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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, May 8, 2022, Vol. 26, No. 127

                            Headlines

AFFIRM ASSET 2022-A: DBRS Gives Provisional BB Rating on E Notes
AMERICAN CREDIT 2022-2: S&P Assigns B (sf) Rating on Class F Notes
ARBOR REALTY 2021-FL1: DBRS Confirms B(low) Rating on Cl. G Notes
BAMLL COMMERCIAL 2016-ISQR: DBRS Confirms BB(low) Rating on E Certs
BAMLL COMMERCIAL 2016-SS1: DBRS Confirms BB(low) Rating on F Certs

BANK 2021-BNK32: DBRS Confirms BB(high) on 2 Classes of Certs
BENCHMARK 2022-B35: Fitch Gives 'B-' Rating on 2 Tranches
BMO 2022-C1: DBRS Finalizes B(low) Rating on Class 360E Certs
BUSINESS JET 2022-1: S&P Assigns Prelim BB (sf) Rating on C Notes
BXP TRUST 2017-CC: DBRS Confirms BB Rating on Class E Certs

BXP TRUST 2017-CC: S&P Affirms BB- (sf) Rating on Class E Certs
CARVANA AUTO 2022-N1: DBRS Gives Provisional BB Rating on E Notes
CIM TRUST 2022-R1: DBRS Finalizes B(high) Rating on B2 Notes
CITIGROUP 2013-GCJ11: Fitch Affirms B Rating on Class F Certs
CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms C Rating on F Certs

COMM 2014-LC17: DBRS Confirms C Rating on 2 Certificate Classes
CSMC 2022-NQM3: S&P Assigns B- (sf) Rating on Class B-2 Notes
DT AUTO 2022-1: DBRS Finalizes BB Rating on Class E Notes
ELMWOOD CLO 16: S&P Assigns BB- (sf) Rating on Class E Notes
FREDDIE MAC 2022-HQA1: DBRS Gives Provisional BB(low) on 16 Classes

GCAT 2022-NQM2: S&P Assigns B (sf) Rating on Class B-2 Certs
GOLDMAN SACHS 2011-GC5: Fitch Affirms Csf Ratings on 2 Tranches
GS MORTGAGE 2019-GC39: Fitch Affirms B-sf Rating on Cl. G-RR Debt
GS MORTGAGE 2022-PJ4: Moody's Assigns B3 Rating to Cl. B-5 Debt
GS MORTGAGE 2022-RPL1: DBRS Gives B Rating on Class B2 Notes

GS MORTGAGE 2022-RPL2: Fitch Gives Bsf Rating on Class B-2 Debt
ILPT COMMERCIAL 2022-LPFX: DBRS Gives BB(high) Rating on HRR Certs
IMPERIAL FUND 2022-NQM3: Fitch Assigns B-sf Rating to B-2 Debt
JP MORGAN 2022-4: Fitch Gives B(EXP) Rating on Class B-5 Debt
JP MORGAN 2022-ACB: DBRS Gives Provisional B(low) Rating on G Certs

JPMBB COMMERCIAL 2014-C21: DBRS Confirms B Rating on X-D Certs
JPMBB COMMERCIAL 2014-C22: DBRS Confirms C Rating on 3 Classes
JPMBB COMMERCIAL 2014-C26: DBRS Confirms B Rating on X-F Certs
JPMCC 2012-CIBX: DBRS Lowers Class E Certs Rating to C
LIFE MORTGAGE 2022-BMR2: Moody's Assigns (P)Ba3 rating to HRR Certs

LOANCORE 2019-CRE2: DBRS Hikes Class G Notes Rating to B
LOANCORE 2019-CRE3: DBRS Hikes Class F Notes Rating to B
MELLO MORTGAGE 2022-INV2: DBRS Gives Provisional BB on B-4 Certs
MFA 2022-CHM1:DBRS Finalizes BB Rating on Class B-1 Certs
MORGAN STANLEY 2015-C20: DBRS Confirms C Rating on Class F Certs

MSC MORTGAGE 2012-C4: DBRS Confirms C Rating on 3 Certs Classes
MTN COMMERCIAL 2022-LPFL: DBRS Gives Provisional BB on E Certs
NEW RESIDENTIAL 2022-NQM3: Fitch Gives B(EXP) Rating on C-2 Debt
OAKTREE CLO 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
OBX 2022-NQM4: S&P Assigns Prelim B (sf) Rating on Class B-2 Notes

OBX TRUST 2022-J1: Moody's Assigns (P)B2 Rating to Cl. B-5 Debt
READY CAPITAL 2022-FL8: DBRS Finalizes B(low) Rating on G Notes
RESIDENTIAL 2022-I: S&P Assigns 'BB- (sf)' Rating on Cl. 14 Notes
STARWOOD RETAIL 2014-STAR: DBRS Confirms C Rating on 6 Classes
TOWD POINT 2020-2: DBRS Confirms Bsf Rating on Class B2 Debt

UBS COMMERCIAL 2018-C11: Fitch Affirms B- Rating on Cl. E-RR Certs
UBS-BARCLAYS 2012-C3: DBRS Hikes Class F Certs Rating to BB
UBS-BARCLAYS COMMERCIAL 2012-C4: Fitch Affirms 'CC' on Cl. F Debt
UNITED AUTO 2021-1: DBRS Confirms Bsf Rating on Class F Notes
VCP CLO II: DBRS Hikes Class E Notes Rating to BB

VERUS SECURITIZATION 2022-4: S&P Assigns 'B-' Rating on B-2 Notes
VMC FINANCE 2022-FL5: DBRS Gives Prov. B(low) Rating on G Notes
WELLS FARGO 2015-NXS2: DBRS Confirms BB Rating on Class X-E Certs
WELLS FARGO 2018-C45: Fitch Affirms 'B-' Rating on Class H Certs
WESTLAKE AUTOMOBILE 2021-1: DBRS Confirms B Rating on Cl. F Notes

WFRBS COMMERCIAL 2013-C16: Fitch Affirms B Rating on Cl. E Certs
WFRBS COMMERCIAL 2013-C17: DBRS Confirms BB Rating on E Certs
[*] DBRS Confirms 20 Ratings From 5 Lendmark Funding Transactions
[*] DBRS Reviews 139 Classes From 19 US RMBS Transactions
[*] DBRS Reviews 31 Classes from 2 US RMBS Transactions

[*] DBRS Takes Rating Actions on 3 US Rental Transactions

                            *********

AFFIRM ASSET 2022-A: DBRS Gives Provisional BB Rating on E Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following notes to
be issued by Affirm Asset Securitization Trust 2022-A (Affirm
2022-A):

-- $413,330,000 Class A Notes at AAA (sf)
-- $26,270,000 Class B Notes at AA (sf)
-- $24,680,000 Class C Notes at A (sf)
-- $16,580,000 Class D Notes at BBB (sf)
-- $19,140,000 Class E Notes at BB (sf)

The provisional ratings on the notes are based on DBRS
Morningstar's review of the following considerations:

(1) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update, published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020. The baseline
macroeconomic scenarios reflect the view that recent COVID-19
developments, particularly the new Omicron variant with subsequent
restrictions, combined with rising inflation pressures in some
regions, may dampen near-term growth expectations in coming months.
However, DBRS Morningstar expects the baseline projections will
continue to point to an ongoing, gradual recovery.

(2) The transaction's form and sufficiency of available credit
enhancement.

-- Subordination, overcollateralization, amounts held in the
Reserve Account, the Yield Supplement Overcollateralization Amount,
and excess spread create credit enhancement levels that are
commensurate with the proposed ratings.

-- Transaction cash flows are sufficient to repay investors under
all AAA (sf), AA (sf), A (sf), BBB (sf), and BB (sf) stress
scenarios in accordance with the terms of the Affirm 2022-A
transaction documents.

(3) Inclusion of structural elements featured in the transaction
such as the following:

-- Eligibility criteria for receivables that are permissible in
the transaction.

-- Concentration limits designed to maintain a consistent profile
of the receivables in the pool.

-- Performance-based Amortization Events that, when breached, will
end the revolving period and begin amortization.

(4) The experience, sourcing, and servicing capabilities of Affirm,
Inc.

(5) The experience, underwriting, and origination capabilities of
Affirm Loan Services LLC (ALS), Cross River Bank (CRB), and Celtic
Bank.
(6) The ability of Nelnet Servicing to perform duties as a Backup
Servicer.

(7) The annual percentage rate charged on the loans and CRB and
Celtic Bank's status as the true lender.

-- All loans in the initial pool included in Affirm 2022-A are
originated by Affirm through its subsidiary ALS or by originating
banks, CRB and Celtic Bank, New Jersey and Utah, respectively,
state-chartered FDIC-insured banks.

-- Loans originated by ALS utilize state licenses and
registrations and interest rates are within each state's respective
usury cap.

-- Loans originated by CRB are all within the New Jersey state
usury limit of 30.00%.

-- Loans originated by Celtic Bank are all within the Utah state
usury limit of 36.00%.

-- Loans may be in excess of individual state usury laws; however,
CRB and Celtic Bank as the true lenders are able to export rates
that preempt state usury rate caps.

-- Loans originated to borrowers in New York will be limited to
the respective state usury cap.

-- Loans originated to borrowers in Iowa will be eligible to be
included in the Receivables to be transferred to the Trust. These
loans will be originated under the ALS entity using Affirms state
license in Iowa.

-- Loans originated to borrowers in West Virginia will be eligible
to be included in the Receivables to be transferred to the Trust.
Affirm has the required licenses and registrations that will enable
it to operate the bank partner platform in West Virginia.

-- Loans originated to borrowers in Colorado above the state usury
cap will be eligible to be included in the Receivables to be
transferred to the Trust. Affirm has the required licenses and
registrations in the state of Colorado.

-- Loans originated to borrowers in Vermont above the state usury
cap will be eligible to be included in the Receivables to be
transferred to the Trust. Affirm has the required licenses and
registrations in the state of Vermont.

-- Loans originated to borrowers in Connecticut above the state
usury cap will be eligible to be included in the Receivables to be
transferred to the Trust contingent on Affirm obtaining the
required licenses and registrations in the state of Connecticut.

-- Under the loan sale agreement, Affirm is obligated to
repurchase any loan if there is a breach of representation and
warranty that materially and adversely affects the interests of the
purchaser.

(9) The legal structure and expected legal opinions that will
address the true sale of the unsecured consumer loans, the
nonconsolidation of the Trust, and that the Trust has a valid
perfected security interest in the assets and consistency with the
DBRS Morningstar "Legal Criteria for U.S. Structured Finance."

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



AMERICAN CREDIT 2022-2: S&P Assigns B (sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings today assigned its ratings to American Credit
Acceptance Receivables Trust 2022-2's asset-backed notes.

The note issuance is an ABS securitization backed by subprime auto
loan receivables.

The ratings reflect S&P’s view of:

-- The availability of approximately 61.88%, 56.10%, 46.24%,
38.89%, 33.78%, and 32.24% credit support, including excess spread,
for the class A, B, C, D, E, and F notes, respectively, based on
stressed cash flow scenarios. These credit support levels provide
more than 2.35x, 2.10x, 1.70x, 1.37x, 1.20x, and 1.10x coverage of
our expected net loss range of 25.50%-26.50% on the class A, B, C,
D, E, and F notes, respectively.

-- The hard credit enhancement in the form of subordination,
overcollateralization, and a reserve account in addition to excess
spread.

-- The expectation that under a moderate ('BBB') stress scenario
(1.37x S&P's expected loss level), all else being equal, S&P's
ratings on the class A, B, C, D, E, and F notes will be within the
credit stability limits specified by section A.4 of the Appendix of
"S&P Global Ratings Definitions," published Nov. 10, 2021.

-- The timely payment of interest and principal by the designated
legal final maturity dates under stressed cash flow modeling
scenarios that it believes are appropriate for the assigned
ratings.

-- The collateral characteristics of the subprime automobile loans
securitized in this transaction.

-- The backup servicing arrangement with Computershare Trust Co.
N.A.

-- The transaction's payment and legal structure.

  Ratings Assigned

  American Credit Acceptance Receivables Trust 2022-2

  Class A, $197.73 million: AAA (sf)
  Class B, $42.05 million: AA (sf)
  Class C, $75.00 million: A (sf)
  Class D, $53.86 million: BBB (sf)
  Class E, $41.82 million: BB- (sf)
  Class F, $14.54 million: B (sf)



ARBOR REALTY 2021-FL1: DBRS Confirms B(low) Rating on Cl. G Notes
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of commercial
mortgage-backed notes issued by Arbor Realty Commercial Real Estate
Notes 2021-FL1, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. In conjunction with this press
release, DBRS Morningstar has published a Surveillance Performance
Update report with in-depth analysis and credit metrics for the
transaction and with business plan updates on select loans. To
access this report, please click on the link under Related
Documents below or contact us at info@dbrsmorningstar.com.

The transaction closed in March 2021 with the initial collateral
pool consisting of 37 floating-rate mortgages and senior
participations secured by 64 mostly transitional properties,
totalling $635.2 million, including approximately $12.4 million of
non-interest-accruing future funding. Most of the loans contributed
at issuance were secured by cash flowing assets, with some level of
stabilization remaining. The transaction included a 180-day ramp-up
acquisition period, which was completed in July 2021 when the
cumulative loan balance totaled $785.0 million.

The transaction includes a 30-month reinvestment period, expiring
with the September 2023 Payment Date. During this period,
reinvested principal proceeds are subject to Eligibility Criteria,
which include a rating agency no-downgrade confirmation by DBRS
Morningstar for all new mortgage assets and funded companion
participations exceeding $1.0 million, among others. Since
issuance, 19 loans with a cumulative balance of $224.4 million have
been added to the trust. As of the February 2022 reporting, the
Principal Collection Account had a balance of $84.8 million
available to the collateral manager to purchase additional loan
interests into the transaction.

As of the February 2022 remittance report, the transaction consists
of 44 loans with a cumulative loan balance of $700.2 million. In
general, borrowers are progressing toward completing their stated
business plans; through December 2021, the collateral manager had
released $23.1 million in reserves to 31 individual borrowers to
aid in property stabilization efforts. An additional $60.4 million
of unadvanced future funding allocated to 41 individual borrowers
remains outstanding.

The transaction is concentrated by property type as all loans are
secured by multifamily properties and all future reinvestment loan
contributions will be secured by multifamily properties as outlined
in the eligibility criteria. The transaction is also concentrated
by loan size, as the largest 10 loans represent 49.7% of the pool.
No loans are on the servicer's watchlist or in special servicing as
of the February 2022 remittance. No loans have received a
forbearance, and only one loan, Commuter Portfolio (Prospectus
ID#3; 5.1% of the current pool balance) has been modified, which
occurred in June 2021 as a one-time approved transfer of membership
interests.

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



BAMLL COMMERCIAL 2016-ISQR: DBRS Confirms BB(low) Rating on E Certs
-------------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-ISQR issued by BAMLL
Commercial Mortgage Securities Trust 2016-ISQR as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which generally remains in line with DBRS
Morningstar's expectations from when ratings were initially
assigned. The transaction consists of a $370.0 million trust loan
secured by the fee interest in the Class A, 1.16 million square
foot (sf) International Square office property in downtown
Washington, D.C. The trust loan consists of a $166.7 million senior
A-1 note and a $203.3 million junior note with an additional $80.0
million pari passu senior A-2 note split across three commercial
mortgage-backed security (CMBS) conduit transactions. The loan is
sponsored by a joint venture between Tishman Speyer Properties
(Tishman) and the Abu Dhabi Investment Authority, which purchased
the subject in 2006. The loan is interest only (IO) throughout the
10-year loan term.

The property includes three separate office buildings connected by
a 12-story atrium developed between 1978 and 1982 along I Street NW
between 18th Street NW and 19th Street NW. The subject has direct
access to Farragut West Metro Station and is four blocks northwest
of the White House in the Golden Triangle area of Washington,
D.C.'s central business district. In addition to the 1.1 million sf
of office space, the collateral includes 67,000 sf of ground-floor
retail space, 12,000 sf of storage space, and a 637-space
subterranean parking garage.

As of June 2021, the property was 74.0% occupied, in line with
YE2020. The loan has been monitored on the servicer's watchlist
since October 2020 for low occupancy, which has steadily declined
from 94.2% at issuance. Since issuance, notable tenants including
the World Bank, Morgan Stanley, and HQ Global Workplaces LLC have
either given back space or vacated the property. Tenant rollover
risk in the next year is minimal with tenants representing 5.4% of
net rentable area (NRA) scheduled to roll in 2022.

The current largest tenants are the Federal Reserve System (the
Fed; 33.7% of the NRA) and Blank Rome LLP (14.5% of the NRA), which
account for approximately 50.3% of the property's rental revenue
combined. In December 2019, the Fed's Board of Governors announced
a $450.0 million renovation and consolidation plan to move its
operations in currently leased spaces throughout Washington, D.C.
to its government-owned headquarters on Constitution Avenue NW.
However, the Fed has reconsidered these plans and has opted to
renew 319,888 sf out of the 390,233 sf it currently occupies at the
subject. These renewals will extend through 2029 and 2033 and the
Fed will vacate the remaining 55,675 sf (4.8% of NRA) at lease
expires in January 2026 and April 2028.

According to Reis, the Downtown Washington, D.C. submarket remains
stable for Class A office properties as of Q4 2021 with an average
vacancy rate of 13.9% and an average rental rate of $54 psf.
Despite declining occupancy, the debt service coverage ratio has
remained well above breakeven, with Q2 2021 reported at 1.71 times,
trending upward toward pre-pandemic levels. Net cash flows declined
slightly during the pandemic but have since increased with the
annualized YE2021 net cash flow, in line with pre-pandemic levels.

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



BAMLL COMMERCIAL 2016-SS1: DBRS Confirms BB(low) Rating on F Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates issued by BAMLL Commercial Mortgage
Securities Trust 2016-SS1 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since the last review. The collateral consists of a
Class A 501,650-square foot single-tenant office building (One
Channel Center) and an adjacent 965-space parking garage structure
(Channel Center Garage) in Boston's growing Seaport District. The
$166.0 million fixed-rate loan is interest-only (IO) through the
10-year term. The loan was also structured with a cash sweep period
commencing in the event of the sole office tenant occupying, or
giving notice to occupy, less than 50.0% of the rentable square
footage. The sponsor is minority-owned and indirectly controlled by
Tishman Speyer, a strong and experienced institutional owner,
developer, and operator of commercial real estate.

The office property was constructed in 2014 and built-to-suit for
the current tenant, State Street Corporation, a long-term credit
tenant (rated AA by DBRS Morningstar as of November 2021). The
current lease extends through December 2029 with no termination
options and two five-year renewal options at 95% of fair market
rent. The current in-place rental rate is well below market given
that the lease was negotiated in 2011/2012, when the market was
soft, implying significant potential upside should in-place rents
ever reset. As of the September 2021 rent roll, the tenant reported
a base rent of $27.50 per square foot, compared with the
Reis-reported submarket average rate of $49.83 for Q4 2021.

As of the most recent financials, trailing nine months ended
September 30, 2021, debt service coverage ratio (DSCR) was reported
at 1.88 times (x), compared with 1.87x at YE2020, 1.92x at YE2019,
and the DBRS Morningstar term DSCR of 2.05x. DBRS Morningstar's
term DSCR reflects straight-line rent credit given to State Street
Corporation's scheduled rent steps, which have not yet been
realized. The garage portion of the property operates on a lease to
VPNE Parking Solutions Inc. that was recently extended to December
2024. The lease extension increased the fixed rental rate to $2.5
million from $2.2 million, the percentage rent to 80% from 50%, and
the revenue-sharing threshold to $3.3 million from $2.7 million.
The decline in DSCR from YE2019 to YE2020 is attributable to the
parking tenant lease structure. In 2019 the subject recorded
revenues above $2.7 million and during 2020 only the base rent of
$2.2 million was captured.

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



BANK 2021-BNK32: DBRS Confirms BB(high) on 2 Classes of Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass Through Certificates, Series 2021-BNK32
issued by BANK 2021-BNK32:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-4-1 at AAA (sf)
-- Class A-4-2 at AAA (sf)
-- Class A-4-X1 at AAA (sf)
-- Class A-4-X2 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-5-1 at AAA (sf)
-- Class A-5-2 at AAA (sf)
-- Class A-5-X1 at AAA (sf)
-- Class A-5-X2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-X2 at AAA (sf)
-- Class B at AAA (sf)
-- Class B-1 at AAA (sf)
-- Class B-2 at AAA (sf)
-- Class B-X1 at AAA (sf)
-- Class B-X2 at AAA (sf)
-- Class C at AA (high) (sf)
-- Class C-1 at AA (high) (sf)
-- Class C-2 at AA (high) (sf)
-- Class C-X1 at AA (high) (sf)
-- Class C-X2 at AA (high) (sf)
-- Class X-D at A (sf)
-- Class D at A (high) (sf)
-- Class E at A (low) (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BBB (low) (sf)
-- Class G at BB (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance in 2021. The transaction consists of
64 fixed-rate loans secured by 106 properties with a trust balance
of $903.7 million. There has been a minimal change, with only a
0.11% collateral reduction since issuance. Amortization will be
limited through the life of the deal as there are 38 loans,
representing 78.6% of the pool balance, that are interest only (IO)
for their full term. An additional 12 loans, representing 14.5% of
the pool balance, have partial IO periods that remain in place. The
lack of amortization is partially offset by the pool's favorable
leverage metrics with DBRS Morningstar weighted-average issuance
and balloon loan-to-value (LTV) ratios of 51.0% and 49.6%,
respectively; however, the pool also exhibits heavy leverage
barbelling as a result of the very low LTVs of the shadow-rated
loans and co-operative loans. By property type, the pool is most
concentrated by loans backed by office, retail, self-storage, and
multifamily properties, representing 25.5%, 20.5%, 18.5%, and 15.1%
of the pool, respectively. There are also 19 loans, representing
8.3% of the pool, backed by residential co-operative loans.

According to the February 2022 reporting, there are no loans in
special servicing or that are delinquent, but there are two loans
(1.9% of the pool) on the servicer's watchlist that are being
monitored for cash flow-related reasons. The larger of the two, 111
Fourth Avenue (Prospectus ID#15, 1.7% of the pool), is secured by a
161-unit residential co-operative property in Manhattan's East
Village. At issuance, the $15.0 million loan had an LTV of 8.0%
based on the appraised value of $187.1 million, which assumed the
property's use as a conventional multifamily building. The
co-operative intended to use roughly $9.9 million of mortgage
proceeds for renovations through 2023 with $1.0 million for a
facade restoration, $1.2 million for a new roof and roof gardens,
and $7.7 million for new HVAC and boiler systems.

Two loans, 605 Third Avenue Trust (Prospectus ID#4, 7.9% of the
pool) and 530 Seventh Avenue Fee (Prospectus ID#5, 6.1% of the
pool), were assigned investment-grade shadow ratings at issuance.
As part of this review, DBRS Morningstar concluded that current and
expected ongoing performance remains consistent with the originally
assigned shadow ratings.

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



BENCHMARK 2022-B35: Fitch Gives 'B-' Rating on 2 Tranches
---------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Benchmark 2022-B35 Mortgage Trust commercial mortgage pass-through
certificates, series 2022-B35, as follows:

   DEBT       RATING
   ----       ------
BMARK 2022-B35

A-1     LT  AAA(EXP)sf     Expected Rating
A-2     LT  AAA(EXP)sf     Expected Rating
A-3-1   LT  AAA(EXP)sf     Expected Rating
A-3-2   LT  AAA(EXP)sf     Expected Rating
A-4-1   LT  AAA(EXP)sf     Expected Rating
A-4-2   LT  AAA(EXP)sf     Expected Rating
A-5     LT  AAA(EXP)sf     Expected Rating
A-S     LT  AAA(EXP)sf     Expected Rating
A-SB    LT  AAA(EXP)sf     Expected Rating
B       LT  AA-(EXP)sf     Expected Rating
C       LT  A-(EXP)sf      Expected Rating
D       LT  BBB(EXP)sf     Expected Rating
E       LT  BBB-(EXP)sf    Expected Rating
F       LT  BB+(EXP)sf     Expected Rating
G       LT  BB-(EXP)sf     Expected Rating
H       LT  B-(EXP)sf      Expected Rating
J       LT  NR(EXP)sf      Expected Rating
VRR     LT  NR(EXP)sf      Expected Rating
X-A     LT  AAA(EXP)sf     Expected Rating
X-B     LT  A-(EXP)sf      Expected Rating
X-D     LT  BBB-(EXP)sf    Expected Rating
X-F     LT  BB+(EXP)sf     Expected Rating
X-G     LT  BB-(EXP)sf     Expected Rating
X-H     LT  B-(EXP)sf      Expected Rating
X-J     LT  NR(EXP)sf      Expected Rating

-- $6,816,000 class A-1 'AAAsf'; Outlook Stable;

-- $32,288,000 class A-2 'AAAsf'; Outlook Stable;

-- $10,975,000 class A-SB 'AAAsf'; Outlook Stable;

-- $34,306,500 (a) class A-3-1 'AAAsf'; Outlook Stable;

-- $34,306,500 (a) class A-3-2 'AAAsf'; Outlook Stable;

-- $87,500,000 (a)(b) class A-4-1 'AAAsf'; Outlook Stable;

-- $125,000,000 (a) class A-4-2 'AAAsf'; Outlook Stable;

-- $414,641,000 (b) class A-5 'AAAsf'; Outlook Stable;

-- $74,583,0000 class A-S 'AAAsf'; Outlook Stable;

-- $820,416,000 (c) class X-A 'AAAsf'; Outlook Stable;

-- $49,278,000 class B 'AA-sf'; Outlook Stable;

-- $53,274,000 class C 'A-sf'; Outlook Stable;

-- $102,552,000 (c) class X-B 'AA-sf'; Outlook Stable;

-- $33,296,000 class D 'BBBsf'; Outlook Stable;

-- $26,637,000 class E 'BBB-sf'; Outlook Stable;

-- $59,933,000 (c) class X-D 'BBB-sf'; Outlook Stable;

-- $15,982,000 class F 'BB+sf'; Outlook Stable;

-- $15,982,000 (c) class X-F 'BB+sf'; Outlook Stable;

-- $13,319,000 class G 'BB-sf'; Outlook Stable;

-- $13,319,000 (c) class X-G 'BB-sf'; Outlook Stable;

-- $11,986,000 class H 'B-sf'; Outlook Stable;

-- $11,986,000 (c) class X-H 'B-sf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

-- $41,288,136 class J;

-- $41,288,136 (c) class X-J;

-- $56,077,692 (d) class VRR.

(a) Classes A-3 and A-4 are split into public and private bonds.
Classes A-3-1 and Class A-4-1 are expected to be publicly offered
and classes A-3-2 and A-4-2 are expected to be privately offered.

(b) The initial certificate balances of class A-4-1 and A-5 are not
yet known but are expected to be $502,141,000 in aggregate, subject
to a 5% variance. The certificate balances will be determined based
on the final pricing of those classes of certificates. The expected
class A-4-1 balance range is $0-$175,000,000, and the expected
class A-5 balance range is $327,141,000-$502,141,000. The balances
for classes A-4-1 and A-5 reflect the midpoints of each range.

(c) Notional amount and interest only (IO).

(d) Vertical risk retention interest.

The expected ratings are based on information provided by the
issuer as of April 25, 2022.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 37 loans secured by 127
commercial properties having an aggregate principal balance of
$1,121,553,829 as of the cut-off date. The loans were contributed
to the trust German American Capital Corporation, JPMorgan Chase
Bank, National Association, Citi Real Estate Funding Inc. and
Goldman Sachs Mortgage Company. The Master Servicer is expected to
be KeyBank National Association and the Special Servicer is
expected to be KeyBank National Association.

KEY RATING DRIVERS

Leverage Higher than Recent Transactions: The pool has higher
leverage compared to recent multiborrower transactions rated by
Fitch. The pool's Fitch loan-to-value ratio of 106.6% is higher
than both the 2022 YTD and 2021 averages of 101.3% and 103.3%,
respectively. Additionally, the pool's Fitch trust debt service
coverage ratio of 1.21x is lower than the 2022 YTD and 2021
averages of 1.36x and 1.38x, respectively.

High Pool Concentration: The pool's 10 largest loans comprise 62.2%
of the pool's cutoff balance, which is a higher concentration than
both the 2022 YTD and 2021 averages of 53.1% and 51.2%,
respectively. The Loan Concentration Index of 497 is higher than
both the 2022 YTD and 2021 averages of 397 and 381, respectively.

Minimal Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 1.8%, which is below the 2022 YTD and
2021 averages of 3.7% and 4.8%, respectively. Twenty-six loans
(88.2% of the pool) are full IO loans, which is above the 2022 YTD
and 2021 averages of 77.9% and 70.5%, respectively. Four loans
(3.7%) are partial IO loans, which is below the 2022 YTD and 2021
averages of 11.0% and 16.8%, respectively.

Investment-Grade Credit Opinion Loans: Two loans, ILPT Logistics
Portfolio (6.6% of the pool) and 601 Lexington (1.5%) received
investment-grade credit opinions of 'BBB-sf*'. This total credit
opinion percentage of 8.0% is the lower than the 2022 YTD and 2021
averages of 17.6% and 13.3%, respectively.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Declining cash flow decreases property value and capacity to meet
its debt service obligations. The table below indicates the
model-implied rating sensitivity to changes to the same one
variable, Fitch net cash flow (NCF):

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBB-sf' / 'BB-
    sf' / 'B-sf';

-- 10% NCF Decline: 'A+sf' / 'A-sf' / 'BBB-sf' / 'BB-sf' /
    'CCCsf' / 'CCCsf';

-- 20% NCF Decline: 'BBB+sf' / 'BBB-sf' / 'BB+sf' / 'CCCsf' /
    'CCCsf' / 'CCCsf';

-- 30% NCF Decline: 'BBB-sf' / 'BB+sf' / 'B-sf' / 'CCCsf' /
    'CCCsf' / 'CCCsf'.

Fitch has revised its global economic outlook forecasts as a result
of the war in Ukraine and related economic sanctions. Downside
risks have increased and, therefore, Fitch has published an
assessment of the potential rating and asset performance impact of
a plausible, albeit worse than expected, adverse stagflation
scenario on Fitch's major structured finance and covered bond
subsectors (What a Stagflation Scenario Would Mean for Global
Structured Finance).

Fitch expects the North American CMBS sector in the assumed adverse
scenario to experience virtually no impact on ratings performance,
indicating very few rating or Outlook changes. Fitch expects the
asset performance impact of the adverse case scenario to be more
modest than the most stressful scenario shown above, which assumes
a further 30% decline from Fitch's NCF at issuance.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Improvement in cash flow increases property value and capacity to
meet its debt service obligations. The table below indicates the
model-implied rating sensitivity to changes in one variable, Fitch
NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBB-sf' / 'BB-
    sf' / 'B-sf';

-- 20% NCF Increase: 'AAAsf' / 'AAAsf' / 'AAsf' / 'BBB+sf' /
    'BBB-sf' / 'BB+sf'.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


BMO 2022-C1: DBRS Finalizes B(low) Rating on Class 360E Certs
-------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of 360 Rosemary Loan-Specific Certificates issued by BMO
2022-C1 Mortgage Trust:

-- Class 360A at AA (low) (sf)
-- Class 360X at AA (sf)
-- Class 360B at A (low) (sf)
-- Class 360C at BBB (low) (sf)
-- Class 360D at BB (low) (sf)
-- Class 360E at B (low) (sf)

The Issuer elected to make certain changes to the Class 360X
certificate after DBRS Morningstar assigned a provisional rating of
A (sf). The resulting finalized provisional rating DBRS Morningstar
assigned to the Class 360X certificate in light of the changes was
AA (sf).

All trends are Stable.

The 360 Rosemary Loan-Specific Certificates are secured by the
fee-simple interest in 360 Rosemary, a newly constructed,
313,002-square-foot (sf), Class A office building in the heart of
West Palm Beach, Florida. The building is composed of 291,298 sf of
office space and 21,704 sf of retail space along with a seven-story
garage with 606 parking spaces. Situated on the southeast corner of
South Rosemary Avenue and Fern Street, the subject is in an ideal
location in West Palm Beach. The property is located near I-95 and
Route 1, providing easy access to the coastal cities of Florida.
Four miles southwest is Palm Beach International Airport (PBI), the
primary airport for West Palm Beach, Boca Raton, Palm Beach, and
the surrounding area. It is also one of three major airports
serving the South Florida metro area.

The sponsor, Related Companies, built 360 Rosemary in 2021, and it
is currently 95.9% leased to primarily finance, real estate,
insurance, and legal tenants such as New Day USA, Goldman Sachs,
Comvest Partners, Elliott Management, Benefit Street Partners,
Point 72, and Maverick Capital. The three largest tenants (New Day
USA, Goldman Sachs, and Comvest Partners) represent a combined
43.1% of the total net rentable area (NRA) and each tenant has more
than 10 years remaining under their respective leases. The retail
space is fully leased by four tenants: Harry's/Adrienne's, Mount
Sinai, Regions Bank, and Felice Cafe. Tenants representing
approximately 21.0% of the total NRA have leases that commenced in
2021, and 70.7% have leases that commence in 2022.

New Day USA, a mortgage lender, moved its second headquarters to
the property occupying three suites leased with a weighted-average
(WA) lease term of 10.9 years. New Day USA's lease expires in
December 2032 and contains two consecutive renewal options of 60
months. Goldman Sachs, a multinational investment bank and
financial services company, occupies two suites with a lease term
of 10.5 years expiring in December 2032 with two consecutive
renewal options of 60 months each. Comvest Partners, a private
equity firm, occupies three suites with a lease term of 10.5 years
expiring in December 2033 with two consecutive renewal options of
60 months.

360 Rosemary was delivered in 2021 and offers superior amenities,
along with a LEED GOLD anticipated energy rating and Platinum
WiredScore. The property offers panoramic views of Palm Beach
Island, a rooftop deck, multiple green spaces, an Equinox-designed
fitness center, and bicycle racks and is near the neighborhood's
shopping and entertainment offerings.

The property is currently 95.9% leased to a mix of finance, real
estate, insurance, and legal tenants such as New Day USA, Goldman
Sachs, Comvest Partners, Elliott Management, Benefit Street
Partners, Point 72, and Maverick Capital. Goldman Sachs is
investment grade rated by DBRS Morningstar (A (high)) and
investment grade by Moody's, S&P, and Fitch.

The property is in one of the most desirable areas in West Palm
Beach, which has the metro’s highest Class A asking rents in the
greater Palm Beach metro. The property is in downtown West Palm
Beach and benefits from its proximity to entertainment attractions
and outdoor recreation areas, including The Square and public
parks. 360 Rosemary is accessible from all major commuter
transportation hubs with nearby train stations including the West
Palm Beach Brightline Station and the West Palm Beach Amtrak Train
Station, both of which are less than a half mile from the
property.

None of the property's tenants roll through 2025, and during the
initial nine-year term of the loan, the property's rollover profile
is exposed to 9.9% of the NRA and 10.5% of base rent. The WA
remaining lease term at the property is 10.4 years, which results
in a stable, long-term cash flow stream.

The property has a blended in-place rent of $47.10 per square foot
(psf) net for office rents, which is approximately 16.8%–27.4%
below market, based on the appraisal's average comparable Class A
office rent of $55 psf–$60 psf net. The limited lease rollover
provides for minimal opportunity to capture the upside during the
loan term, but the property will likely benefit in the long run
from increased rental revenue as leases expire and roll to market.

The property is owned and controlled by The Related Companies,
L.P., a global real estate firm with approximately $60 billion in
assets under management as of December 31, 2021. Related has a
significant interest in West Palm Beach, owning more than 1.4
million sf of office, 550,000 sf of retail, and 400 hotel keys. The
company's pipeline in West Palm Beach includes more than $500
million in planned projects.

The ongoing Coronavirus Disease (COVID-19) pandemic continues to
pose challenges and risks to virtually all major commercial real
estate (CRE) property types and has created uncertainty about
future demand for office space, even in gateway markets that have
historically been highly liquid. Despite the disruptions and
uncertainty, the collateral has been largely unaffected and the
property leased up to 95.9% in a matter of months. As of December
1, 2021, the property is open and operating, and all tenants made
their November 2021 and December 2021 rental payments.

The sponsor for the transaction is partially using proceeds from
the whole loan to repatriate approximately $129.3 million of
equity. DBRS Morningstar views cash-out refinancing transactions as
less favorable than acquisition financings as sponsors typically
have less incentive to support a property through times of economic
stress if less of their own cash equity is at risk. Based on the
appraiser's as-is valuation of $895.5 million, the sponsor will
have approximately $370.5 million of cash and unencumbered market
equity remaining in the transaction.

One Flagler, a 25-story, 275,000-sf Class A office tower
approximately a half mile from 360 Rosemary, is under construction
and will be directly competitive with the subject property once it
completes in 2023. One Flagler recently signed its first leases
shortly after breaking ground. The property, which is also owned by
the sponsor (Related), will be similar to 360 Rosemary in quality
and type of amenities and will also extend the Flagler waterfront
greenbelt.

The DBRS Morningstar Loan-to-Value Ratio (LTV) is high at 114.3%
based on the $210 million in total mortgage debt. In order to
account for the high leverage, DBRS Morningstar programmatically
reduced its LTV benchmark targets for the transaction by 2.0%
across the capital structure. The debt yield and debt service
coverage ratio (DSCR) triggers for the cash flow sweep event are
low at less than a 5.0% debt yield on the initial term. The low
threshold increase the term and balloon default risks. The
nonrecourse carveout guarantor is The Related Companies, L.P.,
which is required to maintain a net worth of only at least $210
million, effectively limiting the recourse back to the sponsor for
bad act carveouts. "Bad boy" guarantees and consequent access to
the guarantor help mitigate the risk and increased loss severity of
bankruptcy, additional encumbrances, unapproved transfers, fraud,
misappropriation of rents, physical waste, and other potential bad
acts of the borrower or its sponsor.

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



BUSINESS JET 2022-1: S&P Assigns Prelim BB (sf) Rating on C Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Business Jet
Securities 2022-1 LLC's fixed-rate notes.

The note issuance is an ABS securitization backed by loans and
leases, that on the closing date are related to 48 aircraft with an
initial aggregate asset value of $754.142 million as of the cut-off
date, the corresponding security or ownership interests in the
underlying aircraft, and shares and beneficial interests in
entities that directly and indirectly receive aircraft portfolio
cash flows, among others.

The preliminary ratings are based on information as of May 4, 2022.
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 likelihood of timely interest on the class A notes
(excluding the post-anticipated repayment date [ARD] additional
interest or deferred post-ARD additional interest) on each payment
date; the timely interest on the class B notes (excluding the
post-ARD additional interest or deferred post-ARD additional
interest) when class A notes are no longer outstanding on each
payment date; and the ultimate payment of interest and principal on
the class A, B, and C notes on or before the legal final maturity
at the respective rating stress ('A', 'BBB', and 'BB',
respectively).

-- The approximately 68.00% loan-to-value (LTV) (based on the
aggregate asset value) on the class A notes, the 76.00% LTV on the
class B notes, and the 80.75% LTV on the class C notes.

-- A fairly diversified and young portfolio of business jets that
are either on loan, finance lease, or operating lease to corporates
or high net worth individuals.

-- The scheduled amortization profile, which is a straight line
over 12 years for the class A and B notes and six years for the
class C notes. However, the amortization of all classes will switch
to full turbo after year six.

-- The transaction's debt service coverage ratios, net loss
trigger, and utilization trigger, which, if failed, will result in
sequential turbo amortization of the notes.

-- The transaction's LTV test (class A notes balance divided by
aggregate asset value), which, if failed, will result in turbo
amortization of the class A notes until the test is brought back to
compliance.

-- The subordination of class C notes' interest and principal to
the class A and B notes' interest and principal.

-- The sequential partial sweep payments to the class A and B
notes, whereby, starting on the 49th payment date and continuing
until and including the 72nd payment date, 50.00% of remaining
available funds after all prior payments.

-- A liquidity facility account, which is available to cover
senior expenses and interest on the class A and B notes. The amount
available will equal nine months of interest on the class A and B
notes. The initial liquidity facility provider is Natixis S.A.
(A/Stable/A-1).

-- The class C interest reserve account, which will not be funded
initially but will be funded in the payment priority subject to
available amounts in an amount equal to nine months of interest on
the C notes.

Environment, Social, And Governance (ESG) Factors

S&P said, "Our rating analysis considers a transaction's potential
exposure to ESG credit factors. In our view, the transaction has
material exposure to environmental and social credit factors.

"Under the environmental credit factors, we consider the additional
costs obligors who lease or finance the aircraft may face, or
reduced aircraft values and lease rates, due to increasing
regulation of greenhouse gas emissions. Although aviation produces
a small portion (less than 3.00% currently) of global transport
emissions, they are increasing and are difficult to reduce. The
emissions and associated environmental risks are somewhat reduced
in this transaction, as the aircraft in the portfolio have limited
flight runs as compared to commercial aircraft.

"Under the social credit factors, we believe that planes are a high
profile target for terrorism and international routes can be
disrupted by war. Obligors carry insurance for potential
liabilities, though particularly catastrophic attacks may exhaust
their coverage and require a government backstop. Safety is also a
risk because airplane accidents are highly visible and deadly
(albeit rare statistically, and aircraft value is typically covered
by insurance).

"We have generally accounted for this risk by applying stresses to
the residual values upon sale of the aircraft. We assign
aircraft-specific depreciation that determine the stress to
residual values. Our modelled recessionary period and the default
rates applied during such period generally capture the impact on an
obligor's credit quality. Also, unlike commercial aircraft lease
transactions, we do not give any credit to re-leasing or lease
extensions for aircraft on operating lease in this transaction.

"The structural features, such as the deleveraging of notes under
events of stress determined through trigger events, and the
availability of a liquidity facility covering nine months' interest
on the senior notes, could generally protect the notes from an
unexpected reduction in revenues and liquidation value due to the
environmental and social credit factors."

  Preliminary Ratings Assigned

  Business Jet Securities 2022-1 LLC

  Class A, $512.810 million: A (sf)
  Class B, $60.330 million: BBB (sf)
  Class C, $35.820 million: BB (sf)



BXP TRUST 2017-CC: DBRS Confirms BB Rating on Class E Certs
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2017-CC
issued by BXP Trust 2017-CC:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations at issuance. The 10-year fixed-rate loan is interest
only (IO) for the full loan term and is secured by Colorado Center
in Santa Monica, California. The whole loan of $550.0 million
consists of $298.0 million of senior debt and $252.0 million of
subordinate debt. The subject transaction represents $98.0 million
of the senior debt and the entire subordinate debt amount. The
collateral is an office park consisting of six Class A buildings
totalling 1.2 million square feet (sf) and a three-level
underground parking garage. The property is approximately 1.5 miles
northeast of downtown Santa Monica, in the heart of the city's
media and entertainment area.

The property's occupancy declined to 80.0% following the departure
of Home Box Office (HBO; 11.3% of the net rentable area (NRA)), at
HBO's March 2021 lease expiry, from 97.8% at YE2020 and 90.9% at
issuance. The servicer confirmed that the largest tenant, Hulu LLC
(Hulu), has expanded into a portion of HBO's space, bringing Hulu's
total footprint to 350,933 sf (29.5% of the NRA), an increase from
its original footprint of 261,823 sf, and extended its lease to
February 2029. Servicer commentary indicates that Hulu has a
six-month rent abatement period that burns off in June 2022, so the
updated lease terms were not reflected in the September 2021 rent
roll. Accounting for this expansion, property occupancy had
improved to 87.4% as of December 2021.

Other large tenants at the property include Edmunds.com Inc.
(Edmunds; 16.6% of NRA, lease expires in January 2028), and Rubin
Postaer and Associates (16.6% of NRA, lease expires in June 2033).
According to an online posting located by DBRS Morningstar, 128,486
sf (10.8% of NRA) of Edmund's space was listed as available for
sublease. The subject serves as Edmunds' corporate headquarters,
but the posting suggests that the tenant is not fully using its
space and may intend to downsize or vacate. Per the terms of its
lease, Edmunds must notify and obtain approval from the servicer
prior to subleasing its space.

According to the February 2022 loan-level reserve report, there is
$5.3 million held in tenant reserves. For office properties in the
Santa Monica submarket, Reis reported a Q4 2021 vacancy rate of
16.2%, which was an increase from the Q4 2020 vacancy rate of
13.8%. The sponsor, Boston Properties, Inc., had contributed equity
into the property and recently made upgrades to the property's
common spaces by adding a food hall.

Based on the financials for the trailing nine months ended
September 30, 2021, the loan reported a debt service coverage ratio
(DSCR) of 2.57 times (x), compared with the YE2020 DSCR of 2.84x
and YE2019 DSCR of 3.05x. The implied DSCR when accounting for the
departure of HBO is approximately 2.50x, which is still well above
the DBRS Morningstar DSCR at issuance of 2.24x. Given the
commencement date of Hulu's new lease and the abatement period,
DBRS Morningstar expects some lag time until the reported effective
gross income reflects new rental revenues.

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



BXP TRUST 2017-CC: S&P Affirms BB- (sf) Rating on Class E Certs
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from BXP Trust
2017-CC, a U.S. CMBS transaction.

The transaction is backed by a $350 million portion of a $550
million fixed-rate, interest-only (IO) mortgage whole loan secured
by a 1.2-million-sq.-ft. office campus consisting of six office
buildings located on Colorado Avenue in Santa Monica, Calif.

Rating Actions

S&P said, "The affirmations of the principal- and interest-paying
classes reflect our reevaluation of the office property that
secures the sole loan in the transaction. Although reported
occupancy fell from 97.8% as of September 2020 to 80.0% as of
September 2021, the December 2021 rent roll (which is the latest
available) indicates that existing tenant Hulu recently expanded
its footprint at the property by approximately 7.0% of the net
rentable area (NRA) in connection with a recent lease extension
(additional details below). We also noted that the property was
able to attract external interest during the pandemic, with tenant
Roku having come onboard for approximately 6.0% of the NRA on a
lease that commenced in April 2021 (it's our understanding that
Roku is also subleasing another 6.8% of the NRA from tenant Rubin
Postaer). This recent positive leasing momentum helped the property
achieve an occupancy rate of 86.7% as of the December 2021 rent
roll, a level in line with both the submarket (which, per CoStar,
now sits at 15.9% vacant and is forecast to tighten to 13.3%
through 2026) and the 13.0% vacancy loss assumption employed at our
last review of the transaction.

"Our current property-level analysis (described in more detail
below) considers these factors as well as the fact that, although
the property exhibits tenant concentration (the five largest
tenants constitute nearly 98.0% of base rent, as calculated by S&P
Global Ratings), there are no significant lease expirations until
2028 when tenant Edmunds.com (16.6% NRA) expires. We also noted
that, although tenants Hulu and Roku both have early lease
termination options, they're only exercisable with advance notice,
giving the sponsor additional time to pursue replacement tenancy.
Given these factors, we expect stable future property performance
and, as such, are maintaining our sustainable net cash flow (NCF)
of $49.6 million (which is 2.5% below the 2021 servicer-reported
figure) and our expected-case value of $661.8 million, or $563 per
sq. ft) (which reflects a 45.4% haircut to the property's $1.21
billion 2017 appraised value). The resultant S&P Global Ratings
whole loan debt service coverage ratio (DSCR) and loan-to-value
(LTV) ratio were 2.50x and 83.1%, respectively.

"We will continue to monitor the collateral performance via ongoing
review of updated property financials, as well as continued
servicer outreach, and, to the extent actual developments differ
materially from the assumptions underlying our property analysis,
we may revise our analysis and/or take rating actions as we
determine necessary."

The whole loan had a reported current payment status through its
April 2022 debt service payments, and while, to S&P's knowledge,
the borrower did not request COVID-19 relief, some tenants did
request various forms of COVID-19 relief, with most of the relief
having been repaid, forgiven, or denied:

-- Edmunds.com (16.6% NRA): The tenant was granted rent deferment
($2 million), which has already been repaid.

-- Trifit (2.5%): A fitness center whose fixed rent was converted
to 20% of gross sales for 2021 and 25% of gross sales for the
first-half of 2022.

-- Elabrew (0.1%): The tenant paid 50% of base rent for November
and December 2020 and January 2021; the sponsor intends to forgive
its non-payment of existing outstanding rent.

-- Bird Rides (formerly 6.2%): The sponsor didn't believe relief
needed to be provided; the tenant terminated its lease in September
2020, ahead of its December 2023 expiration, and has since vacated
the property.

-- Daily Grill (formerly 0.6%): The tenant has since vacated the
property.

The affirmation on the class X-A IO certificates reflects S&P's
criteria for rating IO securities, in which the rating on the IO
securities would not be higher than that of the lowest-rated
reference class. The notional amount of the class X-A certificates
references class A.

Property-Level Analysis

The property, Colorado Center, is a six-building urban office
campus totaling 1.2 million sq. ft. in Santa Monica, Calif., built
between 1984 and 1991. Amenities at Colorado Center include a
three-level subterranean parking garage containing 3,105 parking
stalls, a food court, a 3.5-acre park with tennis and basketball
courts, a full-service gym, including racquetball courts, and an
indoor lap pool. The property serves as a corporate headquarters
for each of its four-largest tenants: Hulu, Edmunds.com, Rubin
Postaer, and Kite Pharma.

S&P's property-level analysis considered the decline in reported
occupancy to 80.0% as of September 2021 from 97.8% as of September
2020 and the subsequent increase to 86.7% as of the December 2021
rent roll. A portion of the decline was known at its last review in
July 2020, since former tenant Home Box Office (HBO; 11.3% NRA) had
given notice that it intended to vacate by March 2021. As part of
S&P's property reevaluation, it made assumptions for certain larger
tenants after reviewing the December 2021 rent roll:

-- Hulu (28.9% NRA; 36.0% of base rent as calculated by S&P Global
Ratings; lease expiring in February 2029): The tenant recently
expanded from 22.0% of the NRA in connection with a recent lease
extension. There is no reported base rent, as the tenant is in a
rent abatement period ending in June 2022. S&P assumed a
$69.83-per-sq.-ft. base rent (based on information previously
provided by the servicer).

-- Edmunds.com (16.6%; 21.1%; January 2028): The tenant has a
reported base rent of approximately $200.00 per sq. ft., which S&P
adjusted down to $71.60 per sq. ft., in line with its last review
(as S&P doesn't have any other information corroborating the
$200.00 per sq. ft. figure).

-- Roku (6.1% direct lease with an additional 6.8% under a
sublease from Rubin Postaer; 6.9%; February 2032): No reported base
rent, as the tenant seems to be in a rent abatement period. S&P
assumed a $64.00-per-sq.-ft. base rent (in line with the
submarket).
-- The remaining top-five tenants are Rubin Postaer (16.4%, of
which 6.8% is being subleased to Roku; 15.8%; June 2033) and Kite
Pharma (13.6%; 17.9%; July 2032). Altogether, the top-five tenants
comprise 81.5% of the NRA and 97.7% of base rent, as calculated by
S&P Global Ratings. While the property doesn't face any significant
near-term lease expirations, its concentrated tenant profile
contributes to several future years of concentrated rollover: 2028
(16.4% NRA; 21.0% of the base rent as calculated by S&P Global
Ratings), 2029 (28.9%; 36.0%), 2032 (19.6%; 24.8%), and 2033
(17.4%; 15.9%). S&P also noted that tenants Hulu and Roku both have
early lease termination options, which are only exercisable with
advance notice and the payment of certain termination fees/costs.

Like most other areas, the property's Santa Monica office submarket
has been adversely affected by the pandemic, and its current
vacancy rate of 15.9% is more than double its pre-pandemic level of
7.7%. However, vacancy is forecast to decline to 13.3% through
2026, a path which should be aided by the market's significant
supply constraints (which include formal zoning regulations, as
well as more informal general community hostility toward new
development). Rent-wise, the submarket is currently at $64.00 per
sq. ft., which is forecast to rise to $77.04 per sq. ft. through
2026.

S&P said, "As part of our property reevaluation, we assumed a
long-term occupancy rate of 86.7% (same as the in-place rate and in
line with the submarket and the level we employed at our last
review) and derived an average base rent of $64.51 per sq. ft.
(also in line with the submarket and slightly higher than the
$61.32 per sq. ft. derived at our last review). Using
servicer-reported historical financial figures from 2019 through
2021 and the borrower's 2022 budget, our reevaluation resulted in a
sustainable NCF figure that was more-or-less in line with our
existing S&P Global Ratings NCF of $49.6 million, which is slightly
lower than the servicer-reported NCF of $50.9 million as of
year-end 2021. However, this figure is much lower than the
servicer-reported NCFs of $56.4 million for 2020 and $60.6 million
for 2019. The decline in the servicer-reported NCFs was driven
primarily by the declining occupancy over this period. Given our
reevaluation, as well as our expectation of stable future property
performance, we maintained our existing S&P Global Ratings NCF of
$49.6 million, capitalization rate of 7.25%, and expected-case
value of $661.8 million ($563.00 per sq. ft.)."

Transaction Summary

This is a U.S. stand-alone (single-borrower) transaction backed by
a portion of a 10-year, fixed-rate, IO mortgage whole loan. The
loan is secured by the borrower's fee simple interest in Colorado
Center, a six-building urban office campus totaling 1.2 million sq.
ft. in Santa Monica, Calif.

The IO mortgage whole loan had an initial and current balance of
$550 million, pays an annual fixed interest rate of 3.5625%, and
matures in August 2027. The whole loan is split into nine senior A
and three subordinate B notes. The $350 million trust balance
(according to the April 2022 trustee remittance report) comprises
three of the senior A notes totaling $98 million, as well as all
three subordinate B notes, which total $252 million. The remaining
six senior A notes, which total $200 million, are in four other
U.S. CMBS transactions. The senior A notes are pari passu to each
other and senior to the subordinate B notes.

To date, the trust has not incurred any principal losses. The
servicer, Wells Fargo Commercial Mortgage Servicing, reported a
DSCR of 2.56x as of year-end 2021 and an occupancy rate of 80.0% as
of September 2021—each reflecting a year-over-year decline from
2.84x and 97.8%, respectively.

The recent rapid spread of the COVID-19 omicron variant highlights
the inherent uncertainties of the pandemic as well as the
importance and benefits of vaccines. S&P said, "While the risk of
new, more severe variants displacing omicron and evading existing
immunity cannot be ruled out, our current base case assumes that
existing vaccines can continue to provide significant protection
against severe illness. Furthermore, many governments, businesses,
and households around the world are tailoring policies to limit the
adverse economic impact of recurring COVID-19 waves. Consequently,
we do not expect a repeat of the sharp global economic contraction
of second-quarter 2020. Meanwhile, we continue to assess how well
each issuer adapts to new waves in its geography or industry."

  Ratings Affirmed

  BXP Trust 2017-CC

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


CARVANA AUTO 2022-N1: DBRS Gives Provisional BB Rating on E Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Carvana Auto Receivables Trust 2022-N1 (CRVNA
2022-N1 or the Issuer):

-- $140,630,000 Class A-1 Notes at AAA (sf)
-- $51,560,000 Class A-2 Notes at AAA (sf)
-- $44,620,000 Class B Notes at AA (high) (sf)
-- $44,820,000 Class C Notes at A (high) (sf)
-- $44,620,000 Class D Notes at BBB (high) (sf)
-- $46,880,000 Class E Notes at BB (sf)
-- $10,000,000 Class N Notes at BB (low) (sf)

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

(1) Transaction capital structure, proposed ratings, and form and
sufficiency of available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
subordination, a fully funded reserve fund, and excess spread.
Credit enhancement levels are sufficient to support the DBRS
Morningstar-projected cumulative net loss (CNL) assumption under
various stress scenarios.

(2) The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms in which
they have invested. For this transaction, the ratings address the
payment of timely interest on a monthly basis and principal by the
legal final maturity date.

(3) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar performed an operational review of Carvana,
LLC (Carvana) and Bridgecrest Credit Company, LLC and considers the
entities to be an acceptable originator and servicer, respectively,
of auto loans.

(4) The operational history of Carvana and the strength of the
overall company and its management team.

-- Company management has considerable experience in the consumer
lending business.

-- Carvana's platform is a technology-driven platform that focuses
on providing the customer with high-level experience, selection,
and value. Its website and smartphone app provide the consumer with
vehicle search and discovery (currently showing more than 70,000
vehicles online); the ability to trade or sell vehicles almost
instantaneously; and real-time, personalized financing. Carvana has
developed underwriting policies and procedures for use across the
lending platform that leverages technology where appropriate to
validate customer identity, income, employment, residency,
creditworthiness, and proper insurance coverage.

-- Carvana has developed multiple proprietary risk models to
support various aspects of its vertically integrated automotive
lending business. All proprietary risk models used in Carvana's
lending business are regularly monitored and tested. The risk
models are updated from time to time to adjust for new performance
data, changes in customer and economic trends, and additional
sources of third-party data.

(5) The credit quality of the collateral, which includes
Carvana-originated loans with Deal Scores of 49 or lower.

-- As of the February 26, 2022, cut-off date, the collateral pool
for the transaction is primarily composed of receivables due from
nonprime obligors with a weighted-average (WA) FICO score of 584
and WA annual percentage rate of 18.05% and a WA loan-to-value
ratio of 100.33%. Approximately 48.01%, 28.04%, and 23.94% of the
pool include loans with Carvana Deal Scores greater than or equal
to 30, between 10 and 29, and between 0 and 9, respectively.
Additionally, 0.74% of the collateral balance is composed of
obligors with FICO scores greater than 750, 37.91% consists of FICO
scores between 601 to 750, and 61.35% is from obligors with FICO
scores less than or equal to 600 or with no FICO score.

-- DBRS Morningstar analyzed the performance of Carvana's auto
loan and retail installment contract originations and static pool
vintage loss data broken down by Deal Score to determine a
projected CNL expectation for the CRVNA 2022-N1 pool.

(6) The DBRS Morningstar CNL assumption is 13.30% based on the
cut-off date pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update, published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020. The
baseline macroeconomic scenarios reflect the view that recent
pandemic-related developments, particularly the new omicron variant
with subsequent restrictions, combined with rising inflation
pressures in some regions, may dampen near-term growth expectations
in coming months. However, DBRS Morningstar expects the baseline
projections will continue to point to an ongoing, gradual
recovery.

(7) Carvana's financial condition as reported in its annual report
on Form 10-K filed as of February 24, 2022.

(8) The legal structure and expected presence of legal opinions,
which will address the true sale of the assets to the Issuer, the
nonconsolidation of the special-purpose vehicle with Carvana, that
the trust has a valid first-priority security interest in the
assets, and consistency with the DBRS Morningstar “Legal Criteria
for U.S. Structured Finance.”

The rating on the Class A Notes reflects 50.00% of initial hard
credit enhancement provided by subordinated notes in the pool
(48.25%), overcollateralization (0.50%) and the reserve account
(1.25%). The ratings on the Class B, C, D, and E Notes reflect
38.10%, 26.15%, 14.25%, and 1.75% of initial hard credit
enhancement, respectively.

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



CIM TRUST 2022-R1: DBRS Finalizes B(high) Rating on B2 Notes
------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage-Backed Notes, Series 2022-R1 issued by CIM Trust 2022-R1
(CIM 2022-R1 or the Trust):

-- $263.7 million Class A1 at AAA (sf)
-- $224.2 million Class A1-A at AAA (sf)
-- $39.6 million Class A1-B at AAA (sf)
-- $16.9 million Class M1 at AA (high) (sf)
-- $13.5 million Class M2 at A (high) (sf)
-- $10.2 million Class M3 at BBB (high) (sf)
-- $6.2 million Class B1 at BB (high) (sf)
-- $4.3 million Class B2 at B (high) (sf)

The AAA (sf) rating on the Notes reflects 19.65% of credit
enhancement provided by subordinated Notes in the transaction. The
AA (high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and
B (high) (sf) ratings reflect 14.50%, 10.40%, 7.30%, 5.40%, and
4.10% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of primarily
seasoned performing and reperforming first-lien residential
mortgages funded by the issuance of mortgage-backed notes. The
Notes are backed by 1,803 loans with a total principal balance of
$328,225,767 as of the Cut-Off Date (January 31, 2022).

The loans are approximately 169 months seasoned. As of the Cut-Off
Date, 95.6% of the pool is current, 4.1% is 30 days delinquent
under the Mortgage Bankers Association (MBA) delinquency method,
and 0.3% is in bankruptcy (all bankruptcy loans are performing or
are 30 days delinquent). Approximately 74.9% and 54.3% of the
mortgage loans have been zero times (x) 30 days delinquent for the
past 12 months and 24 months, respectively, under the MBA
delinquency method.

In the portfolio, 61.2% of the loans are modified. The
modifications happened more than two years ago for 82.8% of the
modified loans. Within the pool, 536 mortgages have
non-interest-bearing deferred amounts, which equate to 6.2% of the
total principal balance. Unless specified otherwise, all statistics
on the mortgage loans in this report are based on the current
balance, including the applicable non-interest-bearing deferred
amounts.

The majority of the pool (91.1%) is exempt from the Consumer
Financial Protection Bureau (CFPB) Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules. The loans subject to the ATR rules are
designated as QM Safe Harbor (5.6%), QM Rebuttable Presumption
(0.2%), and non-QM (3.0%) by unpaid principal balance.

Fifth Avenue Trust (the Seller) acquired the mortgage loans prior
to the Cut-Off Date and, through a wholly owned subsidiary, Funding
Depositor LLC (the Depositor), will contribute the loans to the
Trust. As the Sponsor, Chimera Investment Corporation (Chimera) or
one of its majority-owned affiliates will acquire and retain a 5%
eligible horizontal residual interest in the Notes, consisting of a
portion of the Class B2 Notes and all of the Class B3 and Class C
Notes in the aggregate, to satisfy the credit risk retention
requirements. Various entities originated and previously serviced
the loans through purchases in the secondary market.

Prior to CIM 2022-R1, Chimera had issued 47 seasoned
securitizations under the CIM shelf since 2014, all of which were
backed by subprime, reperforming, or nonperforming loans. DBRS
Morningstar has rated five of the previously issued CIM
reperforming loan (RPL) deals. Similar to the last DBRS
Morningstar-rated CIM RPL deal, this transaction exhibits much
stronger credit characteristics than transactions previously issued
under the CIM shelf. DBRS Morningstar reviewed the historical
performance of both the rated and unrated transactions issued under
the CIM shelf, particularly with respect to the reperforming
transactions, which may not have collateral attributes similar to
CIM 2022-R1. The reperforming CIM transactions generally have
delinquencies and losses in line with expectations for previously
distressed assets.

The loans will be serviced by Fay Servicing, LLC (Fay; 91.8%) and
Select Portfolio Servicing, Inc. (SPS; 8.2%). There will not be any
advancing of delinquent principal or interest on any mortgages by
the Servicers or any other party to the transaction; however, the
related Servicer is obligated to make advances in respect of
homeowner's association fees, taxes, and insurance as well as
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

On the earlier of the Payment Date occurring in February 2027 or
after the Payment Date when the aggregate note amount of the
offered Notes is reduced to 10% of the Closing Date note amount,
the Call Option Holder (the Depositor or any successor or assignee)
has the option to purchase all of the mortgage loans and any real
estate owned (REO) properties at a certain purchase price equal to
the unpaid principal balance of the mortgage loans, plus the fair
market value of the REO properties and any unpaid expenses and
reimbursement amounts.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Notes, but such shortfalls on Class M2 Notes and more subordinate
bonds will not be paid from principal proceeds until the Class A1
and M1 Notes are retired.

Coronavirus Disease (COVID-19) Impact

The coronavirus pandemic and the resulting isolation measures
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. Shortly after the onset of the pandemic, DBRS
Morningstar saw an increase in the delinquencies for many
residential mortgage-backed securities (RMBS) asset classes.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief that may perform very differently from traditional
delinquencies. At the onset of the pandemic, the option to forebear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearance in 2020 performed better than
expected, thanks to government aid, low loan-to-value ratios, and
acceptable underwriting in the mortgage market in general. Across
nearly all RMBS asset classes, delinquencies have been gradually
trending downward in recent months as forbearance periods come to
an end for many borrowers.

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



CITIGROUP 2013-GCJ11: Fitch Affirms B Rating on Class F Certs
-------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 10 classes of Citigroup
Commercial Mortgage Trust, commercial mortgage pass-through
certificates, series 2013-GCJ11. Fitch has revised one Rating
Outlook to Stable from Negative, three Outlooks to Positive from
Stable and one Outlook to Stable from Positive.

   DEBT           RATING                  PRIOR
   ----           ------                  -----
CGCMT 2013-GCJ11

A-3 17320DAE8     LT AAAsf    Affirmed    AAAsf
A-4 17320DAG3     LT AAAsf    Affirmed    AAAsf
A-AB 17320DAJ7    LT AAAsf    Affirmed    AAAsf
A-S 17320DAN8     LT AAAsf    Affirmed    AAAsf
B 17320DAQ1       LT AAAsf    Upgrade     AAsf
C 17320DAS7       LT Asf      Affirmed    Asf
D 17320DAU2       LT BBB-sf   Affirmed    BBB-sf
E 17320DAW8       LT BBsf     Affirmed    BBsf
F 17320DAY4       LT Bsf      Affirmed    Bsf
X-A 17320DAL2     LT AAAsf    Affirmed    AAAsf
X-B 17320DBE7     LT Asf      Affirmed    Asf

KEY RATING DRIVERS

Stable Performance and Improved Loss Expectations: The affirmations
are due to the continued stable performance of the majority of the
loans in the pool. Loss expectations for the pool have improved
since the prior rating action. There are seven Fitch Loans of
Concern (FLOCs;15.2%), including three loans (9.7%) in special
servicing.

The upgrade and Positive Outlooks are due to the high percentage of
defeased loans. As of the March 2022 distribution date, the pool's
aggregate principle balance paid down 37.44% to $755.0 million from
$1.2 billion at issuance. Twenty-six loans (44.4%) have been
defeased. There have been no realized losses since issuance and
interest shortfalls are currently affecting class G.

Fitch's current ratings incorporate a base case loss of 4.6%. An
additional sensitivity was incorporated with losses that could
reach 5.6% when factoring in an additional stress for the Hilton
Checkers loan due to continued underperformance and refinance risk.
Despite the additional sensitivity, the outlook was revised to
stable on Class F reflecting generally better-than-expected
performance of the specially serviced assets in the pool.

FLOCs: The largest driver to losses are the Empire Hotel & Retail
loans (8.6%). The collateral is a mixed-use hotel/retail property
on the Upper West Side of Manhattan. Prior to the pandemic, the
property experienced declining cash flow due to renovations that
took one-half of the hotel rooms off line through YE 2016. The loan
transferred to special servicing in May 2021 and is 90+ day
delinquent. According to the special servicer, foreclosure was
filed in March 2022. Discussions between the lender and the
borrower are ongoing with respect to a potential resolution. The
hotel originally closed in April 2020, but is currently open and
operating.

Fitch modeled an approximately 34% loss on the loan based on a
recent appraisal value.

The second driver to losses is the Fairfield Inn - Anchorage loan
(1.1%), a 106-key limited-service hotel in Anchorage, AK. The loan
transferred to special servicing in July 2020 due to payment
default and is 90+ day delinquent. According to the special
servicer, the loan was modified in March 2022 and is expected to
return to the master servicer upon the completion of the rehab
period.

Fitch modeled an approximately 19.4% loss on the loan based on a
recent appraisal value.

Alternative Loss Considerations: Fitch incorporated an additional
sensitivity to the Hilton Checkers loan (3.5%) to reflect sustained
underperformance and the increased refinancing risk as the loan's
maturity approaches in 2023.

Maturity Concentration: The maturity concentration for the pool is
as follows: two loans (6.3%) in 2022 and 56 (93.7%) loans in 2023.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades to the senior classes, A-3, A-4, A-B, A-S, X-A, B, C, D
and X-B, are not likely due to the high CE and large amount of
defeasance, but may occur at 'AAAsf' or 'AAsf' should interest
shortfalls occur. Downgrades to classes E and F would occur should
loss expectations increase due to an increase in FLOCs.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Upgrades of classes C, D and X-B would occur with additional
improvement in CE and/or defeasance. Classes would not be upgraded
above 'Asf' if there is a likelihood for interest shortfalls. An
upgrade to classes E and F is not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and if there is sufficient CE, which would occur if the
non-rated class G is not eroded and the senior classes payoff.


CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms C Rating on F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2013-GC15 issued by Citigroup
Commercial Mortgage Trust 2013-GC15 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BB (sf)
-- Class X-C at B (sf)
-- Class E at B (low) (sf)
-- Class F at C (sf)

Classes D, E, and X-C continue to carry Negative trends. Class F
has a rating that does not carry a trend. All other trends remain
Stable. The Interest in Arrears designation was removed from Class
F as part of this review.

DBRS Morningstar's loss expectations remain in line with the prior
review. The Negative trends are driven by select loans that are
showing increased risk from issuance, as further detailed below.
Although stress remains at the bottom of the bond stack, the
classes carrying Stable trends benefit from increased credit
support as a result of paydowns since issuance. The transaction
originally consisted of 97 fixed-rate loans secured by 129
commercial and multifamily properties with a trust balance of $1.12
billion. As of the February 2022 remittance, 78 loans remain within
the transaction with a trust balance of $698.8 million, reflecting
collateral reduction of 37.3% since issuance. In addition, 15
loans, representing 14.2% of the pool, have defeased. Three loans,
representing 7.4% of the pool, are in special servicing and 18
loans, representing 32.8% of the pool, are on the servicer's
watchlist. Losses to date total $3.15 million and have been
contained to the nonrated Class G certificate.

The largest specially serviced loan and the largest contributor to
DBRS Morningstar's loss projections for the pool, 735 Sixth Avenue
(Prospectus ID#6; 4.9% of the pool), is secured by the
16,500-square-foot (sf) ground and mezzanine floor retail portion
of a 40-storey multifamily building in New York's Chelsea
neighborhood. The departure of two major tenants from the property
in 2018 drove occupancy down to approximately 18.8%, stressing cash
flows and diminishing the borrower's ability to cover debt service
obligations. The special servicer filed for foreclosure in October
2019 and according to the most recent servicer commentary, a motion
for summary judgement was granted in April 2021 with a foreclosure
date expected to be established in the near term. Despite
continuing with the foreclosure process, the lender has noted it
will continue to explore all available options, including a note
sale. A web search indicates 12,200 sf of net rentable area is
available for lease at the subject property, implying a minimum
vacancy rate of 73.9%. The collateral was last appraised in March
2020 at a value of $14.0 million, down 69.2% from the issuance
value of $45.5 million. However, DBRS Morningstar notes that the
as-is market value has likely declined since the last appraisal
because of prolonged periods of low occupancy and depressed cash
flows. Based on a haircut to the most recent valuation, DBRS
Morningstar assumed a loss severity in excess of 90% at disposition
for this loan.

The second-largest specially serviced loan, HGI Shreveport & HI
Natchez (Prospectus ID#29; 1.3% of the pool) is secured by two
limited-service hotels, Hilton Garden Inn Shreveport and the
Hampton Inn and Suites Natchez, in Louisiana and Mississippi,
respectively. The loan fell delinquent on payments in January 2019
and transferred to the special servicer in February 2020. The asset
has been real estate owned since November 2020. The portfolio has
underperformed since 2018, primarily as a result of subdued
occupancy and weak submarket fundamentals. Performance has
consistently lagged issuance expectations with the weighted-average
debt service coverage ratio declining to 0.34 times (x) as of
September 2021 from 1.69x at issuance. The servicer noted that
construction related to deferred maintenance at the Natchez
property is under way, and both properties will be marketed in an
upcoming auction, set to take place in April 2022. A January 2022
appraisal valued the properties at $4.3 million, a decline from the
April 2020 value of $7.8 million and the issuance value of $20.5
million, and below the current whole loan balance of $9.0 million.
Based on the liquidation scenario assumed by DBRS Morningstar as
part of this review, a loss severity approaching 80% is expected at
disposition.

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


COMM 2014-LC17: DBRS Confirms C Rating on 2 Certificate Classes
----------------------------------------------------------------
DBRS Limited confirmed the following ratings of the Commercial
Mortgage Pass-Through Certificates, Series 2014-LC17 issued by COMM
2014-LC17 Mortgage Trust:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class PEZ at A (high) (sf)
-- Class X-C at BB (high) (sf)
-- Class D at BB (sf)
-- Class E at CCC (sf)
-- Class F at C (sf)
-- Class G at C (sf)

DBRS Morningstar has changed the trends to Stable from Negative on
Classes C, PEZ, D, X-B, and X-C. All trends are Stable, excluding
Classes E, F, and G, which have ratings that do not carry trends;
however, Class G continues to carry the Interest in Arrears
designation.

The trend changes primarily reflect the better-than-anticipated
disposition of two distressed loans since the last review and
updated valuations for the five loans, representing 7.8% of the
current pool balance, still in specially servicing. In May 2021,
the $18.0 million World Houston Plaza (Prospectus ID#20) loan was
liquidated from the trust with a realized loss of $12.4 million,
while the Georgia Multifamily Portfolio (Prospectus ID#35) loan
avoided foreclosure and was repaid in full. The trust has incurred
realized losses of $32.6 million to date, which has resulted in the
nonrated Class H being written down by more than 85%. DBRS
Morningstar expects further erosion to the transaction's credit
support upon resolution of a few of the remaining specially
serviced assets, with projected losses reaching the rated Class G.

As of the February 2022 remittance, 53 of the original 71 loans
remain in the pool, with an aggregate principal balance of $801.0
million, reflecting a collateral reduction of 35.2% since issuance
as a result of loan repayments, scheduled amortization, and the
liquidation of three loans. In addition, nine loans, representing
7.4% of the pool, have been fully defeased. By property type, the
pool is most concentrated by loans secured by hotels, retail
properties, and offices, representing 24.9%, 24.0%, and 20.0% of
the pool, respectively. The largest geographic concentration by
state is Florida, representing 17.1% of the current pool balance,
followed by California at 15.2%. There are 10 loans, representing
24.6% of the current pool balance, on the servicer's watchlist,
primarily because of cash flow declines stemming from the impact of
the Coronavirus Disease (COVID-19) pandemic.

The two largest loans in special servicing, cumulatively
representing 5.2% of the current pool balance, are both with the
special servicer for payment default but appear to have promising
workout resolutions. Aloft Cupertino (Prospectus ID#6, 3.9% of the
pool) is secured by a 123-key, limited-service hotel in Cupertino,
California. Prior to the pandemic, the property outperformed
issuance expectations, benefitting from its location in Silicon
Valley and the surrounding area's corporate demand. The lender and
borrower have tentatively agreed to a loan modification, which
would reinstate the loan. The property was reappraised in December
2021 at $54.1 million, reflecting a moderate loan-to-value (LTV)
ratio of 62.3% based on the total loan exposure.

Broadmoor Towne Center (Prospectus ID# 35; 1.9% of the pool) is
secured by the leasehold interest in a 143,797-square-foot shopping
center in Colorado Springs, Colorado. The loan has underperformed
since the Gordmans at the property closed in 2020 after its parent
company filed for bankruptcy. While the property was most recently
reported at 88% occupancy, the largest tenant, The Rush Market
(34.7% of the NRA), which backfilled the Gordmans space, is month
to month after its lease expired in July 2021. As of Q2 2021, the
loan reported a debt service coverage ratio (DSCR) of 1.10 times
(x). The borrower was unable to repay the loan upon its November
2021 maturity. However, the servicer has indicated that the
borrower is under contract to sell for more than the most recently
appraised value, with closing anticipated in mid-March 2022. The
property was reappraised in November 2021 for $14.5 million,
reflecting a moderate LTV ratio of 75.5% based on the total loan
exposure.

The largest loan on the watchlist and in the pool, Loews Miami
Beach Hotel (Prospectus ID#1; 15.0% of the pool), is secured by a
790-key, full-service hotel in Miami. The loan has a pari passu
structure, with loan pieces in the subject trust and two other DBRS
Morningstar-rated transactions (COMM 2014-CCRE21 Mortgage Trust and
COMM 2014-UBS5 Mortgage Trust). The loan was initially added to the
watchlist in July 2020 following a decline in performance and the
borrower's coronavirus relief request. The servicer granted relief
in the form of a deferral of monthly furniture, fixture, and
equipment reserve payments from May 2020 through July 2020, with
the deferred amounts to be repaid over a nine-month period ended
May 2021. As of the trailing nine months ended September 30, 2021,
the loan reported a DSCR of 1.05x and an occupancy of 50.4%, which
is down significantly from YE2019 when the loan reported a DSCR of
3.21x and an occupancy of 85.40%. Given the property's prime
location within South Beach, the hotel is well positioned to
capture demand as leisure and business travel continue to rebound
over the next few years.

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



CSMC 2022-NQM3: S&P Assigns B- (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to CSMC 2022-NQM3 Trust's
mortgage pass-through notes.

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

The ratings reflect:

-- The pool's collateral composition;

-- The transaction's credit enhancement;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The transaction's geographic concentration;

-- The mortgage aggregator, DLJ Mortgage Capital Inc., and the
originators, which include AmWest Funding Corp., Hometown Equity
Mortgage LLC d/b/a the Lender, Visio Financial Corp., Impac
Mortgage Corp., and SG Capital; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "On April 17, 2020, we updated our mortgage
outlook and corresponding archetypal foreclosure frequency levels
to account for the potential impact of the COVID-19 pandemic on the
overall credit quality of collateralized pools. While pandemic
related performance concerns have waned, given our current outlook
for the U.S. economy considering the impact of the Russia-Ukraine
military conflict, supply-chain disruptions, and rising inflation
and interest rates, we continue to maintain our updated 'B'
foreclosure frequency for the archetypal pool at 3.25%."

  Ratings Assigned(i)

  CSMC 2022-NQM3 Trust

  Class A-1A, $324,826,000: AAA (sf)
  Class A-1B, $56,198,000: AAA (sf)
  Class A-1, $381,024,000: AAA (sf)
  Class A-2, $35,967,000: AA (sf)
  Class A-3, $48,893,000: A (sf)
  Class M-1, $31,752,000: BBB (sf)
  Class B-1, $23,041,000: BB (sf)
  Class B-2, $23,885,000: B- (sf)
  Class B-3, $17,421,580: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class PT, $561,983,580: Not rated
  Class R, not applicable: Not rated

(i)The collateral and structural information in this report
reflects the private placement memorandum dated April 27, 2022. The
ratings address the ultimate payment of interest and principal.

(ii)The notional amount will equal the aggregate balance of the
mortgage loans as of the first day of the related due period.



DT AUTO 2022-1: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by DT Auto Owner Trust 2022-1 (the Issuer
or DTAOT 2022-1):

-- $218,770,000 Class A Notes at AAA (sf)
-- $26,810,000 Class B Notes at AA (sf)
-- $54,260,000 Class C Notes at A (sf)
-- $67,350,000 Class D Notes at BBB (sf)
-- $29,170,000 Class E Notes at BB (sf)

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

(1) Transaction capital structure, proposed ratings, and form and
sufficiency of available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
subordination, amounts held in the reserve fund, and excess spread.
Credit enhancement levels are sufficient to support the DBRS
Morningstar-projected cumulative net loss (CNL) assumption under
various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms in which
they have invested. For this transaction, the ratings address the
payment of timely interest on a monthly basis and principal by the
legal final maturity date.

(2) DTAOT 2022-1 provides for Classes A, B, C, D, and E coverage
multiples that are slightly below the DBRS Morningstar range of
multiples set forth in the criteria for this asset class. DBRS
Morningstar believes that this is warranted, given the magnitude of
expected loss, company history, and structural features of the
transaction.

(3) The DBRS Morningstar CNL assumption is 25.15% based on the
expected pool composition.

(4) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update", published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse pandemic scenarios, which were
first published in April 2020. The baseline macroeconomic scenarios
reflect the view that recent pandemic-related developments,
particularly the new omicron variant with subsequent restrictions,
combined with rising inflation pressures in some regions, may
dampen near-term growth expectations in coming months. However,
DBRS Morningstar expects the baseline projections will continue to
point to an ongoing, gradual recovery.

(5) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

(6) The quality and consistency of historical static pool data for
DriveTime originations and performance of the DriveTime auto loan
portfolio.

(7) The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the nonconsolidation of
the special-purpose vehicle with DriveTime, that the trust has a
valid first-priority security interest in the assets, and the
consistency with the “DBRS Morningstar Legal Criteria for U.S.
Structured Finance.”

The transaction represents a securitization of a portfolio of motor
vehicle retail installment sales contracts originated by DriveTime
Car Sales Company, LLC (the Originator). The Originator is a
direct, wholly owned subsidiary of DriveTime. DriveTime is a
leading used-vehicle retailer in the United States that focuses
primarily on the sale and financing of vehicles to the subprime
market.

The rating on the Class A Notes reflects 50.50% of initial hard
credit enhancement provided by the subordinated Notes in the pool,
the reserve account (1.50%), and overcollateralization (7.60%). The
ratings on the Class B, C, D, and E Notes reflect 44.25%, 31.60%,
15.90%, and 9.10% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

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



ELMWOOD CLO 16: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO 16 Ltd.'s
floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Elmwood Asset Management.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Ratings Assigned

  Elmwood CLO 16 Ltd./Elmwood CLO 16 LLC

  Class A, $480.00 million: AAA (sf)
  Class B, $90.00 million: AA (sf)
  Class C (deferrable), $45.00 million: A+ (sf)
  Class D (deferrable), $45.00 million: BBB- (sf)
  Class E (deferrable), $28.88 million: BB- (sf)
  Subordinated notes, $61.15 million: Not rated


FREDDIE MAC 2022-HQA1: DBRS Gives Provisional BB(low) on 16 Classes
-------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk (STACR) REMIC 2022-HQA1 Notes to be
issued by Freddie Mac STACR REMIC Trust 2022-HQA1 (STACR
2022-HQA1):

-- $422.0 million Class M-1A at A (sf)
-- $388.0 million Class M-1B at BBB (high) (sf)
-- $227.5 million Class M-2A at BBB (low) (sf)
-- $227.5 million Class M-2B at BB (low) (sf)
-- $84.0 million Class B-1A at B (high) (sf)
-- $84.0 million Class B-1B at B (low) (sf)
-- $455.0 million Class M-2 at BB (low) (sf)
-- $455.0 million Class M-2R at BB (low) (sf)
-- $455.0 million Class M-2S at BB (low) (sf)
-- $455.0 million Class M-2T at BB (low) (sf)
-- $455.0 million Class M-2U at BB (low) (sf)
-- $455.0 million Class M-2I at BB (low) (sf)
-- $227.5 million Class M-2AR at BBB (low) (sf)
-- $227.5 million Class M-2AS at BBB (low) (sf)
-- $227.5 million Class M-2AT at BBB (low) (sf)
-- $227.5 million Class M-2AU at BBB (low) (sf)
-- $227.5 million Class M-2AI at BBB (low) (sf)
-- $227.5 million Class M-2BR at BB (low) (sf)
-- $227.5 million Class M-2BS at BB (low) (sf)
-- $227.5 million Class M-2BT at BB (low) (sf)
-- $227.5 million Class M-2BU at BB (low) (sf)
-- $227.5 million Class M-2BI at BB (low) (sf)
-- $227.5 million Class M-2RB at BB (low) (sf)
-- $227.5 million Class M-2SB at BB (low) (sf)
-- $227.5 million Class M-2TB at BB (low) (sf)
-- $227.5 million Class M-2UB at BB (low) (sf)
-- $168.0 million Class B-1 at B (low) (sf)
-- $168.0 million Class B-1R at B (low) (sf)
-- $168.0 million Class B-1S at B (low) (sf)
-- $168.0 million Class B-1T at B (low) (sf)
-- $168.0 million Class B-1U at B (low) (sf)
-- $168.0 million Class B-1I at B (low) (sf)
-- $84.0 million Class B-1AR at B (high) (sf)
-- $84.0 million Class B-1AI at B (high) (sf)

Classes M-2, M-2R, M-2S, M-2T, M-2U, M-2I, M-2AR, M-2AS, M-2AT,
M-2AU, M-2AI, M-2BR, M-2BS, M-2BT, M-2BU, M-2BI, M-2RB, M-2SB,
M-2TB, M-2UB, B-1, B-1R, B-1S, B-1T, B-1U, B-1I, B-1AR, and B-1AI
are Modifiable and Combinable STACR Notes (MAC Notes). Classes
M-2I, M-2AI, M-2BI, B-1I, and B-1AI are interest-only MAC Notes.

The A (sf), BBB (high) (sf), BBB (low) (sf), BB (low) (sf), B
(high) (sf), and B (low) (sf) ratings reflect 3.750%, 2.600%,
1.925%, 1.250%, 1.000%, and 0.750% of credit enhancement,
respectively. Other than the specified classes above, DBRS
Morningstar does not rate any other classes in this transaction.

STACR 2022-HQA1 is the 25th transaction in the STACR HQA series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Freddie Mac-guaranteed mortgage-backed
securities.

As of the Cut-Off Date, the Reference Pool consists of 143,457
greater-than-20-year fully amortizing first-lien fixed-rate
mortgage loans underwritten to a full documentation standard, with
original loan-to-value (LTV) ratios greater than 80%. The mortgage
loans were estimated to be originated on or after January 2015 and
were securitized by Freddie Mac between July 1, 2021, and August
31, 2021.

On the Closing Date, the trust will enter into a Collateral
Administration Agreement (CAA) with Freddie Mac. Freddie Mac, as
the credit protection buyer, will be required to make transfer
amount payments. The trust is expected to use the aggregate
proceeds realized from the sale of the Notes to purchase certain
eligible investments to be held in a custodian account. The
eligible investments are restricted to highly rated, short-term
investments. Cash flow from the Reference Pool will not be used to
make any payments; instead, a portion of the eligible investments
held in the custodian account will be liquidated to make principal
payments to the Noteholders and return amount, if any, to Freddie
Mac upon the occurrence of certain specified credit events and
modification events.

The coupon rates for the Notes are based on the Secured Overnight
Financing Rate (SOFR). There are replacement provisions in place in
the event that SOFR is no longer available. DBRS Morningstar did
not run interest rate stresses for this transaction, as the
interest is not linked to the performance of the reference
obligations. Instead, the trust will use the net investment
earnings on the eligible investments together with Freddie Mac's
transfer amount payments to pay interest to the Noteholders.

In this transaction, approximately 3.4% of the loans were
originated using property values determined using Freddie Mac's
automated collateral evaluation (ACE) assessment rather than a
traditional full appraisal. Loans where the property values were
determined using ACE assessments generally have better credit
attributes.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. For STACR HQA
transactions, beginning with the STACR 2018-HQA2 transaction, there
has been a revision to principal allocation. The scheduled
principal in prior transactions was allocated pro rata between the
senior and nonsenior (mezzanine and subordinate) tranches,
regardless of deal performance, while the unscheduled principal was
allocated pro rata subject to certain performance tests being met.
For the more recent transactions, the scheduled and unscheduled
principal will be combined and only allocated pro rata between the
senior and nonsenior tranches if the performance tests are
satisfied.

Unlike the prior STACR 2021-HQA4 transaction, the minimum credit
enhancement test for STACR 2022-HQA1 is not set to fail at the
Closing Date, allowing rated classes to receive principal payments
from the First Payment Date, provided the other two performance
tests—delinquency test and cumulative net loss test—are met.
Additionally, the nonsenior tranches will also be entitled to the
supplemental subordinate reduction amount if the offered reference
tranche percentage increases above 5.50%.

The interest payments for these transactions are not linked to the
performance of the reference obligations except to the extent that
modification losses have occurred. The Class B-3H's coupon rate
will be zero, which may reduce the cushion that rated classes have
to the extent any modification losses arise. Additionally, payment
deferrals will be treated as modification events and could lead to
modification losses. Please see the Private Placement Memorandum
for more details.

The Notes will be scheduled to mature on the payment date in March
2042, but they will be subject to mandatory redemption prior to the
scheduled maturity date upon the termination of the CAA.

The sponsor of the transaction will be Freddie Mac. U.S. Bank Trust
Company, National Association (rated AA (high) with a Stable trend
and R-1 (high) with a Stable trend by DBRS Morningstar) will act as
the Indenture Trustee and Exchange Administrator. Wilmington Trust,
National Association (rated AA (low) with a Negative trend and R-1
(middle) with a Stable trend by DBRS Morningstar) will act as the
Owner Trustee. The Bank of New York Mellon (rated AA (high) with a
Stable trend and R-1 (high) with a Stable trend by DBRS
Morningstar) will act as the Custodian.

The Reference Pool consists of approximately 7.8% of loans
originated under the Home Possible program. Home Possible is
Freddie Mac's affordable mortgage product designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers.

If a reference obligation is refinanced under the Enhanced Relief
Refinance Program, then the resulting refinanced reference
obligation may be included in the Reference Pool as a replacement
of the original reference obligation. The Enhanced Relief Refinance
Program provides refinance opportunities to borrowers with existing
Freddie Mac mortgages who are current in their mortgage payments
but whose LTVs exceed the maximum permitted for standard refinance
products. The refinancing and replacement of a reference obligation
under this program will not constitute a credit event.

For this transaction, if a loan becomes delinquent and the related
servicer reports that such loan is in disaster forbearance before
the sixth reporting period from the landfall of the hurricane,
Freddie Mac will remove the loan from the pool to the extent the
related mortgaged property is located in a Federal Emergency
Management Agency (FEMA) major disaster area and in which FEMA has
authorized individual assistance to homeowners in such area as a
result of such hurricane that affects such related mortgaged
property prior to the Closing Date.

The Coronavirus Disease (COVID-19) pandemic and the resulting
isolation measures have caused an immediate economic contraction,
leading to sharp increases in unemployment rates and income
reductions for many consumers. Shortly after the onset of the
pandemic, DBRS Morningstar saw an increase in delinquencies for
many residential mortgage-backed securities (RMBS) asset classes.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief that may perform very differently from traditional
delinquencies. At the onset of the pandemic, the option to forbear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearance in 2020 performed better than
expected, thanks to government aid, low LTVs, and acceptable
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes, delinquencies have been gradually trending
downward, as forbearance periods come to an end for many
borrowers.

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



GCAT 2022-NQM2: S&P Assigns B (sf) Rating on Class B-2 Certs
------------------------------------------------------------
S&P Global Ratings assigned its ratings to GCAT 2022-NQM2 Trust's
mortgage pass-through certificates.

The certificate issuance is an 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, townhouses, planned-unit
developments, condominiums, cooperatives, and two- to four-family
residential properties to both prime and nonprime borrowers. The
pool has 699 loans, which are nonqualified, qualified mortgage safe
harbor, or ability to repay-exempt mortgage loans.

The ratings reflect S&P's view of:

-- The asset pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, geographic concentration, and representation and
warranty framework;

-- The mortgage aggregator, Blue River Mortgage II LLC; and

-- The potential impact current and near term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "On April 17, 2020, we updated our mortgage
outlook and corresponding archetypal foreclosure frequency levels
to account for the potential impact of the COVID-19 pandemic on the
overall credit quality of collateralized pools. While pandemic
related performance concerns have waned, given our current outlook
for the U.S. economy considering the impact of the Russia-Ukraine
military conflict, supply-chain disruptions, and rising inflation
and interest rates, we continue to maintain our updated 'B'
foreclosure frequency for the archetypal pool at 3.25%."

  Ratings Assigned

  GCAT 2022-NQM2 Trust

  Class A-1, $254,581,000: AAA (sf)
  Class A-2, $26,271,000: AA (sf)
  Class A-3, $43,848,000: A (sf)
  Class M-1, $17,955,000: BBB (sf)
  Class B-1, $11,529,000; BB (sf)
  Class B-2, $13,797,000: B (sf)
  Class B-3, $10,017,429: Not rated
  Class A-IO-S, notional(i): Not rated
  Class X, notional(i): Not rated
  Class R, not applicable: Not rated

(i)The notional amount equals the aggregate principal balance of
the loans.



GOLDMAN SACHS 2011-GC5: Fitch Affirms Csf Ratings on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has affirmed seven classes of Goldman Sachs
Commercial Mortgage Capital, LP, series 2011-GC5 (GSMS 2011-GC5)
commercial mortgage pass-through certificates. Fitch has also
revised the Outlook on one class to Stable from Negative.

   DEBT              RATING              PRIOR
   ----              ------              -----
GSMS 2011-GC5

A-S 36191YAE8    LT AAAsf    Affirmed    AAAsf
B 36191YAG3      LT BBsf     Affirmed    BBsf
C 36191YAJ7      LT CCCsf    Affirmed    CCCsf
D 36191YAL2      LT CCsf     Affirmed    CCsf
E 36191YAN8      LT Csf      Affirmed    Csf
F 36191YAQ1      LT Csf      Affirmed    Csf
X-A 36191YAA6    LT AAAsf    Affirmed    AAAsf

KEY RATING DRIVERS

Greater Certainty of Losses: The affirmations reflect a greater
certainty of losses given recent updates, valuations and potential
modification of two of the five specially serviced loans. Given the
pool's significant concentration, Fitch's analysis reflects a
look-through analysis on the remaining loans including the
likelihood of repayment and recovery prospects. The remaining five
loans are all specially serviced due to maturity defaults and are
all secured by retail properties, including three regional malls
located in secondary/tertiary markets.

The largest specially serviced loan is 1551 Broadway (37.2% of
pool), which is secured by a 25,600 sf retail property located in
Manhattan's Times Square neighborhood. The collateral also includes
a 250-foot rentable LED signage tower. The retail space covers
three stories and the signage is spread across 12 separate screens
and 14,500 sf. Performance has been stable and the property remains
100% occupied by American Eagle whose lease expires in February
2024.

The property serves as the flagship store for American Eagle. The
store was closed for several months in 2020 due to the pandemic but
is currently open. The tenant also fully renovated the space for a
new concept. The loan did not pay off at its scheduled maturity on
July 6, 2021; however, given the property's strong infill location,
Fitch expects strong recovery prospects for the loan. Fitch's
analysis accounts for the property's strong infill location and
reflects a stressed value of approximately $6,000 psf.

Specially Serviced Regional Mall Loans: The largest specially
serviced regional mall, Park Place Mall loan (34.6%), is secured by
a 478,333-sf portion of a 1.1 million-sf regional mall located in
Tucson, AZ. The loan was transferred to special servicing in
September 2020 due to hardships caused by the pandemic. The loan
failed to pay off at its scheduled May 2021 maturity. The borrower
(Brookfield) has indicated they no longer intend to inject
additional equity into the property. The special servicer is dual
tracking a foreclosure and loan modification. Fitch's analysis
reflects a 23% cap rate to the YE 2021 NOI to account for the weak
sales, reduced sponsorship commitment and significant upcoming
lease rollover. Non-collateral anchors include Dillard's, Round 1
Bowling and Entertainment and a vacant box that was formerly
occupied by Macy's (closed in 2020). Round 1 Bowling and
Entertainment opened in 2019 in the former Sears space (closed in
July 2018). The collateral is anchored by a 20-screen Century
Theaters.

As of YE 2021, occupancy was 88.8% compared to 89.8% at YE 2020 and
97% at YE 2019. The servicer-reported NOI debt service coverage
ratio (DSCR) as of YE 2021 was 1.08x from 1.11x at YE 2020 and
1.30x at YE 2019.

Approximately 28% of the collateral NRA has lease expirations
between 2022 and 2023, including Q (4.5% of NRA) and Forever 21
(3.8% of NRA). Inline sales for tenants less than 10,000 sf were
$315 psf in 2020, down from $415 psf in 2019. Sales for Century
Theaters were $108,517 per screen in 2020, down from $502,470 per
screen in 2019. Updated sales were requested of the master
servicer, but not received.

The next largest regional mall, Parkdale Mall & Crossing loan
(14.8%), is secured by an approximately 655,000-sf portion of a 1.2
million sf regional mall and a 88,105 sf retail center located in
Beaumont, TX. The loan transferred to special servicing in February
2021 due to maturity default. The loan matured in March 2021.

The property is anchored by a non-collateral Dillard's, JCPenney
and Sears. The Sears store closed in February 2020 and a previous
non-collateral Macy's also closed in March 2017. The Sears space
remains vacant. The Macy's space has since been leased to Dick's
Sporting Goods, HomeGoods and Five Below. The collateral is
anchored by a 12-screen Hollywood Theater. As of March 2021,
property occupancy declined to 79.4% from 79.3% at YE 2020, 84.3%
at YE 2019 and 91.6% at YE 2018. The declines in occupancy are
primarily related to the departure of the former tenant, Bealls
(previously 5.4% of the NRA), which vacated upon filing for
bankruptcy. Additionally, tenant sales psf remained in the low $200
psf-range and as of YE 2020 were $95 psf. Fitch's analysis is based
on a 25% cap rate to the YE 2021 NOI.

The next largest regional mall, the Ashland Town Center loan (7.2%
of pool), is secured by a 434,131 sf regional mall located in
Ashland, KY. The loan, sponsored by Washington Prime Group,
transferred to the special servicer in July 2021 after failing to
pay off at maturity.

The collateral is anchored by a JCPenney, Belk, Belk Home Store and
Cinemark. As of YE 2021, occupancy improved to 99% from 95% at YE
2020 and 96.6% at YE 2019. While occupancy improved, tenant sales
have continued to decline since issuance. As of TTM February 2021,
inline sales, excluding anchors, were $170 psf, compared to $225
psf as of TTM August 2020, $329 psf as of TTM November 2019 and
$319 psf as of YE 2018.

Fitch's analysis is based on an 18% cap rate to the YE 2021 NOI to
reflect the low and declining tenant sales, bankrupt sponsorship
and weak anchor tenancy.

The last specially serviced loan, Champlain Centre loan (6.1% of
pool), is secured by a 484,556-sf regional mall located in
Plattsburgh, NY. The loan, sponsored by The Pyramid Companies,
initially transferred to the special servicer in May 2020 and
received a loan modification due to hardships related to the
pandemic. The loan subsequently returned to the master servicer but
then transferred again to the special servicer in April 2021 for
maturity default.

The collateral is anchored by Hobby Lobby, Dick's Sporting Goods
and JCPenney. As of YE 2021, occupancy declined to 73.4% from 79.6%
at YE 2020 and 82.8% at YE 2019. The occupancy decline is primarily
related to the departure of Gander Outdoors (previously 10.6% of
the NRA,) which vacated ahead of its scheduled lease expiration. A
portion of that space has been re-tenanted by Ollie's Bargain
Outlet (6.8% of NRA). Approximately 16% of the NRA has lease
expirations through 2023, including the top tenant Dick's Sporting
Goods (10.8% of NRA). Additionally, tenant sales at the property
have declined to $271 psf from $289 psf as of the TTM ended January
2019 and $297 psf at YE 2017. Fitch's analysis is based on a 31%
cap rate on the YE 2021 NOI to reflect the weak sponsor, low
occupancy, declining tenant sales and tertiary market.

High Credit Enhancement: As of the April 2022 remittance, the pool
has been reduced by 73.3% to $465 million from $1.7 billion at
issuance. While credit enhancement (CE) is relatively high, further
improvement is unlikely as the majority of the remaining loans are
in maturity default and are likely to experience significant
losses. Interest shortfalls totaling $3.0 million and realized
losses totaling $6.6 million are currently impacting the non-rated
NR class.

Pool Concentration; High Regional Mall Exposure: 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 recovery prospects. Three loans (56% of pool) are
secured by regional malls located in secondary and tertiary
markets. All five remaining loans are in special servicing due to
maturity default.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of class A-S is not expected due to high CE, but may
occur with interest shortfalls and/or if the 1551 Broadway loan is
unable to refinance and/or experiences significant performance
declines. A downgrade to class B would occur with higher than
expected losses on the specially serviced loans. Classes C through
F could be downgraded as losses are realized or become more
certain.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Upgrades are not expected due to adverse selection and high loss
expectations, but would occur if performance of the malls improves
substantially or recoveries are better than expected.


GS MORTGAGE 2019-GC39: Fitch Affirms B-sf Rating on Cl. G-RR Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed GS Mortgage Securities Trust 2019-GC39.
Additionally, Fitch has revised the Rating Outlooks on classes E
and X-D to Stable from Negative. The Outlooks on classes F and G-RR
remain Negative.

   DEBT          RATING                  PRIOR
   ----          ------                  -----
GSMS 2019-GC39

A-1 36260JAA5    LT AAAsf    Affirmed    AAAsf
A-2 36260JAB3    LT AAAsf    Affirmed    AAAsf
A-3 36260JAC1    LT AAAsf    Affirmed    AAAsf
A-4 36260JAD9    LT AAAsf    Affirmed    AAAsf
A-AB 36260JAE7   LT AAAsf    Affirmed    AAAsf
A-S 36260JAH0    LT AAAsf    Affirmed    AAAsf
B 36260JAJ6      LT AA-sf    Affirmed    AA-sf
C 36260JAK3      LT A-sf     Affirmed    A-sf
D 36260JAL1      LT BBBsf    Affirmed    BBBsf
E 36260JAQ0      LT BBB-sf   Affirmed    BBB-sf
F 36260JAS6      LT BB-sf    Affirmed    BB-sf
G-RR 36260JAU1   LT B-sf     Affirmed    B-sf
X-A 36260JAF4    LT AAAsf    Affirmed    AAAsf
X-B 36260JAG2    LT A-sf     Affirmed    A-sf
X-D 36260JAN7    LT BBB-sf   Affirmed    BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: Fitch's loss expectations for the pool
have improved compared to the prior rating action; the Outlook
revisions on classes E and X-D reflect better than expected
performance on some of the Fitch Loans of Concern (FLOCs) and
continued recovery of properties that have been affected by the
coronavirus pandemic.

Fitch's ratings incorporate a base case loss of 4.3%. The Negative
Outlooks reflect Fitch's concerns surrounding the underperformance
of the pool's Fitch Loans of Concerns (FLOCs), particularly The
Garfield Apartments (3.0%) and Waterford Lakes Town Center (6.6%).
Fitch has flagged six FLOCs (29.2%) for upcoming lease expirations,
declining performance, sponsor bankruptcy, high vacancy and/or
pandemic-related underperformance. As of April 2022, there were no
loans in special servicing.

The largest contributor to Fitch's base case loss is The Garfield
Apartments, which is secured by a multifamily/retail property
located in Cleveland, OH. In June 2020, property occupancy fell to
a historical low of 67% from 82% as of December 2019 and 94% as of
February 2019. Occupancy has improved to 98% as of February 2022
due to the property offering lower rents and rent concessions in
2019 and 2020. YE 2020 NOI DSCR was 0.70x, resulting in the
activation of the loan's excess cash flow sweep.

At issuance, the third-party rental company Stay Alfred rented 19
units (15% of total units); however, Stay Alfred has entirely
vacated the property following the company's announcement that it
would cease operations in May 2020. As of February 2022, leased
rent was $1,332 per unit compared to $1,637 per unit as of February
2019. Fitch's base case loss of 32.8% reflects annualized YTD
September 2021 NOI with an 8.75% cap rate.

The second largest contributor to Fitch's base case loss is
Waterford Lakes Town Center, which is secured by a power center
located in a suburban area 11.5 miles east of Downtown Orlando and
is anchored by a Regal Movie Theater (NRA 12.5%) and
shadow-anchored by a Target. TTM December 2018 inline and anchor
store sales were $480 psf and $363 psf, respectively. The loan
transferred to Special Servicing in April 2021 for an imminent
non-monetary default resulting in anticipation of the loan's
sponsor Washington Prime Group (WPG) entering Chapter 11
Bankruptcy. The loan was returned to the master servicer in
November 2021 following the execution of a forbearance agreement
and WPG emerging from bankruptcy in October 2021. The loan is under
cash management under the terms of the forbearance agreement.

September 2021 occupancy fell to 92% from 98% as of September 2020.
As of January 2022, 56 tenants comprising 8.8% of NRA have leases
that have expired or are set to expire within the next 12 months.
Fitch's base case loss of 10.5% considers a 15% haircut on
annualized YTD September 2021 NOI, capped at 9.5%. The haircut
reflects increased YTD vacancy and upcoming lease expirations.

Minimal Change to Credit Enhancement: As of the March 2022
distribution date, the pool's aggregate principal balance has paid
down by 0.92% to $795.2 million from $802.5 million at issuance. At
issuance, based on the scheduled balance at maturity, the pool was
expected to pay down by 5.1%, which is below the 2018 average of
7.2% and the 2017 average of 7.9%. No loans are scheduled to mature
until December 2023. Of the remaining pool balance, 19 loans
comprising 69.1% of the pool were classified as full interest-only
through the term of the loan.

ADDITIONAL CONSIDERATIONS

Investment-Grade Credit Opinion Loans: Three loans comprising 23.6%
of the transaction received an investment-grade credit opinion at
issuance. 101 California Street (9.8% of pool) received a credit
opinion of 'BBB-sf*' on a standalone basis; Moffett Towers II
Building V (8.2%) received a standalone credit opinion of
'BBB-sf*'; 365 Bond (5.7%) received a standalone credit opinion of
'BBB-sf*'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to classes A-1 through A-S and X-A are not
likely due to the position in the capital structure, but may occur
should interest shortfalls occur.

Downgrades to classes B, C, D, E, X-B and X-D are possible should
performance of the FLOCs continue to decline; should loans
susceptible to the coronavirus pandemic not stabilize. Classes F
and G-RR may be downgraded should loans transfer to special
servicing and/or as there is more certainty of loss expectations
from other FLOCs. The Rating Outlooks on these classes may be
revised back to Stable if performance of the FLOCs improves.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Sensitivity factors that could lead to upgrades would include
stable to improved asset performance, coupled with additional
paydown and/or defeasance. Due to the limited amortization
expected, near-term upgrades of the 'A-sf' and 'AA-sf' rated
classes are not expected unless there is an increase in
defeasance;

Upgrades of the 'BBBsf' and 'BBB-sf' class are unlikely as well;
classes would not be upgraded above 'Asf' if there is a likelihood
of interest shortfalls;

Upgrades to the 'B-sf' and 'BB-sf' rated classes is not likely
unless the performance of the remaining pool stabilizes and the
senior classes pay off.


GS MORTGAGE 2022-PJ4: Moody's Assigns B3 Rating to Cl. B-5 Debt
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 57
classes of residential mortgage-backed securities (RMBS) issued by
GS Mortgage-Backed Securities Trust 2022-PJ4, and sponsored by
Goldman Sachs Mortgage Company (GSMC).

The securities are backed by a pool of prime jumbo (99% by balance)
and GSE-eligible (1% by balance) residential mortgages aggregated
by GSMC (99% by balance) and MCLP Asset Company, Inc. (1% by
balance), originated by multiple entities and serviced by Newrez
LLC d/b/a Shellpoint Mortgage Servicing (85% by balance) and United
Wholesale Mortgage, LLC (15% by balance).

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2022-PJ4

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

Cl. A-1-X*, Definitive Rating Assigned Aa1 (sf)

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

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

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

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

Cl. A-4-X*, Definitive Rating Assigned Aaa (sf)

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

Cl. A-6, Definitive Rating Assigned Aaa (sf)

Cl. A-6A, Definitive Rating Assigned Aaa (sf)

Cl. A-7, Definitive Rating Assigned Aaa (sf)

Cl. A-7-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-8, Definitive Rating Assigned Aaa (sf)

Cl. A-9, Definitive Rating Assigned Aaa (sf)

Cl. A-10, Definitive Rating Assigned Aaa (sf)

Cl. A-10-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-11, Definitive Rating Assigned Aaa (sf)

Cl. A-12, Definitive Rating Assigned Aaa (sf)

Cl. A-13, Definitive Rating Assigned Aaa (sf)

Cl. A-13-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-14, Definitive Rating Assigned Aaa (sf)

Cl. A-15, Definitive Rating Assigned Aaa (sf)

Cl. A-16, Definitive Rating Assigned Aaa (sf)

Cl. A-16-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-17, Definitive Rating Assigned Aaa (sf)

Cl. A-18, Definitive Rating Assigned Aaa (sf)

Cl. A-19, Definitive Rating Assigned Aaa (sf)

Cl. A-19-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-20, Definitive Rating Assigned Aaa (sf)

Cl. A-21, Definitive Rating Assigned Aaa (sf)

Cl. A-22, Definitive Rating Assigned Aaa (sf)

Cl. A-22-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-23, Definitive Rating Assigned Aaa (sf)

Cl. A-24, Definitive Rating Assigned Aaa (sf)

Cl. A-25, Definitive Rating Assigned Aaa (sf)

Cl. A-25-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-26, Definitive Rating Assigned Aaa (sf)

Cl. A-27, Definitive Rating Assigned Aaa (sf)

Cl. A-28, Definitive Rating Assigned Aaa (sf)

Cl. A-28-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-29, Definitive Rating Assigned Aaa (sf)

Cl. A-30, Definitive Rating Assigned Aaa (sf)

Cl. A-31, Definitive Rating Assigned Aaa (sf)

Cl. A-31-X*, Definitive Rating Assigned Aaa (sf)

Cl. A-32, Definitive Rating Assigned Aaa (sf)

Cl. A-33, Definitive Rating Assigned Aaa (sf)

Cl. A-34, Definitive Rating Assigned Aa1 (sf)

Cl. A-34-X*, Definitive Rating Assigned Aa1 (sf)

Cl. A-35, Definitive Rating Assigned Aa1 (sf)

Cl. A-36, Definitive Rating Assigned Aa1 (sf)

Cl. B-1, Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Definitive Rating Assigned A2 (sf)

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

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

Cl. B-5, Definitive Rating Assigned B3 (sf)

Cl. PT, Definitive Rating Assigned Aaa (sf)

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings are based on the credit quality of the mortgage loans,
the structural features of the transaction, the origination quality
and the servicing arrangement, the third-party review, and the
representations and warranties framework.

Moody's expected loss for this pool in a baseline scenario-mean is
0.56%, in a baseline scenario-median is 0.36% and reaches 4.20% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in February 2022.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from 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.

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.

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. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


GS MORTGAGE 2022-RPL1: DBRS Gives B Rating on Class B2 Notes
------------------------------------------------------------
DBRS, Inc. assigned ratings to the following Mortgaged-Backed
Securities, Series 2022-RPL1 (the Notes) issued by GS
Mortgage-Backed Securities Trust 2022-RPL1 (GSMBS 2022-RPL1 or the
Trust):

-- $231.7 million Class A1 at AAA (sf)
-- $12.6 million Class A2 at AA (sf)
-- $8.8 million Class M1 at A (sf)
-- $7.5 million Class M2 at BBB (sf)
-- $4.1 million Class B1 at BB (sf)
-- $3.5 million Class B2 at B (sf)
-- $244.3 million Class A3 at AA (sf)
-- $253.1 million Class A4 at A (sf)
-- $260.6 million Class A5 at BBB (sf)

The Class A3, A4, and A5 Notes are exchangeable. These classes can
be exchanged for combinations of initial exchangeable notes as
specified in the offering documents.

The AAA (sf) ratings on the Notes reflect 14.75% of credit
enhancement provided by subordinated notes. The AA (sf), A (sf),
BBB (sf), BB (sf), and B (sf) ratings reflect 10.10%, 6.85%, 4.10%,
2.60%, and 1.30% of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of seasoned
performing and reperforming, primarily first-lien residential
mortgages funded by the issuance of mortgage-backed notes. The
Notes are backed by 2,870 loans with a total principal balance of
$286,054,025 as of the Cut-Off Date (January 31, 2022).

The portfolio is approximately 198 months seasoned and contains
58.8% modified loans. The modifications happened more than two
years ago for 85.3% of the modified loans. Within the pool, 495
mortgages have non-interest-bearing deferred amounts, which equates
to approximately 2.1% of the total principal balance. There are no
government-sponsored enterprise Home Affordable Modification
Program and proprietary principal forgiveness amounts included in
the deferred amounts.

As of the Cut-Off Date, 98.6% of the loans in the pool are current.
Approximately 1.4% are 30 days delinquent under the Mortgage
Bankers Association (MBA) delinquency method, and 1.1% are in
bankruptcy (all bankruptcy loans are performing). Approximately
70.1% of the mortgage loans have been zero times 30 days delinquent
for at least the past 24 months under the MBA delinquency method.

The majority of the pool (98.5%) is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules because the loans were originated prior to
January 10, 2014, the date on which the rules became applicable.
The loans subject to the ATR rules are designated as non-QM
(1.5%).

The Mortgage Loan Sellers, Goldman Sachs Mortgage Company (GSMC;
95.9%), MCLP Asset Company, Inc. (MCLP; 2.6%), and MTGLQ Investors,
L.P. (MTGLQ; 1.5%), acquired the mortgage loans in various
transactions prior to the Closing Date from various mortgage loan
sellers or from an affiliate. GS Mortgage Securities Corp. (the
Depositor) will contribute the loans to the Trust. These loans were
originated and previously serviced by various entities through
purchases in the secondary market.

The Sponsor, GSMC, or a majority-owned affiliate, will retain an
eligible vertical interest in the transaction consisting of an
uncertificated interest (the Retained Interest) in the Trust
representing the right to receive at least 5.0% of the amounts
collected on the mortgage loans, net of the Trust's fees, expenses,
and reimbursements and paid on the Notes (other than the Class R
Notes) and the Retained Interest to satisfy the credit risk
retention requirements under Section 15G of the Securities Exchange
Act of 1934 and the regulations promulgated thereunder.

The mortgage loans will be serviced by NewRez LLC d/b/a Shellpoint
Mortgage Servicing. The initial aggregate servicing fee for the
GSMBS 2022-RPL1 portfolio will be 0.25% per annum.

There will not be any advancing of delinquent principal or interest
on any mortgages by the Servicer or any other party to the
transaction; however, the Servicer is obligated to make advances in
respect to the preservation, inspection, restoration, protection,
and repair of a mortgaged property, which includes delinquent tax
and insurance payments, the enforcement or judicial proceedings
associated with a mortgage loan, and the management and liquidation
of properties (to the extent that the Servicer deems such advances
recoverable).

When the aggregate pool balance of the mortgage loans is reduced to
less than 25% of the Cut-Off Date balance, the Controlling
Noteholder will have the option to purchase all remaining loans and
other property of the Issuer at a specified minimum price. The
Controlling Noteholder will be the beneficial owner of more than
50% of the Class B5 Notes (if no longer outstanding the next most
subordinate class of Notes, other than Class X).

As a loss mitigation alternative, the Controlling Noteholder may
direct the Servicer to sell mortgage loans that are in an early or
advanced stage of default or for which foreclosure or default is
imminent to unaffiliated third-party investors in the secondary
whole loan market on arms-length terms and at fair market value to
maximize proceeds on such loans on a net present value basis.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on the Class
M1 Notes and more subordinate bonds will not be paid from principal
proceeds until the more senior classes are retired. Excess interest
can be used to amortize the principal of the notes after paying
transaction parties' fees, net weighted-average coupon shortfalls,
and making deposits on to the breach reserve account.

CORONAVIRUS DISEASE (COVID-19) IMPACT

The pandemic and the resulting isolation measures have caused an
immediate economic contraction, leading to sharp increases in
unemployment rates and income reductions for many consumers.
Shortly after the onset of the pandemic, DBRS Morningstar saw an
increase in delinquencies for many residential mortgage-backed
securities (RMBS) asset classes.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief that may perform very differently from traditional
delinquencies. At the onset of the pandemic, the option to forbear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearance in 2020 performed better than
expected, thanks to government aid, low loan-to-value ratios, and
acceptable underwriting in the mortgage market in general. Across
nearly all RMBS asset classes, delinquencies have been gradually
trending downward, as forbearance periods come to an end for many
borrowers.

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


GS MORTGAGE 2022-RPL2: Fitch Gives Bsf Rating on Class B-2 Debt
---------------------------------------------------------------
Fitch Ratings has assigned ratings to the residential mortgage
backed certificates issued by GS Mortgage Backed Securities Trust
2022-RPL2 (GSMBS 2022-RPL2).

   DEBT           RATING
   ----           ------
GSMBS 2022-RPL2

  A-1               LT  AAAsf   New Rating
  A-2               LT  AAsf    New Rating
  A-3               LT  AAsf    New Rating
  A-4               LT  Asf     New Rating
  A-5               LT  BBBsf   New Rating
  M-1               LT  Asf     New Rating
  M-2               LT  BBBsf   New Rating
  B-1               LT  BBsf    New Rating
  B-2               LT  Bsf     New Rating
  B-3               LT  NRsf    New Rating
  B-4               LT  NRsf    New Rating
  B-5               LT  NRsf    New Rating
  B                 LT  NRsf    New Rating
  AIOS              LT  NRsf    New Rating
  PT                LT  NRsf    New Rating
  R                 LT  NRsf    New Rating
  Risk Retention    LT  NRsf    New Rating
  SA                LT  NRsf    New Rating
  X                 LT  NRsf    New Rating

TRANSACTION SUMMARY

The notes are supported by one collateral group that consists of
5,091 seasoned performing loans and reperforming loans (RPLs) with
a total balance of approximately $734 million, which includes $76
million of the aggregate pool balance in non-interest-bearing
deferred principal amounts as of the cutoff date.

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full. The
servicers will not be advancing delinquent monthly payments of
P&I.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.2% above a long-term sustainable level (versus
9.2% on a national level as of April 2022, down 1.4% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates, and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 18.2% yoy
nationally as of December 2021.

RPL Credit Quality (Negative): The collateral consists of 5,091
seasoned performing and re-performing first and second lien loans,
totaling $734 million, and seasoned approximately 185 months in
aggregate. The pool is 95.9% current and 4.1% delinquent Over the
last two years, 36.4% of loans have been clean current.
Additionally, 84.5% of loans have a prior modification. The
borrowers have a weak credit profile (655 Fitch model FICO and 45%
DTI) and low leverage (71% sLTV). The pool consists of 92.6% of
loans where the borrower maintains a primary residence, while 7.2%
are investment properties or second homes.

No Advancing (Mixed): The deal is structured to zero months of
servicer advances for delinquent principal and interest. The lack
of advancing reduces loss severities, as there is a lower amount
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside to this is the additional stress
on the structure side, as there is limited liquidity in the event
of large and extended delinquencies.

Sequential Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
those classes.

Representation Framework (Negative): The loan-level representations
and warranties (R&Ws) are consistent with a Tier 2 framework. The
tier assessment is based primarily on the inclusion of knowledge
qualifiers in the underlying reps, as well as a breach reserve
account that replaces the Sponsor's responsibility to cure any R&W
breaches following the established sunset period. Fitch increased
its loss expectations by 200bps at the 'AAAsf' rating category to
reflect both the limitations of the R&W framework as well as the
non-investment-grade counterparty risk of the provider.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The defined negative rating 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 41% at 'AAA'. The analysis indicates that there is
some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
ratings of 'AAAsf'.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by multiple third-party review firms. The third-party due
diligence described in Form 15E focused on a regulatory compliance
review that covered applicable federal, state and local high-cost
loan and/or anti-predatory laws, as well as the Truth In Lending
Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The
scope was consistent with published Fitch criteria for due
diligence on RPL RMBS. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment(s)
to its analysis:

Loans with an indeterminate HUD1 located in states that fall under
Freddie Mac's 'Do Not Purchase List' received a 100% loss severity
over-ride.

Loans with an indeterminate HUD1 but not located in states that
fall under Freddie Mac's 'Do Not Purchase List' received a
five-point loss severity increase.

Loans with a missing modification agreement received a three-month
liquidation timeline extension.

Unpaid taxes and lien amounts were added to the loss severity.

In total, these adjustments increased the 'AAAsf' loss by
approximately 25bps.

ESG CONSIDERATIONS

GSMBS 2022-RPL2 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the transaction counterparties
and operational considerations, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


ILPT COMMERCIAL 2022-LPFX: DBRS Gives BB(high) Rating on HRR Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of ILPT
Commercial Mortgage Trust 2022-LPFX, Commercial Mortgage
Pass-Through Certificates, Series 2022-LPFX as follows:

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

All trends are Stable. Class X is an interest-only (IO) class whose
balance is notional.

The ILPT Commercial Mortgage Trust 2022-LPFX (ILPT 2022-LPFX)
transaction is collateralized by the borrower's fee-simple
interests in a portfolio of 17 industrial properties totaling
approximately 9.4 million sf. The portfolio is part of Industrial
Logistics Properties Trust's (ILPT) existing unencumbered assets
and the collateral properties are located across 12 states and 13
different industrial markets including Philadelphia (two
properties, 19.6% of NCF), Richmond, Virginia (one property, 11.4%
of NCF), Nashville, Tennessee (one property, 10.7% of NCF),
Spartanburg, South Carolina (one property, 10.2% of NCF), and
Columbus, Ohio (two properties; 9.3% of NCF). The properties
themselves are a mix of warehouse (92.2% of NCF) and manufacturing
(7.8% of NCF). Overall, the subject markets have solid fundamentals
with positive annual growth in rents while absorbing new supply and
compressing vacancies. DBRS Morningstar continues to take a
favorable view on the long-term growth and stability of the
warehouse and logistics sector. The portfolio benefits from
favorable tenant granularity, strong sponsor strength, favorable
asset quality, and strong leasing trends, all of which contribute
to potential cash flow stability over time. The portfolio's WA year
built of 2008 is significantly newer than the average of industrial
portfolios DBRS Morningstar recently analyzed (1991). In addition,
the portfolio has a WA property size of 555,195 sf, WA clear
heights of 31.9 feet, and a minimal 4.8% office buildout.

The portfolio mainly consists of single-tenant properties with NNN
leases and is 100% leased to 19 individual tenants. Approximately
63.7% of gross rent is derived from nine investment grade-rated
tenants, including: Amazon (Moody's: A1 / S&P: AA -/ Fitch: AA;
30.9% of gross rent), UPS (Moody's: A2 / Fitch: A-; 9.2% of base
rent), Avnet, Inc. (Moody's: Baa3 / S&P: BBB- / Fitch: BBB-; 5.8%
of gross rent), and YNAP Corporation (S&P: A+, 5.2% of gross rent).
The largest property represents 11.9% of NCF with the top five and
10 properties representing 52.3% and 80.7% of NCF, respectively. No
single property contributes more than 11.9% of NCF and, aside from
Amazon, no individual tenant represents more than 11.8% of gross
rent (Restoration Hardware). The tenant roster includes a variety
of industries including air freight and logistics, internet and
catalog retail, commercial services and supplies, specialty retail,
and food and beverage. The portfolio has a WA lease term (WALT) of
7.1 years, with no more than 35.1% of gross rent subject to roll in
any given year during the loan term. WA in-place base rent is $4.76
psf, approximately 8.2% below the WA submarket rents of $6.18 psf
per the appraisals.

Leases representing approximately 89.8% of the portfolio's NRA and
86.1% of the gross rent are scheduled to roll through the loan
maturity in 2032. The rollover is relatively granular with the
exception of 2027 and 2028 in which 35.3% and 14.7% of gross rent
roll, respectively. The majority of the roll in 2027 is
attributable to three Amazon leases at three separate properties
which represent 30.9% of gross rent. The roll in 2028 is primarily
attributable to two Restoration Hardware leases, which represent
11.8% of gross rent.

The transaction benefits from elevated cash flow stability
attributable to multiple property pooling. The portfolio has a
property Herfindahl score of 12.2 by ALA, which is below the
average of recent DBRS Morningstar-rated industrial portfolios
(30.2) but nonetheless offers favorable diversification of cash
flow when compared with a single-asset securitization.

The transaction sponsor, ILPT, is a publicly traded REIT formed to
own and lease industrial and logistics properties throughout the
United States. As of September 30, 2021, ILPT owned 294 industrial
and logistics properties with 36.5 million rentable sf, which are
approximately 99.0% leased to 261 different tenants with a WALT of
approximately 9.0 years. Approximately 50% of annualized rental
revenue comes from 68 industrial and logistics properties with
approximately 19.8 million sf in 33 states on the U.S. mainland.
The remaining approximately 50% of annualized rental revenue comes
from 226 properties with approximately 16.7 million sf on the
island of Oahu, Hawaii.

Citi Real Estate Funding Inc., UBS AG, New York Branch, Bank of
America, N.A., Bank of Montreal, and Morgan Stanley Bank, N.A
originated the 10-year loan that pays fixed-rate interest of
3.8000% on an IO basis through the entire term. The $445 million
whole loan is composed of 18 promissory notes: 13 senior A notes
totaling $341.1 million and five junior B notes totaling $103.9
million. The ILPT 2022-LPFX mortgage trust will total $280 million
and consist of five senior A notes with an aggregate principal
balance of $176.1 million and the junior B notes totaling $103.9
million. The remaining senior A notes will be held by the
originators and may be included in one or more future
securitizations. The senior notes are pari passu in right of
payment with respect to each other. The senior notes are generally
senior in right of payment to the junior notes.

The capital stack includes two mezzanine tranches totaling $255
million: Mezzanine A is $175 million and Mezzanine B is $80
million. This additional subordinate debt increases the DBRS
Morningstar LTV to 130.4% from 82.9%. A default on the mezzanine
debt may potentially complicate workout negotiations or other
remedies for the trust. DBRS Morningstar views this as credit
negative given the additional NCF stress that occurs when
subordinate debt is present.

The nonrecourse carveout guarantor is Industrial Logistics Property
Trust, which is required to maintain a net worth of at least $750
million, excluding the properties, effectively limiting the
recourse back to the sponsor for bad act carveouts. “Bad boy”
guarantees and consequent access to the guarantor help mitigate the
risk and increased loss severity of bankruptcy, additional
encumbrances, unapproved transfers,.

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



IMPERIAL FUND 2022-NQM3: Fitch Assigns B-sf Rating to B-2 Debt
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Imperial Fund Mortgage
Trust 2022-NQM3 (IMPRL 2022-NQM3).

          DEBT   RATING                   PRIOR
          ----   ------                   -----
IMPRL 2022-NQM3

A-1       LT   AAAsf   New Rating    AAA(EXP)sf
A-2       LT   AA-sf   New Rating    AA-(EXP)sf
A-3       LT   A-sf    New Rating    A-(EXP)sf
M-1       LT   BBB-sf  New Rating    BBB-(EXP)sf
B-1       LT   BB-sf   New Rating    BB-(EXP)sf
B-2       LT   B-sf    New Rating    B-(EXP)sf
B-3       LT   NRsf    New Rating    NR(EXP)sf
A-IO-S    LT   NRsf    New Rating    NR(EXP)sf
X         LT   NRsf    New Rating    NR(EXP)sf
R         LT   NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed certificates to be
issued by Imperial Fund Mortgage Trust 2022-NQM3 (IMPRL 2022-NQM3)
as indicated. The certificates are supported by 873 loans with a
balance of approximately $402.66 million as of the cutoff date.
This is IMPRL's eighth transaction and the third to be rated by
Fitch.

The certificates are secured primarily by newly originated
fixed-rate mortgage loans. A majority of the loans (87.8%) were
originated by A&D Mortgage LLC, which is assessed by Fitch as an
'Average' originator, and the remaining 12.2% of the mortgage loans
were originated by various originators that have not been reviewed
by Fitch. The named servicer is A&D Mortgage LLC, which is assessed
by Fitch as 'RPS3'/Stable. The master servicer is Nationstar
Mortgage LLC (RMS2+/Outlook Stable).

Of the loans in the pool, 49.83% are designated as non-qualified
mortgages (non-QM, or NQM), and 50.17% are not subject to the
Consumer Finance Protection Bureau's (CFPB) Ability to Repay Rule
(ATR Rule, or the Rule).

There is no Libor exposure in this transaction. The collateral
consists of 100% fixed-rate loans and the coupons on the
interest-bearing bonds are fixed rate and capped at the net
weighted average coupon (wac) or are based on the net wac.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.9% above a long-term sustainable level (versus
9.2% on a national level as of April 2022, down 1.4% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates, and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 18.2% yoy
nationally as of December 2021.

Nonprime Credit Quality (Mixed): The collateral consists mainly,
89.65%, of 30-year, fixed-rate, fully amortizing loans; 7.93%
30-year, fixed-rate loans with an initial interest-only (IO) term;
2.04% 40-year, fixed-rate loans with an initial interest-only (IO)
term; 0.29% 40-year, fixed-rate, fully amortizing loans; and 0.09%
15-year, fixed-rate, fully amortizing loans.

The pool is seasoned at approximately three months in aggregate, as
determined by Fitch (one month per the transaction documents).

The borrowers in this pool have relatively strong credit profiles,
with a Fitch-determined 743 weighted average (WA) model FICO score
(745 per the transaction documents), a Fitch-determined 45.6% debt
to income (DTI) ratio (33.01% per the transaction documents), and
an original combined loan to value (CLTV) ratio of 70.8% that
translates to a Fitch-calculated sustainable loan to value (sLTV)
ratio of 77.1%.

The Fitch DTI is higher than the DTI in the transaction documents
(DTI is 30.01% in the transaction documents) due to Fitch assuming
a 55% DTI for asset depletion loans and converting the debt service
coverage ratio (DSCR) to a DTI for the DSCR loans.

Of the pool, Fitch determined that 48.3% consist of loans where the
borrower maintains a primary residence, while 50.2% comprise an
investor property or second home; 4.1% of the loans were originated
through a retail channel based on Fitch's analysis. Additionally,
49.8% are designated as non-QM and 50.2% are exempt from the ATR
Rule as they are investor properties.

The pool contains 69 loans over $1 million, with the largest being
$4.39 million. Self-employed non-DSCR borrowers make up 49.6% of
the pool, 1.0% are asset depletion loans and 42.3% are investor
cash flow DSCR loans.

Approximately 50% of the pool comprise loans on investor properties
(8% underwritten to the borrowers' credit profile and 42%
comprising investor cash flow loans). None of the loans have
subordinate financing and there are no second lien loans.

Fitch viewed the transaction as having fifty-three loans in the
pool that were underwritten to borrowers whose citizenship status
was defined as foreign national and did not have a U.S. citizen,
permanent resident or non-permanent resident co-borrower. Fitch
treated the loans to these 53 foreign nationals as being investor
occupied and having no documentation for income and employment.
Fitch assumed a FICO score of 650 for foreign nationals without a
credit score. Fitch confirmed there are no sanctioned borrowers in
the pool.

Although the credit quality of the borrowers is higher than in
prior NQM transactions, the pool characteristics resemble nonprime
collateral; therefore, the pool was analyzed using Fitch's nonprime
model.

Geographic Concentration (Negative): Approximately 43.7 of the pool
is concentrated in Florida. The largest MSA concentration is in the
Miami-Fort Lauderdale-Miami Beach, FL MSA (31.4%), followed by the
New York-Northern New Jersey-Long Island, NY-NJ-PA MSA (26.4%) and
the Los Angeles-Long Beach-Santa Ana, CA MSA (7.6%). The top three
MSAs account for 65.4% of the pool. As a result, there was a 1.20x
probability of default (PD) penalty for geographic concentration,
which increased the 'AAA' loss by 2.26%.

Loan Documentation (Negative): Approximately 97.2% of the pool were
underwritten to less than full documentation, according to Fitch
(per the transaction documents, 95.5% of the pool were underwritten
to less than full documentation). Specifically, 32.4% were
underwritten to a 12- or 24-month bank statement program for
verifying income, which is not consistent with Appendix Q standards
and Fitch's view of a full documentation program.

A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the CFPB's ATR Rule, which reduces the risk of
borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to the
rigor of the Rule's mandates with respect to the underwriting and
documentation of the borrower's ability to repay. Additionally,
1.0% are an asset depletion product, 1.7% are a CPA product, 14.0%
are a PnL product, 4.0% are a written verification of employment
product and 42.3% are a DSCR product.

Fitch reviews the documentation provided in the loan tape and
reviews the underwriting guidelines. While the originator may
consider a loan to be full documentation, Fitch may consider the
loan to be less than full documentation based on the underwriting
guidelines and the information provided in the loan tape.

Limited Advancing (Mixed): The deal is structured to three months
of servicer advances for delinquent P&I. The limited advancing
reduces loss severities, as there is a lower amount repaid to the
servicer when a loan liquidates and liquidation proceeds are
prioritized to cover principal repayment over accrued but unpaid
interest. The downside is the additional stress on the structure
side, as there is limited liquidity in the event of large and
extended delinquencies.

Sequential-Payment Structure (Positive): The transaction's cash
flow is based on a sequential-pay structure whereby the subordinate
classes do not receive principal until the senior classes are
repaid in full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the 'AAAsf' and 'AA-sf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
that class with limited advancing.

IMPRL 2022-NQM3 has a step-up coupon for class A-1. On and after
the distribution date in May 2026, the Class A-1 coupon will be the
lower of 1) the sum of the fixed rate plus 1.0% and 2) the net wac
rate. This results in less excess spread available in the
transaction to reimburse for losses or interest shortfalls should
they occur. To offset the impact of the A-1 step up and to reduce
the need for the structure to use principal to cover unpaid
interest payments, the B-3 class is a principal only class that is
not entitled to interest payments. Ultimately the B-3 class being a
principal-only class should generate more excess spread in the
transaction than if the B-2 was paid the net wac.

A post pricing cash flow structure was provided to Fitch to review.
The only change to the post pricing structure was that the coupon
on the class A-1 was reduced and as a result, the class no longer
incurred a small loss in the 'AAAsf 'backloaded benchmark rating
stress and recovered 100% of principal in all of Fitch's 'AAAsf'
rating stresses. There were no changes made from the expected
ratings to the final ratings assigned based on Fitch's analysis.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analyses was conducted at the
state and national levels to assess the effect of higher MVDs for
the subject pool as well as lower MVDs, illustrated by a gain in
home prices.

This defined negative rating 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 40.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analyses was conducted at the state and national levels
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.

This defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
ratings of 'AAAsf'.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

DATA ADEQUACY
Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged Mission Global, LLC and Selene Diligence LLC to perform the
review. Loans reviewed under these engagements were given
compliance, credit, and valuation grades and assigned initial
grades for each subcategory.

An exception and waiver report was provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than guideline
requirement. Therefore, no adjustments were needed to compensate
for these occurrences. Fitch also utilized data files that were
made available by the issuer on its SEC Rule 17g-5 designated
website.

The loan-level information Fitch received was provided in the
American Securitization Forum's (ASF) data layout format. The ASF
data tape layout was established with input from various industry
participants, including rating agencies, issuers, originators,
investors and others, to produce an industry standard for the
pool-level data in support of the U.S. RMBS securitization market.
The data contained in the data tape layout was populated by the due
diligence company and no material discrepancies were noted.


JP MORGAN 2022-4: Fitch Gives B(EXP) Rating on Class B-5 Debt
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to J.P. Morgan Mortgage
Trust 2022-4 (JPMMT 2022-4).

JPMMT 2022-4

A-1    LT   AAA(EXP)sf  Expected Rating
A-2    LT   AAA(EXP)sf  Expected Rating
A-2-A  LT   AAA(EXP)sf  Expected Rating
A-3    LT   AAA(EXP)sf  Expected Rating
A-4    LT   AAA(EXP)sf  Expected Rating
A-5    LT   AAA(EXP)sf  Expected Rating
A-5-B  LT   AAA(EXP)sf  Expected Rating
A-6    LT   AAA(EXP)sf  Expected Rating
A-7    LT   AAA(EXP)sf  Expected Rating
A-7-B  LT   AAA(EXP)sf  Expected Rating
A-8    LT   AAA(EXP)sf  Expected Rating
A-9    LT   AAA(EXP)sf  Expected Rating
A-10   LT   AAA(EXP)sf  Expected Rating
A-11   LT   AAA(EXP)sf  Expected Rating
A-12   LT   AAA(EXP)sf  Expected Rating
A-13   LT   AAA(EXP)sf  Expected Rating
A-14   LT   AAA(EXP)sf  Expected Rating
A-15   LT   AAA(EXP)sf  Expected Rating
A-16   LT   AAA(EXP)sf  Expected Rating
A-17   LT   AA+(EXP)sf  Expected Rating
A-17-A LT   AA+(EXP)sf  Expected Rating
A-18   LT   AA+(EXP)sf  Expected Rating
A-18-A LT   AA+(EXP)sf  Expected Rating
A-19   LT   AA+(EXP)sf  Expected Rating
A-19-A LT   AA+(EXP)sf  Expected Rating
A-19-B LT   AA+(EXP)sf  Expected Rating
A-20   LT   AA+(EXP)sf  Expected Rating
A-X-1  LT   AA+(EXP)sf  Expected Rating
A-X-2  LT   AAA(EXP)sf  Expected Rating
A-X-3  LT   AA+(EXP)sf  Expected Rating
A-X-3-A LT  AA+(EXP)sf  Expected Rating
A-X-3-B LT  AA+(EXP)sf  Expected Rating
B-1    LT   AA-(EXP)sf  Expected Rating
B-2    LT   A-(EXP)sf   Expected Rating
B-3    LT   BBB-(EXP)sf Expected Rating
B-4    LT   BB(EXP)sf   Expected Rating
B-5    LT   B-(EXP)sf   Expected Rating
B-6    LT   NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
issued by J.P. Morgan Mortgage Trust 2022-4 (JPMMT 2022-4) as
indicated above. The certificates are supported by 641 loans with a
total balance of approximately $701.01 million as of the cutoff
date. The pool consists of prime-quality fixed-rate mortgages from
various mortgage originators.

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 40.1% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
July 1, 2022. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(JPMCB). Since JPMCB will service these loans after the transfer
date, Fitch performed its analysis assuming JPMCB is the servicer
for these loans. The other servicer in the transaction that makes
up greater than 10% of the loan pool is United Wholesale Mortgage,
LLC; all other servicers make up less than 10% of the loan pool.
Nationstar Mortgage LLC (Nationstar) will be the master servicer.

All of the loans qualify as safe-harbor qualified mortgage (SHQM),
agency SHQM or QM safe-harbor (average prime offer rate [APOR])
loans.

There is no exposure to LIBOR in this transaction. The collateral
comprises 100% fixed-rate loans, and the certificates are fixed
rate and capped at the net weighted average coupon (WAC) or based
off the net WAC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.9% above a long-term sustainable level (versus
9.2% on a national level as of April 2022, down 1.4% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates, and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 18.2% yoy
nationally as of December 2021.

High Quality Prime Mortgage Pool (Positive): The pool consists of
very high quality, fixed-rate fully amortizing loans with
maturities of 10, 15, 20 and 30 years. All of the loans qualify as
SHQM, agency SHQM or QM safe-harbor (APOR) loans. The loans were
made to borrowers with strong credit profiles, relatively low
leverage and large liquid reserves. The loans are seasoned at an
average of five months, according to Fitch (three months per the
transaction documents). The pool has a weighted average (WA)
original FICO score of 763 (as determined by Fitch), which is
indicative of very high credit-quality borrowers. Approximately
69.5% (as determined by Fitch) of the loans have a borrower with an
original FICO score equal to or above 750. In addition, the
original WA combined loan-to-value (CLTV) ratio of 73.4%,
translating to a sustainable loan-to-value (sLTV) ratio of 79.6%,
represents substantial borrower equity in the property and reduced
default risk.

A 98.0% portion of the pool comprises nonconforming loans, while
the remaining 2.0% represents conforming loans. All of the loans
are designated as QM loans, with 48.9% of the pool being originated
by a retail and correspondent channel.

Of the pool, 98.8% is comprised of loans where the borrower
maintains a primary residence, while 1.2% of loans represent second
homes. Single-family homes, planned unit developments (PUDs),
townhouses and single-family attached dwellings constitute 91.7% of
the pool; condominiums make up 5.9%; and multifamily homes make up
2.4%. The pool consists of loans with the following loan purposes:
purchases (59.5%), cash-out refinances (24.4%) and rate-term
refinances (16.1%).

A total of 341 loans in the pool are over $1 million, and the
largest loan is $2.99 million. Fitch determined that 11 of the
loans were made to nonpermanent residents.

Geographic Concentration (Negative): Of the pool, 47.2% is
concentrated in California. The largest MSA concentration is in the
Los Angeles-Long Beach-Santa Ana, CA MSA (20.9%), followed by the
San Francisco-Oakland-Fremont, CA MSA (7.2%) and San
Diego-Carlsbad-San Marcos, CA MSA (6.6%). The top three MSAs
account for 35% of the pool. As a result, there was a 1.01x
probability of default (PD) penalty applied for geographic
concentration, which increased the 'AAA' expected loss by 0.06%.

Shifting-Interest Structure with Full Advancing (Mixed): 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 to 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.

The servicers will provide full advancing for the life of the
transaction (each servicer is expected to advance delinquent P&I on
loans that enter into a coronavirus pandemic-related forbearance
plan). Although full P&I advancing will provide liquidity to the
certificates, it will also increase the loan-level loss severity
(LS) since the servicer looks to recoup P&I advances from
liquidation proceeds, which results in less recoveries.

Nationstar is the master servicer and will advance if the servicer
is unable to do so. If the master servicer is unable to advance,
then the securities administrator (Citibank) will advance.

CE Floor (Positive): A CE or senior subordination floor of 1.20%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 0.80% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analyses was conducted at the
state and national levels to assess the effect of higher MVDs for
the subject pool as well as lower MVDs, illustrated by a gain in
home prices.

This defined negative rating 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 41.4% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analyses was conducted at the state and national levels
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.

This defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
ratings of 'AAAsf'.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up- and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the pool. The third-party due diligence was
generally consistent with Fitch's "U.S. RMBS Rating Criteria."
SitusAMC, Clayton, Digital Risk, Covius, Consolidated Analytics and
Opus were engaged to perform the review. Loans reviewed under this
engagement were given compliance, credit and valuation grades and
assigned initial grades for each subcategory. Minimal exceptions
and waivers were noted in the due diligence reports. Refer to the
"Third-Party Due Diligence" section for more detail.

Fitch also utilized data files provided by the issuer on its SEC
Rule 17g-5 designated website. Fitch received loan level
information based on the ResiPLS data layout format, and the data
are considered comprehensive. The data contained in the ResiPLS
layout data tape were reviewed by the due diligence companies, and
no material discrepancies were noted.


JP MORGAN 2022-ACB: DBRS Gives Provisional B(low) Rating on G Certs
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-ACB to
be issued by J.P. Morgan Chase Commercial Mortgage Securities Trust
2022-ACB (JPMCC 2022-ACB):

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

All trends are Stable.

The JPMCC 2022-ACB single-asset/single-borrower transaction is
collateralized by the borrower's fee-simple interest in two Class A
residential towers overlooking the East River in the Murray Hill
neighborhood of New York. Despite the uncertainty around short- and
medium-term demand for multifamily rental product in New York, DBRS
Morningstar takes a positive view on the credit characteristics of
the collateral, which has continued to exhibit strong leasing
velocity and stabilizing concessions. The Midtown East submarket
where the collateral is located has exhibited favorable vacancy and
rent growth over the past decade, although rent growth has been
relatively volatile. Between 2013 and 2019, the submarket
experienced annual rent growth between -0.8% and 6.0%, and vacancy
rates ranging from 1.9% to 3.2%. Midtown East has exhibited strong
submarket characteristics because of its proximity to major transit
centers, including Grand Central, and many large office properties
that are well within walking distance.

The American Copper Buildings benefit from significant 421-a tax
exemptions during the loan term and, in return, have designated
approximately 21.0% of the units at the property as affordable. The
market-rate units at the property are generally not subject to any
restrictions on rental rates.

The property is in an irreplaceable location with close proximity
to the East River as well as many attractions and demand drivers of
Midtown East, including many office properties that house some of
the city's largest employers. Many units feature sweeping views of
Midtown, the East River, Long Island City in Queens, and Greenpoint
in Brooklyn. The property also benefits from convenient access and
proximity to Grand Central, the 33rd Street subway station, and the
East 34th Street ferry station. The surrounding neighborhood has
long been a popular residential neighborhood in Manhattan's
Midtown. In addition to a significant number of high-end
residential buildings, there are many popular restaurants and
high-end retail offerings in the area.

The property benefits from an extensive, high-end amenity package
that includes condominium-quality interior finishes and
resort-quality common area amenities. Tenants have the option to
sign up for a Copper Tone membership for full access to all
amenities within the sky bridge, which includes a lap pool, a
fitness center, a rock climbing wall, a yoga and Pilates studio,
and spa facilities. Additional common area amenities outside of the
Copper Tone membership include a rooftop infinity pool, an outdoor
lounge, and a resident lounge. Additionally, the units feature
floor-to-ceiling windows, stainless-steel appliances, stone
countertops and backsplashes, Nest thermostat systems, and
washers/dryers.

Borrower equity of approximately $204.3 million is being used to
facilitate the acquisition of the collateral for $837.0 million.
DBRS Morningstar views transactions more favorably when the sponsor
contributes significant cash equity to an acquisition.

The property benefits from a substantial floor value based on its
desirable location within Midtown Manhattan. The appraiser's
concluded land value was approximately $302.0 million, or
approximately $396,846 per unit, which covers approximately 44.7%
of the first-mortgage balance.

The property benefits from substantial property tax savings as a
result of the long-term 421-a exemptions that have been in place
since July 2018 and will end in June 2038. The abatement exempts
100% of the allowable assessed value, leaving only a minimal
approximately $10.0 million of nonallowable value to be taxable.
The 100% exemption remains in place for the first 12 years, with
the exemption percentage declining every other year in 20%
increments until the 20th year. According to the appraisal, in the
2021–22 tax year, the taxes due are estimated to be $1.2 million
while the full tax liability would have been approximately $16.3
million. In return, the developer is required to satisfy certain
conditions, including designating and maintaining a portion of the
units as affordable housing.

The ongoing Coronavirus Disease (COVID-19) pandemic continues to
pose challenges and risks to virtually all commercial real estate
property types and has created an element of uncertainty around
rental rates and future demand for multifamily rental product and
the macroeconomy more generally. DBRS Morningstar believes some
short- and medium-term softening in the multifamily market is
likely, but the long-term fundamentals for multifamily properties
in high-density urban areas remain favorable.

The DBRS Morningstar loan-to-value (LTV) ratio on the first
mortgage debt is 102.67%, which is relatively high compared with
other recently analyzed single-asset transactions collateralized by
Class A multifamily properties, whose DBRS Morningstar LTV ratios
range from 85.5% to 102.8%.

The property is indirectly encumbered by approximately $63.6
million in mezzanine debt, which represents approximately 9.4% of
the total financing package. The all-in DBRS Morningstar LTV of
113.3%, inclusive of the mezzanine debt, is moderately higher than
the secured debt LTV of 102.67%. While the mezzanine loan is not
collateralized directly by any true assets (rather, it is
collateralized by a pledge of 100% of the equity interest in the
mortgage loan borrower), it is still a form of debt that must be
serviced indirectly from property cash flow.

The property never stabilized prior to the coronavirus pandemic,
even though the property was constructed in 2017 and, thus, there
is limited operating history that exhibits a stabilized occupancy.
The property's leased rate peaked in February 2020 at approximately
92.5% and then fell precipitously during the pandemic, consistent
with other comparable multifamily properties in Manhattan. The
property did not return to a leased rate above pre-pandemic levels
until June 2021. As a result, there is not yet a full year of
stabilized historical performance.

The property has had to offer concessions in order to preserve
occupancy as a result of the coronavirus pandemic, which amounted
on average to one month of free rent from September 2021 to
December 2021. The amount of concessions offered has remained
elevated, even as the effects of the pandemic have subsided. As a
result, DBRS Morningstar applied a concessions loss equivalent to
one month on market-rate units in its cash flow analysis.

The borrower is a joint venture between Black Spruce Management
(BSM) and The Orbach Group. BSM has completed the acquisition of 42
properties in four boroughs of New York City, including Manhattan,
Brooklyn, Queens, and the Bronx, worth approximately $1.4 billion.
The Orbach Group owns and manages a portfolio worth more than $1.5
billion and focuses primarily on affordable housing.

As previously mentioned, the property benefits from certain tax
exemptions and regulatory agreements. If the borrower were to
breach the regulatory agreements and/or is not in compliance with
the requirements under Section 421-a, these benefits could be
lost.

One of the borrowing entities is anticipated to enter into a
"reverse exchange" under Section 1031 of the Internal Revenue Code.
Within 10 business days of the loan origination, the entity will
enter into a lease with a master tenant for its tenancy-in-common
interest and the master tenant will become a borrower under the
mortgage loan. Within 180 days of the origination date, the
exchange must be completed, the lease will be collapsed and the
master tenant will no longer be a borrower. The potential exists
for the exchange to fail to take place, which would preclude any
anticipated tax benefits.

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


JPMBB COMMERCIAL 2014-C21: DBRS Confirms B Rating on X-D Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-C21 issued by JPMBB
Commercial Mortgage Securities Trust 2014-C21 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-C at BB (low) (sf)
-- Class E to B (high) (sf)
-- Class X-D to B (sf)
-- Class F to B (low) (sf)

Classes D, X-C, E, X-D, and F carry Negative trends. All other
trends remain Stable.

DBRS Morningstar's loss expectations remain in line with the prior
review. The Negative trends are primarily driven by two loans
backed by underperforming regional malls, one of which is an REO
asset. At issuance, the transaction consisted of 73 fixed-rate
loans secured by 84 commercial and multifamily properties, with a
trust balance of $1.26 billion. As of the February 2022 remittance,
60 loans remain within the transaction with a trust balance of
$1.01 billion, reflecting collateral reduction of 20.3% since
issuance. Two loans, representing 3.1% of the pool, are currently
in special servicing and 12 loans, representing 27.2% of the pool,
are on the servicer's watchlist.

The largest DBRS Morningstar Hotlist loan, Westminster Mall
(Prospectus ID#6; 4.7% of the pool), is secured by a
771,884-square-foot (sf) portion of a 1.2 million-sf regional mall
in Orange County, California. The property has experienced
year-over-year cash flow declines since issuance. The property's
anchors include two collateral tenants on ground leases, Target
(22.7% of net rentable area (NRA)) and JCPenney (20.3% of the
collateral NRA) and non-collateral tenant Macy's. Sears, a prior
non-collateral anchor, closed in August 2018 and its space remains
vacant. The property was 89.6% occupied as of September 2021, in
line with 90% at year-end (YE)2020 but down slightly from 95% at
YE2019 and 92% at issuance. Based on the annualized September 2021
figures, effective gross income (EGI) has declined 54.6% since
issuance. The debt service coverage ratio (DSCR) as of September
2021 was 0.28 times (x), compared with 0.89x at YE2020, 1.34x at
YE2019, and 1.89x at issuance. DBRS Morningstar expects that some
of this decline is attributable to co-tenancy clauses as well as
rent relief that was likely provided to tenants during the
Coronavirus Disease (COVID-19) pandemic. According to the September
2021 rent roll, leases representing 24.4% of the collateral NRA are
scheduled to expire by YE2022, posing near-term tenant rollover
risk. Despite depressed performance, the loan remains current. DBRS
Morningstar remains concerned with the property's declining cash
flows, future upcoming rollover, and uncertainty surrounding the
sponsor's plans for stabilization ahead of the scheduled 2024 loan
maturity. The mall is owned and operated by Washington Prime Group,
which emerged from bankruptcy in October 2021 and has recently
categorized a number of its underperforming malls as noncore
assets.

The largest specially serviced loan, and largest contributor to
DBRS Morningstar's loss projections for the pool, Charlottesville
Fashion Square (Prospectus ID#16; 2.6% of the pool), is secured by
a 360,249-sf leasehold portion of a 576,749-sf regional mall in
Charlottesville, Virginia. The loan transferred to the special
servicer in October 2019 for imminent monetary default following
the departure of collateral anchor Sears. The closure of two
additional anchor spaces in 2020, including non-collateral tenant
JCPenney, and one of two collateral Belk stores, further stressed
performance at the property. Occupancy at the property has declined
to 60.1% as of the April 2021 rent roll, a substantial decline from
78.1% at YE2020 and 91.0% at issuance. The only remaining anchor is
a consolidation of two former anchor stores, Belk Women's and Belk
Men & Home, which represents 16.75% of the NRA and has a lease
expiry in January 2024. Leases representing 13% of the NRA are set
to roll within the next 12 months. The special servicer has not
provided a 2021 OSAR, however DBRS Morningstar expects performance
has declined further from the YE2020 DSCR of 0.85x based on recent
additional vacancies.

The asset became REO in October 2021, and efforts to sell the
property continue. According to the most recent appraisal,
conducted in August 2020, the property's as-is value was $7.5
million while the stabilized value was $15.0 million. Both figures
are significantly below the issuance value and current whole-loan
balance of $83.9 million and $43.0 million, respectively. Based on
the liquidation scenario assumed by DBRS Morningstar as part of
this review, a loss severity approaching 100% is expected at
disposition.

DBRS Morningstar shadow-rates one loan—Miami International Mall
(Prospectus ID#3; 5.9% of the pool)—investment grade, supported
by the loan's strong credit metrics, strong sponsorship strength,
and historically stable collateral performance. With this review,
DBRS Morningstar confirms that the characteristics of this loan
remains consistent with the investment-grade shadow-rating.

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



JPMBB COMMERCIAL 2014-C22: DBRS Confirms C Rating on 3 Classes
--------------------------------------------------------------
DBRS, Inc. downgraded three classes of the Commercial Mortgage
Pass-Through Certificates, Series 2014-C22 issued by JPMBB
Commercial Mortgage Securities Trust 2014-C22 as follows:

-- Class C to BB (high) (sf) from BBB (low) (sf)
-- Class EC to BB (high) (sf) from BBB (low) (sf)
-- Class D to C (sf) from CCC (sf)

DBRS Morningstar confirmed its ratings on the remaining classes as
follows:

-- Class A-3A1 at AAA (sf)
-- Class A-3A2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at A (high) (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Classes B, C, and EC continue to carry Negative trends, and Classes
D, E, F, and G have ratings that do not carry trends. All other
trends are Stable. Interest shortfalls remain outstanding on
Classes D, E, F, and G, which continue to carry the Interest in
Arrears designation.

According to the February 2022 remittance, 68 of the original 76
loans remain in the trust, representing a collateral reduction of
15.4% since issuance. The pool is fairly concentrated by property
type, with 35.7% of the pool secured by office properties and 21.6%
secured by retail properties. An additional 17 loans, representing
12.8% of the pool, have defeased. Five loans, representing 7.0% of
the pool, were in special servicing, and 16 loans, representing
31.4% of the pool, were on the servicer's watchlist, including six
loans, representing 23.8% of the pool, in the top 15.

The rating downgrades and Negative trends reflect the increased
likelihood that the trust will experience losses with the ultimate
resolution of loans in special servicing, particularly regarding
the two largest specially serviced loans. Additionally, the largest
loan on the servicer's wachlist exhibits increased credit risk,
placing further stress on the bonds.

The largest of the three loans, Las Catalinas Mall (Prospectus
ID#3; 7.8% of the pool), represents a $74.3 million pari passu
participation in a $128.8 million loan secured by a portion of a
494,000-square-foot (sf) regional mall in Caguas, Puerto Rico,
owned by Urban Edge Properties. The loan was returned to the master
servicer in May 2021, after it had transferred to the special
servicer in June 2020 for imminent monetary default as a result of
the Coronavirus Disease (COVID-19) pandemic. The property had been
struggling prior to the pandemic, however, as the occupancy
decreased significantly when Kmart, which formerly represented
34.5% of the collateral net rental area (NRA), vacated in January
2019. More recently, in February 2021, the shadow anchor Sears went
dark. A loan modification was finalized in December 2020 and allows
the borrower a discounted payoff option (DPO) available in August
2023 to repay the loan at a discounted amount of $72.5 million
without any fee or prepayment penalty. This figure is well below
the whole-loan balance of $128.8 million, meaning a significant
loss will be realized if the DPO option is exercised. Given the
mall's downward performance over recent years, however, the DPO
option may be the most favorable resolution outcome for both the
borrower and the trust.

The largest specially serviced loan, 10333 Richmond (Prospectus
ID#7; 3.5% of the pool), is secured by an 11-story office building
in the Westchase submarket of Houston. The loan transferred to
special servicing in December 2017 because of tenancy issues and is
currently more than 90 days delinquent. An updated November 2021
appraisal reported an as-is property value of $13.4 million, a
further decline from the February 2020 appraised value of $19.9
million and the February 2018 appraised value of $23.3 million. In
comparison with issuance, the property was valued at $46.4 million.
According to the September 2021 rent roll, the property was 49.4%
occupied, down from the issuance occupancy rate of 94.0%. The
latest servicer commentary indicates the special servicer has
initiated the foreclosure process, after sending a notice of
default and guarantor demand letter in November 2021. As a result
of the pending foreclosure, the likelihood of a loss at resolution
is high considering the sharp value decline and limited prospects
for performance improvement as the submarket remains weak.

The second-largest specially serviced loan, Charlottesville Fashion
Square (Prospectus ID#15; 1.8% of the pool), is secured by a
360,249-sf leasehold portion of a 576,749-sf regional mall in
Charlottesville, Virginia, owned by Washington Prime Group. The
loan transferred to the special servicer in October 2019 for
imminent monetary default following the departure of collateral
anchor tenant Sears. The closure of two additional anchor tenants
in 2020, including noncollateral tenant JCPenney and one of two
collateral Belk stores, further stressed performance at the
property. Occupancy at the property has declined to 60.1% as of the
April 2021 rent roll from 78.1% at YE2020 and 91.0% at issuance.
The only remaining anchor tenant is a consolidation of the former
Belk Women's and Belk Men & Home spaces, which represents 16.8% of
the NRA with a lease expiry in January 2024. Additional tenants,
combining to occupy 13% of the NRA, have scheduled lease
expirations within the next 12 months. The special servicer has not
provided a 2021 OSAR; however, DBRS Morningstar expects performance
has declined further from the YE2020 debt service coverage ratio of
0.85 times based on recent additional vacancies. The asset became
real estate owned in October 2021, and efforts to sell the property
are ongoing. According to the most recent appraisal, conducted in
August 2020, the property's as-is value was $7.5 million, while the
stabilized value was $15.0 million. Both figures are significantly
below the issuance value and current whole-loan balance of $83.9
million and $43.0 million, respectively. Based on the liquidation
scenario DBRS Morningstar assumed as part of this review, the loss
severity approaches 100% at disposition of this asset.

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



JPMBB COMMERCIAL 2014-C26: DBRS Confirms B Rating on X-F Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-C26 issued by JPMBB
Commercial Mortgage Securities Trust 2014-C26 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class X-C at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class EC at A (high) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (low)
-- Class E at B (high) (sf)
-- Class X-F at B (sf)
-- Class F at B (low) (sf)

Classes X-D, D, X-E, E, X-F, and F continue to carry Negative
trends. All other trends remain Stable.

DBRS Morningstar's loss expectations remain in line with the prior
review. The Negative trends are driven by select loans that are
showing increased risk from issuance, as further detailed below. In
addition to factors at the loan level, these risks are mitigated by
the increased credit support for the bonds, a result of paydowns
since issuance. At issuance, the transaction consisted of 69
fixed-rate loans secured by 93 commercial and multifamily
properties, with a trust balance of $1.45 billion. As of the
February 2022 remittance, 56 loans remain within the transaction
with a trust balance of $1.10 billion, reflecting collateral
reduction of 23.9% since issuance. In addition, nine loans,
representing 16.6% of the pool, have defeased. Four loans,
representing 8.9% of the pool, are currently in special servicing
and 16 loans, representing 29.6% of the pool, are on the servicer's
watchlist. Losses to date in the amount of $3.6 million have been
contained to the non-rated Class NR certificate.

The largest specially serviced loan and largest contributor to DBRS
Morningstar's loss projections for the pool, Heron Lakes
(Prospectus ID#4; 4.3% of the pool), is secured by seven Class A
office buildings located in the West Belt submarket of Houston. The
loan transferred to the special servicer in December 2018 after the
borrower filed for bankruptcy. The asset has been real estate owned
since February 2020, when the lender foreclosed on the property.
Although the pandemic has been the most significant contributor to
recent cash flow declines, it is noteworthy that the portfolio has
underperformed since 2018, primarily as a result of tenant losses
and increasing vacancy rates within the subject's submarket.
Performance has consistently lagged issuance expectations with the
occupancy rate and debt service coverage ratio (DSCR) declining
from 98.2% and 1.19 times (x) at issuance to 62.0% and 0.28x,
respectively, as of October 2021.

The servicer marketed the properties for sale and reportedly
received a purchase offer, which was subsequently terminated during
the due diligence period. The servicer will focus on increasing
occupancy and cashflow before a second attempt at a sale is
pursued. The collateral was last appraised in 2019 with a value of
$58.0 million, down from the issuance appraisal value of $71.0
million. However, the as-is market value has likely fallen since
the last appraisal because of the prolonged periods of low
occupancy, depressed cashflows, and elevated submarket vacancy
rate, which stood at 26.8% as of YE2021. It is unclear why the
special servicer has not obtained an updated appraisal since 2019
as annual updates are required by the transaction documents. Based
on a haircut to the most recent valuation, DBRS Morningstar assumed
a loss of approximately $37.0 million and a loss severity
approaching 80% at disposition for this loan.

The largest loan on the servicer's watchlist, Shaner Hotels Limited
Service Portfolio (Prospectus ID#5; 4.1% of the pool), is secured
by the borrower's fee and leasehold interests in seven
limited-service hotels, totalling 732 keys. Four of the hotels are
in Florida with the remaining three assets located across West
Virginia, Georgia, and Pennsylvania. Six hotels are flagged by
Marriott and operate under the Courtyard and Fairfield brands,
while the remaining hotel is flagged as a Holiday Inn Express by
InterContinental Hotels Group. The loan was added to the servicer's
watchlist in April 2020 after the borrower requested financial
relief. A loan modification was subsequently executed in June 2020,
allowing the borrower to defer debt service payments for three
months. The loan is currently in a cash trap because the DSCR has
fallen below the required threshold of 1.2x.

Despite the portfolio facing an extended period of depressed
occupancy and declining cashflow, the loan has remained current,
with a cumulative reserve balance of $1.96 million as of the
February 2022 remittance. Performance improved substantially
between March and September 2021, driven by a 20% increase in
occupancy. As a result, the DSCR increased from 0.3x to 1.1x over
the same period, a factor that could incentivize the sponsor to
keep the loan current. However, DBRS Morningstar remains concerned
with the portfolio's generally low occupancy, stressed cash flows,
and uncertainty surrounding the sponsor's plans for stabilization
ahead of the scheduled 2024 loan maturity. For this review, DBRS
Morningstar analyzed the loan with an elevated probability of
default, to reflect the current risk profile of the underlying
collateral.

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



JPMCC 2012-CIBX: DBRS Lowers Class E Certs Rating to C
------------------------------------------------------
DBRS Limited downgraded its rating on the following class of
Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX
issued by JPMCC 2012-CIBX Mortgage Trust:

-- Class E to C (sf) from CCC (sf)

DBRS Morningstar confirmed its ratings on the remaining classes as
follows:

-- Class A-4 at AAA (sf)
-- Class A-4FL at AAA (sf)
-- Class A-4FX at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class F at C (sf)
-- Class G at C (sf)

The trends on Classes A-4, A-4FL, A-4FX, A-S, and X-A are Stable,
while the trends on Classes B, C, and D are Negative. Classes E, F,
and G have ratings that do not carry a trend. The rating actions
reflect the continued credit risk challenges to the transaction
driven by three loans in special servicing and the largest loan in
the pool on the servicer's watchlist, which collectively represent
45.7% of the pool. All loans, with the exception of Jefferson Mall,
are scheduled to mature in 2022.

As of the February 2022 remittance, only 18 of the original 49
loans remain in the pool, with a collateral reduction of 66.54%
since issuance. An additional three loans (21.2% of the pool) are
fully defeased. The pool has incurred losses of $18.2 million (all
absorbed by the nonrated Class NR) to date. There are three loans,
representing 28.4% of the pool, in special servicing, and there are
six loans on the servicer's watchlist, representing 26.3% of the
pool.

The largest loan in special servicing, Jefferson Mall (Prospectus
ID#4; 13.5% of the pool), is secured by a regional mall in
Louisville, Kentucky. The collateral includes the in-line space at
the mall and the junior anchors, which include H&M, Ross Dress for
Less, Old Navy, and Jo-Ann Fabrics. The loan has been on the DBRS
Morningstar Hotlist since February 2019 after the loss of two
noncollateral anchors (Macy's in 2017 and Sears in 2018). The two
remaining traditional anchors, Dillard's and JCPenney, remain open
as of February 2022. The loan initially transferred to special
servicing in February 2020 for imminent default risk and was
modified in August 2020 with terms including a maturity extension
to 2026 and a cash trap. However, it was transferred to special
servicing again in January 2021 because of imminent nonmonetary
default as its sponsor, CBL & Associates (CBL), filed for Chapter
11 bankruptcy in November 2020. As of the February 2022 reporting
period, the negotiations between the borrower and the servicer
regarding an additional modification have stalled. The borrower has
submitted a proposal for a discounted payoff (DPO) or a transfer of
the asset to the lender.

The most recent appraisal reported by the servicer, dated February
2021, valued the property at $34.7 million, down 66% from the
appraised value of $101.7 million at issuance. Per the rent roll
dated September 2021, the property was 97.7% occupied. The
trailing-12-month net cash flow (NCF) ended September 2021 was
reported at $4.7 million, down from $5.1 million at YE2020. The
trailing-12-month debt service coverage ratio (DSCR) ended
September 2021 was reported at 1.05 times (x), down from 1.73x at
YE2020. The loan remains current and the cash flow sweep remains in
place. DBRS Morningstar expects a sizable loss upon the resolution
of this loan.

The second-largest loan in special servicing, Southpark Mall
(Prospectus ID#5; 12.8% of the pool), is secured by a regional mall
in Colonial Heights, Virginia, and is also owned by CBL. The
collateral includes the in-line space, a Regal Cinemas anchor
space, and the former Sears anchor pad. There was a Dillard's
anchor in place at issuance that also served as collateral for the
loan; that space was vacated and ultimately re-leased to Dick's
Sporting Goods. The loan has been on the DBRS Morningstar Hotlist
since March 2020 as a result of increased credit risk. The
remaining traditional anchors are Macy's and JCPenney, which remain
open. The loan initially transferred to special servicing in March
2020 for imminent default risk, and the borrower was granted a
90-day forbearance allowing for the use of all existing reserves to
keep the loan current. The loan returned to the master servicer in
October 2020 but transferred back to special servicing in January
2021 because of CBL's bankruptcy filing. Negotiations between the
borrower and the servicer regarding an extension or modification
have stalled. The borrower has submitted a DPO proposal or a
transfer of the asset to the lender in the event a DPO cannot be
agreed upon.

The most recent appraisal reported by the servicer, dated February
2021, valued the property at $40.0 million, down 61% from the
appraised value of $103.0 million at issuance. Per the rent roll
dated September 2021, the property was 99.7% occupied. The
trailing-12-month NCF ended September 2021 was reported at $3.14
million, down from $6.6 million as of YE2020. The trailing-12-month
DSCR ended September 2021 was reported at 0.99x, down from 1.55x as
of YE2020. This loan also remains current, but DBRS Morningstar has
modeled a loss upon resolution.

The largest loan on the servicer's watchlist, TheWit Hotel
(Prospectus ID#2; 17.3% of the pool), is secured by a 310-key
full-service boutique hotel in the North Loop submarket of Chicago.
The property is on State Street, adjacent to the Chicago Theatre
and just one block from the Chicago River. The hotel is subject to
a franchise agreement with Hilton under the DoubleTree brand until
June 2029 but continues to operate as a boutique full-service
hotel. The loan has been on the servicer's watchlist since 2017
because of low DSCRs. The property also suffered from the lockdown
caused by the Coronavirus Disease (COVID-19) pandemic and faced
damages due to civil unrest in May 2020. The property was closed
from June 2020 to September 2020 for repair work. As of the
February 2022 remittance, the loan is under a cash trap until it
reaches the DSCR threshold of 1.15x. According to the financials
for the trailing nine months ended September 2021, occupancy
improved to 36.6% from 16.9% in 2020; however, it still trails
pre-pandemic levels. The NCF turned positive at $389,000 when
compared with -$4.6 million at YE2020. According to an STR, Inc.
report for the trailing-three-month period ended November 2021, the
collateral reported occupancy, average daily rate, and revenue per
available room figures of 50.1%, $223.32, and $111.85,
respectively, compared with the competitive set figures of 57.2%,
$243.50, and $139.22, respectively, resulting in an index
penetration level of 87.6%, 91.7%, and 80.3%, respectively. The
loan will likely be challenged to successfully pay off given the
recent performance and its maturity in June 2022.

A description of how DBRS Morningstar considers ESG factors within
the DBRS Morningstar analytical framework can be found in the DBRS
Morningstar Criteria: Approach to Environmental, Social, and
Governance Risk Factors in Credit Ratings at
https://www.dbrsmorningstar.com/research/373262.

DBRS Morningstar materially deviated from its North American CMBS
Insight Model when determining the ratings assigned to Classes B,
C, and D as the quantitative results suggested a higher rating. The
material deviations are warranted due to uncertain loan-level event
risk as DBRS Morningstar remains concerned regarding the potential
for losses for the three specially serviced loans and the near-term
refinancing prospects for TheWit Hotel, which is scheduled to
mature in June 2022.

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


LIFE MORTGAGE 2022-BMR2: Moody's Assigns (P)Ba3 rating to HRR Certs
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of CMBS securities, issued by LIFE 2022-BMR2 Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series
2022-BMR2:

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

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

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

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

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

Cl. E, Assigned (P)Ba1 (sf)

Cl. HRR, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

The certificates are collateralized by a first-lien mortgage on the
fee and/or leasehold interests in 24 commercial properties,
primarily of life science office build, totaling 5,110,740 square
feet (SF) of rentable area (the "Portfolio"). Moody's ratings are
based on the credit quality of the loans and the strength of the
securitization structure.

The Portfolio includes 17 lab-office properties, 5 office
properties, a single multifamily property, and a single ground
leased parcel. Lab-office and office property sizes range from
21,562 SF to 1,389,517 SF and average 229,639 SF.

Construction dates range from 1922 to 2016, however, 11 of the
properties (41.5% of ALA) have been renovated between 1998 and
2021. The Portfolio has benefited from $262.2 million ($54.48 PSF)
of capital investment between 2018 and 2021, and the functionality
offering appears to be well suited for the existing tenancy.

The portfolio is located across five of the top ten US life science
real estate markets with most of the portfolio (81.3% of ALA) being
in the top three markets. The largest concentration is Cambridge,
MA (five properties, 31.4% of ALA), with each property in close
proximity to the MIT campus. The second largest concentration is
San Francisco Bay area (four properties, 30.4% of ALA). The third
largest concentration is San Diego, CA (12 properties, 19.5% of
ALA). The three remaining properties are in Boulder, CO (one
property, 11.8% of ALA), and Seattle, WA (two properties, 6.8% of
ALA ).

The portfolio rent roll is characterized by a mixture of
pharmaceutical, biotechnology and technology companies. As of April
1, 2022, the portfolio was 95.5% leased to 144 underwritten
tenants. There are 85 tenants representing 54.7% of base rent use
the properties as either domestic or global headquarters, including
six of the top 10 tenants. Additionally, approximately 34.9% of
base rent is generated by tenants that are rated, or whose parent
entity is rated, investment grade by Moody's.

The top five properties in the portfolio account for approximately
60.2% of the portfolio's total underwritten net cash flow and 60.8%
of ALA.

Moody's approach to rating this transaction involved the
application of Moody's Large Loan and Single Asset/Single Borrower
Commercial Mortgage-Backed Securitization methodology. The rating
approach for securities backed by a single loan compares the credit
risk inherent in the underlying collateral with the credit
protection offered by the structure. The structure's credit
enhancement is quantified by the maximum deterioration in property
value that the securities are able to withstand under various
stress scenarios without causing an increase in the expected loss
for various rating levels. In assigning single borrower ratings,
Moody's also consider a range of qualitative issues as well as the
transaction's structural and legal aspects.

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this transaction,
Moody's make various adjustments to the MLTV. Moody's adjust the
MLTV for each loan using a value that reflects capitalization (cap)
rates that are between Moody's sustainable cap rates and market cap
rates. Moody's also use an adjusted loan balance that reflects each
loan's amortization profile.

The Moody's first mortgage actual DSCR is 2.87X and Moody's
mortgage actual stressed DSCR is 0.82X. Moody's DSCR is based on
Moody's stabilized net cash flow.

Moody's LTV ratio for the first mortgage balance is 109.3% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 94.5% based on Moody's Value using a cap rate adjusted
for the current interest rate environment.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The pool's weighted
average property quality grade is 0.82.

Notable strengths of the transaction include: the Portfolio's
strategic location, tenant credit quality, life science sector
fundamentals and experienced sponsorship.

Notable concerns of the transaction include: the high Moody's LTV
ratio, property age, tenant rollover, floating-rate/interest-only
mortgage loan profile and certain credit negative legal features.

Moody's rating approach considers sequential pay in connection with
a collateral release as a credit neutral benchmark. Although the
loans' release premium mitigates the risk of a ratings downgrade
due to adverse selection, the pro rata payment structure limits
ratings upgrade potential as mezzanine classes are prevented from
building enhancement. The benefit received from pooling through
cross-collateralization is also reduced.

The principal methodology used in these ratings was "Large Loan and
Single Asset/Single Borrower Commercial Mortgage-Backed
Securitizations Methodology" published in November 2021.

Moody's approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from Moody's
loan level LTV ratios. Major adjustments to determining proceeds
include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

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 may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.


LOANCORE 2019-CRE2: DBRS Hikes Class G Notes Rating to B
--------------------------------------------------------
DBRS Limited upgraded the ratings on the following six classes of
floating-rate notes issued by LoanCore 2019-CRE2 Issuer Ltd.:

-- Class B to AA (sf) from AA (low) (sf)
-- Class C to A (high) (sf) from A (low) (sf)
-- Class D to A (sf) from BBB (high) (sf)
-- Class E to BBB (sf) from BBB (low) (sf)
-- Class F to BB (sf) from BB (low) (sf)
-- Class G to B (sf) from B (low) (sf)

DBRS Morningstar also confirmed the following ratings on two
classes:

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayment as there has been
collateral reduction of 31.2% since issuance. In conjunction with
this press release, DBRS Morningstar has published a Surveillance
Performance Update report with in-depth analysis and credit metrics
for the transaction and with business plan updates on select loans.
For access to this report, please click on the link under Related
Documents below or contact us at info@dbrsmorningstar.com.

At issuance, the collateral consisted of 33 floating-rate mortgages
secured by 49 mostly transitional properties totalling
approximately $1.06 billion, excluding approximately $120.2 million
of future funding commitments. The transaction includes an initial
24-month Reinvestment Period, which ended with the May 2021 Payment
Date.

As of the February 2022 remittance, a total of 19 loans secured by
29 properties remain in the trust with an aggregate principal
balance of $727.3 million. The loans are secured by transitional
properties with plans to stabilize property operations and increase
asset value. Since issuance, 26 loans have been repaid in full, and
as the Reinvestment Period ended in May 2021, loan payoffs were
used to subsequently pay down the transaction sequentially.

Most borrowers are progressing toward completing the stated
business plans. According to an update from the collateral manager,
$46.9 million of loan future funding across eight of the remaining
loans has been advanced to individual borrowers since contribution
to aid in property stabilization. The majority of this funding has
been advanced to the borrowers on the El Centro ($15.6 million) and
Spring Mill Corporate Center ($13.5 million) loans. An additional
$47.8 million of loan future funding allocated to eight individual
borrowers remains outstanding to fund capital expenditures, leasing
costs, and operating shortfalls. Of the 19 loans in the
transaction, eight loans, representing 46.9% of the aggregate
principal balance, have pari passu companion notes securitized in
the LoanCore 2019-CRE3 transaction, also rated by DBRS
Morningstar.

The collateral pool is concentrated by property type as six loans
(33.9% of the current pool balance) are secured by office
properties, five loans (23.6% of the current pool balance) are
secured by mixed-use properties, and four loans (18.6% of the
current pool balance) are secured by hospitality properties. The
collateral is also primarily in core markets as 14 loans,
representing 73.8% of the current pool balance, are in urban
markets with DBRS Morningstar Market Ranks of 6, 7, and 8. These
markets have historically shown greater liquidity and demand.

As of February 2022 reporting, all loans remain current and there
are six loans on the servicer's watchlist, representing 34.7% of
the pool balance. All of these loans are on the servicer's
watchlist because of upcoming loan maturity dates; however, all
loans feature extension options. Eleven of the remaining loans
(54.6% of the current pool balance) have received loan
modifications at least once over the past two years, largely
stemming from impacts of the Coronavirus Disease (COVID-19)
pandemic. Loan modifications have included terms such as waivers on
certain extension option conditions and the allowance of borrowers
to access funds held in reserves to cover shortfalls or rent relief
for certain tenants. The lender has generally required some type of
concession from the borrower, and as a result of these loan
modifications, many of these loans will remain in a cash management
period until the debt has been fully repaid.

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


LOANCORE 2019-CRE3: DBRS Hikes Class F Notes Rating to B
--------------------------------------------------------
DBRS Limited upgraded the ratings on the following five classes of
floating-rate notes issued by LoanCore 2019-CRE3 Issuer Ltd.:

-- Class B to AA (sf) from AA (low) (sf)
-- Class C to A (sf) from A (low) (sf)
-- Class D to BBB (sf) from BBB (low) (sf)
-- Class E to BB (sf) from BB (low) (sf)
-- Class F to B (sf) from B (low) (sf)

DBRS Morningstar also confirmed the following ratings on two
classes:

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayment as there has been
collateral reduction of 40.2% since issuance. In conjunction with
this press release, DBRS Morningstar has published a Surveillance
Performance Update report with in-depth analysis and credit metrics
for the transaction and with business plan updates on select loans.
For access to this report, please click on the link under Related
Documents below or contact us at info@dbrsmorningstar.com.

At issuance, the collateral consisted of 22 floating-rate mortgages
secured by 38 mostly transitional properties totalling
approximately $415.9 million, excluding approximately $60.7 million
of future funding commitments. The transaction includes an initial
24-month Replenishment Period, which ended with the May 2021
Payment Date.

As of the February 2022 remittance, eight loans secured by 16
properties remain in the trust with an aggregate principal balance
of $248.8 million. The loans are secured by transitional properties
with plans to stabilize property operations and increase asset
value. Since issuance, 14 loans have been repaid in full.

Most borrowers are progressing toward completing the stated
business plans. According to an update from the collateral manager,
$42.7 million of loan future funding allocated to six loans has
been advanced to individual borrowers since contribution to aid in
property stabilization. The majority of this funding has been
advanced to the borrowers on the El Centro ($15.6 million) and
Spring Mill Corporate Center ($13.5 million) loans. An additional
$25.9 million of loan future funding allocated to the same six
borrowers remains outstanding to fund capital expenditures, leasing
costs and debt service shortfalls. All eight loans in the
transaction have pari passu companion notes securitized in the
LoanCore 2019-CRE2 transaction, also rated by DBRS Morningstar.

The collateral pool is concentrated by property type as there are
four loans (48.9% of the current pool balance) secured by office
properties and two loans (32.1% of the current pool balance)
secured by multifamily properties. Only one loan, representing 4.0%
of the current pool balance, is secured by a hospitality property.
The collateral is also primarily in core markets as four loans,
representing 56.4% of the current pool balance, are in urban
markets with DBRS Morningstar Market Ranks of 7 and 8. These
markets have historically shown greater liquidity and demand. The
remaining properties are in suburban markets.

As of February 2022 reporting, all loans remain current and there
are four loans on the servicer's watchlist, representing 58.5% of
the pool balance. All of these loans are on the servicer's
watchlist because of upcoming loan maturity dates; however, all
loans feature extension options. Five of the remaining loans (56.4%
of the current pool balance) have received loan modifications at
least once over the past two years, largely stemming from impacts
of the Coronavirus Disease (COVID-19) pandemic. Loan modifications
have terms such as waivers on certain extension option conditions
and the allowance of the borrower to access funds held in reserves
to cover shortfalls or rent relief for certain tenants. The lender
has generally required some type of concession from the borrower,
and as a result of these loan modifications, many of these loans
will remain in a cash management period until the debt has been
fully repaid.

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



MELLO MORTGAGE 2022-INV2: DBRS Gives Provisional BB on B-4 Certs
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2022-INV2 to be issued
by Mello Mortgage Capital Acceptance 2022-INV2 (MELLO 2022-INV2):

-- $391.7 million Class A-1 at AAA (sf)
-- $391.7 million Class A-1-A at AAA (sf)
-- $263.0 million Class A-2 at AAA (sf)
-- $375.8 million Class A-2-A at AAA (sf)
-- $310.0 million Class A-3 at AAA (sf)
-- $310.0 million Class A-3-A at AAA (sf)
-- $310.0 million Class A-3-B at AAA (sf)
-- $310.0 million Class A-3-X at AAA (sf)
-- $232.5 million Class A-4 at AAA (sf)
-- $232.5 million Class A-4-A at AAA (sf)
-- $232.5 million Class A-4-B at AAA (sf)
-- $232.5 million Class A-4-X at AAA (sf)
-- $77.5 million Class A-5 at AAA (sf)
-- $77.5 million Class A-5-A at AAA (sf)
-- $77.5 million Class A-5-X at AAA (sf)
-- $195.1 million Class A-6 at AAA (sf)
-- $195.1 million Class A-6-A at AAA (sf)
-- $195.1 million Class A-6-B at AAA (sf)
-- $195.1 million Class A-6-X at AAA (sf)
-- $114.9 million Class A-7 at AAA (sf)
-- $114.9 million Class A-7-A at AAA (sf)
-- $114.9 million Class A-7-X at AAA (sf)
-- $37.4 million Class A-8 at AAA (sf)
-- $37.4 million Class A-8-A at AAA (sf)
-- $37.4 million Class A-8-X at AAA (sf)
-- $23.9 million Class A-9 at AAA (sf)
-- $23.9 million Class A-9-A at AAA (sf)
-- $23.9 million Class A-9-X at AAA (sf)
-- $53.6 million Class A-10 at AAA (sf)
-- $53.6 million Class A-10-A at AAA (sf)
-- $53.6 million Class A-10-X at AAA (sf)
-- $65.8 million Class A-11 at AAA (sf)
-- $65.8 million Class A-11-X at AAA (sf)
-- $65.8 million Class A-11-A at AAA (sf)
-- $65.8 million Class A-11-AI at AAA (sf)
-- $65.8 million Class A-11-B at AAA (sf)
-- $65.8 million Class A-11-BI at AAA (sf)
-- $65.8 million Class A-11-C at AAA (sf)
-- $65.8 million Class A-12 at AAA (sf)
-- $65.8 million Class A-13 at AAA (sf)
-- $15.9 million Class A-14 at AAA (sf)
-- $15.9 million Class A-15 at AAA (sf)
-- $323.2 million Class A-16 at AAA (sf)
-- $68.5 million Class A-17 at AAA (sf)
-- $391.7 million Class A-X-1 at AAA (sf)
-- $391.7 million Class A-X-2 at AAA (sf)
-- $65.8 million Class A-X-3 at AAA (sf)
-- $15.9 million Class A-X-4 at AAA (sf)
-- $14.6 million Class B-1 at AA (sf)
-- $9.9 million Class B-2 at A (sf)
-- $10.8 million Class B-3 at BBB (sf)
-- $6.9 million Class B-4 at BB (sf)
-- $4.9 million Class B-5 at B (low) (sf)

Classes A-3-X, A-4-X, A-5-X, A-6-X, A-7-X, A-8-X, A-9-X, A-10-X,
A-11-X, A-11-AI, A-11-BI, A-X-1, A-X-2, A-X-3, and A-X-4 are
interest-only certificates. The class balances represent notional
amounts.

Classes A-1, A-1-A, A-2, A-2-A, A-3, A-3-A, A-3-B, A-3-X, A-4,
A-4-A, A-4-B, A-4-X, A-5, A-5-A, A-5-X, A-6, A-6-B, A-7, A-7-A,
A-7-X, A-8, A-9, A-10, A-11-A, A-11-AI, A-11-B, A-11-BI, A-11-C,
A-12, A-13, A-14, A-16, A-17, A-X-2, and A-X-3 are exchangeable
certificates. These classes can be exchanged for combinations of
exchange certificates.

Classes A-2, A-2-A, A-3, A-3-A, A-3-B, A-4, A-4-A, A-4-B, A-5,
A-5-A, A-6, A-6-A, A-6-B, A-7, A-7-A, A-8, A-8-A, A-9, A-9-A, A-10,
A-10-A, A-11, A-11-A, A-11-B, A-11-C, A-12, and A-13 are
super-senior certificates. These classes benefit from additional
protection from the senior support certificates (Classes A-14 and
A-15) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 11.40% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (low) (sf) ratings reflect 8.10%,
5.85%, 3.40%, 1.85%, and 0.75% of credit enhancement,
respectively.

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

This is a securitization of a portfolio of first-lien, fixed-rate
prime conventional investment-property residential mortgages funded
by the issuance of the Certificates. The Certificates are backed by
1,094 loans with a total principal balance of approximately
$442,105,486 as of the Cut-Off Date (March 1, 2022).

MELLO 2022-INV2 is the sixth prime securitization composed of fully
amortizing fixed-rate mortgages on non-owner occupied residential
investment properties issued under the MELLO shelf. The portfolio
consists of conforming mortgages with original terms to maturity of
primarily 30 years, which were underwritten by loanDepot using an
automated underwriting system (AUS) designated by Fannie Mae or
Freddie Mac and were eligible for purchase by such agencies.
Approximately 5.3% of the loans were granted appraisal waivers by
the government-sponsored enterprises (GSEs). Such loans did not
require a new home appraisal, and the property value for the
related mortgage was based on a valuation provided by the lender
and accepted by Fannie Mae or Freddie Mac's AUS. In its analysis,
DBRS Morningstar applied property value haircuts to such loans,
which increased the expected losses on the collateral. Details on
the underwriting of conforming loans can be found in the Key
Probability of Default Drivers section.

loanDepot.com, LLC (loanDepot) is the Originator, Seller, and will
act as Servicer for the transaction. Computershare Trust Company,
N.A. (Computershare) is the Master Servicer and Securities
Administrator of the mortgage loans. mello Credit Strategies LLC is
the Sponsor of the transaction. LD Holdings Group LLC will serve as
the Guarantor with respect to the remedy obligations of the Seller.
mello Securitization Depositor LLC, a subsidiary of the Sponsor and
an affiliate of the Seller, will act as the Depositor of the
transaction. Wilmington Savings Fund Society, FSB will serve as the
Trustee, and Deutsche Bank National Trust Company will serve as the
Custodian.

For this transaction, the servicing fee comprises three separate
components: the aggregate base servicing fee, the aggregate
delinquent servicing fee, and the aggregate additional servicing
fee. These fees vary based on the delinquency status of the related
loan and will be paid from interest collections before distribution
to the securities.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a pre-crisis structure.

Coronavirus Disease (COVID-19) Pandemic Impact

The coronavirus pandemic and the resulting isolation measures
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. DBRS Morningstar saw increases in delinquencies for many
residential mortgage-backed securities (RMBS) asset classes shortly
after the onset of the pandemic.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term payment reliefs that
may perform very differently from traditional delinquencies. At the
onset of the pandemic, the option to forebear mortgage payments was
widely available and it drove forbearances to a very high level.
When the dust settled, coronavirus-induced forbearances in 2020
performed better than expected, thanks to government aid, low
loan-to-value ratios, and good underwriting in the mortgage market
in general. Across nearly all RMBS asset classes, delinquencies
have been gradually trending down in recent months as the
forbearance period comes to an end for many borrowers.

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


MFA 2022-CHM1:DBRS Finalizes BB Rating on Class B-1 Certs
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2022-CHM1 issued by MFA
2022-CHM1 Trust (MFA 2022-CHM1 or the Trust):

-- $193.9 million Class A-1 at A (sf)
-- $10.2 million Class M-1 at BBB (sf)
-- $12.6 million Class B-1 at BB (sf)
-- $8.3 million Class B-2 at B (sf)

The A (sf) rating on the Class A-1 certificates reflects 18.25% of
credit enhancement provided by subordinated certificates. The BBB
(sf), BB (sf), and B (sf) ratings reflect 13.95%, 8.65%, and 5.15%
of credit enhancement, respectively.

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

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 322 mortgage loans with a total principal balance of
$237,127,941 as of the Cut-Off Date (January 31, 2022).

MFA 2022-CHM1 represents the first securitization issued by the
Sponsor, MFA Financial, Inc. (MFA) where 100% of the loans in the
pool were originated by Change Lending, LLC (Change). Change is
certified by the U.S. Department of the Treasury as a Community
Development Financial Institution (CDFI). As a CDFI, Change is
required to lend at least 60% of its production to certain target
markets, which include low-income borrowers or other underserved
communities.

While loans originated by a CDFI are not required to comply with
the Consumer Financial Protection Bureau's Qualified Mortgage and
Ability-to-Repay rules, the mortgages included in this pool were
made to generally creditworthy borrowers with near-prime credit
scores, low loan-to-value ratios (LTVs), and robust reserves.

The loans in the pool were underwritten through Change's Community
Mortgage (100%), which is considered weaker than other origination
programs because income documentation verification is not required.
Generally, underwriting practices of this program focus on borrower
credit, borrower equity contribution, housing payment history, and
liquid reserves relative to monthly mortgage payments. Because
post-2008 crisis historical performance is limited on these
products, DBRS Morningstar applied additional assumptions to
increase the expected losses for the loans in its analysis.

On or after the earlier of (1) the distribution date occurring in
February 2024 and (2) the date on which the aggregate stated
principal balance of the loans falls to 30% or less of the Cut-Off
Date balance, at its option, the Depositor may redeem all of the
outstanding certificates at a price equal to the class balances of
the related Certificates plus accrued and unpaid interest,
including any Cap Carryover Amounts and any deferred amounts due to
modifications after the Closing Date. Such optional redemption may
be followed by a qualified liquidation, which requires (1) a
complete liquidation of assets within the Trust and (2) proceeds to
be distributed to the appropriate holders of regular or residual
interests.

Planet Home Lending, LLC is the Servicer for the transaction. For
this transaction, the Servicer will not fund advances of delinquent
principal and interest (P&I) on any mortgage. However, the Servicer
is obligated to make advances in respect of taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties.

This transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on
certificates, but such shortfalls on the Class M-1 certificates and
more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired. Furthermore, excess
spread can be used to cover realized losses and prior period bond
writedown amounts first before being allocated to unpaid cap
carryover amounts to Class A-1 down to M-1.

Under the U.S. Risk Retention Rules, CDFI loans fall within the
definition of “community-focused residential mortgages.” A
securitization transaction containing only community-focused
residential mortgages is exempt under the U.S. Risk Retention Rules
and accordingly, the Sponsor will not be required to retain any
credit risk under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder. Notwithstanding
the exemption, the Depositor has elected to retain the Class B-2,
B-3, A-IO-S, and XS certificates.

Coronavirus Disease (COVID-19) Pandemic Impact

The coronavirus pandemic and the resulting isolation measures have
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. Shortly after the onset of the pandemic, DBRS
Morningstar saw an increase in delinquencies for many residential
mortgage-backed securities (RMBS) asset classes.

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief that may perform very differently from traditional
delinquencies. At the onset of the pandemic, the option to forbear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearance in 2020 performed better than
expected, thanks to government aid, low LTVs, and acceptable
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes, delinquencies have been gradually trending
downward, as forbearance periods come to an end for many
borrowers.

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


MORGAN STANLEY 2015-C20: DBRS Confirms C Rating on Class F Certs
----------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C20 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2015-C20 as follows:

-- Class A-SB at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PST at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at B (sf)
-- Class E at B (low) (sf)
-- Class F at C (sf)

DBRS Morningstar changed the trends on Classes D, X-E, and E to
Stable from Negative. Class F has a rating that does not carry a
trend. All other trends remain Stable.

The rating confirmations and trend changes reflect a variety of
factors, including the improving performance of several loans,
which have been returned to the master servicer from special
servicing; increased credit support to the bonds as a result of
defeasance; and increases in appraisal values for loans currently
in special servicing, which are ultimately likely to be liquidated
from the pool.

As of the February 2022 remittance, there has been a collateral
reduction since issuance of 18.7%, with 78 of the original 88 loans
remaining in the pool. In addition to the paydown, the pool
benefits from defeasance as 12 loans, representing 11.2% of the
current pool balance, are fully defeased. There are 21 loans,
representing 24.9% of the current pool balance, on the servicer's
watchlist, including four loans in the top 15. Seven loans,
representing 8.5% of the pool, are in special servicing. Two of the
loans in special servicing, representing 2.7% of the current pool
balance, are secured by collateral that is now lender-owned.

The largest specially serviced loan, Ashford Portfolio – Palm
Desert, CA (Prospectus ID#10, 2.3% of the pool), is secured by a
two-property hotel portfolio consisting of the extended-stay
Residence Inn Palm Desert and the limited-service Courtyard Inn
Palm Desert, totaling 281 keys in Palm Desert, California. Prior to
the onset of the Coronavirus Disease (COVID-19) pandemic,
performance had been stable, but the loan transferred to special
servicing in May 2020 at the sponsor's request as a result of
performance declines stemming from the coronavirus pandemic. The
sponsor, Ashford Hospitality Trust, brought the loan current in
December 2021, and as of the February 2022 remittance, the loan
remained current. Servicer commentary indicates that the loan is
pending a return to the master servicer, though it does not provide
an expected date.

The largest loan on the servicer's watchlist, DoubleTree – Santa
Ana, CA (Prospectus ID#6, 3.0% of the pool), is secured by a
full-service hotel in Santa Ana, California, within four miles of
John Wayne International Airport. The property has experienced
performance declines beginning in 2018, when three new competitive
hotels came to market, reporting a YE2019 debt service coverage
ratio (DSCR) of 1.13 times (x). The property has further been
affected by the coronavirus and was transferred to special
servicing before being returned to the master servicer in July
2021. The servicer reported a YE2020 DSCR of -0.69x, with the most
recent trailing 10 months ended October 31, 2021, DSCR reported as
0.00x. As of the most recent reporting, the occupancy rate of 49.0%
remains down from the pre-pandemic occupancy rate of 79.5% at
YE2019. According to the August 2021 STR report, however, the
property is slightly outperforming its competitive set in terms of
occupancy, average daily rate, and revenue per available room. This
suggests the subject may be able to capture increased demand and
experience a performance rebound to pre-pandemic levels when air
travel, particularly business travel, increases.

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



MSC MORTGAGE 2012-C4: DBRS Confirms C Rating on 3 Certs Classes
----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2012-C4 issued by MSC
Mortgage Securities Trust, 2012-C4 as follows:

-- Class B at AAA (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Class D continues to carry a Negative trend and Classes E, F, and G
have ratings that do not carry a trend. All other trends are
Stable. DBRS Morningstar also discontinued its ratings on Classes
A-S and X-A as those classes have repaid with the most recent
remittance. In addition, the Interest in Arrears designation on
Classes E, F, and G has been removed with this review.

The rating actions reflect the continued concerns of the collateral
remaining in the pool, specifically the resolution of the
transaction's largest loan, Shoppes at Buckland Hills (Prospectus
ID#1, 59.8% of the current pool balance), and Independence Hill
Independent Living (Prospectus ID#17, 10.3% of the current pool
balance). As of the February 2022 remittance, only five of the
original 38 loans remain in the pool, representing a collateral
reduction of 83.6% since issuance with a current trust balance of
$180.2 million. Shoppes at Buckland Hills is the pool's only
specially serviced loan, while the remaining four loans are on the
servicer's watchlist for upcoming loan maturities.

Shoppes at Buckland Hills is secured a regional mall in Manchester,
Connecticut, and was added to the DBRS Morningstar Hotlist in
January 2019 as a result of declining cash flows, falling tenant
sales, a generally weak anchor mix, and a challenged local economy.
The loan transferred to special servicing in November 2020 after
falling delinquent and the borrower (an affiliate of Brookfield
Property Partners) submitted a hardship letter indicating that debt
service and operating shortfalls would not be funded. At that time,
the borrower requested the release of cash management funds for
expenses necessary to maintain operations; however, the borrower
and servicer were unable to reach an agreement and a consensual
receivership order has been entered. A receiver is currently in
place and attempting to stabilize the asset for an eventual sale
(although the timeline of a potential sale has yet to be
determined). As of the December 2021 rent roll, the collateral was
91.0% occupied, however, the former largest collateral tenant,
Dick's Sporting Goods (14.3% of the net rentable area (NRA)),
vacated its space at the conclusion of its lease in January 2022
bringing occupancy down to approximately 77.0%. The noncollateral
anchors at the property include Macy's, Macy's Men's & Home,
JCPenney, and a vacant former Sears, which closed in January 2021.
The property's net cash flow (NCF) at year-end (YE) 2019 was
reported at $12.2 million, remaining in line with issuance
expectations of $12.3 million; however, that figure dropped
precipitously at YE2020 to $7.4 million. Although no 2021
financials were made available, DBRS Morningstar expects this
figure to be affected further with the departure of Dick's Sporting
Goods. Given the sales trends, the loss of the noncollateral Sears
and collateral Dick's Sporting Goods, and poor financial
performance, DBRS Morningstar believes the property's as-is value
has fallen well below the issuance figure. DBRS Morningstar
liquidated the loan in the analysis for this review based on a
stressed value that resulted in a loss severity in excess of
65.0%.

Of the four other loans remaining in the pool, DBRS Morningstar is
most concerned with Independence Hill Independent Living in the
face of its March 2022 maturity date. The loan is secured by
secured by a 294-unit senior living property in San Antonio, Texas.
The loan was added to the servicer's watchlist in December 2019
because of a low debt-service coverage ratio (DSCR) attributed to a
decline in occupancy and revenues. Pursuant to terms within the
loan agreement, this event triggered the activation of the cash
management account, which remains in place as of this review. The
account currently holds a balance of $340,338. In addition, the
borrower was also granted Paycheck Protection Program loan
forgiveness and Coronavirus Aid, Relief, and Economic Security Act
funds as Coronavirus Disease (COVID-19) pandemic assistance.
Although there has been a slight uptick in demand, the softening
submarket, coupled with increased competition in the area,
indicates that the outlook is murky. Operating expenses in recent
years have also increased, driven specifically by advertising as
the borrower actively attempts to seek occupants for the vacant
units. Given the struggling DSCR preceding the pandemic and
continued declining occupancy, DBRS Morningstar will be closely
monitoring the loan's upcoming maturity.

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


MTN COMMERCIAL 2022-LPFL: DBRS Gives Provisional BB on E Certs
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the classes of MTN
Commercial Mortgage Trust 2022-LPFL, Commercial Mortgage
Pass-Through Certificates, Series 2022-LPFL as follows:

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

All trends are Stable. Classes F and HRR are not rated by DBRS
Morningstar. Classes X-CP and X-NCP are interest-only (IO) classes
whose balances are notional.

The MTN Commercial Mortgage Trust 2022-LPFL (MTN 2022-LPFL)
transaction is collateralized by the borrower's fee-simple and
leasehold interests in a portfolio of 82 industrial properties (78
fee-simple properties, two PILOT leasehold properties, and two
ground leasehold properties) totaling approximately 15.9 million
sf. The portfolio is part of Industrial Logistics Properties
Trust's (ILPT) larger $4 billion acquisition of Monmouth Real
Estate Investment Corporation, and the collateral properties are
across 25 states and 52 individual industrial markets including,
Charlotte, North Caroline (three properties, 6.9% of NCF), Kansas
City, Missouri (five properties, 6.5% of NCF), Dallas, Texas (three
properties, 6.0% of NCF) Savannah, Georgia (two properties, 5.9% of
NCF), and Indianapolis, Indiana (two properties, 4.9% of NCF). The
properties themselves are a mix of warehouse (88.2% of NRA),
manufacturing (10.8% of NRA), and light manufacturing (1.0% of NRA)
assets. Overall, the subject markets have solid fundamentals with
positive annual growth in rents while absorbing new supply and
compressing vacancies. DBRS Morningstar continues to take a
favorable view on the long-term growth and stability of the
warehouse and logistics sector. The portfolio benefits from
favorable tenant granularity, strong sponsor strength, favorable
asset quality, and strong leasing trends, all of which contribute
to potential cash flow stability over time. The portfolio's WA year
built of 2011 is significantly newer than the average of industrial
portfolios DBRS Morningstar recently analyzed (1991). In addition,
the portfolio has a WA property size of 193,344 sf, WA clear
heights of 29.5 feet, and a minimal 4.9% office buildout.

The portfolio mainly consists of single-tenant properties with NNN
leases and is 96.5% occupied by 81 unique tenants. Approximately
83.9% of gross rent is derived from investment-grade-rated tenants,
including FedEx (Moody's Baa2/S&P: BBB, 59.1% of gross rent), Shaw
Industries (Moody's: Aa2/S&P: A+/Fitch: AA, 3.6% of gross rent),
Amazon.com, Inc. (Moody's: A1/S&P: AA-/Fitch: AA, 3.1% of gross
rent), and International Paper (Moody's: Baa2/Fitch BBB, 2.7 % of
gross rent). The diverse tenant roster includes a variety of
industries, including air freight and logistics, Internet and
catalog retail, commercial services and supplies, specialty retail
and food and beverage. Other than Fedex, no tenant accounts for
more than 5.2% of NRA or 3.6% of gross rent. The top one, five, and
10 tenants account for 59.1%, 71.7%, and 80.3% of gross rent,
respectively, and 46.8%, 62.6%, and 75.5% of NRA, respectively. The
portfolio has a WA lease term of 6.8 years, with no more than 17.2%
of NRA or 15.7% of gross rent rolling in any given year over the
fully extended loan term.

Leases representing approximately 56.0% of the portfolio's NRA and
52.2% of the gross rent are scheduled to roll through the fully
extended loan term in 2027. However, the rollover is relatively
granular with no more than 17.2% of NRA or 15.7% of gross rent
rolling in any given year over the fully extended loan term.

The transaction sponsor is a joint venture of which 61% is owned
and controlled by an ILPT entity, and 39% is owned by an
institutional investor in connection with the acquisition of the
Monmouth Real Estate Investment Corporation. ILPT is a publicly
traded REIT formed to own and lease industrial and logistics
properties throughout the U.S.. As of September 30, 2021, ILPT
owned 294 industrial and logistics properties with 36.5 million
rentable sf, which are approximately 99.0% leased to 261 different
tenants with a weighted-average lease term (WALT) of approximately
9.0 years. Approximately 50% of annualized rental revenues come
from 68 industrial and logistics properties with approximately 19.8
million sf in 33 states on the U.S. mainland. The remaining
approximately 50% of annualized rental revenues come from 226
properties with approximately 16.7 million sf located on the island
of Oahu, Hawaii.

The trust collateral was originated by Citi Real Estate Funding
Inc., UBS AG, New York Branch, Bank of America, N.A., Bank of
Montreal, and Morgan Stanley Bank, N.A. and consists of a mortgage
loan in the amount of $1.40 billion. The two year interest only
loan with three, one year extension options pay interest at a rate
of Term SOFR + 2.4200%. The mortgage loan is evidenced by five pari
passu componentized promissory notes, all of which are expected to
be contributed to the trust and support payments on the rated
certificates.

The loan has a partial pro rata/sequential-pay structure that
allows for pro rata paydown of the first 20% of the unpaid
principal balance. DBRS Morningstar generally considers this
structure to be credit negative, particularly at the top of the
capital structure. Under a partial pro rata paydown structure,
deleveraging of the senior notes through the release of individual
properties occurs at a slower pace than a sequential-pay structure.
DBRS Morningstar penalized the senior classes of the transaction's
capital structure to account for the partial pro rata structure.

The borrowers can release individual properties with customary
requirements. However, the prepayment premium for the release of
individual assets is just 105% of the ALA for such property until
the original principal balance has been reduced to 80% of the
original loan balance, and 110% of the ALA for such property
balance thereafter. DBRS Morningstar considers the release premium
to be weaker than a generally credit-neutral standard of 110%. DBRS
Morningstar applied a penalty to the transaction's capital
structure to account for the weak property release premiums.

The sponsorship is contributing approximately $1.6 billion of cash
equity to facilitate the acquisition of MNR, representing 44.6% of
the approximately $3.4 billion total cost. DBRS Morningstar
generally views acquisition financings involving significant
amounts of cash equity contributions from the transaction sponsors
favorably given the stronger alignment of economic incentives when
compared with cash-out financings.

The nonrecourse carveout guarantor is Mountain Industrial REIT LLC,
which is only required to maintain a net worth of at least $500
million, excluding the properties, effectively limiting the
recourse back to the sponsor for bad act carveouts. Bad boy
guarantees and consequent access to the guarantor help mitigate the
risk and increased loss severity of bankruptcy, additional
encumbrances, unapproved transfers, fraud, misappropriation of
rents, physical waste, and other potential bad acts of the borrower
or its sponsor.

The underlying mortgage loan for the transaction will pay a
floating rate indexed to Term SOFR. However, if upon the sunsetting
of Libor, Term SOFR doesn't survive in its current form, or if a
different benchmark replacement is chosen, the loan could be
subject to potential benchmark transition risk. Given that Term
SOFR is a relatively new rate, there is the potential for higher
volatility in the near term than other indexes. If Term SOFR is no
longer available as a benchmark, it will be replaced with the Prime
Rate.

There are no performance triggers, financial covenants, or fees
required for the borrower to exercise the three one-year extension
options. The options are exercisable by the borrower, subject only
to compliance with the following conditions: (1) no EOD existing as
of the commencement of the applicable extension term, (2)
borrower's purchase of a cap agreement for each extension term
providing for a cap on SOFR which when added to the spread results
in a DSCR of 1.10x.

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



NEW RESIDENTIAL 2022-NQM3: Fitch Gives B(EXP) Rating on C-2 Debt
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the residential
mortgage-backed notes to be issued by New Residential Mortgage Loan
Trust 2022-NQM3 (NRMLT 2022-NQM3).

   DEBT          RATING
   ----          ------
NRMLT 2022-NQM3

A-1       LT   AAA(EXP)sf   Expected Rating
A-2       LT   AA(EXP)sf    Expected Rating
A-3       LT   A(EXP)sf     Expected Rating
M-1       LT   BBB(EXP)sf   Expected Rating
B-1       LT   BB(EXP)sf    Expected Rating
B-2       LT   B(EXP)sf     Expected Rating
B-3       LT   NR(EXP)sf    Expected Rating
A-IO-S    LT   NR(EXP)sf    Expected Rating
R         LT   NR(EXP)sf    Expected Rating
XS-1      LT   NR(EXP)sf    Expected Rating
XS-2      LT   NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by New Residential Mortgage Loan Trust 2022-NQM3 (NRMLT
2022-NQM3) as indicated above. The notes are supported by 595 newly
originated loans that have a balance of $346.1 million as of the
April 1, 2022 cutoff date. The pool consists of loans originated by
NewRez LLC (NewRez), which was formerly known as New Penn
Financial, LLC and Caliber Home Loans (Caliber), which is a
subsidiary of NewRez.

The notes are secured mainly by non-qualified mortgage (QM) loans
as defined by the Ability-to-Repay (ATR) Rule. Of the loans in the
pool, 71.8% of the loans are designated as non-QM while the
remainder are not subject to the ATR Rule.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.7% above a long-term sustainable level (vs. 9.2%
on a national level as of April 2022). Underlying fundamentals are
not keeping pace with the growth in prices, which is a result of a
supply/demand imbalance driven by low inventory, low mortgage rates
and new buyers entering the market. These trends have led to
significant home price increases over the past year, with home
prices rising 18.2% yoy nationally as of December 2021.

Non-Prime Credit Quality (Mixed): The collateral consists of 595
loans, totaling $346 million and seasoned approximately three
months in aggregate, according to Fitch (as calculated from
origination date). The borrowers have a stronger credit profile
when compared to other non-QM transactions (756 Fitch model FICO
and 36% debt-to-income ratios [DTI] as determined by Fitch after
converting the DSCR values) and moderate leverage (74.6% sLTV). The
pool consists of 66.7% of loans where the borrower maintains a
primary residence, while 33.3% are considered an investor property
or second home. Additionally, only 32% of the loans were originated
through a retail channel. Moreover, 72% are considered non-QM, and
the remainder are not subject to QM. NewRez and Caliber originated
100% of the loans, which have been serviced since origination by
Shellpoint Mortgage Servicing (SMS).

Geographic Concentration (Neutral): Approximately 40.5% of the pool
is concentrated in California. The largest MSA concentrations are
in Los Angeles (16.0%) followed by San Francisco (9.6%) and New
York City (9.4%). The top three MSAs account for 35% of the pool.
As a result, there was no penalty for geographic concentration.

Loan Documentation (Negative): 75% of the pool was underwritten to
less than full documentation. Approximately 59% was underwritten to
a 12-month or 24-month bank statement program for verifying income,
which is not consistent with Fitch's view of a full documentation
program. A key distinction between this pool and legacy Alt-A loans
is that these loans adhere to underwriting and documentation
standards required under the Consumer Financial Protection Bureau's
(CFPB) ATR Rule. The standards are meant to reduce the risk of
borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigor
of the ATR Rule's mandates with respect to the underwriting and
documentation of the borrower's ATR. Additionally, 16% are DSCR
product.

High Investor Property Concentrations (Negative): Approximately 28%
of the pool comprises investment property loans, including 16%
underwritten to a cash flow ratio rather than the borrower's DTI
ratio. Investor property loans exhibit higher PDs and higher loss
severities (LS) than owner-occupied homes. Fitch increased the PD
by approximately 2.0x for the cash flow ratio loans (relative to a
traditional income documentation investor loan) to account for the
increased risk.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The defined negative rating 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 41% at 'AAA'. The analysis indicates that there is
some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
ratings of 'AAAsf'.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Recovco Mortgage Management (Recovco), Canopy Financial
Technology Partners, LLC (Canopy) and Infinity International
Processing Services, Inc. (Infinity). The third-party due diligence
described in Form 15E focused on a full review of the loans as it
relates to credit, compliance and property valuation. Fitch
considered this information in its analysis and, as a result, Fitch
made the following adjustment to its analysis:

-- A 5% credit was applied to each loan's probability of default
    assumption.

This adjustment resulted in a 42bps reduction to the 'AAAsf'
expected loss.


OAKTREE CLO 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Oaktree CLO 2022-1
Ltd./Oaktree CLO 2022-1 LLC's floating-rate notes. The transaction
is managed by Oaktree Capital Management L.P.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term
loans.

The ratings reflect:

-- S&P's view of the collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

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

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

  Ratings Assigned

  Oaktree CLO 2022-1 Ltd./Oaktree CLO 2022-1 LLC

  Class A1-A, $248.500 million: AAA (sf)
  Class A1-B, $30.500 million: AAA (sf)
  Class A2, $4.500 million: AAA (sf)
  Class B, $58.500 million: AA (sf)
  Class C (deferrable), $22.500 million: A+ (sf)
  Class D (deferrable), $31.500 million: BBB- (sf)
  Class E (deferrable), $16.875 million: BB- (sf)
  Subordinated notes, $40.500 million: Not rated



OBX 2022-NQM4: S&P Assigns Prelim B (sf) Rating on Class B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OBX
2022-NQM4 Trust's mortgage-backed notes.

The note issuance is an RMBS transaction backed by newly originated
first-lien, fixed- and adjustable-rate residential mortgage loans
to prime and nonprime borrowers, including mortgage loans with
initial interest-only periods. The loans are primarily secured by
single-family residential properties, planned-unit developments,
condominiums, townhouses, and two- to four-family residential
properties. The pool has 704 loans, which are primarily
nonqualified mortgage/ATR-compliant and ATR-exempt loans.

The preliminary ratings are based on information as of May 2, 2022.
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 transaction's credit enhancement, associated structural
mechanics, representation and warranty framework, and geographic
concentration;

-- The mortgage aggregator, Onslow Bay Financial LLC, and the
originators, which include Finance of America Mortgage LLC; and

-- The potential impact current and near term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. On April 17, 2020, S&P updated its mortgage outlook and
corresponding archetypal foreclosure frequency levels to account
for the potential impact of the COVID-19 pandemic on the overall
credit quality of collateralized pools. Although pandemic-related
performance concerns have waned, S&P continues to maintain its
updated 'B' foreclosure frequency for the archetypal pool at 3.25%,
given its current outlook for the U.S. economy and considering the
impact of the Russia-Ukraine conflict, supply-chain disruptions,
and rising inflation and interest rates.

  Preliminary Ratings Assigned(i)

  OBX 2022-NQM4 Trust

  Class A-1A, $294,035,000: AAA (sf)
  Class A-1B, $45,728,000: AAA (sf)
  Class A-2, $26,979,000: AA (sf)
  Class A-3, $30,638,000: A (sf)
  Class M-1, $20,350,000: BBB (sf)
  Class B-1, $15,090,000: BB (sf)
  Class B-2, $14,176,000: B (sf)
  Class B-3, $10,289,348: NR
  Class A-IO-S, $457,285,348(ii): NR
  Class XS, $457,285,348(vii): NR
  Class R, N/A: NR

(i)The collateral and structural information in this report reflect
the preliminary private placement memorandum dated April 28, 2022.
The preliminary ratings address the ultimate payment of interest
and principal.
(ii)The notional amount for the class A-IO-S and XS notes equals
the aggregate stated principal balance of the mortgage loans.
N/A--Not applicable.
NR--Not rated


OBX TRUST 2022-J1: Moody's Assigns (P)B2 Rating to Cl. B-5 Debt
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 36
classes of residential mortgage-backed securities (RMBS) issued by
OBX 2022-J1 Trust, and sponsored by Onslow Bay Financial LLC
(Onslow Bay).

The securities are backed by a pool of prime jumbo (93% by balance)
and GSE-eligible (7% by balance) residential mortgages aggregated
by Onslow Bay, originated by multiple entities and serviced by
NewRez LLC d/b/a Shellpoint Mortgage Servicing.

The complete rating actions are as follows:

Issuer: OBX 2022-J1 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)Aaa (sf)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-5, Assigned (P)B2 (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings are based on the credit quality of the mortgage loans,
the structural features of the transaction, the origination quality
and the servicing arrangement, the third-party review, and the
representations and warranties framework.

Moody's expected loss for this pool in a baseline scenario-mean is
0.34%, in a baseline scenario-median is 0.20% and reaches 2.68% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in February 2022.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from 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.

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.

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. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.



READY CAPITAL 2022-FL8: DBRS Finalizes B(low) Rating on G Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Ready Capital Mortgage Financing
2022-FL8, LLC (the Issuer):

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

All trends are Stable.

The initial collateral consists of 67 short-term, floating-rate
mortgage assets with an aggregate cut-off date balance of $1.22
billion secured by 89 mortgaged properties. The aggregate unfunded
future funding commitment of the future funding participations as
of the cut-off date is approximately $137.8 million. The holder of
the future funding companion participations, Ready Capital
Subsidiary REIT I, LLC, has full responsibility to fund the future
funding companion participations. The collateral pool for the
transaction is static with no ramp-up period or reinvestment
period. However, the Issuer has the right to use principal proceeds
to acquire fully funded future funding participations subject to
stated criteria during the Permitted Funded Companion Participation
Acquisition Period, which begins on the closing date and ends on
the payment date. Acquisitions of future funding participations of
$1.0 million or greater will require rating agency confirmation.
Interest can be deferred for the Class F Notes and Class G Notes,
and interest deferral will not result in an event of default. The
transaction will have a sequential-pay structure.

Of the 89 properties, 76 are multifamily assets (92.7% of the
mortgage asset cut-off date balance). The remaining loans are
secured by 13 industrial properties (7.3% of the pool). Two loans,
Tierra Santa (#2) and Sierra Grande (#18), representing a combined
6.4% of the total pool balance, were modeled as a portfolio titled
Arizona Portfolio. The loans share the same sponsor and are located
in close proximity to one another.

The loans are mostly secured by cash flowing assets, most of which
are in a period of transition with plans to stabilize and improve
the asset value. Six loans, representing 7.4% of the total pool
balance, are whole loans, and the other 61 loans (92.6% of the
mortgage asset cut-off date balance) are participations with
companion participations that have remaining future funding
commitments totaling $137.8 million. The future funding for each
loan is generally to be used for capital expenditures to renovate
the property or build out space for new tenants. All of the loans
in the pool have floating interest rates initially indexed to
Libor. There are 15 loans (31.4% of the pool) that are full-term
interest only (IO) through the fully extended loan term. The
remaining 52 loans are all IO through the initial loan term with a
mix of IO extension options and amortization. As such, to determine
a stressed interest rate over the loan term, DBRS Morningstar used
the one-month Libor index, which was the lower of DBRS
Morningstar's stressed rates that corresponded to the remaining
fully extended term of the loans and the strike price of the
interest rate cap with the respective contractual loan spread
added. The properties are often transitioning with potential upside
in cash flow; however, DBRS Morningstar does not give full credit
to the stabilization if there are no holdbacks or if the other loan
structural features are insufficient to support such treatment.
Furthermore, even if the structure is acceptable, DBRS Morningstar
generally does not assume the assets will stabilize above market
levels.

The transaction is sponsored by Ready Capital Corporation, a
publicly traded mortgage real estate investment trust, externally
managed by Waterfall Asset Management, LLC, a New York-based
investment advisor registered with the Securities and Exchange
Commission. The sponsor has strong origination practices and
substantial experience in originating loans and managing commercial
real estate (CRE) properties, with an emphasis on small business
lending. The sponsor has provided approximately $11.0 billion in
capital across all of its CRE lending programs through February 11,
2022 ($606 million year-to-date), and generally lends from $2.0
million to $45 million for CRE loans.

The Depositor, Ready Capital Mortgage Depositor VI, LLC, which is a
majority-owned affiliate and subsidiary of the sponsor, expects to
retain the Class F, G, and H Notes, collectively representing the
most subordinate 18.75% of the transaction by principal balance.

The pool is mostly composed of multifamily assets (92.7% of the
mortgage asset cut-off date balance). Historically, multifamily
properties have defaulted at much lower rates than other property
types in the overall commercial mortgage-backed securities (CMBS)
universe.

All loans were originated in 2021–22 and take into consideration
any impacts from the Coronavirus Disease (COVID-19) pandemic. The
weighted-average (WA) remaining fully extended term is 59 months,
which gives the Sponsor enough time to execute its business plans
without risk of imminent maturity. In addition, the appraisal and
financial data provided for all loans reflect the conditions after
the onset of the pandemic.

There are 64 loans, 97.4% of the pool balance, that represent
acquisition financing. Acquisition financing generally requires the
respective sponsor(s) to contribute material cash equity as a
source of funding in conjunction with the mortgage loan, resulting
in a higher sponsor cost basis in the underlying collateral, and
aligns the financial interests between the sponsor and the lender.

DBRS Morningstar has analyzed the loans to a stabilized cash flow
that is, in some instances, above the in-place cash flow. It is
possible that a related loan sponsor will not successfully execute
its business plans and that the higher stabilized cash flow will
not materialize during the loan term, particularly with the ongoing
coronavirus pandemic and its impact on the overall economy. The
loan sponsor's failure to execute the business plans could result
in a term default or the inability to refinance the fully funded
loan balance.

DBRS Morningstar made relatively conservative stabilization
assumptions and, in each instance, considered the business plans to
be rational and the loan structure to be sufficient to
substantially implement such plans. In addition, DBRS Morningstar
analyzes loss severity given default (LGD) based on the as-is
credit metrics, assuming the loan is fully funded with no net cash
flow or value upside.

Future funding companion participations will be held by affiliates
of Ready Capital Subsidiary REIT I, LLC and have the obligation to
make future advances. Ready Capital Subsidiary REIT I, LLC agrees
to indemnify the Issuer against losses arising out of the failure
to make future advances when required under the related
participated loan. Furthermore, Ready Capital Subsidiary REIT I,
LLC will be required to meet certain liquidity requirements on a
quarterly basis.

There are 27 loans, comprising 51.2% of the trust balance, in DBRS
Morningstar Metropolitan Statistical Area (MSA) Group 1.
Historically, loans in this MSA Group have demonstrated higher
probabilities of default (PODs) and LGDs, resulting in higher
individual loan-level expected losses than the WA pool expected
loss. Six of these 27 loans (9.3% of the pool) are in DBRS
Morningstar Market Rank 5 or higher. Additionally, these loans
represent a WA occupancy of 90.7%.

There are 23 loans, representing 38.4% of the trust balance, that
have DBRS Morningstar as-is loan-to-value ratios (LTVs) (fully
funded loan amount) equal to or greater than 85.0%, representing
significantly high leverage. Five of those loans, 19.9% of the
trust balance, are among the 10 largest loans in the pool. All 23
loans were originated in 2021 and have sufficient time to reach
stabilization. Additionally, all the loans, except one, have DBRS
Morningstar Stabilized LTVs of 75.9% or less, indicating
improvements to value based on the related sponsors' business
plans.

All 67 loans have floating interest rates, and all loans are IO
during their original terms of 24 months to 48 months, creating
interest rate risk. Fifty-two loans (68.6% of the mortgage asset
cut-off date balance) amortize during extension options. All loans
are short-term loans and, even with extension options, they have a
fully extended maximum loan term of five years. For the
floating-rate loans, DBRS Morningstar adjusted the one-month Libor
index, based on the lower of a DBRS Morningstar stressed rate that
corresponded to the remaining fully extended term of the loans or
the strike price of the interest rate cap with the respective
contractual loan spread added to determine a stressed interest rate
over the loan term. The borrowers of 55 floating-rate loans, 95.0%
of the initial pool balance, have purchased Libor rate caps with
strike prices that range from 0.50% to 2.75% to protect against
rising interest rates through the duration of the loan term. In
addition to the fulfillment of certain minimum performance
requirements, exercising any extension options would also require
the repurchase of interest rate cap protection through the duration
of the respectively exercised option.

DBRS Morningstar did not conduct any site inspections because of
health and safety constraints associated with the ongoing
coronavirus pandemic. As a result, DBRS Morningstar relied more
heavily on third-party reports, online data sources, and
information provided by the Issuer to determine the overall DBRS
Morningstar property quality assigned to each loan. Recent
third-party reports were provided for all loans and contained
property quality commentary and photos.

Five loans, representing 12.1% of the initial cut-off pool balance,
were deemed to have Weak sponsorship strength. Loans with Weak
sponsorship treatment were modeled with increased PODs.

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



RESIDENTIAL 2022-I: S&P Assigns 'BB- (sf)' Rating on Cl. 14 Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned its 'BB- (sf)' rating to the series
2022-I class 14 notes issued by Residential Reinsurance 2022 Ltd.
(Res Re 2022). The notes cover losses in all 50 states in the U.S.
and the District of Columbia from tropical cyclone, earthquake
(including fire following), severe thunderstorm, winter storm,
wildfire, volcanic eruption, meteorite impact, and other perils
(including, in each case, flood losses arising from automobile
policies and renters policies) on an annual aggregate indemnity
basis.

The rating reflects the lowest of: the natural-catastrophe
(nat-cat) risk factor ('bb-'); the rating on the assets in the
Regulation 114 trust account ('AAAm'); and the rating on the ceding
insurer, various operating companies in the USAA group. (all rated
AA+/Stable/--).

The initial base case, one-year probability of attachment, expected
loss, and probability of exhaustion figures are 0.77%, 0.61%, and
0.49%, respectively--using WSST sensitivity results, these
percentages are 0.94%, 0.77%, and 0.63%, respectively. This
issuance has a variable reset. Beginning with the first annual
reset in June 2023, the attachment probability and expected loss
can be reset to maximum of 1.27% and 0.86%, respectively. S&P used
the maximum attachment probability as the baseline to determine the
nat-cat risk factor for the remaining risk periods.

Based on AIR's analysis, on a historical basis, there have not been
any years when the modelled losses exceeded the initial attachment
level of the notes.




STARWOOD RETAIL 2014-STAR: DBRS Confirms C Rating on 6 Classes
--------------------------------------------------------------
DBRS, Inc confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2014-STAR issued by
Starwood Retail Property Trust 2014-STAR as follows:

-- Class A at C (sf)
-- Class B at C (sf)
-- Class C at C (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)

None of the classes carry a trend.

The ratings confirmations reflect the expectation of sizable losses
upon the resolution of the collateral loan. While the impact of the
Coronavirus Disease (COVID-19) pandemic has been particularly acute
for retail properties, the subject properties were distressed
before the onset of the pandemic. All classes are designated as
having Interest in Arrears, as cumulative interest shortfalls have
exceeded $16.6 million. There are outstanding cumulative servicer
advances of $15.6 million.

The transaction is collateralized by a $681.6 million floating-rate
loan secured by three regional malls and one lifestyle center. The
Mall at Wellington Green is a 1.3 million-square-foot (sf) indoor
regional mall in Palm Beach County, Florida. At closing, it was
anchored by City Furniture, Nordstrom on a ground lease, and
noncollateral anchors Macy's, Dillard's, and JCPenney. The only
anchor to vacate the property since issuance is Nordstrom, which
closed in 2019. MacArthur Center is a 928,000-sf regional mall in
downtown Norfolk, Virginia, anchored by Dillard's on a ground lease
and Regal Cinemas. Northlake Mall is a 1.1 million-sf regional mall
in Charlotte, North Carolina. The collateral includes 540,000 sf of
retail space, with Dick's Sporting Goods and AMC Theatres as the
original collateral anchor tenants, while other noncollateral
anchors include Dillard's, Macy's, and Belk. Dick's Sporting Goods
vacated the property in February 2021. The Mall at Partridge Creek
is a 626,000-sf lifestyle center in Clinton Township, Michigan,
about 30 miles north of downtown Detroit. The property's only
remaining anchor is MJR Digital Cinemas, as Nordstrom vacated in
September 2019, and Carson's vacated in 2018 following its
bankruptcy filing.

The loan was structured with debt yield hurdles attached to each of
the two extension options. In 2017, after not meeting the debt
yield hurdle, the sponsor was required to pay down the principal by
$25.0 million and make monthly principal payments of $800,000 to
satisfy a loan modification, which ultimately extended the loan to
November 2019. Upon final maturity, the loan transferred to special
servicing for maturity default. Previous discussions regarding a
potential loan restructuring have given way to the borrower
cooperating with an orderly transition of the properties to a
receiver.

The sponsor's inability to refinance the loan was largely a result
of a steady and precipitous decline in net cash flow (NCF) as
occupancy fell over the years, reaching 78% as of year-end 2021
from 96% at issuance. The servicer reported the aggregate NCF for
the year-end 2021 reporting at $29.9 million, a -56.3% variance
from the Issuer's figure of $68.4 million at issuance. The property
was reappraised in December 2020 for $210.6 million, which reflects
an 80.4% decrease from the issuance appraisal of $1.07 billion.

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



TOWD POINT 2020-2: DBRS Confirms Bsf Rating on Class B2 Debt
------------------------------------------------------------
DBRS, Inc. reviewed 25 classes from Towd Point Mortgage Trust
2020-2, a U.S. residential mortgage-backed security (RMBS)
transaction. All 25 ratings were confirmed.

Towd Point Mortgage Trust 2020-2
Asset-Backed Securities

Class A1      Confirmed     AAA (sf)
Class A1A     Confirmed     AAA (sf)
Class A1A1    Confirmed     AAA (sf)
Class A1A2    Confirmed     AAA (sf)
Class A1B     Confirmed     AAA (sf)
Class A2      Confirmed     AA (sf)
Class A2A     Confirmed     AA (sf)
Class A2AX    Confirmed     AA (sf)
Class A2B     Confirmed     AA (sf)
Class A2BX    Confirmed     AA (sf)
Class A3      Confirmed     AA (sf)
Class A4      Confirmed     A (sf)
Class M1      Confirmed     A (sf)
Class M1A     Confirmed     A (sf)
Class M1AX    Confirmed     A (sf)
Class M1B     Confirmed     A (sf)
Class M1BX    Confirmed     A (sf)
Class A5      Confirmed     BBB (sf)
Class M2      Confirmed     BBB (sf)
Class M2A     Confirmed     BBB (sf)
Class M2AX    Confirmed     BBB (sf)
Class M2B     Confirmed     BBB (sf)
Class M2BX    Confirmed     BBB (sf)
Class B1      Confirmed     BB (sf)
Class B2      Confirmed     B (sf)

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current
ratings.

The pool backing this transaction consists of reperforming
collateral.

The ratings assigned to the securities listed differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade.

CORONAVIRUS DISEASE (COVID-19) IMPACT

The coronavirus pandemic and the resulting isolation measures have
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. DBRS Morningstar saw increases in delinquencies for many
RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
coronavirus, because the option to forbear mortgage payments was so
widely available, it drove forbearance to a very high level. When
the dust settled, coronavirus-induced forbearance in 2020 performed
better than expected, thanks to government aid and good
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes, delinquencies have been gradually trending down
in recent months as the forbearance period comes to an end for many
borrowers.


UBS COMMERCIAL 2018-C11: Fitch Affirms B- Rating on Cl. E-RR Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of UBS Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series
2018-C11 (UBS 2018-C11). The Rating Outlooks on classes D, X-D and
E-RR were revised to Stable from Negative.

   DEBT           RATING                  PRIOR
   ----           ------                  -----
UBS 2018-C11

A2 90276XAR6      LT  AAAsf    Affirmed    AAAsf
A3 90276XAT2      LT  AAAsf    Affirmed    AAAsf
A4 90276XAU9      LT  AAAsf    Affirmed    AAAsf
A5 90276XAV7      LT  AAAsf    Affirmed    AAAsf
AS 90276XAY1      LT  AAAsf    Affirmed    AAAsf
ASB 90276XAS4     LT  AAAsf    Affirmed    AAAsf
B 90276XAZ8       LT  AA-sf    Affirmed    AA-sf
C 90276XBA2       LT  A-sf     Affirmed    A-sf
D 90276XAC9       LT  BBB-sf   Affirmed    BBB-sf
E-RR 90276XAE5    LT  B-sf     Affirmed    B-sf
F-RR 90276XAG0    LT  CCCsf    Affirmed    CCCsf
XA 90276XAW5      LT  AAAsf    Affirmed    AAAsf
XB 90276XAX3      LT  AA-sf    Affirmed    AA-sf
XD 90276XAA3      LT  BBB-sf   Affirmed    BBB-sf

KEY RATING DRIVERS

Stable Loss Expectations: Fitch's base case loss expectations have
remained relatively stable since Fitch's prior rating action. The
Outlook revisions to Stable from Negative on classes D, X-D and
E-RR reflect the better than expected performance of loans expected
to be affected by the coronavirus pandemic. Twelve loans (23.6% of
pool), including four (2.8%) in special servicing, were designated
Fitch Loans of Concern (FLOCs). Fitch's current ratings reflect a
base case loss of 5.10%.

Fitch Loans of Concern: The largest contributor to loss
expectations, 45-55 West 28th Street (2.6%), is secured by a 34,142
sf mixed-use property in Chelsea neighborhood of Manhattan. The
loan, which is sponsored by SGR Trust, transferred to special
servicing in November 2020 for payment default but returned to the
master servicer in November 2021 after forbearance was approved.
Occupancy and servicer-reported NOI DSCR for this IO loan were 87%
and 0.32x, respectively, as of the YTD June 2020 compared with 80%
and 1.03x for the YTD September 2019 and 95% and 1.47x at
issuance.

Fitch's base case loss of 21% reflects an 8.25% cap rate off the
annualized YTD September 2019 NOI to account for performance
declines/concerns and lack of updated financials, but gives credit
for the loan returning the master servicer and the Manhattan
location. Fitch's stressed value is in-line with the updated
servicer provided valuation.

The largest FLOC, Orlando Airport Marriott Lakeside (4.4%), is
secured by a 485-key full service hotel in Orlando, FL and
sponsored by Columbia Sussex Corporation. Performance has been
significantly impacted by the pandemic. Forbearance was provided as
a non-transfer matter. While occupancy and servicer-reported NOI
DSCR for this amortizing loan have improved to 61% and 0.86x as of
the YTD September 2021 from 32% and 0.44x at YE 2020, they are
still well below 84% and 2.25x at YE 2019. The hotel was
outperforming its competitive set with RevPAR penetration rates of
120.5%, 116.1% and 120.6% at YE 2021, YE 2020 and YE 2019,
respectively.

Fitch's analysis includes an 11.25% cap rate and 26% total haircut
to the YE 2019 NOI to account for the low DSCR, performance
concerns and impact from the pandemic. No loss was modeled.

Increasing Credit Enhancement (CE): As of the April 2022
distribution date, the pool's aggregate balance has been reduced by
8.9% to $732.6 million from $803.8 million at issuance. Since
Fitch's prior rating action, Torrance Technology Campus ($40.0
million balance) paid in full with yield maintenance. Twenty-one
loans (34.9%) are amortizing balloon, 19 (52.8%) are full-term IO
and six (12.3%) were structured with a partial-term IO component at
issuance. All six are in their amortization periods. Four loans
(4.0%) are fully defeased. Cumulative interest shortfalls of $1.0
million are currently affecting the non-rated NR-RR and VRR
classes.

Pool Concentration: The top 10 loans comprise 45.1% of the pool.
Loan maturities are concentrated in 2028 (80.1%). Three loans
(9.1%) mature in 2023, three (7.8%) in 2025 and one (3.0%) in 2027.
Based on property type, the largest concentrations are office at
33.5%, retail at 28.9% and hotel at 15.3%. The largest loan in the
pool, 20 Times Square (6.8%), received a stand-alone, investment
grade credit opinion of 'Asf' at issuance.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades of the 'AAAsf' rated classes are not likely due to
sufficient CE and the expected receipt of continued amortization
but could occur if interest shortfalls affect the class. Classes B,
X-B, C, D and X-D would be downgraded if interest shortfalls affect
the class, additional loans become FLOCs or if performance of the
FLOCs deteriorates further. Classes E-RR and F-RR would be
downgraded if loss expectations increase or additional loans
transfer to special servicing.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Upgrades of classes B, X-B, C, D and X-D may occur with significant
improvement in CE and/or defeasance, but would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is a likelihood for interest shortfalls. Upgrades of classes E-RR
and F-RR could occur if performance of the FLOCs improves
significantly and/or if there is sufficient CE, which would likely
occur if the non-rated class is not eroded and the senior classes
pay-off.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


UBS-BARCLAYS 2012-C3: DBRS Hikes Class F Certs Rating to BB
-----------------------------------------------------------
DBRS Limited upgraded its ratings on the following six classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C3
issued by UBS-Barclays Commercial Mortgage Trust 2012-C3:

-- Class B to AAA (sf) from AA (sf)
-- Class C to AA (high) (sf) from AA (low) (sf)
-- Class D to A (high) (sf) from BBB (high) (sf)
-- Class E to BBB (high) from BB (high) (sf)
-- Class X-B to BB (high) (sf) from BB (low) (sf)
-- Class F to BB (sf) from B (high) (sf)

In addition, DBRS Morningstar confirmed its ratings on the
following classes:

-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)

All trends are Stable.

The rating upgrades are reflective of increased defeasance and
increased credit support to the bonds as a result of principal
repayment since DBRS Morningstar's last review, and the Stable
trends reflect the generally stable performance of the remaining
collateral. At issuance, the transaction consisted of 76 fixed-rate
loans secured by 113 commercial and multifamily properties, with a
trust balance of $1.08 billion. Since the last review, four loans
with a combined issuance balance of $49.2 million have repaid from
the trust and nine loans (combined issuance balance of $217.8
million) have been fully defeased. As of the February 2022
remittance, 64 loans remain within the transaction with a current
trust balance of $699.7 million, reflecting collateral reduction of
35.3% since issuance. In total, 30 loans, representing 59.8% of the
pool balance have defeased, including the two largest loans, 1000
Harbor Boulevard (Prospectus ID#1;16.1% of the pool) and Plaza at
Imperial Valley (Prospectus ID#4; 5.4% of the pool).

All of the outstanding loans are scheduled to mature by year-end
(YE) 2022. Excluding defeased and specially serviced loans, the
weighted-average debt service coverage ratio and debt yield for the
remaining loans are 1.48 times and 12.45%, respectively. DBRS
Morningstar projects that the vast majority of these loans are
healthy candidates for refinance based on these credit metrics.
There are currently three loans, representing 3.0% of the pool, in
special servicing, two of which are delinquent and one of which is
current.

The largest specially serviced loan, Cooper Retail Portfolio
(Prospectus ID#19; 1.9% of the pool), is secured by three anchored
retail centers in three distinct markets: Somerset Centre in
Somerset, Kentucky; Saufley Plaza in Pensacola, Florida; and
Magnolia Place in Columbus, Mississippi, totaling 216,260 square
feet (sf) of net rentable area (NRA). The loan transferred to the
special servicer in June 2020 and a forbearance agreement was
subsequently executed in July 2021, allowing the borrower to defer
a combination of principal, interest and reserve payments between
March and December 2021, with repayment to occur between January
and August 2022. As of the February 2022 remittance, the loan is
current and remains with the special servicer. As a result of the
loss of several major tenants over the past three years, portfolio
occupancy has declined to 48.5% as of the September 2021 rent-roll,
from 65.6% at YE2020 and 97% at issuance. However, Saufley Plaza
and Magnolia Place have shown recent leasing activity with Sunshine
Fitness signing a 15-year lease for 30,000 sf (beginning in
February 2022) and Ross Dress For Less signing a 11-year lease for
22,000 sf (beginning in March 2022), respectively. As such,
portfolio occupancy is expected to increase to a weighted average
of 73.0% in the near term.

According to an appraisal conducted in July 2021, the combined
value for all three properties on an as-is basis was $17.9 million,
which is greater than the outstanding loan balance of $12.96
million. Leases representing approximately 10.8% of the portfolio
NRA are scheduled to roll by YE2022. Should occupancy remain
subdued and additional tenants vacate, the borrower's ability to
keep the loan current and/or refinance at maturity may be hindered.
As a part of this review, DBRS Morningstar analyzed the loan with
an elevated probability of default to reflect the current risk
profile of the underlying collateral. There has been no realized
loss to the trust since issuance, and the full balance of all three
loans currently in special servicing is contained to the unrated
class G.

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



UBS-BARCLAYS COMMERCIAL 2012-C4: Fitch Affirms 'CC' on Cl. F Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed all classes and revised three Rating
Outlooks of UBS-Barclays Commercial Mortgage Trust 2012-C4
Commercial Mortgage Pass-Through Certificates, Series 2012-C4.

   DEBT           RATING                  PRIOR
   ----           ------                  -----
UBS-BB 2012-C4

A-3 90270RBC7     LT  AAAsf    Affirmed    AAAsf
A-4 90270RBD5     LT  AAAsf    Affirmed    AAAsf
A-5 90270RBE3     LT  AAAsf    Affirmed    AAAsf
A-AB 90270RBF0    LT  AAAsf    Affirmed    AAAsf
A-S 90270RAA2     LT  AAAsf    Affirmed    AAAsf
B 90270RAG9       LT  AA-sf    Affirmed    AA-sf
C 90270RAJ3       LT  A-sf     Affirmed    A-sf
D 90270RAL8       LT  BBsf     Affirmed    BBsf
E 90270RAN4       LT  CCCsf    Affirmed    CCCsf
F 90270RAQ7       LT  CCsf     Affirmed    CCsf
X-A 90270RAC8     LT  AAAsf    Affirmed    AAAsf
X-B 90270RAE4     LT  A-sf     Affirmed    A-sf

KEY RATING DRIVERS

Improved Loss Expectations: The affirmations reflect Fitch's
improved loss expectations, continued amortization and significant
defeasance. There are three loans in special servicing (13.7%) and
six loans (17.6%), including the specially serviced loans, have
been designated as Fitch Loans of Concern (FLOCs).

Fitch's current ratings incorporate a base case loss of 6%. The
revision of Outlooks to Stable from Negative reflects
better-than-expected recovery values for specially serviced loans.
An additional sensitivity was incorporated with losses that could
reach 6.8% when applying an additional stress for the Visalia Mall
to reflect challenges to refinance. Despite the additional
sensitivity the Outlook revisions to Stable were warranted.

Fitch Loans/Assets of Concern: The largest contributor to losses is
Newgate Mall (5.1%), a regional mall in Ogden, UT that is anchored
by Dillard's, Burlington Coat Factory, Cinemark Theater, and
DownEast Home. The collateral anchor Sears (30.1% of the collateral
NRA) went dark in early 2018. The special servicer has engaged a
few interested tenants and continues to market the space.
Performance of the mall continues to deteriorate with occupancy
decreasing to 61% as of February 2022 compared with 97% at YE 2018.
The NOI DSCR has declined to 1.24x as of September 2021 compared
with 1.32x at YE2020, 1.84x at YE2019 and 2.44x at YE2018.

The loan transferred to special servicing in March 2020 when the
borrower indicated that they would not be able to repay the loan at
maturity. The asset went REO in March 2021 and Woodmont Company,
who was appointed as a receiver prior to foreclosure, will continue
to manage the property. According to the special servicer, a
one-acre outparcel was sold in August 2021 for approximately $1
million. The tentative strategy is to dispose of the asset in
2024.

Fitch modeled a loss of approximately 85% based on a discount to a
recent appraisal value, which implies an approximate cap rate of
approximately 27% using YE 2020 NOI.

Visalia Mall (6.5%) is a regional mall in Visalia, CA, anchored by
Macy's JC Penny and Old Navy. The loan transferred to special
servicing in May 2020 for imminent monetary default after the
borrower indicated that they would not be able to refinance the
loan at maturity in June 2020. The servicer executed a 12-month
forbearance to extend the maturity date to June 10, 2021. The
borrower requested a second one-year extension to the maturity date
and a forbearance agreement was executed on June 1, 2021, allowing
the borrower additional time to pay off the loan within the next
year. According to the special servicer, the loan is expected to be
repaid in full by June 1, 2022. Fitch requested but did not receive
a payoff letter.

Fitch modeled a minimal loss to account for fees and expenses.

Sun Development Portfolio (2.1%), collateralized by four hotel
properties consisting of two limited service, one full service, and
one extended stay hotel for a total of 436 keys built between 1995
and 2006. The properties are currently diversified across three
states (Illinois, Mississippi, and Indiana). The loan transferred
to special servicing in April 2020 for Imminent Monetary Default at
borrowers request as a result of the pandemic. A forbearance was
granted, and the loan continued to perform until it became 30 days
delinquent in May 2021. The borrower requested a second round of
relief and a new forbearance was subsequently executed in March
2022. The new agreement will have the borrower repaying all
deferred amounts prior to maturity.

One of the properties in the portfolio from issuance, Holiday Inn
Express Grove City, was sold in 2020 for $5.8 million.

As of YTD September 2021, portfolio NOI DSCR increased to 2.22x
from 1.35x as of June 2019. The most recent STR report as of
September 2021, reflected three of the four hotels in the portfolio
outperforming their competitive sets.

Given the improvement in performance into 2021, Fitch anticipates a
full recovery but modeled a minimal loss to account for fees and
expenses.

Alternative Loss Considerations: Fitch's analysis included applying
stress to the maturity balance of the Visalia Mall loan to account
for potential challenges to refinance given the significant balance
of the loan. The additional sensitivity losses did not affect the
overall stabilization of pool performance and revision of
Outlooks.

Stable Credit Enhancement (CE); Increased Defeasance: As of the
April 2022 distribution date, the pool's aggregate principal
balance has been reduced by 22.3% to $1.13 billion from $1.46
billion at issuance. Two loans (2%) have paid off in full since
Fitch's last rating action. Thirty-three loans (47.5%) have been
defeased compared to 25 loans (20.7%) at the prior rating action.
Class G has realized a cumulative loss of $ 2,001,787 and is
currently being affected by interest shortfalls.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades to the senior classes, A-3, A-4, A-4, A-AB, A-S and X-A
are not likely due to the high CE and defeasance. Downgrades to
classes B, C and X-B are possible if additional loans default and
transfer to special servicing, if the performance of specially
serviced loans deteriorates, or if several large loans realize
outsized losses. Downgrades may occur at 'AAAsf' or 'AAsf' should
interest shortfalls occur. Downgrades to classes D, E and F would
occur if loss expectations increase further due to additional
transfers to special servicing or as losses are realized.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Upgrades of the B, C, and X-B classes would only occur with
significant improvement in CE or substantial defeasance but would
be limited should the deal be susceptible to a concentration
whereby the underperformance of the FLOCs, could cause this trend
to reverse. An upgrade to class D would also take into account
these factors but would be limited based on sensitivity to
concentrations or the potential for future concentration. Classes
would not be upgraded above 'Asf' if there is a likelihood for
interest shortfalls. An upgrade to classes E and F is not likely
and would only occur if the specially serviced loans were resolved
without losses, the performance of the remaining pool is stable,
and if there is sufficient CE, which would likely occur when the
'CCCsf' or below class(es) are not eroded and the senior classes
payoff. Upgrades to any classes are highly unlikely if the
specially serviced loans, particularly Newgate Mall, realize
significantly higher-than-expected losses.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


UNITED AUTO 2021-1: DBRS Confirms Bsf Rating on Class F Notes
-------------------------------------------------------------
DBRS, Inc. upgraded six ratings, confirmed four ratings, and
discontinued two ratings as a result of repayment from two United
Auto Credit Securitization Trust transactions.

United Auto Credit Securitization Trust 2020-1

Class C Notes     Confirmed      AAA(sf)
Class D Notes     Upgraded       AAA(sf)
Class E Notes     Upgraded       AA(sf)
Class F Notes     Upgraded       A(sf)
Class A Notes     Disc.-Repaid   Discontinued
Class B Notes     Disc.-Repaid   Discontinued

United Auto Credit Securitization Trust 2021-1

Class A Notes     Confirmed      AAA(sf)
Class B Notes     Upgraded       AAA(sf)
Class C Notes     Upgraded       AA(sf)
Class D Notes     Upgraded       A(sf)
Class E Notes     Confirmed      BB(sf)
Class F Notes     Confirmed      B(sf)

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update, published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020. The baseline
macroeconomic scenarios reflect the view that recent COVID-19
developments, particularly the new Omicron variant with subsequent
restrictions, combined with rising inflation pressures in some
regions, may dampen near-term growth expectations in coming months.
However, DBRS Morningstar expects the baseline projections will
continue to point to an ongoing, gradual recovery.

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

-- The rating actions are the result of the strong collateral
performance to date, DBRS Morningstar's assessment of future
performance assumptions and the increasing levels of credit
enhancement.

-- To date, the transactions have benefited from lower than
expected losses.

-- The transactions' capital structure and form and sufficiency of
available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining cumulative net loss
assumption at a multiple of coverage commensurate with the
ratings.

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


VCP CLO II: DBRS Hikes Class E Notes Rating to BB
-------------------------------------------------
DBRS, Inc. upgraded its ratings on two classes of notes issued by
VCP CLO II, Ltd. (the Issuer of VCP CLO II) and VCP CLO II, LLC
(the Co-Issuer; together, with the Issuer, the Co-Issuers) pursuant
to the Indenture dated as of March 4, 2021, by and among the
Co-Issuers and Wells Fargo Bank, National Association as the
Trustee, as follows:

-- Class D Notes to BBB (sf) from BBB (low) (sf)
-- Class E Notes to BB (sf) from BB (low) (sf)

In addition, DBRS Morningstar confirmed its ratings on the
remaining classes of notes as follows:

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AAA (sf)
-- Class B-1 Notes at AA (sf)
-- Class B-2 Notes at AA (sf)
-- Class C Notes at A (sf)

The ratings on the Class A-1, A-2, B-1, and B-2 Notes address the
Issuer's ability to make timely payments of interest and ultimate
payments of principal on or before the Stated Maturity Date. The
ratings on the Class C, D, and E Notes address the Issuer's ability
to make ultimate payments of interest and ultimate payments of
principal on or before the Stated Maturity Date.

VCP CLO II is a cash flow collateralized loan obligation (CLO)
transaction that is collateralized primarily by a portfolio of U.S.
senior secured broadly syndicated corporate loans and will be
managed by Vista Credit Partners, L.P. DBRS Morningstar considers
Vista Credit Partners, L.P. an acceptable CLO manager.

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



VERUS SECURITIZATION 2022-4: S&P Assigns 'B-' Rating on B-2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2022-4's mortgage-backed notes.

The note issuance is an RMBS securitization backed by seasoned and
unseasoned first-lien, fixed, and adjustable-rate residential
mortgage loans, including mortgage loans with initial interest-only
periods and/or balloon terms, to both prime and non-prime
borrowers. The loans are secured by single-family residences,
planned-unit developments, two- to four-family residential
properties, condominiums, a condotel, a manufactured housing
property, mixed-use properties, and five-to-10-unit multifamily
residences to both prime and non-prime borrowers. The pool has
1,389 loans backed by 1,488 properties, which are primarily
non-qualified mortgage/ATR compliant and ATR-exempt loans. Of the
1,389 loans, 16 are cross-collateralized loans backed by 115
properties.

S&P said, "After we assigned preliminary ratings on April 21, 2022,
the collateral pool was updated to reflect two previously
securitized loans with an aggregate stated principal balance of
$1,696,928 that were removed from the pool. The bond sizes were
subsequently reduced to reflect the lower pool balance, with the
credit enhancement unchanged for each class. The loss coverage
estimates and final ratings assigned are unchanged from the
preliminary ratings we assigned for all classes."

The ratings reflect S&P's view of:

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, representations and warranties (R&Ws) framework, and
geographic concentration;

-- The mortgage aggregator, Invictus Capital Partners; and

-- The potential impact current and near term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "On April 17, 2020, we updated our mortgage
outlook and corresponding archetypal foreclosure frequency levels
to account for the potential impact of the COVID-19 pandemic on the
overall credit quality of collateralized pools. While
pandemic-related performance concerns have waned, given our current
outlook for the U.S. economy considering the impact of the
Russia-Ukraine military conflict, supply-chain disruptions, and
rising inflation and interest rates, we continue to maintain our
updated 'B' foreclosure frequency for the archetypal pool at
3.25%."

  Ratings Assigned

  Verus Securitization Trust 2022-4

  Class A-1, 446,545,000: AAA (sf)
  Class A-2, 58,691,000: AA (sf)
  Class A-3, 84,855,000: A (sf)
  Class M-1, 44,195,000: BBB- (sf)
  Class B-1, 20,506,000: BB (sf)
  Class B-2, 28,638,000: B– (sf)
  Class B-3, 23,689,375: NR
  Class A-IO-S, 707,119,375(i): NR
  Class XS, 707,119,375: NR
  Class DA, 2,049,450: NR
  Class R, N/A: NR



VMC FINANCE 2022-FL5: DBRS Gives Prov. B(low) Rating on G Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by VMC Finance 2022-FL5 LLC (the Issuer):

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

All trends are Stable.

The initial collateral consists of 20 floating-rate mortgage loans
secured by 20 mostly transitional real estate properties with a
cut-off date pool balance of approximately $650.0 million,
excluding nearly $69.2 million of future funding commitments that
remained outstanding as of the mortgage loan cut-off date. Most
loans are in a period of transition with plans to stabilize and
improve asset value. During the Reinvestment Period, the Issuer may
acquire Funded Companion Participations and Reinvestment Mortgage
Assets subject to eligibility criteria, including receipt of a
no-downgrade confirmation from DBRS Morningstar (commonly referred
to as a rating agency confirmation or RAC), except that such
confirmation will not be required with respect to the acquisition
of a Participation if the principal balance of the Participation
being acquired is less than $500,000.

For all floating-rate loans, DBRS Morningstar used the one-month
Libor index, which is based on the lower of a DBRS Morningstar
stressed rate that corresponded with the remaining fully extended
loan term of the loans or the strike price of the interest rate cap
with the respective contractual loan spread added to determine a
stressed interest rate over the loan term. When the property-level
as-is appraised values were measured against the fully funded
mortgage loan commitments, the pool exhibited a relatively high
DBRS Morningstar weighted-average (WA) as-is loan-to-value (LTV)
ratio of 77.1%. However, DBRS Morningstar estimates the pool’s WA
LTV ratio will improve to 70.0% through stabilization. When the
debt service payments associated with the fully funded loan
balances were measured against the DBRS Morningstar as-is net cash
flow (NCF), 14 loans, representing 69.8% of the cut-off date pool
balance, had a DBRS Morningstar as-is debt service coverage ratio
(DSCR) below 1.00 times (x), a threshold indicative of higher
default risk. The properties are often transitional with potential
upside in cash flow. However, DBRS Morningstar does not give full
credit to the stabilization if there are no holdbacks or if other
structural features are insufficient to support such treatment.
Furthermore, even with the structure provided, DBRS Morningstar
generally does not assume the assets will stabilize above market
levels.

With regard to the Coronavirus Disease (COVID-19) pandemic, the
magnitude and extent of performance stress posed to global
structured finance transactions remain highly uncertain. This
considers the fiscal and monetary policy measures and statutory law
changes that have already been implemented or will be implemented
to soften the impact of the crisis on global economies. Some
regions, jurisdictions, and asset classes are, however, affected
more immediately. Accordingly, DBRS Morningstar may apply
additional short-term stresses to its rating analysis by, for
example, front-loading default expectations and/or assessing the
liquidity position of a structured finance transaction with more
stressful operational risk and/or cash flow timing considerations.

The borrowers for 17 loans (87.9% of the cut-off date pool balance)
have purchased Libor caps with strike prices that range from 0.75%
to 3.00% to protect against rising interest rates through the
duration of the loan term. The remaining three loans have springing
provisions for Libor caps. In addition to the fulfillment of
certain minimum performance requirements, exercise of any extension
options would also require the repurchase of interest rate cap
protection through the duration of the respectively exercised
options.

The loans are generally secured by traditional property types
(i.e., retail, multifamily, and office), with only one loan, East
Miami, representing 3.8% of the cut-off date pool balance, secured
by a hospitality asset at issuance. Another loan, Cadence Nashville
(3.7% of the cut-off date pool balance), is a multifamily property
that was analyzed as a hospitality property pursuant to the
sponsor's business plan to convert it into a hotel. Additionally,
no loans are secured by student housing properties, which often
exhibit higher cash flow volatility than traditional multifamily
properties.

Six loans, representing 29.2% of the cut-off date pool balance,
exhibited either Average + or Above Average property quality; no
loans exhibited Average - or Below Average property quality.

The business plan score (BPS) for loans DBRS Morningstar analyzed
was between 1.20 and 3.88, with an average of 2.06. On a scale of 1
to 5, a higher DBRS Morningstar BPS is indicative of more risk in
the sponsor’s business plan. Consideration is given to the
anticipated lift at the property from current performance, planned
property improvements, sponsor experience, projected time horizon,
and overall complexity. Compared with similar transactions, the
subject has a relatively low average BPS, which is generally
indicative of lower business plan execution risk.

Six loans, representing 20.5% of the cut-off date pool balance, are
secured by properties in areas with a DBRS Morningstar Market Rank
of 6, 7, or 8, which are characterized as urbanized locations.
These markets generally benefit from increased liquidity that is
driven by consistently strong investor demand. Such markets,
therefore, tend to benefit from lower default frequencies than less
dense suburban, tertiary, or rural markets. Areas with a DBRS
Morningstar Market Rank of 7 or 8 are especially densely urbanized
and benefit from significantly elevated liquidity. Three loans,
comprising 10.9% of the cut-off date pool balance, are secured by
properties in such areas. Additionally, no loans are secured by
properties in an area with a DBRS Morningstar Market Rank of 2 or
lower. Areas with a DBRS Morningstar Market Rank of 2 or lower are
generally tertiary or rural markets.

The Class F, Class G, and Class H notes will be initially acquired
by VMC Finance 2022-FL5 Holdco, LLC, a direct wholly owned
subsidiary of VMC Master Lender REIT, LLC, and an indirect wholly
owned subsidiary of VMC Master Lender, L.P., as the retention
holder. The Class F, Class G, and Class H notes collectively
represent 16.625% of the transaction balance.

The pool consists of mostly transitional assets. Given the nature
of the assets, DBRS Morningstar determined an above-average sample
size, representing 83.3% of the cut-off date pool balance. While
physical site inspections were not performed because of health and
safety constraints associated with the ongoing coronavirus
pandemic, DBRS Morningstar notes that, in the future when its
analysts visit the markets, they may actually visit properties more
than once to follow the progress (or lack thereof) toward
stabilization. The servicer is also in constant contact with the
borrowers to track progress.

Based on the initial pool balances, the overall DBRS Morningstar WA
As-Is DSCR of 0.73x and WA As-Is LTV of 77.1% are generally
reflective of high-leverage financing. Most of the assets are
generally well positioned to stabilize, and any realized cash flow
growth would help to offset a rise in interest rates and improve
the overall debt yield of the loans. DBRS Morningstar associates
its loss severity given default (LGD) based on the assets' as-is
LTV, which does not assume that the stabilization plan and cash
flow growth will ever materialize. The DBRS Morningstar As-Is DSCR
at issuance does not consider the sponsor's business plan, as the
DBRS Morningstar As-Is NCF is generally based on the most recent
annualized period. The sponsor's business plan could have an
immediate impact on the underlying asset performance that the DBRS
Morningstar As-Is NCF does not account for. When measured against
the DBRS Morningstar Stabilized NCF, the DBRS Morningstar WA DSCR
is estimated to improve to 0.94x, suggesting that the properties
are likely to have improved NCFs once the sponsor's business plan
has been implemented.

All the loans in the pool have floating interest rates and are
interest only (IO) through their initial loan terms (and 15 loans
comprising 68.7% of the cut-off date pool balance are IO through
the fully extended loan period) with original terms ranging from 36
to 60 months, creating interest rate risk. All identified
floating-rate loans are short-term loans with maximum fully
extended loan terms of 60 months or less. Additionally, for all
floating-rate loans, DBRS Morningstar used the one-month Libor
index, which is based on the lower of a DBRS Morningstar stressed
rate that corresponded with the remaining fully extended term of
the loans or the strike price of the interest rate cap with the
respective contractual loan spread added to determine a stressed
interest rate over the loan term.

Five loans, comprising 31.3% of the cut-off date pool balance, are
structured to be IO through all of the initial loan term but switch
to fixed amortization payment schedules during at least one of the
extension periods. Loans structured with partial IO periods
generally exhibit higher-than-average default frequencies relative
to loans structured with full-term IO periods or no IO periods. All
identified floating-rate loans have extension options and, in order
to qualify for such options, must generally meet minimum and/or
maximum leverage, debt yield, and/or DSCR requirements. Given the
requirements surrounding the extension options DBRS Morningstar
analyzed these loans based on their shorter initial IO term.

DBRS Morningstar did not conduct interior or exterior tours of the
properties because of health and safety constraints associated with
the ongoing coronavirus pandemic. As a result, DBRS Morningstar
relied more heavily on third-party reports, online data sources,
and information provided by the Issuer to determine the overall
DBRS Morningstar property quality assigned to each loan. Recent
third-party reports were provided for all loans and contained
property quality commentary and photos.

Nine loans, comprising 50.0% of the cut-off date pool balance,
represent refinancings. The refinancings within this securitization
generally do not require the respective sponsor(s) to contribute
material cash equity as a source of funding in conjunction with the
mortgage loan, resulting in a lower sponsor equity basis in the
underlying collateral. Generally speaking, the refinance loans are
performing at a higher level and have less stabilization to do. Of
the nine refinance loans, five loans, comprising 29.0% of the pool
cut-off date balance (and 58% of the refinance loans’ cut-off
date balance), reported occupancy rates higher than 75.0%.
Additionally, the nine refinance loans exhibited a WA growth
between as-is and stabilized appraised value estimates of 14.2%
compared with the overall WA appraised value growth of 15.5% of the
pool and the WA appraised value growth of 16.8% exhibited by the
pool’s acquisition loans.

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

When the cut-off date loan balances were measured against the DBRS
Morningstar As-Is NCF, 14 loans representing 69.8% of the cut-off
date pool balance had a DBRS Morningstar As-Is DSCR below 1.00x.
When the fully funded loan balances were measured against the DBRS
Morningstar Stabilized NCF, 10 loans, representing a combined 47.7%
of the cut-off date pool balance, had a DBRS Morningstar Stabilized
DSCR of at least 1.05x; seven loans, representing a combined 33.4%
of the cut-off date pool balance, exhibited a DBRS Morningstar
Stabilized DSCR of at least 1.15x; and four loans, representing a
combined 15.6% of the cut-off date pool balance, exhibited a DBRS
Morningstar Stabilized DSCR of at least 1.25x. DBRS Morningstar
received coronavirus and business plan updates for all loans in the
pool, confirming that all debt service payments have been received
in full through February 2022. Furthermore, no loans are in
forbearance or other debt service relief, and no loan modifications
were requested. Given the uncertainty and elevated execution risk
stemming from the coronavirus pandemic, five loans, totaling 24.1%
of the cut-off date pool balance, include upfront interest
reserves.

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



WELLS FARGO 2015-NXS2: DBRS Confirms BB Rating on Class X-E Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed all classes of the Commercial Mortgage
Pass-Through Certificates, Series 2015-NXS2 issued by Wells Fargo
Commercial Mortgage Trust 2015-NXS2 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (sf)
-- Class E at BB (low) (sf)
-- Class F at CCC (sf)

All trends are Stable with the exception of Class F, which does not
carry a trend because of the CCC (sf) rating. Class F is designated
as having Interest in Arrears.

The ratings confirmations reflect a credit profile that, despite
having nine loans totaling 19.7% of the trust balance in special
servicing, is relatively unchanged since the prior review. As of
the February 2022 remittance, 60 of the original 63 loans remain in
the pool, with an aggregate principal balance of $743.0 million,
representing a collateral reduction of 18.7% since issuance. Nine
loans, representing 9.2% of the current trust balance, are fully
defeased. There are 14 loans, representing 31.3% of the pool, being
monitored on the servicer's watchlist.

The largest specially serviced loan, Embassy Suites Nashville
(Prospectus ID#5; 5.3% of the pool) is secured by a 208-key
full-service hotel in Nashville, Tennessee. The loan transferred to
special servicing in June 2020 for monetary default as a result of
the pandemic. The borrower and lender entered into a forbearance
agreement in February 2021 and the loan has since been brought
current. The loan will return to the master servicer upon the
establishment of agreed upon cash management accounts. Annualized
net cash flows for YE2021 are positive, compared to the negative
cash flows reported at YE2020. As of December 2021, the trailing
three month (T-3) occupancy, average daily rate (ADR), and revenue
per available room (RevPAR) were reported at 66.3%, $182, and $120,
respectively. The T-3 RevPAR penetration rate was 96.6%.

The largest loan in the pool, Campbell Technology Park (Prospectus
ID#2; 8.1% of the pool) was added to the servicer's watchlist in
February 2022 as a result of declining occupancy. As of YE2021,
occupancy was reported at 64.7%, with four of the five largest
tenants at the property (37.6% of net rental area (NRA)) set to
expire throughout 2022. The fifth-largest tenant, Centric (6.1% of
NRA), had a lease expiry in January 2022 but remains at the
property according to the company's website. In November 2021, the
servicer reported that the largest tenant, Dialog (16.0% of NRA),
and the fourth-largest tenant, Bit Glass (6.7% of NRA), are in
discussions for renewal. According to Reis, the average vacancy
rate for the submarket is 26.0%. Despite the declining occupancy
levels, financial performance remains strong.

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



WELLS FARGO 2018-C45: Fitch Affirms 'B-' Rating on Class H Certs
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Wells Fargo Commercial
Mortgage Trust (WFCM) 2018-C45 Commercial Mortgage Pass-Through
Certificates. The Rating Outlooks remain Negative for three
classes.

   DEBT           RATING                   PRIOR
   ----           ------                   -----
Wells Fargo Commercial Mortgage Trust 2018-C45

A-3 95001NAX6     LT AAAsf     Affirmed    AAAsf
A-4 95001NAY4     LT AAAsf     Affirmed    AAAsf
A-S 95001NBB3     LT AAAsf     Affirmed    AAAsf
A-SB 95001NAW8    LT AAAsf     Affirmed    AAAsf
B 95001NBC1       LT AA-sf     Affirmed    AA-sf
C 95001NBD9       LT A-sf      Affirmed    A-sf
D 95001NAC2       LT BBB-sf    Affirmed    BBB-sf
E-RR 95001NAE8    LT BBB-sf    Affirmed    BBB-sf
F-RR 95001NAG3    LT BB+sf     Affirmed    BB+sf
G-RR 95001NAJ7    LT BB-sf     Affirmed    BB-sf
H-RR 95001NAL2    LT B-sf      Affirmed    B-sf
X-A 95001NAZ1     LT AAAsf     Affirmed    AAAsf
X-B 95001NBA5     LT A-sf      Affirmed    A-sf
X-D 95001NAA6     LT BBB-sf    Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: While performance of many loans has
remained relatively stable since Fitch's prior rating action,
overall loss expectations have increased since Fitch's last rating
action, due to declining performance of several large Fitch Loans
of Concern (FLOCs). Fitch has identified 10 loans (31.4% of the
pool balance) as FLOCs, including four (26.1%) of the top-15 loans
and two specially serviced loans (1.7%). Fitch's current ratings
incorporate a base case loss of 5.6%.

Fitch Loans of Concern: The largest FLOC and largest contributor to
losses is the largest loan in the pool, Village at Leesburg (10.4%
of the pool). The collateral is a large outdoor retail property
anchored by Wegmans Food Market located in Leesburg, VA.

Performance of the property has declined since issuance due to the
effects of the pandemic coupled with increasing expenses. Although
occupancy has declined to 88% as of September 2021, three newly
executed leases representing 2.1% of NRA are expected to commence
in the first quarter of 2022. The property is considered high
quality with a strong anchor profile, including Wegmans Food
Market, which reported $771 psf in sales at issuance.

Previously, the second largest tenant, Cinemex Holdings USA Inc.,
parent company to CMX/Cobb Theaters (11.7% NRA through February
2029), filed for Chapter 11 bankruptcy in April 2020 shortly after
closing in response to the pandemic. The loan subsequently
transferred to special servicing in June 2020 at the borrower's
request, but was returned to the master servicer just a few months
later with no forbearance or modification and remains current as of
December 2021. According to the servicer, Cinemex Holdings USA Inc.
has since emerged from bankruptcy and has assumed the lease at the
subject location.

Fitch's modeled loss of 20.2% is based off the YE 2020 NOI, and
gives credit to the loan's current status and recent leasing
activity. Fitch anticipates property NOI to recover as rent relief
diminishes and occupancy stabilizes.

The second largest contributor to losses is the 1801 L Street loan
(6.0%), which is secured by a 176-unit multifamily property located
in Sacramento, CA. While occupancy has remained stable since
issuance, reporting at 94% as of February 2022, the YE 2021 NOI
declined 20.5% from the issuers underwritten NOI and 5% from YE
2020. The declines are primarily attributed to expense increases
(18% over issuance) and a slight decline in rental revenues (6.6%
decline). The primary expense increases are attributed to real
estate taxes (24% increase), repairs and maintenance, and payroll.

NOI DSCR has declined to 1.31x as of YE 2021 from 1.37x at YE 2020,
1.53x at YE 2019, and 1.64x per the issuers underwritten NOI. The
loan has remained current since issuance. Fitch's base case loss
expectation of 15.2% is based off and 8.75% cap rate and a 5%
haircut to the YE 2021 NOI. Fitch's analysis gives credit for the
loan's current payment status and strong multifamily sub-market and
location.

The third largest contributor to modelled losses is the CoolSprings
Galleria loan (3.0%), which is secured by a 1.2 million-sf mall
located in Franklin, TN; the mall is anchored by Macy's, JCPenney,
Belk and Dillard's. The loan's ownership structure is a "50/50"
joint venture split between TIAA and CBL. This loan transferred to
special servicing in October 2021 in response to CBL entering
Chapter 11 bankruptcy in November 2020.

The loan was returned to master servicing in January 2022 following
the execution of a modification agreement and CBL's reorganization
and emergence from Chapter 11. Under the terms of the modification
the lender would waive the bankruptcy defaults in exchange for the
borrower covering the costs of the modification and CBL's ownership
interest in the property being assumed by one of its newly formed
subsidiaries.

The pandemic continues to effect property performance. Subject YE
2021 NOI fell to $16.7 million from $17.6 million as of YE 2020,
$20.3 million as of YE 2019, and underwritten NOI of $19.7 million.
NOI DSCR is 1.70x as of YE 2021 compared to 1.79x at YE 2020 and
2.06x at YE 2019.

Fitch was unable to confirm 2019, 2020 or 2021 inline sales as
totals and subtotals were not listed on the sales report provided
from the servicer. In-line sales excluding Apple at the property,
were $465 psf in 2015; however, yoy sales decreased in 2016 and
2017, falling to $438 psf, a 5.8% decrease. Apple sales fell to
$3,289 psf during the August 2021 TTM period compared to $5,705 psf
in August 2019 (TTM) and $6,129 psf in August 2018 (TTM). Belk's
(NRA 20.7%) TTM October 2020 sales fell to $45 psf from $94 psf as
of August 2018. King's Bowl's (NRA 3.5%) TTM June 2021 sales fell
to $76 psf from $175 psf as of January 2019.

Fitch's base case loss of 15.6% assumes a 15% cap rate and 10%
haircut on YE 2021 NOI to reflect Fitch's concern with declining
performance and significant competition with overlapping anchors
and declining sales.

Minimal Change to Credit Enhancement: As of the March 2022
distribution date, the pool's aggregate principal balance has paid
down by 4.5% to $629.3 million from $658.8 million at issuance.
Since Fitch's prior rating action, two loans (3.0% of the pool)
have been disposed of with no incurred losses. One loan (0.92%) is
fully defeased. Nine loans (24.6% of the pool) are full-term,
interest-only; 17 loans (16.5% of the pool) are currently
amortizing; and 21 loans (58.9% of the pool) are still in their
partial interest-only.

Credit Opinion Loan: One loan, 181 Fremont Street (3.2% of the
pool), had an investment-grade credit opinion of BBB-sf* on a
standalone basis at issuance. Based on continued stable
performance, the loan remains consistent with a credit opinion
loan.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Sensitivity factors that lead to downgrades include an
    increase in pool level losses from underperforming or
    specially serviced loans. Downgrades of classes A-1, A-2, A-
    SB, A-3, A-4, X-A, A-S and B are not considered likely due to
    the position in the capital structure, but may occur should
    interest shortfalls affect these classes or with a significant

    deterioration in pool performance;

-- Downgrades of the 'Asf' and 'BBBsf' categories would occur
    should expected losses for the pool increase substantially;

-- Downgrades to the 'BBsf' and 'Bsf' categories would occur
    should loss expectations increase as a result of the
    performance of the FLOCs or loans vulnerable to the pandemic
    fail to stabilize or additional loans default and/or transfer
    to the special servicer.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Sensitivity factors that lead to upgrades would include stable

    to improved asset performance, coupled with pay down and/or
    defeasance. Upgrades of the 'Asf' and 'AAsf' categories would
    only occur with significant improvement in CE and/or
    defeasance and with the stabilization of performance on the
    larger FLOCs;

-- Upgrades to the 'BBBsf' category would take into account these

    factors, but would be limited based on sensitivity to
    concentrations or the potential for future concentration.
    Classes would not be upgraded above 'Asf' if there is
    likelihood for interest shortfalls;

-- Upgrades to the 'BBsf' and 'Bsf' categories are not likely
    until the later years in a transaction and only if the
    performance of the remaining pool is stable and/or properties
    vulnerable to the coronavirus return to pre-pandemic levels,
    and there is sufficient CE to the classes.


WESTLAKE AUTOMOBILE 2021-1: DBRS Confirms B Rating on Cl. F Notes
-----------------------------------------------------------------
DBRS, Inc. upgraded 12 ratings, confirmed eight ratings, and
discontinued four ratings as a result of repayment from four
Westlake Automobile Receivables Trust transactions.

Westlake Automobile Receivables Trust 2019-1

Class D Notes    Confirmed     AAA (sf)
Class E Notes    Upgraded      AAA (sf)
Class F Notes    Upgraded      AAA (sf)
Class C Notes    Disc.-Repaid  Discontinued

Westlake Automobile Receivables Trust 2019-3

Class C Notes    Confirmed     AAA (sf)
Class D Notes    Upgraded      AAA (sf)
Class E Notes    Upgraded      AAA (sf)
Class F Notes    Upgraded      AA (sf)
Class A-2 Notes  Disc.-Repaid  Discontinued
Class B Notes    Disc.-Repaid  Discontinued

Westlake Automobile Receivables Trust 2020-2

Class A-2-A Notes  Confirmed   AAA (sf)
Class A-2-B Notes  Confirmed   AAA (sf)
Class B Notes      Confirmed   AAA (sf)
Class C Notes      Upgraded    AAA (sf)
Class D Notes      Upgraded    AA (sf)
Class E Notes      Upgraded    A (sf)

Westlake Automobile Receivables Trust 2021-1

Class A-1 Notes    Disc.-Repaid  Discontinued
Class A-2-A Notes  Confirmed     AAA (sf)
Class A-2-B Notes  Confirmed     AAA (sf)
Class B Notes      Upgraded      AAA (sf)
Class C Notes      Upgraded      AA (sf)
Class D Notes      Upgraded      A (sf)
Class E Notes      Upgraded      BB (high) (sf)
Class F Notes      Confirmed     B (sf)

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update, published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020. The baseline
macroeconomic scenarios reflect the view that recent COVID-19
developments, particularly the new Omicron variant with subsequent
restrictions, combined with rising inflation pressures in some
regions, may dampen near-term growth expectations in coming months.
However, DBRS Morningstar expects the baseline projections will
continue to point to an ongoing, gradual recovery.

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

-- The rating actions are the result of the strong collateral
performance to date, DBRS Morningstar's assessment of future
performance assumptions and the increasing levels of credit
enhancement.

-- To date, the transactions have benefited from lower than
expected losses.

-- The transactions' capital structure and form and sufficiency of
available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining cumulative net loss
assumption at a multiple of coverage commensurate with the
ratings.

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


WFRBS COMMERCIAL 2013-C16: Fitch Affirms B Rating on Cl. E Certs
----------------------------------------------------------------
Fitch Ratings has affirmed WFRBS Commercial Mortgage Trust
commercial mortgage pass-through certificates series 2013-C16. The
Rating Outlooks for two classes have been revised to Stable from
Negative.

   DEBT           RATING                  PRIOR
   ----           ------                  -----
WFRBS 2013-C16

A-4 92938EAM5     LT AAAsf    Affirmed    AAAsf
A-5 92938EAQ6     LT AAAsf    Affirmed    AAAsf
A-S 92938EAW3     LT AAAsf    Affirmed    AAAsf
A-SB 92938EAT0    LT AAAsf    Affirmed    AAAsf
B 92938EBF9       LT AA-sf    Affirmed    AA-sf
C 92938EBJ1       LT A-sf     Affirmed    A-sf
D 92938EBR3       LT BBB-sf   Affirmed    BBB-sf
E 92938EBU6       LT Bsf      Affirmed    Bsf
F 92938EBX0       LT CCCsf    Affirmed    CCCsf
PEX 92938EBM4     LT A-sf     Affirmed    A-sf
X-A 92938EAZ6     LT AAAsf    Affirmed    AAAsf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Overall pool performance
and loss expectations remain stable from the prior review. In
addition, higher expected losses were applied pool-wide to address
the majority of loans' maturities in 2Q23 and 3Q23. Fitch has
identified seven Fitch Loans of Concern (27.1% of the pool
balance), which includes one loan (0.8%) in special servicing.

Fitch's current ratings incorporate a base case loss of 4.70%. The
Outlook revision to Stable from Negative reflects better than
expected resolution of disposed assets and continued stable
performance of the pool.

Since the prior rating action, the Wyoming Hotel Portfolio loan,
which was secured by a 221-key portfolio of full and limited
-service hotels in Casper, WY, was disposed. The loan was resolved
with losses of $4.67 million reflecting a loss severity of 26.0%.
The recovery was in excess of appraisal values at the time of
review, which reflected concerns related to the tertiary location
and defaults on the franchise agreements. Additionally, the Holiday
Inn Hammond loan, which was in special servicing, was repaid in
full. The full recovery was in excess of Fitch's estimated value,
which factored recent appraisal values and performance declines.

Fitch Loans of Concern: The largest contributor to loss is the
Augusta Mall loan (9.7%), which is secured by a 500,222-sf portion
of a 1,106,493-sf, two-story super-regional mall located in
Augusta, GA. The mall is the only regional mall serving the area
and has limited local competition. Non-collateral anchors are
Dillard's, JCPenney and Macy's and a dark former Sears. Collateral
tenants include Dick's Sporting Goods (12.4% of NRA; through
January 2023), Barnes & Noble (5.8%; January 2024), H&M (4.6%;
January 2025), and Forever 21 (3.2%; January 2023).

The mall has exhibited stable performance and improved sales
figures. As of YE 2021, collateral occupancy at the mall was 91%
compared to 89% at YE 2020 and 92% at YE 2019. Servicer reported
NOI debt service coverage ratio (DSCR) was 3.29x as of YE 2021 as
compared to 3.62x at YE 2020 and 3.86x at YE 2019 for this IO loan.
YE 2021 inline sales improved to $561 psf ($492 psf excluding
Apple) from sales of $401 psf ($365 psf) at YE 2020 and $489 psf
($417 psf) at YE 2019.

Expected losses of 20% reflect regional mall refinance concerns due
to the high leverage point of the loan with total outstanding debt
of $170 million, of which $60.0 million was contributed to this
transaction, coupled with the tertiary location. Fitch's analysis
incorporates a cap rate of 12% and 5% stress to YE 2020 NOI.

The next largest contributor to loss is the Hilton Garden
Inn-Issaquah loan (3.1%), which is secured by a 179-key,
full-service hotel located in Issaquah, WA, approximately 15 miles
from central Seattle. The hotel is in close proximity to several
large employers in the area which include the state and federal
government, Microsoft, the University of Washington, and Costco. At
issuance, the hotel had captured a significant portion of the local
corporate demand. The hotel has exhibited limited recovery with NOI
DSCR increasing slightly to 0.38x from negative NOI of -0.29x at YE
2020 and remains below NOI DSCR of 1.40x at YE 2019. Fitch has an
outstanding request for an updated STR report.

Fitch's analysis incorporates a 26% stress to the YE 2019 NOI to
reflect hotel sector volatility, which results in a value of
$89,300 per key.

Increasing Credit Enhancement (CE): CE has increased since issuance
due to amortization and loan repayments, with 40.6% of the original
pool balance repaid. The transaction has incurred $13.72 million in
realized losses to date impacting the non-rated G class.
Additionally, 30.05% of the pool has been defeased. Interest
shortfalls are currently affecting the non-rated class G. Four
loans (30.4%) are full-term IO and the remaining 61 loans in the
pool (69.6%) are amortizing.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to the
'AA-sf' and 'AAAsf' categories are not likely due to the position
in the capital structure, but may occur should interest shortfalls
affect the classes;

Downgrades to the 'BBB-sf' and A-sf' category would occur should
overall pool losses increase significantly and/or one or more large
loans have an outsized loss, which would erode CE. Downgrades to
the 'Bsf' category would occur should loss expectations increase
and if performance of the FLOCs fail to stabilize or loans default
and/or transfer to the special servicer.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Factors that could lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades of the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and further
underperformance of the FLOCs could cause this trend to reverse.

Upgrades to the 'BBB-sf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls. Upgrades to 'BBB-sf' and
'Bsf' categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and there is sufficient CE to the classes.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


WFRBS COMMERCIAL 2013-C17: DBRS Confirms BB Rating on E Certs
-------------------------------------------------------------
DBRS, Inc. confirmed the ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2013-C17 issued by WFRBS
Commercial Mortgage Trust 2013-C17 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class C at AA (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)
-- Class X-C at BB (low) (sf)
AB-- Class F at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since the last review. At issuance, the Trust was
comprised of 84 loans secured by 134 commercial and multifamily
properties with a trust balance of $904.4 million. As of the
February 2022 remittance report, 74 loans remain with an
outstanding pool balance of $614.7 million, representing a
collateral reduction of 32.0% since issuance. Since DBRS
Morningstar's last rating action, one loan with an issuance balance
of $9.9 million was liquidated from the pool with a 91.8%
loan-level loss severity, contributing $8.1 million in realized
loss to the Trust. This trust loss, which was contained to the
unrated Class G certificate, has been the only realized loss since
issuance. The pool continues to amortize and all outstanding loans
are scheduled to mature in 2023.

The pool is fairly concentrated by property type, with 32.6% of the
pool secured by retail properties and 25.5% of the pool secured by
lodging properties. Since the last rating action, the two largest
hospitality loans, Hilton Sandestin Beach Golf Resort and Spa
(Prospectus ID#1, 12.2% of the pool) and the Courtyard by Marriott
Santa Barbara Goleta (Prospectus ID#6, 4.2% of the pool), have
exhibited improvements in performance. Both loans experienced
significant declines in performance through 2020 and into 2021 as a
result of low travel volumes during the pandemic. According to the
September 2021 financial statements, revenues and occupancy at both
properties appear to be restabilizing, with the Q3 2021 debt
service coverage ratios (DSCRs) nearing or exceeding pre-pandemic
reporting.

There are 12 loans, representing 13.9% of the pool, which are on
the servicer's watchlist and being monitored primarily for low
DSCRs and occupancy-related issues. DBRS Morningstar's primary
concern across the pool's watchlisted loans is associated with the
Midway Atriums (Prospectus ID#23, 1.6% of pool), which is secured
by a Class B, 255,619-square foot, suburban office property in
Addison, Texas. Property occupancy has decreased to 34% as of
September 2021, down from 66% at year-end 2020. Occupancy was
trending downward prior to 2020; but, according to the servicer,
the pandemic exacerbated tenant vacancies and leasing activity. As
of September 2021, the loan had a DSCR of 0.61x. The declining
performance, combined with upcoming rollover, a softening
submarket, and the loan's upcoming maturity indicate increased
default risk for this loan.

The pool's only specially serviced loan, Baymont Hospitality
Portfolio (Prospectus ID#41, 0.9% of the pool), transferred to
special servicing in August 2019 for imminent default but has
remained current. The loan is secured by a portfolio of three
limited-service hotels totaling 294 keys. Two of the hotels are
located in Kalamazoo, Michigan, while the third hotel is located in
Battle Creek, Michigan. The loan is expected to return back to the
master servicer in the near term conditional upon the curing of
non-monetary defaults. Despite the loan's pending resolution, its
performance continues to trail issuance expectations and has
reported a below breakeven DSCR since 2019. As of September 2021,
the DSCR was 0.82x.

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



[*] DBRS Confirms 20 Ratings From 5 Lendmark Funding Transactions
-----------------------------------------------------------------
DBRS, Inc. confirmed 20 ratings from five Lendmark Funding Trust
transactions.

Lendmark Funding Trust 2019-1

Class A         Confirmed      AA(sf)
Class B         Confirmed      A(sf)
Class C         Confirmed      BBB(low)(sf)
Class D         Confirmed      BB(sf)

Lendmark Funding Trust 2019-2

Class A         Confirmed      AA(sf)
Class B         Confirmed      A(sf)
Class C         Confirmed      BBB(low)(sf)
Class D         Confirmed      BB(sf)

Lendmark Funding Trust 2020-2

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

Lendmark Funding Trust 2021-1

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

Lendmark Funding Trust 2021-1

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

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns December 2021 Update, published on December 9,
2021. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020. The baseline
macroeconomic scenarios reflect the view that recent COVID-19
developments, particularly the new Omicron variant with subsequent
restrictions, combined with rising inflation pressures in some
regions, may dampen near-term growth expectations in coming months.
However, DBRS Morningstar expects the baseline projections will
continue to point to an ongoing, gradual recovery.

-- The level of hard credit enhancement in the form of
overcollateralization, subordination, and amounts held in reserve
fund available in the transaction. Hard credit enhancement and
estimated excess spread are sufficient to support DBRS
Morningstar’s current rating levels.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance.

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


[*] DBRS Reviews 139 Classes From 19 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 139 classes from 19 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 139 classes
reviewed, DBRS Morningstar upgraded 11 ratings, confirmed 113
ratings, and downgraded 15 ratings.

The Affected Ratings are available at https://bit.ly/3MMCfHH

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The rating downgrades reflect the unlikely
recovery of the bonds' accumulated interest shortfall amounts or
principal loss amounts and the transactions' negative trends in
loss activity.

The pools backing the reviewed RMBS transactions consist of Prime,
Alt-A, Subprime, and Non-Qualified Mortgage collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- Homeward Opportunities Fund Trust 2020-2, Class M-1
-- Homeward Opportunities Fund Trust 2020-2, Class B-1
-- Homeward Opportunities Fund Trust 2020-2, Class B-2

-- Arroyo Mortgage Trust 2021-1R, Mortgage-Backed Notes, Series
2021-1R, Class B-2

-- Asset Backed Securities Corporation Home Equity Loan Trust,
Series 2005-HE2, Asset-Backed Pass- Through Certificates, Series
2005-HE2, Class M3

-- Asset Backed Securities Corporation Home Equity Loan Trust,
Series 2005-HE2, Asset-Backed Pass- Through Certificates, Series
2005-HE2, Class M4

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-5

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-6

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-7

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-8

-- ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1,
Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-3

-- ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1,
Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-4

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-1

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-2

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-3

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-4

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-5

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-6

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-7

-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable
Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed
Pass-Through Certificates, Series 2005-10, Class 3-A-1-1

-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable
Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed
Pass-Through Certificates, Series 2005-10, Class 3-A-3-1

-- Argent Securities Inc. Series 2004-W11, Asset-Backed
Pass-Through Certificates, Series 2004-W11, Class M-2

-- Argent Securities Inc. Series 2004-W11, Asset-Backed
Pass-Through Certificates, Series 2004-W11, Class M-3

-- Argent Securities Inc. Series 2004-W11, Asset-Backed
Pass-Through Certificates, Series 2004-W11, Class M-4

-- Argent Securities Inc. Series 2004-W11, Asset-Backed
Pass-Through Certificates, Series 2004-W11, Class M-5

-- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2007- WFHE1, Class M-1

-- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2007- WFHE1, Class M-2

-- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2007- WFHE1, Class M-3

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-1

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-2

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-3

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-4

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-5

-- New Century Home Equity Loan Trust 2005-1, Asset-Backed Notes,
Series 2005-1, Class M-6

-- New Century Home Equity Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-4

-- New Century Home Equity Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-5

-- New Century Home Equity Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-6

-- RESI Finance Limited Partnership 2003-D & RESI Finance DE
Corporation 2003-D, Real Estate Synthetic Investment Securities,
Series 2003-D, Class A5 Risk Band

-- RESI Finance Limited Partnership 2004-A & RESI Finance DE
Corporation 2004-A, Real Estate Synthetic Investment Securities,
Series 2004-A, Class A5 Risk Band

-- RESI Finance Limited Partnership 2004-A & RESI Finance DE
Corporation 2004-A, Real Estate Synthetic Investment Notes, Series
2004-A, Class B1 Risk Band

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Securities,
Series 2004-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2004-B & RESI Finance DE
Corporation 2004-B, Real Estate Synthetic Investment Notes, Series
2004-B, Class B1 Risk Band

-- RESI Finance Limited Partnership 2004-C & RESI Finance DE
Corporation 2004-C, Real Estate Synthetic Investment Securities,
Series 2004-C, Class A5 Risk Band

-- RESI Finance Limited Partnership 2005-B & RESI Finance DE
Corporation 2005-B, Real Estate Synthetic Investment Securities,
Series 2005-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Securities,
Series 2003-B, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B1 Risk Band

-- RESI Finance Limited Partnership 2003-B & RESI Finance DE
Corporation 2003-B, Real Estate Synthetic Investment Notes, Series
2003-B, Class B2 Risk Band

-- RESI Finance Limited Partnership 2003-C & RESI Finance DE
Corporation 2003-C, Real Estate Synthetic Investment Securities,
Series 2003-C, Class A5 Risk Band

-- RESI Finance Limited Partnership 2003-C & RESI Finance DE
Corporation 2003-C, Real Estate Synthetic Investment Notes, Series
2003-C, Class B1 Risk Band

CORONAVIRUS DISEASE (COVID-19) IMPACT

The coronavirus pandemic and the resulting isolation measures have
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. DBRS Morningstar saw increases in delinquencies for many
RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
coronavirus, because the option to forbear mortgage payments was so
widely available, it drove forbearance to a very high level. When
the dust settled, coronavirus-induced forbearance in 2020 performed
better than expected, thanks to government aid and good
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes, delinquencies have been gradually trending down
in recent months as the forbearance period comes to an end for many
borrowers.


[*] DBRS Reviews 31 Classes from 2 US RMBS Transactions
-------------------------------------------------------
DBRS, Inc. reviewed 31 classes from two U.S. residential
mortgage-backed security (RMBS) transactions. Of the 31 classes
reviewed, DBRS Morningstar upgraded 31 ratings.

The Affected Ratings Are Available at https://bit.ly/3u30Lxy

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels.

The pools backing the reviewed RMBS transactions consist of Freddie
Mac and mortgage insurance-linked note collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- Freddie Mac STACR REMIC Trust 2021-DNA2, Structured Agency
Credit Risk (STACR) REMIC 2021-DNA2 Notes, Classes M-1, M-2A, M-2B,
B-1A, B-1B, M-2, M-2R, M-2S, M-2T, M-2U, M-2I, M-2AR, M-2AS, M-2AT,
M-2AU, M-2AI, M-2BR, M-2BS, M-2BT, M-2BU, M-2BI, M-2RB, M-2SB,
M-2TB, M-2UB, B-1, B-1AR, and B-1AI

-- Triangle Re 2021-1 Ltd. Series 2021-1 Mortgage Insurance-Linked
Notes, Classes M-1B and M-2

CORONAVIRUS DISEASE (COVID-19) IMPACT

The coronavirus pandemic and the resulting isolation measures have
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. DBRS Morningstar saw increases in delinquencies for many
RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
coronavirus, because the option to forbear mortgage payments was so
widely available, it drove forbearance to a very high level. When
the dust settled, coronavirus-induced forbearance in 2020 performed
better than expected, thanks to government aid and good
underwriting in the mortgage market in general. Across nearly all
RMBS asset classes, delinquencies have been gradually trending down
in recent months as the forbearance period comes to an end for many
borrowers.

Notes: The principal methodologies are U.S. RMBS Surveillance
Methodology (February 21, 2020) and RMBS Insight 1.3: U.S.
Residential Mortgage-Backed Securities Model and Rating Methodology
(April 1, 2020), which can be found on dbrsmorningstar.com under
Methodologies & Criteria.



[*] DBRS Takes Rating Actions on 3 US Rental Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 20 classes from three U.S. single-family rental
transactions. Of the 20 classes reviewed, DBRS Morningstar
confirmed 14 ratings and discontinued six ratings as a result of
full repayment of the outstanding bond balances.

STAR 2021-SFR1 Trust

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

Progress Residential 2021-SFR1 Trust

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

Home Partners of America 2020-1 Trust

-- Class A discontinued as a result of full repayment
-- Class B discontinued as a result of full repayment
-- Class C discontinued as a result of full repayment
-- Class D discontinued as a result of full repayment
-- Class E discontinued as a result of full repayment
-- Class F discontinued as a result of full repayment

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current
ratings.

DBRS Morningstar's rating actions are based on the following
analytical consideration:

-- Key performance measures as reflected in month-over-month
changes in vacancy and delinquency, quarterly analysis of the
actual expenses, credit enhancement increases since deal inception,
and bond paydown factors.

Notes: The principal methodology is U.S. Single-Family Rental
Securitization Ratings Methodology (May 28, 2020), which can be
found on dbrsmorningstar.com under Methodologies & Criteria.



                            *********

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