NEW YORK--(BUSINESS WIRE)--Fitch Ratings upgrades four and affirms one class of Talmage Structured Real Estate Funding 2006-4 Ltd./LLC (Talmage 2006-4). A full list of rating actions follows at the end of this ratings action commentary. KEY RATING DRIVERS The upgrades reflect improved credit enhancement due to better than anticipated recoveries on distressed assets and stable expected losses on the remaining assets. Fitch's base case loss expectation is currently 51.9% for the remaining assets.