' grades either had strong mitigating
factors or were mostly accounted for in Fitch's loan loss model.
Fitch applied a credit for the high percentage of loan-level due
diligence, which reduced the 'AAAsf' loss expectation by 0.58%.

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

Servicer and Master Servicer: Shellpoint Mortgage Servicing
(Shellpoint), rated 'RPS3+'/Stable by Fitch, will be the primary
servicer for the loans. Nationstar Mortgage, LLC (Nationstar/Mr.
Cooper), rated 'RMS2+'/Stable, will act as master servicer.
Delinquent principal and interest (P&I) advances required but not
paid by Shellpoint will be paid by Nationstar, and if Nationstar is
unable to advance, advances will be made by Citibank, N.A., the
transaction's paying agent. The servicer will be responsible for
advancing P&I for 180 days of delinquency.

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. Two
sets of sensitivity analyses were conducted at the state and
national levels to assess the effect of higher MVDs for the subject
pool.

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0%, and 30.0%, in addition to
the model projected 3.9% at the base case. The analysis indicates
that there is some potential rating migration with higher MVDs,
compared with the model projection.

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

Entity/Debt             Rating
-----------             ------
NRMLT 2019-NQM3
Class A-1     LT   AAA(EXP)sf    Expected Rating
Class A-2     LT   AA(EXP)sf     Expected Rating
Class A-3     LT   A(EXP)sf      Expected Rating
Class B-1     LT   BB(EXP)sf     Expected Rating
Class B-2     LT   B(EXP)sf      Expected Rating
Class B-3     LT   NR(EXP)sf     Expected Rating
Class M-1     LT   BBB(EXP)sf    Expected Rating
Class A-IO-S  LT   NR(EXP)sf     Expected Rating
Class XS-1    LT   NR(EXP)sf     Expected Rating
Class XS-2    LT   NR(EXP)sf     Expected Rating



OBX TRUST 2019-INV2: Moody's Assigns (P)B3 Rating on Class B-5 Debt
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 38
classes of residential mortgage-backed securities issued by OBX
2019-INV2 Trust (OBX 2019-INV2). The ratings range from (P)Aaa (sf)
to (P)B3 (sf).

OBX 2019-INV2, the third rated issue from Onslow Bay Financial LLC
(Onslow Bay) in 2019, is a prime RMBS securitization of fixed-rate,
agency-eligible mortgage loans secured by first liens on non-owner
occupied residential properties with original terms to maturity of
mostly 30 years. All of the loans are underwritten in accordance
with Freddie Mac or Fannie Mae underwriting guidelines, which take
into consideration, among other factors, the income, assets,
employment and credit score of the borrower. All of the loans were
underwritten using one of the government-sponsored enterprises'
(GSE) automated underwriting systems (AUS) and received an
"Approve" or "Accept" recommendation.

The mortgage loans for this transaction were acquired by the seller
and sponsor, Onslow Bay, either directly from Quicken Loans Inc.
(75.7%), JPMorgan Chase Bank, N.A. (13.7%), or from various
mortgage lending institutions, each of which originated less than
4% of the mortgage loans in the pool.

Quicken Loans Inc. (Quicken Loans), Select Portfolio Servicing,
Inc. (SPS), and Specialized Loan Servicing LLC (SLS) will service
75.7%, 19.9%, and 4.4% of the aggregate balance of the mortgage
pool, respectively, and Wells Fargo Bank, N.A. (Wells Fargo) will
be the master servicer. Certain servicing advances and advances for
delinquent scheduled interest and principal payments will be
funded, unless the related mortgage loan is 120 days or more
delinquent or the servicer determines that such delinquency
advances would not be recoverable. The master servicer is obligated
to fund any required monthly advances if the servicer fails in its
obligation to do so. The master servicer and servicer will be
entitled to reimbursements for any such monthly advances from
future payments and collections with respect to those mortgage
loans.

OBX 2019-INV2 has a shifting interest structure with a five-year
lockout period that benefits from a senior subordination floor and
a subordination floor. Moody's coded the cash flow to each of the
notes using Moody's proprietary cash flow model. In its analysis of
tail risk, Moody's considered the increased risk from borrowers
with more than one mortgage in the pool.

The complete rating actions are as follows:

Issuer: OBX 2019-INV2 Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-14, Assigned (P)Aa1(sf)

Cl. A-15, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

Cl. A-25, Assigned (P)Aa1 (sf)

Cl. A-26, Assigned (P)Aaa (sf)

Cl. A-27, Assigned (P)Aaa (sf)

Cl. A-28, Assigned (P)Aaa (sf)

Cl. A-29, Assigned (P)Aaa (sf)

Cl. A-30, Assigned (P)Aaa (sf)

Cl. A-31, Assigned (P)Aaa (sf)

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

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

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

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

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

Cl. B-4, Assigned (P)Ba2 (sf)

Cl. B-5, Assigned (P)B3 (sf)

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected cumulative net loss on the aggregate pool is 0.90%
in a base scenario and 9.90% at a stress level consistent with the
Aaa (sf) ratings.

Its loss estimates are based on a loan-by-loan assessment of the
securitized collateral pool as of the cut-off date using Moody's
Individual Loan Level Analysis (MILAN) model. Loan-level
adjustments to the model included adjustments to borrower
probability of default for higher and lower borrower debt-to-income
ratios (DTIs), for borrowers with multiple mortgaged properties,
self-employed borrowers, and for risks related to mortgaged
properties in Homeowner associations (HOAs) in super lien states.
Its final loss estimates also incorporate adjustments for
origination quality and the strength of the representation and
warranty (R&W) framework.

Moody's bases its provisional ratings on the notes on the credit
quality of the mortgage loans, the structural features of the
transaction, its assessments of the origination quality and
servicing arrangement, the strength of the third party due
diligence and the R&W framework of the transaction.

Collateral Description

The OBX 2019-INV2 transaction is a securitization of 1,087 mortgage
loans secured by fixed-rate, agency-eligible first liens on
non-owner occupied one-to-four family residential properties,
planned unit developments and condominiums with an unpaid principal
balance of $383,759,828. All of the loans have a 30-year original
term, except for one which has a 25-year original term. The
mortgage pool has a WA seasoning of about 6 months. The loans in
this transaction have strong borrower credit characteristics with a
weighted average original FICO score of 770 and a weighted-average
original combined loan-to-value ratio (CLTV) of 64.9%. In addition,
20.4% of the borrowers are self-employed and refinance loans
comprise about 54.2% of the aggregate pool. The pool has a high
geographic concentration with 58.5% of the aggregate pool located
in California, with 17.0% located in the Los Angeles-Long
Beach-Anaheim MSA and 14.5% located in the San
Francisco-Oakland-Hayward MSA. The characteristics of the loans
underlying the pool are generally comparable to other recent prime
RMBS transactions backed primarily by 30-year mortgage loans that
Moody's has rated.

Origination Quality

Majority of the mortgage loans in the pool were originated by
Quicken Loans (75.7%) and JPMorgan Chase Bank, N.A. (13.7%).
Moody's applied an adjustment to the loss levels for loans
originated by Quicken Loans due to the relatively worse performance
of their agency-eligible investment property mortgage loans
compared to similar loans from other originators in the Freddie Mac
and Fannie Mae database. All of the loans comply with Freddie Mac
and Fannie Mae underwriting guidelines, which take into
consideration, among other factors, the income, assets, employment
and credit score of the borrower. All the loans received an
"Approve" or "Accept" recommendation from one of the
government-sponsored enterprises' (GSE) automated underwriting
systems (AUS).

Servicing Arrangement

Quicken Loans will make principal and interest advances (subject to
a determination of recoverability) for the mortgage loans that it
services. The P&I Advancing Party (Onslow Bay) will make principal
and interest advances (subject to a determination of
recoverability) for the mortgage loans serviced by SPS and SLS to
the extent that such delinquency advances exceed amounts on deposit
for future distribution, the excess servicing strip fee that would
otherwise be paid to the Class A-IO-S notes and the P&I Advancing
Party fee.

The master servicer is obligated to fund any required monthly
advances if a servicer or any other party obligated to advance
fails in its obligation to do so. The master servicer and servicers
will be entitled to be reimbursed for any such monthly advances
from future payments and collections (including insurance and
liquidation proceeds) with respect to those mortgage loans.

No advances of delinquent principal or interest will be made for
mortgage loans that become 120 days or more delinquent under the
MBA method. Subsequently, if there are mortgage loans that are 120
days or more delinquent on any payment date, there will be a
reduction in amounts available to pay principal and interest
otherwise payable to note holders.

Unlike the previous OBX Trust transaction Moody's rated, with
respect to the mortgage loans serviced by SPS and SLS, the
controlling holder has the right (i) to oversee certain matters
relating to the servicing of defaulted mortgage loans (such as
approving any modifications and actions relating to the management
of REO property), (ii) to direct the master servicer to terminate a
servicer upon an uncured servicing event of default under the
related servicing agreement, and (iii) to direct the transaction
parties to take certain actions in connection with a proposed
acquisition of a mortgaged property as a result of an eminent
domain proceeding by a governmental entity.

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

Two third party review (TPR) firms verified the accuracy of the
loan-level information that Moody's received from the sponsor.
These firms conducted detailed credit, property valuation, data
integrity and regulatory compliance reviews on 100% of the mortgage
pool. The TPR checked to ensure that all of the reviewed loans were
in compliance with (AUS) underwriting guidelines and AUS loan
eligibility requirements with generally no material compliance,
credit data or valuation issues. The results indicated that
majority of reviewed loans were in compliance with the underwriting
guidelines, government regulations. There were generally no
material findings. In cases where there were findings, there were
significant and satisfactory compensating factors.

The R&W provider is the sponsor (Onslow Bay), an unrated entity
that may not have the financial wherewithal to purchase defective
loans. However, all the loans in the pool had independent due
diligence review and the results of the review revealed compliance
with underwriting guidelines and regulations, as well as overall
strong valuation quality. These results indicate that the loans
most likely do not breach the R&Ws. Also, the transaction benefits
from unqualified R&Ws and an independent breach reviewer. The R&Ws
do not protect against issues discovered and disclosed during the
due diligence review. The R&W's are not subject to sunset, other
than the six-year statute of limitations for R&W claims in New
York. Moody's increased its loss levels to account for some
weaknesses in the overall R&W framework due to the financial
weakness of the R&W provider and the lack of a repurchase mechanism
for loans experiencing an early payment default and weaknesses in
the review procedures compared to other prime jumbo transactions.

Tail Risk and Subordination Floor

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
shrinks, senior bonds are exposed to increased performance
volatility, known as tail risk. The transaction provides for a
senior subordination floor of 2.00% of the initial aggregate
balance of the pool, which mitigates tail risk by protecting the
senior bonds from eroding credit enhancement over time.
Additionally there is a subordination lock-out amount equal to
0.90% of the initial aggregate balance of the pool. Based on its
tail risk analysis, the level of the floors are slightly lower than
its credit neutral floors, but not sufficiently so to merit an
adjustment.

Exposure to Extraordinary expenses

Extraordinary trust expenses in this transaction are deducted
directly from the available distribution amount. Moody's believes
there is a very low likelihood that the rated notes in this
transaction will incur any losses from extraordinary expenses or
indemnification payments from potential future lawsuits against key
deal parties. Firstly, the loans are of prime quality and were
originated under a regulatory environment that requires tighter
controls for originations than pre-crisis, which reduces the
likelihood that the loans have defects that could form the basis of
a lawsuit. Secondly, the transaction has reasonably well-defined
processes in place to identify loans with defects on an ongoing
basis. In this transaction, an independent breach reviewer must
review loans for breaches of representations and warranties when
certain clearly defined triggers have been breached which reduces
the likelihood that parties will be sued for inaction. Furthermore,
the issuer has disclosed the results of a credit, compliance and
valuation review of 100% of the mortgage loans by independent third
parties. Thirdly, extraordinary trust expenses (except for those
associated with servicing transfers) are capped at $275,000 which
limits the exposure of the trust to potential losses due to such
extraordinary trust expenses. Moody's made an adjustment to its
loss levels to account for the risk of losses due to such
extraordinary trust expenses.

Other Transaction Parties

Wilmington Savings Fund Society, FSB will act as the trustee for
this transaction. Wells Fargo will act as a paying agent, master
servicer, note registrar and custodian for this transaction. In its
capacity as custodian, Wells Fargo will hold the collateral
documents, which include, the original note and mortgage and any
intervening assignments of mortgage.

Wells Fargo provides oversight of the servicer. Moody's considers
Wells Fargo as a strong master servicer of residential loans. Wells
Fargo's oversight encompasses loan administration, default
administration, compliance and cash management.

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

Down

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

Up

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


PIONEER AIRCRAFT: Fitch Rates $26MM Series C Notes 'BBsf'
---------------------------------------------------------
Fitch Ratings has assigned the following final ratings and Outlooks
to the Pioneer Aircraft Finance Limited notes:

  -- $428,000,000 Series A notes 'Asf'; Outlook Stable;

  -- $75,000,000 Series B notes 'BBBsf'; Outlook Stable;

  -- $26,000,000 Series C notes 'BBsf'; Outlook Stable.

The aircraft ABS notes will be co-issued by Pioneer Aircraft
Finance Limited (Pioneer Cayman) and Pioneer Aircraft Finance LLC
(Pioneer USA) (together as Pioneer). Pioneer Cayman is an exempted
company incorporated with limited liability under the laws of the
Cayman Islands, with tax residency in Ireland. Pioneer USA is a
special purpose limited liability company organized under the laws
of the State of Delaware and a wholly owned subsidiary of Pioneer
Cayman. Pioneer will co-issue the series A, B and C fixed rate
notes.

Pioneer expects to use the initial note and E Note proceeds to
acquire a portfolio of 18 aircraft, prefund the maintenance reserve
account (MRA), security deposit account (SDA), series C reserve
account and expense account, and pay certain expenses.

The pool will be serviced by Goshawk Management (Ireland) Limited
(GMIL; Servicer) and its affiliates, and the notes will be secured
by each aircraft's future lease payments and residual cash flows.
This is the first Fitch-rated aircraft ABS transaction serviced by
GMIL. GMIL is a wholly owned subsidiary of Goshawk Management
Holdings (Cayman) Limited (GMHCL; both not rated by Fitch),
focusing on acquiring, managing and trading commercial aircraft.
Pioneer Cayman will separately issue an E Note to Pioneer I Limited
(E Note Holder).

KEY RATING DRIVERS

Asset Quality - Liquid NB Aircraft - Positive: The pool is
comprised of 18 in-demand, Tier 1 aircraft, including 11 A320-200s
(53%), four B737-800s (20%) and one B737-900ER (6%) current
generation aircraft. The remainder is comprised of one Embraer E190
regional jet (RJ) at 3% and one B787-8 widebody (WB) aircraft at
18%, on lease to Ethiopian Airlines. The WA age of the pool is 5.3
years, which is on the younger end of the range for recent
transactions.

Lease Term and Maturity Schedule - Neutral: The weighted average
(WA) original lease term is 10.3 years with a WA remaining lease
term of 5.1 years, comparable to recently rated pools. Three leases
come due each in 2020 and 2021, representing 12% and 14%,
respectively, while five come due in 2022, totaling 49% across
these three years. The B787-8 WB aircraft on lease to Ethiopian has
an 8.2-year remaining lease term expiring in 2027 and is the
highest aircraft concentration at ~20% of contracted pool cash
flow, and thus, Fitch separately stressed this aircraft to evaluate
residual value sensitivity.

Lessee Credit Risk - Relatively Diverse: The 18 aircraft in the
pool are leased to 18 lessees, which is a credit positive. There
are a high number of unrated or speculative grade airlines, albeit
lower than recent aircraft ABS deals. Fitch assumed unrated lessees
would perform consistent with either a 'B' or 'CCC' Long Term
Issuer Default Rating to accurately reflect default risk. Lessee
ratings were further stressed in future recessions and once
aircraft reach Tier 3 classification.

Country Credit Risk - Neutral: The largest country concentration is
Ethiopia (18%), which has a LT IDR of 'B', with a Stable Outlook,
supported by strong economic growth and constrained by large
macroeconomic imbalances and low development and governance
indicators. The second largest is India (17%) with three aircraft,
which faces high bureaucratic hurdles, infrastructure limitations
and a highly competitive airline market with notable prior airline
bankruptcies. Fitch recently affirmed India's IDR at 'BBB-' with a
Stable Outlook. The next largest country concentrations are the
U.S. (7%), Indonesia (6%) and Thailand (6%). The top 5 countries
total 54%, with 49% of lessees concentrated in APAC.

Operational and Servicing Risk - Adequate Servicing Capability: The
pool will depend on the ability of GMIL (NR by Fitch) to collect
rent payments, remarket and repossess aircraft in an event of
lessee default, and procure maintenance to retain asset values and
ensure stable performance. Despite being established in 2015, Fitch
believes GMIL to be a capable Servicer as evidenced by the solid
capabilities and experience of its team and servicing of its owned
and managed fleet (including the SJETS 2017-1 ABS [NR by Fitch]),
along with third-party aircraft management experience.

Transaction Structure - Consistent: Credit enhancement (CE)
comprises overcollateralization (OC), a liquidity facility and a
cash reserve. The initial loan to value (LTV) ratios for the series
A, B and C notes are 66.9%, 78.6% and 82.6%, respectively, based on
the average of maintenance-adjusted base value. Structural features
include DSCR trigger, utilization thresholds, concentration limits
and tiered disposition limits, consistent with recent aircraft ABS
transactions.

Adequate Structural Protections: Each series of notes makes full
payment of interest and principal in the primary scenarios
commensurate with their respective ratings after applying Fitch's
stressed asset and liability assumptions. Fitch also created
multiple alternative cash flows to evaluate the structure
sensitivity to different scenarios.

Aviation Market Cyclicality: Commercial aviation has been subject
to significant cyclicality due to macroeconomic and geopolitical
events. Fitch's analysis assumes multiple periods of significant
volatility over the life of the transaction. Downturns are
typically marked by reduced aircraft utilization rates, values and
lease rates, as well as deteriorating lessee credit quality. Fitch
employs aircraft value stresses in its analysis, which takes into
account age and marketability to simulate the decline in lease
rates expected over the course of an aviation market downturn, and
the decrease to potential residual sales proceeds.

Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings
to a maximum cap of 'Asf' due to the factors, and the potential
volatility they produce.

RATING SENSITIVITIES

The performance of aircraft ABS can be affected by various factors,
which, in turn, could have an impact on the assigned ratings. Fitch
conducted multiple rating sensitivity analyses to evaluate the
impact of changes to a number of the variables in the analysis.
These sensitivity scenarios were also considered in determining the
ratings.

Widebody Stress Scenario

Approximately 18% of the pool is concentrated in a single widebody
aircraft, the WB B787-8 Dreamliner. Due to the density of
contractual cash flows attributed to one aircraft, Fitch created a
scenario in which the WB aircraft encountered heightened stress to
residual values. Fitch assumed immediate migration to Tier 3 from
Tier 1 to stress depreciation rates and recessionary value declines
and further lowered its residual credit to 25% from base 50%. Under
this scenario, the cash flow declined from the primary scenario by
6%. All three series pass their respective rating scenarios and are
unlikely to experience rating downgrades.

Lease Rate Factor Scenario

Increased competition, largely from newly established APAC lessors,
has contributed to declining lease rates in the aircraft leasing
market over the past few years. Additionally, certain variants have
been more prone to value declines and lease rates due to oversupply
issues. Fitch performed a sensitivity analysis assuming lease rate
factors (LRFs) would not increase after an aircraft reached 11
years of age, providing a material haircut to future lease cash
flow generation. Per Fitch's criteria LRF curve, no subsequent
leases were executed at a LRF greater than 1.13%. This scenario
highlights the effect of increased competition in the aircraft
leasing market, particularly for mid- to end-of-life aircraft over
the past few years, and stresses the pool to a higher degree by
assuming lease rates well below observed market rates. Under this
scenario, the cash flow declined from the primary scenario by 5%.
All three series pass their respective rating scenarios and are
unlikely to experience rating downgrades.

'CCC' Unrated Lessee Stress Scenario

Fitch evaluated a scenario in which all unrated airlines are
assumed to carry a 'CCC' rating. This scenario mimics a prolonged
recessionary environment in which airlines are susceptible to an
increased likelihood of default. This would, in turn, subject the
aircraft pool to more downtime and expenses as repossession and
remarketing events would increase. Under this scenario, the notes
show greater sensitivity with a sharper decline in cash flow by
13%-18% from the primary scenario. Series A could be considered for
a downgrade by up to two rating categories and series B and C notes
by up to one rating category each.

Technological Obsolescence Stress Scenario

The last sensitivity scenario is to address technological
replacement risk for current technology equipment. All aircraft in
the pool face replacement programs over the next decade,
particularly the A320ceo and B737 NG aircraft in the form of
A320neo and B737 MAX aircraft. Therefore, Fitch utilized a scenario
in which demand, and thus values, of existing aircraft would fall
significantly due to the replacement technology. The first
recession was assumed to occur two years following close, and all
recessionary value decline stresses were increased 10% at each
rating category. Fitch conducted two sets, utilizing a 25% and 15%
residual assumption rather than the base level of 50% to stress
end-of-life proceeds for each asset in the pool. Lease rates drop
fairly significantly under this scenario, and aircraft are
essentially sold for scrap at the end of their useful lives. Under
the 25% assumption, each series remains able to pay in full. Under
the 15% assumption, series A and C notes could be considered for a
downgrade by up to one rating category each.


PSMC TRUST 2019-1: Fitch to Give B(EXP) Rating to Class B-5 Debt
----------------------------------------------------------------
Fitch Ratings expects to rate American International Group, Inc.'s
(AIG) PSMC 2019-1 Trust (PSMC 2019-1) as follows:

Entity/Debt
-----------
PSMC 2019-1 Trust
   
Class A-1     LT AAA(EXP)sf   Expected Rating
Class A-10    LT AAA(EXP)sf   Expected Rating  
Class A-11    LT AAA(EXP)sf   Expected Rating  
Class A-12    LT AAA(EXP)sf   Expected Rating  
Class A-13    LT AAA(EXP)sf   Expected Rating  
Class A-14    LT AAA(EXP)sf   Expected Rating  
Class A-15    LT AAA(EXP)sf   Expected Rating  
Class A-16    LT AAA(EXP)sf   Expected Rating
Class A-17    LT AAA(EXP)sf   Expected Rating
Class A-18    LT AAA(EXP)sf   Expected Rating  
Class A-19    LT AAA(EXP)sf   Expected Rating  
Class A-2     LT AAA(EXP)sf   Expected Rating  
Class A-20    LT AAA(EXP)sf   Expected Rating  
Class A-21    LT AAA(EXP)sf   Expected Rating  
Class A-22    LT AAA(EXP)sf   Expected Rating  
Class A-23    LT AAA(EXP)sf   Expected Rating  
Class A-24    LT AAA(EXP)sf   Expected Rating  
Class A-25    LT AAA(EXP)sf   Expected Rating  
Class A-26    LT AAA(EXP)sf   Expected Rating  
Class A-3     LT AAA(EXP)sf   Expected Rating
Class A-4     LT AAA(EXP)sf   Expected Rating  
Class A-5     LT AAA(EXP)sf   Expected Rating  
Class A-6     LT AAA(EXP)sf   Expected Rating  
Class A-7     LT AAA(EXP)sf   Expected Rating  
Class A-8     LT AAA(EXP)sf   Expected Rating  
Class A-9     LT AAA(EXP)sf   Expected Rating  
Class A-X1    LT AAA(EXP)sf   Expected Rating  
Class A-X10   LT AAA(EXP)sf   Expected Rating  
Class A-X11   LT AAA(EXP)sf   Expected Rating  
Class A-X2    LT AAA(EXP)sf   Expected Rating  
Class A-X3    LT AAA(EXP)sf   Expected Rating  
Class A-X4    LT AAA(EXP)sf   Expected Rating  
Class A-X5    LT AAA(EXP)sf   Expected Rating  
Class A-X6    LT AAA(EXP)sf   Expected Rating
Class A-X7    LT AAA(EXP)sf   Expected Rating  
Class A-X8    LT AAA(EXP)sf   Expected Rating  
Class A-X9    LT AAA(EXP)sf   Expected Rating
Class B-1     LT AA(EXP)sf    Expected Rating  
Class B-2     LT A(EXP)sf     Expected Rating  
Class B-3     LT BBB(EXP)sf   Expected Rating  
Class B-4     LT BB(EXP)sf    Expected Rating  
Class B-5     LT B(EXP)sf     Expected Rating  
Class B-6     LT NR(EXP)sf    Expected Rating

The notes are supported by one collateral group that consists of
472 prime fixed-rate mortgages acquired by subsidiaries of AIG from
various mortgage originators with a total balance of approximately
$295.99 million as of the cut-off date.

The 'AAAsf' rating on the class A notes reflects the 5.10%
subordination provided by the 2.00% class B-1, 1.15% class B-2,
0.85% class B-3, 0.50% class B-4, 0.25% class B-5 and 0.35% class
B-6 notes.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The pool consists of very
high-quality 30-year and 20-year fixed-rate fully amortizing Safe
Harbor Qualified Mortgage (SHQM) loans to borrowers with strong
credit profiles, relatively low leverage, and large liquid
reserves. The loans are seasoned an average of three months.

The pool has a weighted average (WA) original FICO score of 777,
which is indicative of very high credit-quality borrowers.
Approximately 24% has an original FICO score above 750. In
addition, the original WA CLTV ratio of 72.5% represents
substantial borrower equity in the property and reduced default
risk.

Low Operational Risk (Positive): Operational risk is well
controlled for in this transaction. AIG has strong operational
practices and is assessed by Fitch as an 'Above Average'
aggregator. AIG has experienced senior management and staff, strong
risk management and corporate governance controls, and a robust due
diligence process. Primary and master servicing will be performed
by Cenlar, FSB and Wells Fargo Bank, N.A. rated 'RPS2' and 'RMS1-'
by Fitch, respectively.

Third-Party Due Diligence Results (Positive): Third-party due
diligence was performed on 100% of loans in the transaction by
American Mortgage Consultants, Inc. (AMC) and Opus Capital Markets
Consultants LLC (Opus), respectively assessed as Acceptable - Tier
1 and Acceptable - Tier 2 by Fitch. The results of the review
identified no material exceptions with 92% graded 'A' for credit
and 60% graded 'B' for compliance exceptions that were primarily
cured with subsequent documentation. Fitch reduced its probability
of default (PD) for the high percentage of loan level due
diligence, lowering the 'AAAsf' loss expectation by 20 bps.

Top Tier Representation and Warranty Framework (Positive): The
loan-level representation, warranty and enforcement (RW&E)
framework is consistent with Tier I quality. Fitch reduced its loss
expectations by 18 bps at the 'AAAsf' rating category as a result
of the Tier 1 framework and the 'A' Fitch-rated counterparty
supporting the repurchase obligations of the RW&E providers.

Straightforward Deal Structure (Positive): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure, whereby the subordinate classes
receive only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps maintain subordination for a longer period should
losses occur later in the life of the deal. The applicable credit
support percentage feature redirects subordinate principal to
classes of higher seniority if specified credit enhancement (CE)
levels are not maintained.

CE Floor (Positive): To mitigate tail risk, which arises as the
pool seasons and fewer loans are outstanding, a subordination floor
of 1.25% of the original balance will be maintained for the
certificates. The floor is sufficient to protect against the five
largest loans defaulting at Fitch's 'AAAsf' average loss severity
of 50.97%. Additionally, the stepdown tests do not allow principal
prepayments to subordinate bondholders in the first five-years
following deal closing.

Geographic Concentration (Neutral): Approximately 38% of the pool
is located in California, which is in line with or slightly lower
than other recent Fitch-rated transactions. In addition, the
Metropolitan Statistical Area (MSA) concentration is minimal, as
the top three MSAs account for only 23.7% of the pool. The largest
MSA concentration is in the Los Angeles MSA (10.2%), followed by
the San Francisco MSA (7.6%) and the San Diego MSA (5.8%). As a
result, no geographic concentration penalty was applied.

Extraordinary Expense Treatment (Neutral): The trust provides for
expenses, including indemnification amounts and costs of
arbitration, to be paid by the net WA coupon of the loans, which
does not affect the contractual interest due on the certificates.
Furthermore, the expenses to be paid from the trust are capped at
$300,000 per annum, which can be carried over each year, subject to
the cap until paid in full.

RATING SENSITIVITIES

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

Fitch conducted sensitivity analysis determining how the ratings
would react to steeper MVDs at the national level. The analysis
assumes MVDs of 10%, 20% and 30%, in addition to the
model-projected 6.6%. The analysis indicates there is some
potential rating migration with higher MVDs, compared with the
model projection.

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


TRAPEZA CDO XIII: Moody's Hikes Ratings on 2 Tranches to B1
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Trapeza CDO XIII, Ltd.:

  US$375,000,000 Class A-1 Senior Secured Floating Rate Notes Due
  2042 (current balance of $156,881,507), Upgraded to Aa1 (sf);
  previously on September 12, 2017 Upgraded to Aa2 (sf)

  US$58,000,000 Class C-1 Secured Deferrable Floating Rate Notes
  Due 2042 (current balance of $60,662,822), Upgraded to B1 (sf);
  previously on September 12, 2017 Upgraded to B2 (sf)

  US$5,000,000 Class C-2 Secured Deferrable Fixed/Floating Rate
  Notes Due 2042 (current balance of $6,250,879), Upgraded to
  B1 (sf); previously on September 12, 2017 Upgraded to B2 (sf)

Trapeza CDO XIII, Ltd., issued in August 2007, is a collateralized
debt obligation (CDO) backed by a portfolio of bank and insurance
trust preferred securities (TruPS).

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 partial repayment of the
Class C-1 and C-2 deferred interest balance since June 2018.

The Class A-1 notes have paid down by approximately 38.2% or $96.9
million since June 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 and Class C notes have improved to 305.4% and 116.4%
from June 2018 levels of 223.2% and 110.7%, respectively. The Class
A-1 notes will continue to benefit from the use of proceeds from
redemptions of any assets in the collateral pool. Additionally, the
Class C-1 and Class C-2 notes' deferred interest balance has been
reduced by $2.3 million and $1.1 million, respectively, and will
continue being repaid as long as the Class C OC ratio, reported at
116.4% on the trustee's May 2019 report, remains in compliance with
the trigger of 113.5%.

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 of $479.2 million,
defaulted/deferring par of $34.0 million, a weighted average
default probability of 11.4% (implying a WARF of 1058), and a
weighted average recovery rate upon default of 10.0%.

Methodology Used for 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.


WACHOVIA BANK 2003-C7: Moody's Hikes Class G Certs Rating to 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on one class and
affirmed the rating on one class in Wachovia Bank Commercial
Mortgage Trust 2003-C7, Commercial Mortgage Pass-Through
Certificates, Series 2003-C7, as follows:

Cl. G, Upgraded to Ba2 (sf); previously on May 23, 2018 Affirmed B1
(sf)

Cl. H, Affirmed C (sf); previously on May 23, 2018 Affirmed C (sf)

RATINGS RATIONALE

The rating on the principal and interest (P&I) class, Cl. G was
upgraded based primarily on an increase in credit support resulting
from loan paydowns and amortization. The deal has paid down 37.1%
since Moody's last review.

The rating on the P&I class, Cl. H, was affirmed because the rating
is consistent with Moody's realized losses. Class H has already
experienced a 71.2% realized loss as result of previously
liquidated loans.

Moody's rating action reflects a base expected loss of 0% of the
current pooled balance, the same as at Moody's last review. Moody's
does not anticipate losses from the remaining collateral in the
current environment. However, over the remaining life of the
transaction, losses may emerge from macro stresses to the
environment and changes in collateral performance. The ratings
reflect the potential for future losses under varying levels of
stress. Moody's base expected loss plus realized losses is now 6.6%
of the original pooled balance, the same as at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the May 15, 2019 distribution date, the transaction's
aggregate certificate balance has decreased by 98.8% to $12.2
million from $1.0 billion at securitization. The certificates are
collateralized by 8 mortgage loans ranging in size from less than
1% to 55% of the pool. One loan, constituting 7.2% of the pool, has
defeased and is secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 3, the same as at Moody's last review.

There are no loans on the master servicer's watchlist. The
watchlist includes loans that meet certain portfolio review
guidelines established as part of the CRE Finance Council (CREFC)
monthly reporting package. As part of Moody's ongoing monitoring of
a transaction, the agency reviews the watchlist to assess which
loans have material issues that could affect performance.

Six loans have been liquidated from the pool, resulting in an
aggregate realized loss of $66.5 million (for an average loss
severity of 6.6%). There are currently no loans in special
servicing.

Moody's received full year 2017 operating results, and full or
partial year 2018 operating results for 100% of the pool (excluding
specially serviced and defeased loans). Moody's weighted average
conduit LTV is 42%, compared to 57% at Moody's last review. Moody's
conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 27% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.26X and 2.68X,
respectively, compared to 1.12X and 2.30X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 79.0% of the pool balance.
The largest loan is the Plaza de Laredo Loan ($6.7 million -- 55.0%
of the pool), which is secured by a retail property located in
Laredo, Texas, approximately 153 miles south of San Antonio near
the border of Mexico. The property is shadow anchored by Walmart,
and the top three tenants at the property are Home Depot (49.4% of
the net rentable area (NRA); lease expiration August 2021), Academy
Sports & Outdoors (25.6% of NRA; lease expiration July 2023), and
Office Depot (10.3% of NRA; lease expiration December 2023). As per
the December 2018 rent roll, the property was 99.8% leased. The
loan has amortized 41% since securitization and is scheduled to
mature in October 2023. Moody's LTV and stressed DSCR are 48% and
2.06X, respectively, compared to 58% and 1.73X at the last review.

The second largest loan is the Clearwater and Ocala, Florida Loan
(formerly known as the Florida Eckerd Portfolio Loan) ($1.9 million
-- 15.8% of the pool), which was originally secured by two
cross-collateralized and cross-defaulted single-tenant Eckerd
stores in Clearwater and Ocala, Florida. The property in Clearwater
is now leased to Main Street Thrift Shop and the property in Ocala
is leased to Dollar Tree. Performance has remained stable and the
loan has amortized 66.5% since securitization. The loan is
scheduled to mature in September 2023. Moody's LTV and stressed
DSCR are 37% and 2.64X, respectively, compared to 46% and 2.10X at
the last review..

The third largest loan is the Eckerd -- St. Augustine, FL Loan
($1.0 million -- 8.2% of the pool), which is secured by a single
tenant CVS, located in St. Augustine, which is located
approximately 40 miles south of Jacksonville, Florida. The property
is located in a strong retail corridor, and performance has
remained stable. The loan has amortized 66.6% since securitization
and is scheduled to mature in October 2023. Moody's LTV and
stressed DSCR are 34% and 2.98X, respectively, compared to 35% and
2.78X at the last review.


WACHOVIA BANK 2005-C17: Moody's Cuts Class J Certs Rating to 'C'
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and downgraded the rating on one class in Wachovia Bank Commercial
Mortgage Trust 2005-C17, Commercial Mortgage Pass-Through
Certificates, Series 2005-C17 as follows:

Cl. H, Affirmed Caa2 (sf); previously on May 11, 2018 Affirmed Caa2
(sf)

Cl. J, Downgraded to C (sf); previously on May 11, 2018 Affirmed
Caa3 (sf)

Cl. X-C*, Affirmed C (sf); previously on May 11, 2018 Affirmed C
(sf)

  * Reflects Interest Only Classes

RATINGS RATIONALE

The rating on Cl. J was downgraded due to higher realized and
anticipated losses from specially serviced and troubled loans.
Class J has already experienced a 46% realized loss as a result of
previously liquidated loans.

The rating on Cl. H class was affirmed because the ratings are
consistent with Moody's expected loss.

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

Moody's rating action reflects a base expected loss of 34.2% of the
current pooled balance, compared to 47.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 3.3% of the
original pooled balance, compared to 3.2% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest only classes was "Moody's Approach to Rating Large Loan
and Single Asset/Single Borrower CMBS" published in July 2017. The
methodologies used in rating interest-only classes were "Moody's
Approach to Rating Large Loan and Single Asset/Single Borrower
CMBS" published in July 2017 and "Moody's Approach to Rating
Structured Finance Interest-Only (IO) Securities" published in
February 2019.

DEAL PERFORMANCE

As of the May 17, 2019 distribution date, the transaction's
aggregate certificate balance has decreased by 99% to $16.9 million
from $2.72 billion at securitization. The certificates are
collateralized by six mortgage loans ranging in size from 3% to 39%
of the pool. One loan, constituting 3.2% of the pool, is defeased
and is secured by US government securities.

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

Two loans, constituting 30.4% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Twenty-two loans have been liquidated from the pool, resulting in
an aggregate realized loss of $84.9 million (for an average loss
severity of 31.5%). One loan, the Shopko Plaza Loan ($6.5 million
-- 38.7% of the pool), is currently in special servicing. The loan
is secured by a 129,000 square foot (SF) retail center located in
Peoria, Illinois. The center's major tenant, Shopko (112,260 SF,
87% of net rentable area), has been dark since January 2007. Shopko
had continued to pay rent under a lease that expires in October
2020, however, the company filed for Chapter 11 bankruptcy in
January 2019 and has since rejected their lease. As of April 2019
the property was only 9% occupied. This loan passed its anticipated
repayment date (ARD) and has a final maturity date in March 2035.

The largest performing loan is the Firewheel Corners Shopping
Center Loan ($3.8 million -- 22.3% of the pool), which is secured
by a 22,125 square foot (SF) unanchored strip center located in
Garland, Texas, a suburb of Dallas. As of December 2018 the
property was 100% occupied, the same as at the prior review.
Moody's LTV and stressed DSCR are 96% and 1.08X, respectively.

The second largest performing loan is the Kmart Plaza Shopping
Center Loan ($3.2 million -- 19.0% of the pool), which is secured
by a 143,864 SF anchored shopping center in Edgewood, Kentucky. The
center is anchored by Kmart (94,500 SF, 66% of net rentable area
with a lease expiration in November 2022). As of September 2018,
the property was 88% leased, the same as at last review. Property
performance has steadily declined since 2011. The full year 2018
net operating income was more than 40% lower than in 2011. Due to
the decline in performance, Moody's has identified this as a
troubled loan.

The third largest loan is the Glen Office Building I Loan ($1.9
million -- 11.3% of the pool), which is secured by a 37,500 SF
office property located twenty-two miles southwest of Washington
DC. It is situated within a primarily residential area, and shadow
anchored by a Safeway. As of December 2018, the property was 95%
occupied. The loan is on the watchlist due to rollover concerns as
three tenants, representing 56% of the NRA, have lease expirations
in 2019. The loan benefits from amortization, having paid down 58%
since securitization. Moody's LTV and stressed DSCR are 45% and
2.43X, respectively.


WAMU MORTGAGE 2005-AR19: Moody's Hikes Ratings on 2 Tranches to B3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of six tranches
from WaMu Mortgage Pass-Through Certificates, Series 2005-AR19.

Complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR19

Cl. A-1A1, Upgraded to A3 (sf); previously on Aug 6, 2015 Confirmed
at Baa1 (sf)

Cl. A-1A2, Upgraded to Baa2 (sf); previously on Aug 6, 2015
Confirmed at Ba2 (sf)

Cl. A-1B2, Upgraded to Ba1 (sf); previously on Aug 6, 2015
Confirmed at Ba3 (sf)

Cl. A-1B3, Upgraded to Ba1 (sf); previously on Aug 6, 2015
Confirmed at Ba3 (sf)

Cl. A-1C3, Upgraded to B3 (sf); previously on Aug 6, 2015 Upgraded
to Caa3 (sf)

Cl. A-1C4, Upgraded to B3 (sf); previously on Aug 6, 2015 Upgraded
to Caa3 (sf)

RATINGS RATIONALE

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

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in February 2019.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in May 2019 from 3.8% in May
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2019. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
this transaction.


WELLS FARGO 2012-LC5: Fitch Affirms $23.9MM Class F Certs at Bsf
----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks on two classes and
affirmed 10 classes of Wells Fargo Commercial Mortgage Trust
commercial mortgage pass-through certificates, series 2012-LC5.

KEY RATING DRIVERS

Stable Overall Loss Expectations: The overall pool has experienced
stable to improved performance. The pool has 13 loans (23.0%) on
the servicer's watchlist for various reasons, including tenant
rollover concerns, vacancy issues, hurricane or storm damage and
deferred maintenance. Currently, the pool has four FLOCs (10.7%),
all of which are in the Top 15; however, all loans are current, and
no loans are in special servicing.

Increased Credit Enhancement: Credit enhancement has improved since
issuance due to loan amortization, payoffs, and defeasance. As of
the May 2019 distribution date, the pool has paid down by 22.0%
since issuance, to $994.9 million from $1.28 billion and 62.8% of
the pool was amortizing. Additionally, 10 loans totalling 19.2% of
the pool are defeased including the largest loan in the transaction
and FLOC, Westside Pavilion (13.8%). One loan in special servicing
at the time of Fitch's prior rating action in 2018, Belle Foods
Portfolio, was disposed in 2018 and incurred a loss of $6.2 million
which was consistent with Fitch's expectations at the last rating
action. The revision of the Outlook on class F to Stable from
Negative is a result of improved credit enhancement.

Additional Loss Considerations: Fitch applied an additional stress
scenario which assumed an outsized loss of 40% on the FLOC,
Rockville Corporate Center (3.5%), due to leasing risks upon the
loans maturity coupled with high submarket vacancy. This stress
scenario did not affect the ability to revise the Positive Outlook
on class B or revision of the Outlook on F given the increased
credit enhancement.

Fitch Loans of Concern: Rockville Corporate Center (3.4%) has been
flagged as a FLOC due to sublease and potential refinance concerns.
The collateral consists of two attached office buildings (15 West
Gude and 45 West Gude) totalling 220,539 sf located in Rockville,
MD. Based on online reports, 86,907-sf of the building (39% total
NRA; 83% building NRA) is currently being marketed for sublease to
run parallel with the AARP lease terms. The AARP lease expires in
November 2021, six months prior to the loan's maturity in May 2022.
Additionally, the subject's submarket exhibits a vacancy of 18.7%
as of Q1 2019.

Columbia SC Hotel Portfolio (2.7%) is a three cross-collateralized
full- and limited-service hotel portfolio located in Columbia, SC,
totalling 416 rooms. Holiday Inn Columbia Hotel's franchise
agreement expired and the property is currently undergoing a
renovation and re-branding process to become a Delta Marriott
hotel. Ongoing renovations at the property have resulted in a
drastic drop in property performance.

Rooney Ranch (2.6%) is a 221,000-sf power center located in Oro
Valley, AZ. Loan has been flagged as a loan of concern due to low
vacancy after Sports Authority (previously 45,196 sf; 20.5% NRA)
bankruptcy and departure in 2016.

The Walker Building (1.9%) is a 12-story, 78,514 sf office building
in Washington, D.C, one-and-half blocks from the White House.
Subject has been designated as a loan of concern for low vacancy
and the resulting deterioration in performance. Servicer reported
YE 2018 NOI DSCR and occupancy were 0.73x and 77%, respectively.

RATING SENSITIVITIES

The revision of the Outlook on class B to Positive reflects the
potential for future upgrades given overall stable performance and
increased credit enhancement through amortization, loan payoffs and
defeasance. The revision of the outlook of class F to Stable also
reflect this increased credit enhancement, including the defeasance
of a former FLOC, the Westside Pavilion. The revision also
considers an additional sensitivity scenario which assumed a 40%
loss on the Rockville Corporate Center loan to reflect the
potential for outsized losses given tenant rollover concerns.
Upgrades to senior classes are possible with additional increased
credit enhancement and stable pool performance. Although not
expected, downgrades are possible with pool performance decline.

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

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

Fitch has affirmed the following ratings:

  -- $550.2 million class A-3 at 'AAAsf'; Outlook Stable;

  -- $67.8 million class A-SB at 'AAAsf'; Outlook Stable;

  -- $124.5 million class A-S at 'AAAsf'; Outlook Stable;

  -- $76.6 million class B at 'AA-sf'; Outlook revised to Positive
from Stable;

  -- $41.5 million class C at 'A-sf'; Outlook Stable;

  -- $49.5 million class D at 'BBB-sf'; Outlook Stable;

  -- $20.8 million class E at 'BBsf'; Outlook Stable;

  -- $23.9 million class F at 'Bsf'; Outlook revised to Stable from
Negative;

  -- $742.5 million class X-A* at 'AAAsf'; Outlook Stable;

  -- $118.1 million class X-B* at 'A-sf'; Outlook Stable.

Class A-1 and A-2 have paid-in-full. Fitch does not rate Class G
certification.

  * Notional amount and interest-only.


WFRBS COMMERCIAL 2013-C16: Fitch Affirms B- Rating on Cl. F Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of WFRBS Commercial Mortgage
Trust 2013-C16 certificates. The Rating Outlook for Class F has
been revised to Negative from Stable.

KEY RATING DRIVERS

Increased Credit Enhancement to Offset Higher Loss Expectations:
The affirmations reflect increased credit enhancement from loan
payoffs, defeasance and continued amortization, which help to
offset Fitch Ratings' higher loss expectations. While the majority
of the pool continues to exhibit stable performance, the higher
loss expectations are primarily due to the seven Fitch Loans of
Concern (FLOC), including two specially serviced loans/assets. As
of the May 2019 distribution date, the pool's aggregate principal
balance was reduced by 22.2% to $812.2 million from $1.05 billion
at issuance. Six loans (5.1%) are fully defeased. There have been
no realized losses to date and interest shortfalls are currently
impacting the non-rated class G.

Fitch Loans of Concern: Fitch has designated seven loans (15%) as
FLOCs, including two loans/assets (3.5%) in special servicing. The
largest FLOC is the Hutton Hotel loan (5.2%), which is secured by a
247-room full service hotel located in Nashville, TN. The property
has been designated as a FLOC due to its transitionary phase during
2017 and 2018 and owing to major renovations at the property,
including updates to rooms, hallways, the lobby and restaurant and
a new 4,000-sf music venue. YE 2018 and YE 2017 NOI declined
approximately 56% from YE 2016, the last year the hotel was fully
operational. As of the December 2018 STR report, the property
reported occupancy, ADR and RevPAR of 71%, $244 and $173,
respectively.

The second largest FLOC is the Thanksgiving Park III loan (2.5%),
which is secured by a 143,222-sf class A office property located in
Lehi, UT. The property has been designated a FLOC due to
fluctuating occupancy and significant upcoming rollover risk.
Property occupancy dropped to 55% in June 2018 when the largest
tenant (45% NRA) vacated at lease expiration. Property occupancy
rebounded to 92% as of April 2019. However, three tenants occupying
approximately 46% of the NRA signed short-term leases that expire
within the next 8 months.

The next three non-specially serviced FLOCs consist of the Raleigh
Office Portfolio loan (1.6%), which is secured by two office
properties located in Raleigh NC. Occupancy declined at the
portfolio to 69% in December 2018 from 87% at YE 2017 with
significant upcoming additional tenant roll. The next FLOC is the
Bethany & 16th Street loan (1.3%), which is secured by an 81,527-sf
retail center located in Phoenix, AZ. The loan has been flagged as
a FLOC due to a low NOI DSCR of 0.82x as of September 2018. The 2
South Orange Ave loan (0.57%), which is secured by a 45,144-sf
office building located in downtown Orlando, FL, has suffered from
below market occupancy since it lost its seconds largest tenant in
late 2016.

Special Serviced Loans: Two loans/assets (3.5%) are specially
serviced. The largest specially serviced loan is the Wyoming Hotel
Portfolio loan (2%), which is secured by two hotel properties
totaling 241 rooms, both of which are located in Casper, WY. The
loan transferred in January 2018 due to a financial default by one
of the hotel's flags. A receiver was appointed in May 2018, and the
property is currently in foreclosure. The other specially serviced
asset is the REO Holiday Inn & Suites Westway Park (1.6%), which is
a 113-room hotel located in Houston. The loan transferred to
special servicing in August 2017 for imminent monetary default and
became REO in February 2019. Fitch continues to monitor the status
of any negotiations and/or resolutions.

Pool Concentration: Retail properties account for 38.5% of the pool
collateral while 20.2% of the pool is secured by hotels. Hotels are
deemed to experience more volatile cash flow shifts given their
nightly rental platform and high expense ratios, and there is
concern with the retail market as a whole given shifting trends in
consumer spending.

RATING SENSITIVITIES

The Negative Rating Outlook on Class F reflects concerns over
FLOCs, primarily the two specially serviced loans. Should the
performance of the FLOCs continue to deteriorate and/or should
losses be greater than anticipated on the specially serviced loans,
a downgrade would be likely. Rating Outlooks for the remaining
classes remain Stable due to the stable performance of the majority
of the remaining pool, increased credit enhancement and continued
expected amortization. Rating upgrades may occur with improved pool
performance and additional paydown or defeasance.

WFRBS 2013-C16

Debt/Entity                 Rating                 Prior
-----------                 ------                 -----
Class A-3 92938EAJ2   LT AAAsf   Affirmed  previously AAAsf
Class A-4 92938EAM5   LT AAAsf   Affirmed  previously AAAsf
Class A-5 92938EAQ6   LT AAAsf   Affirmed  previously AAAsf
Class A-S 92938EAW3   LT AAAsf   Affirmed  previously AAAsf
Class A-SB 92938EAT0  LT AAAsf   Affirmed  previously AAAsf
Class B 92938EBF9     LT AA-sf   Affirmed  previously AA-sf
Class C 92938EBJ1     LT A-sf    Affirmed  previously A-sf
Class D 92938EBR3     LT BBB-sf  Affirmed  previously BBB-sf
Class E 92938EBU6     LT BB-sf   Affirmed  previously BB-sf
Class F 92938EBX0     LT B-sf    Affirmed  previously B-sf
Class PEX 92938EBM4   LT A-sf    Affirmed  previously A-sf
Class X-A 92938EAZ6   LT AAAsf   Affirmed  previously AAAsf


[*] Moody's Takes Action on $135.7MM RMBS Issued 2001-2005
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
tranches and downgraded the ratings of three tranches from five
transactions backed by RMBS issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Aames Mortgage Trust 2001-4

Cl. A-4, Upgraded to Aa2 (sf); previously on Jan 19, 2017 Upgraded
to A2 (sf)

Issuer: American Home Mortgage Investment Trust 2005-4

Cl. I-A-1, Upgraded to Ba2 (sf); previously on Jul 28, 2016
Upgraded to B1 (sf)

Issuer: MASTR Alternative Loan Trust 2005-6

Cl. 1-A-1, Downgraded to Caa1 (sf); previously on Feb 2, 2017
Upgraded to B2 (sf)

Cl. 1-A-3, Downgraded to Caa2 (sf); previously on Apr 15, 2010
Downgraded to Caa1 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2005-BC2

Cl. M-3, Upgraded to Baa1 (sf); previously on Apr 9, 2018 Upgraded
to Baa3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2004-A Trust

Cl. A-1, Downgraded to Ba1 (sf); previously on Apr 10, 2012
Downgraded to Baa2 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance of the underlying
pools and Moody's updated loss expectations on those pools.

The rating upgrades are primarily due to an increase in the credit
enhancement available to the bonds and an improvement in the
performance of the underlying pools. For Specialty Underwriting and
Residential Finance Trust, Series 2005-BC2, Class M-3, the
deleveraging of the capital structure through sequential-pay
principal payments accelerates the buildup of credit enhancement
and contributed to the rating upgrade. Similarly, the American Home
Mortgage Investment Trust 2005-4, Class I-A-1 has benefited from a
cumulative loss trigger that diverts principal payments from the
subordinate bond to the senior bond.

The downgrades are mainly due to deteriorating pool performance and
depleting credit enhancement levels. For MASTR Alternative Loan
Trust 2005-6, the depletion of the Class 1-A-6-2 super senior
support contributed to the downgrade of the Class 1-A-3, while an
overall reduction of credit enhancement levels, even accounting for
the additional support provided by Class 1-A-6-1, contributed to
the downgrade of the Class 1-A-1.

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in February 2019.

The Credit Ratings were assigned in accordance with Moody's
existing methodology entitled "US RMBS Surveillance Methodology,"
dated February 22, 2019. Please note that on May 8, 2019, Moody's
released a Request for Comment, in which it has requested market
feedback on the use of an updated version of third-party cash flow
modeling software for certain structured finance asset classes. If
the revised update is implemented as proposed, these Credit Ratings
may be negatively or positively affected. The final rating outcome
will overlay qualitative judgments and considerations such as
performance to date and structural features.

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

Ratings in the US RMBS sector remain exposed to the high level of
macroeconomic uncertainty, and in particular the unemployment rate.
The unemployment rate fell to 3.6% in May 2019 from 3.8% in May
2018. Moody's forecasts an unemployment central range of 3.5% to
4.5% for the 2019 year. Deviations from this central scenario could
lead to rating actions in the sector. House prices are another key
driver of US RMBS performance. Moody's expects house prices to
continue to rise in 2019. Lower increases than Moody's expects or
decreases could lead to negative rating actions. Finally,
performance of RMBS continues to remain highly dependent on
servicer procedures. Any change resulting from servicing transfers
or other policy or regulatory change can impact the performance of
this transaction.


                            *********

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

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

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

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
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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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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