TEXT-S&P cuts One Wave SPC 2007-1 rating to 'D (sf)'

June 21 - OVERVIEW
-- We lowered our rating to 'D (sf)' on class A-1 from WAVE SPC's series
2007-1, a CRE CDO transaction.
-- The rating action reflects our analysis of the transaction following
an interest shortfall to the class A-1, a nondeferrable class.

NEW YORK (Standard & Poor's) June 21, 2012--Standard & Poor's Ratings Services
today lowered its rating on class A-1 to 'D (sf)' from WAVE SPC's series
2007-1 (WAVE 2007-1), a commercial real estate collateralized debt obligation
(CRE CDO) transaction (see list).

The rating action reflects our analysis of the transaction following an
interest shortfall to the nondeferrable class. Classes A-1 experienced an
interest shortfall according to the June 20, 2012, trustee remittance report,
and we subsequently lowered our rating on the class to 'D (sf_)'.

The underlying commercial mortgage-backed securities (CMBS) for WAVE 2007-1
failed to produce sufficient interest proceeds to pay the full interest amount
due to the A-1 nondeferrable interest classes, resulting in the liquidity
interruption.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating
relating to an asset-backed security as defined in the Rule, to include a
description of the representations, warranties and enforcement mechanisms
available to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially rated (including
preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available atRELATED CRITERIA AND RESEARCH

-- Global CDOs Of Pooled Structured Finance Assets: Methodology And
Assumptions, published Feb. 21, 2012.
-- Global Structured Finance Scenario And Sensitivity Analysis: The
Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011.
-- Surveillance Methodology For Global Cash Flow And Hybrid CDOs Subject
To Acceleration Or Liquidation After An EOD, published Sept. 2, 2009.
-- General Cash Flow Analytics For CDO Securitizations, published Aug.
25, 2004.

RATING LOWERED

WAVE SPC
Series 2007-1
Collateralized debt obligations
Rating
Class To From
A-1 D (sf) CCC- (sf)