Fitch Ratings has been notified by the collateral manager of a proposed Supplemental Indenture to Guggenheim Structured Real Estate Funding 2006-4 (CDO), which will allow the CDO to transfer its interest in foreclosure collateral to a 'permitted issuer subsidiary'.

In order to accomplish this, the supplemental indenture revises the SPE covenant that restricts the CDO from owning subsidiaries. While ownership of the permitted issuer subsidiary is consistent with the SPE nature of the CDO, the supplemental indenture will make it clear that the CDO can own interests in such permitted issuer subsidiaries. The supplemental indenture provides that for all purposes under the indenture, any collateral interest transferred to a permitted issuer subsidiary shall be treated as if it were a collateral interest owned directly by the issuer. The ratings of the transaction will not be affected by this supplemental indenture.

It remains the exclusive responsibility of the noteholders to perform their own risk analysis of any proposed amendments. Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when or if the supplemental indenture is executed.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions' (Dec. 1, 2011);

--'Global Rating Criteria for Structured Finance CDOs' (Oct. 6, 2011).

Applicable Criteria and Related Research:

Global Rating Criteria for Structured Finance CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651560

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=657734

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