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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 22, 2022, Vol. 26, No. 141

                            Headlines

ACC AUTO 2022-A: Moody's Assigns B2 Rating to Class D Notes
ACC TRUST 2019-2: Moody's Upgrades Rating on Class C Notes to Ba3
AIR CANADA 2013-1: Fitch Lowers Rating on Class B Certs to BB+
ANGEL OAK 2022-3: Fitch Gives B(EXP) Rating on Class B-1 Debt
AVIS BUDGET 2017-2: Moody's Puts Ba1 Rating on C Notes on Review

BALBOA BAY 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
BANK 2017-BNK6: Fitch Lowers Rating on 2 Tranches to CCCsf
BANK 2019-BNK18: Fitch Affirms 'B' Rating on 2 Tranches
BANK 2022-BNK41: Fitch Assigns 'B-' Rating on 2 Cert. Classes
BENCHMARK 2018-B5: Fitch Affirms 'B-' Rating on Class X-A Certs

BENCHMARK 2019-B11: Fitch Affirms 'B-' Rating on 2 Cert. Classes
BENCHMARK 2021-B25: DBRS Confirms BB(low) Rating on 300P-D Certs
BENCHMARK 2022-B34: DBRS Gives Prov. B Rating on Class G Certs
BLACKROCK ELBERT V: S&P Assigns BB- (sf) Rating on Class E-R Notes
BPR 2022-SSP: Moody's Assigns (P)Ba3 Rating to Cl. HRR Certs

BRAVO RESIDENTIAL 2022-NQM1: DBRS Gives Prov. B(high) on B2 Notes
BSST 2021-1818: DBRS Confirms B(low) Rating on Class F Certs
BSST 2021-SSCP: DBRS Confirms B(low) Rating on Class G Certs
BUSINESS JET 2022-1: S&P Assigns BB (sf) Rating on Class C Notes
CARVANA AUTO 2022-N1: DBRS Finalizes BB Rating on Class E Notes

CARVANA AUTO 2022-P2: S&P Assigns Prelim BB-(sf) Rating on N Notes
CASCADE FUNDING 2022-RM4: DBRS Gives Prov. B Rating on M5 Notes
CIFC FUNDING 2022-III: Moody's Assigns Ba3 Rating to Class E Notes
CIFC FUNDING 2022-IV: Fitch Gives 'BB(EXP)' Rating on Class E Debt
CIFC FUNDING 2022-IV: Moody's Assigns (P)B3 Rating to Class F Notes

CMLS ISSUER 2014-1: DBRS Confirms B Rating on Class G Certs
COLT 2022-5: Fitch Gives B(EXP) Rating on Class B2 Certs
COMM 2012-LTRT: S&P Affirms CCC (sf) Rating on Class X-B Notes
COMM 2013-CCRE6: DBRS Cuts Class F Certs Rating to B(low)
COMM 2013-CCRE8: DBRS Confirms B(high) Rating on Class F Certs

COMM 2014-CCRE14: Moody's Lowers Rating on Class F Certs to C
CONNECTICUT AVE 2022-R05: Moody's Gives Ba1 Rating to 27 Tranches
CRSNT TRUST 2021-MOON: DBRS Confirms B(low) Rating on Cl. F Certs
DEEPHAVEN RESIDENTIAL 2022-2: DBRS Gives (P)B Rating on B2 Notes
DRYDEN 94: S&P Assigns Prelim BB- (sf) Rating on Class E Notes

FLAGSHIP CREDIT 2022-2: S&P Assigns Prelim BB- Rating on E Notes
FREDDIE MAC 2022-DNA4: S&P Assigns B (sf) Rating on Cl. B-1I Notes
FREDDIE MAC 2022-HQA1: DBRS Finalizes B(low) Rating on 7 Classes
FS RIALTO 2022-FL4: DBRS Gives Prov. B(low) Rating on Cl. G Notes
GOLDENTREE LOAN 12: Moody's Assigns B3 Rating to $12MM Cl. F Notes

GS MORTGAGE 2018-TWR: S&P Lowers Cl. F Certs Rating to 'CCC (sf)'
GS MORTGAGE 2020-GC47: Fitch Affirms B-sf Rating on 2 Tranches
GS MORTGAGE 2020-UPTN: DBRS Confirms B Rating on Class HRR Certs
GS MORTGAGE 2022-HP1: Moody's Assigns B3 Rating to Cl. B-5 Debt
IMPAC CMB 2004-4: Moody's Lowers Rating on 2 Tranches to B3

JP MORGAN 2013-C14: Fitch Affirms 'C' on Class G Certs
JP MORGAN 2013-LC11: Moody's Lowers Rating on Cl. D Certs to B3
JP MORGAN 2022-LTV2: Fitch Gives B-sf Rating on Class B-5 Certs
JPMBB COMMERCIAL 2013-C12: S&P Cuts Cl. E Certs Rating to 'B(sf)'
JPMMC COMMERCIAL 2017-JP7: Fitch Affirms 'B' Rating on G-RR Debt

KEYCORP 2005-A: S&P Places BB- Rating on II-C Notes on Watch Pos.
KNDL 2019-KNSQ: DBRS Confirms BB(low) Rating on Class F Certs
LCM 37: Moody's Assigns Ba3 Rating to $16MM Class E Notes
LIFE 2021-BMR: DBRS Confirms B(low) Rating on Class G Certs
LONG POINT IV: Fitch Gives 'BB-(EXP)' Rating on 2022-1 Cl. A Notes

MADISON PARK LVII: Moody's Assigns (P)Ba3 to $20MM Class E Notes
MADISON PARK XIII: S&P Affirms CCC+ (sf) Rating on Class F-R Notes
MF1 2021-FL5: DBRS Confirms B(low) Rating on Class G Notes
MFA 2022-NQM1: DBRS Gives Prov. B Rating on Class B-2 Certs
MKT 2020-525M: DBRS Confirms BB(low) Rating on Class F Certs

MVW LLC 2022-1: Fitch Gives 'BB(EXP)' Rating on Class D Notes
NEW RESIDENTIAL 2022-NQM3: Fitch Assigns 'B' Rating on B-2 Notes
NORTHWOODS CAPITAL 22: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
NPC FUNDING IX: DBRS Confirms BB(low) Rating on Class C Loans
OCTAGON 64 LTD: Moody's Assigns (P)B3 Rating to $1MM Class F Notes

SOUND POINT VIII-R: Moody's Upgrades Rating on 2 Tranches From Ba1
STARWOOD MORTGAGE 2022-3: Fitch Gives B- Rating on Cl. B-2-RR Debt
TESLA AUTO 2019-A: Moody's Hikes Rating on Class E Notes From Ba3
TRINITAS CLO XIX: Moody's Assigns Ba3 Rating to Class E Notes
TRK 2022-INV2: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs

UPSTART SECURITIZATION 2022-2: Moody's Gives '(P)Ba3' to C Notes
VASA TRUST 2021-VASA: DBRS Confirms B(low) Rating on Class F Certs
VENTURE XXV CLO: Moody's Ups Rating on Class E Notes to Ba3
VNDO TRUST 2016-350P: DBRS Confirms BB(low) Rating on Cl. E Certs
WACHOVIA BANK 2005-C21: Fitch Lowers Rating on Class E Certs to CC

WACHOVIA BANK 2007-C33: S&P Cuts Class A-J Certs Rating to 'D(sf)'
WAMU COMMERCIAL 2007-SL2: Fitch Affirms 'Dsf' Rating on 6 Tranches
WELLS FARGO 2012-LC5: Fitch Affirms Bsf Rating on Class F Debt
WELLS FARGO 2022-INV1: S&P Assigns Prelim 'B-' Rating on B-5 Certs
WFRBS COMMERCIAL 2014-C20: Moody's Cuts Cl. C Certs Rating to B3

WOODMONT 2022-9: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
[*] Fitch Affirms Ratings on 38 Classes From Nine CDOs
[*] Moody's Hikes Rating on $185.5MM of US RMBS Issued 1996-2003
[*] Moody's Upgrades Rating on $311MM of US RMBS Issued 2004-2007
[*] S&P Takes Various Actions on 76 Classes from 13 US RMBS Deals


                            *********

ACC AUTO 2022-A: Moody's Assigns B2 Rating to Class D Notes
-----------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by ACC Auto Trust 2022-A (AUTOC 2022-A). This is the
second securitization of non-prime quality auto loans sponsored by
Automotive Credit Corporation (ACC; Not Rated). The notes are
backed by a pool of retail automobile loan contracts originated by
ACC, who is also the servicer and administrator for the
transaction.

The complete rating actions are as follows:

Issuer: ACC Auto Trust 2022-A

Class A Notes, Definitive Rating Assigned A3 (sf)

Class B Notes, Definitive Rating Assigned Baa2 (sf)

Class C Notes, Definitive Rating Assigned Ba2 (sf)

Class D Notes, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, the experience and expertise of ACC as the servicer and
the presence of Vervent, Inc. (unrated) as named backup servicer.

Moody's median cumulative net loss expectation for the 2022-A pool
is 20.50% and the loss at a Aaa stress (for model calibration
purposes) is 56.00%. Moody's based its cumulative net loss
expectation on an analysis of the credit quality of the underlying
collateral; the historical performance of similar collateral,
including securitization performance and managed portfolio
performance; the ability of ACC to perform the servicing functions;
and current expectations for the macroeconomic environment during
the life of the transaction.

At closing, the Class A notes, Class B notes, Class C notes and
Class D notes benefit 33.70%, 26.50%, 20.45% and 10.50% of hard
credit enhancement, respectively. Hard credit enhancement for the
notes consists of a combination of overcollateralization, a
non-declining reserve account, and subordination, except for the
Class D notes, which do not benefit from subordination. The notes
will also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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

Up

Moody's could upgrade the notes if levels of credit enhancement are
higher than necessary to protect investors against current
expectations of portfolio losses. 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 vehicles securing an
obligor's promise of payment. Portfolio losses also depend greatly
on the US job market and the market for used vehicles. Other
reasons for better-than-expected performance include changes to
servicing practices that enhance collections or refinancing
opportunities that result in prepayments

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. Moody's
expectation of pool losses could rise as a result of a higher
number of obligor defaults or deterioration in the value of the
vehicles securing an obligor's promise of payment. Portfolio losses
also depend greatly on the US job market, the market for used
vehicles, and poor servicing. Other reasons for worse-than-expected
performance include error on the part of transaction parties,
inadequate transaction governance, and fraud.


ACC TRUST 2019-2: Moody's Upgrades Rating on Class C Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded two classes of notes issued
by ACC Trust 2019-2 and ACC Trust 2021-1. The transactions are
sponsored by RAC King, LLC (not rated), the parent company of
American Car Center (ACC). The notes are backed by a pool of
closed-end retail automobile leases to non-prime borrowers
originated by RAC King, LLC. RAC Servicer, LLC is the servicer and
the administrator of the transaction.

The complete rating actions are as follows:

Issuer: ACC Trust 2019-2

Class C Notes, Upgraded to Ba3 (sf); previously on Mar 18, 2022
Upgraded to B2 (sf)

Issuer: ACC Trust 2021-1

Class C Notes, Upgraded to Baa2 (sf); previously on Mar 18, 2022
Upgraded to Baa3 (sf)

RATINGS RATIONALE  

The upgrades are driven by a build-up of credit enhancement due to
the sequential pay structure of the notes in addition to
overcollateralization and a non-declining reserve account.

Moody's lifetime cumulative credit net loss (CNL) expectations are
36.50% and 36.00% for the underlying pools of ACC Trust 2019-2 and
ACC Trust 2021-1 respectively. The loss expectations reflect
updated performance trends on the underlying pools.

Moody's analyzed credit losses as well as the residual risk of the
pool based on exposure to residual value risk, the historical
turn-in rate, and historical residual value performance. Non-prime
auto leases are more susceptible to an economic slowdown due to the
relatively weak credit quality of the underlying obligors.         


PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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

Up

Moody's could upgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. Moody's expectation of pool losses could decline as
a result of a lower number of obligor defaults or appreciation in
the value of the vehicles leading to a residual value gain when the
vehicle is turned in at the end of the lease and remarketed.
Portfolio losses also depend greatly on the US job markets, the
market for used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. 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 vehicles leading to higher
residual value loss when the vehicle is turned in at the end of a
lease and remarketed. Portfolio losses also depend greatly on the
US job markets and the market for used vehicles. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance,
and fraud.


AIR CANADA 2013-1: Fitch Lowers Rating on Class B Certs to BB+
--------------------------------------------------------------
Fitch Ratings has downgraded Air Canada's 2013-1 class B
certificates to 'BB+' from 'BBB-' and affirmed Air Canada's
remaining enhanced equipment trust certificate (EETC) ratings
including the 2020-2, 2017-1, 2015-1 senior and subordinated
certificates and the 2013-1 class A certificates.

Loan-to-value ratios have largely held stable over the past year in
the midst of returning air traffic, supporting the current ratings
of the Class AA, and A tranches. However, modest declines in
777-300ER values drove the downgrade of the 2013-1 class B
certificates. Affirmation factors within the pools are unchanged,
as Air Canada's fleet renewal is largely in line with Fitch's prior
expectations. High affirmation factors and the presence of a
liquidity facilities support the subordinated tranche notching from
Air Canada's 'B+' Issuer Default Rating (IDR).

KEY RATING DRIVERS

Class AA and A Ratings

Fitch has affirmed Air Canada's 2017-1 class AA certificates at
'AA-'. The affirmation is supported adequate LTV headroom in
Fitch's AA stress scenario. Fitch calculates the maximum stress
scenario LTV in this transaction at 89%, relatively unchanged from
prior review. LTVs for the transaction are supported by principle
amortization and relatively stable values for the collateral
aircraft which consist of the 737 Max 8 and 787-9. Fitch views both
aircraft types as being well positioned to hold their value as air
traffic continues to rebound. The support is offset partially by an
increase in Fitch's depreciation rate assumption that increases to
6% from 5%.

Fitch has affirmed Air Canada's 2017-1 and 2015-1 Class A
certificates at 'A'. The transactions continue to pass Fitch's 'A'
level stress tests, reflecting relatively stable collateral values
over the past year. Similar to the 2017-1 class AA, the 2017-1 and
2015-1's class A certifications see LTVs nearly unchanged from
Fitch's prior review at 89% and 84%, respectively, as principle
amortization and solid performance of the collateral pool are
offset by Fitch's higher depreciation rate assumptions. Collateral
for the 2017-1 and 2015-1 transactions consists of the newest
generation technology aircraft including 737 MAXs and 787s, which
have held up well through the pandemic.

Fitch has affirmed Air Canada's 2020-2 and 2013-1 Class A
certificates at 'A-' and 'BBB', respectively. The 2020-2 class A
certificates pass Fitch's 'A' stress level with material LTV
headroom improving modestly to 83% supported by its relatively
rapid amortization profile. The rapid principal amortization is
credit positive for the transaction and provides additional cushion
for potential future declines in the 777 values. However, due the
collateral pool's relatively old age and large exposure to widebody
aircraft, the 2020-2 class A tranche is notched down from the
central 'A' rating level. The tranche could see rating upside if
the widebodies, particularly the 777 values continue to stabilize
on the back of a recovery in long haul air travel as the tranche
amortizes down.

The 2013-1 class A certificates saw stress scenario LTVs rise to
99% in Fitch's 'BBB' level stress scenario, driven primarily by the
777 values declining slightly above Fitch's prior expectation for
Q1 2022 coupled with a higher depreciation rate assumption going
forward. The higher depreciation rate is due to Fitch's treatment
of the 777-300ER as a tier 2 aircraft and an additional 1%
depreciation rate across all transactions. Despite limited
collateral cushion, the class A certificates benefit from a
theoretical five-notch uplift from Air Canada 'B+' IDR in Fitch's
bottom up approach given a strong affirmation factor (+3), a
presence of liquidity facility (+1) and strong recovery prospects
(+1). Fitch views a downgrade is unlikely absent a future downgrade
of Air Canada's corporate rating, another significant base value
decline of the 777s or changes in Fitch's opinion of the
affirmation factor.

Subordinated Tranche Ratings: Fitch has affirmed Air Canada's
2020-2, 2017-1, and 2015-1 class B certificates and downgraded
2013-1 class B certificates. Fitch notches subordinated tranche
EETC ratings from Air Canada's 'B+' IDR based on three primary
variables: 1) the affirmation factor (0-3 notches) 2) the presence
of a liquidity facility, (0-1 notch) and 3) recovery prospects (0-1
notch).

Fitch has downgraded the 2013-1 class B certificates to 'BB+' from
'BBB-', driven by the certificates' weakening recovery prospects.
The 2013-1 consists entirely of 777-300ERs, which Fitch has
considered to be tier 2 aircraft and expects their values under
more pressure under a stress scenario than a tier 1. Principal
recovery of the class B is projected to be weak at below 30%,
driving the one-notch downgrade. The 'BB+' rating reflects a
three-notch uplift from Air Canada's IDR of 'B+', three notches for
affirmation factor, 1 for the presence of a liquidity facility and
a 1 notch downward adjustment for poor recovery.

The affirmation of the 2020-2 class B rating at 'BBB-' reflects a
four-notch uplift from the corporate rating consisting of three
notches for a high affirmation factor and one notch for the
presence of a liquidity facility. The current high affirmation
factor is supported by the material amount of widebody aircraft in
the transaction in comparison to Air Canada's overall widebody
fleet. Fitch notes that the affirmation factor for this transaction
may weaken over time due to the pool's smaller size and limited
diversification as older A321-200s and 777s fall out of the
collateral pool, potentially pressuring subordinated tranche
ratings over time.

Fitch has also affirmed Air Canada's 2017-1 and 2015-1 class B
certificates at 'BBB', one notch higher than AC's other class B
certificates reflecting better recovery prospects. Affirmation
factor for these transactions is also high. The 2017-1 transaction
holds about 5% of the airline's overall fleet as of December 2021,
with exposure to younger aircraft relative to the 2020-2 and 2013-1
transactions. The size of the pool and the relatively young
vintages of the aircraft supports a strong affirmation factor. The
presence of the 737 Max 8 and 787-9 also strengthen the strategic
importance of the pool to Air Canada's fleet strategy as the
airline has regularly emphasized the importance of the aircraft.
The 2015-1 transaction holds significant widebody exposure from the
787-8 and 787-9 aircraft; however, base values for these aircraft
have held up materially better than other widebodies.

DERIVATION SUMMARY

The 'AA-' rating for the class 2017-1 AA certificates is in line
with similar transactions issued by British Airways and United
Airlines. LTVs and collateral quality for the AC 2017 transaction
is similar to BA 2018-1 and UAL 2016-1. The 'A' and 'A-' ratings on
Air Canada's class A certificates are in line with similar
transactions issued by United, American, and others, all of which
feature high quality collateral and sufficient levels of OC to pass
Fitch's 'A' level stress scenarios.

Class B certificates rated at 'BBB' or 'BBB-' are in line with
similar transactions issued by United Airlines, which are rated
'B+'. Class B certificate ratings for both issuers receive similar
notching; however, Air Canada's recovery prospects and size of
pools are much higher, leading to higher affirmation at (+3) and
the benefits of liquidity facilities (+1).

KEY ASSUMPTIONS

-- Key assumptions within the rating case for the issuer include
    a harsh downside scenario in which Air Canada declares
    bankruptcy, chooses to reject the collateral aircraft, and
    where the aircraft are remarketed in the midst of a severe
    slump in aircraft values. An Air Canada bankruptcy is
    hypothetical, and is not Fitch's current expectation as
    reflected in AC's 'B+' IDR. Fitch's models also incorporate a
    full draw on liquidity facilities and include assumptions for
    repossession and remarketing costs.

-- Fitch's recovery analyses for subordinated tranches utilize
    Fitch's 'BB' level stress tests and include a full draw on
    liquidity facilities and assumptions for repossessions and
    remarketing costs.

-- Fitch increases depreciation rate by 1% across all aircraft
    tier and age to reflect faster than expected declines in base
    values especially in light of the impact of the pandemic on
    long-term aircraft pricing.

-- Value stress assumptions utilized in Fitch's models:

777-300ER: AA level - 50%, A level - 30%;

777-200LR: AA level - 60%, A level - 40%

737 MAX 8: AA level - 45%, A level - 25%;

787-9: AA level - 45%, A level - 25%;

787-8: AA level - 50%, A level - 30%;

A321-200: AA level - 45%, A level - 25%.

RATING SENSITIVITIES

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

Ratings for the class AA and A certificates are primarily based on
a top-down analysis based on the value of the collateral. Ratings
could be upgraded should collateral coverage continue to improve as
the debt amortizes

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

A negative rating action for the class AA and A certificates could
be driven by an unexpected decline in collateral values. The 2013-1
class A certificates benefit from a rating floor provided by the
bottom up approach. A negative rating action for the 2013's class A
certificates could be driven by an unexpected decline in collateral
values, in confluence with a downgrade of Air Canada's IDR, and/or
a change in Fitch's assessment of the transactions' affirmation
factor.

Subordinated tranche ratings are based off of Air Canada's
underlying airline IDR of 'B+' and are sensitive to recovery
expectations in a stress scenario. Subordinate tranches are also
subject to changes in Fitch's view of the likelihood of affirmation
for the underlying collateral.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three 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 four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

AC 2020-2

The class A, and B certificates benefit from a dedicated 18-month
liquidity facilities. The liquidity facility provider is TD Bank,
N.A. (AA-/F1+/Stable) at this time.

AC 2017-1

The 'A' and 'B' tranches of debt in this transaction feature a
dedicated liquidity facility provided by Natixis (Fitch rated
A+/F1/Negative).

AC 2015-1

The 'A' and 'B' tranches of debt in this transaction feature a
dedicated liquidity facility provided by Natixis (Fitch rated
A+/F1/Negative).

AC 2013-1

The 'A' tranches of debt in this transaction feature a dedicated
liquidity facility provided by Natixis (Fitch rated
A+/F1/Negative).

The 'B' tranches include a PIK feature that will cover up to 18
months of missed interest payments.

   DEBT              RATING            PRIOR
   ----              ------            -----
Air Canada Pass Through Trust Series 2015-1

senior secured    LT A      Affirmed    A
senior secured    LT BBB    Affirmed    BBB

Air Canada Pass Through Trust Series 2020-2

senior secured    LT BBB-   Affirmed    BBB-
senior secured    LT A-     Affirmed    A-

Air Canada Pass Through Trust 2013-1 Pass Through Trust

senior secured    LT BB+    Downgrade   BBB-
senior secured    LT BBB    Affirmed    BBB

Air Canada Pass Through Trust Series 2017-1

senior secured    LT BBB    Affirmed    BBB
senior secured    LT A      Affirmed    A
senior secured    LT AA-    Affirmed    AA-



ANGEL OAK 2022-3: Fitch Gives B(EXP) Rating on Class B-1 Debt
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Angel Oak Mortgage
Trust 2022-3 (AOMT 2022-3).

   DEBT        RATING
   ----        ------
AOMT 2022-3

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
XS        LT  NR(EXP)sf     Expected Rating
R         LT  NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
to be issued by Angel Oak Mortgage Trust 2022-3 Mortgage-Backed
Certificates, Series 2022-3 (AOMT 2022-3), as indicated above. The
certificates are supported by 747 loans with a balance of $394.59
million as of the cutoff date. This represents the 23rd Fitch-rated
AOMT transaction and the third Fitch-rated AOMT transaction in
2022.

The certificates are secured by mortgage loans originated by Angel
Oak Home Loans LLC, Angel Oak Mortgage Solutions LLC, and Impac
Mortgage Holdings, Inc. All other originators make up less than 10%
of the overall loan pool. Of the loans, 66.4% are designated as
nonqualified mortgage (non-QM) loans, and 33.6% are investment
properties not subject to the Ability to Repay Rule.

There is LIBOR exposure in this transaction. Of the pool, 18 loans
represent adjustable rate mortgage loans that reference one-year
LIBOR. The class A-1, certificates are fixed rate and capped at the
net weighted average coupon (WAC), and the A-2, A-3, M-1, B-1, B-2
and B-3 certificates 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 8.4% above a long-term sustainable level (vs. 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 18.9% yoy
nationally as of December 2021.

Non-QM Credit Quality (Mixed): The collateral consists of 747 loans
totaling $394.59 million and seasoned at approximately 11 months in
aggregate, according to Fitch, and nine months per the transaction
documents. The borrowers have a strong credit profile (743 FICO and
39.2% debt-to-income [DTI] ratio, as determined by Fitch), along
with relatively moderate leverage, with an original combined
loan-to-value ratio (LTV) of 68.8%, as determined by Fitch, which
translates to a Fitch-calculated sustainable LTV of 71.1%.

Of the pool, 66.1% represents loans where the borrower maintains a
primary or secondary residence, while the remaining 33.9% comprises
investor properties based on Fitch's analysis. Fitch determined
that 14.8% of the loans were originated through a retail channel.

Additionally, 66.4% are designated as non-QM, while the remaining
33.6% are exempt from QM status since they are investor loans.

The pool contains 90 loans over $1.0 million, with the largest
amounting to $2.9 million.

Loans on investor properties (11.9% underwritten to the borrower's
credit profile and 22.0% comprising investor cash flow loans)
represent 33.9% of the pool, as determined by Fitch. There are no
second lien loans, and 1.3% of borrowers were viewed by Fitch as
having a prior credit event in the past seven years.

Per the transaction documents, one of the loans has subordinate
financing. However, in Fitch's analysis, Fitch also considered
loans with deferred balances to have subordinate financing. In this
transaction, there were 27 loans with deferred balances; therefore,
Fitch performed its analysis considering that 28 of the loans to
have subordinate financing.

Five of the loans in the pool are to foreign nationals. Fitch
treats loans to foreign nationals as investor occupied, codes as
ASF1 (no documentation) for employment and income documentation, if
a credit score is not available Fitch uses a credit score of 650
for these borrowers and removes the liquid reserves.

Although the borrowers' credit quality is higher than that of AOMT
transactions securitized in 2021 and 2020, the pool's
characteristics resemble those of nonprime collateral and,
therefore, the pool was analyzed using Fitch's nonprime model.

Geographic Concentration (Negative): The largest concentration of
loans is in California (44.1%), followed by Florida and Texas. The
largest MSA is Los Angeles (22.4%), followed by New York (7.6%) and
Miami (7.5%). The top three MSAs account for 37.5% of the pool. As
a result, there was a 1.03x penalty for geographic concentration
which increased the loss expectation at the 'AAAsf' level by
0.29%.

Loan Documentation (Negative): Fitch determined that 87.2% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Per the transaction documents, 86.0% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan based on its review of the loan program and
the documentation details provided in the loan tape, which explains
the discrepancy between Fitch's percentage and the transaction
documents.

Of the loans underwritten to borrowers with less than full
documentation, 60.8% were underwritten to a 12-month 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. To reflect the additional risk, Fitch
increases the PD by 1.5x on bank statement loans.

In addition to loans underwritten to a bank statement program,
22.0% comprise a debt service coverage ratio product, 1.6% are an
asset depletion product and 1.3% are third party prepared 12-24
months profit and loss statements with 2-12 months of bank
statements for additional documentation. The pool has no loans
underwritten only to a CPA product with no additional documentation
provided, which Fitch views as a positive.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent P&I. The limited advancing reduces
loss severities, as a lower amount is 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, as liquidity is limited
in the event of large and extended delinquencies.

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

There is excess spread in the transaction that is available to
reimburse for losses or interest shortfalls should they occur.
However, excess spread will be reduced after May 2026, since class
A-1 has a step-up coupon feature whereby the coupon rate will be
the net WAC capped at the initial fixed rate plus 1.0%.

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 40.5% 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 Infinity, Consolidated Analytics, SitusAMC, Recovco,
Clayton, Covius, Inglet Blair, Maxwell, Opus and Selene 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 were populated
by the due diligence company and no material discrepancies were
noted

ESG CONSIDERATIONS

AOMT 2022-3 has an ESG Relevance Score of '4'[+] for Transaction
Parties & Operational Risk due to strong due diligence results on
100% of the pool and a 'RPS1-' Fitch-rated servicer, which has a
positive 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.


AVIS BUDGET 2017-2: Moody's Puts Ba1 Rating on C Notes on Review
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible upgrade
the ratings on nine tranches of rental car asset-backed securities
(ABS) issued by Avis Budget Rental Car Funding (AESOP) LLC (AESOP
or the issuer). The issuer is an indirect subsidiary of the
transaction sponsor and single lessee, Avis Budget Car Rental, LLC
(ABCR, B1 stable). ABCR, a subsidiary of Avis Budget Group, Inc.,
is the owner and operator of Avis Rent A Car System, LLC (Avis),
Budget Rent A Car System, Inc. (Budget), Zipcar, Inc. and Payless
Car Rental, Inc. (Payless). AESOP is ABCR's rental car
securitization platform in the U.S. The collateral backing the
notes is a fleet of vehicles and a single lease of the fleet to
ABCR for use in its rental car business.

COMPLETE RATING ACTIONS

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2017-2

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class A,
Aa1 (sf) Placed Under Review for Possible Upgrade; previously on
Apr 28, 2021 Upgraded to Aa1 (sf)

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class B,
Baa1 (sf) Placed Under Review for Possible Upgrade; previously on
Nov 17, 2021 Upgraded to Baa1 (sf)

Series 2017-2 Fixed Rate Rental Car Asset Backed Notes, Class C,
Ba1 (sf) Placed Under Review for Possible Upgrade; previously on
Apr 28, 2021 Upgraded to Ba1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2018-1

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class A,
Aa1 (sf) Placed Under Review for Possible Upgrade; previously on
Apr 28, 2021 Upgraded to Aa1 (sf)

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class B,
Baa1 (sf) Placed Under Review for Possible Upgrade; previously on
Nov 17, 2021 Upgraded to Baa1 (sf)

Series 2018-1 Fixed Rate Rental Car Asset Backed Notes, Class C,
Ba1 (sf) Placed Under Review for Possible Upgrade; previously on
Apr 28, 2021 Upgraded to Ba1 (sf)

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-3

Series 2019-3 Rental Car Asset Backed Notes, Class A, Aa1 (sf)
Placed Under Review for Possible Upgrade; previously on Apr 28,
2021 Upgraded to Aa1 (sf)

Series 2019-3 Rental Car Asset Backed Notes, Class B, Baa1 (sf)
Placed Under Review for Possible Upgrade; previously on Nov 17,
2021 Upgraded to Baa1 (sf)

Series 2019-3 Rental Car Asset Backed Notes, Class C, Ba1 (sf)
Placed Under Review for Possible Upgrade; previously on Apr 28,
2021 Upgraded to Ba1 (sf)

RATINGS RATIONALE

Moody's actions on the rental car ABS are prompted by the expected
increase in the minimum credit enhancement requirements on the
affected notes should the Class D notes be issued by Avis Budget
Rental Car Funding (AESOP) LLC Series 2017-2, 2018-1 and 2019-3 as
expected on or around May 26, 2022.

The required credit enhancement with respect to the new Class D
notes will be calculated separately from the required credit
enhancement for the Class A, Class B and Class C notes and will be
determined as the sum of (1) 13.50% for vehicles subject to a
guaranteed depreciation or repurchase program from eligible
manufacturers (program vehicles) rated at least Baa3 by Moody's,
(2) 16.80% for all other program vehicles, (3) 22.00% for
non-program (risk) vehicles, and (4) 48.00% for medium and heavy
duty trucks, in each case, as a percentage of the aggregate
outstanding balance of the class A, B, C and D notes net of the
series allocated cash amount.

Because the enhancement with respect to the Class D Notes is
calculated based on the aggregate outstanding balance of Class A,
B, C and D notes, any additional credit enhancement as a result of
the Class D issuance will also benefit the Class A, Class B and
Class C notes. After the issuance of the Class D notes, Moody's
expect an increase in total credit enhancement requirements
including subordination for the Class A, Class B and Class C notes
of Series 2017-2, 2018-1 and 2019-3, to range from about 8.5
percentage points to 11 percentage points.

During the review period, Moody's will further assess the impact of
the additional credit enhancement requirements on a series by
series basis based on a conclusive review of the final
documentation related to the Class D note issuances and the final
capital structure upon the Class D notes issuance transaction
closing.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Rental Vehicle
Securitizations Methodology" published in October 2021.

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

Up

Moody's could upgrade the ratings of the Series 2017-2, 2018-1 and
2019-3 Notes, as applicable if, among other things, (1) if the
issuance of new Class D notes closes, resulting in greater minimum
credit enhancement requirements for the affected notes, as
described earlier, (2) the credit quality of the lessee improves,
(3) the likelihood of the transaction's sponsor defaulting on its
lease payments were to decrease, and (4) assumptions of the credit
quality of the pool of vehicles collateralizing the transaction
were to strengthen, as reflected by a stronger mix of program and
non-program vehicles and stronger credit quality of vehicle
manufacturers.

Down

Moody's could downgrade the ratings if, among other things, (1) the
credit quality of the lessee weakens, (2) the likelihood of the
transaction's sponsor defaulting on its lease payments were to
increase, (3) the likelihood of the sponsor accepting its lease
payment obligation in its entirety in the event of a Chapter 11
were to decrease and (4) assumptions of the credit quality of the
pool of vehicles collateralizing the transaction were to weaken, as
reflected by a weaker mix of program and non-program vehicles and
weaker credit quality of vehicle manufacturers.


BALBOA BAY 2022-1: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Balboa Bay Loan Funding
2022-1 Ltd./Balboa Bay Loan Funding 2022-1 LLC'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 Pacific Investment Management Co.
LLC.

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

  Balboa Bay Loan Funding 2022-1 Ltd./
  Balboa Bay Loan Funding 2022-1 LLC

  Class A, $256 million: AAA (sf)
  Class B, $48 million: AA (sf)
  Class C (deferrable), $24 million: A (sf)
  Class D (deferrable), $24 million: BBB- (sf)
  Class E (deferrable), $16 million: BB- (sf)
  Subordinated notes, $37 million: Not rated



BANK 2017-BNK6: Fitch Lowers Rating on 2 Tranches to CCCsf
----------------------------------------------------------
Fitch Ratings has downgrades four and affirmed 12 classes of BANK
2017-BNK6, commercial mortgage pass-through certificates, series
2017-BNK6 (BANK 2017-BNK6). The Rating Outlooks remain Negative on
classes E and X-E.

   DEBT             RATING                PRIOR
   ----             -----                 -----
BANK 2017-BNK6

A-2 060352AB7     LT AAAsf    Affirmed    AAAsf
A-3 060352AD3     LT AAAsf    Affirmed    AAAsf
A-4 060352AE1     LT AAAsf    Affirmed    AAAsf
A-5 060352AF8     LT AAAsf    Affirmed    AAAsf
A-S 060352AJ0     LT AAAsf    Affirmed    AAAsf
A-SB 060352AC5    LT AAAsf    Affirmed    AAAsf
B 060352AK7       LT AA-sf    Affirmed    AA-sf
C 060352AL5       LT A-sf     Affirmed    A-sf
D 060352AV3       LT BBB-sf   Affirmed    BBB-sf
E 060352AX9       LT B-sf     Downgrade   BB-sf
F 060352AZ4       LT CCCsf    Downgrade   B-sf
X-A 060352AG6     LT AAAsf    Affirmed    AAAsf
X-B 060352AH4     LT A-sf     Affirmed    A-sf
X-D 060352AM3     LT BBB-sf   Affirmed    BBB-sf
X-E 060352AP6     LT B-sf     Downgrade   BB-sf
X-F 060352AR2     LT CCCsf    Downgrade   B-sf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased loss
expectations since Fitch's prior rating action due to increased
performance declines and concerns with the Fitch Loans of Concern
(FLOCs). In particular, there is increased certainty of loss for
Trumbull Marriot (2.3% of pool), which is in special servicing and
expected to become REO and increased loss expectations for Starwood
Capital Hotel Portfolio (6.7%), which has sustained continued
underperformance as a result of the pandemic.

Twelve loans (22.4%), including one (2.3%) in special servicing,
were designated FLOCs. Fitch's current ratings reflect a base case
loss of 5.40%.

Fitch Loans of Concern: The largest contributor to loss
expectations, Trumbull Marriott (2.3%), is secured by a 325-key,
full-service hotel in Trumbull, CT. The loan, which is sponsored by
Thomas Point Ventures (private investment fund owned by the
Marriott family), transferred to special servicing in May 2020 for
imminent default as declines in performance were further
exacerbated by the pandemic. The borrower opted to no longer
support the property, and a stipulated receivership and friendly
foreclosure were filed. Fitch's base case loss of approximately 48%
reflects a discount to the servicer provided valuation and equates
to 17% cap rate on the YE 2019 NOI.

Occupancy, RevPAR and servicer-reported NOI DSCR for this
amortizing loan were 31%, $32.63 and -0.70x as of the YTD June 2021
compared with 32%, $33.17 and -0.70x at YE 2020, 66%, $78.58 and
1.86x at YE 2019 and 61%, $82.84 and 2.42x at issuance.

The second largest contributor to loss expectations, Starwood
Capital Hotel Portfolio (6.7%), is secured by a portfolio of 65
hotels spanning the limited service, full service and extended stay
varieties. The hotels range in size from 56 to 147 rooms, with an
average count of 98 rooms. The loan was designated a FLOC due to
the impact from the pandemic. Coronavirus relief was granted and
terms included three months of deferred non-tax, non-insurance and
non-ground rent reserves and ability to utilize these reserve funds
towards three months of debt service payments. Repayment was to
occur over a 12-month period, commencing with the February 2021
payment.

While performance has improved since the onset of the pandemic with
occupancy and servicer-reported NOI DSCR of 66% and 1.76x,
respectively as the YTD September 2021, up from 54% and 0.92x at YE
2020, it remains well below 74% and 2.73x at YE 2019. Fitch's base
case loss of approximately 15% is based on a 11.50% cap rate and
the annualized YTD September 2021 NOI.

Increasing Credit Enhancement (CE): As of the April 2022
distribution date, the pool's aggregate balance has been reduced by
5.0% to $886.2 million from $933.3 million at issuance. Since
Fitch's prior rating action, two loans with a $10.2 million balance
paid in full. Thirty-five loans (23.9%) are amortizing balloon, 14
(46.2%) are full-term interest only (IO) and 19 (29.1%) were
structured with a partial-term IO component at issuance. Thirteen
are in their amortization periods. Five loans (3.1%) are fully
defeased. Cumulative interest shortfalls of $705,911 are currently
affecting the non-rated G and RRI classes.

Pool Concentration: The top 10 loans comprise 52.4% of the pool.
Loan maturities are concentrated in 2027 (86.6%). One loan (2.3%)
matures in 2022, two (6.9%) in 2024, one (3.4%) in 2026 and one
(0.9%) in 2037. Based on property type, the largest concentrations
are retail at 27.9%, office at 19.4% and hotel at 14.1%. Nineteen
loans (5.9%) are secured by cooperative properties. The largest
loan in the pool, General Motors Building (10.2%), received a
stand-alone, investment-grade credit opinion of 'AAAsf' 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,
C, X-B, 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, X-E, F and X-F would be
downgraded further 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, C, X-B, 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,
X-E, F, and X-F could occur if performance of the FLOCs improves
significantly and/or if there is sufficient CE, which would likely
occur if the non-rated classes are not eroded and the senior
classes pay-off.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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.


BANK 2019-BNK18: Fitch Affirms 'B' Rating on 2 Tranches
-------------------------------------------------------
Fitch Ratings has affirmed BANK 2019-BNK18 commercial mortgage
pass-through certificates, series 2019-BNK18. The Rating Outlooks
for two classes have been revised to Stable from Negative.

   DEBT            RATING                 PRIOR
   ----            ------                 -----
BANK 2019-BNK18

A-1 065402AY5     LT AAAsf    Affirmed    AAAsf
A-2 065402AZ2     LT AAAsf    Affirmed    AAAsf
A-3 065402BB4     LT AAAsf    Affirmed    AAAsf
A-4 065402BC2     LT AAAsf    Affirmed    AAAsf
A-S 065402BF5     LT AAAsf    Affirmed    AAAsf
A-SB 065402BA6    LT AAAsf    Affirmed    AAAsf
B 065402BG3       LT AA-sf    Affirmed    AA-sf
C 065402BH1       LT A-sf     Affirmed    A-sf
D 065402AJ8       LT BBBsf    Affirmed    BBBsf
E 065402AL3       LT BBB-sf   Affirmed    BBB-sf
F 065402AN9       LT BBsf     Affirmed    BBsf
G 065402AQ2       LT Bsf      Affirmed    Bsf
X-A 065402BD0     LT AAAsf    Affirmed    AAAsf
X-B 065402BE8     LT A-sf     Affirmed    A-sf
X-D 065402AA7     LT BBB-sf   Affirmed    BBB-sf
X-F 065402AC3     LT BBsf     Affirmed    BBsf
X-G 065402AE9     LT Bsf      Affirmed    Bsf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Overall pool performance
and loss expectations remain stable from the prior review. Fitch
has identified four Fitch Loans of Concern ([FLOCs] 15.8% of the
pool balance) with no loans in special servicing. The Outlook
revision to Stable from Negative reflects continued stabilization
of properties that were impacted by the pandemic which includes the
return of previously specially serviced loans to master servicing.

Fitch's current ratings incorporate a base case loss of 3.25%. An
additional sensitivity was incorporated with losses that could
reach 3.5% when factoring in additional stresses for the Great Wolf
Lodge Southern California to account for the asset type and hotel
sector volatility. The additional sensitivity did not affect the
overall stabilization of pool performance and revision of the
Outlook on class G to Stable from Negative.

Fitch Loans of Concern: The largest contributor to overall loss
expectations is the specially serviced Marriott Hanover loan
(5.8%), which is secured by a 353-room hotel located in Whippany,
NJ. The hotel has exhibited a slow recovery into 2021 as corporate
and commercial demand represented 30-35% of business at issuance.
As of June 2021, the hotel reported negative NOI with debt service
coverage ratio (DSCR) of -0.24x, a continuation of underperformance
from 2020 when reported NOI DSCR was -0.58x at YE.

The February 2022 STR reported TTM occupancy, ADR, and RevPAR of
40.5%, $151, and $61 respectively, a slight improvement from the
same period in 2021 with reported occupancy, ADR and RevPAR of
14.8%, $133, and $20. Performance remains well below figures from
2020 when occupancy, ADR, and RevPAR were 72.6%, $197, and $143.

The loan had previously transferred to special servicing in April
and returned to the master servicer in November 2021 without
modification to any loan terms. Borrower paid required sums to
bring the loan current and remains current as of the April 2022
remittance.

Fitch's analysis reflects a 26% stress to YE 2019 NOI to account
for hotel sector volatility and reflects a stressed value of
$148,200 per key.

The next largest contributor to losses is the Hilton Garden Inn Las
Colinas loan (1.9%), which is secured by a 173-room hotel located
in Irving, TX. The hotel has exhibited a slow recovery out of the
pandemic with revenue breaking even with expenses. The hotel has
historically generated a significant portion of revenue from
commercial and corporate demand which has been disproportionately
affected by the pandemic. Although YE 2021 occupancy improved to
43% from 26% at YE 2020, NOI continues to languish, posting an NOI
DSCR of 0.07x at YE 2021 compared to -0.15x at YE 2020.

The December 2021 STR reported TTM occupancy, ADR, and RevPAR of
51.3%, $100, and $51 respectively, an improvement from the same
period in 2020 with reported occupancy, ADR and RevPAR of 26.0%,
$116, and $30. Performance remains below figures from 2019 when
occupancy, ADR, and RevPAR were 67.7%, $139, and $94.

The above loans driving the largest contribution to losses are not
cross collateralized and cross defaulted but share the same
sponsorship. The sponsor has remained current with the Hilton
Garden Inn Las Colinas loan, but has been previously delinquent on
payment with the Marriott Hanover loan. As of the April 2022
payment date, both loans remain current.

Credit Opinion Loans: Three loans, representing 20.8% of the pool,
had investment-grade credit opinions at issuance. 350 Bush Street
(9.6% of the pool) had an investment-grade credit opinion of 'A-sf'
on a standalone basis, Newport Corporate Center (7.1% of the pool)
had an investment-grade credit opinion of 'BBB-sf' on a standalone
basis, and ILPT Hawaii Portfolio (3.8% of the pool) had an
investment-grade credit opinion of 'BBBsf*' on a standalone basis.
Based on collateral quality and continued stable performance, the
loans remain consistent with a credit opinion loan.

Limited Change in Credit Enhancement (CE): The CE has increased
slightly since issuance due to amortization, with 0.89% of the
original pool balance repaid. No losses have been realized losses
to date and loans within the pool are defeased. Interest shortfalls
are currently affecting the non-rated class H. Twenty loans (67.5%)
are full-term interest-only (IO), six loans (11.3%) are in their
partial IO period and the remaining 30 loans (21.2%) are
amortizing.

Alternative Loss Consideration: Fitch applied an additional
sensitivity scenario on the Great Wolf Lodge Southern California
loan to reflect hotel sector volatility and the unique asset type
which includes lodging and waterpark components. However, the
additional sensitivity losses did not impact the overall
stabilization of pool performance and revision of Outlooks to
Stable.

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.


BANK 2022-BNK41: Fitch Assigns 'B-' Rating on 2 Cert. Classes
-------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
BANK 2022-BNK41, commercial mortgage pass-through certificates,
series 2022-BNK41, as follows:

-- $13,400,000 class A-1 'AAAsf'; Outlook Stable;

-- $18,700,000 class A-SB 'AAAsf'; Outlook Stable;

-- $335,000,000a class A-3 'AAAsf'; Outlook Stable;

-- $0b class A-3-1 'AAAsf'; Outlook Stable;

-- $0bc class A-3-X1 'AAAsf'; Outlook Stable;

-- $0b class A-3-2 'AAAsf'; Outlook Stable;

-- $0bc class A-3-X2 'AAAsf'; Outlook Stable;

-- $410,830,000a class A-4 'AAAsf'; Outlook Stable;

-- $0b class A-4-1 'AAAsf'; Outlook Stable;

-- $0bc class A-4-X1 'AAAsf'; Outlook Stable;

-- $0b class A-4-2 'AAAsf'; Outlook Stable;

-- $0bc class A-4-X2 'AAAsf'; Outlook Stable;

-- $130,581,000 class A-S 'AAAsf'; Outlook Stable;

-- $0b class A-S-1 'AAAsf'; Outlook Stable;

-- $0bc class A-S-X1 'AAAsf'; Outlook Stable;

-- $0b class A-S-2 'AAAsf'; Outlook Stable;

-- $0bc class A-S-X2 'AAAsf'; Outlook Stable;

-- $43,064,000 class B 'AA-sf'; Outlook Stable;

--$0b class B-1 'AA-sf'; Outlook Stable;

-- $0bc class B-X1 'AA-sf'; Outlook Stable;

-- $0b class B-2 'AA-sf'; Outlook Stable;

-- $0bc class B-X2 'AA-sf'; Outlook Stable;

-- $43,064,000 class C 'A-sf'; Outlook Stable;

-- $0b class C-1 'A-sf'; Outlook Stable;

-- $0bc class C-X1 'A-sf'; Outlook Stable;

-- $0b class C-2 'A-sf'; Outlook Stable;

-- $0bc class C-X2 'A-sf'; Outlook Stable;

-- $47,231,000cd class X-D 'BBB-sf'; Outlook Stable;

-- $22,227,000cd class X-F 'BB-sf'; Outlook Stable;

-- $11,113,000cd class X-G 'B-sf'; Outlook Stable;

-- $26,394,000d class D 'BBBsf'; Outlook Stable;

-- $20,837,000d class E 'BBB-sf'; Outlook Stable;

-- $22,227,000d class F 'BB-sf'; Outlook Stable;

-- $11,113,000d class G 'B-sf'; Outlook Stable.

Fitch does not rate the following classes:

-- $36,118,611cd class X-H;

-- $36,118,611d class H;

-- $58,490,980e class RR Interest.

Fitch has withdrawn the expected ratings for classes X-A and X-B
because the classes were removed from the final deal structure. The
classes above reflect the final ratings and deal structure.

a. Since Fitch published its expected ratings on April 18, 2022,
the balances for classes A-3 and A-4 were finalized. At the time
the expected ratings were published, the initial certificate
balances of classes A-3 and A-4 were expected to be $745,830,000 in
the aggregate, subject to a 5% variance. The classes above reflect
the final ratings and deal structure.

b. Exchangeable Certificates. Class A-3, A-4, A-S, B and C
certificates are exchangeable certificates. Each class of
exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the corresponding
classes of exchangeable certificates.

Class A-3 may be surrendered (or received) for the received (or
surrendered) classes A-3-1 and A-3-X1. Class A-3 may be surrendered
(or received) for the received (or surrendered) classes A-3-2 and
A-3-X2. Class A-4 may be surrendered (or received) for the received
(or surrendered) classes A-4-1 and A-4-X1. Class A-4 may be
surrendered (or received) for the received (or surrendered) classes
A-4-2 and A-4-X2. Class A-S may be surrendered (or received) for
the received (or surrendered) classes A-S-1 and A-S-X1. Class A-S
may be surrendered (or received) for the received (or surrendered)
classes A-S-2 and A-S-X2.

Class B may be surrendered (or received) for the received (or
surrendered) classes B-1 and B-X1. Class B may be surrendered (or
received) for the received (or surrendered) classes B-2 and B-X2.
Class C may be surrendered (or received) for the received (or
surrendered) classes C-1 and C-X1. Class C may be surrendered (or
received) for the received (or surrendered) classes C-2 and C-X2.

c. Notional amount and IO.

d. Privately placed and pursuant to Rule 144A.

e. Represents the "eligible vertical interest" comprising 5.0% of
the pool.

   DEBT         RATING                     PRIOR
   ----         ------                     -----
BANK 2022-BNK41

A-1            LT AAAsf     New Rating    AAA(EXP)sf
A-3            LT AAAsf     New Rating    AAA(EXP)sf
A-3-1          LT AAAsf     New Rating    AAA(EXP)sf
A-3-2          LT AAAsf     New Rating    AAA(EXP)sf
A-3-X1         LT AAAsf     New Rating    AAA(EXP)sf
A-3-X2         LT AAAsf     New Rating    AAA(EXP)sf
A-4            LT AAAsf     New Rating    AAA(EXP)sf
A-4-1          LT AAAsf     New Rating    AAA(EXP)sf
A-4-2          LT AAAsf     New Rating    AAA(EXP)sf
A-4-X1         LT AAAsf     New Rating    AAA(EXP)sf
A-4-X2         LT AAAsf     New Rating    AAA(EXP)sf
A-S            LT AAAsf     New Rating    AAA(EXP)sf
A-S-1          LT AAAsf     New Rating    AAA(EXP)sf
A-S-2          LT AAAsf     New Rating    AAA(EXP)sf
A-S-X1         LT AAAsf     New Rating    AAA(EXP)sf
A-S-X2         LT AAAsf     New Rating    AAA(EXP)sf
A-SB           LT AAAsf     New Rating    AAA(EXP)sf
B              LT AA-sf     New Rating    AA-(EXP)sf
B-1            LT AA-sf     New Rating    AA-(EXP)sf
B-2            LT AA-sf     New Rating    AA-(EXP)sf
B-X1           LT AA-sf     New Rating    AA-(EXP)sf
B-X2           LT AA-sf     New Rating    AA-(EXP)sf
C              LT A-sf      New Rating    A-(EXP)sf
C-1            LT A-sf      New Rating    A-(EXP)sf
C-2            LT A-sf      New Rating    A-(EXP)sf
C-X1           LT A-sf      New Rating    A-(EXP)sf
C-X2           LT A-sf      New Rating    A-(EXP)sf
D              LT BBBsf     New Rating    BBB(EXP)sf
E              LT BBB-sf    New Rating    BBB-(EXP)sf
F              LT BB-sf     New Rating    BB-(EXP)sf
G              LT B-sf      New Rating    B-(EXP)sf
H              LT NRsf      New Rating    NR(EXP)sf
RR Interest    LT NRsf      New Rating    NR(EXP)sf
X-A            LT WDsf      Withdrawn     AAA(EXP)sf
X-B            LT WDsf      Withdrawn     AA-(EXP)sf
X-D            LT BBB-sf    New Rating    BBB-(EXP)sf
X-F            LT BB-sf     New Rating    BB-(EXP)sf
X-G            LT B-sf      New Rating    B-(EXP)sf
X-H            LT NRsf      New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 69 loans secured by 141
commercial properties having an aggregate principal balance of
$1,169,819,591 as of the cut-off date. The loans were contributed
to the trust by Bank of America, National Association, Wells Fargo
Bank National Association, Morgan Stanley Mortgage Capital Holdings
LLC, and National Cooperative Bank, N.A. The Master Servicer is
expected to be Wells Fargo Bank, National Association and National
Cooperative Bank, N.A. The Special Servicer is expected to be
Rialto Capital Advisors, LLC and National Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 36.2% of the properties
by balance, cash flow analyses of 87.4% of the pool and asset
summary reviews on 100% of the pool.

Fitch has withdrawn the expected ratings for classes X-A and X-B
because the classes were removed from the final deal structure. The
classes above reflect the final ratings and deal structure.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: This transaction's
leverage is lower than that of other multiborrower transactions
recently rated by Fitch. The pool's Fitch debt service coverage
ratio (DSCR) of 1.72x is higher than the 2022 YTD and 2021 averages
of 1.36x and 1.38x, respectively. Additionally, the pool's Fitch
loan to value (LTV) ratio of 94.1% is below the 2022 YTD and the
2021 averages of 101.3% and 103.3%, respectively. Excluding the
co-operative (co-op) and the credit opinion loans, the pool's DSCR
and LTV are 1.24x and 110.7%, respectively. The 2022 YTD and 2021
averages excluding credit opinions and co-op loans are 1.28x/109.6%
and 1.30x/110.5%, respectively.

Investment-Grade Credit Opinions and Co-Op Loans: The pool includes
four loans, representing 18.1% of the pool, that received
investment-grade credit opinions, which is in line with the 2022
YTD average of 17.6% and below the 2021 average of 13.3%.
Constitution Center (9.4% of the pool) received a credit opinion of
'A-sf', 601 Lexington Avenue (5.6% of the pool) received a credit
opinion of 'BBB-sf', Journal Squared Tower 2 (2.0% of the pool)
received a credit opinion of 'BBB-sf', and ILPT Logistics Portfolio
(1.0% of the pool) received a credit opinion of 'BBB-sf'.

The pool contains a total of 26 loans, representing 10.8% of the
pool, that are secured by residential co-ops and exhibit leverage
characteristics significantly lower than typical conduit loans. The
weighted average Fitch DSCR and LTV for the co-op loans are 5.54x
and 29.9%, respectively.

Higher Pool Concentration: The pool's 10 largest loans represent
58.2% of its cutoff balance, which is above the 2022 YTD and 2021
averages of 53.1% and 51.2%, respectively. The pool's Loan
Concentration Index (LCI) is 422, higher than the 2022 YTD and 2021
averages of 397 and 381, respectively.

Limited Amortization: Based on the scheduled loan balances at
maturity, the pool is scheduled to pay down only 3.0%, which is
below the respective 2022 YTD and 2021 averages of 3.7% and 4.8%.
Thirty-nine loans representing 80.4% of the pool are full-term IO,
and an additional four loans representing 8.6% of the pool are
partial IO. The percentage of full-term IO loans is significantly
higher than the 2022 YTD and 2021 averages of 77.9% and 70.5%,
respectively.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Similarly, 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 clash flow (NCF):

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

-- 10% NCF Decline: 'AA-sf'/'A-sf'/'BBBsf'/'BBB-
    sf'/'BBsf'/'CCCsf'/ 'CCCsf';

-- 20% NCF Decline: 'A-sf'/'BBBsf'/'BB+sf'/'B+sf'/'CCCsf
    '/'CCCsf'/'CCCsf';

-- 30% NCF Decline: 'BBBsf'/'BB+sf'/'B-
    sf'/'CCCsf'/'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 list below indicates the model implied rating sensitivity to
changes in one variable, Fitch NCF:

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

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

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 Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

DATA ADEQUACY

Fitch received information in accordance with its published
criteria, available at www.fitchratings.com. Sufficient data,
including asset summaries, three years of property financials, when
available, and third-party reports on the properties were received
from the issuer. Ongoing performance monitoring, including data
provided, is described in the Surveillance section of the presale.

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.


BENCHMARK 2018-B5: Fitch Affirms 'B-' Rating on Class X-A Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes and revised two Rating
Outlooks of Benchmark 2018-B5 Mortgage Trust Commercial Mortgage
Pass-Through Certificates.

   DEBT            RATING                  PRIOR
   ----            ------                  -----
Benchmark 2018-B5

A-1 08160BAA2     LT AAAsf     Affirmed    AAAsf
A-2 08160BAD6     LT AAAsf     Affirmed    AAAsf
A-3 08160BAC8     LT AAAsf     Affirmed    AAAsf
A-4 08160BAB0     LT AAAsf     Affirmed    AAAsf
A-S 08160BAH7     LT AAAsf     Affirmed    AAAsf
A-SB 08160BAE4    LT AAAsf     Affirmed    AAAsf
B 08160BAJ3       LT AA-sf     Affirmed    AA-sf
C 08160BAK0       LT A-sf      Affirmed    A-sf
D 08160BAL8       LT BBBsf     Affirmed    BBBsf
E-RR 08160BAQ7    LT BBB-sf    Affirmed    BBB-sf
F-RR 08160BAS3    LT BB-sf     Affirmed    BB-sf
G-RR 08160BAU8    LT B-sf      Affirmed    B-sf
X-A 08160BAF1     LT AAAsf     Affirmed    AAAsf
X-B 08160BAG9     LT AA-sf     Affirmed    AA-sf
X-D 08160BAN4     LT BBBsf     Affirmed    BBBsf

KEY RATING DRIVERS

Stable Loss Expectations: Overall pool performance and loss
expectations have remained stable since Fitch's prior rating
action. Seven loans (16.8% of the pool) have been designated as
Fitch Loans of Concern (FLOCs), including two specially serviced
loans (6.9%).

Fitch's current ratings incorporates a base case loss of 3.875%.
The Outlook revision to Stable from Negative on classes F-RR and
G-RR reflects performance stabilization of properties that had been
impacted by the pandemic.

Loans in Special Servicing: The largest specially serviced loan is
the NY & CT NNN Portfolio loan (5.6%), which is secured by a
cross-collateralized and cross-defaulted portfolio of six
single-tenant retail properties and three unanchored retail
properties located in New York City and its surrounding suburbs.
Approximately 83% of the total portfolio square footage is leased
by creditworthy tenants, including seven bank branch locations for
TD Bank, Bank of America and Chase bank, one Walgreens pharmacy and
one CVS pharmacy. The portfolio has remained 100% leased since
issuance.

The loan had been in and out of payment default in 2019, and
transferred to special servicing in December 2019 for payment
default and default of cash management provisions. Protracted
negotiations have been resolved with a reinstatement agreement
finalized in December 2021. According to the special servicer, the
loan is expected to return to the master servicer in May 2022.

The second loan in special servicing is Valley Mack Plaza (1.3%),
secured by 126,493 square feet (sf) of a 505,329-sf community
shopping center located in Sacramento, CA. The property has
experienced performance declines as a result of the pandemic
including the departure of large non-collateral anchor tenants.
While the collateral occupancy has remained at 100% since issuance,
net operating income (NOI) has significantly declined since the
start of the pandemic with NOI DSCR falling to 1.05x as of year to
date (YTD) June 2021 from 1.14x at YE 2020 and 1.67x at YE 2019.

The loan transferred to special servicing in June 2020 for payment
default. Per servicer commentary, the sponsor and the special
servicer have recently come to a forbearance agreement, however
details were not provided. The loan status reports as less than one
- month delinquent as of the April 2022 payment date.

Minimal Change in Credit Enhancement (CE): As of the April 2022
distribution date, the pool's aggregate balance has paid down by
1.5% to $1.023 billion from $1.039 billion at issuance. No loans
have been paid off or defeased. There have been no realized losses
to date and $256,092 of interest shortfalls are affecting the
non-rated class NR-RR. Twenty-four loans (63.8%), including 11 of
the top 15 loans, are full-term interest-only and 18 loans (20%)
are partial interest-only. Loan maturities are concentrated in 2028
(79.0%), with 19.0% in 2023 and 2.0% in 2027.

Credit Opinion Loans: Five loans totaling 27.9% of the pool had
investment-grade credit opinions on a standalone basis at issuance:
Aventura Mall (10.1%) received a credit opinion 'Asf*' on a
standalone basis, eBay North First Commons (5.0%) received a credit
opinion of 'BBB-sf' on a standalone basis, Workspace (4.9%)
received a credit opinion of 'Asf*' on a standalone basis, Aon
Center (4.2%) received a standalone credit opinion of 'BBB-sf' and
181 Fremont Street (3.9%) received a standalone credit opinion of
'BBB-sf. The loans continue to exhibit performance consistent with
credit opinion loans.

RATING SENSITIVITIES

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

Factors that lead to downgrades include an increase in pool level
losses from underperforming or the transfer of loans to special
servicing. Downgrades of classes A-1, A-2, A-3, A-4, A-SB, X-A,
A-S, B, and X-B are not considered likely due to the position in
the capital structure, but may occur if interest shortfalls occur.
Downgrades of classes C, D, X-D, and E-RR would occur should
expected losses for the pool increase substantially. Downgrades to
classes F-RR and G-RR would occur should loss expectations increase
as a result of the performance of the FLOCs, 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:

Factors that lead to upgrades would include stable to improved
asset performance, coupled with pay down and/or defeasance.
Upgrades of classes B, X-B and C would only occur with significant
improvement in CE and/or defeasance and with the stabilization of
performance on the FLOCs, particularly the NY & CT NNN Portfolio.

Upgrades to classes D, X-D and E would consider 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 classes E-RR, F-RR and G-RR 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
pandemic return to pre-pandemic levels, and if there is sufficient
CE, which would likely occur when class NR-RR is not eroded and the
senior classes payoff.

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.

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.


BENCHMARK 2019-B11: Fitch Affirms 'B-' Rating on 2 Cert. Classes
----------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of Benchmark 2019-B11
Mortgage Trust commercial mortgage pass-through certificates,
series 2019-B11. In addition, Fitch has revised the Rating Outlooks
on classes E, F, X-D and X-F to Stable from Negative.

   DEBT           RATING                    PRIOR
   ----           ------                    -----
Benchmark 2019-B11

A-1 08162BBA9    LT AAAsf     Affirmed     AAAsf
A-2 08162BBB7    LT AAAsf     Affirmed     AAAsf
A-3 08162BBC5    LT AAAsf     Affirmed     AAAsf
A-4 08162BBD3    LT AAAsf     Affirmed     AAAsf
A-5 08162BBE1    LT AAAsf     Affirmed     AAAsf
A-S 08162BBJ0    LT AAAsf     Affirmed     AAAsf
A-SB 08162BBF8   LT AAAsf     Affirmed     AAAsf
B 08162BBK7      LT AA-sf     Affirmed     AA-sf
C 08162BBL5      LT A-sf      Affirmed     A-sf
D 08162BAJ1      LT BBBsf     Affirmed    BBBsf
E 08162BAL6      LT BBB-sf    Affirmed    BBB-sf
F 08162BAN2      LT BB-sf     Affirmed    BB-sf
G 08162BAQ5      LT B-sf      Affirmed    B-sf
X-A 08162BBG6    LT AAAsf     Affirmed    AAAsf
X-B 08162BBH4    LT A-sf      Affirmed    A-sf
X-D 08162BAA0    LT BBB-sf    Affirmed    BBB-sf
X-F 08162BAC6    LT BB-sf     Affirmed    BB-sf
X-G 08162BAE2    LT B-sf      Affirmed    B-sf

KEY RATING DRIVERS

Stable Loss Expectations: Overall pool performance and loss
expectations have remained stable since Fitch's prior rating
action. There are nine Fitch Loans of Concern (FLOCs; 21.7% of
pool), including two specially serviced loans (2.9%). Fitch's
current ratings incorporate a base case loss of 3.90%. Losses could
reach 4.40% when factoring an additional stress on two hotel loans
to account for the ongoing business disruption as a result of the
pandemic.

The Outlook revision to Stable from Negative on classes E, F, X-D
and X-F reflects performance stabilization of properties that had
been affected by the pandemic. The Negative Outlook on classes G
and X-G, which was previously assigned for additional
coronavirus-related stresses applied on hotel, retail and
multifamily loans, is maintained to reflect performance concerns on
the 57 East 11th Street and specially serviced Greenleaf at Howell
loans.

The largest contributor to overall loss expectations is the
Greenleaf at Howell loan (2.4%), which is secured by a 227,045-sf
retail center located adjacent to the heavily trafficked retail
corridor of Route 9 in Howell, NJ. The loan transferred to special
servicing in September 2020 for imminent monetary default due to
the coronavirus pandemic and was over 90 days delinquent as of
April 2022. The special servicer is dual tracking the loan, while
negotiations for a potential modification continue.

The property is anchored by BJ'S Wholesale Club (39.6% of NRA
leased through January 2035) and major tenants include LA Fitness
(16.2%; May 2030) and Five Star Climbzone (11.2%; June 2029). Per
media reports, the XScape Cinemas (24.8% of NRA) movie theater at
the property permanently closed due to the pandemic in fall 2020,
ahead of its scheduled April 2031 lease expiration. The tenant
previously represented approximately 35% of total base rents as of
the December 2020 rent roll.

Occupancy was 74.1% as of December 2021, compared with 75% in
December 2020 and 100% in December 2019. Fitch's loss expectation
reflects a stressed value of approximately $119 psf and is based on
a discount to the servicer-provided August 2021 appraisal.

The largest increase in loss since the prior rating action is the
57 East 11th Street loan (1.8%), which is secured by a
single-tenant, mixed use property located in Manhattan that is 100%
occupied by WeWork on a lease through October 2034. YE 2021 NOI
declined 46% from YE 2020. WeWork's lease was modified in June
2021, whereby the rent was reduced by approximately 17% since
issuance. The lease modification also included rent abatements and
rent credits for the months of August through November 2021. The
abatements/credits burned off in December 2021, and WeWork's full
rent payment became effective in January 2022.

Given the decline in income due to the lease modification, the loan
is being monitored due to an active cash trap and lockbox, as well
as low DSCR. Fitch's base case loss of 13% reflects a 20% haircut
applied to the YE 2020 NOI to reflect the single tenant exposure to
WeWork and coworking volatility.

Minimal Change to Credit Enhancement: As of the April 2022
distribution date, the pool's aggregate principal balance has paid
down by 0.6% to $1.092 billion from $1.099 billion at issuance.
There are 23 full-term, interest-only loans (77.3% of pool), and
three loans (4.1%) still have a partial interest-only component
during their remaining loan term, compared with nine loans (10.5%)
at issuance. From securitization to maturity, the pool is projected
to pay down by only 3.5%.

Coronavirus Exposure: Loans secured by retail, hotel and
multifamily properties represent 5.9% (six loans), 14.9% (six
loans) and 14.4% (nine loans) of the pool, respectively. Fitch
applied an additional stress to the pre-pandemic cash flows for two
hotel loans (6%) given significant pandemic-related 2020 NOI
declines. These additional stresses contributed to the Negative
Outlooks.

Credit Opinion Loans: Five loans representing 28.5% of the pool
received investment-grade credit opinions on a standalone basis at
issuance. ILPT Hawaii Portfolio (7.1% of the pool) received a
credit opinion of 'BBBsf*' on a standalone basis. 3 Columbus Circle
(9.2%), 101 California (4.6%), Moffett Towers II - Building 5
(3.9%) and Newport Corporate Center (3.7%) each received standalone
credit opinions of 'BBB-sf*'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Sensitivity factors that could lead to downgrades include an
increase in pool-level losses from underperforming or specially
serviced loans. Downgrades to classes A-1, A-2, A-3, A-4, A-5,
A-SB, A-S, X-A and B are not considered likely due to their
position in the capital structure but may occur should interest
shortfalls affect these classes. Downgrades to classes C, X-B, D
and X-D may occur should expected losses for the pool increase
substantially, all of the loans susceptible to the coronavirus
pandemic suffer losses, particularly the Greenleaf at Howell, SWVP
Portfolio and Arbor Hotel Portfolio loans, which would erode credit
enhancement.

Downgrades to classes E, F, G, X-F and X-G would occur should
overall pool loss expectations increase from continued performance
decline of the FLOCs, loans susceptible to the pandemic not
stabilize, additional loans default or transfer to special
servicing and/or higher losses incur on the specially serviced
loans than expected.

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, particularly on the FLOCs,
coupled with paydown and/or defeasance. Upgrades to classes B, C,
and X-B may occur with significant improvement in CE and/or
defeasance, and with the stabilization of performance on the FLOCs
and/or the properties affected by the coronavirus pandemic,
including the Greenleaf at Howell, SWVP Portfolio and Arbor Hotel
Portfolio loans.

Upgrades to classes D, E, and X-D would also consider 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 classes F, G, X-F and X-G are not
likely unless resolution of the specially serviced loans is better
than expected and performance of the remaining pool is stable,
and/or properties vulnerable to the pandemic return to pre-pandemic
levels 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.


BENCHMARK 2021-B25: DBRS Confirms BB(low) Rating on 300P-D Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Amazon Seattle Loan-Specific Certificates issued by Benchmark
2021-B25 Mortgage Trust:

-- Class 300P-A at AA (low) (sf)
-- Class 300P-B at A (low) (sf)
-- Class 300P-C at BBB (low) (sf)
-- Class 300P-D at BB (low) (sf)
-- Class 300P-E at B (high) (sf)
-- Class 300P-RR at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the loan, which is consistent with DBRS Morningstar's expectations
at issuance. The Amazon Seattle Loan-Specific Certificates are
secured by the fee-simple interest in Amazon Seattle as well as its
leasehold interest under a parking lease covering certain spaces at
an adjacent parking garage. Amazon Seattle is a newly redeveloped
Class A office building in the heart of the Seattle central
business district and is composed of approximately 680,00 square
feet (sf) of office space and 94,000 sf of retail space. The $455
million whole loan is composed of $234.9 million of senior A notes,
one junior B note of $155.1 million (the Amazon Seattle Trust
Subordinate Companion Loan), and a mezzanine loan of $65 million.
The Amazon Loan-Specific Certificates will total $155.1 million and
will be collateralized by only the Amazon Seattle Trust Subordinate
Companion Loan. The Amazon Seattle loan is structured with an
anticipated repayment date in April 2030 and a final maturity date
in May 2033.

The property was originally constructed in 1929 as the flagship
location of prominent Seattle-based department store The Bon
Marché and has since been granted landmark status by the city of
Seattle. The building continued to function in the same capacity as
the Macy's building until 2017 when the property's seller began a
three-phase, comprehensive transformation to convert it into office
space for Amazon. The previous owner completed Phase I and II of
the reposition with $160.0 million invested in new build-out,
building infrastructure, and amenity enhancements. Phase III, the
final phase of the repositioning project, which entails Amazon's
final expansion and conversion, was scheduled to be completed in
August 2021. The total cost of the project was estimated to be more
than $225.0 million with Amazon reportedly contributing an
additional $250 per sf on its overall space. DBRS Morningstar has
received confirmation from the servicer that Phase III has been
completed and all of Amazon's space delivered.

According to the September 2021 rent roll, the property was 91.5%
occupied with Amazon occupying 84.8% of the net rentable area.
Despite the disruptions surrounding the Coronavirus Disease
(COVID-19) pandemic and resulting government restrictions, the
collateral has been largely unaffected. However, recent news
articles have reported spikes in violent crime in the downtown
Seattle area, particularly on the blocks surrounding the property,
which have resulted in Amazon's permitting employees to work from
home until the situation improves. Amazon has also reportedly
offered alternative office space elsewhere for its employees.
Amazon's triple net lease extends through May 2033 with three
five-year renewal options available. There are no future
termination options or outs in the lease. The DBRS Morningstar net
cash flow of $24.9 million gives straight-line credit to Amazon's
rent over the loan term given its consideration as a long-term
credit tenant.

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



BENCHMARK 2022-B34: DBRS Gives Prov. B Rating on Class G Certs
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-B34 to
be issued by Benchmark 2022-B34 Mortgage Trust:

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

All trends are Stable.

Classes A-3, X-B, X-D, X-F, X-G, X-H, D, E, F, G, H, S, and R will
be privately placed. The VRR Interest Certficates will not be
offered.

DBRS Morningstar analyzed the conduit pool to determine the
ratings, reflecting the long-term probability of loan default
within the term and its liquidity at maturity. The trust's
collateral consists of 37 fixed-rate loans secured by 102
commercial and multifamily properties with an aggregate cut-off
date balance of $914.8 million. Two loans, representing 18.6% of
the pool, are shadow-rated investment grade by DBRS Morningstar.
When the cut-off balances were measured against the DBRS
Morningstar net cash flow (NCF) and their respective actual
constants, the initial DBRS Morningstar weighted-average (WA) debt
service coverage ratio (DSCR) of the pool was 2.21 times (x). The
WA DBRS Morningstar Issuance loan-to-value ratio (LTV) of the pool
at issuance was 58.1%, and the pool is scheduled to amortize down
to a DBRS Morningstar Balloon WA LTV of 55.5% at maturity. These
credit metrics are based on the A note balances. Excluding the
shadow-rated loans, the deal still exhibits a favorable WA DBRS
Morningstar Issuance LTV of 61.7% and WA DBRS Morningstar Balloon
LTV of 58.5%. The pool additionally includes three loans,
representing 10.1% of the allocated pool balance, that exhibit an
issuance DBRS Morningstar LTV in excess of 67.1%, a threshold
generally indicative of above-average default frequency.

The transaction has a sequential-pay pass-through structure.

Eight loans, representing 42.2% of the pool, are in areas
identified as DBRS Morningstar Market Ranks 7 or 8, which are
generally characterized as highly dense urbanized areas that
benefit from increased liquidity driven by consistently strong
investor demand, even during times of economic stress. Urban
markets represented in the deal include New York and Los Angeles.
Furthermore, 13 loans, representing 48.3% of the pool balance, have
collateral in MSA Group 3, which represents the best-performing
group in terms of historical CMBS default rates among the top 25
MSAs.

Two of the loans (18.6% of the pool) - 601 Lexington Avenue and One
Wilshire - exhibited credit characteristics consistent with
investment-grade shadow ratings. 601 Lexington Avenue has credit
characteristics consistent with an "A" shadow rating while One
Wilshire exhibits credit characteristics consistent with a BBB
shadow rating.

Fourteen loans, representing a combined 34.4% of the pool by
allocated loan amount (ALA), exhibit issuance LTVs of less than
59.3%, a threshold historically indicative of relatively
low-leverage financing and generally associated with below-average
default frequency. Even with the exclusion of the shadow-rated
loans representing 18.6% of the pool, the transaction exhibits a
favorable WA DBRS Morningstar Issuance LTV of 61.7%.

Term default risk is low, as indicated by a strong DBRS Morningstar
DSCR of 2.21x. Even with the exclusion of the shadow-rated loans,
the deal exhibits a very favorable DBRS Morningstar DSCR of 1.94x.

Nine loans, representing 38.7% of the pool balance, received a
property quality assessment of Average + or better, including three
loans, representing 12.5% of the pool, deemed to have Above Average
quality. It is noted that only one loan had a property quality
score of Average – and it accounts for 3.3% of the pool balance.

Three loans, representing 27.9% of the pool, were classified by
DBRS Morningstar as having Strong sponsorship strength.
Furthermore, DBRS Morningstar identified no loans with sponsorship
strength below Average.

The pool has a relatively high concentration of loans secured by
office and retail properties, with 25 loans representing 78.0% of
the pool balance. The ongoing Coronavirus Disease (COVID-19)
pandemic continues to pose challenges globally, and the future
demand for office and retail space is uncertain, with many store
closures and companies filing for bankruptcy, downsizing, or
extending their remote-working strategy. Two of the 15 office
loans, 601 Lexington Avenue and One Wilshire, which represent 18.6%
of the total pool, are shadow-rated investment grade by DBRS
Morningstar. Furthermore, six of the office loans, representing
39.2% of the total pool, are located in DBRS Morningstar Market
Ranks 7 and 8, which represent the lowest historical commercial
mortgage-backed securities (CMBS) probability of default (POD) and
loss severity given default (LGD). The office and retail properties
exhibit a favorable WA DBRS Morningstar DSCRs of 2.37x.
Additionally, both property types exhibit favorable WA DBRS
Morningstar Issuance and Balloon LTVs of 57.5% and 55.1%,
respectively. Three office properties in the transaction,
representing 27.9% of the total pool balance, have a DBRS
Morningstar sponsorship strength of Strong. Seven office and retail
properties in the transaction, representing 35.5% of the total pool
balance, have Above Average or Average + property quality.

Twenty-four loans, representing 76.4% of the pool balance, are
structured with full-term interest-only (IO) periods. An additional
seven loans, representing 13.7% of the pool balance, are structured
with partial IO terms ranging from 12 to 60 months. Loans that are
full-term IO do not benefit from amortization. Of the 24 loans
structured with full-term IO periods, nine loans, representing
43.7% of the pool by ALA, are in areas with DBRS Morningstar Market
Ranks of 6 or higher with 41.4% of those in DBRS Morningstar Market
Ranks of 7 or 8. These urban markets benefit from increased
liquidity even during times of economic stress. Two of the loans,
601 Lexington and One Wilshire, representing 18.6% of the total
pool balance, are shadow-rated investment grade by DBRS
Morningstar. The full-term IO loans are effectively pre-amortized,
as evidenced by the low WA DBRS Morningstar Issuance LTV of only
55.6% for this concentration of loans.

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



BLACKROCK ELBERT V: S&P Assigns BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the replacement class
A-1-R, A-F-R, B-R, C-R, D-R, and E-R notes and A-RL loans and new
class X-R notes from Blackrock Elbert CLO V LLC, a CLO originally
issued in December 2020 that is managed by BlackRock Capital
Investment Advisors LLC.

On the May 12, 2022, refinancing date, the proceeds from the
replacement debt were used to redeem the original debt. At that
time, S&P withdrew its ratings on the original debt and assigned
ratings to the replacement debt.

The replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement debt. According to the
supplemental indenture:

-- The replacement class A-1-R, B-R, C-R, D-R, and E-R notes and
A-RL loans were issued at a floating spread over the three-month
term secured overnight financing rate (SOFR).

-- The replacement class A-F-R notes were issued at a fixed
coupon.

-- The stated maturity and reinvestment period were extended by
2.5 years.

-- The original reinvestment overcollateralization test was
removed in connection with this refinancing.

New class X-R notes were issued in connection with this
refinancing. These notes are expected to be paid down using
interest proceeds during the reinvestment period beginning with the
payment date in December 2022.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Blackrock Elbert CLO V LLC

  Class X-R, $4.0 million: AAA (sf)
  Class A-1-R, $130.0 million: AAA (sf)
  Class A-RL, $40.0 million: AAA (sf)
  Class A-F-R, $60.0 million: AAA (sf)
  Class B-R, $42.0 million: AA (sf)
  Class C-R (deferrable), $32.0 million: A (sf)
  Class D-R (deferrable), $24.0 million: BBB- (sf)
  Class E-R (deferrable), $24.0 million: BB- (sf)
  Subordinated notes, $50.6 million: Not rated

  Ratings Withdrawn

  Blackrock Elbert CLO V LLC

  Class A-1 to not rated from 'AAA (sf)'
  Class A-L to not rated from 'AAA (sf)'
  Class A-2 to not rated from 'AAA (sf)'
  Class B to not rated from 'AA (sf)'
  Class C (deferrable) to not rated from 'A (sf)'
  Class D (deferrable) to not rated from 'BBB- (sf)'
  Class E (deferrable) to not rated from 'BB- (sf)'



BPR 2022-SSP: Moody's Assigns (P)Ba3 Rating to Cl. HRR Certs
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to seven
classes of CMBS securities, to be issued by BPR 2022-SSP,
Commercial Mortgage Pass-Through Certificates, Series 2022-SSP:

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

Cl. X-CP*, 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)Ba2 (sf)

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

* Reflects interest-only classes

RATINGS RATIONALE

The certificates are collateralized by a single floating-rate loan
backed by a first-lien mortgage on the borrower's fee simple
interest in The Streets at Southpoint Mall (the "Property") located
in Durham, NC. The collateral consists of a 615,792 square foot
("SF") component of a 1.34 million SF super-regional shopping
center and open-air lifestyle center built on a 159.2-acre parcel
of land. Moody's ratings are based on the credit quality of the
loans and the strength of the securitization structure.

Moody's approach to rating this transaction involved the
application of both Moody's Large Loan and Single Asset/Single
Borrower Commercial Mortgage-Backed Securitization methodology and
Moody's IO Rating 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 Streets at Southpoint is well located in North Carolina's
Triangle region,  which includes the Durham-Chapel Hill and
Raleigh-Cary metro areas. The region is anchored by three key
educational institutions: North Carolina State University, UNC
Chapel Hill, and Duke University. These premier universities
provide research and a recruiting base for many of the companies
located in Research Triangle Park (6.5 miles east of the Property),
which is home to various Fortune 500 Companies including IBM,
Cisco, Walmart, Fidelity Investments, Amazon, and is a major
economic engine for the area. In addition, Apple's has planned a
$1.0B, 281-acre campus that will house 3,000 employees at the
Research Triangle Park and Google is launching an engineering hub
in Durham and expects to employ 1,000 engineers at that location.

The Property benefits from strong demographics in its primary
(10-mile) and secondary (25-mile) trade areas. Per the appraisal,
2021 median household incomes within a 5-, 10- and 25-mile radius
of the property were $76,820, $77,661, and $78,979, respectively,
pointing to healthy levels of disposable income. The appraisal also
states 2021 population in a 5-, 10- and 25-mile radius from the
property as 118,597, 483,591, and 1,595,124 respectively.
Population growth through 2026 is estimated at 1.9% annually at the
aforementioned radii, greater than the county (1.6%) and the state
(1.1%) as a whole. The growth bodes well for future demand at the
property.

Non-collateral area consists of anchor tenants Macy's (180,000 SF),
Belk (179,729 SF), Nordstorm (144,000 SF), JCPenney (102,654 SF),
and a vacant anchor box formerly occupied by Sears (119,964 SF).

Collateral area contains a mix of over 135 shops, restaurants and
entertainment experiences throughout both the enclosed and open-air
lifestyle areas of the site.  Key retailers include an AMC IMAX
theater (57,934 SF, 9.4% of collateral NRA, 6.4% of base rent), the
local area's only Crate & Barrel (25,000 SF, 4.1% of collateral
NRA, 2.5% of base rent), Apple (9,150 SF, 1.5% of collateral NRA,
1.9% of base rent), and Lululemon Athletica (7,220 SF, 1.2% of
collateral NRA, 1.7% of base rent).

As of March 2022, the collateral component of the mall reported an
occupancy rate of 97.7% (inclusive of SNO tenants). The collateral
property has a six-year average historical occupancy rate of 97.0%.
In terms of in-line space, the property has a six-year average
historical occupancy rate of 95.3%.

In terms of store performance, reported sales for in-line retailers
averaged $574 PSF (excluding Apple) during the February 2022 TTM
period, reflecting an occupancy cost ratio of 14.2%. In-line sales
are up 57.3% from the 2020 sales figure of $365 PSF (22.0% occ.
cost), and up 1.8% from the pre-pandemic 2019 sales figure of $564
PSF (15.2% occ. cost). Tenants over 10,000 SF experienced a similar
return to pre-pandemic level with a reported sales average of $339
PSF (13.2% occ. cost) as of the February 2022 TTM, up 43.6% from
the 2020 sales of $236 PSF (16.8% occ. cost), and up 1.8% from
pre-pandemic 2019 sales of $333 PSF (13.9% occupancy cost).

The Property has benefited from continued tenant investment. AMC
IMAX completed an approximately $4.0 million renovation in 2019
that converted the location to a luxury soft seating location and
added alcohol sales. Other recent additions to the property include
an expansion of the Altar'd State, conversion of Peloton from a
kiosk location to a permanent store, Apple's 2021 opening of its
new state-of-the-art store, and Lululemon Athletica's expansion
that opened in the fall of 2021. Also of note, non-collateral space
has also been improved as Nordstrom completed an approximately
$18.0 million renovation in 2019.

The Property is majority owned and controlled, directly or
indirectly, by Brookfield Properties Retail Holding LLC ("BPR" or
"Brookfield"), an entity owned by affiliates of Brookfield Asset
Management, Inc. BPR ranks among the largest retail real estate
companies in the United States, encompassing much of Brookfield
Asset Management's retail portfolio of over 200 retail centers and
representing over 155 million SF of retail space.

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 DSCR is 1.99x and Moody's first mortgage
stressed DSCR at a 9.25% constant is 0.98x. Moody's DSCR is based
on Moody's stabilized net cash flow.

Moody's LTV ratio for the first mortgage balance is 93.4% based on
Moody's Value. Moody's did not adjust Moody's value to reflect the
current interest rate environment as part of Moody's analysis for
this transaction.

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 property's quality
grade is 1.75.

Notable strengths of the transaction include the Property's
dominant position in a strong market, affluent resident base with
positive demographics trends, strong rebound in sales to
pre-pandemic levels, consistently high NOI margins and occupancy,
recent renovations, future densification potential, and
institutional sponsorship with retail experience.

Notable concerns of the transaction include the effects of the
coronavirus pandemic, tenant rollover, cash out, floating-rate and
interest-only mortgage loan profile, lack of collateral
diversification, and certain credit negative legal features

The principal methodology used in rating all classes except
interest-only classes 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.

Moody's analysis considers the following inputs to calculate the
proposed IO rating based on the published methodology: original and
current bond ratings and credit estimates; original and current
bond balances grossed up for losses for all bonds the IO(s)
reference(s) within the transaction; and IO type corresponding to
an IO type as defined in the published methodology.

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

The action has considered how the coronavirus pandemic has reshaped
the US economic environment and the way its aftershocks will
continue to reverberate and influence the performance of retail
properties. Moody's expect the public health situation to improve
as vaccinations against COVID-19 increase and societies continue to
adapt to new protocols. Still, the exit from the pandemic will
likely be bumpy and unpredictable and economic prospects will
vary.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.


BRAVO RESIDENTIAL 2022-NQM1: DBRS Gives Prov. B(high) on B2 Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2022-NQM1 (the Notes) to be issued by
BRAVO Residential Funding Trust 2022-NQM1:

-- $281.2 million Class A-1 at AAA (sf)
-- $17.2 million Class A-2 at AA (high) (sf)
-- $23.1 million Class A-3 at A (high) (sf)
-- $15.4 million Class M-1 at BBB (high) (sf)
-- $10.6 million Class B-1 at BB (high) (sf)
-- $6.5 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 24.05% of
credit enhancement provided by subordinate certificates. The AA
(high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B
(high) (sf) ratings reflect 19.40%, 13.15%, 9.00%, 6.15%, and 4.40%
of credit enhancement, respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate prime and nonprime first-lien residential mortgages
funded by the issuance of the Notes. The Notes are backed by 792
loans with a total principal balance of approximately $370,301,909
as of the Cut-Off Date (January 31, 2022).

The top originators for the mortgage pool are Acra Lending,
formally known as Citadel Servicing Corporation (Acra; 50.3%),
OCMBC, Inc. doing business as LoanStream Mortgage (LoanStream;
26.4%), and First Guaranty Mortgage Corporation (FGMC; 14.1%). The
remaining originators each comprise less than 10.0% of the mortgage
loans. The Servicers of the loans are Citadel Servicing Corporation
doing business as Acra Lending (CSC; 50.4%) and Rushmore Loan
Management Services LLC (Rushmore; 49.6%). The CSC-serviced
mortgage loans will generally be subserviced by ServiceMac, LLC
(ServiceMac), under a subservicing agreement dated September 18,
2020.

Nationstar Mortgage LLC (Nationstar) will act as a Master Servicer.
Citibank, N.A. (rated AA (low) with a Stable trend by DBRS
Morningstar), an affiliate of Citigroup Inc., will act as Indenture
Trustee, Paying Agent, Note Registrar, and Owner Trustee.
Computershare Trust Company, N.A. (rated BBB with a Stable trend by
DBRS Morningstar) will act as Custodian.

The pool is about 10 months seasoned on a weighted average (WA)
basis, although seasoning may span five to 58 months. Except for 16
loans (1.5% of the pool) that were 30 to 59 days delinquent as of
the Cut-Off Date, the loans have been performing since
origination.

In accordance with the Consumer Financial Protection Bureau (CFPB)
Qualified Mortgage (QM) rules, 63.5% of the loans by balance are
designated as non-QM. Approximately 36.5% of the loans in the pool
made to investors for business purposes are exempt from the CFPB
Ability-to-Repay (ATR) and QM rules.

There will be no advancing of delinquent principal or interest on
any mortgage loan by the servicers or any other party to the
transaction; however, each servicer is obligated to make advances
in respect of taxes and insurance, the cost of preservation,
restoration, and protection of mortgaged properties and any
enforcement or judicial proceedings, including foreclosures and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain an eligible horizontal residual
interest in the Issuer consisting of the Class B-3 and Class XS
Notes in the amount of not less than 5.0% of the aggregate fair
value of the Notes (other than the Class SA, Class FB, and Class R
Notes) to satisfy the credit risk-retention requirements under
Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

The holder of the Trust Certificates may, at its option, on or
after the earlier of (1) the payment date in February 2025 or (2)
the date on which the total loans' and real estate owned (REO)
properties' balance falls to or below 30% of the loan balance as of
the Cut-Off Date (Optional Termination Date), purchase all of the
loans and REO properties at the optional termination price
described in the transaction documents.

The Depositor, at its option, may purchase any mortgage loan that
is 90 days or more delinquent under the Mortgage Banker Association
(MBA) method (or in the case of any loan that has been subject to a
Coronavirus Disease (COVID-19) pandemic-related forbearance plan,
on any date from and after the date on which such loan becomes 90
days MBA delinquent following the end of the forbearance period) at
the repurchase price (Optional Purchase) described in the
transaction documents. The total balance of such loans purchased by
the Depositor will not exceed 10% of the Cut-Off Date balance.

The transaction's cash flow structure is similar to that of other
non-QM securitizations. The transaction employs a sequential-pay
cash flow structure with a pro rata principal distribution among
the senior tranches subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Credit Event). Principal proceeds can be used to cover
interest shortfalls on the Class A-1 and Class A-2 Notes (IIPP)
before being applied sequentially to amortize the balances of the
senior and subordinated notes. For the Class A-3 Notes (only after
a Credit Event) and for the mezzanine and subordinate classes of
notes (both before and after a Credit Event), principal proceeds
will be available to cover interest shortfalls only after the more
senior notes have been paid off in full. Also, the excess spread
can be used to cover realized losses first before being allocated
to unpaid Cap Carryover Amounts due to Class A-1 down to Class
A-3.

Coronavirus 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
residential mortgage-backed securities (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 forebear 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, 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 forbearance
periods come to an end for many borrowers.

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



BSST 2021-1818: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-1818
issued by BSST 2021-1818 Mortgage Trust:

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

All trends are Stable. DBRS Morningstar discontinued the rating for
Class X-CP as the class will no longer receive interest
distributions following the March 2022 remittance.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. The transaction is collateralized by
the borrower's fee-simple and leasehold interest in a Class A
office and retail building, 1818 Market Street, in the Market
Street West submarket of Philadelphia. DBRS Morningstar notes the
subject transaction benefits from the collateral property's
desirable location and the improvements and significant capital
invested by the loan sponsor, Shorenstein Realty Investors Eleven,
L.P., which acquired the property in 2015. Since the sponsor's
acquisition, more than $90 million has been invested in property
upgrades, tenant improvements, and other leasing costs.
Improvements included lobby upgrades, elevator and facade
renovations, and renovations to the property's fitness and
conference centers. The subject transaction resulted in a $43.9
million cash out to the sponsor, and the DBRS Morningstar
loan-to-value ratio is high at 117.9%; however, DBRS Morningstar
notes mitigating factors such as the limited rollover over the loan
term, a healthy DBRS Morningstar debt service coverage ratio (DSCR)
of 1.61 times (x), and below-market rents for many tenants at the
property.

The Market Street West submarket remains one of the most desirable
office submarkets in Philadelphia because of its high-quality
office buildings and increasing demand with a limited new supply.
According to Reis Q4 2021 data, the Center City submarket reported
an overall vacancy rate of 9.1% with an average asking rent of
$32.77 per square foot (psf) and effective rent of $25.91 psf.

As of the September 2021 rent roll, the property was 83% occupied,
with the top five tenants having a weighted-average (WA) lease term
of 10.7 years, as compared with the WA lease term of 7.5 years for
the property as a whole. No tenant at the property occupies more
than 10% of total net rentable area (NRA). The largest tenant is
WSFS Bank, which occupies 9.7% of the total NRA and accounts for
8.9% of the DBRS Morningstar-adjusted total base rent. WSFS Bank
acquired the space following its acquisition of Beneficial Bank.
The Q3 2021 DSCR was reported at 1.32x, compared with the DBRS
Morningstar DSCR of 1.61x. The low DSCR is driven by a rent
deduction from two tenants as well as reduced parking income in
2021. The decline is deemed to be temporary given the impact of the
Coronavirus Disease (COVID-19) pandemic.

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



BSST 2021-SSCP: DBRS Confirms B(low) Rating on Class G Certs
------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2021-SSCP issued by BSST
2021-SSCP Mortgage Trust (BSST 2021-SSCP) as follows:

-- Class A at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (low) (sf)
-- Class D at A (low) (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 a deal that is very early in its
life cycle with limited reporting and no changes to the underlying
performance since issuance.

The collateral consists of a portfolio of 32 industrial/logistics
properties and one laboratory property across 11 states recently
acquired by a joint venture (JV) between Raith Capital Partners,
LLC (Raith) and Equity Industrial Partners (EIP). In addition to
$238 million in loan proceeds, the sponsors contributed
approximately $79.4 million in cash equity to fund the acquisition,
fund upfront reserves, and pay transaction closing costs.

The deal closed in April 2021 and there has been little updated
financial reporting since then. As of September 2021, the portfolio
was 98.0% occupied, which is up from the issuance occupancy rate of
92.8%. This figure includes two properties in the portfolio that
are fully leased but currently dark: 6400 Mississippi Street in
Merrillville, Indiana (Schilli Distribution Services, Inc. is the
single tenant) and 18501 Northstar Court in Tinley Park, Illinois
(Nestle Prepared Foods is the single tenant). The tenants at both
properties remain current on their rent. The majority of the
portfolio's scheduled term rollover is concentrated in 2022 and
2023, with leases representing 16% of the NRA (15.5% of base rent)
scheduled to expire in each year. The tenant roster is diverse,
considering the size of the portfolio, and portfolio occupancy has
remained above 94% over the past five years.

The portfolio comprises primarily newer, single-tenant industrial
assets located in secondary markets. It has a weighted-average year
built of 2005. DBRS Morningstar continues to take a favorable view
of the long-term growth and stability of the warehouse and
logistics sector, given the sustained reliance on and growing
demand for e-commerce and home delivery services, and maintains a
positive outlook for the ongoing performance and liquidity
available to industrial properties.

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



BUSINESS JET 2022-1: S&P Assigns BB (sf) Rating on Class C Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 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.

On the closing date, the note proceeds, together with the proceeds
of the subordinated notes issuance, will be used to acquire the
receivables and aircraft interests and ownership from the
originators and to redeem the Business Jet Securities 2019-1 LLC
issuance in full.

The 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.

The key changes since S&P assigned preliminary ratings to the notes
on May 4, 2022, are as follows:

-- The net cash flows attributable to the pool realized from the
cut-off date (Feb. 28, 2022) through May 4, 2022, are $22.451
million; and on the closing date, the amount will be deposited into
the collection account together with any net cash flows
attributable to the pool realized thereafter through the closing
date.

-- One of the jets on an operating lease scheduled to expire later
this year was sold when the lessee exercised the purchase option.
The asset formed a small portion of the portfolio. The actual sales
proceeds were higher than our projected values at each assigned
rating level, and therefore, in general, is a credit positive for
the transaction. The proceeds from this sale are included in the
amount stated above.

-- For the purposes of the clauses under events of default
pertaining to the voluntary or involuntary filing of bankruptcy
proceedings by/against the issuer or any member of the issuer
group, the term issuer group will not include Global Jet Capital
Inc. or Global Jet Capital Domestic Tracker L.P., both of which are
not set up as a special-purpose vehicle.

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.

  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)



CARVANA AUTO 2022-N1: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes 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 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 presence of legal opinions, which
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.



CARVANA AUTO 2022-P2: S&P Assigns Prelim BB-(sf) Rating on N Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Carvana Auto
Receivables Trust 2022-P2's asset-backed notes (see list).

The note issuance is an ABS transaction backed by prime auto loan
receivables.

The preliminary ratings are based on information as of May 12,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 14.57%, 11.86%, 9.21%, 6.97%,
and 4.66% credit support for the class A (class A-1, A-2, A-3, and
A-4), B, C, D, and N notes, respectively, based on stressed
break-even cash flow scenarios (including excess spread). These
credit support levels provide approximately 5.00x, 4.00x, 3.00x,
2.00x, and 1.43x coverage of S&P's expected net loss range of
2.50%-3.00% for the class A, B, C, D, and N notes, respectively.

-- The timely interest and principal payments by the legal final
maturity dates made under stressed cash flow modeling scenarios
that S&P deems appropriate for the assigned preliminary ratings.

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x S&P's expected loss level), all else being equal, its
ratings will be within the credit stability limits specified by
section A.4 of the Appendix contained in S&P Global Rating
Definitions.

-- The collateral characteristics of the prime pool being
securitized, including a weighted average nonzero FICO score of
approximately 704 and a minimum nonzero FICO score of 574.

-- The loss performance of Carvana LLC's origination static pools
and managed portfolio, its deal-level collateral characteristics,
and a comparison with its prime auto finance company peers.

-- The transaction's credit enhancement in the form of
subordinated notes; a nonamortizing reserve account;
overcollateralization, which builds to a target level of 1.35% of
the initial receivables balance; and excess spread.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

-- The transaction's payment and legal structures.

  Preliminary Ratings(i) Assigned

  Carvana Auto Receivables Trust 2022-P2

  Class A-1, $82.00 million(ii): A-1+ (sf)
  Class A-2, $185.50 million(ii): AAA (sf)
  Class A-3, $185.50 million(ii): AAA (sf)
  Class A-4, $97.55 million(ii): AAA (sf)
  Class B, $18.45 million(ii): AA (sf)
  Class C, $17.55 million(ii): A (sf)
  Class D, $18.45 million(ii): BBB (sf)
  Class N(iii), $10.59 million(ii): BB- (sf)

(i)The transaction will issue class XS notes, which are unrated and
may be retained or sold in one or more private placements.

(ii)The actual size of these tranches will be determined on the
pricing date.

(iii)The class N notes will be paid to the extent funds are
available after the overcollateralization target is achieved, and
they will not provide any enhancement to the senior classes.



CASCADE FUNDING 2022-RM4: DBRS Gives Prov. B Rating on M5 Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Asset-Backed Notes, Series 2022-RM4 to be issued by Cascade Funding
Mortgage Trust 2022-RM4 (the Issuer):

-- $74.8 million Class A at AAA (sf)
-- $27.1 million Class M-1 at AA (low) (sf)
-- $19.9 million Class M-2 at A (low) (sf)
-- $18.9 million Class M-3 at BBB (low) (sf)
-- $18.9 million Class M-4 at BB (low) (sf)
-- $12.8 million Class M-5 at B (sf)

The AAA (sf) rating reflects 69.6% of credit enhancement. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (sf)
ratings reflect 58.6%, 50.5%, 42.8%, 35.1%, and 29.9% of credit
enhancement, respectively.

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

Lenders typically offer reverse mortgage loans to people who are at
least 62 years old. Through reverse mortgage loans, borrowers have
access to home equity through a lump sum amount or a stream of
payments without periodically repaying principal or interest,
allowing the loan balance to accumulate over a period of time until
a maturity event occurs. Loan repayment is required (1) if the
borrower dies, (2) if the borrower sells the related residence, (3)
if the borrower no longer occupies the related residence for a
period (usually a year), (4) if it is no longer the borrower's
primary residence, (5) if a tax or insurance default occurs, or (6)
if the borrower fails to properly maintain the related residence.
In addition, borrowers must be current on any homeowner's
association dues if applicable. Reverse mortgages are typically
nonrecourse; borrowers don't have to provide additional assets in
cases where the outstanding loan amount exceeds the property's
value (the crossover point). As a result, liquidation proceeds will
fall below the loan amount in cases where the outstanding balance
reaches the crossover point, contributing to higher loss severities
for these loans.

As of the February 28, 2022, cut-off date, the collateral has
approximately $246.0 million in unpaid principal balance from 270
active and non-active reverse mortgage loans secured by first liens
typically on single-family residential properties, condominiums,
multifamily (two- to four-family) properties, manufactured homes,
and planned-unit developments. The loans were originated between
1997 and 2017. Of the total loans, 53 have a fixed interest rate
(24.9% of the balance), with a 9.01% weighted-average coupon (WAC).
The remaining 193 loans are floating-rate interest (75.1% of the
balance) with a 4.06% WAC, bringing the entire collateral pool to a
5.29% WAC.

The transaction uses a sequential structure. No subordinate note
shall receive any principal payments until the senior notes (the
Class A Notes) have been reduced to zero. This structure provides
credit enhancement in the form of subordinate classes and reduces
the effect of realized losses. These features increase the
likelihood that holders of the most senior class of notes will
receive regular distributions of interest and/or principal. All
note classes have coupon caps at 2%.

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



CIFC FUNDING 2022-III: Moody's Assigns Ba3 Rating to Class E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued and one class of loans incurred by CIFC Funding
2022-III, Ltd. (the "issuer").

Moody's rating action is as follows:  

US$215,000,000 Class A Senior Secured Floating Rate Notes due 2035,
Assigned Aaa (sf)

US$41,000,000 Class A-L Loans maturing 2035, Assigned Aaa (sf)

US$16,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2035, Assigned Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Debt."  The Class A-L Loans may not be exchanged or
converted into notes at any time.

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

CIFC Funding 2022-III, Ltd. is a managed cash flow CLO. The issued
debt will be collateralized primarily by broadly syndicated loans.
At least 90.0% of the portfolio must consist of senior secured
loans and eligible investments, and up to 10.0% of the portfolio
may consist of assets that are not senior secured loans or eligible
Investments. The portfolio is approximately 95% ramped as of the
closing date.

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

In addition to the Rated Debt, the Issuer issued three classes of
secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $400,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2885

Weighted Average Spread (WAS): SOFR+3.50%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 47%

Weighted Average Life (WAL): 8.0
   

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


CIFC FUNDING 2022-IV: Fitch Gives 'BB(EXP)' Rating on Class E Debt
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
CIFC Funding 2022-IV, Ltd.

   DEBT                  RATING
   ----                  ------
CIFC Funding 2022-IV, Ltd.

A-1                   LT  AAA(EXP)sf    Expected Rating
A-2                   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  BB(EXP)sf     Expected Rating
F                     LT  NR(EXP)sf     Expected Rating
Subordinated Notes    LT  NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

CIFC Funding 2022-IV, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by CIFC
Asset Management LLC. Net proceeds from the issuance of the secured
notes and subordinated notes will provide financing on a portfolio
of approximately $500.0 million of primarily first lien senior
secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. Issuers rated in the 'B' rating category denote a
highly speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard U.S. CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
99.7% first-lien senior secured loans and has a weighted average
recovery assumption of 75.53%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39.0% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, class A-1, A-2, B, C, D
and E notes can withstand default rates of up to 61.8%, 58.3%,
54.8%, 48.6%, 41.7% and 36.3%, assuming recoveries of 37.5%, 37.5%,
46.7%, 56.0%, 65.4% and 70.5% in Fitch's 'AAAsf', 'AAAsf', 'AAsf',
'Asf', 'BBB-sf' and 'BBsf' scenarios, respectively.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics. The results under these sensitivity scenarios are between
'BBB+sf' and 'AAAsf' for class A-1, between 'BBB+sf' and 'AAAsf'
for class A-2, between 'BB+sf' and 'AAsf' for class B, between
'B+sf' and 'A+sf' for class C, between less than 'B-sf' and
'BBB+sf' for class D, and between 'BB+sf' and less than 'B-sf' for
class E.

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

Upgrade scenarios are not applicable to the class A-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'.

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; results under these sensitivity scenarios are 'AAAsf' for
class B notes, between 'A+sf' and 'AA+sf' for class C notes, 'A+sf'
for class D notes, and between 'BBB+sf' and 'A-sf' for class E
notes.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


CIFC FUNDING 2022-IV: Moody's Assigns (P)B3 Rating to Class F Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by CIFC Funding 2022-IV, Ltd. (the
"Issuer" or "CIFC Funding 2022-IV ").

Moody's rating action is as follows:

US$300,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

US$1,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2035, Assigned (P)B3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

CIFC Funding 2022-IV is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans and eligible investments, and up to
10.0% of the portfolio may consist of assets that are not senior
secured loans or eligible investments. Moody's expect the portfolio
to be approximately 90% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer will issue five other
classes of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3260

Weighted Average Spread (WAS): 3mS+3.50%

Weighted Average Coupon (WAC): 6.0%

Weighted Average Recovery Rate (WARR): 47.50%

Weighted Average Life (WAL): 8.12 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


CMLS ISSUER 2014-1: DBRS Confirms B Rating on Class G Certs
-----------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-1 issued by CMLS Issuer
Corp., Series 2014-1 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class B at AA (sf)
-- Class C at AA (low) (sf)
-- Class X at AA (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (sf)
-- Class G at B (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction. As of the March 2022 remittance, 25 of the
original 37 loans remain in the pool, with a total collateral
reduction of 36.4% since issuance. All of the remaining loans in
the pool amortize for the entire loan term, which will further
reduce the trust balance over the remaining life of the deal. There
are some noteworthy performance declines for a few loans in the
pool, however. As of the March 2021 remittance, there are a total
of six loans, representing 21.7% of the current trust balance, on
the servicer's watchlist and no loans in special servicing. The
watchlisted loans are generally being monitored for low debt
service coverage ratios (DSCRs) and occupancy issues. DBRS
Morningstar notes that, while two of the loans were being monitored
prior to the outbreak of the Coronavirus Disease (COVID-19)
pandemic and continue to report significantly declined performance
from issuance, most of the watchlisted loans are showing
improvements in performance, and two of the six loans are expected
to come off the watchlist in the near term. Additionally, four of
the watchlisted loans are full recourse to the respective
borrowers, and a fifth includes partial recourse provisions.

The transaction is highly concentrated by property type as 12
loans, representing 40.5% of the current trust balance, are secured
by retail collateral; mixed-use properties back the second-largest
concentration of loans, with three loans representing 17.5% of the
current trust balance. Although the coronavirus pandemic has
brought challenges for retailers, particularly those struggling
prior to the pandemic, the subject transaction's exposure to the
specific retail property types and tenants that have been the most
stressed is generally minimal.

DBRS Morningstar's primary concern for this pool is the Spring
Garden Place loan (Prospectus ID#5, 6.3% of the pool), the largest
loan on the servicer's watchlist. The loan is secured by a
mixed-use (office and retail) building located in Halifax.
Performance has been down since 2017, when the loan was originally
added to the servicer's watchlist for a low DSCR. In addition to
tenant exits, there has also been a significant downsize for the
largest tenant at issuance, the Bank of Nova Scotia (rated AA with
a Stable trend by DBRS Morningstar), which reduced its footprint to
5.3% of the net rentable area (NRA) from 24.1% NRA at issuance in
2019. The servicer most recently reported an occupancy rate of
74.1% as of March 2021, up from a low of 54.3% at YE2018, but still
well below the occupancy rate at issuance of 98.2%. The servicer
reported a YE2020 DSCR of 0.27 times (x), up from the YE2019 DSCR
of 0.22x, but still well below breakeven.

The servicer states the cash flow declines are a combination of the
occupancy declines and high maintenance costs for the property. The
loan has remained current throughout the years since the DSCR fell
below breakeven, with deferred amounts due as part of a short-term
forbearance granted in 2020 now fully repaid. The loan is
nonrecourse, a factor that combines with the low in-place cash
flows to suggest significantly increased risks from issuance. DBRS
Morningstar notes the rated Certificates remain well insulated
given that the unrated Class H balance of $5.3 million remains
intact from issuance with no losses to the trust to date.

Notes: All figures are in Canadian dollars unless otherwise noted.



COLT 2022-5: Fitch Gives B(EXP) Rating on Class B2 Certs
--------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates to be issued by COLT 2022-5 Mortgage Loan Trust (COLT
2022-5).

   DEBT                  RATING
   ----                  ------
COLT 2022-5

A1      LT AAA(EXP)sf    Expected Rating
A2      LT AA(EXP)sf     Expected Rating
A3      LT A(EXP)sf      Expected Rating
M1      LT BBB(EXP)sf    Expected Rating
B1      LT BB(EXP)sf     Expected Rating
B2      LT B(EXP)sf      Expected Rating
B3      LT NR(EXP)sf     Expected Rating
AIOS    LT NR(EXP)sf     Expected Rating
X       LT NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

The certificates are supported by 1,256 loans with a total balance
of approximately $613 million as of the cutoff date. Loans in the
pool were originated by multiple originators and aggregated by
Hudson Americas L.P. All loans are currently, or will be, serviced
by Select Portfolio Servicing, Inc.

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 9.4% below 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.

Non-QM Credit Quality (Negative): The collateral consists of 1,256
loans, totaling $613 million and seasoned approximately five months
in aggregate (calculated as the difference between origination date
and cutoff date). The borrowers have a moderate credit profile -
735 model FICO and 45% model debt-to-income ratio (DTI) - and
leverage - 81.0% sustainable loan-to-value ratio (sLTV) and 74.1%
combined LTV (cLTV). The pool consists of 43.9% of loans where the
borrower maintains a primary residence, while 52.2% comprise an
investor property. Additionally, 47.8% are non-qualified mortgage
(non-QM); the QM rule does not apply to the remainder.

Fitch's expected loss in the 'AAAsf' stress is 27%. This is mostly
driven by the non-QM collateral and the significant investor cash
flow product concentration.

Loan Documentation (Negative): Approximately 88.3% of the loans in
the pool were underwritten to less than full documentation, and 38%
were underwritten to a 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
Consumer Financial Protections Bureau's (CFPB) Ability to Repay
(ATR) Rule (the Rule), which reduces the risk of borrower default
arising from lack of affordability, misrepresentation or other
operational quality risks due to rigor of the Rule's mandates with
respect to the underwriting and documentation of the borrower's
ATR.

Fitch's treatment of alternative loan documentation increased the
'AAAsf' expected loss by 706bps relative to a fully documented
loan.

High Percentage of DSCR Loans (Negative): There are 812 debt
service coverage ratio (DSCR) product loans in the pool (65% by
loan count). These loans are available to real estate investors
that are qualified on a cash flow basis, rather than DTI, and
borrower income and employment are not verified. For DSCR loans,
Fitch converts the DSCR values to a DTI and treats as low
documentation. Additionally, two loans were commercial investor
loans underwritten under a no-ratio basis.

Fitch's expected loss for these loans is 38% in the 'AAAsf' stress,
which is driving the higher pool expected losses due to the 48%
concentration.

Modified Sequential-Payment Structure with Limited Advancing
(Mixed): The structure distributes principal pro rata among the
senior certificates while shutting out the subordinate bonds from
principal until all senior classes are reduced to zero. If a
cumulative loss trigger event, delinquency trigger event or credit
enhancement trigger event occurs in a given period, principal will
be distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero.

Advances of delinquent principal and interest (P&I) will be made on
the mortgage loans for the first 180 days of delinquency, to the
extent such advances are deemed recoverable. If the P&I advancing
party fails to make a required advance, the master servicer and
then securities administrator will be obligated to make such
advance.

The limited advancing reduces loss severities, as a lower amount is
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, as there is limited liquidity in the event of
large and extended delinquencies.

COLT 2022-5 has a step-up coupon for class A-1. After April 2026,
class A-1 pays the lesser of a 100-bp increase to the fixed A-1
coupon or the net weighted average coupon (WAC) rate. Fitch expects
class A-1 to be capped by the net WAC. Additionally, after the
step-up date, the unrated class B-3 interest allocation goes toward
any unpaid cap carryover for the class A-1 interest for as long as
class A-1 is outstanding and all A-1 cap carry over is zero. This
increases the P&I allocation for the A-1 class. Due to the limited
difference between the A-1 coupon and the net WAC, Fitch expects
this to be an immaterial increase.

RATING SENSITIVITIES

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

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

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 41.6% 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's incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analysis was conducted at the state and national level
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.

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'.

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 AMC, Clayton, Covius and Recovco. The third-party due
diligence described in Form 15E focused on credit, compliance and
property valuation review. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment(s)
to its analysis: a 5% credit at the loan level for each loan where
satisfactory due diligence was completed. This adjustment resulted
in a 45bps reduction to the 'AAAsf' expected loss.

DATA ADEQUACY

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 data layout format.

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.


COMM 2012-LTRT: S&P Affirms CCC (sf) Rating on Class X-B Notes
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from COMM 2012-LTRT,
a U.S. CMBS transaction. At the same time, S&P affirmed its ratings
on three other classes from the same transaction.

This U.S. CMBS transaction is backed by two uncrossed mortgage
loans, each secured by a regional mall property.

Rating Actions

S&P said, "The downgrades of the class A-2, B, C, and D
certificates, and affirmations of the class A-1 and E certificates
reflect our re-evaluation of the two regional malls that secure the
two uncrossed mortgage loans in the transaction: Westroads Mall
($115.3 million; 54.3% of the pooled trust balance) and The Oaks
Mall ($96.9 million; 45.7%). Our analysis includes a review of the
two malls' most recent available performance data provided by the
servicer and our assessment that the borrowers may not be able to
refinance the loans by their October 2022 maturity dates.

"Our expected-case valuation, in aggregate, remains unchanged from
our last review in July 2021, which was down 27.5% from our July
2020 review and 47.6% from issuance. In our last review, we lowered
our aggregated net cash flow (NCF) by 27.4% to account for the
decline in reported performance due primarily to the negative
impact of the COVID-19 pandemic. Although the 2021
servicer-reported NCFs for both malls increased from 2020, they are
still below the pre-COVID-19 pandemic levels."

S&P tempered its downgrades on the class A-2, C, and D
certificates, and affirmed its rating on class A-1 certificates,
even though the model-indicated ratings were lower than the
classes' current or revised rating levels, because S&P weighed
certain qualitative considerations, including:

-- The significant market value decline that would be needed
before these classes experience losses;

-- The liquidity support provided in the form of servicer
advancing; and

-- The relative position of the classes in the payment waterfall.

S&P said, "We lowered our rating on the class X-A interest-only
(IO) certificates and affirmed our rating on the class X-B IO
certificates based on our criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than the
lowest-rated referenced class. The class X-A's notional balance
references classes A-1 and A-2, while class X-B references classes
B, C, D, and E.

"The ratings affirmation on the class E certificates reflects our
view that, based on an S&P Global Ratings' loan-to-value (LTV)
ratio of over 100% on The Oaks Mall loan, the class E certificates
are more susceptible to reduced liquidity support, and the risk of
default and loss have increased due to current market conditions.

"We affirmed our rating on the class A-1 certificates because the
balance has been paid down 94.1% since issuance and we expect that,
if the borrowers continue to remit their respective loan's monthly
principal amortization payments (over $475,000 per month), we
expect the class A-1 to fully repay in about five months.

"While both loans have reported current payment statuses through
their May 2022 debt service payments, both loans mature on Oct. 1,
2022. We believe that despite the recent improvement in performance
for both properties, one or both loans may have difficulty
refinancing, given the heightened tenant rollover risk at both
properties, the uncertainty as to whether the increase in 2021
servicer-reported NCFs and tenant sales is sustainable, and
lenders' broad reluctance to finance class B malls at present. We
will continue to monitor the malls' reported performance, as well
as the borrowers' ability to pay off the loans upon their upcoming
maturity dates. We may take additional rating actions if either
malls' performance further deteriorates and/or the loans default at
maturity."

Transaction Summary

This is a U.S. large loan transaction backed by two uncrossed
fixed-rate mortgage loans. As of the May 6, 2022, trustee
remittance report, the trust had a balance of $212.3 million, down
from $259.0 million at issuance. The trust has not incurred any
principal losses to date.

S&P's property-level analysis included a re-evaluation of the two
regional malls backing the two loans in the pool using
servicer-provided operating statements from 2019 through 2021, the
most recent available servicer-provided 2021 rent rolls, and 2021
tenant sales reports.

Details on the two loans are as follows:

Westroads Mall loan

The Westroads Mall loan, which is the larger of the two loans, has
a trust balance of $115.3 million (54.3% of the pool balance), down
from $140.7 million at issuance. The loan is secured by the
borrower's fee interest in 540,304 sq. ft. of a 1.1 million-sq.-ft.
regional mall in Omaha, Neb. The loan amortizes on a 30-year
schedule, pays annual fixed interest of 4.295%, and matures on Oct.
1, 2022. The borrower's ownership interest also secures $16.3
million in mezzanine debt.

S&P's property-level analysis considered the decline and subsequent
increase in servicer-reported NCF from 2018 through 2021: down 5.3%
to $15.7 million in 2019, down 20.1% to $12.5 million in 2020, and
up 19.8% to $15.0 million in 2021. The steep decline in 2020 is due
primarily to decreasing base rent revenue and other income
primarily as result of the COVID-19 pandemic. According to the
September 2021 tenant sales report, the in-line sales figure was
$480 per sq. ft., and occupancy cost was 14.7%, as calculated by
S&P Global Ratings. As of the Sept. 30, 2021, rent roll, the
property was 94.4% occupied and the five largest collateral tenants
comprising 43.2% of the net rentable area (NRA) included: Dick's
Sporting Goods (15.6% of NRA; January 2024 lease expiration), AMC
Westroads (13.6%; November 2023), Forever 21 (5.7%; January 2023),
The Container Store (4.7%; February 2027), and H&M (3.4%; January
2025). The mall also includes noncollateral anchors: Von Maur
(179,114 sq. ft.), J.C. Penney (177,223 sq. ft.), and a vacant
anchor space formerly occupied by Younkers (172,699 sq. ft.). The
mall faces elevated tenant rollover in the next three years:
2021/2022 (11.6% of NRA), 2023 (24.6%), and 2024 (20.1%). The
servicer, KeyBank Real Estate Capital (KeyBank), reported a 92.0%
occupancy and 1.63x debt service coverage (DSC) on the trust
balance for the year ended Dec. 31, 2021, compared with 90.6% and
1.51x for year-end 2020.

S&P said, "Our current analysis on the Westroads Mall loan
considered tenant bankruptcies and store closures, and excluded
income from tenants that are no longer listed on the mall directory
website, that have announced store closures or reported weak sales
with upcoming maturities. This resulted in our assumed collateral
occupancy rate of 87.6%. We derived our sustainable NCF of $11.6
million, which is the same as our last review and 29.2% lower than
the 2021 servicer-reported NCF. We then divided our NCF by an S&P
Global Ratings' capitalization rate of 9.00% (unchanged from the
last review), and arrived at our expected-case value of $128.4
million, which is the same as at last review. This yielded an S&P
Global Ratings' LTV ratio of 91.9% and an S&P Global Ratings' DSC
of 1.40x on the trust balance."

The Oaks Mall loan

The Oaks Mall loan, the smallest loan in the pool, has a $96.9
million trust balance, down from $118.3 million at issuance. The
loan is secured by the borrower's fee interest in 581,849 sq. ft.
of a 906,349-sq.-ft. regional mall in Gainesville, Fla. The loan
amortizes on a 30-year schedule, pays a 4.12% annual fixed interest
rate, and matures on Oct. 1, 2022. The borrower's ownership
interest also secures $20.7 million in mezzanine debt.

S&P said, "Our property-level analysis considered the
year-over-year decline in servicer-reported NCF from 2018 through
2020, as well as the increase in 2021: down 18.4% to $10.1 million
in 2019, down 27.2% to $7.3 million in 2020, and up 35.0% to $9.9
million in 2021. We attributed the sharp decline in 2019 and 2020
performance primarily to lower base rent, expense reimbursements
income, and other income. According to the September 2021 tenant
sales report, the in-line sales figure was $315 per sq. ft. and
occupancy cost was 16.0%, as calculated by S&P Global Ratings. As
of the Dec. 31, 2021, rent roll, the property was 94.3% occupied,
and the five largest collateral tenants comprising 50.3% of the NRA
included: J.C. Penney (22.8% of NRA; January 2023 lease
expiration), Belk (17.1%; February 2023), Forever 21 (4.8%; January
2024), H&M (3.9%; January 2026), and Shoe Carnival (1.7%; January
2027). The mall has two noncollateral anchors, Dillard's (188,500
sq. ft.) and UF Health (136,000 sq. ft.). In early 2020, UF Health
took over the space previously occupied by Sears. The mall faces
concentrated tenant rollover in 2022 (9.2% of NRA) and 2023
(24.8%). KeyBank reported a 94.3% occupancy and 1.17x DSC on the
trust balance as of the year ended Dec. 31, 2021, compared with
93.8% and 0.86x for year-end 2020.

"Our current analysis on The Oaks Mall loan considered tenant
bankruptcies and store closures, and excluded income from tenants
that are no longer listed on the mall directory website, and those
that have announced store closures or reported weak sales with
upcoming maturities, such as J.C. Penney (which we consider
vacant). This resulted in our assumed collateral occupancy of
62.1%. We derived our sustainable NCF of $6.9 million, which is the
same as at issuance and down 30.4% from the servicer-reported 2021
NCF. Using an S&P Global Ratings capitalization rate of 9.00%
(unchanged from last review), we arrived at our expected-case value
of $76.7 million, which is the same as at last review. This yielded
an S&P Global Ratings' LTV ratio of 129.4% and an S&P Global
Ratings' DSC of 1.02x on the trust balance."

The recent rapid spread of the 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 Lowered

  COMM 2012-LTRT

  Class A-2 to 'A (sf)' from 'AA (sf)'
  Class B to 'BB (sf)' from 'BBB (sf)'
  Class C to 'B (sf)' from 'BB (sf)'
  Class D to 'B- (sf)' from 'B (sf)'
  Class X-A to 'A (sf)' from 'AA (sf)'

  Ratings Affirmed

  COMM 2012-LTRT

  Class A-1: AA (sf)
  Class E: CCC (sf)
  Class X-B: CCC (sf)



COMM 2013-CCRE6: DBRS Cuts Class F Certs Rating to B(low)
---------------------------------------------------------
BRS, Inc. downgraded three classes of the Commercial Mortgage
Pass-Through Certificates, Series 2013-CCRE6 issued by COMM
2013-CCRE6 Mortgage Trust as follows:

-- Class D to BBB (low) (sf) from BBB (high) (sf)
-- Class E to BB (low) (sf) from BBB (sf)
-- Class F to B (low) (sf) from BB (low) (sf)

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

-- Class A-SB at AAA (sf)
-- Class A-3FL at AAA (sf)
-- Class A-3FX at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (high) (sf)
-- Class C at AA (sf)
-- Class PEZ at AA (sf)

Classes E and F continue to carry Negative trends, and DBRS
Morningstar changed the trend on Class D to Negative from Stable.
All other trends are Stable. The downgrades and Negative trends
largely reflect elevated concerns regarding the second-largest loan
in the pool, The Avenues (Prospectus ID#3, 12.5% of the pool).

According to the March 2022 remittance, 38 of the original 48 loans
remain in the trust with an aggregate balance of $878.1 million,
representing a collateral reduction of 41.2% since issuance. In
addition to the significant paydown since the transaction's
closing, the pool also benefits from nine loans, representing 11.1%
of the pool, that are fully defeased. Ten loans, representing 44.8%
of the pool, are on the servicer's watchlist, including six loans
in the top 15, and one loan, representing 2.1% of the pool, is in
special servicing. Loans backed by retail properties account for
the greatest concentration by property type with 32.6% of the pool,
followed by office properties representing 24.5% of the pool and
hotel properties with 15.6% of the pool. All 38 of the remaining
loans in the pool have scheduled maturity dates between now and
March 2023.

The Avenues loan is on the servicer's watchlist and is secured by a
portion of a 1.1 million-square-foot (sf) (599,030 sf of which is
collateral for the subject loan) regional mall in Jacksonville,
Florida. The mall includes three noncollateral anchors in
Dillard's, Belk, and JCPenney. The collateral anchors are a
larger-than-average Forever 21, which occupies 116,298 sf
(representing 19.4% of the collateral net rentable area (NRA)), and
a vacant former Sears box totaling 121,208 sf (representing 20.2%
of the NRA), which closed in 2019 and has not been backfilled to
date. The servicer is monitoring the loan for the low collateral
occupancy rate, which was reported at 59.7% as of September 2021,
compared with 58.0% at YE2020, but still well below the 91.3% at
issuance. Forever 21's lease expires in 2023, as does the lease of
the second-largest collateral tenant, H&M, which represents 3.1% of
the collateral NRA. The subject is significantly inferior to the
favored mall in the area, St. Johns Town Center, which also secures
commercial mortgage-backed securities debt and is owned by one of
the subject loan sponsors, Simon Property Group (Simon). A DBRS
Morningstar analyst visited both malls in September 2021 and noted
that the subject mall was showing signs of disrepair on the
exterior, particularly in the parking lot and on the facade of the
closed Sears box. In addition, it was noted that the Forever 21
store was obviously far too large for the amount of merchandise on
display, with the former department store box sparsely inventoried
on a square foot basis as compared with the chain's typically much
smaller locations. Overall, the mall interiors were well maintained
and there were a fair number of shoppers in some parts of the mall
during the Saturday afternoon visit, but other areas were largely
vacant. There was also a notable concentration of local and
regional tenants taking up in-line spaces in several areas of the
mall.

Even before the occupancy slides began in the second half of the
loan term, property cash flows were declining, with year-over-year
drops reported for every year since 2015 and the most recent debt
service coverage ratio (DSCR) for a full year was reported at 2.95
times (x) at YE2020. The most recently reported DSCR was 2.59x at
Q3 2021, suggesting these trends have continued amid the rebound
from the Coronavirus Disease (COVID-19) pandemic. The loan was
conservatively structured, with the Issuer's DSCR at 4.02x and the
2013 issuance appraised value suggesting a loan-to-value (LTV) of
45.1% for the fully interest-only (IO) loan. However, DBRS
Morningstar notes the occupancy and cash flow declines, as well as
a diminished investor appetite for this property type and the
subject mall's status as the inferior mall within the Jacksonville
market, all suggest that a sharp value decline from issuance is
likely. In addition, beginning in 2019 Simon recategorized the
subject mall as one of its "Other" assets in the company's
financial reporting, a move that has historically signaled the
possibility that Simon could walk away. At issuance, the loan
sponsorship also included affiliates of CBL & Associates (CBL) and
Teachers' Retirement System of the State of Illinois; however, it
appears that CBL no longer has an interest in the property based on
the company's most recent financial filings. Based on the
likelihood of a significant value decline, this loan was liquidated
from the pool in the analysis for this review, with the projected
loss severity approaching 25%, or $24.6 million.

The largest specially serviced loan is the Embassy Suites Lubbock
(Prospectus ID#18, 2.0% of the pool) and is secured by the
borrower's fee-simple interest in a 156-key full-service hotel in
Lubbock, Texas. Cash flow declines began with the energy market
downturn in 2015, and the loan ultimately transferred to special
servicing in 2020. The current franchise agreement with Hilton
expires at YE2023 and is not expected to be renewed by Hilton,
according to the special servicer. The receiver attempted an
auction sale of the property in December 2021, but the highest bid
failed to meet the receiver's reserve price. The August 2021
appraisal estimated an as-is value of $19.9 million, down
considerably from the issuance appraised value of $31.0 million,
and below the trust exposure as of the March 2022 remittance of
$21.3 million. DBRS Morningstar expects the as-is value could be
even lower given the expectation the property will lose its Hilton
flag next year, so DBRS Morningstar applied a haircut to the 2021
appraisal in the liquidation scenario for this loan to arrive at a
projected loss amount of $15.9 million, which represents a loss
severity approaching 90%.

At issuance, DBRS Morningstar shadow-rated the Federal Center Plaza
loan (Prospectus ID#1, 14.8% of the pool) investment grade based on
the collateral property's desirable location, significant tenant
investment, below-market rents, and added value of the property's
redevelopment parcel. The loan is on the servicer's watchlist for
scheduled lease rollover and occupancy declines from issuance;
however, DBRS Morningstar considered some mitigating factors as
part of the confirmation that the loan's performance remains in
line with the investment-grade shadow rating. The mitigating
factors included the low LTV at issuance of 42.1%, the desirable
location, and the servicer's update which suggested that a
long-term lease with the General Services Administration for a
significant portion of the total NRA is being negotiated.

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



COMM 2013-CCRE8: DBRS Confirms B(high) Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited upgraded its ratings on the following two classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-CCRE8
issued by COMM 2013-CCRE8 Mortgage Trust:

-- Class C to AA (sf) from AA (low) (sf)
-- Class D to A (sf) from BBB (high) (sf)

In addition, DBRS Morningstar confirmed its ratings on the
following classes:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SBFL at AAA (sf)
-- Class A-SBFX at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class E at BB (high) (sf)
-- Class X-C at BB (low) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The rating upgrades are reflective of increased defeasance and
additional principal repayment since DBRS Morningstar's last
review. Since March 2021, defeasance has increased to 30.9% of the
pool balance from 22.3%. In addition, there has been collateral
reduction of $130.8 million over the same period, primarily as a
result of the payoff of two top 10 loans. As of the February 2022
remittance, 48 loans remained within the transaction with a current
trust balance of $872.89 million, reflecting collateral reduction
of 37.0% since issuance. Nineteen loans have defeased, including
four loans within the top 10. One loan, representing 0.9% of the
pool, is in special servicing and 10 loans, representing 41.6% of
the pool, are on the servicer's watchlist. Losses to date total
$4.83 million and have been contained to the nonrated Class G
certificate.

The only specially serviced loan, Georgetown MHC Portfolio
(Prospectus ID#29; 0.9% of the pool), is secured by a 504-pad
manufactured housing portfolio that comprises three properties
within close proximity to each other in Georgetown, Kentucky, which
is approximately 15 miles north of Lexington. The loan originally
transferred to special servicing in March 2014 because of
delinquency and the asset has been real estate owned since April
2016. According to the servicer, the subject had a history of
failing to comply with local regulations surrounding sewage
maintenance after a permit to operate an independent sewage system
expired. This resulted in legal challenges and hindered attempts at
selling the asset. An agreement between the sponsor and the city,
which will allow the subject to connect to the city's main sewage
line, was executed in April 2021. The servicer has noted that the
property was successfully listed for sale and a buyer has been
selected with a purchase and sale agreement currently being
negotiated. An updated appraisal completed in December 2021 valued
the property at $10.2 million, significantly higher than the
October 2019 appraisal value of $4.3 million. Despite the increase
in appraised value, DBRS Morningstar expects a loss severity in
excess of 40% at disposition for this loan.

The largest watchlisted loan, 375 Park Avenue (Prospectus ID#1;
23.9% of the pool), is secured by an 830,928-square-foot 38-storey
Class A trophy office tower. The property is also known as the
Seagram Building and is located in Midtown Manhattan. The property
was more than 90% occupied with more than 59 tenants at issuance;
however, the departure of the largest tenant, Wells Fargo (formerly
30.2% of the net rentable area), in February 2021 pushed occupancy
lower and stressed cash flows. The loan was subsequently added to
the servicer's watchlist in August 2021 because of a decline in
effective gross income and the debt service coverage ratio (DSCR).
According to September 2021 reporting, the property was 68.8%
occupied with a DSCR of 1.27 times (x), compared with 2.25x the
prior year and 3.59x at issuance.

The borrower has noted that it has engaged Jones Lang LaSalle (JLL)
to market the former Wells Fargo space to potential tenants. JLL
reported that it is engaged in early-stage discussions with several
prospective tenants and that its brokers have noted an uptick in
activity related to leasing inquiries and tour activity at the
property. Despite a reduction in operational and financial
performance, DBRS Morningstar notes that performance at the
property is likely to rebound in the near to moderate term given
its desirable location, trophy status, recent leasing interest, and
strong sponsorship.

At issuance, DBRS Morningstar shadow-rated one loan, 375 Park
Avenue, 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 remain consistent with the
investment-grade shadow rating.

DBRS Morningstar materially deviated from its North American CMBS
Insight Model when determining the ratings assigned to Class E and
F as the quantitative results suggested a higher rating. The
material deviation is warranted given the uncertain loan-level
event risk resulting from a concentration of loans secured by
property types that continue to face challenges in terms of
occupancy rates and financial performance, including office,
retail, and lodging properties.

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



COMM 2014-CCRE14: Moody's Lowers Rating on Class F Certs to C
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on ten classes
and downgraded the ratings on two classes in COMM 2014-CCRE14
Mortgage Trust, Commercial Pass-Through Certificates, Series
2014-CCRE14 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 9, 2020 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Jul 9, 2020 Affirmed A3
(sf)

Cl. D, Affirmed Ba2 (sf); previously on Jul 9, 2020 Downgraded to
Ba2 (sf)

Cl. E, Downgraded to Caa2 (sf); previously on Jul 9, 2020
Downgraded to Caa1 (sf)

Cl. F, Downgraded to C (sf); previously on Jul 9, 2020 Confirmed at
Caa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jul 9, 2020 Affirmed Aaa
(sf)

Cl. PEZ**, Affirmed Aa3 (sf); previously on Jul 9, 2020 Affirmed
Aa3 (sf)

* Reflects interest-only classes

** Reflects exchangeable classes

RATINGS RATIONALE

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

The ratings on two P&I classes were downgraded due to a decline in
pool performance driven primarily by higher anticipated losses from
specially serviced and troubled loans as well as an increased in
realized losses due to a previously liquidated loan. The largest
specially serviced loan, 175 West Jackson (3.8% of the pool), has
had a decline in net operating income (NOI) since 2018, and was
last paid through its December 2021 payment date. Furthermore, the
McKinley Mall loan previously liquidated with a significant loss.

The rating on the interest-only (IO) class, Cl. X-A, was affirmed
based on the credit quality of the referenced classes.

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

Moody's rating action reflects a base expected loss of 3.0% of the
current pooled balance, compared to 4.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.7% of the
original pooled balance, compared to 4.5% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except exchangeable
classes and interest-only classes were "US and Canadian
Conduit/Fusion Commercial Mortgage-Backed Securitizations
Methodology" published in November 2021.

DEAL PERFORMANCE

As of the April 12, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 29.7% to $968.5
million from $1.03 billion at securitization. The certificates are
collateralized by 42 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 63.1% of the pool. Two loans, constituting
27.3% of the pool, have investment-grade structured credit
assessments. Fourteen loans, constituting 21.4% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 9, compared to 12 at Moody's last review.

Nine loans, constituting 24.9% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Six loans have been liquidated from the pool, resulting in an
aggregate realized loss of $35.5 million (for an average loss
severity of 49%). Two loans, constituting 4.7% of the pool, are
currently in special servicing.

The largest specially serviced loan is the 175 West Jackson Loan
($36.6 million - 3.8% of the pool), which represents a pari passu
portion of a $256 million mortgage loan. The loan is secured by a
Class A, 22-story office building totaling 1.45 million square feet
(SF) that is located within the CBD of Chicago, IL. Property
performance has declined steadily since 2015, with occupancy
declining to 65% in 2021 from 86% in 2015, and net operating income
(NOI) has declined by 68% in the same time frame. The loan
previously transferred to special servicing in March 2018 for
imminent monetary default and was subsequently assumed by
Brookfield Property Group as the new sponsor, in connection with
the purchase of the property for $305 million, and returned to the
master servicer in August 2018. In November 2021, the loan
transferred to special servicing again for imminent monetary
default. Per the January 2022 rent roll, the property was 63%
leased, compared to 65% in December 2021 and 92% at securitization.
A recent appraisal valued the collateral above the loan balance and
no appraisal reduction has been recognized on the loan. As of the
April 2022 Remittance, this loan was last paid through December
2021.

The second largest specially serviced loan is the Hampton Inn
Pittsburgh Greentree loan ($8.9 million 0.9% of the pool), which is
secured by a 132 room limited service hotel located in Pittsburgh,
Pennsylvania. The property was built in 1986, and renovated in
2006. The borrower had requested payment relief in relation to the
impact of the coronavirus pandemic. In February 2021, this loan
transferred to special servicing due to imminent monetary default
at the borrower's request. The borrower and lender entered into a
marketing and payoff agreement on December 9, 2021. As of the April
2022 remittance, this loan was less than one month delinquent and
has amortized by 8.3% since securitization.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 2.7% of the pool, and has estimated
an aggregate loss of $26.3 million (a 36.9% expected loss on
average) from these troubled loans and the specially serviced
loans. The largest troubled loan is the 16530 Ventura Boulevard
loan ($18.6 million ? 1.9% of the pool), which is secured by the
leasehold interest in six-story, 157,414 SF, office building
located in Encino, California. The September 2021 rent roll
indicated the property was 44% leased which is a 41% decline since
securitization. The loan has amortized by 13.7% since
securitization. The other troubled loan is secured by an open air
shopping center located in Fort Worth, Texas.

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 MLTV reported in this publication
reflects the MLTV before the adjustments described in the
methodology.

Moody's received full year 2020 operating results for 97% of the
pool, and partial year 2021 operating results for 92% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 103%, compared to 108% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 22.4% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.9%.

As of the April 2022 remittance statement cumulative interest
shortfalls were $3.93 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.05X,
respectively, compared to 1.29X and 0.99X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 60
Hudson Street Loan ($155.0 million ? 16.0% of the pool), which
represents a pari-passu portion of a $280.0 million mortgage loan.
The loan is secured by a 24-story, mission critical
telecommunications and data center building located in the Tribeca
neighborhood of New York City. The property is widely regarded as
one of the world's most connected telecommunications and data
center buildings. As of December 2021, the property was 73% leased,
compared to 74% in December 2020 and the 75% at securitization.
Moody's structured credit assessment and stressed DSCR are aaa
(sca.pd) and 1.81X, respectively.

The other loan with a structured credit assessment is the 625
Madison Avenue loan ($109.8 million - 11.3% of the pool), which
represents a pari-passu portion of a $195 million first mortgage
loan. The loan is secured by the fee interest in a 0.81-acre parcel
of land located at 625 Madison Avenue between East 58th and East
59th Street in New York City. The property is also encumbered with
$195 million of mezzanine debt. The fee interest is subject to a
ground lease pursuant to which the ground tenant constructed,
developed and owns the improvements that sit on top of the ground.
The current ground lease expires on June 30, 2022. The improvements
consist of a 17-story, mixed-use building, and the ground tenant's
interest in the improvements is not collateral for the 625 Madison
Avenue loan. Moody's structured credit assessment is aaa (sca.pd).

The top three conduit loans represent 22.4% of the pool balance.
The largest loan is the Google and Amazon Office Portfolio Loan
($145.6 million - 15.0% of the pool), which represents a pari-passu
portion of a $424.9 million mortgage. The property is also
encumbered by $67.8 million of mezzanine debt. The loan is secured
by an office portfolio located in Sunnyvale, California. The
Moffett Towers Building D (Amazon Building) is a newly constructed
eight-story, Class A office building containing 357,481 SF. It is
part of a seven-building campus. A2Z Development, a wholly owned
subsidiary of Amazon, will use the space for design and product
development for the Kindle e-reader. The Google Campus is comprised
of four, four-story, Class A office buildings totaling 700,328 SF,
which is part of a six-building office campus known as Technology
Corners. The loan has amortized by 6.0% since securitization.
Moody's LTV and stressed DSCR are 105% and 0.97X, respectively,
compared to 108% and 0.94X at the last review.

The second largest loan is the Highland Hills Apartments Loan
($47.4 million -  4.9% of the pool), which is secured by an
826-unit student housing property located in Mankato, Minnesota.
The property was constructed in three separate phases between 1963
and 2011. The property is located directly across from Minnesota
State University. Per the September 2021 rent roll, the property
was 72% occupied, compared to 81% in December 2020 and the 99% at
securitization. Property performance has deteriorated since
securitization, with a decline in NOI and occupancy. The loan has
amortized by 13.5% since securitization. Moody's LTV and stressed
DSCR are 126% and 0.86X, respectively, compared to 125% and 0.87X
at the last review.

The third largest loan is the Kalahari Resort and Convention Center
Loan ($24.3 million - 10.2% of the pool), which represents a
pari-passu portion of a $105.4 million while loan. The loan is
secured by an indoor waterpark resort hotel in Sandusky, Ohio, with
491 rooms, a 174,000 SF indoor water park, 218,000 SF of meeting
space and numerous other activities/amenities. The property's
performance was negatively impacted in 2020 due the pandemic
causing the property's revenue to decline significantly. However,
the loan remained current and had a NOI DSCR of 1.51X in 2020. The
property rebounded significantly in 2021, with the year-end 2021
NOI higher than at securitization. The loan has also amortized
18.7% since securitization. Moody's LTV and stressed DSCR are 76%
and 1.62X, respectively, compared to 81% and 1.53X at the last
review.



CONNECTICUT AVE 2022-R05: Moody's Gives Ba1 Rating to 27 Tranches
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 65
classes of residential mortgage-backed securities (RMBS) issued by
Connecticut Avenue Securities, Trust 2022-R05, and sponsored by The
Federal National Mortgage Association (Fannie Mae).The securities
reference a pool of mortgages loans acquired by Fannie Mae, and
originated and serviced by multiple entities.

The complete rating actions are as follows:

Issuer: Connecticut Avenue Securities, Trust 2022-R05

Cl. 2M-1, Definitive Rating Assigned Baa1 (sf)

Cl. 2M-2A, Definitive Rating Assigned Baa3 (sf)

Cl. 2M-2B, Definitive Rating Assigned Baa3 (sf)

Cl. 2M-2C, Definitive Rating Assigned Ba1 (sf)

Cl. 2M-2, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-1A, Definitive Rating Assigned Ba1 (sf)

Cl. 2B-1B, Definitive Rating Assigned Ba2 (sf)

Cl. 2B-1, Definitive Rating Assigned Ba2 (sf)

Cl. 2B-2, Definitive Rating Assigned B3 (sf)

Cl. 2E-A1, Definitive Rating Assigned Baa3 (sf)

Cl. 2A-I1*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-A2, Definitive Rating Assigned Baa3 (sf)

Cl. 2A-I2*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-A3, Definitive Rating Assigned Baa3 (sf)

Cl. 2A-I3*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-A4, Definitive Rating Assigned Baa3 (sf)

Cl. 2A-I4*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-B1, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-I1*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-B2, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-I2*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-B3, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-I3*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-B4, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-I4*, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-C1, Definitive Rating Assigned Ba1 (sf)

Cl. 2C-I1*, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-C2, Definitive Rating Assigned Ba1 (sf)

Cl. 2C-I2*, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-C3, Definitive Rating Assigned Ba1 (sf)

Cl. 2C-I3*, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-C4, Definitive Rating Assigned Ba1 (sf)

Cl. 2C-I4*, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-D1, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-D2, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-D3, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-D4, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-D5, Definitive Rating Assigned Baa3 (sf)

Cl. 2E-F1, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-F2, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-F3, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-F4, Definitive Rating Assigned Ba1 (sf)

Cl. 2E-F5, Definitive Rating Assigned Ba1 (sf)

Cl. 2-X1*, Definitive Rating Assigned Baa3 (sf)

Cl. 2-X2*, Definitive Rating Assigned Baa3 (sf)

Cl. 2-X3*, Definitive Rating Assigned Baa3 (sf)

Cl. 2-X4*, Definitive Rating Assigned Baa3 (sf)

Cl. 2-Y1*, Definitive Rating Assigned Ba1 (sf)

Cl. 2-Y2*, Definitive Rating Assigned Ba1 (sf)

Cl. 2-Y3*, Definitive Rating Assigned Ba1 (sf)

Cl. 2-Y4*, Definitive Rating Assigned Ba1 (sf)

Cl. 2-J1, Definitive Rating Assigned Ba1 (sf)

Cl. 2-J2, Definitive Rating Assigned Ba1 (sf)

Cl. 2-J3, Definitive Rating Assigned Ba1 (sf)

Cl. 2-J4, Definitive Rating Assigned Ba1 (sf)

Cl. 2-K1, Definitive Rating Assigned Ba1 (sf)

Cl. 2-K2, Definitive Rating Assigned Ba1 (sf)

Cl. 2-K3, Definitive Rating Assigned Ba1 (sf)

Cl. 2-K4, Definitive Rating Assigned Ba1 (sf)

Cl. 2M-2Y, Definitive Rating Assigned Baa3 (sf)

Cl. 2M-2X, Definitive Rating Assigned Baa3 (sf)

Cl. 2B-1Y, Definitive Rating Assigned Ba2 (sf)

Cl. 2B-1X, Definitive Rating Assigned Ba2 (sf)

Cl. 2B-2Y, Definitive Rating Assigned B3 (sf)

Cl. 2B-2X, Definitive Rating Assigned B3 (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
0.85%, in a baseline scenario-median is 0.66% and reaches 4.34% 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.


CRSNT TRUST 2021-MOON: DBRS Confirms B(low) Rating on Cl. F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2021-MOON issued by
CRSNT Trust 2021-MOON as follows:

-- Class A at AAA (sf)
-- Class A-Y at AAA (sf)
-- Class A-Z at AAA (sf)
-- Class A-IO at AAA (sf)
-- Class X-CP at AAA (sf)
-- Class X-NCP at AAA (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)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the consistent credit view for
this transaction since its issuance in 2021. The $465.0 million
trust loan, which is accompanied by a $60.0 million mezzanine loan
(held outside of the trust), is secured by the borrower's
fee-simple interest in a 1.3 million-square-foot (sf) Class A+
office/retail building known as the Crescent located in
Uptown/Turtle Creek submarket of Dallas. Building amenities include
on-site restaurants, a deli, a fitness center, a conference center,
garage parking, concierge services, on-site security, and an
outdoor terrace. The property is part of a larger mixed-use
development project that includes The Crescent Hotel, a 226-key
luxury hotel, which is not a part of the collateral. Since 2015,
the property has received $48.0 million in capital improvements
including restroom renovations, a corridor refurbishment, a
management office remodel, fitness center upgrades, and lobby
updates to modernize the collateral.

The loan is interest-only (IO) through its initial three-year term
with two one-year extension options. Total loan proceeds of $525.0
million, in addition to $172.3 million of fresh equity, were used
to finance the $655.0 million acquisition of the collateral, fund
$25.0 million of upfront TI/LC reserves, and cover closing costs.
The loan is sponsored by Crescent Real Estate LLC, a real estate
operating company and investment advisor with more than $8.5
billion in assets under management, development, and investment
capacity at issuance. Based on the DBRS Morningstar value of $438.0
million, the DBRS Morningstar loan-to-value ratio (LTV) is 106.1%
and 119.8%, based on the trust debt and total debt, respectively,
inclusive of the $60.0 million mezzanine loan, compared with the
appraised value of $675.0 million and a LTV of 68.9% and 77.8%.

As of the provided December 2021 rent roll, the subject is 90.2%
occupied at an average rental rate of $31.02 per sf (psf). The
largest collateral tenants include Weil, Gotshal & Manges LLC (5.7%
of the net rentable area (NRA), lease expiry in July 2028), McKool
Smith, PC (5.0% of the NRA, lease expiry in June 2030), Stanley
Korshak LP (4.2% of the NRA, lease expiry in November 2022),
Holland & Knight (3.4% of the NRA, lease expiry in June 2022) and
NexPoint Advisors (3.3% of the NRA, lease expiry in December 2027).
There is a cumulative rollover risk of 18.5% of the NRA within the
next 12 months, inclusive of the second- and third-largest tenants,
Stanley Korshak and Holland & Knight, respectively.

As of the most recent financials, the subject reported a trailing
six-month September 2021 debt service coverage ratio (DSCR) of 3.35
times (x) compared with the DBRS Morningstar DSCR of 2.98x. Per a
Q4 2021 Reis report, the Uptown submarket of Dallas reported an
office vacancy rate of 20.6% and an average asking rental rate of
$38.81 psf. As of the February 2022 reserve report, the borrower
has drawn on approximately $8.3 million of the $25.0 million TI/LC
reserve set aside at closing, with the reserve showing a current
balance of $16.7 million.

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



DEEPHAVEN RESIDENTIAL 2022-2: DBRS Gives (P)B Rating on B2 Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2022-2 (the Notes) to be issued by
Deephaven Residential Mortgage Trust 2022-2 (DRMT 2022-2 or the
Issuer):

-- $182.3 million Class A-1 at AAA (sf)
-- $23.6 million Class A-2 at AA (high) (sf)
-- $37.9 million Class A-3 at A (high) (sf)
-- $16.5 million Class M-1 at BBB (high) (sf)
-- $13.0 million Class B-1 at BB (sf)
-- $12.5 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 38.15% of
credit enhancement provided by subordinated Notes. The AA (high)
(sf), A (high) (sf), BBB (high) (sf), BB (sf), and B (sf) ratings
reflect 30.15%, 17.30%, 11.70%, 7.30%, and 3.05% of credit
enhancement, respectively.

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

DRMT 2022-2 is backed by a portfolio of fixed and adjustable rate
prime and nonprime first-lien residential mortgages funded by the
issuance of the Notes. The Notes are backed by 587 loans with a
total principal balance of approximately $294,782,474 as of the
Cut-Off Date (March 1, 2022).

The originators for the mortgage pool are Deephaven Mortgage LLC
(Deephaven; 24.0%), All Credit Considered Mortgage, Inc. (ACC;
19.8%), 5th Street Capital, Inc. (13.6%), and others (42.7%).
Deephaven acquired loans originated predominantly under the
following underwriting guidelines:

-- Deephaven Expanded Prime
-- Deephaven Non-Prime
-- Deephaven debt service coverage ratio
-- ACC prime plus

DBRS Morningstar performed a telephone operational risk review of
Deephaven's aggregation and mortgage loan origination practices and
believes the company is an acceptable mortgage loan aggregator and
originator.

Selene Finance LP (96.3%) and NewRez LLC doing business as
Shellpoint Mortgage Servicing (3.7%) are the Servicers for all
loans. RCF II Loan Acquisition, LP will act as the Sponsor and
Advance Reimbursement Party. Computershare Trust Company, N.A.
(rated BBB with a Stable trend by DBRS Morningstar) will act as the
Master Servicer, Paying Agent, Note Registrar, Certificate
Registrar, and REMIC Administrator. U.S. Bank National Association
will serve as the Custodian; Wilmington Savings Fund Society, FSB
will act as the Owner Trustee; and Wilmington Trust National
Association (rated AA (low) with a Stable trend by DBRS
Morningstar) will act as the Indenture Trustee.

The pool is about three months seasoned on a weighted-average
basis, although seasoning spans from zero to 23 months.

In accordance with U.S. credit risk retention requirements, RCF II
Loan Acquisition, LP as the Sponsor, either directly or through a
Majority-Owned Affiliate, will retain an eligible horizontal
residual interest consisting of a portion of the Class B-2 Notes,
100% of the Class B-3 Notes, and the Class XS Notes representing
not less than 5% economic interest in the transaction, to satisfy
the requirements under Section 15G of the Securities and Exchange
Act of 1934 and the regulations promulgated thereunder. Such
retention aligns Sponsor and investor interest in the capital
structure.

Although the applicable mortgage loans were originated to satisfy
the Consumer Financial Protection Bureau (CFPB) ability-to-repay
(ATR) rules, they were made to borrowers who generally do not
qualify for agency, government, or private-label nonagency prime
products for various reasons described above. In accordance with
the CFPB Qualified Mortgage (QM)/ATR rules, 76.1% of the loans are
designated as non-QM. Approximately 23.9% of the loans are made to
investors for business purposes and are thus not subject to the
QM/ATR rules.

The Servicers will generally fund advances of delinquent principal
and interest (P&I) on any mortgage until such loan becomes 180 days
delinquent, contingent upon recoverability determination. Each
Servicer is also obligated to make advances in respect of taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing of properties (Servicing Advances). The
Servicers will not advance P&I for the payments forborne on the
loans where the borrower has been granted forbearance or similar
loss mitigation in response to the coronavirus pandemic or
otherwise. However, the Servicers will be required to make P&I
advances for any delinquent payments due after the end of the
related forbearance period. If the applicable Servicer fails to
make a required P&I advance, the Master Servicer will fund such P&I
advance until it is deemed unrecoverable.

The Sponsor will have the option, but not the obligation, to
repurchase any nonliquidated mortgage loan that is 90 or more days
delinquent under the Mortgage Bankers Association method at the
Repurchase Price, provided that such repurchases in aggregate do
not exceed 10% of the total principal balance as of the Cut-Off
Date.

RCF II Master Depositor, LLC, as the Administrator, on behalf of
the Issuer may, at its option, on any date on or after the earlier
of (1) the three-year anniversary of the Closing Date or (2) the
date on which the loan balance is reduced to less than or equal to
30% of the balance as of the Cut-Off date, redeem the Notes at a
redemption price equal to the greater of the (A) outstanding Notes
balance plus accrued and unpaid interest and (B) the sum of the
loan balance, real estate owned property value less expected
liquidation expense, advances, and unpaid fees and expenses, as
discussed in the transaction documents (Optional Redemption).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches subject
to certain performance triggers related to cumulative losses or
delinquencies exceeding a specified threshold (Credit Event).
Principal proceeds can be used to cover interest shortfalls on the
Class A-1 and Class A-2 Notes (IIPP) before being applied
sequentially to amortize the balances of the senior and
subordinated bonds after a Credit Event has occurred. For the Class
A-3 Notes (only after a Credit Event) and for the mezzanine and
subordinate classes of Notes (both before and after a Credit
Event), principal proceeds will be available to cover interest
shortfalls only after the more senior classes have been paid off in
full. Furthermore, the 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 to Class
A-3.

CORONAVIRUS 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.



DRYDEN 94: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Dryden 94 CLO
Ltd./ Dryden 94 CLO LLC's floating-rate notes.

The note issuance is a CLO transaction backed by at least 90.0%
senior secured loans, cash, and eligible investments, with a
minimum of 80.0% of the loan borrowers required to be based in the
U.S. or Canada.

The preliminary ratings are based on information as of May 18,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' or
lower) senior secured term loans;

-- 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.

  Preliminary Ratings Assigned

  Dryden 94 CLO Ltd./Dryden 94 CLO LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $20.00 million: BB- (sf)
  Subordinated notes, $45.80 million: NR

  NR--Not rated.



FLAGSHIP CREDIT 2022-2: S&P Assigns Prelim BB- Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Flagship
Credit Auto Trust 2022-2's automobile receivables-backed notes.

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

The preliminary ratings are based on information as of May 12,
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 availability of approximately 42.23%, 36.65%, 28.73%,
22.51%, and 18.05% credit support (including excess spread) for the
class A-1, A-2, A-3 (collectively, class A), B, C, D, and E notes,
respectively, based on stressed cash flow scenarios. These credit
support levels provide coverage of approximately 3.50x, 3.00x,
2.30x, 1.75x, and 1.40x of S&P's 11.50%-12.00% expected cumulative
net loss (CNL) range for the class A, B, C, D, and E notes,
respectively (see the Cash Flow Modeling section for details).
These break-even scenarios cover total cumulative gross defaults
(using a recovery assumption of 40.00%) of approximately 70.38%,
61.08%, 47.88%, 37.52%, and 30.08%, 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
(1.75x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB-
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
will be within the credit stability limits specified by section A.4
of the Appendix contained in "S&P Global Ratings Definitions,"
published Nov. 10, 2021.

-- The timely interest and principal payments made under stressed
cash flow modeling scenarios that are appropriate for the assigned
preliminary ratings.

-- The characteristics of the collateral pool being securitized.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Flagship Credit Auto Trust 2022-2

  Class A1, $62.50 million: A-1+ (sf)
  Class A2, $158.40 million: AAA (sf)
  Class A3, $115.65 million: AAA (sf)
  Class B, $37.62 million: AA (sf)
  Class C, $51.35 million: A (sf)
  Class D, $41.18 million: BBB (sf)
  Class E, $33.30 million: BB- (sf)



FREDDIE MAC 2022-DNA4: S&P Assigns B (sf) Rating on Cl. B-1I Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Freddie Mac STACR REMIC
Trust 2022-DNA4's notes.

The note issuance is an RMBS transaction backed by residential
mortgage loans, deeds of trust, or similar security instruments
encumbering mortgaged properties acquired by Freddie Mac.

The ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches, as well as the associated structural deal mechanics;

-- The REMIC structure that reduces the counterparty exposure to
Freddie Mac for periodic principal and interest payments, but, at
the same time, pledges the support of Freddie Mac (a highly rated
counterparty) to cover shortfalls, if any, on interest payments and
to make up for any investment losses;

-- The issuer's aggregation experience and the alignment of
interests between the issuer and noteholders in the transaction's
performance, which, in S&P's view, enhances the notes' strength;

-- The enhanced credit risk management and quality control
processes Freddie Mac uses in conjunction with the underlying
representations and warranties framework; 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

  Freddie Mac STACR REMIC Trust 2022-DNA4

  Class A-H(i), $33,512,574,095: Not rated
  Class M-1A, $554,000,000: A (sf)
  Class M-1AH(i), $29,596,279: Not rated
  Class M-1B, $537,000,000: BBB- (sf)
  Class M-1BH(i), $28,911,541: Not rated
  Class M-2, $252,000,000: BB- (sf)
  Class M-2A, $126,000,000: BB+ (sf)
  Class M-2AH(i), $6,635,518: Not rated
  Class M-2B, $126,000,000: BB- (sf)
  Class M-2BH(i), $6,635,518: Not rated
  Class M-2R, $252,000,000: BB- (sf)
  Class M-2S, $252,000,000: BB- (sf)
  Class M-2T, $252,000,000: BB- (sf)
  Class M-2U, $252,000,000: BB- (sf)
  Class M-2I, $252,000,000: BB- (sf)
  Class M-2AR, $126,000,000: BB+ (sf)
  Class M-2AS, $126,000,000: BB+ (sf)
  Class M-2AT, $126,000,000: BB+ (sf)
  Class M-2AU, $126,000,000: BB+ (sf)
  Class M-2AI, $126,000,000: BB+ (sf)
  Class M-2BR, $126,000,000: BB- (sf)
  Class M-2BS, $126,000,000: BB- (sf)
  Class M-2BT, $126,000,000: BB- (sf)
  Class M-2BU, $126,000,000: BB- (sf)
  Class M-2BI, $126,000,000: BB- (sf)
  Class M-2RB, $126,000,000: BB- (sf)
  Class M-2SB, $126,000,000: BB- (sf)
  Class M-2TB, $126,000,000: BB- (sf)
  Class M-2UB, $126,000,000: BB- (sf)
  Class B-1, $88,000,000: B (sf)
  Class B-1A, $44,000,000: B+ (sf)
  Class B-1AR, $44,000,000: B+ (sf)
  Class B-1AI, $44,000,000: B+ (sf)
  Class B-1AH(i), $44,423,678: Not rated
  Class B-1B, $44,000,000: B (sf)
  Class B-1BH(i), $44,423,678: Not rated
  Class B-1R, $88,000,000: B (sf)
  Class B-1S, $88,000,000: B (sf)
  Class B-1T, $88,000,000: B (sf)
  Class B-1U, $88,000,000: B (sf)
  Class B-1I, $88,000,000: B (sf)
  Class B-2, $88,000,000: Not rated
  Class B-2A, $44,000,000: Not rated
  Class B-2AR, $44,000,000: Not rated
  Class B-2AI, $44,000,000: Not rated
  Class B-2AH(i), $44,423,678: Not rated
  Class B-2B, $44,000,000: Not rated
  Class B-2BH(i), $44,423,678: Not rated
  Class B-2R, $88,000,000: Not rated
  Class B-2S, $88,000,000: Not rated
  Class B-2T, $88,000,000: Not rated
  Class B-2U, $88,000,000: Not rated
  Class B-2I, $88,000,000: Not rated
  Class B-3H(i), $88,423,678: Not rated

(i)Reference tranche only and does not have corresponding notes.
Freddie Mac retains the risk of these tranches.



FREDDIE MAC 2022-HQA1: DBRS Finalizes B(low) Rating on 7 Classes
----------------------------------------------------------------
BRS, Inc. finalized the following provisional ratings on the
Structured Agency Credit Risk (STACR) REMIC 2022-HQA1 Notes (the
Notes) issued by Freddie Mac STACR REMIC Trust 2022-HQA1 (STACR
2022-HQA1):

-- $534.0 million Class M-1A at A (sf)
-- $491.0 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.



FS RIALTO 2022-FL4: DBRS Gives Prov. B(low) Rating on Cl. G Notes
-----------------------------------------------------------------
BRS, Inc. assigned provisional ratings on the following classes of
notes to be issued by FS Rialto 2022-FL4 Issuer, LLC (FSRIA
2022-FL4):

-- 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 initial collateral consists of 23 floating-rate mortgage loans
and participation interests in mortgage loans secured by 36 mostly
transitional properties with a cut-off balance totaling $800.0
million, excluding $139.2 million of remaining future funding
commitments and $642.7 million of pari passu debt. All loans are
pari passu participations, and 16 loans, representing 62.8% of the
pool, have remaining future funding participations, which the
Issuer may acquire in the future. Two loans (Goodfriend Westchester
Portfolio and Goodfriend - Bronx) are cross-collateralized and are
treated as a single loan in the DBRS Morningstar analysis,
resulting in a modified loan count of 22. All figures below reflect
this modified loan count.

The holder of the future funding companion participations will be
FS CREIT Finance Holdings LLC (the Seller), a wholly owned
subsidiary of FS Credit Real Estate Income Trust, Inc. (FS Credit
REIT), or an affiliate of the Seller. The securitization sponsor,
FS Credit REIT, is an experienced commercial real estate
collateralized loan obligation (CRE CLO) issuer and collateral
manager. FS Credit REIT is externally managed by FS Real Estate
Advisor, LLC, an affiliate of Franklin Square Holdings, L.P. (FS
Investments). Founded in 2007, FS Investments had $32 billion in
total assets under management as of December 31, 2021. Rialto
houses a vertically integrated operating platform and has $9.2
billion in total current assets under management. FS Rialto
2022-FL4 Holder, LLC, a subsidiary of the Seller, will acquire the
Class F Notes, the Class G Notes, and the Class H Notes,
representing the most subordinate 17.125% of the transaction by
principal balance. Additionally, the seller is expected to retain
100% of the Companion Participations, totaling approximately $782.0
million.

The holder of each future funding participation has full
responsibility to fund the future funding companion participations.
The collateral pool for the transaction is managed with a 24-month
reinvestment period. During this period, the Collateral Manager
will be permitted to acquire reinvestment collateral interests,
which may include Funded Companion Participations, subject to the
satisfaction of the Eligibility Criteria and the Acquisition
Criteria. The Acquisition Criteria requires that, among other
things, the Note Protection Tests are satisfied, no EOD is
continuing, and Rialto Capital Management, LLC (Rialto) or one of
its affiliates acts as the subadvisor to the Collateral Manager.
The Eligibility Criteria includes minimum and maximum debt service
coverage ratios (DSCRs) and loan-to-value ratios, Herfindahl scores
of at least 18.0, and property type limitations, among other items.
The transaction stipulates that any acquisition of any reinvestment
collateral interests will need a rating agency confirmation
regardless of balance size. The loans are mostly secured by cash
flowing assets, many of which are in a period of transition with
plans to stabilize and improve the asset value. The transaction
will have a sequential-pay structure.

For the 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 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. When the debt service
payments were measured against the DBRS Morningstar As-Is net cash
flow (NCF), 17 loans, comprising 66.1% of the initial pool balance,
had a DBRS Morningstar As-Is DSCR of 1.00 times (x) or below, a
threshold indicative of default risk. However, the DBRS Morningstar
Stabilized DSCR of only five loans, comprising 24.5% of the initial
pool balance, was 1.00x or below, which is indicative of elevated
refinance risk. 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 other structural features in place are insufficient to support
such treatment. Furthermore, even with the structure provided, DBRS
Morningstar generally does not assume the assets to stabilize above
market levels.

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



GOLDENTREE LOAN 12: Moody's Assigns B3 Rating to $12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to four classes of
notes issued by GoldenTree Loan Management US CLO 12, Ltd. (the
"Issuer" or "GoldenTree Loan Management US CLO 12").

Moody's rating action is as follows:

US$4,800,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

US$369,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

US$21,000,000 Class A-J Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

US$12,000,000 Class F Junior Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned B3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

GoldenTree Loan Management US CLO 12 is a managed cash flow CLO.
The issued notes will be collateralized primarily by broadly
syndicated senior secured corporate loans. At least 90% of the
portfolio must consist of senior secured loans and eligible
investments, and up to 10% of the portfolio may consist of second
lien loans, unsecured loans, DIP loans, bonds or senior secured
notes, provided no more than 5% of the portfolio may consist of
bonds or senior secured notes. The portfolio is approximately 85%
ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued four other
classes of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $600,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3mS + 3.70%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


GS MORTGAGE 2018-TWR: S&P Lowers Cl. F Certs Rating to 'CCC (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of commercial
mortgage pass-through certificates from GS Mortgage Securities
Corporation Trust 2018-TWR, a U.S. CMBS transaction. At the same
time, we affirmed our rating on class A and withdrew our ratings on
two interest-only (IO) classes from the same transaction.

This U.S. CMBS transaction is backed by a floating-rate, IO
mortgage loan secured by an office tower and adjacent retail/office
plaza totaling approximately 790,000 sq. ft. in Atlanta.

Rating Actions

S&P said, "The downgrades of classes B, C, D, E, and F and the
affirmation of class A reflect our reevaluation of the mixed-use
property that secures the sole loan in the transaction. Our current
analysis considers the declining occupancy rates over the past two
years and the sponsor's inability to increase the property's
occupancy rate to historical or market occupancy levels. According
to the servicer reported data, the property's occupancy level
declined to 81.0% in 2020 from 88.0% in 2019 and further decrease
to 72.0% in 2021, which is significantly below the assumed 86.0%
occupancy rate we derived at issuance. The submarket, according to
CoStar, has also weakened with vacancy rate increasing to 15.3% in
2020 from 13.7% in 2019 and further worsened to 20.5% in 2021. As
of the Dec. 31, 2021, rent roll, the property was 72.1% leased.
According to media reports, Barnes and Thornburg LLP has recently
signed a lease comprising approximately 5.0% of net rentable area
(NRA) commencing in mid-2022 at the property. Barnes and Thornburg
LLP is expected to fill the space occupied by Catlin Inc., whose
lease expired in March 31, 2022. However, lease rollover risk
remains a concern at the property, with 17 tenants representing
12.8% of NRA with leases that expire in 2022. After reflecting the
known tenancy changes in our analysis, we expect occupancy to be
approximately 71.6%, compared with the S&P Global Ratings'
calculated 86.0% occupancy level at issuance. Specifically, the
downgrades reflect our revised net cash flow (NCF), which is lower
than the NCF we derived at issuance primarily because of higher
vacancy and lower in-place rental rates and expense reimbursement
income.

"Our property-level analysis also reflects the weakened office
submarket fundamentals from lower demand and longer re-leasing time
frames as more companies adopt a hybrid work arrangement.
Therefore, we revised and lowered our sustainable NCF to $11.5
million (down 16.5% from our issuance NCF of $13.8 million) using a
projected 71.6% occupancy rate, which is 19.8% lower than the 2021
servicer reported NCF of $14.3 million. Using an S&P Global Ratings
capitalization rate of 7.55% (unchanged from issuance), we arrived
at an expected-case valuation of $155.5 million or $197 per sq.
ft., a 16.7% decrease from our issuance value of $186.6 million.
This yielded an S&P Global Ratings loan-to-value (LTV) ratio of
136.7% on the mortgage loan balance.

"The downgrade on the class F certificates also reflects our view
that, based on an S&P Global Ratings' LTV ratio of over 100%, this
class is more susceptible to reduced liquidity support, and the
risk of default and loss has increased due to current market
conditions."

Although the model-indicated ratings were lower than the classes'
revised or current rating levels, S&P tempered its downgrades on
classes B, C, D, and E and affirmed our rating on class A because
it weighed certain qualitative considerations, including:

-- The potential that the property's operating performance could
improve above our revised expectations;

-- The significant market value decline that would be needed
before these classes experience principal losses;

-- The liquidity support provided in the form of servicer
advancing; and

-- The relative position of the classes in the waterfall.

S&P lowered its rating on the class X-NCP IO certificates based on
its criteria for rating IO securities, which states that the
ratings on the IO securities would not be higher than that of the
lowest-rated reference class. The notional amount of class X-NCP
references classes A, B, C, and D.

S&P withdrew its 'BBB- (sf)' ratings on the class X-CP and X-FP IO
certificates because they no longer receive interest payments
according to the transaction documents.

The mortgage loan had a reported current payment status through its
May 2022 debt service payment date, and the borrower did not
request COVID-19-related relief. According to the master servicer,
Wells Fargo Bank N.A., there is $2.7 million in tenant reserve and
$243,357 in the capital improvement reserve accounts as of May
2022.

If the property's performance does not improve or if there are
reported negative changes in the performance beyond what we have
already considered, S&P may revisit its analysis and adjust its
ratings as necessary.

Property-Level Analysis

The property consists of a 29-story, approximately 615,000-sq.-ft.,
class A office tower, an approximately 53,000 sq. ft. of retail
fronting Piedmont Road space, an approximately 19,000-sq.-ft.
vacant movie theater space formerly leased to AMC, and an adjacent
two-story, approximately 103,000-sq.-ft. creative office building
in Atlanta's Buckhead submarket. The creative office space, which
is currently predominantly leased to WeWork Inc. ('CCC+/Negative'),
was repurposed by the sponsor, Starwood Capital Group Global L.P.,
upon its acquisition in July 2015, from non-frontage retail space.
The property was built in 1977 and is connected to the Buckhead
MARTA station via a pedestrian bridge that opened in 2014. Buckhead
is an infill and affluent area surrounded by a mix of retail,
lodging, residential, restaurants, and offices. However, the
submarket's office fundamentals have declined in the recent year,
with a vacancy rate of 20.5%.

According to the December 2021 rent roll, the five largest tenants
at the property comprise 26.4% of NRA:

-- WeWork Inc. (10.7% of NRA; 11.8% of in place rent, as
calculated by S&P Global Ratings; May 2032 lease expiration),

-- Terminus Software Inc. (5.7%; 8.0%; April 2024),

-- Catlin Inc. (5.0%; not applicable%; March 2022),

-- RGN-Atlanta X LLC (2.6%; 2.9%; December 2025), and

-- Goodman, McGuffey (2.4%; 3.9; March 2025).

The master servicer confirmed that Catlin Inc. vacated the premises
upon its lease expiration. S&P considered that Barnes & Thornburg
signed a 12-year lease starting in September 2022 to backfill the
space representing 8.4% of in place rent, as calculated by S&P
Global Ratings. However, it is not expected to start paying rent
until September 2024.

The property's occupancy level declined to 81.0% in 2020 from 88.0%
in 2019 and further decrease to 72.0% in 2021, which is
significantly below the assumed 86.0% occupancy rate S&P derived at
issuance. The decline in occupancy is primarily because of tenants
vacating upon their lease expiration dates and the borrower's
inability to backfill the vacant space timely. The property also
faces elevated rollover risk in 2022 (12.8% of NRA), 2024 (10.4%),
and 2025 (13.1%). After considering the known tenancy movements, we
expect the occupancy rate to be approximately 71.6%, which is
slightly below the 72.4% occupancy rate, based on the December 2021
rent roll.

At issuance, the property was 87.0% occupied and had maintained an
average occupancy of 82.4% since 2011, ranging between 73.7% and
91.6%. Although S&P was aware at issuance of the considerable
tenant rollover risk during the loan's fully extended five-year
term, as about half of in-place gross rent expire by 2023, as
calculated by S&P Global Ratings, it assumed that the property
would perform close to the market vacancy level, which, at that
time, was below 15.0% based on diverse tenancy and positive leasing
activities at the property due to approximately $31.5 million in
capital expenditures for tenant improvements and leasing
commissions invested by the sponsor as well as robust submarket
dynamics.

S&P revised and lowered expected-case assumptions and property
valuation reflect the following factors:

-- The declining property's occupancy and longer re-tenancy
timing.

-- The weakened Upper Buckhead office submarket fundamentals,
where the property is located according to CoStar, stemming from
more companies embracing flexible work arrangements.

-- Known tenant movements.

-- Concentrated rollover risk.

According to CoStar, the market rent for four- and five-star office
properties in the Upper Buckhead submarket was flat in 2021 and
year-to-date (YTD) May 2022. Although CoStar projects 2.2% and 0.8%
rent growth in 2022 and 2023, respectively, continued above-average
market vacancy rates could hurt rent rates. As of YTD May 2022,
asking rent, vacancy rate, and availability rate for four- and
five- star office properties in the submarket were $39.74 per sq.
ft., 23.6%, and 33.4%, respectively. This compares with the
submarket asking rent and vacancy rate of $35.46 per sq. ft. and
14.3%, respectively, in 2018 when the transaction was issued.
CoStar projects average office submarket vacancy rate to remain
elevated at 24.1% and asking rent of $42.68 per sq. ft. in 2023.

S&P said, "Our current analysis considered the aforementioned
developments, as well as current office market data and conditions.
As discussed above, we assumed an occupancy rate of 71.6%, an
in-place base rent of $30.48 per sq. ft., as calculated by S&P
Global Ratings, and an 41.4% operating expense ratio, which result
in an S&P Global Ratings NCF of $11.5 million. Using an S&P Global
Ratings capitalization rate of 7.55%, we derived an expected-case
value of $155.5 million or $197 per sq. ft."

Transaction Summary

This is a U.S. stand-alone (single-borrower) transaction backed by
a floating-rate, IO commercial mortgage loan. The loan is secured
by the Development Authority of Fulton County's fee simple interest
and the borrower's leasehold interest in Tower Place, an office
tower and adjacent retail/office plaza totaling approximately
790,000 sq. ft. in Atlanta.

As of the May 16, 2022, trustee remittance report, the loan had an
initial and current balance of $212.5 million, pays an annual
floating interest rate of one-month LIBOR plus an initial weighted
average component spread of 1.495% (increasing by 0.25% upon
commencement of the second extension term), and initially matured
on July 9, 2021, with two one-year extension options. The borrower
exercised one of its extension options and the loan currently
matures on July 9, 2022. The remaining extension option is
exercisable subject to the borrower obtaining a replacement
interest rate cap agreement and the debt yield for the property is
greater than or equal to 7.5%, among other factors. The fully
extended maturity date is July 9, 2023. According to the servicer,
it is expected that the borrower will exercise its remaining
extension option. Based on the servicer's reported NOI of $15.2
million for 2021, S&P calculated a debt yield of 7.16%, which would
indicate the borrower may not meet the provisions to extend the
loan until 2023. Wells Fargo reported a 3.20x debt service coverage
in 2021, up from 2.50x in 2020. To date, the trust has not incurred
any principal losses.

S&P said, "The recent rapid spread of the omicron variant
highlights the inherent uncertainties of the COVID-19 pandemic, as
well as the importance and benefits of vaccines. 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 Lowered

  GS Mortgage Securities Corp. Trust 2018-TWR

  Class B to 'A (sf)' from 'AA- (sf)'
  Class C to 'BBB (sf)' from 'A- (sf)'
  Class D to 'BB (sf)' from 'BBB- (sf)'
  Class E to 'B (sf)' from 'BB- (sf)'
  Class F to 'CCC (sf)' from 'B- (sf)'
  Class X-NCP to 'BB (sf) from 'BBB- (sf)'

  Rating Affirmed

  GS Mortgage Securities Corp. Trust 2018-TWR

  Class A: AAA (sf)

  Ratings Withdrawn

  GS Mortgage Securities Corp. Trust 2018-TWR

  Class X-CP to NR from 'BBB- (sf)'
  Class X-FP to NR from 'BBB- (sf)'

  NR--Not rated.



GS MORTGAGE 2020-GC47: Fitch Affirms B-sf Rating on 2 Tranches
--------------------------------------------------------------
Fitch has affirmed 15 classes of GS Mortgage Securities Trust
2020-GC47
Commercial Mortgage Pass-Through Certificates Series 2020-GC47
(GSMS 2020-GC47).

  Debt               Rating            Prior
  ----               ------            -----
GSMS 2020-GC47

A-1 36258RAY9   LT  AAAsf   Affirmed   AAAsf
A-4 36258RAZ6   LT  AAAsf   Affirmed   AAAsf
A-5 36258RBA0   LT  AAAsf   Affirmed   AAAsf
A-AB 36258RBB8  LT  AAAsf   Affirmed   AAAsf
A-S 36258RBE2   LT  AAAsf   Affirmed   AAAsf
B 36258RBF9     LT  AA-sf   Affirmed   AA-sf
C 36258RBG7     LT  A-sf    Affirmed   A-sf
D 36258RAA1     LT  BBBsf   Affirmed   BBBsf
E 36258RAE3     LT  BBB-sf  Affirmed   BBB-sf
F 36258RAJ2     LT  BB-sf   Affirmed   BB-sf
G 36258RAN3     LT  B-sf    Affirmed   B-sf
X-A 36258RBC6   LT  AAAsf   Affirmed   AAAsf
X-E 36258RAG8   LT  BBB-sf  Affirmed   BBB-sf
X-F 36258RAL7   LT  BB-sf   Affirmed   BB-sf
X-G 36258RAQ6   LT  B-sf    Affirmed   B-sf

KEY RATING DRIVERS

Stable Loss Expectations: The majority of the pool continues to
exhibit stable performance and loss expectations remain in line
with Fitch's expectations at issuance. Three loans (9.2% of pool)
are considered Fitch Loans of Concern (FLOCs), two (7.8%) of which
are in the top 15; one is secured by an office property with
near-term rollover and higher expenses and two are secured by
multifamily properties which suffered declines in performance due
to the pandemic.

The largest FLOC, PNC Center (4.2% of pool), is secured by a
498,905 sf office property located in Cincinnati, OH. The property
serves as the regional headquarters for PNC Bank (23.6% of NRA;
lease expires in February 2030). While YE 2021 occupancy has
remained stable at 81.5%, NOI as of YE 2021 declined by
approximately 32% since issuance, driven by higher operating
expenses, primarily real estate taxes and utilities.

Additionally, approximately 16% of the NRA rolls in the near-term,
comprising 9.4% in 2022 and 6.1% in 2023, including the fourth
largest tenant, Blank Rome LLP (3.7% of NRA; June 2023). Fitch
requested a leasing update from the master servicer as well as an
update on the declines in NOI, but has not received a response.
Fitch's analysis reflects a 10% stress to the YE 2021 NOI to
reflect the potential upcoming lease rollover.

The next largest FLOC, 1427 7th Street (3.6% of pool), is secured
by a 50-unit multifamily property located in Santa Monica, CA. The
property benefits from its strong location, situated in a very
infill and densely populated location less than one block south of
Santa Monica Boulevard, and asset quality. Although occupancy
improved to 96% as of YE 2021 from 82% at YE 2020, NOI DSCR
declined to 1.05x as of YTD September 2021 from 1.13x at YE 2020;
per the servicer, this is due to lower base rent and other income
as a result of the pandemic.

Minimal Change to Credit Enhancement: As of the April 2022
remittance, the pool's aggregate balance has paid down by 0.1% to
$771.1 million from $771.8 million. There are no defeased or
specially serviced loans. Nineteen loans (86.1% of pool) have
full-term interest-only (IO) payments, including 13 loans in the
top 15. Eight loans (11.2%) have partial IO payments only one of
which has started amortizing.

Investment-Grade Credit Opinion Loans: Six loans (37.8% of pool)
received investment-grade credit opinions at issuance. 1633
Broadway (8.4%), Moffett Towers Buildings A, B and C (8.4%), 650
Madison Avenue (6.7%), 555 10th Avenue (6.5%) and City National
Plaza (6.5%) received standalone credit opinions of 'BBB-sf*'. 525
Market (1.3% of pool) received a standalone credit opinion of
'A-sf*'.

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
'AAsf' and 'AAAsf' categories are not expected given their position
in the capital structure, sufficient credit enhancement (CE)
relative to expected losses and continued amortization, but may
occur if interest shortfalls affect these classes or if a high
proportion of the pool defaults and expected losses increase
considerably.

Downgrades to the 'BBBsf' and 'Asf' categories would occur should
overall pool losses increase significantly and/or one or more of
the larger FLOCs have an outsized loss, which would erode CE.
Downgrades to the 'Bsf' and 'BBsf' categories would occur should
loss expectations increase from continued performance decline of
the FLOCs and/or loans default or 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 Rating 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 paydown and/or defeasance.
Upgrades of the 'Asf' and 'AAsf' categories may occur with
significant improvement in CE and/or defeasance; however, adverse
selection, increased concentrations and further underperformance of
the larger FLOCs or loans impacted by the coronavirus pandemic
could cause this trend to reverse.

Upgrades to the 'BBBsf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded to 'Asf' if there is a
likelihood for interest shortfalls. Upgrades to the 'Bsf' and
'BBsf' 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.

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.

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.


GS MORTGAGE 2020-UPTN: DBRS Confirms B Rating on Class HRR Certs
----------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-UPTN issued by GS Mortgage
Securities Corporation Trust 2020-UPTN as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The underlying loan is secured by
the fee-simple interest in portions of The Union, a mixed-use
complex in the Uptown/Turtle Creek submarket of Dallas, built in
2018. The overall development consists of four components–office,
retail, parking, and apartments–all of which are individually
structured as condominium units. The collateral for the subject
loan includes three condominium units including the 21-story LEED
Gold-certified office building, a retail and restaurant cluster of
three buildings surrounding an open courtyard, and a parking
structure with three subterranean levels and six above-ground
levels. The fourth, noncollateral, condominium unit is The
Christopher, a 309-unit apartment building.

The five-year $222.0 million loan is interest only (IO) through the
entire term and there is no additional pari passu or subordinate
debt. The transaction funded the collateral property's acquisition
by the sponsor, KB Asset Management Co., Ltd., which injected
$163.5 million of cash equity as part of the transaction. The
property is managed by the developer, RED Development.

The largest office tenant is Salesforce, which occupies 23.1% of
the total net rentable area (NRA), paying a gross rental rate of
$54.57 per square foot (psf) on a lease expiring in May 2025. The
loan is structured with a full cash sweep if Salesforce does not
execute its first of two five-year extension options one year in
advance of its May 2025 lease expiration, which would result in
available funds in excess of $6.0 million. Salesforce reportedly
spent over $200 psf of its own capital to customize the space, a
significant investment that would suggest a longer-term commitment
to the property. Remaining large office tenants include Akin Gump
Strauss Hauer & Feld LLP (14.6% of total NRA; lease expiring in
September 2034), Weaver and Tidwell, LLP (11.6% of total NRA; lease
expiring in October 2030), and HBK Services LLC (8.6% of total NRA;
lease expiring in November 2028).

The subject continues to operate above the submarket in terms of
vacancy and rental rates. According to Reis, Class A office space
in the Uptown submarket reported average vacancy and rental rates
of 20.1% and $32 psf gross, respectively, for Q4 2021. As of
September 2021, the property was 94.5% occupied with an average
rental rate of $36 psf. There is minimal scheduled lease roll
during the loan term. As of Q3 2021, the loan had a debt service
coverage ratio of 2.32 times (x), up from 2.17x at YE2020. The
annualized net cash flow indicates performance remains in line with
DBRS Morningstar's expectations at issuance.

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



GS MORTGAGE 2022-HP1: Moody's Assigns B3 Rating to Cl. B-5 Debt
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 21
classes of residential mortgage-backed securities (RMBS) issued by
GS Mortgage-Backed Securities Trust 2022-HP1, and sponsored by
Goldman Sachs Mortgage Company.

The securities are backed by a pool of GSE-eligible (100% by UPB)
residential mortgages originated by Home Point Financial
Corporation (Home Point) and serviced by NewRez LLC d/b/a
Shellpoint Mortgage Servicing (Shellpoint).

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2022-HP1

Cl. A-1, Assigned Aaa (sf)

Cl. A-2, Assigned Aaa (sf)

Cl. A-3, Assigned Aa1 (sf)

Cl. A-4, Assigned Aa1 (sf)

Cl. A-5, Assigned Aaa (sf)

Cl. A-6, Assigned Aaa (sf)

Cl. A-7, Assigned Aaa (sf)

Cl. A-8, Assigned Aaa (sf)

Cl. A-9, Assigned Aaa (sf)

Cl. A-10, Assigned Aaa (sf)

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

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

Cl. A-X-3*, Assigned Aa1 (sf)

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

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

Cl. A-X-10*, Assigned Aa1 (sf)

Cl. B-1, Assigned Aa3 (sf)

Cl. B-2, Assigned A3 (sf)

Cl. B-3, Assigned Baa3 (sf)

Cl. B-4, Assigned Ba3 (sf)

Cl. B-5, Assigned B3 (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
1.29% , in a baseline scenario-median is 0.94% and reaches 8.70% 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.


IMPAC CMB 2004-4: Moody's Lowers Rating on 2 Tranches to B3
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two bonds
from one US residential mortgage backed transaction (RMBS), backed
by Alt-A mortgages, issued by Impac CMB Trust Series 2004-4
Collateralized Asset-Backed Bonds, Series 2004-4.

A List of Affected Credit Ratings is available at
https://bit.ly/3FMvbIK

Complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2004-4 Collateralized Asset-Backed
Bonds, Series 2004-4

Cl. 2-A-1, Downgraded to B3 (sf); previously on Aug 25, 2015
Confirmed at B1 (sf)

Cl. 2-A-2, Downgraded to B3 (sf); previously on Aug 25, 2015
Confirmed at B1 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating downgrades are primarily due to a deterioration in
collateral performance and decline in credit enhancement available
to the bonds.

In light of the current macroeconomic environment, Moody's revised
loss expectations based on forecast uncertainties with regard to
the COVID-19 pandemic. Specifically, Moody's have observed an
increase in delinquencies, payment forbearance, and payment
deferrals since the start of pandemic, which could result in higher
realized losses. Moody's rating actions also take into
consideration the buildup in credit enhancement of the bonds,
especially in an environment of elevated prepayment rates, which
has helped offset the impact of the increase in expected losses
spurred by the pandemic.

Moody's estimated the proportion of loans granted payment relief in
a pool based on a review of loan level cashflows. In Moody's
analysis, Moody's considered a loan to be enrolled in a payment
relief program if (1) the loan was not liquidated but took a loss
in the reporting period (to account for loans with monthly
deferrals that were reported as current), or (2) the actual balance
of the loan increased in the reporting period, or (3) the actual
balance of the loan remained unchanged in the last and current
reporting period. Based on Moody's analysis, the proportion of
borrowers that are currently enrolled in payment relief plans
varied greatly, ranging between approximately 2% and 11% among RMBS
transactions issued before 2009. In Moody's analysis, Moody's
assume these loans to experience lifetime default rates that are
50% higher than default rates on the performing loans.

In addition, for borrowers unable to make up missed payments
through a short-term repayment plan, servicers will generally defer
the forborne amount as a non-interest-bearing balance, due at
maturity of the loan as a balloon payment. Moody's analysis
considered the impact of six months of scheduled principal payments
on the loans enrolled in payment relief programs being passed to
the trust as a loss. The magnitude of this loss will depend on the
proportion of the borrowers in the pool subject to principal
deferral and the number of months of such deferral. The treatment
of deferred principal as a loss is credit negative for junior
bonds, which could incur write-downs on bonds when missed payments
are deferred.

The action has considered how the coronavirus pandemic has reshaped
US economic environment and the way its aftershocks will continue
to reverberate and influence the performance of residential
mortgage loans. Moody's expect the public health situation to
improve as vaccinations against COVID-19 increase and societies
continue to adapt to new protocols. Still, the exit from the
pandemic will likely be bumpy and unpredictable and economic
prospects will vary.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in July 2020.

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 of the subordinate bonds 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 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.


JP MORGAN 2013-C14: Fitch Affirms 'C' on Class G Certs
------------------------------------------------------
Fitch Ratings has affirmed ten classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust (JPMBB) commercial mortgage
pass-through certificates series 2013-C14. The Outlook for class B
has been revised to Stable from Negative.

   DEBT             RATING                PRIOR
   ----             ------                -----
JPMBB 2013-C14

A-4 46640LAD4     LT AAAsf    Affirmed    AAAsf
A-S 46640LAH5     LT AAAsf    Affirmed    AAAsf
A-SB 46640LAE2    LT AAAsf    Affirmed    AAAsf
B 46640LAJ1       LT Asf      Affirmed    Asf
C 46640LAK8       LT BBBsf    Affirmed    BBBsf
D 46640LAN2       LT B-sf     Affirmed    B-sf
E 46640LAQ5       LT CCCsf    Affirmed    CCCsf
F 46640LAS1       LT CCsf     Affirmed    CCsf
G 46640LAU6       LT Csf      Affirmed    Csf
X-A 46640LAF9     LT AAAsf    Affirmed    AAAsf

KEY RATING DRIVERS

Stable Loss Expectations: While loss expectations remain high due
to two regional malls (26.2%) in special servicing, the Outlook
revision to Stable from Negative for class B reflects the generally
stable performance of the other remaining loans in the pool and
Fitch's expectation of paydown from maturing loans (all of the
loans in the pool are scheduled to mature between June and August
2023).

Fitch's current ratings incorporate a base case loss of 15.6%. The
Negative Rating Outlooks on classes C and D reflect the possibility
of a downgrade should performance and/or values of the malls
decline further or should loans have difficulty refinancing as they
approach their respective maturity dates.

The largest loan in special servicing (and second largest loan in
the pool; 14.7%) is the Meadows Mall, which is secured by
308,190-sf of in line space of a 945,043-sf regional mall located
in Las Vegas, NV, approximately four miles west of downtown and
south of Interstate 95. The four anchors, Dillard's, Macy's,
JCPenney and Sears (closed in February 2020), own their
improvements. The loan is sponsored by Brookfield Property
Partners, which acquired the property and subject loan in August
2018.

Performance continues to struggle with the YE 2021 NOI 9% below
September 2020 NOI and 12% below YE 2019 NOI. The debt service
coverage ratio (DSCR) declined to 1.11x as of YE 2021 from 1.22x at
September 2020, 1.27x at YE 2019, 1.42x at YE 2018, and 1.55x at
issuance. Collateral occupancy as of March 2022 was reported to be
87.8% compared with 84% at March 2020 and 91% in March 2019.
Reported in-line tenant sales increased to $488 per square foot
(psf) for YE 2020 compared to $380psf for the trailing 12-month
period ending March 31, 2020, $378psf for YE 2018, $364psf for YE
2017 and $416psf at issuance in 2013.

The loan transferred to the special servicer in August 2020 for
monetary default. A lockbox is currently in place and all property
cash flow is being controlled. According to the servicer,
discussions are ongoing with the borrower for a potential
forbearance and/or loan modification. Fitch's base case loss of 40%
reflects a 15.2% implied cap rate to the YE 2021 servicer reported
NOI.

The second largest loan in special servicing and largest
contributor to expected losses is the Southridge Mall (11.2%). The
loan is secured by a 1.2 million-sf regional mall located in
Greendale, WI (approximately 10 miles from Milwaukee) and is
sponsored by Simon Property Group. The property is currently
anchored by Macy's (collateral) and JCPenney (non-collateral).
Major non-collateral tenants also include Dick's Sporting Goods and
Round 1, both of which occupy a Seritage-owned former Sears anchor
(vacated in September 2017).

The property also has vacant anchor spaces, including a 219,400-sf
(non-collateral) anchor space previously leased to Boston Store,
which vacated in 2018, and 85,000-sf (collateral; 15% of NRA)
previously leased to Kohls, which vacated and moved to a new center
in late 2018 and whose lease obligation ended in January 2020. The
village of Greendale has been in discussions with a developer
regarding a mixed-use development on the former Boston Store site.

As of August 2020, the collateral is 69% leased compared with 95%
at issuance. The YE 2020 DSCR was reported to be 1.53x compared
with 1.50x for YE 2019, 1.64x for YE 2018, and 1.63x at issuance.
Both in-line and anchor tenant sales have declined since issuance
and were declining prior to the pandemic; in-line tenant sales were
reported to be $280psf for the TTM ending February 2021 compared
with $375psf for 2019, $373psf for 2018, $375psf for 2017, $406psf
in 2016 and $411psf in 2015. Collateral anchor Macy's gross sales
were reported to be $8.4 million (or $56psf) for the TTM ending
February 2021 compared to $8.0 million for 2018, $8.4 million for
2017, $9.7 million in 2016, and $10.9 million in 2015.

The loan transferred to the special servicer in July 2020 for
imminent default. Cash management has been implemented and a
receiver is in place. The servicer is evaluating options and plans
to begin marketing the asset for sale once the redevelopment plans
for the former Boston Store site are determined. Fitch's loss
expectations remain high due to the regional mall asset type and
secondary market location. Fitch modeled a base case loss of 65%,
which reflects a 25.7% implied cap rate to the YE 2020 NOI.

Defeasance/Improved Credit Enhancement (CE) Since Issuance: Seven
loans (34.8%) are fully defeased, including the largest loan in the
pool, 589 Fifth Avenue. As of the April 2022 distribution date, the
pool's aggregate balance has been reduced by 50.6% to $567.8
million from $1.148 billion at issuance. The pool has experienced
approximately $17.9 million (1.6% of original pool balance) in
realized losses to date from the liquidation of a specially
serviced regional mall asset in February 2021 and a mixed-use
property in May 2021. Interest shortfalls are currently affecting
class G.

Pool Concentration; Alternative Loss Consideration: There are 27
loans remaining in the pool. Due to the increasing concentration of
the pool, Fitch performed a look-through analysis in addition to
its base case scenario, which grouped the remaining loans based on
the likelihood of repayment. The ratings and Outlooks reflect this
analysis in addition to a scenario in which the two specially
serviced regional malls are the only remaining loans in the pool.

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-4, A-S, A-SB and interest
only X-A are not likely due to the position in the capital
structure, but may occur should interest shortfalls affect these
classes.

Downgrades to classes B, C and D are possible should expected
losses for the pool increase significantly, loans fail to repay at
their respectively maturities and/or both the Meadows Mall and
Southridge Mall loans incurring losses that are higher than
anticipated. Downgrades to distressed classes E, F and G would
occur as losses are realized and/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 currently not expected given the retail outlook on
regional malls and uncertainty surrounding the resolution of the
Meadows Mall and Southridge Mall loans. Sensitivity factors that
could lead to upgrades of classes B, C and D would include stable
to improved asset performance and better than expected outcomes on
the FLOCs, particularly on the regional mall FLOCs. Classes would
not be upgraded above 'Asf' if there were likelihood of interest
shortfalls.

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.

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.


JP MORGAN 2013-LC11: Moody's Lowers Rating on Cl. D Certs to B3
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on six classes in J.P. Morgan Chase
Commercial Mortgage Securities Trust 2013-LC11 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Mar 31, 2020 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Mar 31, 2020 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Mar 31, 2020 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Mar 31, 2020 Affirmed Aaa
(sf)

Cl. B, Downgraded to A2 (sf); previously on Mar 31, 2020 Affirmed
Aa3 (sf)

Cl. C, Downgraded to Ba1 (sf); previously on Apr 23, 2021
Downgraded to Baa2 (sf)

Cl. D, Downgraded to B3 (sf); previously on Apr 23, 2021 Downgraded
to B1 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on Apr 23, 2021
Downgraded to Caa2 (sf)

Cl. F, Downgraded to C (sf); previously on Mar 31, 2020 Downgraded
to Caa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Mar 31, 2020 Affirmed
Aaa (sf)

Cl. X-B*, Downgraded to Baa2 (sf); previously on Apr 23, 2021
Downgraded to A3 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

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

The ratings on five P&I classes were downgraded primarily due to
higher anticipated losses and increased interest shortfall concerns
from the pool's exposure to specially serviced and troubled loans.
The pool faces heightened refinance risk as all the remaining loans
mature by May 2023 and there would be an increased risk of interest
shortfalls if certain loans are unable to pay off at or before
their scheduled maturity dates. The specially serviced loan, the
World Trade Center I & II loan (11.1% of the pool), is last paid
through June 2021 and is currently going through the foreclosure
process. Additionally, Moody's has identified four additional
troubled loans (14.8% of the pool) that may have heightened
refinance risk due to their recent declines in performance. The
largest troubled loan is secured by a regional mall, the Pecanland
Mall, representing 8.4% of the pool.

The rating on one IO class, Cl. X-A, was affirmed based on the
credit quality of its referenced classes.

The rating on one IO Class, Cl. X-B, was downgraded due to a
decline in the credit quality of its referenced classes.

The action has considered how the coronavirus pandemic has reshaped
the US economic environment and the way its aftershocks will
continue to reverberate and influence the performance of commercial
real estate. Moody's expect the public health situation to improve
as vaccinations against COVID-19 increase and societies continue to
adapt to new protocols. Still, the exit from the pandemic will
likely be bumpy and unpredictable and economic prospects will
vary.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

Moody's rating action reflects a base expected loss of 12.1% of the
current pooled balance, compared to 10.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.4% of the
original pooled balance, compared to 7.9% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected. Additionally, significant
changes in the 5-year rolling average of 10-year US Treasury rates
will impact the magnitude of the interest rate adjustment and may
lead to future rating actions.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except interest-only
classes were "US and Canadian Conduit/Fusion Commercial
Mortgage-Backed Securitizations Methodology" published in November
2021.

DEAL PERFORMANCE

As of the April 2022 distribution date, the transaction's aggregate
pooled certificate balance has decreased by 30% to $920 million
from $1.32 billion at securitization. The certificates are
collateralized by 41 mortgage loans ranging in size from less than
1% to 11% of the pool, with the top ten loans (excluding
defeasance) constituting 59% of the pool. Fifteen loans,
constituting 28% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 13 at Moody's last review.

As of the April 2022 remittance report, one loan representing 11%
was in foreclosure and all other loans were current on their debt
service payments.

Eight loans, constituting 27% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance. One loan has been liquidated from the pool,
resulting in a minimal realized loss of $6,666 (for a loss severity
less than 1%).

One loan, the World Trade Center I & II loan ($102.2 million --
11.1% of the pool), is currently in special servicing. The
specially serviced loan is secured by two adjacent 28-story and
29-story Class A office buildings totaling 770,000 square feet (SF)
and located in the central business district (CBD) of Denver,
Colorado. The property is also encumbered with $17.6 million of
additional mezzanine financing held outside of the trust. The
property's performance has declined significantly since
securitization due to both lower revenue and higher operating
expenses. The loan has been in special servicing since July 2020.
After two major tenants vacated the property, the property was only
37% occupied as of February 2022 with several in place tenants
having near-term lease expiration dates. The loan has amortized
close to 11% and is last paid through its June 2021 payment date.
An updated appraisal was reported in January 2022 that represented
a 44% decline from its value at securitization and is slightly
below the outstanding loan amount. As a result, an appraisal
reduction of $10.4 million has been recognized on this loan as of
the April 2022 remittance statement.

Moody's has also assumed a high default probability for four poorly
performing loans, constituting 14.8% of the pool, and has estimated
an aggregate loss of $94.4 million (a 39.6% expected loss on
average) from these specially serviced and troubled loans. The
largest troubled loan is the Pecanland Mall loan, which is secured
by a 433,200 SF component of a 965,238 SF super-regional mall in
Monroe, Louisiana. Current non-collateral anchor tenants include
Dillard's, J.C. Penney and Belk. Property performance generally
improved from securitization through 2017, however, the property's
NOI then declined through 2020. The loan was previously transferred
to special servicing in September 2020 due to payment
delinquencies, however, the loan returned to the master servicer
effective in March 2022 as a corrected mortgage loan. The
property's annualized NOI as of June 2020 was 7% below underwritten
levels and the NOI DSCR was 1.63X. As of December 2021, the
property was 92% leased and the inline space was 82% leased. The
loan has amortized close to 14% since securitization and has an
upcoming maturity in March 2023. If the property performance
continues to decline, the loan may have an increased risk of
default at its upcoming maturity date.

These remaining troubled loans include two office properties
located in Westminster, Colorado and Rockville, Maryland, which
have had deterioration in performance due to occupancy declines,
and a limited-service hotel located in Port Huron, Michigan that
has been impacted by coronavirus-related disruptions.

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 MLTV
reported in this publication reflects the MLTV before the
adjustments described in the methodology.

Moody's received full year 2020 operating results for 97% of the
pool, and full or partial year 2021 operating results for 92% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 98%, compared to 95% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 10% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.72X and 1.15X,
respectively, compared to 1.72X and 1.13X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 21% of the pool balance. The
largest conduit loan is the Chandler Crossings Portfolio loan
($73.5 million -- 8.0% of the pool), which is secured by three
student housing properties totaling 852 units (2,772 beds) located
in East Lansing, Michigan. The properties were built between 2001
and 2003 and are located approximately 2.5 miles from the Michigan
State campus. The portfolio was collectively 63% leased as of
September 2021, compared to 80% leased as of December 2020 and 90%
leased as of December 2019. The loan has amortized close to 14%
since securitization and has an upcoming maturity in February 2023.
Property performance has recently declined and the NOI DSCR as of
September 2021 was 0.86X. Moody's LTV and stressed DSCR are 136%
and 0.70X, respectively, compared to 129% and 0.73X at Moody's last
review.

The second largest conduit loan is the Legacy Place Loan ($66.6
million -- 7.2% of the pool), which represents a pari passu portion
of a $177.7 million mortgage loan. The loan is secured by a 484,000
SF lifestyle retail center in Dedham, Massachusetts, a suburb of
Boston. The property was developed in 2009 and consists of six
buildings and parking for approximately 2,800 vehicles. At
securitization, the property was anchored by a Whole Foods,
Citizen's Bank, L.L. Bean and Kings Bowling Alley. Whole Food and
L.L. Bean extended their lease terms in January of 2020 for an
additional 10 years and 7 years, respectively. Another major
tenant, Citizen's Bank,  reduced their leased space by 44,567 SF(9%
NRA) when they extended the lease in June 2020. The property was
78% leased as of March 2022, compared to 85% leased as of December
2020 and 96% leased as of December 2019. The loan has amortized 11%
since securitization and has an upcoming maturity in May 2023.
Moody's LTV and stressed DSCR are 92% and 0.97X, respectively,
compared to 92% and 0.96X at the last review.

The third largest conduit loan is the Dulles View loan ($52.7
million -- 5.7% of the pool), is secured by two eight-story, Class
A, LEED Gold Certified office buildings located in Herndon,
Virginia. The buildings are connected by a common two-story glass
atrium and located across from the Washington-Dulles International
Airport. The loan was previously transferred to special servicing
in February 2018 due to imminent default associated with
significant tenant turnover. The property's occupancy decreased to
48% as of December 2018 but bounced back to 64% in December 2020
and 81% in December 2021. The loan was returned to the master
servicer in February 2019 and has remained current on debt service
payment as of the April 2022 remittance report. Moody's LTV and
stressed DSCR are 133% and 0.79X. The loan has amortized 12% since
securitization and matures in April 2023.


JP MORGAN 2022-LTV2: Fitch Gives B-sf Rating on Class B-5 Certs
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to J.P. Morgan Mortgage
Trust 2022-LTV2 (JPMMT 2022-LTV2).

                Rating                Prior
                ------                -----
JPMMT 2022-LTV2

A-1     LT     AA+sf  New Rating   AA+(EXP)sf
A-2     LT     AA+sf  New Rating   AA+(EXP)sf
A-2-A   LT     AA+sf  New Rating   AA+(EXP)sf
A-2-X   LT     AA+sf  New Rating   AA+(EXP)sf
A-3     LT     AAAsf  New Rating   AAA(EXP)sf
A-3-A   LT     AAAsf  New Rating   AAA(EXP)sf
A-3-X   LT     AAAsf  New Rating   AAA(EXP)sf
A-4     LT     AAAsf  New Rating   AAA(EXP)sf
A-4-A   LT     AAAsf  New Rating   AAA(EXP)sf
A-4-X   LT     AAAsf  New Rating   AAA(EXP)sf
A-5     LT     AAAsf  New Rating   AAA(EXP)sf
A-5-A   LT     AAAsf  New Rating   AAA(EXP)sf
A-5-X   LT     AAAsf  New Rating   AAA(EXP)sf
A-6     LT     AA+sf  New Rating   AA+(EXP)sf
A-6-A   LT     AA+sf  New Rating   AA+(EXP)sf
A-6-X   LT     AA+sf  New Rating   AA+(EXP)sf
A-X-1   LT     AA+sf  New Rating   AA+(EXP)sf
B-1     LT     AA-sf  New Rating   AA-(EXP)sf
B-2     LT     A-sf   New Rating   A-(EXP)sf
B-3     LT     BBB-sf New Rating   BBB-(EXP)sf
B-4     LT     BB-sf  New Rating   BB-(EXP)sf
B-5     LT     B-sf   New Rating   B-(EXP)sf  
B-6     LT     NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2022-LTV2 (JPMMT
2022-LTV2) as indicated above. The certificates are supported by
504 loans with a total balance of approximately $397.5 million as
of the cutoff date. The pool consists of prime-quality, high loan
to value (LTV), fixed-rate mortgages (FRMs) 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 25.8% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
July 1, 2022. JPMCB will take over the servicing after the
servicing transfer date; as such, Fitch considered JPMCB as the
servicer for these loans. Other servicers in the transaction
include United Wholesale Mortgage, LLC, loanDepot.com. LLC and
others. Nationstar Mortgage LLC (Nationstar) will be the master
servicer.

All the loans qualify as safe-harbor qualified mortgage (SHQM),
rebuttable presumption QM, 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 or 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 10.1% above a long-term sustainable level (vs. 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 Mortgage Pool (Positive): The pool consists of
high-quality, fixed-rate fully amortizing loans with maturities of
up to 30 years. All the loans qualify as SHQM, rebuttable
presumption QM, or QM safe-harbor (APOR) or loans. The loans were
made to borrowers with high LTVs, strong credit profiles,
relatively low debt to income (DTI) ratios and moderate 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 754 (as determined by
Fitch), which is indicative of very high credit-quality borrowers.
Approximately 58.1% (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 LTV (CLTV) ratio of 88.6%
translates to a sustainable LTV (sLTV) ratio of 97.3%.

100% of the pool comprises nonconforming loans, and 45.1% of the
pool has been originated by a retail and correspondent channel.

The pool consists of 81.1% of loans where the borrower maintains a
primary residence, while 18.9% comprise second homes. Single-family
homes (attached and detached) and planned unit developments (PUDs)
constitute 92.1% of the pool, condominiums make up 7.3% and
multifamily homes make up 0.6%. Of the pool, cashout refinances
constitute 1.9%, purchases 94.1% and rate-term refinances 4.0%.

A total of 134 loans in the pool are over $1 million, and the
largest loan is $1.97 million. Fitch determined that 11 of the
loans were made to nonpermanent residents. There are no foreign
nationals in the pool.

Approximately 43.7% of the pool is concentrated in California. The
largest MSA concentration is in the Los Angeles-Long Beach-Santa
Ana, CA MSA (14.6%), followed by the San Francisco-Oakland-Fremont,
CA MSA (7.8%) and the Riverside-San Bernardino-Ontario, CA MSA
(5.6%). The top three MSAs account for 28% of the pool. As a
result, there was no probability of default (PD) penalty for
geographic concentration.

High LTVs (Negative): The original LTV of the pool is 88.6%, which
translates into an sLTV of 97.3%. 100% of the pool had an original
LTV over 80%, and the MTM CLTV over 80% is 87.2%. As a result, a
majority loans in the pool are highly leveraged and the borrowers
have limited equity in the home. Fitch increased both the PD and
loss severity (LS) for loans with higher LTVs.

A mitigating factor to the high LTVs is the relatively high FICOs
that the borrowers have in the pool. The WA FICO according to Fitch
is 754, with over 58.1% of borrowers having a FICO equal to or
above 750 (as determined by Fitch). In addition, the WA DTI ratio
is 37.3%, which is in line with DTIs seen in non-high LTV loans.

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. Due to the
leakage to the subordinate bonds, the shifting interest structure
requires more CE.

The servicers will provide full advancing for the life of the
transaction. While this helps the liquidity of the structure, it
also increases the expected loss due to unpaid servicer advances.
If the servicers are unable to advance, the master servicer will
provide advancing. If the master servicer is unable to advance, the
securities administrator will ultimately be responsible for
advancing.

CE Floor (Positive): A CE or senior subordination floor of 3.50%
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 2.50% 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.

After the presale for JPMMT 2022-LTV2 it was announced that United
Wholesale Mortgage is assessed by Fitch as an 'Above Average'
originator. Fitch re-ran its loss analysis with United Wholesale
Mortgage as an 'Above Average' originator and revised its loss
expectations for the pool. The revised losses did not impact the
ratings and as a result, there are no changes from the expected
ratings assigned to the final ratings assigned. See below for
Fitch's revised loss expectations, the transaction's credit
enhancement, and final ratings.

Super senior classes: 13.25% loss; 25.00% CE; 'AAAsf'

Senior classes: 10.75% loss; 14.45% CE; 'AA+sf'

Class B-1: 8.40% Loss, 9.80%; CE; 'AA-sf'

Class B-2: 5.35% Loss, 6.10%; CE; 'A-sf'

Class B-3: 2.90% Loss, 3.35%; CE; 'BBB-sf'

Class B-4: 1.50% Loss, 1.70% CE; 'BB-sf'

Class B-5: 0.85% Loss, 0.95% CE; 'B-sf'

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 41.5% at 'AAAsf'. 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, 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.

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.

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.


JPMBB COMMERCIAL 2013-C12: S&P Cuts Cl. E Certs Rating to 'B(sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from JPMBB Commercial Mortgage
Securities Trust 2013-C12, a U.S. CMBS transaction. At the same
time, S&P affirmed its ratings on eight other classes from the same
transaction.

Rating Actions

S&P said, "Although the model-indicated ratings were higher than
the classes' current rating levels, we downgraded our ratings on
classes E and F due to the bonds' exposure to the two specially
serviced assets (6.1%), as well as potential adverse selection. As
76.8% of the collateral pool (excluding the defeased and specially
serviced assets) is scheduled to mature in 2023, we are concerned
about the potential for the higher-quality loans to repay, leaving
the transaction backed by a lower-quality asset pool with a higher
propensity to experience maturity default and special servicing
transfers. These more subordinate bonds will be at an increased
risk of liquidity interruption. The downgrades further reflect our
view that the risk of default and loss on the classes remains
elevated if the currently specially serviced assets experience
increases in appraisal reduction amounts (ARAs), heightening the
bonds' risk of credit support erosion and/or potential interest
shortfalls (particularly true of class F, which we downgraded to
'CCC (sf)').

"The affirmations on classes A-4 through A-S, as well as class D,
reflect our view that the ratings are in line with the
model-indicated ratings. While the model-indicated ratings for
classes B and C were higher than the classes' current rating
levels, we affirmed their ratings considering the pool's exposure
to the IDS Center loan, which has exhibited deteriorating
performance, as well as the two specially serviced assets (further
discussed below) that may constrain liquidity available to the
trust.

"We affirmed our 'AAA (sf)' rating on the class X-A interest-only
(IO) certificates based on our criteria for rating IO securities,
in which the rating on the IO security would not be higher than
that of the lowest-rated reference class. Class X-A's notional
amount references classes A-1 through A-S.

"We will continue to monitor the transaction's performance,
specifically any developments around the specially serviced assets,
and the pool's volume of 2023 loan maturities. To the extent future
developments differ meaningfully from our underlying assumptions,
we will take further rating actions as we deem necessary."

Transaction Summary

As of the April 2022, trustee remittance report, the collateral
pool balance was $881.5 million, which is 65.7% of the pool balance
at issuance. The pool currently includes 63 loans and one real
estate owned (REO) asset, down from 77 loans at issuance. As of the
April 2022 remittance report, two assets ($53.5 million, 6.1%) were
in special servicing and 14 loans ($256.6 million, 29.1%) are on
the master servicer's watchlist. There are also 18 defeased loans
($127.8 million, 14.5%) in the pool.

Excluding the two specially serviced assets and 18 defeased loans
and using adjusted servicer-reported numbers, we calculated a 1.67x
S&P Global Ratings weighted average debt service coverage (DSC) and
71.0% S&P Global Ratings weighted average loan-to-value (LTV) ratio
when applying a 7.74% S&P Global Ratings weighted average
capitalization rate. The top 10 nondefeased loans have an aggregate
outstanding pool trust balance of $477.2 million (54.1%).

Details on the loan with the materially revised S&P Global Ratings
net cash flow (NCF) and valuation is noted below:

IDS Center loan (8.9% of the pooled trust balance)

This the third-largest loan in the pool. The trust loan, with a
current balance of $78.0 million, is currently on the master
servicer's watchlist. The trust loan represents 49.3% of the total
A-note balance (the other 50.7% is held outside of the trust in
JPMBB 2013-C13 [rated by S&P Global Ratings]; all performance
figures are whole-loan based). The loan is secured by a
1.4-million-sq.-ft., class A, multi-tenant office and retail
complex in Minneapolis, Minn.

The loan was placed on the servicer's watchlist due to a low
reported DSC (1.18x as of December 2021, down from 1.25x as of
December 2020). The low DSC is primarily due to a decline in
occupancy. Occupancy was 84.0% in 2018, and fell to 80.0% in 2019,
73.0% in 2020, and then increased slightly to 74.0% in 2021. The
property's reported NCF has exhibited a declining trend: $17.4
million in 2018, $16.6 million in 2019, $13.0 million in 2020, and
$12.3 million in 2021.

As of the March 2022 rent roll, the property was 75.4% occupied.
Some of the major tenants at the property include Lathrop GPM LLP
(100,198 sq. ft., 7.1% of NRA), Taft Stettiius & Hollister LLP
(93,463 sq. ft., 6.6%), Ballard Spahr (81,041 sq. ft., 5.7%), Hays
Companies Inc. (64,767 sq. ft.; 4.6%), and Bank of America (33,985
sq. ft., 2.4%). Given the observed decline in occupancy and
financial performance, we revised our sustainable NCF downward to
$12.3 million (down 24.4% from our September 2021 last review) in
line with the servicer-reported NCF. Applying a capitalization rate
of 7.5% (unchanged from our last review and at issuance), we
derived an S&P Global Ratings value of $164.4 million and a 96.3%
S&P Global Ratings LTV on the whole loan.

Details on the two specially serviced assets are as follows:

Southridge Mall loan (4.9% of the pooled trust balance)

This is the fourth-largest loan in the pool. The trust loan, with a
balance of $43.3 million, is currently with the special servicer
and has a total reported exposure of $44.7 million. The trust loan
represents 40% of the total A-note balance; the other 60% is held
outside of the trust in JPMBB 2013-C14 (not rated by S&P Global
Ratings). The loan is secured by an approximately 557,000-sq.-ft.
portion of a 1.2 million-sq.-ft. regional mall in Greendale, Wisc.
The loan transferred to the special servicer in July 2020 due to
imminent default and is currently in receivership (the property is
in foreclosure). As of the September 2021 rent roll, the property
was 96.1% occupied. Some of the major tenants at the property
include Macy's (149,374 sq. ft., 26.8% of collateral NRA), H&M
(16,627 sq. ft., 3.0%), Old Navy (12,860 sq. ft., 2.3%), Shoe Dept.
Encore (10,623 sq. ft., 1.9%) and Victoria's Secret (8,011 sq. ft.,
1.4%). There is also a vacant anchor space, which was previously
occupied by Kohl's (85,247 sq. ft, 15.3%) and temporarily
backfilled by Spirit Halloween, whose lease expired in November
2021. In addition, there is a noncollateral anchor--JC Penney.

S&P said, "There is a $20.4 million ARA in effect against the trust
loan. Since our published review in August 2020, the property has
received an updated August 2021 appraisal value of $69.9 million
(whole-loan basis), which we considered in our revised loss and
recovery estimates for the loan, which indicates a moderate loss
upon the eventual resolution of the asset."

Pipeline Village East & West loan (1.2% of the pooled trust
balance)

The real estate owned (REO) asset has a balance of $10.2 million
and a reported total exposure of $11.3 million. The property is an
approximately 132,000-sq.-ft. retail center in Hurst, Texas. The
loan transferred to the special servicer due to imminent default in
August 2020, and the asset became REO in February 2022. Some of the
major tenants at the property include Hobby Lobby (49,210 sq. ft.,
36.9% of NRA), Tuesday Morning (13,200 sq. ft., 9.9%), Movie
Trading (5,980 sq. ft., 4.5%), and Freebirds (2,475 sq. ft., 1.9%).
There is a $271,641 ARA in effect against the asset. There is an
$11.2 million September 2021 appraisal value for the property,
which S&P considered in its loss and recovery estimates, indicating
a minimal loss upon the eventual resolution of the asset.

Losses

To date, the transaction has incurred $4.8 million in principal
losses. S&P expects losses to reach approximately 1.9% of the
original pool trust balance in the near term based on losses it
expects upon the eventual resolution of the two specially serviced
assets.

COVID Risk

The recent rapid spread of the omicron variant highlights the
inherent uncertainties of the COVID-19 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 Lowered

  JPMBB Commercial Mortgage Securities Trust 2013-C12
  Commercial mortgage pass-through certificates

  Class E: to 'B (sf)', from 'BB (sf)'
  Class F: to 'CCC (sf)', from 'B- (sf)'

  Ratings Affirmed

  JPMBB Commercial Mortgage Securities Trust 2013-C12
  Commercial mortgage pass-through certificates

  Class A-4: AAA (sf)
  Class A-5: AAA (sf)
  Class A-SB: AAA (sf)
  Class A-S: AAA (sf)
  Class B: AA+ (sf)
  Class C: A+ (sf)
  Class D: BBB+ (sf)
  Class X-A: AAA (sf)



JPMMC COMMERCIAL 2017-JP7: Fitch Affirms 'B' Rating on G-RR Debt
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 14 classes of JPMCC
Commercial Mortgage Securities Trust (JPMCC) 2017-JP7 commercial
mortgage pass-through certificates. Fitch has also revised the
Rating Outlook on one class to Stable from Negative.

   DEBT                  RATING                  PRIOR
   ----                  ------                  -----
JPMCC 2017-JP7

Class A-2 465968AB1     LT  AAAsf    Affirmed    AAAsf
Class A-3 465968AC9     LT  AAAsf    Affirmed    AAAsf
Class A-4 465968AD7     LT  AAAsf    Affirmed    AAAsf
Class A-5 465968AE5     LT  AAAsf    Affirmed    AAAsf
Class A-S 465968AJ4     LT  AAAsf    Affirmed    AAAsf
Class A-SB 465968AF2    LT  AAAsf    Affirmed    AAAsf
Class B 465968AK1       LT  AA-sf    Affirmed    AA-sf
Class C 465968AL9       LT  A-sf      Affirmed    A-sf
Class D 465968AM7       LT  BBBsf     Affirmed    BBBsf
Class E-RR 465968AP0    LT  BBB-sf    Affirmed    BBB-sf
Class F-RR 465968AR6    LT  BBsf      Affirmed    BBsf
Class G-RR 465968AT2    LT  Bsf       Affirmed    Bsf
Class X-A 465968AG0     LT  AAAsf     Affirmed    AAAsf
Class X-B 465968AH8     LT  A-sf      Affirmed    A-sf

KEY RATING DRIVERS

Increased Loss Expectations: Since Fitch's last rating action,
overall loss expectations for the pool have increased, primarily
due to a higher expected loss on the specially serviced Springhill
Suites Newark Airport loan (2.3% of pool). There are seven Fitch
Loans of Concern (FLOCs; 30.9% of pool), including three specially
serviced loans (14%).

Fitch's current ratings reflect a base case loss of 4.20%. Loss
expectations could reach 4.40% when factoring an outsized loss on
one hotel loan to account for ongoing business disruption as a
result of the pandemic.

The Outlook revision to Stable from Negative on class F-RR reflects
performance stabilization of properties that had been affected by
the pandemic. The Negative Outlook on class G-RR, which was
previously assigned for additional coronavirus-related stresses
applied on hotel, retail and multifamily loans, is maintained to
reflect uncertainties surrounding the upcoming maturity of the West
Town Mall loan in July 2022 and the ultimate workout strategy of
the specially serviced loans.

The largest increase in loss expectations since the last rating
action, Springhill Suites Newark, is secured by a 200-key, limited
service hotel located in Newark NJ, within close proximity to
Newark Liberty International Airport. At issuance, it was noted
that the hotel was built on a former landfill which was
contaminated by hydrocarbons and metals. The property is subject to
several maintenance and monitoring requirements due to the
contamination.

The loan transferred to special servicing in June 2020 for imminent
monetary default. The property has suffered from declining
performance since 2019. Due to decreasing room night demand coupled
with the pandemic, the property was closed in April 2020. The hotel
reopened in January 2022. Per the special servicer commentary, the
property is undergoing a property improvement plan which has also
impacted occupancy.

The special servicer and borrower had initially agreed to a
modification of the loan in October 2020; however, the borrower
failed to close the modification. As a result, the special servicer
is pursuing foreclosure. Fitch's base case loss of 45% reflects a
stressed value per key of $75,950. The total exposure for the loan
has grown 15% since Fitch's last rating action, mostly from
property protection advances.

The second largest, non-specially serviced FLOC, West Town Mall
(3.6% of pool), is secured by a 772,503 sf anchored retail center
located in Knoxville, TN. The loan has an upcoming maturity in July
2022.

At issuance, the property was anchored by a non-collateral Sears
and JCPenney. Sears closed in January 2019. Per the master
servicer, the space has been re-tenanted by Dick's Sporting Goods
and Golf Galaxy. Collateral anchors include Belk and Regal Cinemas.
The movie theater was recently renovated into a
nine-screen-Cinebarre, which includes a full bar and restaurant.

Although performance was impacted by the pandemic, collateral
occupancy has remained stable since issuance and was 92% as of YE
2021. Near-term rollover is minimal. YE 2021 NOI has improved 8.5%
from 2020. Updated sales were requested, but not provided. In-line
sales around the time of issuance in 2016 were $554 psf, including
Apple and $462 psf, excluding Apple.

Fitch's base case analysis reflects a 12% cap rate and a 10% stress
to the YE 2021 NOI. At issuance, the property received a standalone
investment grade credit opinion of 'BBBsf*'.

Increase in Credit Enhancement: Since Fitch's last rating action,
one loan (previously 1.9% of last rating action pool) paid off in
full during its open period. As of the April 2022 remittance, the
pool's aggregate principal balance has been paid down by 4.7% to
$772 million from $811 million at issuance. Four loans (4.0% of
pool) are defeased. Eight loans (52.7%) are full-term interest
only, including seven loans (51.8%) in the top 15. Nineteen loans
(31.1%) have partial interest-only payments during the loan term,
eighteen (28.9%) of which have begun to amortize.

Additional Loss Consideration: Fitch performed a sensitivity
scenario which applied an additional stress to the pre-pandemic
cash flow for one hotel loan given significant pandemic-related
2020 NOI declines.

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
larger FLOCs and/or if additional loans default and transfer to
special servicing. Downgrades to the 'AAsf' and 'AAAsf' categories
are not expected given their high credit enhancement (CE) relative
to expected losses and continued amortization, but may occur if
interest shortfalls occur or if a high proportion of the pool
defaults and expected losses increase considerably.

Downgrades to the 'BBBsf' and 'Asf' categories would occur should
overall pool losses increase significantly and/or one or more of
the larger FLOCs have an outsized loss, which would erode CE.
Downgrades to the 'Bsf' and 'BBsf' categories would occur should
loss expectations increase on any specially serviced loans and if
performance of the FLOCs or loans vulnerable to the coronavirus
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 paydown and/or defeasance.
Upgrades of the 'Asf' and 'AAsf' categories would likely occur with
significant improvement in CE and/or defeasance; however, adverse
selection, increased concentrations and further underperformance of
the larger FLOCs or loans impacted by the coronavirus pandemic
could cause this trend to reverse.

Upgrades to the 'BBBsf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded to 'Asf' if there is a
likelihood for interest shortfalls. Upgrades to the 'Bsf' and
'BBsf' 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.

The Outlook on class G may be revised back to Stable with the
successful refinancing of the West Town Mall loan, and/or better
than expected recoveries and/or performance stabilization of the
specially serviced Springhill Suites Newark loan.

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.


KEYCORP 2005-A: S&P Places BB- Rating on II-C Notes on Watch Pos.
-----------------------------------------------------------------
S&P Global Ratings placed its ratings on four classes of notes from
three KeyCorp Student Loan Trust transactions on CreditWatch with
positive implications. The trusts are student loan ABS
transactions.

Key features of the transactions are as follows:

-- The trusts are backed by mixed collateral pools comprising
Federal Family Education Loan Program (FFELP; Group I) and private
(Group II) student loans. The Group I notes are primarily backed by
FFELP and therefore, benefit from the U.S. federal government's
reinsurance of at least 97% of the loans' principal and accrued
interest. The Department of Education recoveries result in low net
losses for the trusts. The Group II notes are primarily backed by
private student loans. These loans are well-seasoned and are past
their peak default curves, and are performing as expected.

-- The trusts have bifurcated waterfalls, where the FFELP student
loans' proceeds are first used to make payments to the Group I
notes and the private student loans' proceeds are first used to
make payments to the Group II notes. Amounts at the bottom of each
group's respective waterfall can be used to make payments to the
other group's waterfall (subject to the parity release thresholds).
Once parity release thresholds are met for both groups of notes,
remaining amounts can be released to the issuer.

-- The credit enhancement is comprised of subordination (for the
senior paying classes), a reserve account, over collateralization
(for classes with parity above par), and excess spread.

The CreditWatch positive placement primarily reflects S&P's view of
the transactions' growing credit enhancement levels coupled with a
declining pace of defaults, which reflects the well-seasoned
collateral. Additionally, the classes benefit from excess spread as
the rates on the collateral exceed that paid on the notes.

CREDIT ENHANCEMENT

The credit enhancement, as measured by parity, has grown to levels
that may be strong enough to withstand a higher multiple of our
expected remaining net loss.

  Table 1

  PARITY LEVELS (%)(i)
                   April 27, 2022   April 27, 2021  April 27, 2020
  Series    Class

  2004-A    II-C           460.55           254.09          188.99
  2004-A    II-D            97.99            95.98           94.30

                   March 28, 2022   March 29, 2021  March 27, 2020
       
  2005-A    II-B           664.33           278.25          203.59
  2006-A    II-B           275.67           193.5           159.37

(i)Reported parity for the subordinate classes. Parity for senior
classes is calculated using the sum of the current loan pool
balance, which includes interest to be capitalized and the reserve
account over the respective class balance.

Currently, all of the transactions use all available funds after
the payment of senior fees and interest to pay down the bonds (full
turbo). The 2005-A and 2006-A structures are expected to remain in
full turbo mode for the remainder of the deal's life as required by
the transaction documents because the pool factor has declined
below 10%. The 2004-A reported parity is 97.99%. As such, the
transaction is expected to remain in full turbo until it reaches
the release threshold of 100%.

DEFAULTS

The collateral is well-seasoned with over 15 years of performance,
and is well past the peak default curve. As such, the pace of
defaults have been stable. Table 2 shows that the change in the
cumulative defaults from one year ago to the present ranges from
0.05% to 0.13% for each deal. The change has decreased since S&P's
prior review, and it expects the pace of defaults to continue to be
at low levels.

  Table 2

  DEAL STATISTICS

  Series   Cum. default     Cum. default          Change in
                current(i)  one year ago (ii) cum. defaults (iii)
                   (%)              (%)                (%)
  2004-A          23.85            23.80               0.05
  2005-A          20.56            20.49               0.07
  2006-A          23.08            22.95               0.13

(i)As of the quarterly servicer report with the collection period
ending March 2022 for 2004-A, and February 2022 for series 2005-A
and 2006-A.
(ii)As reported in the respective quarterly servicer report one
year prior.
(iii)Current cumulative default percentage less cumulative default
one year ago.

EXCESS SPREAD

The levels of repayment are high at greater than 93.00%. Per the
latest servicer report, the total assets generally are earning
approximately 3.40%, while 0.90% is paid in interest to the
noteholders. Credit enhancement is growing because the excess
spread is over that needed to cover ongoing net losses.

S&P said, "We will run various cashflow scenarios to resolve the
CreditWatch placements. We will also continue to monitor the
performance of the student loan receivables backing these
transactions relative to our expected remaining net losses and the
available credit enhancement. We will take rating actions as we
consider appropriate."

  RATINGS PLACED ON CREDITWATCH POSITIVE

  KeyCorp Student Loan Trust 2004-A

                      Rating
  Class     To                     From

  II-C      AA+ (sf)/Watch Pos     AA+ (sf)
  II-D      CCC (sf)/Watch Pos     CCC (sf)


  KeyCorp Student Loan Trust 2005-A

                        Rating
  Class     To                     From

  II-C      BB- (sf)/Watch Pos     BB- (sf)


  KeyCorp Student Loan Trust 2006-A

                        Rating
  Class     To                     From

  II-B      AA- (sf)/Watch Pos     AA- (sf)



KNDL 2019-KNSQ: DBRS Confirms BB(low) Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-KNSQ issued by KNDL
2019-KNSQ Mortgage Trust as follows:

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

All trends are Stable. DBRS Morningstar discontinued the rating on
Class X-CP as the bond has exceeded its stated maturity date of May
2020 and is no longer receiving interest payments.

The rating confirmations reflect the overall stable performance of
the underlying collateral, which remains in line with DBRS
Morningstar's expectations. The collateral for the trust consists
of an $628.0 million first-lien mortgage loan secured by Kendall
Square, which comprises three Class A office/laboratory properties
totalling 589,987 square feet (sf) and 2,147 below-grade parking
spaces in Cambridge, Massachusetts. Kendall Square is part of the
largest life sciences and biotechnology center in the United States
with proximity to the Massachusetts Institute of Technology,
Harvard University, and Massachusetts General Hospital. The three
properties were constructed between 2002 and 2009 and offer
desirable Class A office/laboratory space. The capital stack
includes $180.0 million of mezzanine debt, which is subordinate to
and held outside the trust. The interest-only (IO) mortgage loan
features a two-year initial term with three 12-month extensions,
the first of which was exercised in April 2021. Both the trust loan
and the mezzanine loan are floating-rate loans based on Libor; the
interest rate spread for both the trust mortgage and mezzanine
loans will increase by 15 basis points during the extension
periods. Individual properties are permitted to be re-leased with
customary requirements upon a prepayment premium of 110% of the
allocated loan amount.

The loan reported a consolidated net cash flow (NCF) of $46.2
million for the trailing 12 months ended September 30, 2021,
compared with $46.0 million for YE2020 and the Issuer's NCF of
$52.0 million at issuance. The decline in NCF compared with the
issuance level is primarily attributed to a 8.1% increase in total
operating expenses as a result of higher real estate taxes,
property insurance, management fees, and general and administrative
costs. DBRS Morningstar notes that parking income continues to be
substantially affected by the Coronavirus Disease (COVID-19)
pandemic, based on the 10.6% decline since issuance. Prior to the
pandemic, the parking garage benefitted from a substantial number
of monthly parkers and contractual leased passes that mitigated the
lower transient demand. The loan's in-place debt service coverage
ratio remains healthy, however, and the property's parking revenue
and expense reimbursements should continue to increase over the
near to moderate term.

The September 2021 rent roll showed the collateral was 99.0%
occupied with an average base rent of $67.52 per square foot (psf)
compared with the issuance occupancy rate and average base rent of
100% and $66.19 psf, respectively. The three largest tenants are
Alnylam Pharmaceuticals, Inc. (50.0% of the total portfolio's net
rentable area (NRA); lease expiration in January 2034), Baxalta US,
Inc. (35.0% of the NRA; lease expiration in January 2027), and
IPSEN Bioscience, Inc. (10.7% of the NRA; lease expiration of
December 2024). Upcoming lease rollover is minimal over the next 12
months.

Sponsorship is provided by subsidiaries of The Blackstone Group and
BioMed Realty Trust, which together own a number of properties in
the Kendall Square submarket. Blackstone, founded in 1991, is a
global alternative asset manager with total assets under management
of $881.0 billion as of Q4 2021. BioMed was founded in 2004 and
focuses on acquiring, developing, leasing, owning, and managing
laboratory and office space for the life sciences industry.

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



LCM 37: Moody's Assigns Ba3 Rating to $16MM Class E Notes
---------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by LCM 37 Ltd. (the "Issuer" or "LCM 37").

Moody's rating action is as follows:

US$246,000,000 Class A-1 Senior Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$10,000,000 Class A-2 Senior Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$48,000,000 Class B Senior Floating Rate Notes due 2034, Assigned
Aa2 (sf)

US$24,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2034, Assigned A2 (sf)

US$24,000,000 Class D Deferrable Mezzanine Floating Rate Notes due
2034, Assigned Baa3 (sf)

US$16,000,000 Class E Deferrable Mezzanine Floating Rate Notes due
2034, Assigned Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

LCM 37 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10% of the
portfolio may consist of second lien loans, unsecured loans and
fixed rate collateral debt obligations. The portfolio is
approximately 90% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued subordinated
notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $400,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2753

Weighted Average Spread (WAS): 3mS + 3.60%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 6.66 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


LIFE 2021-BMR: DBRS Confirms B(low) Rating on Class G Certs
-----------------------------------------------------------
BRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-BMR
issued by LIFE 2021-BMR Mortgage Trust:

-- Class A at AAA (sf)
-- Class B at AA (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)
-- Class G at B (low) (sf)

All trends are Stable.

The underlying loan for this transaction is secured by a portfolio
of 17 properties totaling approximately 2.4 million square feet
(sf) of Class A office and laboratory space. The collateral is well
located in the life sciences hubs of Cambridge, Massachusetts; San
Diego; and San Francisco. The whole loan of $2.01 billion is
interest only throughout the fully extended five-year loan term.
The loan has a partial pro rata structure that allows for paydowns
on the first 30% of the principal balance, followed by a sequential
pay structure thereafter. The sponsor is BioMed Realty, a fully
integrated real estate investment trust founded in 2004 that merged
with Blackstone Group in 2016.

According to the February 2022 remittance, two small properties,
totaling 5.3% of net rentable area (124,053 sf), have been released
from the portfolio, resulting in nominal collateral reduction of
1.7% since issuance. The current trust balance stands at $1.98
billion. At issuance, the portfolio was approximately 97.1%
occupied by 43 unique tenants, with a debt service coverage ratio
of 3.79 times. The trailing 12 months ended September 30, 2021,
financials indicate a marginal increase in net cash flow (NCF) and
occupancy of 1.8% and 98.0%, respectively.

DBRS Morningstar expects performance to remain stable given the
granularity of the rent roll, institutional quality tenancy,
desirable location of the assets in the most prominent educational
and research hubs, and strong historical performance. The portfolio
had a weighted average lease term of 6.5 years at issuance, 1.5
years beyond the fully extended loan term. In addition, DBRS
Morningstar is optimistic that rents in the collateral's markets
will continue to rise as laboratory space in the life sciences and
biotechnology industries becomes more expensive and companies
continue to congregate around established universities, research
centers, and hospitals, most often in dense urban areas.

The DBRS Morningstar NCF derived at issuance was not adjusted for
this review, and qualitative adjustments remain unchanged.
Properties released to date formerly accounted for 2.3% of NCF;
therefore, no material impact on consolidated financial performance
is expected.

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



LONG POINT IV: Fitch Gives 'BB-(EXP)' Rating on 2022-1 Cl. A Notes
------------------------------------------------------------------
Fitch Ratings expects to assign ratings to the Series 2022-1 Class
A Principal At-Risk Variable Rate Notes issued by Long Point Re IV
Ltd., a registered special purpose insurer in Bermuda.

Repayment of principal and payment of interest on the Notes will be
linked to the occurrence of one or more Covered Events including
tropical cyclones, severe thunderstorms, winter storms and
earthquakes.

Neither the principal amount nor the risk interest spread has been
determined.

   DEBT                RATING
   ----                ------
Long Point Re IV Ltd.

Class A Principal     LT BB-(EXP)sf    Expected Rating
At-Risk Variable
Rate Notes due
June 1, 2026

TRANSACTION SUMMARY

This is the seventh "cat bond" sponsored by The Travelers
Companies, Inc. (Travelers; A+/Stable). Noteholders have not
experienced any loss on these prior transactions, though there are
no assurances of performance with Long Point Re IV.

The Series 2022-1 Class A Notes provide four years of indemnity
coverage, per occurrence, to various insurance subsidiaries or
affiliates of Travelers for the Covered Events due to Tropical
Cyclones, Earthquakes, Severe Thunderstorms and Winter Storms. The
Covered Area is restricted to the northeast U.S. and includes:
Connecticut, Delaware, District of Columbia, Maine, Maryland,
Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania,
Rhode Island, Virginia, Vermont and all contiguous waters thereto.

The Subject Business consists of personal lines and a subset of
commercial lines property coverage provided by Travelers in the
Covered Area. Total Insured Limit of the Subject Business for the
transaction is approximately $1.8 trillion and is split 63%
personal insurance and 37% commercial insurance (based on the
Initial Data excluding non-modeled exposures).

There are four annual risk periods to reflect changes in property
exposures. The Modeling Agent, AIR Worldwide Corporation (AIR),
will deliver a Reset Report based on the updated Subject Business
at the beginning of each respective risk period, with effective
Reset dates scheduled each May of 2023, 2024 and 2025. At the
respective Reset dates, Travelers may elect to lower the trigger
level to a dollar amount that results in a Maximum Attachment
Probability that will be determined at closing. The Risk Interest
Spread will be adjusted to reflect any changes in the risk profile
but subject to a Minimum Risk Interest Spread.

For the first annual risk period, the 2022-1 Notes are exposed to
principal loss if Covered Loses exceeds the Initial Attachment
Amount of $2.2 billion in covered losses. The Notes are totally
exhausted if the Loss Amount exceeds the Initial Exhaustion Point
of $2.9 billion. In the calculation of the Ultimate Net Loss (UNL),
there is a Growth Limitation Factor which is the lesser of 1.0 and
the ratio of the Growth Allowance Factor (1.10) and the Actual
Growth Factor. Consistent with previous Long Point Re transactions,
loss adjustment expenses are excluded from the Ultimate Net Loss.
The repayment of the notes to the note holders occurs subsequent to
any qualified payments to Travelers for covered events. Note
holders have no recourse against Travelers.

The interest spread may be reduced if a covered event occurs. The
Notes may be extended monthly, up to 48 months if certain
qualifying events occur; however, they are not exposed to any
further catastrophe events during this extension period. At any
time, the Notes may be redeemed due to defined Early Redemption
Events such as clean-up events or regulatory and tax law changes.
Travelers also has the option to call the 2022-1 Note on the Early
Redemption Dates corresponding to the end of the First, Second and
Third Annual Risk Periods (subject to an additional repayment
amount).

The Notes are Exposed to Extension Risk (Neutral): under certain
scenarios such as if a Covered Event occurs near the expected
Redemption date, the Notes may not mature until June, 2030. This
provision is normally invoked when a Covered Event occurs near the
Scheduled Redemption Date.

AIR is the Catastrophe Risk Modeler (Neutral): The rating analysis
in support of the evaluation of the natural catastrophe risk is
highly model-driven. As with any model of complex physical systems,
particularly those with low frequencies of occurrence and
potentially high severity outcomes, the actual losses from
catastrophic events may differ from the results of simulation
analyses. Fitch is neutral to any of the major catastrophe modeling
firms selected by the issuer. Results from other third-party
modelers were not provided.

Escrowed Models May Not Incorporate Latest Enhancements (Negative):
AIR provided the risk analysis using their proprietary software and
risk models implemented in Touchstone 9.05 and Touchstone Re 9.0.4.
These models will be escrowed and used by AIR in determining any
future annual reset. Although a common practice for these types of
transactions, the escrow model may not reflect AIR's future
methodology enhancements such as weather/climate variability or
risk zones.

KEY RATING DRIVERS

The rating on the Notes is the weakest link amongst the catastrophe
risk, ceding insurer counterparty risk and permitted investments
credit risk.

Catastrophe Risk

Initial Modeled Trigger Probability Corresponds With a 'BB-' Rating
(Neutral trait): AIR modeled the one-year attachment probability
based on the base case analysis as 1.348%. Modelled results include
an assumption of post event demand surge as well as 5% of
separately modeled storm surge for tropical cyclones. The
calibration matrix found in Fitch's "Insurance-Linked Securities
Rating Criteria" indicates the 'BB-' range as falling between
0.737% to 1.989%.

Performance under Sensitivity Test (Neutral): A sensitivity case
using AIR's "Warm Sea Surface Temperature Conditional Catalog"
increased the attachment probability to 1.432%, which remains in
the 'BB-' category.

Performance under Historical Events (Positive): AIR modelled
historical events based on the current subject business. Only two
historical events breached the attachment level based on modelled
results, including the Great New England storm of 1938 (100%
modelled loss of principal) and Hurricane Donna in 1960 (5% loss of
principal). Only as a point of reference, Travelers reported total
case incurred losses of $803 million for Superstorm Sandy (which
included areas outside the Covered Area of this note). A replay of
that event for the Covered Area only, the estimated modelled
Ultimate Net Loss reached 31% of the Initial Attachment Amount.

Non-Modelled Exposures (Negative): The initial data provided to AIR
by Travelers does not include all exposures in the Subject Business
that are covered in the transaction, potentially understating
investors' exposure to loss. Various ensuing perils and costs
related to covered events are not explicitly modelled by AIR in its
analysis. Additionally, non-modelled exposures included in the
reinsurance agreement include subsets of the subject personal lines
business such as personal article floaters, boats and yachts and
other additional coverages. Within the subject commercial lines
business, examples of non-modelled exposures include auto dealer
open lot exposures and various inland marine vehicles.

Additional Loss Obligations (Negative): For each covered event, to
the extent that there are any losses related to extra contractual
obligations and losses in excess of policy limits owed on the
Subject Business, such losses will be limited to a maximum of 25%
of total losses for the covered event.

Modeled Subject Business Will Lag Ultimate Net Loss (Negative):
Based on the historical growth of the Subject Business and ongoing
heighted inflation in property values, Fitch expects growth in the
Average Annual Loss (AAL) which is not modeled. The basis for
measuring growth is the calculation of the modeled AAL to the
covered area, using updated exposure data as of the most recent
applicable calendar-quarter end prior to a covered event, divided
by modelled AAL as of the beginning of the corresponding risk
period. Should the growth in the AAL exceed the growth allowance
factor of 1.10, the event UNL will be formulaically scaled down to
reflect the stated limitation on growth.

Single Risk Cap Reduces Losses (Positive): Over 44% of the
commercial business has a Total Replacement Cost in excess of $20
million. However, with respect to each insured, the maximum amount
of losses to be included in Ultimate Net Losses, is initially
limited to $20 million (Initial Single Risk Cap). This limit may be
increased to no more than $40 million upon any Reset.

Ceding Insurer

Travelers (and subsidiaries) are highly rated (Positive): The
Ceding Insurer(s) (IFS AA) and Travelers (IDR A+) are responsible
for the periodic payment of the Risk Interest Spread to Long Point
Re IV Ltd. which, in turn, is used to pay noteholders.

Catastrophe Claims Management (Positive): Travelers primarily
utilizes its own personnel in the management of claims in response
to a catastrophic event, limiting the use of third-party adjusters
and appraisers. Fitch expects that Travelers' claims management
sophistication and its use of internal staff to handle catastrophic
events to result in more consistently settled claims and limit
claims inflation on losses relative to industry peers. With an
indemnity trigger, noteholders "follow the fortunes" of Travelers
claim experience.

Loss Adjustment Expenses Excluded (Positive): Paid losses and if
applicable loss reserves, net of salvage and subrogation will be
used in the calculation of UNL. Loss adjustment expenses are
excluded from the calculation of UNL, meaning that investors in the
transaction will not be exposed to the expense associated with
investigating and settling claims from a Covered Event.

Permitted Investments

Highly Rated Qualified Permitted Investments (Positive): Assets
held in the Reinsurance Trust Account will be U.S. Money Market
Funds (or other highly-rated, short-term securities). Any nominal
yield produced by these investments, in addition to the
aforementioned Risk Interest Spread, constitutes the variable rate
of this note.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
This rating is sensitive to the occurrence of a qualifying natural
catastrophe event(s), Travelers' election to reset the notes'
expected loss, changes in the data quality, the counterparty rating
of Travelers and the rating or performance on the permitted
investments held in the Reinsurance Trust Account.

If a qualifying covered event occurs that results in a loss of
principal, Fitch will downgrade the notes to reflect an effective
default.

The implied rating of the natural catastrophe risk profile may
change if Travelers elects to significantly increase the Maximum
Attachment Probability at the Reset Dates, which may affect the
rating of the Series 2022-1 Class A Notes.

To a lesser extent, the notes may be downgraded if the credit
ratings of Travelers or the reinsurance trust account permitted
investments were significantly downgraded to a level commensurate
to the implied rating of the natural catastrophe risk.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
At a Reset Date, if Travelers elects to decrease the Maximum
Attachment Probability to a point where the implied rating
associated with the catastrophe risk improved.

Likewise, it is unlikely that the 2022-1 Notes would be rated above
the credit ratings of Travelers if the implied rating of the
natural catastrophe risk was significantly reduced to those
ratings.

Fitch's expected rating is based on a review of a preliminary
Offering Circular Supplement and the Offering Circular, the AIR
Expert Risk Analysis and AIR Expert Risk Analysis Results and an
Investor Presentation (all supplied between April 10 and 27, 2022).
The final rating is contingent upon receipt of signed legal
documents pertinent to this transaction that do not materially
change what has currently been reviewed. Any changes could lead
Fitch to an alternative rating or inability to rate the Notes.


MADISON PARK LVII: Moody's Assigns (P)Ba3 to $20MM Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by Madison Park Funding LVII, Ltd.
(the "Issuer" or "Madison Park Funding LVII").

Moody's rating action is as follows:

US$307,500,000 Class A-1 Floating Rate Senior Notes due 2034,
Assigned (P)Aaa (sf)

US$20,000,000 Class E Deferrable Floating Rate Mezzanine Notes due
2034, Assigned (P)Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

Madison Park Funding LVII is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans, principal finance accrued interest
and eligible investments, and up to 10.0% of the portfolio may
consist of assets that are not senior secured loans. Moody's expect
the portfolio to be approximately 90% ramped as of the closing
date.

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

In addition to the Rated Notes, the Issuer will issue four other
classes of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $500,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2890

Weighted Average Spread (WAS): 3mS + 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


MADISON PARK XIII: S&P Affirms CCC+ (sf) Rating on Class F-R Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the class A-R2, B-R2,
C-R2, D-R2, E-R, and F-R notes from Madison Park Funding XIII Ltd.,
a U.S. collateralized loan obligation (CLO) transaction that closed
in 2014 and was refinanced in 2018. The transaction is managed by
Credit Suisse Asset Management LLC.

The rating actions follow S&P's review of the transaction's
performance using data from the March 15, 2022, trustee report. The
transaction exited its reinvestment period in April 2021.

Though the transaction exited its reinvestment period in April
2021, it has had only $9.12 million in collective paydowns to the
class A notes. This is primarily because the transaction, as
permitted by its documents, continues to reinvest a significant
portion of its unscheduled principal proceeds. This contributed to
low paydowns, and the current balance of the class A-R2 notes is
about 98% of its original amount.

The transaction's performance has been stable and all coverage
tests are passing with adequate cushions. Since our July 2020
rating actions, the trustee reported collateral portfolio's
weighted average life has decreased to 3.47 years from 4.52 years.
The transaction has experienced a decrease in both defaults and
assets rated 'CCC+' and below since the June 2020 trustee report,
which S&P used for its previous review. The amount of defaulted
assets decreased to $5.61 million as of the March 2022 report, from
$20.28 as of the June 2020 report, while the level of assets rated
'CCC+' and below decreased to $45.65 million from $111.95 million
over the same period.

S&P affirmed its rating on the senior class A-R2 note, as it passes
our cash flow stresses at its current rating.

S&P said, "Although our cash flow analysis indicates a one-notch
upgrade for the class B-R2, C-R2, and D-R2 notes, we noted the
somewhat lower recovery rating distribution of the portfolio, the
relatively lower overcollateralization ratios when compared to
peers', and the slow rate of senior note amortization in our
decision to affirm our current ratings on these classes. This slow
rate of amortization may lead to the CLO notes being outstanding
for a longer period of time, leaving them vulnerable to future
periods of stress.

"Although the cash flow results indicate a lower rating for the
class E-R and F-R notes, we considered the overall reduction in the
'CCC' buckets, the O/C cushions, and the relative subordination
levels for these tranches in our decision to affirm our ratings on
these classes. In our view, payment of principal or interest when
due on the class F-R notes may still be dependent on favorable
business, financial, or economic conditions, which is consistent
with a rating in the 'CCC' category.

"The affirmations of the ratings reflect our belief that the credit
support available is commensurate with the current rating levels.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them, and will take rating actions as we deem
necessary."

  Ratings Affirmed

  Madison Park Funding XIII Ltd..

  Class A-R2: AAA (sf)
  Class B-R2: AA (sf)
  Class C-R2: A (sf)
  Class D-R2: BB+ (sf)
  Class E-R: B+ (sf)
  Class F-R: CCC+ (sf)



MF1 2021-FL5: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of notes issued
by MF1 2021-FL5, 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 an initial collateral
pool of 35 floating-rate mortgage loans secured by 49 multifamily
and five senior housing properties totaling $1.2 billion (56.7% of
the total fully funded balance), excluding $298.0 million of
remaining future funding commitments and $599.1 million of pari
passu debt. Most loans were in a period of transition with plans to
stabilize and improve asset value. The transaction included a
90-day ramp-up acquisition period following the closing date, which
was completed in June 2021 when the cumulative loan balance totaled
$1.19 billion. The transaction is structured with a Replenishment
Period through the March 2024 Payment Date, whereby the Issuer may
acquire Funded Companion Participations into the trust.

As of the February 2022 remittance, the pool comprises 31 loans
secured by 48 properties with a cumulative trust balance of $1.1
billion. Since issuance, four loans have successfully repaid from
the pool, resulting in bond amortization of 5.2%. The Replenishment
Account has a current balance of $68.5 million. In general,
borrowers are progressing toward completing the stated business
plans, as through December 2021 the collateral manager had released
$151.2 million in loan future funding to 17 individual borrowers to
aid in property stabilization efforts. An additional $134.6 million
of unadvanced loan future funding allocated to 16 individual
borrowers remains outstanding.

The transaction is concentrated by property type as 28 loans are
secured by multifamily properties, totaling 89.7% of the current
trust balance, and three loans are secured by senior housing
properties, totaling 10.3% of the current trust balance. The
transaction is also concentrated by loan size, as the largest 10
loans represent 50.4% of the pool. No loans are on the servicer's
watchlist or in special servicing as of the February 2022
remittance. In addition, no loans have received a forbearance or
have been modified since issuance.

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



MFA 2022-NQM1: DBRS Gives Prov. B Rating on Class B-2 Certs
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2022-NQM1 to be issued by MFA
2022-NQM1 Trust (MFA 2022-NQM1):

-- $237.5 million Class A-1 at AAA (sf)
-- $21.5 million Class A-2 at AA (sf)
-- $23.1 million Class A-3 at A (sf)
-- $15.8 million Class M-1 at BBB (sf)
-- $12.5 million Class B-1 at BB (sf)
-- $9.7 million Class B-2 at B (sf)

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

The AAA (sf) rating on the Class A-1 certificates reflects 28.65%
of credit enhancement provided by subordinate certificates. The AA
(sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 22.20%,
15.25%, 10.50%, 6.75%, and 3.85% of credit enhancement,
respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate nonprime first-lien residential mortgages funded by
the issuance of the Certificates. The Certificates are backed by
701 mortgage loans with a total principal balance of $332,807,360
as of the Cut-Off Date (February 28, 2021).

The pool is, on average, nine months seasoned with loan age ranges
from five months to 56 months. Citadel Servicing Corporation doing
business as Acra Lending (CSC) is the Originator and Servicer for
approximately 94.7% of loans in the pool by balance. 5th Street
Capital, Inc. and Impac Mortgage Corp. originated about 4.3% and
1.0% of the loans, respectively. Planet Home Lending, LLC and
Select Portfolio Servicing, Inc. are Servicers for a combined 5.3%
of the loans in this pool. The CSC-serviced mortgage loans will
generally be subserviced by ServiceMac, LLC (ServiceMac), under a
subservicing agreement dated September 18, 2020.

CSC has three programs under which it originates loans. The
Non-Prime and Maggi Plus (Maggi+) products are CSC's core mortgage
programs, with Maggi+ aimed at higher credit profiles. CSC's
Outside Dodd-Frank products include loans exempt from the Consumer
Financial Protection Bureau's (CFPB) rules.

Although the applicable mortgage loans were originated to satisfy
the CFPB Ability-to-Repay (ATR) rules, they were made to borrowers
who generally do not qualify for agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, 61.6% of the loans are
designated as non-QM. Approximately 38.4% of the loans are made to
investors for business purposes or foreign nationals, which are not
subject to the QM/ATR rules.

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain an eligible horizontal interest consisting
of the Class B-3 and XS certificates representing at least 5% of
the aggregate fair value of the Certificates to satisfy the credit
risk-retention requirements under Section 15G of the Securities
Exchange Act of 1934 and the regulations promulgated thereunder.

On or after the earlier of (1) three years after the Closing Date
or (2) the date when the aggregate unpaid principal balance of the
mortgage loans is reduced to 30% of the Cut-Off Date balance, the
Depositor, at its option, 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, any pre-closing deferred amounts due to the
Class XS certificates, and other amounts described in the
transaction documents (optional redemption). After such purchase,
the Depositor must complete 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.

On any date following the date on which the aggregate unpaid
principal balance of the mortgage loans is less than or equal to
10% of the Cut-Off Date balance, the Servicing Administrator will
have the option to terminate the transaction by purchasing all of
the mortgage loans and any real estate owned (REO) property from
the issuer at a price equal to the sum of the aggregate unpaid
principal balance of the mortgage loans (other than any REO
property) plus accrued interest thereon, the lesser of the fair
market value of any REO property and the stated principal balance
of the related loan, and any outstanding and unreimbursed servicing
advances, accrued and unpaid fees, and expenses that are payable or
reimbursable to the transaction parties, as described in the
transaction documents (optional termination). An optional
termination is conducted as a qualified liquidation.

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

Of note, if a Servicer defers or capitalizes the repayment of any
amounts owed by a borrower in connection with the borrower's loan
modification, the Servicer is entitled to reimburse itself from the
excess servicing fee (applicable to the loans serviced by such
Servicer), first, and from principal collections, second, for any
previously made and unreimbursed servicing advances related to the
capitalized amount at the time of such modification.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls first
on the Class A-1 and second, on A-2 certificates (IIPP) before
being applied sequentially to Class A-1, Class A-2, and to more
subordinate classes of certificates to amortize their balances. For
Class A-3 and more subordinate certificates, principal proceeds can
be used to cover interest shortfalls after the more senior
certificates are paid in full. Also, the excess spread can be used
to cover realized losses by reducing the balance of Class A-1
certificates and then, sequentially, of the other certificates,
before being allocated to unpaid Cap Carryover Amounts due to Class
A-1 down to Class A-3.

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. 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 downwards, as forbearance periods come to an end for many
borrowers.

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



MKT 2020-525M: DBRS Confirms BB(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-525M issued by MKT
2020-525M Mortgage Trust as follows:

-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class X-A at AA (sf)
-- Class C at AA (low) (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, which remains in line with DBRS Morningstar's
expectations at issuance. The 10-year fixed-rate loan is interest
only (IO) for the full term and is secured by the fee, leasehold,
and subleasehold interests in 525 Market Street, a 38-story, 1.1
million square foot (sf) Class A office tower in San Francisco's
central business district. Originally built in 1973, the LEED
Platinum certified property is primarily configured for office use,
with 14,655 sf of retail on the first floor. The trust debt
comprises $270 million in senior A notes and $212 million in junior
B notes; the whole loan totals $682.0 million inclusive of all
senior debt and subordinate debt. The loan is sponsored by a joint
venture between New York State Teacher's Retirement System (NYSTRS)
advised by J.P. Morgan Asset Management (JPMAM), and RREEF.

The two largest tenants are Amazon (39.3% of net rentable area
(NRA), lease expiration in April 2029) and Wells Fargo Bank (13.7%
of NRA, lease expiration in June 2025). A majority of the tenants
or parent companies are investment grade. The property was 91.4%
occupied as of December 2021, compared with the YE2020 and issuance
occupancy of 96.9%. The third-largest tenant, Sephora, gave back
approximately 53,000 sf of space in 2021, reducing its footprint to
11.0% of NRA from 16.2% of NRA at issuance. Its current lease,
which includes rent abatements, extends through October 2023, at
which point the tenant is expected to vacate and relocate its
headquarters to the nearby Salesforce East building. According to
Reis, office properties located in the North Financial District
submarket of San Francisco reported an average vacancy rate of 9.7%
for Q4 2021, which is up from 7.4% at YE2020 and 4.9% at YE2019.

The loan reported a YE2021 debt service coverage ratio (DSCR) of
2.09 times (x), compared with the YE2020 DSCR of 1.96x and DBRS
Morningstar DSCR of 2.52x at issuance. DBRS Morningstar recognizes
that revenues will lag issuance expectations in the near term,
considering Sephora's rent abatements and its eventual departure in
2023 as well as the future rent-step credit given to certain
tenants at issuance that is not yet reflected in the current
reporting. However, mitigating factors that point to continued
performance include the property's excellent location, high-quality
healthy submarket fundamentals, and strong sponsorship. Amazon
completed an expansion in 2021 and is now paying full rent
following the burn-off of its abatement period last year. The DBRS
Morningstar net cash flow of $51.6 million represents a significant
haircut to the Issuer's figure of $60.3 million, providing
additional cushion against increasing volatility through the near
to moderate term.

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



MVW LLC 2022-1: Fitch Gives 'BB(EXP)' Rating on Class D Notes
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
notes to be issued by MVW 2022-1 LLC (MVW 2022-1).

   DEBT      RATING
   ----      ------
MVW 2022-1 LLC

A          LT AAA(EXP)sf     Expected Rating
B          LT A(EXP)sf       Expected Rating
C          LT BBB(EXP)sf     Expected Rating
D          LT BB(EXP)sf      Expected Rating

TRANSACTION SUMMARY

The notes are backed by a pool of fixed-rate timeshare loans
originated by Marriott Ownership Resorts, Inc. (MORI) or one of its
wholly owned subsidiaries or affiliates. MORI is a subsidiary of
Marriott Vacations Worldwide Corporation (MVWC/MVW). A portion of
the timeshare loans are from Vistana Signature Experiences (VSE),
the exclusive licensee for Westin and Sheraton brands in vacation
ownership (VO) and Hyatt Vacation Ownership (HVO), the exclusive
licensee for the Hyatt brand in VO. The MVW 2022-1 pool also
includes timeshare loans originated by The WHV Resort Group, Inc.
(WHV) This follows the acquisition of ILG, Inc. (ILG) on Sept. 1,
2018 and the acquisition of WHV Hospitality Group, Inc. on April 1,
2021. Post-acquisitions, the Westin, Sheraton, Hyatt and WHV VO's
were combined with MVW VO's. This is MORI's 26th term
securitization.

KEY RATING DRIVERS

Borrower Risk - Slightly Weaker Collateral Pool: This is the sixth
transaction to include originations from both the MVW and VSE
platforms. Overall, the pool is slightly weaker than the 2021-2
pool, as the weighted average (WA) FICO score decreased to 726 from
733 in 2021-2, while higher than 719 in 2021-1W. 15-year loans
increased to 44.1% from 39.6% in 2021-2. However, the seasoning
increased notably to 15 months from seven months in 2021-2. The
concentration of foreign obligors is at 3.9% down from 8.8% in
2021-2, which included a significant concentration of loans from
the Marriott Vacation Club, Asia Pacific program.

The 2022-1 pool includes 25.3% of Sheraton collateral, up from
10.8% in 2021-2, which performs worse than Marriott Vacation Club
(MVC) across all FICO bands. The Westin collateral concentration is
18.6% generally in line with 15.0% in 2021-2.

This is the fourth transaction to include Hyatt-branded loans and
the third transaction to include WHV-branded loans, which represent
3.0% and 8.7%, respectively, of the initial pool, and have
historically had higher forecast losses compared to other brands.

Forward-Looking Approach on CGD Proxy - Varied Performance: With
the exception of certain foreign segments, MVC 2010-2016 vintages
continue to display improved performance relative to the weaker
2007-2009 periods, although more recent vintages remain under
stress. The VSE and WHV portfolios also experienced stress during
the recession. Since then, the Westin loan performance has improved
but has experienced elevated defaults in recent periods.

The Sheraton loan performance has deteriorated in recent years,
driven by Sheraton Flex and the longer 15-year term loans, with the
newly included Hyatt-branded loans since the 2020-1 transaction
showing overall high projected losses on par with, and in some
cases, exceeding those of other VSE brands, including Sheraton.

WHV loan performance in recent vintages has been tracking
consistently below that of the recessionary 2006-2009 vintages but
has been weaker compared to the 2010-2013 periods. Fitch's base
case CGD proxy is 15.25% for 2022-1.

Structural Analysis - Higher Credit Enhancement Structure: Initial
hard credit enhancement (CE) is 43.00%, 22.75%, 10.25% and 2.50%
for class A, B, C and D notes, respectively. CE is notably higher
for class A, B and C notes relative to 2021-2. Available CE is
sufficient to support stressed 'AAAsf', 'Asf', 'BBBsf' and 'BBsf'
multiples of Fitch's base case CGD proxy of 15.25%.

As with prior MVW/MVW Owner Trust (MVWOT) transactions, 2022-1 has
a prefunding account that will hold up to 25% of the initial
collateral balance after the closing date to buy eligible timeshare
loans, consistent with 2021-2. This account is required to be used
to buy new originations that conform to specified requirements.

Originator/Seller/Servicer Operational Review - Quality of
Origination/Servicing: MVW/MORI, VSE and WHV demonstrated
sufficient abilities as originator and servicer of timeshare loans,
as evidenced by the historical delinquency and default performance
of securitized trusts and of the managed portfolio.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Unanticipated increases in the frequency of defaults could produce
CGD levels higher than the base case and would likely result in
declines of CE and remaining default coverage levels available to
the notes. Additionally, unanticipated increases in prepayment
activity could also result in a decline in coverage. Declining
default coverage may make certain note ratings susceptible to
potential negative rating actions, depending on the extent of the
decline in coverage.

Hence, Fitch conducts sensitivity analysis by stressing both a
transaction's initial base case CGD and prepayment assumptions and
examining the rating implications on all classes of issued notes.
The CGD sensitivity stresses the CGD proxy to the level necessary
to reduce each rating by one full category, to non-investment
grade, 'BBsf' and to 'CCCsf' based on the break-even loss coverage
provided by the CE structure. The prepayment sensitivity includes
1.5x and 2.0x increases to the prepayment assumptions representing
moderate and severe stresses, respectively. These analyses are
intended to provide an indication of the rating sensitivity of
notes to unexpected deterioration of a trust's performance.

Additionally, Fitch conducts increases of 1.5x and 2.0x to the CGD
proxy, which represents moderate and severe stresses, respectively.
These analyses are intended to provide an indication of the rating
sensitivity of notes to unexpected deterioration of a trust's
performance.

Fitch has revised global economic outlook forecasts as a result of
the Ukraine War and related economic sanctions. Downside risks have
increased, and Fitch has published an assessment of the potential
rating and asset performance impact of a plausible, but
worse-than-expected, adverse stagflation scenario on Fitch's major
SF and CVB subsectors.

Fitch expects the Timeshare ABS sector in the assumed adverse
scenario to experience "Virtually No Impact" on rating performance,
indicating very few (less than 5%) rating or Outlook changes. Fitch
expects "Mild to Modest Impact" on asset performance, indicating
asset performance to be modestly negatively affected relative to
current expectations and a 25% chance of sector outlook revision by
YE 2023.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If CNL is 20% less than the projected
proxy, the expected ratings would be maintained for the class A
note at a stronger rating multiple. For the class B, C and D notes,
the multiples would increase resulting in potential upgrade of one
rating category, two notches and one rating category,
respectively.

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 due diligence information from Ernst &
Young LLP. The due diligence information was provided on Form ABS
Due Diligence-15E and focused on a comparison and recalculation of
certain characteristics with respect to 250 sample loans by Ernst &
Young LLP. Fitch considered this information in its analysis, and
the findings did not have an impact on the agency's analysis.

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.


NEW RESIDENTIAL 2022-NQM3: Fitch Assigns 'B' Rating on B-2 Notes
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed notes issued by New Residential Mortgage Loan Trust
2022-NQM3 (NRMLT 2022-NQM3).

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

A-1       LT AAAsf   New Rating    AAA(EXP)sf
A-2       LT AAsf    New Rating    AA(EXP)sf
A-3       LT Asf     New Rating    A(EXP)sf
M-1       LT BBBsf   New Rating    BBB(EXP)sf
B-1       LT BBsf    New Rating    BB(EXP)sf
B-2       LT Bsf     New Rating    B(EXP)sf
B-3       LT NRsf    New Rating    NR(EXP)sf
A-IO-S    LT NRsf    New Rating    NR(EXP)sf
XS-1      LT NRsf    New Rating    NR(EXP)sf
XS-2      LT NRsf    New Rating    NR(EXP)sf
R         LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed notes 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 debt service coverage ratio [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
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 Probability of
Defaults and higher loss severities 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 market value declines (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.

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.


NORTHWOODS CAPITAL 22: S&P Assigns BB-(sf) Rating on Cl. E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-R, C-R,
D-1-R, D-2-R, and E-R replacement notes from Northwoods Capital 22
Ltd./Northwoods Capital 22 LLC, a CLO originally issued in August
2020 that is managed by Angelo, Gordon & Co. L.P. At the same time,
S&P withdrew its ratings on the original class A-1, B-1, B-2, C, D,
and E notes following payment in full on the May 13, 2022,
refinancing date. The original class A-2 notes were not rated by
S&P Global Ratings.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R
notes are expected to be issued at a spread over the three-month
term secured overnight financing rate (SOFR), whereas the original
floating-rate notes were tied to three-month LIBOR.

-- The non-call period will be extended by approximately until May
2023.

-- No additional assets will be purchased on the May 13, 2022,
refinancing date, and the target initial par amount will remain at
$300,000,000.

-- The required minimum overcollateralization ratios will be
amended.

-- No additional subordinated notes will be issued on the
refinancing date.

  Replacement And Original Note Issuances

  Replacement notes

  Class A-R, $180.00 million: Three-month term SOFR + 1.45%
  Class B-R, $48.00 million: Three-month term SOFR + 2.05%
  Class C-R, $18.00 million: Three-month term SOFR + 2.59%
  Class D-1-R, $12.00 million: Three-month term SOFR + 4.00%
  Class D-2-R, $6.00 million: Three-month term SOFR + 5.65%
  Class E-R, $12.00 million: Three-month term SOFR + 8.19%

  Original notes

  Class A-1, $180.00 million: Three-month LIBOR + 1.92%
  Class A-2, $9.00 million: Three-month LIBOR + 2.25%
  Class B-1, $31.00 million: Three-month LIBOR + 2.70%
  Class B-2, $5.00 million: 2.974%
  Class C (deferrable), $19.50 million: Three-month LIBOR + 3.13%
  Class D (deferrable), $16.50 million: Three-month LIBOR + 4.58%
  Class E (deferrable), $9.00 million: Three-month LIBOR + 8.82%
  Subordinated notes, $24.80 million: Residual

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and the
recoveries upon default under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis (and other qualitative factors, as applicable)
demonstrated, in our view, that the outstanding rated classes all
have adequate credit enhancement available at the rating levels
associated with the rating actions.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC

  Class A-R, $180.00 million: AAA (sf)
  Class B-R, $48.00 million: AA (sf)
  Class C-R, $18.00 million: A+ (sf)
  Class D-1-R, $12.00 million: BBB+ (sf)
  Class D-2-R, $6.00 million: BBB (sf)
  Class E-R, $12.00 million: BB- (sf)

  Ratings Withdrawn

  Northwoods Capital 22 Ltd./Northwoods Capital 22 LLC(i)

  Class A-1 to NR from 'AAA (sf)'
  Class B-1 to NR from 'AA (sf)'
  Class B-2 to NR from 'AA (sf)'
  Class C to NR from 'A (sf)'
  Class D to NR from 'BBB- (sf)'
  Class E to NR from 'BB- (sf)'

(i)The class A-2 notes were not rated by S&P Global Ratings.
NR--Not rated.



NPC FUNDING IX: DBRS Confirms BB(low) Rating on Class C Loans
-------------------------------------------------------------
DBRS, Inc. confirmed the following public provisional ratings on
the Funded Class B-1 Loans, the Funded Class B-2 Loans, and the
Funded Class C Loans (together the Loans) issued by NPC Funding IX,
Ltd., pursuant to the Revolving Loan Agreement, dated as of July
30, 2021, and amended pursuant to the First Amendment to the
Revolving Loan Agreement, dated as of September 30, 2021, and
amended pursuant to the Second Amendment to the Revolving Loan
Agreement, dated as of March 18, 2022, by and among NPC Funding IX
Ltd., as Borrower; First Eagle Alternative Credit, LLC, as
Collateral Manager; U.S. Bank, N.A., as Collateral Custodian; Royal
Bank of Canada, as Administrative Agent and Revolving Lender; the
Lenders and the CLO Subsidiary from time to time thereto:

-- Funded Class B-1 Loans at BBB (low) (sf)
-- Funded Class B-2 Loans at BB (low) (sf)
-- Funded Class C Loans at BB (low) (sf)

The above provisional ratings address the ultimate payment of
interest (excluding the Subordinated Loan Interest Amount as
defined in the amended Revolving Loan Agreement) and the ultimate
payment of principal on or before the Facility Maturity Date (as
defined in the amended Revolving Loan Agreement). For the avoidance
of doubt, the ratings do not address the repayment of the Cure
Amounts (as defined in the amended Revolving Loan Agreement).

The Loans will be collateralized primarily by a portfolio of U.S.
broadly syndicated corporate loans. First Eagle Alternative Credit,
LLC will be the Collateral Manager for this transaction.

The provisional ratings reflect the following primary
considerations:

-- The amended Revolving Loan Agreement, dated as of March 18,
2022.

-- The integrity of the transaction structure.

-- DBRS Morningstar's assessment of the portfolio quality.

-- Adequate credit enhancement to withstand DBRS Morningstar's
projected collateral loss rates under various cash flow-stress
scenarios.

-- DBRS Morningstar's assessment of the origination, servicing,
and collateralized loan obligation management capabilities of First
Eagle Alternative Credit, LLC.

A provisional rating is not a final rating with respect to the
above-mentioned Loans and may change or be different than the final
rating assigned or may be discontinued. The assignment of final
ratings on the above-mentioned Loans is subject to receipt by DBRS
Morningstar of all data and/or information and final documentation
that DBRS Morningstar deems necessary to finalize the ratings for
these instruments, including satisfaction of the DBRS Morningstar
Effective Date Condition (as defined in the amended Revolving Loan
Agreement). Failure by the Borrower to complete the above
conditions, as described in the amended Revolving Loan Agreement,
may result in the provisional ratings not being finalized or being
finalized at different ratings than the provisional ratings
assigned.

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



OCTAGON 64 LTD: Moody's Assigns (P)B3 Rating to $1MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to three
classes of notes to be issued by Octagon 64, Ltd. (the "Issuer" or
"Octagon 64").

Moody's rating action is as follows:

US$4,000,000 Class X Senior Secured Floating Rate Notes due 2037,
Assigned (P)Aaa (sf)

US$527,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

US$1,000,000 Class F Secured Deferrable Floating Rate Notes due
2037, Assigned (P)B3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

Octagon 64 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans, eligible investments and up to 10% of the
portfolio may consist of assets other than senior secured loans and
eligible investments, including up to 5% of the portfolio may
consist of senior secured and senior unsecured bonds. Moody's
expect the portfolio to be approximately 97% ramped as of the
closing date.

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

In addition to the Rated Notes, the Issuer will issue six classes
of secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $850,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2790

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 8.1 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


SOUND POINT VIII-R: Moody's Upgrades Rating on 2 Tranches From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sound Point CLO VIII-R, Ltd. (the "CLO" or
"Issuer"):

US$63,000,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Upgraded to Aa1 (sf); previously on
February 23, 2021 Assigned Aa2 (sf)

US$25,000,000 Class C-1-R Mezzanine Secured Deferrable Floating
Rate Notes due 2030 (the "Class C-1-R Notes"), Upgraded to A1 (sf);
previously on February 23, 2021 Assigned A3 (sf)

US$6,000,000 Class C-2-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2030 (the "Class C-2-R Notes"), Upgraded to A1 (sf);
previously on February 23, 2021 Assigned A3 (sf)

US$20,000,000 Class D-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class D-1 Notes"), Upgraded to Baa3 (sf);
previously on July 10, 2020 Downgraded to Ba1 (sf)

US$14,000,000 Class R2-D2 Mezzanine Secured Deferrable Floating
Rate Notes due 2030 (the "Class R2-D2 Notes"), Upgraded to Baa3
(sf); previously on February 23, 2021 Assigned Ba1 (sf)

The CLO, originally issued in April 2019 and partially refinanced
in February 2021, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2022.

RATINGS RATIONALE

These rating actions reflect the benefit of the end of the deal's
reinvestment period in April 2022. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will be
maintained and continue to satisfy certain covenant requirements.
In particular, Moody's assumed that the deal will benefit from
lower WARF and higher diversity levels compared to their respective
covenant levels. Moody's modeled a WARF of 2659 compared to its
current covenant level of 2765. Moody's also modeled the diversity
score of 81 compared to its current covenant level of 65.

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions:

Performing par and principal proceeds balance: $580,074,833

Defaulted par: $384,068

Diversity Score: 81

Weighted Average Rating Factor (WARF): 2659

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
3.42%

Weighted Average Recovery Rate (WARR): 47.10%

Weighted Average Life (WAL): 4 years

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. These
additional scenarios include, among others, near term defaults by
companies facing liquidity pressure, deterioration in credit
quality of the underlying portfolio, decrease in overall WAS and
lower recoveries on defaulted assets.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


STARWOOD MORTGAGE 2022-3: Fitch Gives B- Rating on Cl. B-2-RR Debt
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Starwood Mortgage
Residential Trust 2022-3.

   DEBT      RATING                  PRIOR
   ----      ------                  -----
STAR 2022-3

A-1         LT AAAsf   New Rating    AAA(EXP)sf
A-2         LT AAsf    New Rating    AA(EXP)sf
A-3         LT Asf     New Rating    A(EXP)sf
M-1         LT BBBsf   New Rating    BBB(EXP)sf
B-1         LT BB-sf   New Rating    BB-(EXP)sf
B-2-RR      LT B-sf    New Rating    B-(EXP)sf
B-3-1-RR    LT NRsf    New Rating    NR(EXP)sf
B-3-2-RR    LT NRsf    New Rating
A-IO-S      LT NRsf    New Rating    NR(EXP)sf
XS          LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed certificates to be
issued by Starwood Mortgage Residential Trust 2022-3, series 2022-3
(STAR 2022-3), as indicated above. The certificates are supported
by 793 loans with a balance of approximately $470.5 million as of
the cut-off date. This is the third Fitch-rated STAR transaction in
2022 and the ninth STAR transaction Fitch has rated since 2020.

The certificates are secured primarily by mortgage loans originated
by third-party originators, with Luxury Mortgage Corporation,
HomeBridge Financial Services, Inc. and CrossCountry Mortgage LLC
sourcing 88.1% of the pool. The remaining 11.9% of the mortgage
loans were originated by various originators that contributed less
than 7% each to the pool.

Of the loans in the pool, 45.3% are designated as non-qualified
mortgages (non-QMs, or NQMs), and 54.7% 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 31 adjustable-rate loans that reference one-month SOFR
(Secured Overnight Financing Rate). The certificates are fixed rate
and capped at the net weighted average coupon (WAC) or are based
off of 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 9.5% above a long-term sustainable level (vs. 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 of
15-year, 30-year, 40-year, fixed-rate fully amortizing loans
(72.5%), 20.4% fixed-rate loans with an initial interest-only (IO)
term, 4.6% 7/1 adjustable-rate mortgages (ARMs) with an initial IO
term and 1.2% fully amortizing 7/1 ARMs. The pool is seasoned at
approximately five months in aggregate, as determined by Fitch.
Borrowers in this pool have relatively strong credit profiles, with
a 737 weighted average (WA) FICO score and a 46% debt to income
(DTI) ratio, as determined by Fitch, and relatively high leverage
with an original combined loan to value (CLTV) ratio of 71.9% that
translates to a Fitch-calculated sustainable loan to value (sLTV)
ratio of 78.6%.

The Fitch DTI is higher than the DTI in the transaction documents
with a DTI of 28..8% 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, 41.6% consist of loans where the borrower maintains a
primary residence, while 58.4% comprise an investor property or
second home; and 48.1% of the loans were originated through a
retail channel. Additionally, 45.3% are designated as non-QM and
54.7% are exempt from QM.

The pool contains 100 loans over $1 million, with the largest being
$4.0 million and 41.1% of the pool was underwritten to a 12- or
24-month bank statement program for verifying income, while 3.4%
are asset depletion loans and 46.8% are investor cash flow DSCR
loans. Approximately 55% of the pool comprise loans on investor
properties with 8% underwritten to the borrowers' credit profile
and 47% comprising investor cash flow loans. A portion of the
loans, 0.1%, has subordinate financing, and there are no
second-lien loans.

Two loans in the pool were underwritten to foreign nationals. Fitch
treated these loans 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. 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 44.9% of the
pool are concentrated in California. The largest MSA concentration
is in the Los Angeles-Long Beach-Santa Ana, CA MSA (21.9%),
followed by the New York-Northern New Jersey-Long Island, NY-NJ-PA
MSA (17.1%) and the Miami-Fort Lauderdale-Miami Beach, FL MSA
(6.0%). The top three MSAs account for 45.0% of the pool. As a
result, there was a 1.06x probability of default (PD) penalty for
geographic concentration, which increased the 'AAA' loss by 0.59%.

Loan Documentation (Negative): Approximately 92.8% of the pool were
underwritten to less than full documentation, and 41.1% 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,
3.4% of loans in the pool are an asset depletion product, 0.0% are
a CPA or PnL product, and 46.8% are a DSCR product.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent principal and interest (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.

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

There is excess spread in the transaction that is available to
reimburse for losses or interest shortfalls should they occur.
However excess spread will be reduced after April 2026, since the
class A-1 has a step up coupon feature where the coupon rate will
increase by 1.0%, subject to a net WAC cap. To mitigate the effect
of the A-1 step up coupon, the B-2 coupon has a step down coupon
feature where the coupon rate will decline to 0.0% after April
2026.

After the presale was published, the non-rated B-3 class was split
into B-3-1 RR and B-3-2 RR. Fitch ran cash flow analysis on the
revised structure and confirmed it did not have an impact on the
credit enhancement provided by the structure and as a result there
is no impact to the ratings. The final ratings are the same as the
expected ratings that were previously assigned.

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 were 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 41.2%, 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 were 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.

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 SitusAMC and Recovco Mortgage Management, LLC. The
third-party due diligence described in Form 15E focused on
compliance review, credit review and valuation review. Fitch
considered this information in its analysis and, as a result, Fitch
did not make any adjustments to its analysis due to the due
diligence findings. Based on the results of the 100% due diligence
performed on the pool, the overall expected loss was reduced by
0.45%.

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,
Starwood Non-Agency Lending, LLC, engaged SitusAMC and Recovco
Mortgage Management, 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.

ESG CONSIDERATIONS

STAR 2022-3 has an ESG Relevance Score of '4' [+] for Transaction
Parties & Operational Risk due to operational risk being well
controlled for in STAR 2022-3, strong transaction due diligence as
well as a 'RPS1-' Fitch-rated servicer, which has a positive 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.


TESLA AUTO 2019-A: Moody's Hikes Rating on Class E Notes From Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded four tranches issued by
Tesla Auto Lease Trust 2019-A, an auto lease transaction sponsored
by Tesla Finance, LLC (TFL; not rated). The notes are backed by a
pool of closed-end retail automobile leases originated by TFL, who
is also the servicer and administrator for this transaction.  

The complete rating actions are as follows:

Issuer: Tesla Auto Lease Trust 2019-A

Class B Notes, Upgraded to Aaa (sf); previously on Nov 26, 2019
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aaa (sf); previously on Nov 26, 2019
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Aa1 (sf); previously on Nov 26, 2019
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Aa2 (sf); previously on Nov 26, 2019
Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The action is primarily driven by the transaction amendments
executed May 16, 2022 that provide additional support to
effectively mitigate any legal final maturity risk for the notes
resulting from elevated levels of end-of-term lease extensions in
the pool. The amendments establish an Extended Lease Reallocation
Reserve Account,  which can be drawn as available funds in the
event of a shortfall on each note's legal final maturity to pay
down the note. The upgrades were also prompted by the recent strong
residual value performance of the underlying lease contracts and
accretion of credit enhancement due to the sequential pay structure
in addition to non-declining reserve account and
overcollateralization.

As of April 30, the pool contained 1,290 extended leases, composing
9.7% of the total number of leases in the pool. End-of-term lease
extensions push back the lease maturity dates and subsequent
residual value realization for the trust by up to six months
typically. The legal final maturity dates for the Class A-3, A-4,
B, C, D, and E notes are October 20, 2022, November 21, 2022,
December 20, 2022, January 20, 2023, January 20, 2023, and May 22,
2023 respectively.

To address the risk of potential cashflow delays due to the lease
extensions, funds in the Extended Lease Reallocation Reserve
Account will be available to make senior interest payments or
principal payments to the notes on their respective legal final
maturity dates. The account was initially funded on May 16, 2022 by
TFL in the amount of $39.8 million, or 13% of the outstanding note
balance. In addition, the account will be funded monthly by
retention of excess cash after all other trust payments have been
made. Excess cash totaled between $10.0 million and $18.4 million
in the last three reporting periods. The account will be further
funded by TFL up to the difference between (1) the base residual
value for active extended leases, and (2) 20% of the base residual
value for leases which have passed their initial contractual
maturity dates, although this funding is optional at the discretion
of TFL.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
may be better than its original expectations because of lower
frequency of default by the underlying obligors or appreciation in
the value of the vehicles leading to a residual value gain when the
vehicle is turned in at the end of a lease and remarketed. The US
job market and the market for used vehicle are primary drivers of
performance. Other reasons for better performance than Moody's
expected include changes in servicing practices to maximize
collections on the lease or refinancing opportunities that result
in a prepayment of the lease.

Down

Moody's could downgrade the ratings if the near-term note principal
payments or funds in the Extended Lease Reallocation Reserve
Account are not sufficiently large enough to reduce uncertainty of
payoff by the legal final maturity dates. Levels of credit
protection that are insufficient to protect investors against
current expectations of loss could lead to a downgrade of the
ratings. Losses could increase from Moody's original expectations
as a result of a higher number of obligor defaults or a
deterioration in the value of the vehicles securing the obligors'
promise of payment. The US job market and the market for used
vehicles are also primary drivers of the transactions' performance.
Other reasons for worse-than-expected performance include poor
servicing, error on the part of transaction parties, lack of
transactional governance and fraud. TFL can exercise its option to
retain excess cash instead of funding the Extended Lease
Reallocation Reserve Account, potentially increasing the risk of
the notes not paying off by the respective legal final maturity
date, which could lead to a downgrade of the notes.


TRINITAS CLO XIX: Moody's Assigns Ba3 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned ratings to four classes of
notes issued by Trinitas CLO XIX, Ltd. (the "Issuer" or "Trinitas
XIX").

Moody's rating action is as follows:

US$270,000,000 Class A-1 Floating Rate Notes due 2033, Assigned Aaa
(sf)

US$50,000,000 Class A-2 Fixed Rate Notes due 2033, Assigned Aaa
(sf)

US$60,000,000 Class B Floating Rate Notes due 2033, Assigned Aa2
(sf)

US$17,500,000 Class E Deferrable Floating Rate Notes due 2033,
Assigned Ba3 (sf)

The notes listed are referred to herein, collectively, as the
"Rated Notes."

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the CLO's portfolio and structure.

Trinitas XIX is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90% of the portfolio must consist of
senior secured loans and eligible investments, and up to 10% of the
portfolio may consist of second lien loans and permitted non-loan
assets, provided that no more than 5.0% of the portfolio consists
of permitted non-loan assets and no more than 2.5% of the portfolio
consists of unsecured permitted non-loan assets. The portfolio is
approximately 90% ramped as of the closing date.
Trinitas Capital Management, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's three year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

In addition to the Rated Notes, the Issuer issued three classes of
secured notes and one class of subordinated notes.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

For modeling purposes, Moody's used the following base-case
assumptions:

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2830

Weighted Average Spread (WAS): 3.35%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 6.5 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


TRK 2022-INV2: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to TRK
2022-INV2 Trust's mortgage pass-through certificates series
2022-INV2.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed-rate, adjustable-rate, fully amortizing, and
interest-only residential mortgage loans secured by single-family
residences, planned unit developments, two- to four-family homes,
condominiums, townhouses, and five- to 10-unit residential
properties to both prime and nonprime borrowers. The pool consists
of 733 business-purpose investor loans (including 115
cross-collateralized loans) backed by 1,351 properties that are
exempt from qualified mortgage and ability-to-repay rules.

The preliminary ratings are based on information as of May 13,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;

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

-- The mortgage aggregator and mortgage originators; and

-- The potential affect that 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 COVID-19
pandemic-related performance concerns have waned, given our current
outlook for the U.S. economy considering the effect 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%."

  Preliminary Ratings Assigned(i)

  TRK 2022-INV2 Trust

  Class A-1, $131,461,000: AAA (sf)
  Class A-2, $23,967,000: AA (sf)
  Class A-3, $31,670,000: A (sf)
  Class M-1, $18,219,000: BBB (sf)
  Class B-1, $12,961,000: BB (sf)
  Class B-2, $10,027,000: B (sf)
  Class B-3, $11,250,050: NR
  Class A-IO-S, Notional(ii) NR
  Class XS, Notional(ii) NR
  Class P, $100: NR
  Class R, Not applicable: NR

(i)The collateral and structural information in this report
reflects the term sheet dated May 9, 2022. The preliminary ratings
address the ultimate payment of principal, interest, and interest
carryover amounts. They do not address payment of the cap carryover
amounts.

(ii)The notional amount equals the loans' aggregate unpaid
principal balance.
NR--Not rated.



UPSTART SECURITIZATION 2022-2: Moody's Gives '(P)Ba3' to C Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Upstart Securitization Trust 2022-2 (UPST
2022-2), the second personal loan securitization issued from the
UPST shelf this year.  The collateral backing UPST 2022-2 consists
of unsecured consumer installment loans originated by Cross River
Bank, a New Jersey state-chartered commercial bank and FinWise
Bank, a Utah state-chartered commercial bank, all utilizing the
Upstart Program, respectively. Upstart Network, Inc. (Upstart) will
act as the servicer of the loans.

The complete rating actions are as follows:

Issuer: Upstart Securitization Trust 2022-2

Class A Notes, Assigned (P)A1 (sf)

Class B Notes, Assigned (P)A3 (sf)

Class C Notes, Assigned (P)Ba3 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital structure
and fast amortization of the assets, the experience and expertise
of Upstart as servicer, and the back-up servicing arrangement with
Wilmington Trust, National Association and its designated sub-agent
Systems & Services Technologies, Inc. (S&ST unrated).

Moody's median cumulative net loss expectation for the 2022-2 pool
is 17.57% and the stress loss is 59.00%. Moody's based its
cumulative net loss expectation on an analysis of the credit
quality of the underlying collateral; the historical performance of
similar collateral, including securitization performance and
managed portfolio performance; the ability of Upstart to perform
its servicing functions; the ability of Wilmington Trust, National
Association and its sub-agent to perform the backup servicing
functions; and current expectations for the macroeconomic
environment during the life of the transaction.

At closing, the Class A, Class B, and Class C notes are expected to
benefit from 39.78%, 28.58%, and 12.13% of hard credit enhancement,
respectively. Hard credit enhancement for the notes consists of a
combination of overcollateralization, a non-declining reserve
account and subordination. The notes may also benefit from excess
spread.

The social risk for this transaction is high. Marketplace lenders
have attracted elevated levels of regulatory attention at the state
and federal level. As such, regulatory and borrower challenges to
marketplace lenders and their third-party lending partners over
"true lender" status and interest rate exportation could result in
some of Upstart's loans being deemed void or unenforceable, in
whole or in part.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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

Up

Moody's could upgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. In sequential pay structures, such as the one in
this transaction, credit enhancement grows as a percentage of the
collateral balance as collections pay down senior notes. Moody's
expectation of pool losses could decline as a result of better than
expected improvements in the economy, changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments. In addition, greater certainty
concerning the legal and regulatory risks facing this transaction
could lead to lower loss volatility assumptions, and thus lead to
an upgrade of the notes.

Down

Moody's could downgrade the ratings of the notes if pool losses
exceed its expectations and levels of credit enhancement are
consistent with lower ratings. Credit enhancement could decline if
excess spread is not sufficient to cover losses in a given month.
Moody's expectation of pool losses may increase, for example, due
to performance deterioration stemming from a downturn in the US
economy, deficient servicing, errors on the part of transaction
parties, inadequate transaction governance or fraud. In addition,
the legal and regulatory risks stemming from the bank partner model
that Upstart utilizes could expose the pool to increased losses.


VASA TRUST 2021-VASA: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-VASA
issued by VASA Trust 2021-VASA.

-- Class A at AAA (sf)
-- Class A-Y at AAA (sf)
-- Class A-Z at AAA (sf)
-- Class A-IO at AAA (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)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
this transaction since issuance. The collateral consists of the
borrower's fee and leasehold interest in a 576,921-square foot (sf)
mixed-use office and retail development in the heart of Mountain
View, California, which is part of Silicon Valley. The loan is
structured with a two-year initial term and three 12-month
extension options that are exercisable subject to certain criteria
set forth in the initial loan agreement. The floating-rate loan is
interest only (IO) through the fully extended loan term. However,
commencing after the fully-extended anticipated repayment date in
April 2026, the loan is scheduled to hyper-amortize until the
balance is repaid in full, subject to a final maturity date of July
31, 2029.

The collateral was originally delivered to market in 2017 and
comprises 456,760 sf (79.2% of total net rentable area (NRA)) of
Class A office space, 120,161 sf (20.8% of total NRA) of ground-
and second-floor retail space, and a nine-story parking garage that
is not included in the cumulative NRA. The property is a component
of a larger mixed-use development known as the Villages at San
Antonio Center, which is outside of the collateral and includes a
90,000-sf grocery-anchored retail center (commonly referred to as
The Village Shops), a 167-key hotel operated as a Hyatt Centric,
and a 330-unit luxury multifamily property (commonly referred to as
The Village Residences, also owned by the subject loan's sponsor).
As of September 2021, the collateral was 90.5% leased to four
tenants. The collateral's office component was originally 100%
leased by LinkedIn but, following Microsoft's acquisition of
LinkedIn in 2016, Microsoft assigned the LinkedIn lease to WeWork
and provided a guaranty on the assigned lease that extends through
July 2029. WeWork has, in turn, enterprise leased 100.0% of the
office space to Facebook, which took occupancy prior to the ongoing
Coronavirus Disease (COVID-19) pandemic. The servicer has confirmed
that WeWork has continued to pay its rent despite business
interruption as a result of the pandemic. The collateral's retail
component was 69.5% leased as of September 2021, anchored by a
Showplace Icon Theatre. Showplace Icon Theatre reported strong
sales at the property prior to the pandemic and has evidenced its
commitment to the space through significant capital investment as
well as the recent execution of a lease amendment that extended the
lease through October 2040.

The sponsor for this transaction is Brookfield Strategic Real
Estate Partners III GP L.P., which is a $15.0 billion global
private real estate find managed by Brookfield Asset Management
Inc., an alternative asset manager and one of the largest owners
and managers of office properties.

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



VENTURE XXV CLO: Moody's Ups Rating on Class E Notes to Ba3
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Venture XXV CLO, Limited:

US$68,500,000 Class B-R Senior Secured Floating Rate Notes due 2029
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on
January 20, 2021 Assigned Aa1 (sf)

US$21,500,000 Class C-1R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-1R Notes"), Upgraded to Aa1 (sf);
previously on January 20, 2021 Assigned Aa3 (sf)

US$18,000,000 Class C-FR Mezzanine Secured Deferrable Fixed Rate
Notes due 2029 (the "Class C-FR Notes"), Upgraded to Aa1 (sf);
previously on January 20, 2021 Assigned Aa3 (sf)

US$12,000,000 Class D-1R Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D-1R Notes"), Upgraded to Aa3 (sf);
previously on January 20, 2021 Assigned A2 (sf)

US$18,750,000 Class D-2 Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class D-2 Notes"), Upgraded to Baa1 (sf);
previously on January 20, 2021 Upgraded to Baa2 (sf)

US$29,250,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Upgraded to Ba3 (sf); previously on
July 1, 2020 Downgraded to B1 (sf)

Venture XXV CLO, Limited, originally issued in December 2016 and
partially refinanced in January 2021, is a managed cashflow CLO.
The notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in March 2021.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since May 2021. The Class A-RR
notes have been paid down by approximately 40.5% or $151.2 million
since then. Based on the trustee's April 2022 report[1], the OC
ratios for the Class A/B, Class C, Class D and Class E notes are
reported at 140.57%, 124.82%, 114.80% and 106.66%, respectively,
versus May 2021 levels[2] of 130.22%, 119.53%, 112.35% and 106.28%,
respectively. The OC ratios reported on the April 2022 trustee
report[3] do not reflect the principal payment of $22.6 million
made to the Class A-RR notes on the April 2022 payment date.

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

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions:

Performing par and principal proceeds balance: $422,171,280

Defaulted par: $3,170,998

Diversity Score: 93

Weighted Average Rating Factor (WARF): 2704

Weighted Average Spread (WAS) (before accounting for LIBOR floors):
3.50%

Weighted Average Coupon (WAC): 11.14%

Weighted Average Recovery Rate (WARR): 46.98%

Weighted Average Life (WAL): 3.64 years

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. These
additional scenarios include, among others, near term defaults by
companies facing liquidity pressure, deterioration in credit
quality of the underlying portfolio, decrease in overall WAS and
lower recoveries on defaulted assets.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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


VNDO TRUST 2016-350P: DBRS Confirms BB(low) Rating on Cl. E Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2016-350P issued by VNDO
Trust 2016-350P as follows:

-- 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 (low) (sf)
-- Class E at BB (low) (sf)

All trends are Stable.

The rating confirmations and Stable trends reflect DBRS
Morningstar's expectation of the continued stable performance of
the underlying property and unchanged credit view since the last
review. The collateral for the trust consists of a $233.3 million
portion of a $400.0 million whole loan amount, represented by four
pari passu A notes ($296.0 million) and two subordinate B notes
($104.0 million). The trust collateral consists of two senior A
notes totalling $129.3 million and the two subordinate B notes. The
two remaining A notes, totalling $166.7 million, were contributed
to the GSMS 2017-GS5 ($100.0 million) and JPMDB 2017-C5 ($66.7
million) transactions; DBRS Morningstar rates GSMS 2017-GS5.

The loan is secured by the first mortgage on 350 Park Avenue, a
Class A office property in the Plaza District submarket of Midtown
Manhattan, New York, between 51st Street and 52nd Street. The
30-storey property totals 570,784 square feet (sf), including four
ground-floor retail spaces totalling 17,144 sf. The loan has been
on the servicer™s watchlist since December 2019 for a servicing
trigger event, initially due to the lockbox activation following
the downsizing of the former largest tenant, Ziff Brothers
Investments (Ziff); however, the loan is currently being monitored
for missing its minimum debt yield threshold of 7.25% for the
period ended March 2021.

According to the December 2021 rent roll, the collateral is 73.6%
occupied at an average rental rate of $89.85 per sf (psf), a
decline from the 98.0% occupancy rate prior to Ziff's departure in
April 2021. The largest collateral tenants include Citadel
Enterprise Americas (20.6% of the net rentable area (NRA); lease
expiry December 2023), Manufacturers & Traders Trust (17.6% of the
NRA; lease expiry March 2023), and Marshall Wace North America
(6.5% of the NRA; lease expiry September 2032). By March 2023,
34.5% of the subject's NRA has lease expirations, including the
second-largest tenant, Manufacturers & Traders Trust. According to
a Q4 2021 Reis report, the Plaza District submarket reported an
office vacancy rate of 11.4% and an average asking rental rate of
$99.77 psf.

As of the most recent financials, the loan reported a debt service
coverage ratio (DSCR) of 1.74 times (x) for the trailing nine
months ended September 30, 2021, a decline from the YE2020 and
YE2019 DSCRs of 2.24x and 2.37x, respectively. The decline in DSCR
and occupancy is due to the former largest tenant, Ziff (50.3% of
the NRA), vacating upon its lease expiry in April 2021. At
issuance, it was noted that Ziff had sublet approximately half of
its space to numerous tenants, and, in January 2021, Vornado Realty
Trust executed direct leases with Ziff's subtenants, Citadel
Securities and Square Mile Capital. In addition to the drop in
occupancy, the subject's operating expense ratio has continued to
increase from 38.0% at issuance to 43.5% at YE2020 and 49.0% as of
September 2021, driven primarily by increases in real estate
taxes.

Although the loan's economic vacancy has risen with Ziff's
departure, physical occupancy at the subject has in fact increased
to 73.6% as of December 2021 from 63.6% at December 2019. Per
Property Shark, the collateral has approximately 138,000 sf,
representing 24.0% of the NRA, of space available for lease.
Furthermore, as of the February 2022 reserve report, $3.2 million
is held in the Ziff termination reserve account. The sponsor has
also provided a $25 million guaranty in lieu of the 18-month cash
flow sweep period, which was subject to a $25 million cap agreement
providing some capital for the sponsor to re-lease the space. The
lockbox was deactivated as a result of this guaranty being posted.
DBRS Morningstar expects performance to gradually improve as
leasing momentum continues to build and free rent abatements for
newly signed tenants burn off.

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



WACHOVIA BANK 2005-C21: Fitch Lowers Rating on Class E Certs to CC
------------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed six classes of
Wachovia Bank Commercial Mortgage Trust 2005-C21 commercial
mortgage pass-through certificates. In addition, Fitch has affirmed
13 classes of Morgan Stanley Capital I Trust 2006-HQ10 commercial
mortgage pass-through certificates.

   DEBT          RATING               PRIOR
   ----          -----                -----
Wachovia Bank Commercial Mortgage Trust 2005-C21

E 92976BAA0    LT CCsf    Downgrade   CCCsf
F 92976BAB8    LT Dsf     Affirmed    Dsf
G 92976BAC6    LT Dsf     Affirmed    Dsf
H 92976BAD4    LT Dsf     Affirmed    Dsf
J 92976BAE2    LT Dsf     Affirmed    Dsf
K 92976BAF9    LT Dsf     Affirmed    Dsf
L 92976BAG7    LT Dsf     Affirmed    Dsf

Morgan Stanley Capital I Trust 2006-HQ10

B 61750HAH9    LT CCsf    Affirmed    CCsf
C 61750HAJ5    LT Csf     Affirmed    Csf
D 61750HAK2    LT Csf     Affirmed    Csf
E 61750HAN6    LT Dsf     Affirmed    Dsf
F 61750HAP1    LT Dsf     Affirmed    Dsf
G 61750HAQ9    LT Dsf     Affirmed    Dsf
H 61750HAR7    LT Dsf     Affirmed    Dsf
J 61750HAS5    LT Dsf     Affirmed    Dsf
K 61750HAT3    LT Dsf     Affirmed    Dsf
L 61750HAU0    LT Dsf     Affirmed    Dsf
M 61750HAV8    LT Dsf     Affirmed    Dsf
N 61750HAW6    LT Dsf     Affirmed    Dsf
O 61750HAX4    LT Dsf     Affirmed    Dsf

KEY RATING DRIVERS

Increased Loss Expectations; Pool Concentration: The downgrade of
class E to 'CCsf' from 'CCCsf' in WBCMT 2005-C21 is due to
increased loss expectations since the prior rating action,
primarily due to the pool's increase in specially serviced
loans/assets. Due to the concentrated nature of the two
transactions, Fitch performed a sensitivity analysis that grouped
the remaining loans based on the likelihood of repayment and
expected losses on the specially serviced assets; the ratings
reflect this analysis. Sixteen classes have been affirmed at 'Dsf'
due to realized losses incurred.

For WBCMT 2005-C21, four loans/assets remain in the pool, the
majority of which are in special servicing (90% of pool). Default
of class E is considered probable after the largest remaining loan,
Phillips Lighting (54.7%) transferred to special servicing in June
2021 for imminent default, and is now fully vacant after the sole
tenant vacated at expiration in December 2021. The asset manager is
finalizing negotiations with the borrower for a deed-in-lieu.

The second largest remaining asset is the REO Shelton Technology
Center asset, which is the final remaining asset in the Taurus Pool
(34.2%). The asset manager is continuing to market vacant spaces to
stabilize occupancy at the asset, which is an industrial/flex
property in Shelton, CT. There are no disposition plans at this
time.

Loss expectations for MSCI 2006-HQ10 remain high due to the high
certainty of losses from the concentration of REO assets comprising
94.5% of the pool. The largest asset is the REO Gateway Medical
Center (58.9% of pool), a 77,386-sf medical office building located
in Phoenix, AZ, which was originally a part of the larger PPG
Portfolio. As of January 2022, the property was 59% occupied by two
tenants, DEVI Holdings (57.5% NRA; 2/2028 EXP) and Phoenix
Orthopaedic Ambulatory Center (42.5% NRA; 12/2027 EXP), up from 25%
in March 2021 due to the new lease signed with DEVI Holdings during
2Q 2021. The special servicer continues to stabilize the property
and market the vacancies for lease; the asset is not currently
listed for sale.

Four REO assets remain in the Fort Roc Portfolio (35.6%), which
originally consisted of seven cross-collateralized and
cross-defaulted retail property loans. Three of the assets are
currently under contract for sale per the special servicer. The
remainder of the pool consists of one performing loan secured by a
single-tenant retail property in Akron, OH (Dick's Sporting Goods -
Akron; 5.5% of pool; final maturity date in October 2036) occupied
by Dick's Sporting Goods with an upcoming lease expiration in July
2024.

RATING SENSITIVITIES

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

For the distressed classes across both transactions, downgrades may
occur if expected losses increase due to lower property valuations
and/or higher loan exposure of the assets in special servicing.
Classes rated 'CCsf' and 'Csf' will be downgraded further if losses
become more certain or once realized losses are incurred. Classes
currently rated 'Dsf' will remain unchanged as losses have already
been incurred.

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:

For the distressed classes across both transactions, although not
expected, factors that could lead to upgrades include significant
improvement in valuations, better than expected recoveries on
specially serviced assets and improvement in performance of the
remaining assets.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

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.


WACHOVIA BANK 2007-C33: S&P Cuts Class A-J Certs Rating to 'D(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from two U.S. CMBS
transactions.

S&P said, "We lowered our rating on the class A-J series 2007-C33
certificates from Wachovia Bank Commercial Mortgage Trust to 'D
(sf)' due to accumulated interest shortfalls, which we expect will
remain outstanding for the foreseeable future, and the class'
increased risk of eventual principal loss upon the ultimate
resolution of the pool's specially serviced assets.

"We lowered our rating on the class E certificates from Morgan
Stanley Capital I Trust 2005-HQ7 to 'CCC- (sf)' due to accumulated
interest shortfalls outstanding."

The interest shortfalls are primarily due to one or more of the
following factors:

-- The appraisal subordinate entitlement reduction (ASER) amounts
in effect for specially serviced assets,

-- The workout fees related to corrected mortgage loans,

-- The special servicing fees, or

-- The recovery of prior servicing advances.

S&P said, "Our analysis primarily considered ASER amounts based on
appraisal reduction amounts (ARAs) calculated using recent Member
of the Appraisal Institute (MAI) appraisals. We also considered
servicer-nonrecoverable advance declarations and special servicing
fees, which are likely, in our view, to cause recurring interest
shortfalls."

The servicer implements ARAs and resulting ASER amounts according
to each transaction's terms. Typically, these terms call for an ARA
equal to 25% of the loan's stated principal balance to be
implemented when it is 60 days past due and an appraisal or other
valuation is not available within a specified time frame. S&P
primarily considered ASER amounts based on ARAs calculated from MAI
appraisals when deciding which classes from the affected
transactions to downgrade to 'D (sf)'. This is because ARAs based
on a principal balance haircut are highly subject to change, or
even reversal, once the special servicer obtains the MAI
appraisals.

Servicer-nonrecoverable advance declarations can prompt shortfalls
due to a lack of debt-service advancing, the recovery of previously
made advances after an asset was deemed nonrecoverable, or the
failure to advance trust expenses when nonrecoverable declarations
have been determined. Trust expenses may include, but are not
limited to, property operating expenses, property taxes, insurance
payments, and legal expenses.

Wachovia Bank Commercial Mortgage Trust 2007-C33

S&P said, "We expect the accumulated interest shortfalls on the
class A-J certificates to remain outstanding until the eventual
resolution of the four remaining specially serviced assets that
make up 100% of the remaining asset pool. The certificates
currently have accumulated interest shortfalls outstanding for two
consecutive months. Based on our analysis, we expect this class to
experience principal loss upon the ultimate resolutions of the
specially serviced assets in the pool."

According to the April 2022 trustee remittance report, the current
monthly interest shortfalls totaled $452,534.05 and resulted
primarily from interest not advanced due to nonrecoverable
determination of all the underlying assets.

The current reported interest shortfalls have affected all classes
subordinate to and including class A-J.

Morgan Stanley Capital I Trust 2005-HQ7

The downgrade of the class E certificates reflects the accumulated
interest shortfalls, which have been outstanding for two
consecutive months and are expected to remain outstanding until the
eventual resolution of the Crown Ridge at Fair Oaks real estate
owned (REO) asset. The REO asset was transferred to the special
servicer, Midland Loan Servicer (Midland), on Nov. 16, 2017, due to
imminent maturity default. Midland has been working on improving
tenancy at the property and stabilizing the asset before evaluating
an REO sale.

According to the April 2022 trustee remittance report, the current
monthly interest shortfalls from the collateral totaled $157,849.82
and resulted primarily from interest not advanced due to
nonrecoverable determination on the specially serviced asset.

The current reported interest shortfalls have affected all classes
subordinate to and including class E. We will take additional
negative rating action if the interest shortfalls on the class E
certificates remain outstanding for more than 12 months.

  Ratings Lowered

  Wachovia Bank Commercial Mortgage Trust (Series 2007-C33)

  Class A-J to 'D (sf)' from 'CCC (sf)'

  Morgan Stanley Capital I Trust 2005-HQ7

  Class E to 'CCC- (sf)' from 'BB (sf)'



WAMU COMMERCIAL 2007-SL2: Fitch Affirms 'Dsf' Rating on 6 Tranches
------------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed seven classes of WaMu
Commercial Mortgage Securities Trust commercial mortgage
pass-through certificates, series 2007-SL2.

   DEBT          RATING                PRIOR
   ----          ------                -----
WaMu Commercial Mortgage Securities Trust 2007-SL2

D 933632AF8    LT AAAsf    Affirmed    AAAsf
E 933632AG6    LT Asf      Upgrade     BBBsf
F 933632AH4    LT BBsf     Upgrade     Bsf
G 933632AJ0    LT Dsf      Affirmed    Dsf
H 933632AK7    LT Dsf      Affirmed    Dsf
J 933632AL5    LT Dsf      Affirmed    Dsf
K 933632AM3    LT Dsf      Affirmed    Dsf
L 933632AN1    LT Dsf      Affirmed    Dsf
M 933632AP6    LT Dsf      Affirmed    Dsf

KEY RATING DRIVERS

Increased Credit Enhancement: The upgrades to classes E and F
reflect the increased credit enhancement (CE) from loan prepayments
since Fitch's last rating action, with nine loans (previously 22.3%
of the last rating action pool balance)paying in full. As of the
April 2022 distribution date, the pool's aggregate principal
balance has been paid down by 96.5% to $29.5 million from $842.1
million at issuance. The remaining loans in the pool are past their
lockout period and can prepay without penalty.

Improved Loss Expectations: Loss expectations have decreased due to
the overall stable performance of remaining loans in the pool and
better recoveries than expected on the loan prepayments since the
last rating action. The weighted average Fitch loan-to-value for
the pool has improved to 104.8% from 113.8% at the last rating
action. Eight loans (17.2% of the pool) are designated as Fitch
Loans of Concern (FLOCs), including three loans (11.1%) in the top
15. Interest shortfalls continue to affect classes G through N. As
of the April 2022 reporting period, 51 of the remaining 64 loans,
or 79.7%, have full recourse to the borrower.

Alternative Loss Considerations: In Fitch's sensitivity analysis, a
100% modeled loss was applied to the current balances of all loans
with a servicer-reported NOI DSCR below 1.15x to test the
resiliency of the ratings given the increasing concentration of the
pool. The upgrades to classes E and F reflect this sensitivity.

Rating Cap; Pool Concentration & Adverse Selection; Extended
Maturity Profile: The upgrades on classes E and F were capped due
to increasing pool concentration and adverse selection, and for
class F, also factoring the extended maturity profile of the
remaining pool. Small balance loans have historically seen higher
loss severities. On an aggregate basis, Fitch applied conservative
cap rates, constants and cash flow stresses on the remaining loans
to mitigate concerns regarding the pool's concentration and
collateral quality. Loans secured by multifamily properties account
for 81.9% of the pool, while mixed-use properties with a
multifamily component account for the remainder. Approximately
48.7% of the pool is located in major metropolitan areas such as
Los Angeles (23.0%), New York City (17.2%), and Chicago (8.5%).

All but one loan (0.5%) matures after 2036. However, none have
prepayment restrictions remaining. Future interest rate volatility
could pose an issue for borrowers, as all of the remaining loans
are adjustable rate mortgages. Higher interest rates could also
slow down loan prepayments. Because of the geographical
concentration of the collateral in primary markets, many borrowers
have benefitted from increasing property values, coupled with
amortization. While a majority of these loans are fully amortizing
(79.7% of pool), scheduled monthly principal remains minimal due to
the 30-year amortization schedules.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
A downgrade to the class D is not expected due to the high credit
enhancement, expected continued amortization and senior position in
the capital structure. Downgrades to classes E and F may be
possible should pool-level losses increase significantly,
performance of the FLOCs decline further and/or additional defaults
beyond Fitch's expectations occur.

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.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Further upgrades to classes E and F would occur with significant
improvements in CE from additional prepayments and/or defeasance,
as well as performance stabilization of the FLOCs, but may be
limited with increasing concentration and adverse selection of the
remaining pool.

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.


WELLS FARGO 2012-LC5: Fitch Affirms Bsf Rating on Class F Debt
--------------------------------------------------------------
Fitch Ratings has affirmed five and upgraded four classes of Wells
Fargo Commercial Mortgage Trust 2012-LC5. Fitch has also revised
the Rating Outlook on class B to Stable from Positive. The Rating
Outlooks on classes C, D and X-B remain Positive.

   DEBT           RATING                  PRIOR
   ----           ------                  -----
WFCM 2012-LC5

A-3 94988HAC5    LT AAAsf    Affirmed    AAAsf
A-S 94988HAE1    LT AAAsf    Affirmed    AAAsf
B 94988HAF8      LT AAAsf    Upgrade     AAsf
C 94988HAG6      LT AAsf     Upgrade     Asf
D 94988HAP6      LT Asf      Upgrade     BBB-sf
E 94988HAR2      LT BBsf     Affirmed    BBsf
F 94988HAT8      LT Bsf      Affirmed    Bsf
X-A 94988HAK7    LT AAAsf    Affirmed    AAAsf
X-B 94988HAM3    LT AAsf     Upgrade     Asf

KEY RATING DRIVERS

Improved Credit Enhancement (CE), High Defeasance: The upgrades and
Positive Rating Outlooks reflect improved CE, primarily due to loan
amortization, prepayments and additional defeasance, as well as
Fitch's expectations of substantial loan repayments from
significant upcoming maturities, whereby all loans in the pool
mature by October 2022.

As of the April 2022 reporting period, the pool had paid down by
40.6% since issuance, to $759 million from $1.277 billion.
Defeasance has increased to 53.7% of the current pool, up from
31.8% at Fitch's prior rating action; this includes six of the top
15 loans, inclusive of the largest loan, Westside Pavilion
(16.7%).

Improved Loss Expectations: Loss expectations have improved since
the prior rating action due to relatively stable to improving
performance of the remaining loans in the pool, as well as better
than expected recoveries on disposed loans.

Significant Near-Term Maturities: Due to the entire pool maturing
by October 2022, Fitch performed a look-through analysis that
grouped the remaining loans based on the likelihood of repayment
and recovery prospects.

The upgrades to classes B, C and D reflect their reliance on loans,
with either low leveraged and/or have strong performance metrics,
that are expected to refinance at or prior maturity. The
affirmation of classes E and F reflect their reliance on the Fitch
Loans of Concern (FLOCs) and two hotel loans, Hilton Garden Inn -
Melville and Hilton Garden Inn - Franklin Cool Springs, which have
a higher leverage.

Fitch Loans of Concern: There are four loans (7.1%) flagged as
FLOCs for high in-place vacancy, significant upcoming lease
expirations and/or low NOI DSCR. As of the April 2022 reporting
period, there were no loans in special servicing.

Rooney Ranch (3.2%) is a power center located in Oro Valley, AZ.
Major tenants include Ross Dress for Less (NRA 14%), OfficeMax (NRA
11%) and PetSmart (NRA 9.1%). Occupancy has declined since issuance
due to Sports Authority's (previously 45,196sf; 20.5% NRA)
bankruptcy and departure in 2016. Occupancy has remained low,
reporting at 77% per the December 2021 rent roll, up from 68% as of
YE 2020, and below 100% at YE 2015 and 97% at issuance. Spirit
Halloween has been operating on an annual seasonal lease from
August to November since Sports Authority's departure. Fitch's base
case loss of 15% reflects a 10% cap rate on YE 2020 NOI.

1024-1036 Lincoln Road (2.3%) is an unanchored retail center
located in Miami Beach, FL. The subject's two major tenants are
Express (NRA 49.4%) and Lacoste Retail (NRA 39.5%), with lease
expirations in January 2022 September 2022, respectively. Fitch has
requested leasing updates from the servicer, but they were not
provided. YE 2020 NOI is 16.0% below underwritten NOI due to 8.1%
decrease in EGI and a 13.9% increase in operating expenses. Per the
servicer, expense reimbursements are down nearly 23% compared with
2020. Fitch's base case loss of 29% reflects a 9.25% cap rate and a
30% haircut to the YE 2020 NOI to reflect upcoming lease
expirations.

RATING SENSITIVITIES

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

Downgrades to the 'AAAsf', 'AAsf', and 'Asf' rated categories are
not likely due to their high CE relative to loss expectations,
senior positions in the capital structure and imminent paydown that
is expected from the majority of the pool that matures in the
coming months.

Downgrades to the 'BBsf' and 'Bsf' rated categories, while
unlikely, would occur should overall pool losses increase
significantly with loans failing to repay at their respective
maturities.

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 investment grade rated categories would occur with
significant improvement in CE and/or defeasance. Classes would not
be upgraded above 'Asf' if there is likelihood for interest
shortfalls.

Upgrades to the 'BBsf' and 'Bsf' rated categories are not likely
given the increasing pool concentration and adverse selection,
reflecting risks related to loans that may be unable to refinance
at maturity and/or may transfer to special servicing.

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.


WELLS FARGO 2022-INV1: S&P Assigns Prelim 'B-' Rating on B-5 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Wells Fargo
Mortgage Backed Securities 2022-INV1 Trust's mortgage pass-through
certificates.

The certificate issuance is an RMBS transaction backed by
residential mortgage loans.

The preliminary ratings are based on information as of May 16,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The high-quality collateral in the pool;

-- The available credit enhancement;

-- The transaction's associated structural mechanics;

-- The representation and warranty framework;

-- The geographic concentration of the collateral pool;

-- The experienced originator;

-- The statistically significant, random sample of due diligence
results consistent with represented loan characteristics; 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 the COVID-19 pandemic may have
on the overall credit quality of collateralized pools. While
pandemic-related performance concerns have waned, we maintain our
updated 'B' foreclosure frequency for the archetypal pool at 3.25%
given our current outlook on the U.S. economy, which includes the
Russia-Ukraine military conflict, supply-chain disruptions, and
rising inflation and interest rates."

  Preliminary Ratings Assigned

  Wells Fargo Mortgage Backed Securities 2022-INV1 Trust

  Class A-1, $216,912,000: AAA (sf)
  Class A-2, $361,520,000: AAA (sf)
  Class A-3, $162,684,000: AAA (sf)
  Class A-4, $271,140,000: AAA (sf)
  Class A-5, $54,228,000: AAA (sf)
  Class A-6, $90,380,000: AAA (sf)
  Class A-7, $130,147,200: AAA (sf)
  Class A-8, $216,912,000: AAA (sf)
  Class A-9, $86,764,800: AAA (sf)
  Class A-10, $144,608,000: AAA (sf)
  Class A-11, $32,536,800: AAA (sf)
  Class A-12, $54,228,000: AAA (sf)
  Class A-13, $35,248,200: AAA (sf)
  Class A-14, $58,747,000: AAA (sf)
  Class A-15, $18,979,800: AAA (sf)
  Class A-16, $31,633,000: AAA (sf)
  Class A-17, $22,134,000: AAA (sf)
  Class A-18, $36,890,000: AAA (sf)
  Class A-19, $239,046,000: AAA (sf)
  Class A-20, $398,410,000: AAA (sf)
  Class A-IO1, $398,410,000(i): AAA (sf)
  Class A-IO2, $216,912,000(i): AAA (sf)
  Class A-IO3, $162,684,000(i): AAA (sf)
  Class A-IO4, $54,228,000(i): AAA (sf)
  Class A-IO5, $130,147,200(i): AAA (sf)
  Class A-IO6, $86,764,800(i): AAA (sf)
  Class A-IO7, $32,536,800(i): AAA (sf)
  Class A-IO8, $35,248,200(i): AAA (sf)
  Class A-IO9, $18,979,800(i): AAA (sf)
  Class A-IO10, $22,134,000(i): AAA (sf)
  Class A-IO11, $239,046,000(i): AAA (sf)
  Class B-1, $16,948,000: AA- (sf)
  Class B-2, $10,848,000: A- (sf)
  Class B-3, $10,846,000: BBB- (sf)
  Class B-4, $7,006,000: BB- (sf)
  Class B-5, $4,519,000: B- (sf)
  Class B-6, $3,391,958: Not rated
  Class R: Not rated
  RR interest(ii): $23,787,839: Not rated

(i)Notional balance.

(ii)The non-offered RR interest will be entitled to interest on any
distribution date equal to a per annum rate equal to the net WAC
rate for such distribution rate. The RR class is sized to
approximately 5% of the collateral balance and will be entitled to
payments from the retained certificate available distribution
amount.
WAC--Weighted average coupon.
RR--Risk retention.



WFRBS COMMERCIAL 2014-C20: Moody's Cuts Cl. C Certs Rating to B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven classes
and downgraded the ratings on two classes in WFRBS Commercial
Mortgage Trust 2014-C20 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed Aaa
(sf)

Cl. A-SFL, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed
Aaa (sf)

Cl. A-SFX, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed
Aaa (sf)

Cl. B, Downgraded to Baa3 (sf); previously on Dec 17, 2021
Downgraded to Baa1 (sf)

Cl. C, Downgraded to B3 (sf); previously on Dec 17, 2021 Downgraded
to B1 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 17, 2021 Affirmed
Aaa (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

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

The ratings on two P&I classes, Cl. B and Cl. C, were downgraded
due to increased expected losses and interest shortfall risk due to
the significant exposure to specially serviced loans that are more
than 90 days delinquent or in foreclosure. Specially serviced loans
represent over 26% of the pool, and the three largest specially
serviced loans (26% of the pool) are secured by regional malls or
office properties with declining performance that have each
recognized appraisal reductions of greater than 20% of their
respective loans balance as of the April 2022 remittance statement.
The three largest specially serviced loans include the Woodbridge
Center Loan (14.1% of the pool), Sugar Creek I & II (7.1% of the
pool) and Brunswick Square (4.8% of the pool). As a result of the
significant appraisal reductions and declining performance of these
loans, Moody's anticipates interest shortfalls will continue and
may increase from their current levels.

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

The action has considered how the coronavirus pandemic has reshaped
the US economic environment and the way its aftershocks will
continue to reverberate and influence the performance of commercial
real estate. Moody's expect the public health situation to improve
as vaccinations against COVID-19 increase and societies continue to
adapt to new protocols. Still, the exit from the pandemic will
likely be bumpy and unpredictable and economic prospects will
vary.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

Moody's rating action reflects a base expected loss of 21.8% of the
current pooled balance, compared to 19.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 14.9% of the
original pooled balance, compared to 13.5% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected. Additionally, significant
changes in the 5-year rolling average of 10-year US Treasury rates
will impact the magnitude of the interest rate adjustment and may
lead to future rating actions.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "US and Canadian Conduit/Fusion
Commercial Mortgage-Backed Securitizations Methodology" published
in November 2021.

DEAL PERFORMANCE

As of the April 18, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 32% to $847 million
from $1.25 billion at securitization. The certificates are
collateralized by 78 mortgage loans ranging in size from less than
1% to 14% of the pool, with the top ten loans (excluding
defeasance) constituting 52% of the pool. Fifteen loans,
constituting 10% of the pool, have defeased and are secured by US
government securities. The pool contains nine low leverage
cooperative loans, constituting 4.1% of the pool balance, that were
too small to credit assess; however, have Moody's leverage that is
consistent with other loans previously assigned an investment grade
Structured Credit Assessments.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 19, compared to 20 at Moody's last review.

As of the April 2022 remittance report, loans representing 74% were
current or within their grace period on their debt service payments
and 26% were greater than 90 days delinquent or in foreclosure.

Twenty loans, constituting 23% of the pool, are on the master
servicer's watchlist, of which two loans, representing 2% of the
pool, indicate the borrower has received loan modifications in
relation to the coronavirus impact on the property. The watchlist
includes loans that meet certain portfolio review guidelines
established as part of the CRE Finance Council (CREFC) monthly
reporting package. As part of Moody's ongoing monitoring of a
transaction, the agency reviews the watchlist to assess which loans
have material issues that could affect performance.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $1.7 million (for an average loss
severity of 21%). Four loans, constituting 27% of the pool, are
currently in special servicing. All the specially serviced loans
have transferred to special servicing since May 2020.

The largest specially serviced loan is the Woodbridge Center Loan
($119.5 million -- 14.1% of the pool), which represents a
pari-passu portion of a $229.8 million senior mortgage loan. The
loan is secured by a 1.1 million square foot (SF) component of a
two-story, regional mall in Woodbridge, New Jersey. The mall's
anchors now include Macy's, Boscov's, JC Penney, and Dick's
Sporting Goods. Two anchor spaces are currently vacant following
the December 2019 closure of Lord and Taylor (120,000 SF) and the
April 2020 closure of Sears (274,100 SF). Macy's, JC Penny and the
former Lord & Taylor space are not included as collateral for the
loan. Other major tenants include Boscov's, Dick's Sporting Goods,
Dave & Busters and Seaquest. As of December 2021, collateral
occupancy was 68%, compared to 69% in December 2020, 97% in
December 2019 and 97% at securitization. Inline occupancy was 79%
as of December 2021. Property performance has declined annually
since 2015 and the 2019 net operating income (NOI) was nearly 17%
lower than in 2014. The NOI further declined in 2021 due to lower
revenues and the 2021 NOI was 35% lower than in 2019. As a result
the 2021 NOI DSCR was below 1.00X. The property was closed
temporarily in 2020 due to the pandemic and the loan transferred to
special servicing in June 2020. The loan is last paid through its
May 2021 payment date, a receiver was appointed in October 2021 and
foreclosure is currently being pursued. The property faces
significant competition with seven competitive regional and super
regional centers located within a 20 miles radius. The property was
appraised in September 2021 at a value significantly below the
outstanding loan balance and the master servicer subsequently
recognized an appraisal reduction of $82 million, nearly 68% of the
outstanding loan amount. Due to the continued decline in
performance, Moody's anticipates a significant loss on this loan.

The second largest specially serviced loan is the Sugar Creek I &
II Loan ($59.8 million -- 7.1% of the pool), which is secured by
two adjacent, eight-story office buildings totaling 409,168 SF
located in Sugarland, Texas, 20 miles southwest of the Houston CBD.
The asset is also encumbered with $8.6 million of mezzanine
financing held outside the trust, which is currently in default.
Both buildings are of Class-A quality with Sugar Creek-I
constructed in 2000 and Sugar Creek-II completed in 2008.
Collateral for the loan also includes a four-story 1,198-space
parking garage in addition to 326 surface parking spaces. The
largest tenant, Noble Drilling Services Inc. (originally 41% of the
net rentable area (NRA)), reduced their space by 52,075 SF in
January 2019 as part of their 10-year renewal. The company filed
for Chapter 11 bankruptcy in July 2020 and occupies approximately
63,395 SF (16% of NRA) at the property as of December 2021. The
loan transferred to special servicing in October 2020 for imminent
monetary default. As of December 2021, the properties were 57%
leased compared to 68% in June 2020, 67% at year-end 2019, and 93%
in 2018. As of the April remittance statement the loan is last paid
through its April 2021 payment date. The property was appraised in
August 2021 at a value below the outstanding loan balance and the
master servicer subsequently recognized an appraisal reduction of
$12 million, nearly 21% of the outstanding loan amount. Special
servicer commentary indicates they are in negotiations with the
borrower for possible forbearance terms or a discounted payoff.

The third largest specially serviced loan is the Brunswick Square
loan ($40.4 million -- 4.8% of the pool), which is secured by a
293,000 SF component of a 760,000 SF enclosed regional mall located
in East Brunswick, New Jersey. The property is anchored by J.C.
Penney and Macy's, both of which own their respective improvements.
Collateral junior anchors include Barnes & Noble, Old Navy, Forever
21 and a 13-screen Starplex Cinemas, however, the mall does not
contain a food court. As of June 2021, the property was 95%
occupied, compared to 88% as of December 2020. In June 2021, the
loan's original sponsor, Washington Prime Group (WPG) filed for
Chapter 11 bankruptcy and the Brunswick Square Mall was identified
as a non-core asset by WPG. The loan transferred to special
servicing a second time in July 2021 due to imminent monetary
default and is last paid through its March 2022 payment date.
Special servicer commentary indicates foreclosure is currently
being pursued and a receiver was appointed during 2021. The
property's NOI has declined significantly in recent years due to
lower revenue and the NOI DSCR was 0.62X as of September 2021. The
property was appraised in August 2021 at a value below the
outstanding loan balance and the master servicer subsequently
recognized an appraisal reduction of $22 million, nearly 55% of the
outstanding loan amount. Due to the continued decline in
performance, Moody's anticipates a significant loss on this loan.

The fourth specially serviced loan is the Sunrise Plaza loan ($4.4
million -- 0.5% of the pool), which is secured by a 36,139 SF
retail center located in Brownsville, Texas. The loan has been in
special servicing since May 2020 and is reported as more than 90
days delinquent. The property was appraised in July 2021 at a value
above the outstanding loan balance and servicer commentary
indicates a forbearance agreement has been executed.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 2.7% of the pool, and has estimated
an aggregate loss of $160.1 million (a 65% expected loss based on
average) from these specially serviced and troubled loans. The
troubled loans are both secured by hotel properties which were
impacted by business disruptions stemming from the pandemic.

As of the April 2022 remittance statement cumulative interest
shortfalls were $5.1 million and impact up to Cl. D. Moody's
anticipates interest shortfalls will continue because of the
exposure to specially serviced loans and/or modified loans.
Interest shortfalls are caused by special servicing fees, including
workout and liquidation fees, appraisal entitlement reductions
(ASERs), loan modifications and extraordinary trust expenses.

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 MLTV
reported in this publication reflects the MLTV before the
adjustments described in the methodology.

Moody's received full year 2020 operating results for 97% of the
pool, and full or partial year 2021 operating results for 95% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 104%, unchanged from Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 17% to the most recently available net operating
income (NOI), excluding hotel properties that had significantly
depressed NOI in 2020 / 2021. Moody's value reflects a weighted
average capitalization rate of 10.1%.

Moody's actual and stressed conduit DSCRs are 1.43X and 1.12X,
respectively, compared to 1.44X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 15.8% of the pool balance.
The largest loan is the Worldgate Center Loan ($55.9 million --
6.6% of the pool), which is secured by a 229,326 SF shopping center
in Herndon, Virginia. The collateral for the loan also includes a
two-level subterranean parking garage and surface parking totaling
1,170 parking spaces. The property was developed in 1990 and was
anchored by Worldgate Sport & Health flagship facility (108,670 SF)
and AMC Worldgate 9 Theaters (38,238 SF). As of June 2021, the
property was 96% occupied, compared to 98% at year-end 2020. The
loan transferred to special servicing in June 2020 due to imminent
monetary default stemming from the coronavirus impact on the
property. However, the loan was returned to the master servicer in
August 2020 without a modification and was brought current in
September 2020. As of December 2021, the servicer reported NOI DSCR
at 0.51X, compared to 1.41X at year-end 2019. Property performance
declined significantly when the former largest tenant, Sport &
Health (55% of total base rent) stopped paying rents and was
evicted. The Worldgate fitness facility has changed management
companies, moving from Sport & Health to WTS International. The
space was renovated for $4 million during 2021 and is expected to
re-open. The loan is currently cash managed and on the servicer's
watch list due to lower DSCR. The loan has paid down approximately
14% since securitization and has been current since returning from
special servicing. Moody's LTV and stressed DSCR are 133% and
0.77X, respectively, compared to 134% and 0.77X at the last
review.

The second largest loan is the Rockwell -- ARINC HQ Loan ($46.2
million -- 5.5% of the pool), which is secured by three office
buildings that are part of a six-building office complex located in
Annapolis, Maryland. The collateral contains approximately 271,000
SF of NRA and is 100% triple-net leased to ARINC, a wholly owned
subsidiary of Rockwell Collins, through March 2029. The lease does
not contain any termination options and is fully guaranteed by
Rockwell Collins. The loan has paid down almost 5% since
securitization and has a loan maturity date in April 2024. Moody's
LTV and stressed DSCR are 105% and 1.21X, respectively, compared to
106% and 1.20X at the last review.

The third largest loan is the Savoy Retail & 60th Street
Residential Loan ($31.9 million -- 3.8% of the pool), which is
secured by a mixed-use retail and residential development located
on Third Avenue between 60th Street and 61st Street in New York,
New York. The collateral includes the Savoy Retail Condo and the
60th Street Residential. The retail portion is comprised of
approximately 36,000 SF of retail space and approximately 12,000 SF
of subterranean garage containing 70 spaces. 60th Street
Residential is comprised of four abutting 4-story walk-up
residential buildings. As of September 2021, the total collateral
was 76% leased down from 87% at year-end 2019. The two largest
retail tenants, Zavo Restaurant and Dylan's Candy Bar, have closed
or downsized their spaces resulting in declines in revenue and NOI.
The loan has paid down almost 9% since securitization and the NOI
DSCR was 0.98X as of September 2021. Moody's LTV and stressed DSCR
are 137% and 0.68X, respectively, compared to 127% and 0.73X at the
last review.


WOODMONT 2022-9: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Woodmont
2022-9 Trust's fixed- and floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by middle-market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by MidCap Financial Services Capital Management LLC.

The preliminary ratings are based on information as of May 17,
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 diversification of the collateral pool;

-- 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.

  Preliminary Ratings Assigned

  Woodmont 2022-9 Trust

  Class A-1A(i), $137.00 million: AAA (sf)
  Class A-1L(i), $80.00 million: AAA (sf)
  Class A-1B(i), $44.00 million: AAA (sf)
  Class A-2, $9.00 million: AAA (sf)
  Class B-1(ii), $11.80 million: AA (sf)
  Class B-2(ii), $24.20 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D (deferrable), $27.00 million: BBB- (sf)
  Class E (deferrable), $27.00 million: BB- (sf)
  Subordinated notes, $54.90 million: Not rated

(i)Class A-1A and A-1B notes and class A-1L loans are paid pro
rata. On any payment date, all of the class A-1L loans may be
converted to class A-1A notes. Class A-1A notes may not be
converted into class A-1L loans.

(ii)Class B-1 and B-2 notes are paid pro rata.



[*] Fitch Affirms Ratings on 38 Classes From Nine CDOs
------------------------------------------------------
Fitch Ratings has affirmed the ratings on 38 classes, upgraded six
classes, downgraded one class and assigned Rating Outlooks to one
class from nine CDOs. Fitch has also removed eight notes from Under
Criteria Observation and has withdrawn the ratings for 37 classes
from seven CDOs.

   DEBT                  RATING                   PRIOR
   ----                  ------                   -----
ALESCO Preferred Funding I, Ltd./Inc.

B-1 01447YAC8          LT Csf         Affirmed    Csf
B-2 01447YAD6          LT Csf         Affirmed    Csf

Preferred Term
Securities X,
Ltd./Inc.

A-2 74040YAB8          LT AAsf       Affirmed     AAsf
A-2 74040YAB8          LT WDsf       Withdrawn    AAsf
A-3 74040YAC6          LT AAsf       Affirmed     AAsf
A-3 74040YAC6          LT WDsf       Withdrawn    AAsf
B-1 74040YAD4          LT Csf        Affirmed     Csf
B-1 74040YAD4          LT WDsf       Withdrawn    Csf
B-2 74040YAE2          LT Csf        Affirmed     Csf
B-2 74040YAE2          LT WDsf       Withdrawn    Csf
B-3 74040YAF9          LT Csf        Affirmed     Csf
B-3 74040YAF9          LT WDsf       Withdrawn    Csf

Tropic CDO IV Ltd./Corp.

A-1L Floating          LT AAAsf      Affirmed     AAAsf
89707YAA2
A-1L Floating          LT WDsf       Withdrawn    AAAsf
89707YAA2
A-2L Floating          LT AAAsf      Upgrade      AAsf
89707YAB0
A-2L Floating          LT WDsf       Withdrawn    AAAsf
89707YAB0
A-3L Floating          LT A+sf       Upgrade      BBBsf
89707YAC8
A-3L Floating          LT WDsf       Withdrawn    A+sf
89707YAC8
A-4 Fixed/             LT Csf        Affirmed     Csf
Floating
89707YAE4
A-4 Fixed/             LT WDsf       Withdrawn    Csf
Floating
89707YAE4
A-4L Floating          LT Csf        Affirmed     Csf
89707YAD6
A-4L Floating          LT WDsf       Withdrawn    Csf
89707YAD6
B-1L Floating          LT Csf        Affirmed     Csf
89707YAF1
B-1L Floating          LT WDsf       Withdrawn    Csf
89707YAF1

Preferred Term
Securities XV,
Ltd./Inc.

A-1 74041CAA7          LT AAsf       Affirmed     AAsf
A-1 74041CAA7          LT WDsf       Withdrawn    AAsf
A-2 74041CAB5          LT AAsf       Affirmed     AAsf
A-2 74041CAB5          LT WDsf       Withdrawn    AAsf
A-3 74041CAC3          LT AAsf       Affirmed     AAsf
A-3 74041CAC3          LT WDsf       Withdrawn    AAsf
B-1 74041CAE9          LT CCCsf      Affirmed     CCCsf
B-1 74041CAE9          LT WDsf       Withdrawn    CCCsf
B-2 74041CAF6          LT CCCsf      Affirmed     CCCsf
B-2 74041CAF6          LT WDsf       Withdrawn    CCCsf
B-3 74041CAG4          LT CCCsf      Affirmed     CCCsf
B-3 74041CAG4          LT WDsf       Withdrawn    CCCsf
C 74041CAH2            LT CCsf       Affirmed     CCsf
C 74041CAH2            LT WDsf       Withdrawn    CCsf

MMCapS Funding
XVII, Ltd./Corp

A-1 Floating Rates     LT AAsf       Affirmed     AAsf
Notes 55312HAA7
A-1 Floating Rates     LT WDsf       Withdrawn    AAsf
Notes 55312HAA7
A-2 Floating Rate      LT AAsf       Affirmed     AAsf
Notes 55312HAB5
A-2 Floating Rate      LT WDsf       Withdrawn    AAsf
Notes 55312HAB5
B Floating Rate        LT AAsf       Upgrade      Asf
Notes 55312HAC3
B Floating Rate        LT WDsf       Withdrawn    AAsf
Notes 55312HAC3
C-1 Floating Rate      LT CCsf       Affirmed     CCsf
Deferable 55312HAD1
C-1 Floating Rate      LT WDsf       Withdrawn    CCsf
Deferable 55312HAD1
C-2 Fixed Rate         LT CCsf       Affirmed     CCsf
Defferable 55312HAE9
C-2 Fixed Rate         LT WDsf       Withdrawn    CCsf
Defferable 55312HAE9

U.S. Capital Funding
III, Ltd./Corp.

A-2 Floating           LT A+sf       Downgrade    AAsf
90342BAC7
A-2 Floating           LT WDsf       Withdrawn    A+sf
90342BAC7
B-1 Floating           LT Dsf        Affirmed     Dsf
90342BAE3
B-1 Floating           LT WDsf       Withdrawn    Dsf
90342BAE3
B-2 Fixed /            LT Dsf        Affirmed     Dsf
Floating 90342BAG8
B-2 Fixed /            LT WDsf       Withdrawn    Dsf
Floating 90342BAG8
Tropic CDO III Ltd./Corp.

A-2L 89707WAB4         LT AA+sf      Upgrade      AAsf
A-2L 89707WAB4         LT WDsf       Withdrawn    AA+sf
A-3L 89707WAC20        LT Asf        Affirmed     Asf
A-3L 89707WAC2         LT WDsf       Withdrawn    Asf
A-4A 89707WAE8         LT Csf        Affirmed     Csf
A-4A 89707WAE8         LT WDsf       Withdrawn    Csf
A-4B 89707WAF5         LT Csf        Affirmed     Csf
A-4B 89707WAF5         LT WDsf       Withdrawn    Csf
A-4L 89707WAD0         LT Csf        Affirmed     Csf
A-4L 89707WAD0         LT WDsf       Withdrawn    Csf
ALESCO Preferred
Funding
IV, Ltd./Inc.

A-1 01448QAA8          LT AAsf       Affirmed     AAsf
A-2 01448QAB6          LT AAsf       Upgrade      Asf
A-3 01448QAC4          LT AAsf       Upgrade      Asf
B-1 01448QAD2          LT Csf        Affirmed     Csf
B-2 01448QAE0          LT Csf        Affirmed     Csf
B-3 01448QAF7          LT Csf        Affirmed     Csf

Preferred Term
Securities XVI,
Ltd./Inc.

Class A-1 74041EAA3    LT AAsf       Affirmed     AAsf
Class A-1 74041EAA3    LT WDsf       Withdrawn    AAsf
Class A-2 74041EAB1    LT A+sf       Affirmed     A+sf
Class A-2 74041EAB1    LT WDsf       Withdrawn    A+sf
Class A-3 74041EAL9    LT A+sf       Affirmed     A+sf
Class A-3 74041EAL9    LT WDsf       Withdrawn    A+sf
Class B 74041EAC9      LT BBB-sf     Affirmed     BBB-sf
Class B 74041EAC9      LT WDsf       Withdrawn    BBB-sf
Class C 74041EAD7      LT CCsf       Affirmed     CCsf
Class C 74041EAD7      LT WDsf       Withdrawn    CCsf
Class D 74041EAG0      LT Csf        Affirmed     Csf
Class D 74041EAG0      LT WDsf       Withdrawn    Csf

TRANSACTION SUMMARY

The CDOs are collateralized primarily by trust preferred securities
(TruPS) issued by banks and insurance companies.

Fitch has withdrawn the ratings of notes issued by seven CDOs for
commercial reasons, as referenced in the report "Fitch Plans to
Withdraw Ratings of 35 TruPS CDOs and 4 REIT TruPS CDOs," published
on Feb. 10, 2022.

KEY RATING DRIVERS

Out of nine transactions, seven CDOs experienced moderate
deleveraging from collateral redemptions and/or excess spread,
which led to the senior classes of notes receiving paydowns ranging
from 1% to 58% of their last review note balances. For Alesco
Preferred Funding I, Ltd./Inc., class A-2 notes have been paid in
full in January 2022, class B-1 and B-2 notes have become the
senior most tranches and have been amortized approximately 1% of
their last review note balances. This deleveraging, in conjunction
with the impact of Fitch's recently updated U.S. Trust Preferred
CDOs Surveillance Rating Criteria (TruPS CDO Criteria), led to the
upgrades.

For the seven transactions last reviewed in 2021, the credit
quality of the collateral portfolios, as measured by a combination
of Fitch's bank scores and public ratings, improved. For the two
CDOs Fitch previously reviewed in 2022, their credit quality
exhibited negative credit migration, due to the change in bank
scores between 3Q21 and 4Q21. No new cures, deferrals or defaults
have been reported since last review.

The Stable Outlooks on 21 tranches in this review reflect Fitch's
expectation that the classes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolios in stress scenarios commensurate with
such classes' rating.

For U.S. Capital Funding III, Ltd./Corp. (US Capital III), class
A-2 notes were downgraded to 'A+sf' due to the continued risk of
interest shortfall at the rating commensurate level of stress
evaluated under TruPS CDO Criteria. In addition to the amortizing
portfolio and the depleted interest reserve account, the CDO has an
out-of-the-money interest rate swap that does not expire until
2030. It has diverted an average 47% of the interest collections
over the last four payments.

Fitch affirmed the ratings on the non-deferrable classes B-1 and
B-2 (together, the "Class B") notes in US Capital III at 'Dsf'.
Accrued and unpaid defaulted interest on the Class B notes was paid
in full December 2021, however the transaction has relied on
principal proceeds to pay the timely interest in full. Without
principal proceeds available, the Class B notes will likely return
to defaulting on their interest payment.

Fitch considered the rating of the issuer account bank in the
ratings for the class A-1, A-2 and A-3 notes in Alesco Preferred
Funding IV, Ltd./Inc., class A-1, A-2 and B notes in MMCaps Funding
XVII, Ltd./Corp., class A-2 and A-3 notes in Preferred Term
Securities X, Ltd./Inc., class A-1 notes in Preferred Term
Securities XV, Ltd./Inc. and Preferred Term Securities XVI,
Ltd./Inc. due to the transaction documents not conforming to
Fitch's Counterparty Criteria. These transactions are allowed to
hold cash, and their transaction account bank (TAB) does not
collateralize cash. Therefore, these classes of notes are capped at
the same rating as that of their TAB.

RATING SENSITIVITIES

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

Downgrades to the rated notes may occur if a significant share of
the portfolio issuers default and/or experience negative credit
migration, which would cause a deterioration in rating default
rates.

Fitch has revised global economic outlook forecasts as a result of
the Ukraine War and related economic sanctions. Downside risks have
increased, and Fitch has published an assessment of a plausible,
but worse-than-expected, adverse stagflation scenario on Fitch's
major SF and CVB sub-sectors.

Fitch expects the U.S. TruPS CDO sector in the assumed adverse
scenario to experience virtually no impact on asset performance
(2022 Adverse Macroeconomic Case Risk Heat Map), due to very
limited direct exposure to Russia and Ukraine, and virtually no
impact on ratings performance.

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

-- Future upgrades to the rated notes may occur if a transaction
    experiences improvement in credit enhancement through
    deleveraging from collateral redemptions and/or interest
    proceeds being used for principal repayment.

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.



[*] Moody's Hikes Rating on $185.5MM of US RMBS Issued 1996-2003
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 21 bonds from
14 US residential mortgage backed transactions (RMBS), backed by
manufactured housing loans issued by multiple issuers.

Complete rating actions are as follows:

Issuer: ACE Securities Corp. Manufactured Housing Trust 2003-MH1

Cl. M-2, Upgraded to A2 (sf); previously on Aug 14, 2014 Downgraded
to Baa1 (sf)

Issuer: Conseco Finance Securitization Corp. Series 2002-2

Class M-1, Upgraded to Baa2 (sf); previously on Dec 6, 2018
Upgraded to Ba1 (sf)

Issuer: Conseco Finance Securitizations Corp. Series 2001-3

Class A-4, Upgraded to Ba2 (sf); previously on Feb 12, 2018
Upgraded to B1 (sf)

Issuer: Deutsche Financial Capital Securitization LLC, Series
1998-I

Class M, Upgraded to B1 (sf); previously on Aug 15, 2019 Upgraded
to B3 (sf)

Issuer: Greenpoint Manufactured Housing Contract Trust 1999-5

Cl. M-1B, Upgraded to A3 (sf); previously on Mar 2, 2018 Upgraded
to Baa2 (sf)

Issuer: Green Tree Financial Corporation MH 1996-06

M-1, Upgraded to B3 (sf); previously on Nov 22, 2011 Downgraded to
Caa2 (sf)

Issuer: Green Tree Financial Corporation MH 1996-08

M-1, Upgraded to B3 (sf); previously on Mar 30, 2009 Downgraded to
Caa2 (sf)

Issuer: Green Tree Financial Corporation MH 1997-05

M-1, Upgraded to Baa3 (sf); previously on Mar 19, 2018 Upgraded to
Ba3 (sf)

Issuer: Green Tree Financial Corporation MH 1998-08

A-1, Upgraded to Aa3 (sf); previously on Dec 14, 2018 Upgraded to
A3 (sf)

Issuer: Madison Avenue Manufactured Housing Contract Trust 2002-A

Cl. B-2, Upgraded to Ba3 (sf); previously on Aug 16, 2018 Upgraded
to B2 (sf)

Issuer: MERIT Securities Corp Series 12

1-M1, Upgraded to Baa1 (sf); previously on Dec 10, 2018 Upgraded to
Baa3 (sf)

Issuer: Mid-State Trust X

Cl. A-1, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded
to Baa1 (sf)

Cl. A-2, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded
to Baa1 (sf)

Cl. B, Upgraded to B1 (sf); previously on Jun 1, 2011 Downgraded to
B3 (sf)

Cl. M-1, Upgraded to A3 (sf); previously on Mar 14, 2012 Downgraded
to Baa2 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Jun 1, 2011
Downgraded to Ba1 (sf)

Issuer: Mid-State Trust XI

Cl. A, Upgraded to A2 (sf); previously on Mar 14, 2012 Downgraded
to Baa1 (sf)

Cl. B, Upgraded to Baa3 (sf); previously on Dec 14, 2018 Upgraded
to Ba1 (sf)

Cl. M-1, Upgraded to A3 (sf); previously on Mar 14, 2012 Downgraded
to Baa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Dec 14, 2018 Upgraded
to Baa3 (sf)

Issuer: Oakwood Mortgage Investors, Inc., Series 1999-B

A-4, Upgraded to A1 (sf); previously on Jul 29, 2019 Upgraded to
Baa1 (sf)

RATINGS RATIONALE

The rating upgrades reflect the increase in credit enhancement (CE)
available to these bonds and also the recent performance as well as
Moody's updated loss expectations on the underlying pools. The CE
of the bonds in today's rating action have increased by around 12%
over the last 12 months, primarily due to excess spread and the
bonds' paydown.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in July 2020.

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 of the subordinate bonds 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 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.


[*] Moody's Upgrades Rating on $311MM of US RMBS Issued 2004-2007
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 19 bonds from
9 US residential mortgage backed transactions (RMBS), backed by
Alt-A, option ARM and subprime mortgages issued by multiple
issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/3luCnQo

Complete rating actions are as follows:

Issuer: Argent Securities Inc., Series 2005-W5

Cl. A-1, Upgraded to Aa1 (sf); previously on Aug 30, 2021 Upgraded
to Aa3 (sf)

Cl. A-2C, Upgraded to Ba2 (sf); previously on Apr 27, 2017 Upgraded
to B1 (sf)

Cl. A-2D, Upgraded to Ba2 (sf); previously on Apr 27, 2017 Upgraded
to B1 (sf)

Issuer: Bear Stearns Mortgage Funding Trust 2007-AR3

Cl. I-A-1, Upgraded to Caa1 (sf); previously on Dec 7, 2010
Downgraded to Caa3 (sf)

Cl. II-1A-1, Upgraded to B3 (sf); previously on Dec 7, 2010
Downgraded to Caa2 (sf)

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates,
Series 2005-3

Cl. A-1, Upgraded to Ba1 (sf); previously on Jun 6, 2019 Upgraded
to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Jun 6, 2019
Upgraded to Ba3 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. A-1I, Upgraded to Ba1 (sf); previously on Jun 6, 2019 Upgraded
to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Jun 6, 2019
Upgraded to Ba3 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. A-NA, Upgraded to Ba1 (sf); previously on Jun 6, 2019 Upgraded
to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Jun 6, 2019
Upgraded to Ba3 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Cl. A-2, Upgraded to Ba1 (sf); previously on Jun 6, 2019 Upgraded
to Ba3 (sf)

Cl. A-2I, Upgraded to Ba1 (sf); previously on Jun 6, 2019 Upgraded
to Ba3 (sf)

Issuer: CSFB Home Equity Asset Trust 2007-3

Cl. 1-A-1, Upgraded to B3 (sf); previously on Jul 13, 2018 Upgraded
to Caa2 (sf)

Cl. 2-A-3, Upgraded to B3 (sf); previously on Dec 7, 2015 Upgraded
to Caa2 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-5

Cl. M-4, Upgraded to Baa2 (sf); previously on Aug 30, 2021 Upgraded
to Ba1 (sf)

Issuer: Fremont Home Loan Trust 2006-1

Cl. I-A-1, Upgraded to A1 (sf); previously on Jan 13, 2020 Upgraded
to A3 (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
Series INABS 2006-D

Cl. 1A, Upgraded to B1 (sf); previously on Jun 6, 2019 Upgraded to
B2 (sf)

Issuer: RASC Series 2005-EMX2 Trust

Cl. M-5, Upgraded to A1 (sf); previously on Aug 30, 2021 Upgraded
to A2 (sf)

Cl. M-6, Upgraded to Ba3 (sf); previously on Aug 30, 2021 Upgraded
to B1 (sf)

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Cl. 1-A5A, Upgraded to Ba1 (sf); previously on May 23, 2018
Upgraded to Ba2 (sf)

Cl. 1-A5B, Upgraded to Ba1 (sf); previously on May 23, 2018
Upgraded to Ba2 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on May 23, 2018
Upgraded to Ba2 (sf)

Financial Guarantor: MBIA Insurance Corporation (Affirmed at Caa1,
Outlook Negative on Dec 17, 2020)

RATINGS RATIONALE

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

In light of the current macroeconomic environment, Moody's revised
loss expectations based on forecast uncertainties with regard to
the COVID-19 pandemic. Specifically, Moody's have observed an
increase in delinquencies, payment forbearance, and payment
deferrals since the start of pandemic, which could result in higher
realized losses. Moody's rating actions also take into
consideration the buildup in credit enhancement of the bonds,
especially in an environment of elevated prepayment rates, which
has helped offset the impact of the increase in expected losses
spurred by the pandemic.

Moody's estimated the proportion of loans granted payment relief in
a pool based on a review of loan level cashflows. In Moody's
analysis, Moody's considered a loan to be enrolled in a payment
relief program if (1) the loan was not liquidated but took a loss
in the reporting period (to account for loans with monthly
deferrals that were reported as current), or (2) the actual balance
of the loan increased in the reporting period, or (3) the actual
balance of the loan remained unchanged in the last and current
reporting period, excluding interest-only loans and pay ahead
loans. Based on Moody's analysis, the proportion of borrowers that
are currently enrolled in payment relief plans varied greatly,
ranging between approximately 2% and 11% among RMBS transactions
issued before 2009. In Moody's analysis, Moody's assume these loans
to experience lifetime default rates that are 50% higher than
default rates on the performing loans.

In addition, for borrowers unable to make up missed payments
through a short-term repayment plan, servicers will generally defer
the forborne amount as a non-interest-bearing balance, due at
maturity of the loan as a balloon payment. Moody's analysis
considered the impact of six months of scheduled principal payments
on the loans enrolled in payment relief programs being passed to
the trust as a loss. The magnitude of this loss will depend on the
proportion of the borrowers in the pool subject to principal
deferral and the number of months of such deferral. The treatment
of deferred principal as a loss is credit negative for junior
bonds, which could incur write-downs on bonds when missed payments
are deferred.

The action has considered how the coronavirus pandemic has reshaped
US economic environment and the way its aftershocks will continue
to reverberate and influence the performance of residential
mortgage loans. Moody's expect the public health situation to
improve as vaccinations against COVID-19 increase and societies
continue to adapt to new protocols. Still, the exit from the
pandemic will likely be bumpy and unpredictable and economic
prospects will vary.

Moody's regard the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

Principal Methodologies

The principal methodology used in these ratings  was "US RMBS
Surveillance Methodology" published in July 2020.

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 of the subordinate bonds 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 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.


[*] S&P Takes Various Actions on 76 Classes from 13 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 76 ratings from 13 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
five upgrades, eight downgrades, 25 affirmations, and 38
withdrawals. Additionally, S&P subsequently withdrew one of the
lowered ratings.

A list of Affected Ratings can be viewed at:

       https://bit.ly/3PCFbZJ

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows." These
considerations are based on transaction-specific performance and/or
structural characteristics and their potential effects on certain
classes. Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- Assessment of reduced interest payments due to loan
modifications and other credit-related events;

-- Increase or decrease in available credit support;

-- Expected duration;

-- Principal write-downs;

-- Small loan count; and

-- Payment priority.

Rating Actions

S&P said, "The rating changes reflect our opinion regarding the
associated transaction-specific collateral performance and/or
structural characteristics, and/or reflect the application of
specific criteria applicable to these classes. See the ratings list
below for the specific rationales associated with each of the
classes with rating transitions.

"The ratings affirmations reflect our opinion that our projected
credit support, collateral performance, and credit-related
reductions in interest on these classes has remained relatively
consistent with our prior projections.

"We withdrew our rating on 31 classes from seven transactions due
to the small number of loans remaining within the related group or
structure. Once a pool has declined to a de minimis amount, we
believe there is a high degree of credit instability that is
incompatible with any rating level."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

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

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

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

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***