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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, July 31, 2022, Vol. 26, No. 211

                            Headlines

ACAM 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
AMSR 2022-SFR2: DBRS Gives Prov. B(low) Rating on Class F Certs
ARBOR REALTY 2021-FL3: DBRS Confirms B(low) Rating on Cl. G Notes
ARROYO MORTGAGE 2022-2: DBRS Gives Prov. B Rating on Cl. B-2 Notes
AVIS BUDGET 2022-3: Moody's Assigns Ba2 Rating to Class D Notes

AVIS BUDGET 2022-4: Moody's Assigns Ba2 Rating to Class D Notes
BALLYROCK CLO 20: S&P Assigns Prelim BB- (sf) Rating on D Notes
BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs
BREAN ASSET 2022-RM4: DBRS Finalizes B Rating on Class M5 Notes
BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes

BX TRUST 2019-IMC: DBRS Confirms BB(low) Rating on Class G Certs
CARLYLE US 2022-3: Moody's Assigns B3 Rating to $1MM Class F Notes
CHNGE MORTGAGE 2022-3: DBRS Finalizes B Rating on Class B-2 Certs
CIFC FUNDING 2022-V: Fitch Assigns 'BB-' Rating on Class E Debt
CIT GROUP 1995-2: S&P Affirms 'CC (sf)' Rating on Class B Loans

CITIGROUP 2012-GC8: Moody's Lowers Rating on Cl. C Certs to Ba3
CITIGROUP COMMERCIAL 2016-C2: DBRS Confirms BB Rating on 2 Classes
COMM 2012-CCRE4: Moody's Cuts Rating on Cl. B Certificates to B3
COMM 2014-CCRE15: DBRS Confirms B Rating on Class F Certs
CPS AUTO 2022-C: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes

DEEPHAVEN RESIDENTIAL 2022-3: DBRS Finalizes B Rating on B-2 Notes
DRYDEN 108 CLO: Fitch Assigns 'BB-(EXP)' Rating on Class E Debt
ELMWOOD CLO 18: S&P Assigns B- (sf) Rating on Class F Notes
EXETER AUTOMOBILE 2022-4: S&P Assigns Prelim BB Rating on E Notes
FANNIE MAE 2022-R08: S&P Assigns Prelim 'BB-' Rating on 1B-1 Notes

FLAGSHIP CREDIT: DBRS Confirms 56 Ratings from 18 Transactions
FOUNTAINBLEAU 2019-FBLU: DBRS Confirms B(low) Rating on G Certs
GOLDENTREE LOAN 14: Moody's Gives B3 Rating to $2.5MM Cl. F Notes
GOLUB CAPITAL 62(B): Fitch Assigns BB-sf Rating to Class E Debt
GRACIE POINT 2022-2: DBRS Gives Prov. BB Rating on Class E Notes

GS MORTGAGE 2012-GCJ7: DBRS Cuts Rating on 2 Classes to C
HGI CRE 2021-FL2: DBRS Confirms B(low) Rating on Class G Notes
HILTON GRAND 2022-2: S&P Assigns Prelim BB- (sf) Rating on D Notes
HILTON USA 2016-HHV: DBRS Confirms B(low) Rating on Class F Certs
HIT TRUST 2022-HI32: DBRS Finalizes B(low) Rating on Class G Certs

HOME PARTNERS 2021-1: DBRS Confirms BB Rating on Class F Certs
INTOWN HOTEL 2018-STAY: DBRS Confirms B Rating on Class G Certs
JP MORGAN 2012-WLDN: S&P Affirms CCC (sf) Rating on X-B Notes
JP MORGAN 2022-7: DBRS Finalizes B(low) Rating on Class B-5 Certs
JP MORGAN 2022-7: DBRS Gives Prov. B(low) Rating on Class B5 Certs

JPMBB COMMERCIAL 2015-C28: DBRS Cuts Class F Rating to CCC
MARGARITAVILLE 2019-MARG: DBRS Confirms B(low) Rating on G Certs
MF1 2021-FL7: DBRS Confirms B(low) Rating on Class H Notes
MFA 2022-INV2: DBRS Gives Prov. B Rating on Class B-2 Certs
MORGAN STANLEY 2018-MP: DBRS Confirms BB Rating on Class E Certs

MSBAM 2012-CKSV: DBRS Confirms B(high) Rating on Class D Certs
MSC 2011-C3: DBRS Cuts Class G Certs Rating to B(low)
NEUBERGER BERMAN 50: Moody's Gives Ba3 Rating to $19.75MM E Notes
OBX TRUST 2022-J2: Fitch Gives 'B+(EXP)' Rating on Class B-5 Debt
OBX TRUST 2022-J2: Moody's Assigns (P)B2 Rating to Cl. B-5 Notes

OCTAGON LTD 66: Moody's Assigns B3 Rating to Class F Notes
OPORTUN ISSUANCE 2022-2: DBRS Gives Prov. BB Rating on D Notes
PAWNEE EQUIPMENT 2021-1: DBRS Confirms BB(low) Rating on E Notes
RESIDENTIAL MORTGAGE 2017-1: S&P Ups Cl. B5-IOA Rating to B (sf)
SIERRA TIMESHARE 2022-2: S&P Assigns BB-(sf) Rating on Cl. D Notes

SLM STUDENT 2008-4: S&P Lowers Class A-4 Notes Rating to 'D (sf)'
STACR 2022-HQA2: Moody's Gives (P)Ba3 Rating to 10 Tranches
SYMPHONY CLO 34-PS: S&P Assigns BB- (sf) Rating on Class E Notes
SYMPHONY CLO 34-PS: S&P Assigns Prelim BB- (sf) Rating on E Notes
TOWD POINT 2018-SL1: DBRS Confirms BB(low) Rating on D-2 Notes

TOWD POINT 2022-1: DBRS Gives Prov. B(high) Rating on B2 Notes
TRTX 2019-FL3: DBRS Hikes Class G Notes Rating to B
UBS COMMERCIAL 2018-C12: Fitch Affirms CCC Rating on Class G-RR
UNITED AUTO 2022-2: DBRS Gives Prov. BB Rating on Class E Notes
VENTURE CLO 46: Moody's Assigns Ba3 Rating to $12.75MM Cl. E Notes

VERUS SECURITIZATION 2022-7: S&P Assigns (P) B- (sf) on B-2 Notes
VISIO 2022-1: S&P Assigns B- (sf) Rating on Class B-2 Notes
WELLS FARGO 2015-P2: Fitch Affirms B- Rating on Class F Debt
WELLS FARGO 2016-NXS6: DBRS Confirms CCC Rating on Class G Certs
[*] Fitch Withdraws Ratings on Distressed Bonds From 8 CMBS Deals

[*] Moody's Hikes Ratings on $450MM of US RMBS Issued 2004-2007
[*] S&P Takes Various Actions on 168 Classes from 50 US RMBS Deals

                            *********

ACAM 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of
Commercial Mortgage-Backed Notes issued by ACAM 2019-FL1, Ltd.:

-- 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 (high) (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. 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.

The initial collateral consisted of 21 floating-rate mortgages
secured by 35 mostly transitional properties with a cut-off balance
totaling $400.3 million that excluded $87.4 million of future
funding commitments, as most loans were in a period of transition
with plans to stabilize and improve asset value. The transaction
included a 24-month reinvestment period that expired in December
2021, at which point the bonds began to amortize sequentially with
loan repayment and scheduled loan amortization.

As of the June 2022 remittance, there were 16 loans in the
transaction with a current trust balance of $340.7 million. Since
DBRS Morningstar's previous rating action in August 2021, four
loans, totaling $80.0 million, have been repaid from the
transaction. Additionally, four loans, totaling $87.1 million, were
added to the Trust over the same period. According to an update
from the collateral manager, a cumulative amount of $53.9 million
in future funding commitments had been released to 14 individual
borrowers through May 2022 to aid in business plan realization. A
cumulative amount of $77.7 million allocated to 14 individual
borrowers has yet to be released.

The transaction is concentrated by property type as 10 loans,
totaling 54.6% of the current trust balance, are secured by office
properties followed by two loans, totaling 15.8% of the current
trust balance, secured by mixed-use properties. In August 2021, the
transaction consisted of 10 loans, representing 55.1% of the pool,
secured by office properties and two loans, representing 16.4% of
the pool, secured by office properties. There are no longer any
loans in the transaction secured by retail properties. The
remaining properties are distributed quite evenly between urban and
suburban markets with six loans, representing 50.5% of the pool, in
urban markets, defined by DBRS Morningstar as markets with a DBRS
Morningstar Market Rank of 6, 7, or 8. The remaining 10 properties,
representing 49.5% of the pool, are in suburban markets, defined as
having a DBRS Morningstar Market Rank of 3, 4, or 5.

As of the June 2022 remittance, no loans were in special servicing;
however, six loans, representing 42.6% of the current pool balance,
were on the servicer's watchlist, including the pool's only loan
secured by a hotel property, James Hotel NYC (Prospectus ID#3,
11.3% of the pool). The loan is being monitored for cash flow
concerns along with the upcoming loan maturity, which was recently
extended for three months to August 2022. DBRS Morningstar expects
the loan to remain on the servicer's watchlist through the extended
maturity date.

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



AMSR 2022-SFR2: DBRS Gives Prov. B(low) Rating on Class F Certs
---------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates to be issued by AMSR
2022-SFR2 Trust (AMSR 2022-SFR2):

-- $189.4 million Class A at AAA (sf)
-- $61.6 million Class B at AA (low) (sf)
-- $19.4 million Class C at BBB (sf)
-- $46.4 million Class D at BBB (low) (sf)
-- $22.7 million Class E at BB (low) (sf)
-- $21.5 million Class F at B (low) (sf)

The AAA (sf) rating on the Class A Certificate reflects 51.8% of
credit enhancement provided by subordinated notes in the pool. The
AA (low) (sf), BBB (sf), BBB (low) (sf), BB (low) (sf), and B (low)
(sf) ratings reflect 36.1%, 31.2%, 19.4%, 13.6%, and 8.1% credit
enhancement, respectively.

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

The AMSR 2022-SFR2 certificates are supported by the income streams
and values from 1,638 rental properties. The properties are
distributed across 15 states and 39 metropolitan statistical areas
(MSAs) in the United States. DBRS Morningstar maps an MSA based on
the ZIP code provided in the data tape, which may result in
different MSA stratifications than those provided in offering
documents. As measured by broker price opinion value, 52.6% of the
portfolio is concentrated in three states: North Carolina (20.0%),
Florida (19.7%), and Georgia (12.9%). The average value is
$289,076. The average age of the properties is roughly 32 years.
The majority of the properties have three or more bedrooms. The
certificates represent a beneficial ownership in an approximately
five-year, fixed-rate, interest-only loan with an initial aggregate
principal balance of approximately $393.0 million.

DBRS Morningstar assigned the provisional ratings to each class of
certificates by performing a quantitative and qualitative
collateral, structural, and legal analysis. This analysis uses DBRS
Morningstar's single-family rental subordination model and is based
on DBRS Morningstar's published criteria. DBRS Morningstar
developed property-level stresses for the analysis of single-family
rental assets. DBRS Morningstar assigned the provisional ratings to
each class based on the level of stresses each class can withstand
and whether such stresses are commensurate with the applicable
rating level. DBRS Morningstar's analysis includes estimated
base-case net cash flow (NCF) by evaluating the gross rent,
concession, vacancy, operating expenses, and capital expenditure
data. The DBRS Morningstar NCF analysis resulted in a minimum debt
service coverage ratio of higher than 1.0 times.

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



ARBOR REALTY 2021-FL3: DBRS Confirms B(low) Rating on Cl. G Notes
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of commercial
mortgage-backed notes issued by Arbor Realty Commercial Real Estate
Notes 2021-FL3, 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. 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 September 2021 with the initial
collateral consisting of 36 floating-rate mortgages and senior
participations secured by 50 mostly transitional properties, with a
cut-off balance of $1.2 billion. Most of the loans contributed at
issuance were secured by cash flowing assets, with some level of
stabilization remaining.

The transaction included a 180-day ramp-up acquisition period,
which was completed in January 2022 when the cumulative trust loan
balance totalled $1.50 billion. The transaction is also structured
with a subsequent reinvestment period, expiring with the March 2024
Payment Date. During this period, reinvested principal proceeds are
subject to Eligibility Criteria, which include a rating agency
no-downgrade confirmation by DBRS Morningstar for all mortgage
assets and funded companion participations exceeding $500,000,
among others. Since issuance, 20 loans with a cumulative balance of
$313.0 million have been added to the trust.

As of the June 2022 remittance report, the transaction consisted of
56 loans totalling the maximum trust balance of $1.5 billion. In
general, borrowers are progressing toward completing their stated
business plans. As of March 2022, the collateral manager had
advanced $38.2 million in reserves to 41 borrowers to aid in
property stabilization efforts. An additional $127.8 million of
reserves allocated to 55 borrowers remained outstanding.

The transaction is concentrated by property type as all loans
currently in the transaction are secured by multifamily properties.
To date, all reinvestment loans have been secured by traditional
multifamily assets; however, the Eligibility Criteria does allow
for up to 7.5% of the maximum pool balance to be secured by student
housing properties. The largest 10 loans represent 33.8% of the
pool, and there are no loans in special servicing or on the
servicer's watchlist as of the June 2022 remittance.

Loans contributed during the initial ramp-up and subsequent ongoing
reinvestment periods were characterized with similar leverage as
the current poolwide weighted-average as-is loan-to-value (LTV) and
stabilized LTV ratios are 84.3% and 71.5%, respectively, in
comparison with the issuance figures of 84.1% and 71.6%,
respectively. In addition, properties in markets with DBRS
Morningstar Market Ranks of 1 and 2 represent 18.2% of the pool,
compared with 17.3% of the pool at issuance. These markets are
tertiary in nature and historically have not benefitted as much as
suburban and urban markets in terms of investor demand and
liquidity. Loans representing 68.6% of the pool are secured by
properties in markets DBRS Morningstar considers as suburban in
nature, compared with 65.6% of the pool at issuance.

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



ARROYO MORTGAGE 2022-2: DBRS Gives Prov. B Rating on Cl. B-2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage-Backed
Notes, Series 2022-2 to be issued by Arroyo Mortgage Trust 2022-2
(the Trust) as follows:

-- $281.1 million Class A-1 at AAA (sf)
-- $23.9 million Class A-2 at AA (sf)
-- $29.2 million Class A-3 at A (sf)
-- $17.7 million Class M-1 at BBB (sf)
-- $12.7 million Class B-1 at BB (sf)
-- $9.3 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) ratings on the Class A-1 Notes reflect 30.10% of
credit enhancement provided by subordinate notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 24.15%, 16.90%,
12.50%, 9.35%, and 7.05% of credit enhancement, respectively.

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Notes. The Notes are backed by 1,055
mortgage loans with a total principal balance of $402,152,867 as of
the Cut-Off Date (June 1, 2022).

This transaction represents the eighth securitization by the Seller
(Western Asset Mortgage Capital Corporation) or an affiliate since
2018. The originators for the mortgage pool are AmWest Funding
Corp. (AmWest; 74.6%), Metro City Bank (MCB; 23.1%), and CTBC Bank
Corp. ( 2.3%). The servicers for the mortgage pool are AmWest
(74.6%), MCB (23.1%), and Specialized Loan Servicing LLC ( 2.3%).

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's 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 Qualified Mortgage (QM)/ATR
rules, approximately 57.0% of the loans are designated as non-QM.
The remaining approximately 43.0% of the loans are made to
investors for business purposes and, hence, are not subject to the
QM/ATR rules.

For this transaction, each servicer will fund advances of
delinquent principal and interest (P&I) until loans become 180 days
delinquent or are otherwise deemed unrecoverable. Additionally,
each servicer is obligated to make advances with respect to taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing of properties.

The Sponsor, directly or through a wholly owned affiliate, is
expected to retain an eligible horizontal residual interest
consisting of the Class B-1, B-2, B-3, A-IO-S, and XS Notes,
collectively representing at least 5% of the fair value of the
Notes, 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 (1) the three-year anniversary of the Closing Date or
(2) the date when the aggregate stated principal balance of the
mortgage loans is reduced to less than or equal to 30% of the
Cut-Off Date balance, the Administrator, on behalf of the Issuer,
may redeem the Notes (Optional Redemption) at the redemption price
(par plus interest).

The Seller will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 90 or more days
delinquent under the Mortgage Bankers Association method at the
repurchase price (par plus interest), provided that such
repurchases in aggregate do not exceed 10% of the total principal
balance as of the Cut-Off Date.

The Issuer can redeem the Notes in whole but not in part at the tax
redemption price (par plus interest) following a tax event as
described in the transaction documents (Tax Redemption).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal payment among the Class A-1, A-2, and A-3 Notes
(senior classes of Notes) subject to certain performance triggers
described in the Transaction Structure section of the related
report (Credit Event). Also, principal proceeds can be used to
cover interest shortfalls on the senior classes of Notes (IIIPPP)
before being applied to amortize the balances of the Notes. If a
Credit Event is in effect, principal proceeds can be used to cover
interest shortfalls for the Class A-2 down to Class B-3 Notes only
after the more senior tranches are paid in full. Also, the excess
spread can be used to cover realized losses.

CORONAVIRUS DISEASE (COVID-19) IMPACT

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

Such mortgage delinquencies were mostly in the form of
forbearances, which are generally short-term periods of payment
relief, that may perform differently from traditional
delinquencies. At the onset of the pandemic, the option to forebear
mortgage payments was widely available, driving forbearances to an
elevated level. When the dust settled, loans with
coronavirus-induced forbearances 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 in recent months, 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.



AVIS BUDGET 2022-3: Moody's Assigns Ba2 Rating to Class D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Avis Budget Rental Car Funding (AESOP) LLC (the
issuer). The series 2022-3 notes have an expected final maturity of
approximately 43 months. The issuer is an indirect subsidiary of
the sponsor, 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, Payless Car Rental, Inc. (Payless) and
Budget Truck.

Moody's also announced that the issuance of the Series 2022-3, in
and of itself and at this time, will not result in a reduction,
withdrawal, or placement under review for possible downgrade of any
of the ratings currently assigned to the outstanding series of
notes issued by the issuer.

The complete rating actions are as follows:

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-3

Series 2022-3 Rental Car Asset Backed Notes, Class A, Definitive
Rating Assigned Aaa (sf)

Series 2022-3 Rental Car Asset Backed Notes, Class B, Definitive
Rating Assigned A2 (sf)

Series 2022-3 Rental Car Asset Backed Notes, Class C, Definitive
Rating Assigned Baa3 (sf)

Series 2022-3 Rental Car Asset Backed Notes, Class D, Definitive
Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The definitive ratings on the series 2022-3 notes are based on (1)
the credit quality of the collateral in the form of rental fleet
vehicles, which ABCR uses in its rental car business, (2) the
credit quality of ABCR as the primary lessee and as guarantor under
the operating lease, (3) the proven track-record and expertise of
ABCR as sponsor and administrator, (4) consideration of the vastly
improved rental car market conditions, (5) the available dynamic
credit enhancement, which consists of subordination and
over-collateralization, (6) minimum liquidity in the form of cash
and/or a letter of credit, and (7) the transaction's legal
structure.

The total credit enhancement requirement for the series 2022-3
notes is dynamic and determined as the sum of (1) 5.65% for
vehicles subject to a guaranteed depreciation or repurchase program
from eligible manufacturers (program vehicles) rated at least Baa3
by Moody's, (2) 9.15% for all other program vehicles, (3) 13.75%
minimum for non-program (risk) vehicles and (4) 35.65% for medium
and heavy duty trucks, in each case, as a percentage of the
outstanding note balance. The actual required amount of credit
enhancement will fluctuate based on the mix of vehicles in the
securitized fleet. As in prior issuances, the transaction documents
stipulate that the required total enhancement shall include a
minimum portion which is liquid (in cash and/or a letter of
credit), sized as a percentage of the outstanding note balance,
rather than fleet vehicles. The class A, B, C notes will also
benefit from subordination of 28.5%, 18.5% and 12.0% of the
outstanding balance of the series 2022-3 notes, respectively.

The assumptions Moody's applied in its analysis of this
transaction:

Risk of sponsor default: Moody's assumed a 60% decrease in the
probability of default (from Moody's idealized default probability
tables) implied by the B1 rating of the sponsor. This decrease
reflects Moody's view that, in the event of a bankruptcy, ABCR
would be more likely to reorganize under a Chapter 11 bankruptcy
filing, as it would likely realize more value as an ongoing
business concern than it would if it were to liquidate its assets
under a Chapter 7 filing. Furthermore, given the sponsor's
competitive position within the industry and the size of its
securitized fleet relative to its overall fleet, the sponsor is
likely to affirm its lease payment obligations in order to retain
the use of the fleet and stay in business. Moody's arrived at the
60% decrease assuming an 80% probability that Avis would reorganize
under a Chapter 11 bankruptcy and a 75% probability (90% assumed
previously) that Avis would affirm its lease payment obligations in
the event of a Chapter 11 bankruptcy.

Disposal value of the fleet: Moody's assumed the following haircuts
to the net book value (NBV) of the vehicle fleet:

Non-Program Haircut upon Sponsor Default (Car): Mean: 19%

Non-Program Haircut upon Sponsor Default (Car): Standard Deviation:
6%

Non-Program Haircut upon Sponsor Default (Truck): Mean: 35%

Non-Program Haircut upon Sponsor Default (Truck): Standard
Deviation: 8%

Non-Program Haircut upon Sponsor Default (Tesla electric vehicles
(EV)): Mean: 29%

Non-Program Haircut upon Sponsor Default (Tesla EV): Standard
Deviation: 10%

Fixed Program Haircut upon Sponsor Default: 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Car): 20%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Truck): 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Tesla EV): 50%

Fleet composition -- Moody's assumed the following fleet
composition (based on NBV of vehicle fleet):

Non-program Vehicles (Car and Tesla EV): 90.25%

Non-program Vehicles (Trucks): 5%

Program Vehicles (Car and Tesla): 4.75%

Non-program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 25%, 2, A3

Baa Profile: 47%, 2, Baa3

Ba/B Profile: 25%, 1, Ba3; 3%, 1, Ba1

Program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 0%, 0, A3

Baa Profile: 50%, 1, Baa3

Ba/B Profile: 50%, 1, Ba3

Manufacturer Receivables: 0%; receivables distributed in the same
proportion as the program fleet (Program Manufacturer Concentration
and Manufacturer Receivables together should add up to 100%)

Correlation: Moody's applied the following correlation
assumptions:

Correlation among the sponsor and the vehicle manufacturers: 10%

Correlation among all vehicle manufacturers: 25%

Default risk horizon -- Moody's assumed the following default risk
horizon:

Sponsor: 5 years

Manufacturers: 1 year

Moody's uses a fixed set of time horizon assumptions, regardless of
the remaining term of the transaction, when considering sponsor and
manufacturer default probabilities and the expected loss of the
related liabilities, which simplifies Moody's modeling approach
using a standard set of benchmark horizons.

Detailed application of the assumptions are provided in the
methodology.

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 2022-3 notes, as
applicable if, among other things, (1) the credit quality of the
lessee improves, (2) the likelihood of the transaction's sponsor
defaulting on its lease payments were to decrease, and (3)
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 of the series 2022-3 notes 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.


AVIS BUDGET 2022-4: Moody's Assigns Ba2 Rating to Class D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Avis Budget Rental Car Funding (AESOP) LLC (the
issuer). The series 2022-4 notes have an expected final maturity of
approximately 67 months. The issuer is an indirect subsidiary of
the sponsor, 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, Payless Car Rental, Inc. (Payless) and
Budget Truck.

Moody's also announced today that the issuance of the Series
2022-4, in and of itself and at this time, will not result in a
reduction, withdrawal, or placement under review for possible
downgrade of any of the ratings currently assigned to the
outstanding series of notes issued by the issuer.

The complete rating actions are as follows:

Issuer: Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-4

Series 2022-4 Rental Car Asset Backed Notes, Class A, Definitive
Rating Assigned Aaa (sf)

Series 2022-4 Rental Car Asset Backed Notes, Class B, Definitive
Rating Assigned A2 (sf)

Series 2022-4 Rental Car Asset Backed Notes, Class C, Definitive
Rating Assigned Baa3 (sf)

Series 2022-4 Rental Car Asset Backed Notes, Class D, Definitive
Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The definitive ratings on the series 2022-4 notes are based on (1)
the credit quality of the collateral in the form of rental fleet
vehicles, which ABCR uses in its rental car business, (2) the
credit quality of ABCR as the primary lessee and as guarantor under
the operating lease, (3) the proven track-record and expertise of
ABCR as sponsor and administrator, (4) consideration of the vastly
improved rental car market conditions, (5) the available dynamic
credit enhancement, which consists of subordination and
over-collateralization, (6) minimum liquidity in the form of cash
and/or a letter of credit, and (7) the transaction's legal
structure.

The total credit enhancement requirement for the series 2022-4
notes is dynamic and determined as the sum of (1) 5.75% for
vehicles subject to a guaranteed depreciation or repurchase program
from eligible manufacturers (program vehicles) rated at least Baa3
by Moody's, (2) 9.25% for all other program vehicles, (3) 13.85%
minimum for non-program (risk) vehicles and (4) 35.75% for medium
and heavy duty trucks, in each case, as a percentage of the
outstanding note balance. The actual required amount of credit
enhancement will fluctuate based on the mix of vehicles in the
securitized fleet. As in prior issuances, the transaction documents
stipulate that the required total enhancement shall include a
minimum portion which is liquid (in cash and/or a letter of
credit), sized as a percentage of the outstanding note balance,
rather than fleet vehicles. The class A, B, C notes will also
benefit from subordination of 28.5%, 18.5% and 12.0% of the
outstanding balance of the series 2022-4 notes, respectively.

The assumptions Moody's applied in its analysis of this
transaction:

Risk of sponsor default: Moody's assumed a 60% decrease in the
probability of default (from Moody's idealized default probability
tables) implied by the B1 rating of the sponsor. This decrease
reflects Moody's view that, in the event of a bankruptcy, ABCR
would be more likely to reorganize under a Chapter 11 bankruptcy
filing, as it would likely realize more value as an ongoing
business concern than it would if it were to liquidate its assets
under a Chapter 7 filing. Furthermore, given the sponsor's
competitive position within the industry and the size of its
securitized fleet relative to its overall fleet, the sponsor is
likely to affirm its lease payment obligations in order to retain
the use of the fleet and stay in business. Moody's arrived at the
60% decrease assuming an 80% probability that Avis would reorganize
under a Chapter 11 bankruptcy and a 75% probability (90% assumed
previously) that Avis would affirm its lease payment obligations in
the event of a Chapter 11 bankruptcy.

Disposal value of the fleet: Moody's assumed the following haircuts
to the net book value (NBV) of the vehicle fleet:

Non-Program Haircut upon Sponsor Default (Car): Mean: 19%

Non-Program Haircut upon Sponsor Default (Car): Standard Deviation:
6%

Non-Program Haircut upon Sponsor Default (Truck): Mean: 35%

Non-Program Haircut upon Sponsor Default (Truck): Standard
Deviation: 8%

Non-Program Haircut upon Sponsor Default (Tesla electric vehicles
EV): Mean: 29%

Non-Program Haircut upon Sponsor Default (Tesla EV): Standard
Deviation: 10%

Fixed Program Haircut upon Sponsor Default: 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Car): 20%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Truck): 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Tesla EV): 50%

Fleet composition -- Moody's assumed the following fleet
composition (based on NBV of vehicle fleet):

Non-program Vehicles (Car and Tesla EV): 90.25%

Non-program Vehicles (Trucks): 5%

Program Vehicles (Car and Tesla): 4.75%

Non-program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 25%, 2, A3

Baa Profile: 47%, 2, Baa3

Ba/B Profile: 25%, 1, Ba3; 3%, 1, Ba1

Program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 0%, 0, A3

Baa Profile: 50%, 1, Baa3

Ba/B Profile: 50%, 1, Ba3

Manufacturer Receivables: 0%; receivables distributed in the same
proportion as the program fleet (Program Manufacturer Concentration
and Manufacturer Receivables together should add up to 100%)

Correlation: Moody's applied the following correlation
assumptions:

Correlation among the sponsor and the vehicle manufacturers: 10%

Correlation among all vehicle manufacturers: 25%

Default risk horizon -- Moody's assumed the following default risk
horizon:

Sponsor: 5 years

Manufacturers: 1 year

Moody's uses a fixed set of time horizon assumptions, regardless of
the remaining term of the transaction, when considering sponsor and
manufacturer default probabilities and the expected loss of the
related liabilities, which simplifies Moody's modeling approach
using a standard set of benchmark horizons.

Detailed application of the assumptions are provided in the
methodology.

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 2022-4 notes, as
applicable if, among other things, (1) the credit quality of the
lessee improves, (2) the likelihood of the transaction's sponsor
defaulting on its lease payments were to decrease, and (3)
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 of the series 2022-4 notes 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.



BALLYROCK CLO 20: S&P Assigns Prelim BB- (sf) Rating on D Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ballyrock
CLO 20 Ltd.'s fixed- and 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 Ballyrock Investment Advisors LLC.

The preliminary ratings are based on information as of July 25,
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 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.

  Preliminary Ratings Assigned

  Ballyrock CLO 20 Ltd.

  Class A-1AL, $300.00 million: AAA (sf)
  Class A-1A, $20.00 million: AAA (sf)
  Class A-1B, $9.25 million: AAA (sf)
  Class A-2A, $38.25 million: AA (sf)
  Class A-2B, $10.00 million: AA (sf)
  Class B (deferrable), $27.50 million: A (sf)
  Class C (deferrable), $30.00 million: BBB- (sf)
  Class D (deferrable), $19.00 million: BB- (sf)
  Subordinated notes, $42.50 million: Not rated



BANK 2019-BNK21: DBRS Confirms BB Rating on Class X-G Certs
-----------------------------------------------------------
DBRS Limited confirmed the following ratings on Commercial Mortgage
Pass-Through Certificates, Series 2019-BNK21 issued by BANK
2019-BNK21:

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

All trends are Stable. In addition, DBRS Morningstar discontinued
the ratings on Classes A-1 and A-2 as they were fully repaid with
the June 2022 remittance, following the repayment of the NKX
Multifamily Portfolio loan.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar
expectations since issuance. As of the June 2022 remittance, 47 of
the original 49 loans remain in the pool, with an aggregate
principal balance of $1.1 billion, reflecting a collateral
reduction of 3.4% since issuance. There are seven loans on the
servicer's watchlist and one loan in special servicing,
representing 13.0% and 0.8% of the pool balance, respectively. One
loan, representing 8.0% of the current pool balance, is fully
defeased.

4440 East Tropicana Avenue (Prospectus ID#33, 0.8% of the current
pool) is secured by a retail building in Las Vegas, Nevada. The
loan transferred to special servicing in September 2020 for
monetary default, and ownership of the property was transferred to
the trust in March 2022. The special servicer is working toward
stabilizing the property before selling. The former largest tenant,
24 Hour Fitness (79.8% of net rentable area (NRA)), declared
bankruptcy and vacated the subject in June 2020. The borrower was
unable to back-fill the space with H&P Tires Express, LLC (20.2% of
NRA) remaining as the sole tenant on a lease through July 2029. The
March 2022 appraisal reported a value of $6.0 million, which is
unchanged from the June 2021 value but a 56.5% decrease from the
issuance value of $13.8 million. DBRS Morningstar maintained its
liquidation scenario in its analysis from last review, resulting in
an implied loss severity in excess of 55.0%.

Three loans, representing 23.2% of the current pool balance, are
shadow-rated investment grade by DBRS Morningstar: Park Tower at
Transbay (Prospectus ID#1, 10.1% of the pool), 230 Park Avenue
South (Prospectus ID#2, 9.6% of the pool), and Grand Canal Shoppes
(Prospectus ID#10, 3.5% of the pool). The Grand Canal Shoppes loan
has several pari passu pieces secured in several commercial
mortgage backed securities (CMBS) transactions, including three
rated by DBRS Morningstar (GSMS 2019-GC42, CGCMT 2019-GC41, and
BMARK 2019-B12). With this review, DBRS Morningstar confirmed that
these loans continue to perform in line with investment-grade loan
characteristics.

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



BREAN ASSET 2022-RM4: DBRS Finalizes B Rating on Class M5 Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2022-RM4, issued by Brean
Asset-Backed Securities Trust 2022-RM4:

-- $107.5 million Class A1 at AAA (sf)
-- $45.9 million Class A2 at AAA (sf)
-- $153.4 million Class AM at AAA (sf)
-- $2.4 million Class M1 at AA (sf)
-- $2.5 million Class M2 at A (sf)
-- $1.8 million Class M3 at BBB (sf)
-- $2.0 million Class M4 at BB (sf)
-- $2.0 million Class M5 at B (sf)

Class AM is an exchangeable note. This class can be exchanged for
combinations of exchange notes as specified in the offering
documents.

The AAA (sf) rating reflects 108.9% of cumulative advance rate. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
110.6%, 112.4%, 113.7%, 115.1%, and 116.5% of cumulative advance
rates, respectively.

Other than the specified classes above, DBRS Morningstar did not
rate 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 homeowners'
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 June 1, 2022, cut-off date, the collateral has
approximately $140.8 million in current unpaid principal balance
from 165 active, fixed-rate jumbo reverse mortgage loans secured by
first liens on single-family residential properties, condominiums,
townhomes, and multifamily (two- to four-family) properties. The
loans were originated in 2021 and 2022. All loans in this pool have
a fixed interest rate with a 6.284% weighted average coupon.

The transaction uses a structure in which cash distributions are
made sequentially to each rated note until the rated amounts with
respect to such notes are paid off. No subordinate note shall
receive any payments until the balance of senior notes has been
reduced to zero.

The note rate for Class A Notes will reduce to 0.25% if the Home
Price Percentage (as measured using the S&P CoreLogic Case-Shiller
National Index) declines by 30% or more compared with the value on
the cut-off date.

If the notes are not paid in full or redeemed by the Issuer on June
2028, the Expected Repayment Date, the Issuer will be required to
conduct an auction within 180 calendar days of the Expected
Repayment Date to offer all the mortgage assets and use the
proceeds, net of fees and expenses due to auction, to be applied to
payments to all amounts owed. If the proceeds of the auction are
not sufficient to cover all the amounts owed, the Issuer will be
required to conduct an auction within six months of the previous
auction.

If, during any six-month period, the average one-month conditional
prepayment rate is equal to or greater than 25%, then on such date,
50% of available funds remaining after payment of fees and expenses
and interest to the Class A Notes will be deposited into the
Refunding Account, which may be used to purchase additional
mortgage loans.

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



BSPDF 2021-FL1: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
notes issued by BSPDF 2021-FL1 Issuer, Ltd.:

-- 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H 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 initial collateral pool consisted of 21 floating-rate mortgage
loans and participation interests in mortgage loans secured by 49
mostly transitional properties with a cut-off balance totalling
$621.8 million, excluding $67.9 million of remaining future funding
commitments (inclusive of junior participations) and $88.7 million
of pari passu debt. Most loans were in a period of transition with
plans to stabilize and improve the asset value. The transaction is
a managed vehicle with a 24-month reinvestment period ending with
the October 2023 Payment Date. As part of the reinvestment period,
the transaction included up to a 180-day ramp-up acquisition period
at closing. The ramp-up period was completed in January 2022 when
the cumulative trust loan balance totalled the maximum target
transaction balance of $775.0 million.

Since closing, seven new loans have been added to the pool with a
cumulative trust loan balance of $152.6 million. As of the June
2022 remittance, the pool comprises 31 loans secured by 57
properties with a cumulative trust balance of $775.0 million. The
transaction is concentrated by property type as 20 loans, totalling
67.4% of the current trust balance, are secured by multifamily
properties and three loans, totalling 20.6% of the current trust
balance, are secured by office properties. In comparison with
closing, there were 15 loans, representing 63.8% of the funded pool
balance, secured by multifamily properties and two loans,
representing 22.2% of the funded pool balance, secured by office
properties.

In general, the borrowers continue to progress toward completing
the stated business plans. As of June 2022, the collateral manager
had released $12.1 million in loan future funding to 19 individual
borrowers. The largest advance, $1.7 million, was made to the
borrower of the Franklin loan, which is secured by a multifamily
property loan in Fort Worth, Texas. The borrower's business plan is
to complete a capital improvement program to increase occupancy and
rental rates. An additional $76.9 million of loan future funding,
allocated to 23 borrowers to further aid in property stabilization
efforts, remains outstanding. Of this amount, $18.3 million is
allocated to the borrower of the 5 Post Oak Park loan and $12.5
million is allocated to the borrower of the Boardwalk at Morris
Bridge loan, which are respectively secured by an office property
in Houston and a multifamily property in Temple Terrace, Florida.

As of the June 2022 remittance, no loans are in special servicing;
however, 10 loans, representing 33.8% of the current pool balance,
are on the servicer's watchlist. Nine of the loans are being
monitored for performance declines, yet this was expected at
issuance as a result of the proposed business plans. The remaining
loan, The Drayton Hotel (Prospectus ID#15, 2.3% of the pool), is
secured by a 50-key boutique hotel in Savannah, Georgia, which has
been flagged for a cash sweep event. The Signature Page Cash Sweep
has increased the interest rate, which will be reduced once the
borrower has submitted a fully signed LLC Operating Agreement. An
additional two loans, representing 2.2% of the current pool
balance, have received a loan modification since the transaction
closed with each related to changes in terms of the equity advance
to the respective borrowers.

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



BX TRUST 2019-IMC: DBRS Confirms BB(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-IMC issued by BX Trust
2019-IMC as follows:

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

All trends are Stable.

The rating confirmations reflect the generally stable outlook for
the underlying collateral since DBRS Morningstar's last rating
action. The collateral for the first-mortgage loan is secured by a
portfolio of 16 properties comprising 9.6 million square feet (sf)
of premier showroom space situated across two campuses (or markets)
in High Point, North Carolina, and Las Vegas. The collateral
represents 88.0% and 92.7% of the Class A trade show and showroom
space in the High Point and Las Vegas markets, respectively, with
the allocated loan amount (ALA) split between the 13 High Point
properties (50.1% of the ALA) and the three Las Vegas properties
(49.9% of the ALA).

Each market holds biannual home and furnishings trade shows,
staggered so that an event occurs once every quarter throughout the
year with the spring and fall events held in High Point and the
summer and winter events held in Las Vegas. The High Point market
is convenient for its proximity to manufacturers, while the Las
Vegas market serves as a regional hub for buyers in the western
U.S. The quarterly events are the most important demand drivers for
the portfolio, positioned as business-to-business trade shows
focused on the home furnishings, decor, and gift industries. The
events are essential for buyers to efficiently access and view
products in these highly fragmented industries, with thousands of
manufacturers and more than 60,000 commercial buyers attending each
event.

While the coronavirus pandemic has had a significant effect on the
trade shows, with the subject portfolio's YE2020 weighted-average
(WA) occupancy rate declining to 73.4% from 83.9% at YE2019, the
overall impact was relatively minimal as only the Spring 2020 event
at the High Point Market was outright canceled while others were
postponed. Attendance at the August 2020 event (which was
originally scheduled for July) at the Las Vegas market was
reportedly down 80.0% compared with the previous year, but
attendance at the April 2021 event at the Las Vegas market surged
346.0% compared with the August 2020 figures. The organizers, in an
April 2021 press release, noted that the surge in demand for home
furnishings had led to more than 60 new, relocated, expanded, and
recommitted showrooms at the International Home Furnishings Center
property alone. That asset is the largest of the High Point
properties and represents 27.8% of the total portfolio net rentable
area, or 25.9% of the ALA.

As of YE2021, the WA occupancy rate for the portfolio increased to
75.2% compared with 73.4% at YE2020. The summer event at the Las
Vegas market is currently scheduled from July 24, 2022, to July 28,
2022, while the fall event at the High Point Market is slated from
October 22, 2022, to October 26, 2022. According to the borrower,
as of April 2022, many of the furniture, home decor, and apparel
tenants at the subject property reported record-high financial
performances in F2020 and F2021 because of a surge in consumer
spending on goods rather than services during pandemic-related
restrictions. However, the borrower noted that some of the smaller
furniture/home decor and gift tenants struggled to either pivot
their business to online sales or sustain financial downturns
during the pandemic. The borrower expects the occupancy rate to
rebound to pre-pandemic levels by 2023.

The loan is sponsored by affiliates of the Blackstone Group Inc.
(Blackstone), which began purchasing individual properties in the
High Point market in 2011 and has owned all of the collateral
properties since 2017 when it purchased the three World Market
Center properties in Las Vegas and the 2.66 million-sf
International Home Furnishings Center in High Point. Property
management is provided by International Market Centers (IMC), an
affiliate of Blackstone, which is the largest operator of premier
showroom space for the furniture, gift, home decor, rug, and
apparel industries in the world. Including its ownership of the
non-collateral AmericasMart Atlanta, the sponsor owns the majority
of the Class A showroom space throughout the United States. At loan
closing, Blackstone maintained $400.0 million of cash equity in the
deal. The maturity is scheduled for May 2023 as the borrower
recently exercised its second of three one-year extension options.

In response to the ongoing pandemic, Blackstone increased the pace
of and emphasis on its digital strategies. IMC continues to develop
and offer virtual experiences and buyer options. DBRS Morningstar
expects these initiatives to work in concert with the physical
quarterly events rather than compete with them directly as the
in-person trade shows will likely continue to be the most important
demand drivers for the collateral.

According to the consolidated YE2021 financials, the reported net
cash flow (NCF) of $155.0 million was up 19.6% over the DBRS
Morningstar NCF of $129.6 million, and 9.0% over the issuer's
underwritten NCF of $142.0 million. This equates to a YE2021 debt
service coverage ratio of 3.61 times (x), up from 3.00x and 1.73x
based on the YE2020 and YE2019, respectively. While total operating
expenses have increased 119.0% from the issuer's underwritten
levels, largely because of increased general and administrative
expenses, the 43.0% increase in revenue compared with the issuer's
figure has offset the increase in expenses.

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



CARLYLE US 2022-3: Moody's Assigns B3 Rating to $1MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued and one class of loans incurred by Carlyle US CLO
2022-3, Ltd. (the "Issuer" or "Carlyle 2022-3").

Moody's rating action is as follows:

US$202,000,000 Class A Senior Secured Floating Rate Notes due 2035,
Assigned Aaa (sf)

US$50,000,000 Class A-L Loans maturing 2035, Assigned Aaa (sf)

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

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

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.

Carlyle 2022-3 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
permitted debt securities. The portfolio is approximately 100%
ramped as of the closing date.

Carlyle CLO Management L.L.C. (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 Debt, the Issuer issued 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: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2804

Weighted Average Spread (WAS): SOFR + 3.50%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 46.5%

Weighted Average Life (WAL): 7 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 Debt 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 Debt.


CHNGE MORTGAGE 2022-3: DBRS Finalizes B Rating on Class B-2 Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2022-3 issued by CHNGE
Mortgage Trust 2022-3 (CHNGE 2022-3 or the Trust):

-- $204.2 million Class A-1 at A (sf)
-- $17.3 million Class M-1 at BBB (sf)
-- $16.5 million Class B-1 at BB (sf)
-- $15.3 million Class B-2 at B (sf)

The A (sf) rating on the Class A-1 certificates reflects 24.50% of
credit enhancement provided by subordinated certificates. The BBB
(sf), BB (sf), and B (sf) ratings reflect 18.10%, 12.00%, and 6.35%
of credit enhancement, respectively.

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

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 383 mortgage loans with a total principal balance of
$270,508,945 as of the Cut-Off Date (June 1, 2022).

CHNGE 2022-3 represents the third securitization issued by the
Sponsor, Change Lending, LLC (Change or Change Lending). All the
loans in the pool were originated by Change, which is certified by
the U.S. Department of the Treasury as a Community Development
Financial Institution (CDFI). As a CDFI, Change is required to lend
at least 60% of its production to certain target markets, which
include low-income borrowers or other underserved communities.

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

The loans in the pool were underwritten through Change's Community
Mortgage (94.4%) and E-Z Prime (5.6%) programs, both of which are
considered weaker than other origination programs because income
documentation verification is not required. Generally, underwriting
practices of these programs focus on borrower credit, borrower
equity contribution, housing payment history, and liquid reserves
relative to monthly mortgage payments. Because post-2008 crisis
historical performance is limited on these products, DBRS
Morningstar applied additional assumptions to increase the expected
losses for the loans in its analysis.

On or after the earlier of (1) the distribution date occurring in
July 2024 and (2) the date on which the aggregate stated principal
balance of the loans falls to 30% or less of the Cut-Off Date
balance, at its option, the Depositor may redeem all of the
outstanding certificates at the redemption price (par plus
interest). Such optional redemption may be followed by a qualified
liquidation, which requires (1) a complete liquidation of assets
within the Trust and (2) proceeds to be distributed to the
appropriate holders of regular or residual interests.

The Sponsor will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 90 or more days
delinquent (not related to a Coronavirus Disease (COVID-19)
forbearance) under the Mortgage Bankers Association (MBA) method at
par plus interest, provided that such purchases in aggregate do not
exceed 7.5% of the total principal balance as of the Cut-Off Date.

Change serves as the Servicer for the transaction, and LoanCare,
LLC (LoanCare) is the Subservicer. The Servicer will fund advances
of delinquent principal and interest (P&I) on any mortgage until
such loan becomes 90 days delinquent, contingent upon
recoverability determination. The 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.

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

In contrast to the prior two CHNGE securitizations, CHNGE 2022-3
has certain updates to the structure as follows:

-- A two-year optional call rather than three years,
-- A lower aggregate servicing fee of 0.375% rather than 0.500%,
-- A Net WAC interest rate for Class M-1 rather than a fixed-
     capped rate, and
-- A reduction of the Class B-3 interest to cover unpaid Cap
     Carryover Amounts for Class A-1.

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

Coronavirus Pandemic Impact

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

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

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



CIFC FUNDING 2022-V: Fitch Assigns 'BB-' Rating on Class E Debt
---------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to CIFC
Funding 2022-V, Ltd.

   DEBT               RATING
   ----               ------

CIFC Funding 2022-V, Ltd.

A-1                  LT    NRsf    New Rating

A-2                  LT    AAAsf   New Rating

B-1                  LT    AAsf    New Rating

B-2                  LT    AAsf    New Rating

C                    LT    A+sf    New Rating

D                    LT    BBBsf   New Rating

E                    LT    BB-sf   New Rating

F                    LT    NRsf    New Rating

Subordinated Notes   LT    NRsf    New Rating

TRANSACTION SUMMARY

CIFC Funding 2022-V, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by CIFC Asset
Management LLC. Net proceeds from the issuance of the secured 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
99.6% first-lien senior secured loans and has a weighted average
recovery assumption of 76.47%. 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 3.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to 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, all classes of notes
could withstand the appropriate default rates for their respective
ratings assuming their respective recoveries.

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
a metric. The results under these sensitivity scenarios are between
'BBB+sf' and 'AAAsf' for class A-2, between 'BB+sf' and 'AA+sf' for
class B-1, between 'BB+sf' and 'AA+sf' for class B-2, between
'B+sf' and 'A+sf' for class C, between less than 'B-sf' and
'BBB+sf' for class D, and between less than 'B-sf' and 'BB-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-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-1 notes, 'AAAsf' for class B-2 notes, between 'A+sf' and
'AA+sf' for class C notes, 'A+sf' for class D notes, and 'BBB+sf'
for class E notes.

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.

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 its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.


CIT GROUP 1995-2: S&P Affirms 'CC (sf)' Rating on Class B Loans
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CC (sf)' rating on class B from
CIT Group Securitization Corp. II's series 1995-2.

The transaction is backed by a collateral pool of manufactured
housing loans that are currently serviced by Caliber Home Loans
Inc.

As defined in S&P's criteria, the 'CC (sf)' rating reflects its
view that the related class remains virtually certain to default.



CITIGROUP 2012-GC8: Moody's Lowers Rating on Cl. C Certs to Ba3
---------------------------------------------------------------
Moody's Investors Service  has affirmed the ratings on three
classes and downgraded the ratings on three classes in Citigroup
Commercial Mortgage Trust 2012-GC8, Commercial Mortgage
Pass-Through Certificates, Series 2012-GC8 ("CGCMT 2012-GC8") as
follows:

Cl. B, Downgraded to Baa1 (sf); previously on Sep 8, 2021
Downgraded to A2 (sf)

Cl. C, Downgraded to Ba3 (sf); previously on Sep 8, 2021 Downgraded
to Ba1 (sf)

Cl. D, Downgraded to Caa3 (sf); previously on Sep 8, 2021
Downgraded to Caa1 (sf)

Cl. E, Affirmed C (sf); previously on Sep 8, 2021 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Sep 8, 2021 Affirmed C (sf)

Cl. X-B*, Affirmed Caa3 (sf); previously on Sep 8, 2021 Downgraded
to Caa3 (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three principal and interest (P&I) classes, Cl. B,
Cl. C, and Cl. D, were downgraded due to the increased risk of
losses and interest shortfalls driven primarily by the exposure to
specially serviced loans and troubled loans that were either unable
to payoff at their initial maturity dates or have been previously
modified. The largest loan in the pool, Gansevoort Park Avenue (33%
of the pool), was previously modified and has reported negative net
operating income (NOI) for the trailing-twelve-month period ending
March 2022. The second largest loan, Pinnacle at Westchase (32% of
the pool), is in special servicing and has already become REO.
Additionally, two loans secured by hotel properties and making up a
combined 11% of the pool are classified failed to payoff on their
scheduled maturity dates in June and July 2022.

The ratings on two P&I classes, Cl. E and Cl. F, were affirmed
because the ratings are consistent with Moody's expected loss.

The rating on the interest only (IO) class (Class X-B) was affirmed
based on the credit quality of the 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.

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, 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 the
interest-only class is "Large Loan and Single Asset/Single Borrower
Commercial Mortgage-Backed Securitizations Methodology" published
in July 2022.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 32% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 43% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the July 12, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 80% to $205 million
from $1.04 billion at securitization. The certificates are
collateralized by seven remaining mortgage loans.

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 4, compared to 9 at Moody's last review.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $12.5 million (for an average loss
severity of 40%).

One loan, the Pinnacle at Westchase loan ($65.6 million -- 32.0% of
the pool), is currently in special servicing. The loan is secured
by a 471,000 square feet (SF) suburban office complex in the
Westchase submarket of Houston, Texas. The Loan was transferred to
special servicing in February 2020 and became REO in June 2021. As
of December 2021, the property was only 25% leased as a result of
the departures of the largest and second largest tenants at
securitization in 2016 and early 2020, respectively. Furthermore,
the Westchase office submarket vacancy has also increased
significantly since securitization. According to CBRE, the
Westchase office submarket included 9.0 million SF of Class-A
office space in Q2 2022 with a vacancy of 29.6%, compared to a
vacancy rate of 6.7% in 2012. As of the July 2022 remittance
report, the loan is last paid through its May 2021 payment date. An
appraisal reduction of $44.7 million has been recognized as of the
July 2022 due to the most recent appraisal valuing the property 54%
below the outstanding total mortgage loan. Due to the high property
and submarket vacancy, Moody's anticipates a significant loss on
this loan.

Moody's has also identified three troubled loans, constituting 43%
of the pool, that have either been previously modified or failed to
payoff at their scheduled maturity date.

The largest troubled loan is the former Gansevoort Park Avenue loan
($66.5 million -- 32.5% of the pool), which is secured by a pari
passu portion of a $124.2 million senior mortgage loan. The loan is
secured by a 249-room luxury full service boutique hotel located on
East 29th Street and Park Avenue South in Manhattan, New York. The
property was known as the Gansevoort Park Avenue at securitization,
however, the property was sold for approximately $200,000,000
($803,213 per key) and renamed Royalton Park Avenue in late 2017.
The property's cash flow has generally declined since
securitization due to lower revenue and high operating expense. The
property's performance was further significantly impacted by the
pandemic's impact on both business and leisure travel to New York.
The hotel was temporarily closed and re-opened in September 2021.
The property has reported negative NOI for year-end 2020, year-end
2021 and the trailing-twelve-month period ending March 2022. The
loan previously transferred to special servicing in June 2021 and
was returned as a modified loan in August 2021. The modification
included a two-year extension to June 2024 and a conversion to
interest-only through the remainder of the term. Furthermore, there
was a reduced pay rate period from December 6, 2021 to May 6, 2022,
whereas a reduced interest rate of 0.00% was assessed. The interest
accrued during the reduced pay rate period will be due upon the
loan maturity. The servicer indicates that the borrower has resumed
paying full interest effective June 6, 2022 and the loan remained
current on its debt service payments as of the July 2022
remittance. However, due to the continued depressed cash flow,
Moody's has identified this as a troubled loan.

The other two troubled loans making up a combined 11% of the pool
are secured by two Springhill Suites hotel properties located in
the Pittsburgh area. The loans both remained current during their
loan terms and exhibited increasing NOI in recent quarters.
However, both loans failed to payoff at their scheduled maturity
dates in June and July 2022 and are classified as non-performing
maturity balance. Moody's has estimated an aggregate loss of $70
million (a 45% expected loss) from the specially serviced loan and
troubled loans.

As of the July 2022 remittance statement cumulative interest
shortfalls were $5.6 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and 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 remaining three performing loans represent 25% of the pool
balance. The largest remaining performing loan is the 25 East Oak
Street Loan ($40.3million – 19.7% of the pool), which is secured
by an approximately 38,445 SF high-end retail building located on
East Oak Street in Chicago's premier Gold Coast, which is
recognized as one of the premier luxury shopping districts in the
United States. The property was 100% leased as of March 2022,
compared to 87% leased in December 2021. Servicer commentary
indicates the borrower is currently working on paying off the loan
at its upcoming maturity in August 2022. While the year-end 2021
NOI was below 2019 levels, it remained above expectations at
securitization. The loan has amortized 19% since securitization and
Moody's LTV and stressed DSCR are 91% and 1.01X, respectively.

The second largest remaining performing loan is the 1026-1044
Market Street Loan ($8.2 million – 4.0% of the pool), which is
secured by an 88,660 SF mixed use property in the heart of East
Market neighborhood of Philadelphia, Pennsylvania. The property was
100% leased as of March 2022. Servicer commentary indicates the
borrower is currently working on paying off the loan at its
upcoming maturity in August 2022. The property's year-end 2021 NOI
remains well above NOI levels at securitization. The loan has
amortized 18% since securitization and Moody's LTV and stressed
DSCR are 52% and 2.06X, respectively.

The smallest performing loan is the Exchange Garage Loan ($2.2
million – 1.0% of the pool), which is secured by a 74,760 SF
retail center located in Tallahassee, Florida. The property was 87%
leased as of March 2022. The loan failed to payoff at its scheduled
maturity date in July 2022 and is classified performing maturity
balance. The loan has amortized 17% since securitization and
Moody's LTV and stressed DSCR are 103% and 1.08X, respectively.


CITIGROUP COMMERCIAL 2016-C2: DBRS Confirms BB Rating on 2 Classes
------------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-C2
issued by Citigroup Commercial Mortgage Trust 2016-C2:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class X-D at BBB (sf)
-- Class E-1 at BB (high) (sf)
-- Class E-2 at BB (sf)
-- Class E at BB (sf)
-- Class F-1 at BB (low) (sf)
-- Class F-2 at B (high) (sf)
-- Class F at B (high) (sf)
-- Class EF at B (high) (sf)
-- Class G-1 at B (sf)
-- Class G-2 at B (low) (sf)
-- Class EFG at B (low) (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations and Stable trends reflect the generally
stable performance of the transaction since DBRS Morningstar's last
rating action, albeit with select loans showing signs of increased
stress from issuance, as further detailed below.

As of the June 2022 remittance report, all of the original 44 loans
remain in the pool, which has experienced nominal collateral
reduction of 4.2% as a result of scheduled amortization. In
addition, there has been $2.3 million of realized losses that were
contained to the nonrated H2 Class. Five loans, representing 8.7%
of the current pool balance, have defeased and two loans,
representing 6.4% of the current pool balance, are currently in
special servicing. Thirteen loans, representing 22.8% of the
current pool balance, are being monitored on the servicer's
watchlist for a variety of reasons, including stressed occupancy
rates and low debt service coverage ratios (DSCRs).

The largest loan in special servicing, Welcome Hospitality
Portfolio (Prospectus ID#8; 3.9% of the pool), is secured by a
Hilton hotel in Scranton, Pennsylvania, and a Hampton Inn in West
Springfield, Massachusetts. The loan originally transferred to
special servicing in May 2020 for imminent monetary default, a
result of cash flow constraints caused primarily by the Coronavirus
Disease (COVID-19) pandemic. The borrower received a six-month
forbearance in September 2020, which expired in January 2021.
According to the servicer, the loan is past due for the March 2022
"bring-current" payment date. The borrower has reportedly requested
an extension and is currently negotiating a second forbearance.
According to year end (YE) 2021 financial reporting, consolidated
occupancy, average daily rate (ADR), and revenue per available room
(RevPAR) figures of 71.1%, $111, and $79, respectively, are
comparable with issuance metrics, suggesting a general improvement
in portfolio performance from the prior year. As of YE2021, cash
flow at the Hilton property had rebounded to pre-pandemic levels,
with net operating income (NOI) of $3.2 million; however, the
Hampton Inn property posted YE2021 NOI of $1.3 million, a -46.1%
variance from issuance. The portfolio had a combined property value
of $34.1 million at issuance; however, an appraisal conducted in
August 2020 reported a combined value of $25.3 million. The value
decline was driven by a 44% decrease in the Hampton Inn's as-is
property value.

The largest loan on the servicer's watchlist, Staybridge Suites
Times Square (Prospectus ID#6; 4.9% of the pool), is secured by an
extended-stay hotel in Manhattan's Times Square district. The loan
was added to the servicer's watchlist in May 2020 because of
covenant noncompliance related to a decline in the DSCR. The loan
was most recently modified in March 2021, at which time furniture,
fixtures, and equipment reserve deposits were deferred for three
months. As of the June 2022 remittance report, the loan remains
current. According to YE2021 financial reporting, the loan's DSCR
was -0.55 times (x) compared with -1.34x at YE2020 and 2.09x at
issuance. In addition, the subject property had an average
occupancy rate of 35.8% as of YE2021, with ADR and RevPAR figures
of $117.67 and $42.17, respectively. In comparison, the competitive
set reported occupancy, ADR, and RevPAR figures of 67%, $149.46,
and $100.13. Given the collateral's recent performance declines and
the general challenges faced by the extended-stay hotel asset
class, DBRS Morningstar's outlook for this loan has deteriorated
from issuance, and, as such, a probability of default penalty was
applied in the analysis to reflect the loan's increased risk
profile.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to the Vertex Pharmaceuticals HQ loan (Prospectus ID#1;
10.3% of the pool). The loan is secured by the borrower's fee
interest in Vertex Pharmaceuticals' headquarters, a
1,133,723-square-foot, two-building Class A office property in the
Fan Pier development within Boston's Seaport District. The loan
continues to perform well, with a YE2021 occupancy rate of 98.9%
and a DSCR of 6.4x. In addition, gross revenue and net cash flow
have increased approximately 11.2% and 1.5%, respectively, since
issuance. With this review, DBRS Morningstar confirms that the
performance of this loan remains consistent with investment-grade
loan characteristics.

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



COMM 2012-CCRE4: Moody's Cuts Rating on Cl. B Certificates to B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on three classes in COMM 2012-CCRE4
Mortgage Trust, Commercial Pass-Through Certificates, Series
2012-CCRE4 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Feb 8, 2022 Affirmed Aaa
(sf)

Cl. A-M, Downgraded to A3 (sf); previously on Feb 8, 2022
Downgraded to A1 (sf)

Cl. B, Downgraded to B3 (sf); previously on Feb 8, 2022 Downgraded
to B1 (sf)

Cl. C, Affirmed Caa3 (sf); previously on Feb 8, 2022 Downgraded to
Caa3 (sf)

Cl. D, Affirmed C (sf); previously on Feb 8, 2022 Affirmed C (sf)

Cl. X-A*, Downgraded to Aa3 (sf); previously on Feb 8, 2022
Affirmed Aa1 (sf)

Cl. X-B*, Affirmed Caa1 (sf); previously on Feb 8, 2022 Downgraded
to Caa1 (sf)

*Reflects interest-only classes

RATINGS RATIONALE

The rating on one P&I class, Cl. A-3, was affirmed because of its
significant credit support and the transaction's key metrics,
including Moody's loan-to-value (LTV) ratio and Moody's stressed
debt service coverage ratio (DSCR). Additionally, defeasance
represents 17% of the remaining pool balance and this class will
benefit from principal paydowns of the remaining loans maturing by
November 2022.

The rating on two P&I classes, Cl. C and Cl. D, were affirmed
because the ratings are consistent with Moody's expected loss plus
realized losses. Class D has already experienced a 67% loss from
previously liquidated loans.

The ratings on two P&I classes, Cl. A-M and Cl. B, were downgraded
due to higher anticipated losses and increased interest shortfall
concerns due to the significant exposure to the specially serviced
loan, Eastview Mall and Commons (22.5% of the pool), secured by a
regional mall with continued performance declines. The property has
experienced significant declines in net operating income (NOI)
since 2018 and transferred to special servicing ahead of its
September 2022 maturity date.

The rating on the IO class, Cl. X-A, was downgraded due to the
decline in the credit quality of its referenced classes as well as
principal paydowns of higher quality reference classes.

The rating on the IO class, Cl. X-B, was affirmed based on the
credit quality of the 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 12.8% of the
current pooled balance, compared to 11.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 15.4% of the
original pooled balance, compared to 14.5% at the last review.

METHODOLOGIES UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except the
interest-only classes were "US and Canadian Conduit/Fusion
Commercial Mortgage-Backed Securitizations Methodology" published
in July 2022.

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, an increase in realized and
expected losses from specially serviced and troubled loans or
interest shortfalls.

DEAL PERFORMANCE

As of the July 15, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 52% to $532.7
million from $1.11 billion at securitization. The certificates are
collateralized by 24 mortgage loans ranging in size from less than
1% to 23.5% of the pool, with the top ten loans (excluding
defeasance) constituting 77.3% of the pool. Eight loans,
constituting 17.2% 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 six, compared to nine at Moody's last review.

As of the July 15, 2022 remittance report, loans representing 77%
were current or within their grace period on their debt service
payments and 23% were beyond their grace period but less than 30
days delinquent.

Eleven loans, constituting 52% of the pool, are on the master
servicer's watchlist, of which one loan, representing 7% 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.

Five loans have been liquidated from the pool, contributing to an
aggregate realized loss of $102.9 million (for an average loss
severity of 86%).

One loan, the Eastview Mall and Commons Loan ($120.0 million --
22.5% of the pool), is currently in special servicing. The
specially serviced loan represents a pari-passu portion of a $210.0
million mortgage loan. The loan is secured by a 725,000 SF portion
of a 1.4 million super-regional mall and an 86,000 SF portion of a
341,000 SF adjacent retail power center. The property is located in
Victor, New York, approximately 15 miles southeast of Rochester.
The Eastview Commons portion is a power center with major tenants
including Best Buy, Staples and Old Navy with non-collateral
anchors of Target & Home Depot. The Eastview Mall's non-collateral
anchors include Macy's, Von Maur, Dick's Sporting goods (backfilled
a previously vacated Sears), and JC Penney. Another non-collateral
anchor tenant, Lord & Taylor, declared bankruptcy and closed their
store in early 2021. Collateral occupancy was approximately 71% as
of March 2022 compared to 79% in September 2021 and 83% in December
2020. The property's net operating income (NOI) has declined
annually since 2018 due primarily to the lower rental revenues. The
mall is considered to be the dominant mall in the area, however,
property performance has further declined with a December 2021 NOI
DSCR of 1.44X compared to 1.81X in 2019 and 2.01X in 2018. The 2021
NOI was 34% lower than underwritten levels at securitization. The
loan first transferred to special servicing in June 2020 but was
ultimately brought current and returned to the master servicer as a
corrected loan in July 2020. The loan recently transferred back to
special servicing again in June 2022 ahead of its scheduled
maturity date in September 2022. Servicer commentary indicates the
borrower is seeking a maturity extension. The loan is interest only
for its entire term and is paid through the July 2022 payment date.
Due to the property's decline in performance, Moody's expects a
moderate to significant loss from this loan.

As of the July 2022 remittance statement cumulative interest
shortfalls were $7.9 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.

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 2021 operating results for 98% of the
pool, and full or partial year 2022 operating results for 82% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 97%, compared to 98% 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 16% 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 9.6%.

Moody's actual and stressed conduit DSCRs are 1.75X and 1.17X,
respectively, compared to 1.80X and 1.20X 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 36% of the pool balance. The
largest loan is The Prince Building Loan ($125.0 million -- 23.5%
of the pool), which represents a pari-passu portion of a $200.0
million mortgage loan. The loan is secured by the fee interest in a
12-story retail and office building, totaling 355,000 SF and
located in the SoHo neighborhood of Manhattan. The property
contains 69,346 SF of retail space and 285,257 SF of office space.
The property's NOI has generally declined since securitization due
to slightly lower rental revenues and significant increases in
operating expenses. However, the property has benefited from recent
leasing and was 92% leased as of March 2022, compared to 91% in
December 2019. The property's revenues in 2020 and 2021 were
impacted by rent abatement periods of several new tenants as well
as rent deferral agreements due to the pandemic, however, the 2021
NOI rebounded to $17.5 million compared to $11.3 million in 2020
and $15.6 million in 2019. The property faces near-term rollover
risk as the largest tenant, 28% of the NRA, has a lease expiration
in September 2023. The loan is interest only throughout its entire
term and matures in October 2022. Moody's LTV and stressed DSCR are
116% and 0.81X, respectively, compared to 120% and 0.81X at the
last review.

The second largest loan is the TMI Hospitality Portfolio Loan
($34.7 million -- 6.5% of the pool), which is secured by a
portfolio of five limited service and five extended stay hotels
located across six states (Texas, Illinois, Michigan, South Dakota,
Iowa, and Minnesota). The portfolio is represented by Residence Inn
by Marriott, Fairfield Inn, Fairfield Inn & Suites, Courtyard by
Marriott, and TownePlace Suites. Through year-end 2019 the
property's performance had improved since securitization due to the
increased revenue per available room (RevPAR) outpacing increased
operating expenses. However, the property was impacted by the
coronavirus pandemic and in 2020 the special servicer consented to
the use of reserves to make debt service payments from June through
August and to temporarily defer the funding of such reserves. The
portfolio performance began to rebound in 2021 and the portfolio's
NOI DSCR was 1.25X as of December 2021, compared to 0.61X in 2020
and 2.35X in 2019. The loan has amortized by over 24% since
securitization and remained current on its debt service payments
subsequent to the payment relief described above. The loan matures
in October 2022 and Moody's LTV and stressed DSCR are 100% and
1.25X, respectively, unchanged from the last review.

The third largest loan is the Dadeland Office Park Loan ($33.2
million -- 6.2% of the pool), which is secured by  two seven-story
class B office buildings, one two-story class B office building,
and a structured parking garage located in Kendal, FL. Kendal is
approximately 10 miles south of downtown Miami, Florida. The
buildings were constructed between 1971 and 1975 and renovated
between 2008 and 2010. The collateral was 82% leased as of December
2021, compared to 89% in September 2020. Through year-end 2021 the
property's NOI was above expectations at securitization. The loan
has remained current, has amortized 17% since securitization and is
scheduled to mature in October 2022. Moody's LTV and stressed DSCR
are 98% and 1.07X, respectively, compared to 99% and 1.06X at the
last review.


COMM 2014-CCRE15: DBRS Confirms B Rating on Class F Certs
---------------------------------------------------------
DBRS Limited upgraded its ratings on the following three classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE15
issued by COMM 2014-CCRE15 Mortgage Trust:

-- Class B to AA (high) (sf) from AA (sf)
-- Class C to AA (sf) from A (sf)
-- Class PEZ to AA (sf) from A (sf)

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

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

DBRS Morningstar also changed the trends on Classes E and F to
Stable from Negative. All trends are now Stable.

The rating upgrades are reflective of increased defeasance and
additional principal repayment since DBRS Morningstar's last rating
action. In addition, DBRS Morningstar's analysis suggests the
overall outlook for the transaction's underlying collateral remains
generally stable, supporting the trend changes on Classes E and F
to Stable from Negative.

At issuance, the transaction consisted of 49 fixed-rate loans
secured by 64 commercial and multifamily properties with an
aggregate trust balance of $1.0 billion. As of the June 2022
remittance report, 31 loans remain in the pool, including 10 loans,
representing 21.0% of the current pool balance, which have
defeased. There has been collateral reduction of 42.2% since
issuance, bringing the current trust balance to $582.9 million. To
date, three loans have been liquidated from the pool, resulting in
realized losses to the trust of $18.9 million, which have been
contained to the nonrated Class G certificate.

The transaction is concentrated by property type, with office and
multifamily assets representing 47.9% and 12.5% of the current pool
balance, respectively. As of the June 2022 remittance report, two
loans are in special servicing, and five loans are on the
servicer's watchlist, representing 4.6% and 18.8% of the current
pool balance, respectively. Loans on the watchlist are generally
being monitored for stressed occupancy rates and/or declining debt
service coverage ratios (DSCRs).

The largest loan in special servicing, River Falls Mall, a shopping
center (Prospectus ID #15, 2.7% of the pool), is secured by a
287,717-square foot (sf) portion of a larger 872,969-sf anchored
retail Centre in Clarksville, Indiana. The loan transferred to
special servicing in May 2020 when the borrower requested financial
relief and was recently modified through a forbearance agreement
that allowed for a 12-month period of interest-only (IO) payments,
with the deferred principal amount to be repaid between January
2022 and December 2022. According to the most recent servicer
reporting, the loan remains current. Occupancy, as of the January
2022 rent roll, was 83.0% compared with 100.0% at issuance. The
decline in occupancy can be attributed to the departure of Gordmans
and HHGregg, who began to shutter its brick and mortar locations
after filing for bankruptcy in 2017.

The property remains anchored by a noncollateral Bass Pro Shops,
with existing collateral tenants that include Old Time Pottery
(30.6% of net rentable area (NRA); expiring October 2026), Dick's
Sporting Goods (Dick's) (17.7% of NRA; expiring January 2025), and
Gabriel Brothers (12.0% of NRA; expiring January 2028). The Dick's
lease was extended beyond the loan's maturity, through January
2026. Two other collateral tenants, JOANN Fabrics and Crafts and
Value City Furniture, which represent 15% of the NRA, have lease
expirations that are coterminous with the loan maturity date in
January 2024. The rent roll noted an average rental rate of $4.40
per square foot (psf), down from the average rental rate of $5.70
psf at issuance. According to the servicer-reported YE2021
financials, the property reported net cash flow of $1.2 million,
with a DSCR of 1.05 times (x), compared with $1.1 million and 0.93x
and $1.7 million and 1.52x at YE2020 and at issuance, respectively.
The most recent appraisal dated November 2021 valued the property
at $20.7 million, approximately 15% lower than the appraised value
at issuance. Based on the November 2021 appraisal, the current
loan-to-value ratio (LTV) is 74.7%. DBRS Morningstar applied a
probability of default penalty in its analysis to reflect the
current risk profile of the loan.

The largest loan on the servicer's watchlist, 625 Madison Avenue
(Prospectus ID #3, 14.5% of the pool), is collateralized by the
borrower's leased fee interest in a 0.81-acre (35,146-sf) parcel of
land at 625 Madison Avenue in Midtown Manhattan. The ground-lease
tenant, SL Green, owns the improvements, a 17-story, Class A,
mixed-use building with approximately 37,969 sf of ground- and
second-floor retail space and 525,031 sf of office space that sits
on top of the land. The majority of tenants who occupy the office
portion of the building are fashion and retail companies, with the
two largest tenants being Polo Ralph Lauren and Firmenich. The
ground-lease tenant's interest in the improvements is not
collateral for the 625 Madison Avenue loan.

According to the master servicer, SL Green had a ground-lease
expiration date in June 2022. A renewal was exercised; however, an
appraisal is in progress to determine the new rental rate after a
dispute between the landlord, Ben Ashkenazy, and SL Green.
According to two "The Real Deal" articles dated February 2021 and
July 2022, Ashkenazy attempted to implement a substantial rent hike
on SL Green's ground lease, reportedly to $80.0 million per annum
from $4.6 million. The servicer has followed up with the borrower,
but the terms of the lease renewal have yet to be disclosed. The
servicer also noted that the borrower is continuing to make its
debt service payments beyond its anticipated repayment date of
December 6, 2018. According to the YE2020 financials, the property
is 100% occupied, with a DSCR of 1.03x, in line with historical
metrics.

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



CPS AUTO 2022-C: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CPS Auto
Receivables Trust 2022-C's asset-backed notes.

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

The preliminary ratings are based on information as of July 25,
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 56.30%, 47.90%, 37.70%,
29.00%, and 24.40% of credit support for the class A, B, C, D, and
E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide
coverage of approximately 3.20x, 2.70x, 2.10x, 1.60x, and 1.30x our
17.00%-18.00% expected cumulative net loss range for the class A,
B, C, D, and E notes, respectively. In addition, the credit
enhancement, including excess spread, for classes A, B, C, D, and E
covers break-even cumulative gross losses of approximately 90.10%,
76.70%, 62.70%, 48.40%, and 40.70%, respectively.

-- The expectations that under a moderate ('BBB') stress scenario
(1.60x 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 preliminary rated notes' underlying credit enhancement in
the form of subordination, overcollateralization, a reserve
account, and excess spread for the class A through E notes.

-- The timely interest and principal payments made to the
preliminary rated notes under S&P's stressed cash flow modeling
scenarios, which it believes are appropriate for the assigned
preliminary ratings.

-- The transaction's payment and credit enhancement structure,
which includes an incurable performance trigger.

  Preliminary Ratings Assigned

  CPS Auto Receivables Trust 2022-C

  Class A, $168.558 million: AAA (sf)
  Class B, $45.451 million: AA (sf)
  Class C, $49.132 million: A (sf)
  Class D, $35.331 million: BBB (sf)
  Class E, $29.075 million: BB (sf)



DEEPHAVEN RESIDENTIAL 2022-3: DBRS Finalizes B Rating on B-2 Notes
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2022-3 issued by Deephaven
Residential Mortgage Trust 2022-3 (DRMT 2022-3 or the Issuer):

-- $128.8 million Class A-1 at AAA (sf)
-- $18.4 million Class A-2 at AA (sf)
-- $28.0 million Class A-3 at A (sf)
-- $15.4 million Class M-1 at BBB (sf)
-- $12.5 million Class B-1 at BB (sf)
-- $12.3 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 42.75% of
credit enhancement provided by subordinated Notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 34.55%, 22.10%,
15.25%, 9.70%, and 4.25% of credit enhancement, respectively.

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

DRMT 2022-3 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 421 loans with a
total principal balance of approximately $224,978,650 as of the
Cut-Off Date (June 1, 2022).

The originators for the mortgage pool are Deephaven Mortgage LLC
(Deephaven; 32.3%); All Credit Considered Mortgage, Inc. (ACC;
12.9%); 5th Street Capital, Inc. (5th Street; 10.2%); and others
(44.6%). Deephaven acquired loans originated predominantly under
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 (98.7%) and NewRez LLC doing business as
Shellpoint Mortgage Servicing (1.3%) 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
(rated AA (high) with a Stable trend by DBRS Morningstar) 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 (WA)
basis, although seasoning spans from zero to 10 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, 67.3% of the loans are
designated as non-QM. Approximately 32.7% 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 Disease (COVID-19)
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 Class A-1, A-2, and A-3
Notes (Senior Classes) 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. Of note, the interest and principal otherwise
available to pay the Class B-3 Notes interest and interest
shortfalls may be used to pay the Senior Classes' cap carryover
amounts after the coupons on Senior Classes step up by 100 basis
points on and after the payment date in July 2026.

CORONAVIRUS IMPACT

The coronavirus pandemic and the resulting isolation measures
caused an immediate economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
consumers. Shortly after the onset of the pandemic, DBRS
Morningstar saw an increase in 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 108 CLO: Fitch Assigns 'BB-(EXP)' Rating on Class E Debt
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Dryden 108 CLO, Ltd.

   DEBT               RATING
   ----               ------

DRYDEN 108 CLO, LTD.

A-1                  LT   NR(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

Dryden 108 CLO, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by PGIM,
Inc. Net proceeds from the issuance of the secured and subordinated
notes will provide financing on a portfolio of approximately $500
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', 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
97.6% first-lien senior secured loans and has a weighted average
recovery assumption of 75.63%. 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 5.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to 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, the class A-2, B, C, D
and E notes can withstand default rates of up to 55.6%, 51.6%,
47.1%, 38.5%, and 30.9% respectively, assuming portfolio recovery
rates of 37.0%, 45.5%, 54.8%, 63.9% and 69.3% in Fitch's 'AAAsf'
,'AAsf', 'Asf', 'BBB-sf' and 'BB-sf' scenarios, respectively.

The Fitch stressed portfolio included an assumption that 3.0% of
the portfolio is long-dated as of the closing date, and haircuts
were applied to any such assets that were projected to remain
outstanding as of the CLO's maturity.

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
a metric. The results under these sensitivity scenarios are 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 less than 'B-sf' and
'BB-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-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,
between 'Asf' and 'A+sf' for class D notes, and between 'BBBsf' and
'BBB+sf' for class E notes.

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.

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.

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.


ELMWOOD CLO 18: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Elmwood CLO 18
Ltd./Elmwood CLO 18 LLC's floating-rate notes. The transaction is
managed by Elmwood Asset Management LLC.

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

The ratings reflect:

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

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

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

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

  Ratings Assigned

  Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC

  Class A, $307,500,000: AAA (sf)
  Class B, $72,500,000: AA (sf)
  Class C (deferrable), $29,250,000: A (sf)
  Class D (deferrable), $28,250,000: BBB- (sf)
  Class E (deferrable), $17,062,500: BB- (sf)
  Class F (deferrable), $5,437,500: B- (sf)
  Subordinated notes, $42,000,000: Not rated



EXETER AUTOMOBILE 2022-4: S&P Assigns Prelim BB Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Exeter
Automobile Receivables Trust 2022-4'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 July 28,
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 58.34%, 50.22%, 40.92%,
31.62%, and 26.44% credit support for the class A (collectively,
classes A-1, A-2, and A-3), B, C, D, and E notes, respectively,
based on stressed cash flow scenarios (including excess spread).
This credit support provides coverage of approximately 3.05x,
2.60x, 2.10x, 1.60x, and 1.30x our 18.50%-19.50% expected
cumulative net loss range. These break-even scenarios withstand
cumulative gross losses of approximately 89.75%, 77.27%, 65.46%,
50.59%, and 42.30%, respectively.

-- S&P's expectation for timely interest and principal payments on
the notes, based on stressed cash flow modeling scenarios, which,
in its view, are appropriate for the assigned preliminary ratings.

-- S&P's expectation that under a moderate ('BBB') stress scenario
(1.60x its expected loss level), all else being equal, its
preliminary ratings will be within the credit stability limits
specified by section A.4 of the Appendix in "S&P Global Ratings
Definitions," published Nov. 10, 2021.

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

-- The transaction's payment, credit enhancement, and legal
structures.

  Preliminary Ratings Assigned

  Exeter Automobile Receivables Trust 2022-4

  Class A-1, $67.60 million: A-1+ (sf)
  Class A-2, $110.00 million: AAA (sf)
  Class A-3, $100.45 million: AAA (sf)
  Class B, $85.60 million: AA (sf)
  Class C, $78.11 million: A (sf)
  Class D, $75.91 million: BBB (sf)
  Class E, $62.49 million: BB (sf)



FANNIE MAE 2022-R08: S&P Assigns Prelim 'BB-' Rating on 1B-1 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fannie Mae
Connecticut Avenue Securities Trust 2022-R08's notes.

The note issuance is an RMBS transaction backed by fully
amortizing, first-lien, fixed-rate residential mortgage loans
secured by one- to four-family residences, planned-unit
developments, condominiums, cooperatives, and manufactured housing
to mostly prime borrowers.

The preliminary ratings are based on information as of July 28,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches and the associated structural deal mechanics;

-- The real estate mortgage investment conduit (REMIC) structure,
which reduces the counterparty exposure to Fannie Mae for periodic
principal and interest payments but also pledges the support of
Fannie Mae (as a highly rated counterparty) to cover any shortfalls
on interest payments and 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 we believe enhances the notes' strength;

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

-- The potential impact 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
pandemic-related performance concerns have waned, we continue to
maintain our updated 'B' FF for the archetypal pool at 3.25%, given
our current outlook for the U.S. economy, which includes the
Russia-Ukraine military conflict, supply-chain disruptions, and
rising inflation and interest rates."

  Preliminary Ratings Assigned

  Fannie Mae Connecticut Avenue Securities Trust 2022-R08

  Class 1A-H(i), $19,482,921,116: Not rated
  Class 1M-1, $377,927,000: BBB+ (sf)
  Class 1M-1H(i), $19,891,808: Not rated
  Class 1M-2A(ii), $41,991,000: BBB (sf)
  Class 1M-AH(i), $2,211,090: Not rated
  Class 1M-2B(ii), $41,991,000: BBB (sf)
  Class 1M-BH(i), $2,211,090: Not rated
  Class 1M-2C(ii), $41,991,000: BBB- (sf)
  Class 1M-CH(i), $2,211,090: Not rated
  Class 1M-2(ii), $125,973,000: BBB- (sf)
  Class 1B-1A(ii), $61,202,000: BB+ (sf)
  Class 1B-AH(i), $20,401,858: Not rated
  Class 1B-1B(ii), $61,202,000: BB- (sf)
  Class 1B-BH(i), $20,401,858: Not rated
  Class 1B-1(ii), $122,404,000: BB- (sf)
  Class 1B-2H(i)(iii), $173,408,198: Not rated
  Class 1B-3H(i)(iii), $51,002,411: Not rated

(i)Reference tranche only and will not have corresponding notes.
Fannie Mae retains the risk of these tranches.

(ii)The holders of the class 1M-2 notes may exchange all or part of
that class for proportionate interests in the class 1M-2A, 1M-2B,
and 1M-2C notes and vice versa. The holders of the class 1B-1 notes
may exchange all or part of that class for proportionate interests
in the class 1B-1A and 1B-1B notes and vice versa. The holders of
the class 1M-2A, 1M-2B, 1M-2C, 1B-1A and 1B-1B notes may exchange
all or part of those classes for proportionate interests in the
classes of RCR notes as specified in the offering documents.

(iii)For the purposes of calculating modification gain or
modification loss amounts, classes 1B-2H and 1B-3H are deemed to
bear interest at the secured overnight financing rate (SOFR) plus
10% and 15%, respectively.



FLAGSHIP CREDIT: DBRS Confirms 56 Ratings from 18 Transactions
--------------------------------------------------------------
DBRS, Inc. upgraded 14 ratings, confirmed 56 ratings, and
discontinued nine ratings as a result of repayment from 18 Flagship
Credit Auto Trust transactions.

The Affected Ratings Are Available at https://bit.ly/3zf5EWR

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - June 2022 Update, published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- The transaction parties' capabilities with regard to
origination, underwriting, and servicing.

-- The rating actions are the result of the strong collateral
performance to date, DBRS Morningstar's assessment of future
performance assumptions, and the increasing levels of credit
enhancement.

-- The transaction's capital structure and form and sufficiency of
available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining cumulative net loss
assumption at a multiple of coverage commensurate with the
ratings.

Notes: The principal methodology is DBRS Morningstar Master U.S.
ABS Surveillance (May 16, 2022), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.



FOUNTAINBLEAU 2019-FBLU: DBRS Confirms B(low) Rating on G Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings of Commercial Mortgage
Pass-Through Certificates, Series 2019-FBLU issued by Fountainbleau
Miami Beach Trust 2019-FBLU as follows:

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

DBRS Morningstar changed the trends on Classes D, E, F, and G to
Stable from Negative. All remaining classes have Stable trends.

The rating confirmations and trend changes reflect the overall
improved performance of the collateral as it continues to recover
from the effects of the Coronavirus Disease (COVID-19) pandemic.
The loan is secured by a four-diamond, 1,594-key luxury resort on
the mid-beach area of an oceanfront location in Miami Beach,
Florida. The whole loan of $1.75 billion consists of $975.0 million
of senior debt held in the trust and $200.0 million of mezzanine
debt held outside the trust. The loan is interest only (IO) through
its five-year term, maturing in December 2024 with no extension
options available.

The loan was transferred to the special servicer in April 2020
following the borrower's request for pandemic-related relief in the
form of a forbearance agreement. The borrower was granted a
six-month deferral of monthly furniture, fixture and equipment
(FF&E) deposits through year-end (YE) 2020 and the exclusion of
2020 financials when calculating debt yield tests. All deferred
amounts were repaid and, according to the June 2022 loan level
reserve report, there is $11.3 million held in FF&E reserve. The
loan was returned to the master servicer in September 2020.

According to the December 2021 STR report, the collateral reported
a trailing 12 months (T-12) ended December 31, 2021, occupancy rate
of 65.9%, average daily rate (ADR) of $426.01, and revenue per
available room (RevPAR) of $280.74, resulting in a RevPAR
penetration rate of 224.3%. This is an improvement from the T-12
ended May 30, 2021, occupancy rate, ADR, and RevPAR of 40.7%,
$402.94, and $164.16, respectively, and is generally in line with
the issuance occupancy rate of 76.3%, ADR of $375.75, and RevPAR of
$272.77. According to the YE2021 financials, the loan reported a
net cash flow (NCF) of $90.4 million, which is a substantial
improvement from both YE2020, when the loan reported a negative net
cash flow, and the DBRS Morningstar NCF at issuance of $77.2
million. The subject's excellent location along Miami Beach,
excellent property quality, and extensive amenity offerings
contributed to the property's ability to rebound from the effects
of the pandemic, thereby supporting the trend change to Stable.

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



GOLDENTREE LOAN 14: Moody's Gives B3 Rating to $2.5MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
notes issued by GoldenTree Loan Management US CLO 14, Ltd. (the
"Issuer").

Moody's rating action is as follows:

US$3,690,000 Class X Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

US$314,880,000 Class A Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

US$2,500,000 Class F Junior Deferrable Floating Rate Notes due
2035, 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 14 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 collateral obligation,
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 will issue six
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: $492,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 2878

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 6.0%

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.


GOLUB CAPITAL 62(B): Fitch Assigns BB-sf Rating to Class E Debt
---------------------------------------------------------------
Fitch Ratings has assigned ratings and Ratings Outlooks to Golub
Capital Partners CLO 62(B), Ltd.

Golub Capital Partners CLO 62(B), Ltd.

A-1           LT   AAAsf    New Rating
A-2           LT   AAAsf    New Rating
B             LT   AAsf     New Rating
C             LT   Asf      New Rating
D             LT   BBB-sf   New Rating
E             LT   BB-sf    New Rating
Subordinated  LT   NRsf     New Rating

TRANSACTION SUMMARY

Golub Capital Partners CLO 62(B), Ltd. (the issuer) is an arbitrage
cash flow collateralized loan obligation (CLO) that will be managed
by OPAL BSL LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $400.0 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. The weighted average rating factor (WARF) of the
indicative portfolio is 25.0 versus a maximum covenant, in
accordance with the initial expected matrix point of 27.0. 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
99.1% first lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 77.2% versus a
minimum covenant, in accordance with the initial expected matrix
point of 75.25%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 38.0% 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 4.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to 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 at the initial expected
matrix point, the rated notes can withstand default rates
consistent with their assigned ratings. The performance of the
notes at the other permitted matrix points is in line with that of
other recent CLOs.

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 'BBsf' and 'AA+sf' for class B, between less
than 'B-sf' and 'BBB+sf' for class C, between less than 'B-sf' and
'BB+sf' for class D, and between less than 'B-sf' and 'B+sf' for
class E.

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

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

At other rating levels, 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
sensitivities are 'AAAsf' for class B notes, between 'A+sf' and
'AA+sf' for class C notes, 'A+sf' for class D notes, and 'BBB+sf'
for class E notes.


GRACIE POINT 2022-2: DBRS Gives Prov. BB Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by Gracie Point International Funding 2022-2
(the Issuer):

-- $182,700,000 Class A Notes at AA (sf)
-- $44,700,000 Class B Notes at AA (low) (sf)
-- $13,200,000 Class C Notes at A (sf)
-- $9,100,000 Class D Notes at BBB (sf)
-- $4,800,000 Class E Notes at BB (sf)

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

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - June 2022 Update, published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- While the ongoing coronavirus pandemic has had an adverse
effect on the U.S. borrower in general, DBRS Morningstar expects
the performance of the underlying loans in the transaction to
remain resilient because the life insurance premium loans are fully
collateralized by the cash surrender value from highly rated life
insurance companies and other acceptable collateral that is mostly
either cash or letters of credit from highly-rated banking
institutions. Therefore, the payment sources for the Notes will be
either the life insurance companies or cash held at a trust account
or at an Eligible Account Bank/Eligible Account Firm. DBRS
Morningstar does not expect the economic stress caused by the
pandemic to adversely affect an insurance company's ability to pay
in the short to medium term.

-- Excess spread, a fully funded Reserve Account, and
subordination provide credit enhancement levels that are
commensurate with the ratings of the Offered Notes. Credit
enhancement levels are sufficient to support DBRS
Morningstar-projected expected cumulative loss assumptions under
various stress scenarios.

-- DBRS Morningstar deems Gracie Point, LLC (Gracie Point) an
acceptable originator and servicer of life insurance premium
finance receivables. However, Gracie Point has incurred operating
losses and may continue to incur net losses as it grows its
business. If Gracie Point is unable to fulfill its duties because
of an Administrative Agent Replacement Event or a Servicer Default,
repayment of the Notes would rely on the ability of Vervent Inc.
(Vervent) as the Backup Administrative Agent and Backup Servicer,
to fulfill the duties of Administrative Agent and Servicer under
the Transaction Documents. DBRS Morningstar deems Vervent as an
acceptable backup administrator and backup servicer.

-- The payment sources of the loans underlying the Participations
are life insurance companies that issue the pledged life insurance
policy contracts securing the loans. A potential insolvency of such
life insurance company can adversely impact the collectability of
the cash surrender value or death benefits payable by the life
insurance company. The transaction limits that only Eligible Life
Insurance Companies may issue life insurance policies to be
included in the collateral securing the underlying loans. A portion
of the underlying collateral can be cash collateral that is held at
depository institutions, and the transaction requires them to be
either an Eligible Account Bank or Eligible Account Firm with
minimum required ratings.

-- The collateral pool at closing is expected to have 24 life
insurance companies, with the top five insurance companies
representing approximately 55.11% of the collateral pool. To
account for potential losses from exposure to the largest insurance
companies in the collateral pool, DBRS Morningstar simulated the
default of the five largest insurance companies with rating
equivalents lower than the targeted rating for a tranche.

-- During the Replacement Period, the Issuer may purchase
additional Participations using cash surrender proceeds from
defaulted loans or proceeds from prepaid loans or retained
collections. Therefore, the credit quality of the underlying loans
could change during the Replacement Period. The transaction,
however, only allows a new Participation in a loan that meets the
Replacement Criteria to maintain a similar collateral pool mix as
the closing pool and ensure the related life insurance company or
depository institution of the replacement loan are highly rated.

-- The transaction is exposed to basis risk that will stem from
the mismatch in the rate benchmark between the loans and the Notes
until December 31, 2022. After December 31, 2022, the transaction
will be exposed to the basis risk due to the loans and the Notes
having different payment frequencies.

-- Gracie Point was established in 2010 and issued its first loan
in June 2013, so the Company does not have significant historical
performance data of the loans originated through its platform. Each
underlying loan in the collateral pool, however, is fully
collateralized by a minimum cash surrender value, a letter of
credit, and/or cash collateral, which, coupled with the highly
rated insurance companies and depository institutions, partially
mitigate uncertainty regarding the underlying loans' future
performance.

-- Most of the life insurance premium loans have longer maturity
dates than the Scheduled Maturity Date of the Notes. Therefore, if
the Issuer is not able to refinance or liquidate its
Participations, it may not be able to repay such Notes on the
Scheduled Maturity Date. Under each Designated Finance Loan
Agreement, however, the Finance Lender will have the right to call
a loan as fully due and payable upon the occurrence of a Maturity
Acceleration Event, which will ensure ultimate payments of
principal to the Notes by the Scheduled Maturity Date.

-- The legal structure and expected legal opinions that will
address the true sale of the assets to the Issuer, the
nonconsolidation of the special-purpose vehicle with Gracie Point,
LLC, the trustee will have a valid first-priority security interest
in the assets, and are consistent with DBRS Morningstar's "Legal
Criteria for U.S. Structured Finance."

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



GS MORTGAGE 2012-GCJ7: DBRS Cuts Rating on 2 Classes to C
---------------------------------------------------------
DBRS Limited downgraded the ratings on two classes of Commercial
Mortgage Pass-Through Certificates, Series 2012-GCJ7 issued by GS
Mortgage Securities Trust, Series 2012-GCJ7 as follows:

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

DBRS Morningstar discontinued the rating on Class C as the class
was fully repaid as of the June 2022 remittance report. Classes D
and E have ratings that generally do not carry a trend in
commercial mortgage-backed securities ratings. The rating
downgrades reflect the significant decline in value and DBRS
Morningstar's expectations for the ultimate recovery for the
largest remaining loan in the pool.

Bellis Fair Mall (Prospectus ID#3, 76.7% of the pool) is secured by
the in-line portion and two anchor boxes of a regional mall in
Bellingham, Washington, approximately 20 miles south of the
U.S./Canadian border. The loan transferred to special servicing as
a nonperforming matured balloon loan in February 2022 and, as of
the most recent update from the special servicer, the workout
strategy is to dual track a foreclosure and the appointment of a
receiver as well as a possible loan modification. Since DBRS
Morningstar's last review of this transaction in February 2022, the
collateral was reappraised for a value of $49.1 million, suggesting
as-is loan-to-value (LTV) of 155.1%, with the 2022 value well below
the issuance value of $145.0 million, which resulted in an LTV of
65.0%. The mall is owned and operated by affiliates of Brookfield
Property Partners (Brookfield), which acquired the original sponsor
in 2018.

Macy's (22.3% of the net rentable area (NRA), lease expiry January
2029), Dick's Sporting Goods (9.5% of NRA, lease expiry January
2028), and Ashley HomeStore (5.5% of NRA, lease expiry September
2028) serve as collateral anchor tenants with noncollateral anchors
comprising Target, Kohl's, and JCPenney. The occupancy rate
declined to 79.8% in September 2021, down from 87.7% in December
2019. As of a year-end 2021 tenant sales report, Macy's reported
sales of $68 per square foot (psf) and Ashley HomeStore reported
sales of $171 psf. In-line tenants reported sales of $359 psf while
the property as a whole reported sales of $208 psf. The loan
reported a trailing nine months ended September 30, 2021, debt
service coverage ratio (DSCR) of 1.06 times (x), well below from
the YE2020 DSCR of 1.45x, YE2019 DSCR of 1.88x, and YE2018 DSCR of
2.07x. The decline in cash flow since 2018 has been driven by drops
in base rental income, which was exacerbated during the pandemic.
Although Brookfield could continue negotiations with the servicer
for a loan modification, the as-is value decline and the decline in
sales performance since issuance suggests a loss is likely at
resolution. As such, DBRS Morningstar considered a liquidation
scenario based on a haircut to the 2022 appraised value, which
resulted in an implied loss severity in excess of 50.0%.

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



HGI CRE 2021-FL2: DBRS Confirms B(low) Rating on Class G Notes
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
notes issued by HGI CRE CLO 2021-FL2, Ltd:

-- Class A 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 September 2021, with a cut-off pool
balance totalling $514.5 million. At issuance, the pool consisted
of 20 floating-rate mortgage loans secured by 22 mostly
transitional real estate properties. The majority of the collateral
was in a period of transition, with plans to stabilize and improve
asset value. The transaction was structured with an initial Ramp-Up
Acquisition Period and a subsequent 24-month Reinvestment Period.
The Ramp-Up Acquisition Period concluded with the March 2022
payment date when the cumulative trust loan balance totalled $579.5
million. The Reinvestment Period runs through the September 2023
Payment Date, whereby the Issuer may acquire Funded Companion
Participations and new loan collateral into the trust subject to
Eligibility Criteria as defined at issuance. According to the
Eligibility Criteria, all collateral will be secured by multifamily
assets.

As of June 2022, the pool comprises 24 loans secured by 26
properties with a cumulative trust balance of $554.5 million with
$25.0 million of available cash in the Reinvestment Account. Since
issuance, one loan with a former cumulative trust balance of $25.0
million has successfully repaid from the pool, and five loans with
a current cumulative trust balance of $62.5 million have been
contributed to the trust. In general, borrowers are progressing
toward completion of their stated business plans with many plans
still in the early stages. Through June 2022, the collateral
manager had advanced $5.9 million in loan future funding to 10
individual borrowers to aid in property stabilization efforts. The
largest loan advance of $3.8 million has been made to the borrower
of the Marbella Apartments loan, which is using the funds to
renovate and upgrade 783 unit interiors as well as select exterior
items at a multifamily property in Corpus Christi, Texas. An
additional $33.7 million of unadvanced loan future funding
allocated to 18 individual borrowers remains outstanding. The
largest individual allocation of unadvanced future funding, $6.8
million, is to the borrower of the Marbella Apartments loan.

The pool is concentrated by property type as all 24 loans,
representing 100.0% of the current trust balance, are secured by
traditional multifamily assets. The pool continues to be
predominantly composed of properties located in suburban markets,
i.e., those identified with a DBRS Morningstar Market Rank of 3, 4,
and 5. As of the June 2022 reporting, this includes 18 loans,
representing 70.4% of the current trust balance. In addition, four
loans representing 19.0% of the current pool balance are located in
tertiary markets, i.e., those identified with a DBRS Morningstar
Market Rank of 2. In comparison, at issuance, 15 loans,
representing 69.8% of the trust balance, were secured by properties
located in suburban markets and four loans, representing 20.5% of
the trust balance, were secured by properties located in tertiary
markets. The transaction is also concentrated by loan size, as the
10 largest loans represent 63.3% of the pool. Overall pool leverage
has remained relatively consistent from issuance. According to the
June 2022 reporting, the weighted-average (WA) as-is appraised
loan-to-value ratio (LTV) is 74.5% and the WA stabilized appraised
LTV is 64.2%. In comparison, these figures were 74.2% and 67.0%,
respectively, at closing.

As of the April 2022 remittance, two loans, representing 10.0% of
the pool, are on the servicer's watchlist. The first loan, Upland
Townhomes, is being monitored for a deferred maintenance and
potential life safety issue related to a damaged drainage grate,
which DBRS Morningstar deems a non-material issue from a credit
perspective. The second loan, Marbella Apartments, is being
monitored for a low debt service coverage ratio, which has declined
from issuance. The property was affected by a fire in November 2021
when a considerable number of units were damaged and in need of
repair. The borrower subsequently estimated the damages at
approximately $1.9 million and noted its intention to fully restore
the existing building. Given that the borrower already planned to
implement a large $10.6 million value-add strategy to modernize the
property and increase occupancy, it is unlikely that the damage
caused by the fire will present major near-term disruptions to the
business plan as the borrower works though the remediation and
insurance process. The collateral manager reported that 150 units
had already been renovated by mid-April 2022 and 30 more unit
renovations were currently in progress. In addition, the borrower
has received the necessary permits to conduct repairs on the patios
of 75 units, which need to be fixed before they can be leased. DBRS
Morningstar does not view either loan as having increased credit
risk from issuance.

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



HILTON GRAND 2022-2: S&P Assigns Prelim BB- (sf) Rating on D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Hilton Grand
Vacations Trust 2022-2's timeshare loan-backed notes series
2022-2.

The note issuance is an ABS securitization backed by vacation
ownership interest (timeshare) loans.

The preliminary ratings are based on information as of July 28,
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 credit enhancement available in the form of subordination,
overcollateralization, a reserve account, and available excess
spread.

-- Grand Vacation Services LLC's servicing ability and experience
in the timeshare market.

-- The transaction's ability to pay timely interest and ultimate
principal by the notes' legal maturity under our stressed cash flow
recovery rate and credit stability sensitivity scenarios.

  Preliminary Ratings Assigned

  Hilton Grand Vacations Trust 2022-2

  Class A, $153.170 million: AAA (sf)
  Class B, $72.960 million: A (sf)
  Class C, $25.710 million: BBB (sf)
  Class D, $17.330 million: BB- (sf)



HILTON USA 2016-HHV: 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 2016-HHV
issued by Hilton USA Trust 2016-HHV:

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

The rating confirmations reflect the performance increases over the
prior year as the property continues to rebound after challenges
resulting from the Coronavirus Disease (COVID-19) pandemic.
Although performance remains below issuance levels, DBRS
Morningstar anticipates that property performance will continue to
increase as tourism travel returns to pre-pandemic levels;
therefore, all trends are Stable.

The collateral is a $750 million pari passu participation interest
in a $1.3 billion whole loan on the Hilton Hawaiian Village, a
full-service luxury beachfront resort in Waikiki, Hawaii. The hotel
consists of five guest towers comprising 2,860 rooms, plus
conference space for up to 2,600 attendees. The resort has the
longest stretch of beach along Waikiki and the largest amount of
meeting space among its competitors. The collateral also includes
138,000 square feet of leased commercial space on the property. The
sponsor, Park Intermediate Holdings, LLC, is a wholly owned
subsidiary of Park Hotels & Resorts. In 2017, Hilton Worldwide
Holdings Inc., formerly Hilton Hotels Corporation, spun off Park
Hotels & Resorts, which is now one of the largest publicly traded
real estate investment trusts in the U.S. hospitality industry.

The loan was added to the servicer's watchlist in December 2020 for
performance declines as a result of the coronavirus pandemic,
caused by the property's closure from April 2020 through December
2020. A cash sweep period was triggered in March 2021 as a result
of the debt service coverage ratio remaining below the required
threshold and, as of June 2022, approximately $48.3 million
remained in the account. As of March 2022, the loan has exceeded
the required threshold and the cash sweep will end once the
required threshold has been met for two consecutive quarters. The
property reported a trailing 12-month (T-12) debt service coverage
ratio of 1.77 times as of March 2022, increasing from below
breakeven at YE2020. As of March 2022, the property reported a
114.8% increase in net cash flows when compared with YE2020, when
the property experienced negative cash flow.

As of March 2022, the property reported T-12 occupancy, average
daily rate, and revenue per available room (RevPAR) figures of
69.2%, $256, and $178, respectively. The RevPAR penetration rate
was 118.6% for the T-12 period ended March 31, 2022. Performance
remains below pre-pandemic levels: the property reported T-12
occupancy, average daily rate, and RevPAR figures of 93.0%, $267,
and $248, respectively, at YE2019. However, occupancy is expected
to continue increasing to pre-pandemic levels as a result of Hawaii
lifting travel restrictions earlier this year.

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



HIT TRUST 2022-HI32: DBRS Finalizes B(low) Rating on Class G Certs
------------------------------------------------------------------
DBRS, Inc. finalized provisional ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2022-HI32
issued by HIT Trust 2022-HI32:

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

All trends are Stable.

The HIT Trust 2022-HI32 (HIT 2022-HI32) transaction is secured by
the fee-simple and/or leasehold interests in 36 extended-stay,
full-service, limited-service, and select-service hospitality
properties across 18 states (the Original Properties). The
Borrowers are under contract to sell four Original Properties (the
Removal Properties), and DBRS Morningstar expects that the Removal
Properties will be released from the collateral of the Mortgage
Loan in the near term following the Origination Date. The remaining
32 properties are referred to herein as the Properties and
collectively as the Portfolio. All calculations in this report are
presented without regard to the Removal Properties. The Portfolio
consists of 4,168 total keys and the largest portion of the
Properties is categorized as select-service, which accounts for
35.6% of the allocated loan allowance (ALA). The Properties operate
under various flags under the Hilton (56.2% of the ALA), Marriott
(39.6% of the ALA), and Hyatt (4.2% of the ALA) brands, including
but not limited to Homewood Suites (four properties comprising
19.4% of the ALA), Hilton Garden Inn (four properties comprising
17.2% of the ALA), Hampton Inn (eight properties comprising 16.7%
of the ALA), and Courtyard (five properties comprising 15.9% of the
ALA). The properties were constructed between 1979 and 2013 and
have a weighted-average (WA) year built of 1999 and WA renovation
year of 2012.

The subject financing of $465.0 million, along with a $5.3 million
equity infusion from the sponsor, will go to retire $455.3 million
of existing debt (includes approximately $33.2 million of debt
encumbering the four Removal Properties), establish $8.0 million of
upfront property improvement plan (PIP) reserve, and cover closing
costs of $7.0 million. The loan is a two-year floating-rate
(one-month Secured Overnight Financing Rate (SOFR) plus 5.252% per
annum) IO mortgage loan with three one-year extension options. The
Borrower is expected to purchase an interest rate cap agreement
through July 15, 2024, with a one-month Term SOFR strike price of
4.2500%.

The transaction sponsor is an affiliate of Hospitality Investors
Trust, Inc. (HIT). Founded in 2013, HIT currently owns or has an
interest in a total of 98 hotels totaling 12,187 rooms across 29
states, all of which are operated under franchise or license
agreements with a national brand owned by one of Hilton Worldwide,
Inc.; Marriott International, Inc.; Hyatt Hotels Corporation; or
one of their respective subsidiaries or affiliates.

A total of approximately $79.8 million ($19,145 per room) in capex
has been invested in the subject from 2015 through 2021. There are
23 Properties, representing 70.2% of the Portfolio by ALA, that
have undergone substantial renovations since 2016. Future planned
capex at the subject totals approximately $92.7 million through
2027, $74.3 million of which is part of brand-mandated PIPs. In
addition to the upfront $8.0 million PIP reserve, the loan is
structured with a $15.0 million letter of credit and, beginning on
the monthly payment date in October 2023 and on each payment date
in January, April, July, and October thereafter, an ongoing $2.25
million (less the amount the Borrower has expended on scheduled PIP
expenses) quarterly PIP reserve to fund the planned PIPs and
ongoing monthly replacement reserves to fund the repair and
replacement of furniture, fixtures, and equipment (FF&E) and
routine capex. DBRS Morningstar applied a $6.7 million DBRS
Morningstar value adjustment to recognize the PIP shortfall during
the initial loan term.

The largest two properties by net cash flow (NCF) for the trailing
12-month (T-12) period ended April 30, 2022, are the Courtyard
Flagstaff, which represents approximately 10.6% of the T-12 April
2022 NCF, and the Hilton Garden Inn Monterey, which represents
approximately 10.2% of the T-12 April 2022 NCF. No other property
represents more than approximately 6.0% of the Portfolio NCF. The
properties average approximately 130 keys and the largest hotel,
Homewood Suites Orlando International Drive Convention Center,
contains 252 keys, or approximately 6.0% of the total aggregate
keys in the Portfolio. The Portfolio is located across 18 states
with the largest concentration by ALA in Washington and California,
which account for approximately 13.3% and 13.2% of the ALA,
respectively. The third-largest concentration is in Florida, which
accounts for approximately 12.8% of the ALA, followed by Arizona at
10.3%, with no other state accounting for more than 9.1%.

In 2019, prior to the Coronavirus Disease (COVID-19) pandemic, the
Portfolio averaged 77.3% occupancy and reported WA average daily
revenue (ADR) and revenue per available room (RevPAR) of $130.58
and $101.53, respectively. While occupancy has declined, the
sponsor has been successful in recovering ADR to above its
pre-pandemic historical average. As of the T-12 period ended April
30, 2022, WA RevPAR penetration for the Portfolio was 111.2% based
on occupancy of 70.6%, ADR of $128.50, and RevPAR of $90.72. From
2015 to 2019, the Portfolio exhibited WA occupancy, ADR, and RevPAR
rates of 77.8%, $127.17, and $98.87, respectively. Based on a
stabilized occupancy of 76.5% and ADR of $131.42, DBRS
Morningstar's concluded RevPAR of $100.53 is approximately 1.0%
below the Portfolio's 2019 RevPAR of $101.53. From 2015 to 2019,
the Portfolio achieved an average RevPAR of $98.87. DBRS
Morningstar's concluded NCF and value for the Portfolio reflect a
stabilized occupancy assumption of 76.5%, which is above the
Portfolio's 70.6% occupancy for the T-12 ending April 30, 2022
period. However, from 2015 to 2019, the Portfolio exhibited an
average annual occupancy of 77.8%. Portfolio occupancy has overall
been trending upward since March 2021 and, as of April 2022, was
70.6%, the highest since the pandemic began. DBRS Morningstar
elected to stabilize the Portfolio and assumed occupancy in line
with its pre-pandemic performance given the nationally recognized
brand affiliation of the properties as well as steady pre-pandemic
operating history, experienced management by nationally recognized
management companies, and the sponsorship of Hospitality Investors
Trust. Although certain assets in the Portfolio that are more
reliant on business and group demand experience a slower recovery,
others that are more focused on transient customers continue to see
rapid improvement.

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



HOME PARTNERS 2021-1: DBRS Confirms BB Rating on Class F Certs
--------------------------------------------------------------
DBRS, Inc. reviewed 53 classes from eight U.S. single-family rental
transactions. Of the 53 classes reviewed, DBRS Morningstar upgraded
three ratings, confirmed 44, and discontinued six because of full
repayment of the outstanding bond balances.

American Homes 4 Rent 2014-SFR2 Trust

-- AH4R 2014-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class E upgraded to AA (high) (sf) from AA
(sf)

American Homes 4 Rent 2014-SFR3 Trust

-- AH4R 2014-SFR3, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2015-SFR1 Trust

-- AH4R 2015-SFR1, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class E upgraded to AA (low) (sf) from A (high)
(sf)
-- AH4R 2015-SFR1, Class F upgraded to A (sf) from A (low) (sf)

American Homes 4 Rent 2015-SFR2 Trust

-- AH4R 2015-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)

Home Partners of America 2021-1 Trust

-- Single-Family Rental Pass-Through Certificate A confirmed at
AAA (sf)

-- Single-Family Rental Pass-Through Certificate B confirmed at AA
(low) (sf)

-- Single-Family Rental Pass-Through Certificate C confirmed at A
(low) (sf)

-- Single-Family Rental Pass-Through Certificate D confirmed at
BBB (sf)

-- Single-Family Rental Pass-Through Certificate E confirmed at
BBB (low) (sf)

-- Single-Family Rental Pass-Through Certificate F confirmed at BB
(sf)

Progress Residential 2019-SFR2 Trust

-- PRD 2019-SFR2, Class A discontinued because of repayment
-- PRD 2019-SFR2, Class B discontinued because of repayment
-- PRD 2019-SFR2, Class C discontinued because of repayment
-- PRD 2019-SFR2, Class D discontinued because of repayment
-- PRD 2019-SFR2, Class E discontinued because of repayment
-- PRD 2019-SFR2, Class F discontinued because of repayment

AMSR 2021-SFR2 Trust

-- Single-Family Rental Pass-Through Certificates, Class A
confirmed at AAA (sf)

-- Single-Family Rental Pass-Through Certificates, Class B
confirmed at AA (low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class C
confirmed at A (low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class D
confirmed at BBB (high) (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-1
confirmed at BBB (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-2
confirmed at BBB (low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class F-1
confirmed at BB (high) (sf)

-- Single-Family Rental Pass-Through Certificates, Class F-2
confirmed at BB (low) (sf)

FirstKey Homes 2021-SFR1 Trust

-- Single-Family Rental Pass-Through Certificate, Class A
confirmed at AAA (sf)

-- Single-Family Rental Pass-Through Certificate, Class B
confirmed at AA (sf)

-- Single-Family Rental Pass-Through Certificate, Class C
confirmed at A (sf)

-- Single-Family Rental Pass-Through Certificate, Class D
confirmed at BBB (high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E1
confirmed at BBB (sf)

-- Single-Family Rental Pass-Through Certificate, Class E
confirmed at BBB (low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E2
confirmed at BBB (low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class F1
confirmed at BB (sf)

-- Single-Family Rental Pass-Through Certificate, Class F2
confirmed at BB (sf)

-- Single-Family Rental Pass-Through Certificate, Class F
confirmed at BB (low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class F3
confirmed at BB (low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class G
confirmed at B (high) (sf)

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current
ratings.

DBRS Morningstar's rating actions are based on the following
analytical consideration:

-- Key performance measures as reflected in month-over-month
changes in vacancy and delinquency, quarterly analysis of the
actual expenses, credit enhancement increases since deal inception,
and bond paydown factors.

Notes: The principal methodology is U.S. Single-Family Rental
Securitization Ratings Methodology (May 28, 2020), which can be
found on dbrsmorningstar.com under Methodologies & Criteria.



INTOWN HOTEL 2018-STAY: DBRS Confirms B Rating on Class G Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-STAY issued by InTown Hotel
Portfolio Trust 2018-STAY as follows:

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

DBRS Morningstar also changed the trends on Classes F and G to
Stable from Negative. All other trends remain Stable. The trend
changes on Classes F and G reflect the easing pressure from the
initial phases of the Coronavirus Disease (COVID-19) pandemic and
improving performance metrics when compared with YE2020 as further
discussed below.

The $471.0 million mortgage loan is secured by the fee interests in
a portfolio of 85 economy, extended-stay hotels, totaling 10,764
keys. All of the hotels in the portfolio operate under the InTown
Suites brand. The brand is owned by the loan sponsor, Starwood
Capital Group Global LP (Starwood), which has substantial
experience in the hotel sector and maintains considerable financial
wherewithal. Starwood acquired the InTown Suites platform in 2013
for $770.0 million and currently owns all 196 InTown Suites. Since
issuance, Starwood has continued to acquire extended-stay hotel
assets including the Extended Stay America brand, which included
roughly 650 properties in 2021, and 111 WoodSpring Suites
properties in 2022.

As of the June 2022 remittance, all 85 of the properties remain as
collateral for the loan with an aggregate principal balance of
$471.0 million. The loan is a three-year, floating-rate
interest-only (IO) mortgage loan with two one-year extension
options. The servicer has confirmed the borrower has exercised its
second extension option, which extends the loan to its final
maturity date in January 2023. Each of the extension options was
subject to an increase of the component spread on each component of
the loan, totaling 40 basis points. The borrower is required to
maintain an interest rate cap agreement, with a strike price that
would result in a debt service coverage ratio for the senior notes
and any permitted mezzanine debt, of no less than 2.35 times. The
assets are entirely operated by affiliates of the loan sponsor;
therefore, they do not incur management or franchise fees. Although
there is a licensing agreement in place, it does not stipulate a
separate fee. Since the hotels are not subject to formal franchise
agreements, there were no required property improvement plans
during the loan term, but the loan includes ongoing furniture,
fixtures, and equipment (FF&E) reserves that are collected at 5.0%
of gross revenue on a monthly basis, which are available for
planned maintenance throughout the term. The FF&E reserve balance
as of June 2022 was $1.4 million.

Although somewhat concentrated in the southeastern U.S., the
portfolio is geographically diverse and relatively granular—the
85 hotels are in 34 metropolitan statistical areas across 18
states. Texas has the highest concentration by number of properties
and allocated loan amount (ALA), with 27 and 30.3%, respectively.
Florida and Tennessee have eight and nine properties, representing
12.7% and 10.5% of the ALA, respectively. No other state accounts
for more than 5.2% of the ALA. Individual properties range in size
from 71 to 158 keys, with a weighted average (WA) of 128 keys.
Given the diverse nature of the portfolio, no single hotel
represents greater than 2.1% of the ALA, and the 15 largest loans
represent only 25.8% of the ALA.

The WA occupancy, average daily rate, and revenue per available
room for these properties at issuance was 80.9%, $48.53, and
$39.03, respectively. The monthly investor reporting package (IRP)
for June 2022 reported a WA YE2021 occupancy rate of 87.8%,
compared with 82.6% at YE2020, and 84.4% at YE2019. The IRP also
included YE2021 net cash flow (NCF) figures for each of the
properties in the portfolio, totaling $75.3 million, representing a
7.6% increase from the issuer's $69.5 million at issuance and DBRS
Morningstar's NCF of $57.7 million. DBRS Morningstar has previously
noted the borrower did not request any Paycheck Protection Program
loans or coronavirus-related relief throughout the pandemic, and
although cash flow did dip slightly to $61.9 million in 2020,
occupancy remained stable with a WA of more than 82% for YE2020.

In its analysis, DBRS Morningstar utilized the YE2020 NCF of $61.9
million and maintained the blended capitalization rate (cap rate)
of 10.71% used during its October 14, 2020, analysis, which
resulted in DBRS Morningstar value of $578.8 million, a variance of
-24.8% from the appraised value of $770.0 million at issuance. The
DBRS Morningstar value implies a loan-to-value ratio (LTV) of
81.4%, compared with the LTV of 61.2% on the appraised value at
issuance.

The cap rate DBRS Morningstar applied is at the higher end of the
range of DBRS Morningstar cap rates for lodging properties,
reflecting the portfolio's age and concentration in tertiary and
suburban markets.

With this analysis, DBRS Morningstar maintained the negative
qualitative adjustments totaling 2% to the final LTV sizing
benchmarks used during its October 14, 2020, analysis, to account
for property quality and market fundamentals as most properties are
more than 20 years old and are in tertiary or suburban markets.

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



JP MORGAN 2012-WLDN: S&P Affirms CCC (sf) Rating on X-B Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on five classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2012-WLDN, a U.S.
stand-alone, single-borrower CMBS transaction.

The transaction is backed by a fixed-rate loan secured by the
borrower's fee interest in a portion of the Walden Galleria, a
1.57-million-sq.-ft. super-regional mall in Cheektowaga, N.Y.

The loan was modified on June 7, 2022, to be interest-only (IO)
from its prior 30-year amortization schedule, and the loan's
maturity was extended to Nov. 1, 2024, from May 1, 2022, with one
additional six-month extension option subject to certain
thresholds.

Rating Actions

The affirmations on classes A, B, and C reflect our reassessment of
the Walden Galleria, based on a review of recent improving
performance data from a full-year 2021 and the most recently
available rent roll (as of Jan. 31, 2022), and take into
consideration the easing of the COVID-19 pandemic.

S&P said, "Our reevaluation of the collateral retail property
resulted in an expected-case value of $223.5 million, an increase
of approximately 10% from our last surveillance review in November
2020. At that review, we downgraded our ratings on classes A, B,
and C (and the related IO classes) to reflect the transaction's
increased susceptibility to liquidity interruption and potential
losses due to a lower expected case value of $203.5 million
compared with that at securitization. Our November 2020 revaluation
was also informed by a lower appraised value of $216.0 million from
the August 2020 appraisal.

S&P said, "The higher S&P Global Ratings expected-case valuation
reflects a higher S&P Global Ratings net cash flow (NCF) and our
application of the same S&P Global Ratings capitalization rate from
our prior review. The higher S&P Global Ratings NCF reflects an
improvement in the mall's performance and a continued recovery
towards pre-pandemic levels. In our view, the S&P Global Ratings
capitalization rate applied reflects the challenges faced by the
regional mall and the overall retail sector.

"While the affirmations are reflective of recent positive trends at
the mall, we note that our model-indicated ratings were lower on
classes B and C. However, we continue to temper our downgrades on
these classes (and the related X-B class) as we still qualitatively
consider their positions in the waterfall, the property's
trade-area dominance prior to the COVID-19 pandemic, and the fact
that the potential for outperformance as noted in our November 2020
surveillance review is playing out.

"The affirmations on the class X-A and X-B IO certificates are
based on our 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 classes. Class X-A's notional amount
references class A, and class X-B's notional amount references
classes B and C."

Collateral Overview

The collateral consists of the borrower's fee interest in a portion
of the Walden Galleria, approximately 1.18 million sq. ft. of a
total 1.57 million sq. ft. that comprises the super-regional
shopping mall located in Cheektowaga, N.Y., a suburb of Buffalo,
N.Y.

The mall, which closed in mid-April 2020 due to the pandemic, has
remained open since its reopening in July 2020. Anchor and major
tenants include JCPenney (180,432 sq. ft.; April 2024 lease
expiration; not rated), Macy's (B+/Negative/B; 175,000 sq. ft.;
non-collateral), Dick's Sporting Goods (78,481 sq. ft.; January
2024 expiration), Regal Galleria 16 (75,000 sq. ft.; May 2027
expiration), Urban Air (50,000 sq. ft.; March 2031 expiration), and
Best Buy ('BBB'; 50,000 sq. ft.; March 2025 expiration).

The property also includes an approximately 113,000-sq.-ft. space
formerly occupied by Sears that is now occupied by Primark, a
European fast fashion retailer, and a 100,000-sq.-ft. vacant anchor
space (previously occupied by Lord & Taylor). Neither of these
spaces serve as collateral for the loan.

Property-Level Analysis

S&P said, "Our property-level analysis considered the mall's stable
occupancy and recent year-over-year increase in servicer-reported
NCF: 81.6% and $28.9 million, respectively, in 2019; 86.3% and
$13.3 million in 2020; and 83.1% and $25.4 million in 2021. We
attributed the improvement in performance for the full-year 2021 to
higher base rents, expense reimbursement income, and other income.
According to the Jan. 31, 2022, rent roll, the collateral mall was
84.9% occupied and faces moderate tenant rollover during the next
several years: the rollover in 2022 includes approximately 3.4% of
the net rentable area (NRA) and 9.0% of in-place gross rent;
rollover in 2023 includes 7.5% of NRA and 14.3% of in-place gross
rent; and rollover in 2024 includes 29.6% of NRA and 21.3% of
in-place gross rent.

"We utilized the same 9.50% capitalization rate from our last
review to account for the potential for continued cash flow
volatility due to weakening trends within the retail and mall
sectors, the overall market risk premium for this property type, a
vacant anchor, numerous competitors in the mall's trade area,
inline sales of $506 per sq. ft. (excluding Apple) using the
year-end Dec. 31, 2021, tenant sales report, and a 15.1% occupancy
cost, as calculated by S&P Global Ratings.

"In addition, we deducted $10.3 million from our value to account
for estimated costs in relation to a creek encapsulation project (a
portion of the mall lies above a creek that runs through parts of
Cheektowaga) as well as other deferred maintenance issues. Per the
recent loan modification, these repairs are required to be
completed by August 2023. It is unclear if any of these
repairs/costs have been completed/incurred to date."

Transaction Summary

The underlying mortgage loan was originated in April 2012 with a
balance of $270.0 million. At origination, the loan was scheduled
to mature in May 2022, following a 10-year loan term. The loan was
structured with an initial 36-month IO period, followed by a
30-year amortization schedule.

According to the July 8, 2022, trustee remittance report, the loan
now has a trust balance of $235.1 million (down from $270.0 million
at issuance), pays an annual fixed interest rate of 4.478%, and has
an adjusted maturity date of Nov. 1, 2024. The loan's sponsor
remains The Pyramid Cos.

In addition to the first mortgage, there are two mezzanine loans
totaling $80.0 million secured by pledges of direct or indirect
equity interests in the borrower. The senior mezzanine loan of
$30.0 million is held by Principal Life Insurance Co., and the
junior mezzanine loan of $50.0 million is held by CPPIB Credit
Investments.

In February 2022, the borrower gave notice that it would be unable
to pay off the loan at its May 1, 2022, maturity date, and the loan
was transferred to special servicing. An extension/modification was
agreed to on June 7, 2022, which granted a 30-month extension to
November 2024. An additional six-month extension option was also
given (which would extend the loan's maturity to May 2025, subject
to several hurdles including the principal balance having been
reduced to below $225.0 million or to 80% of the property's
appraised value (such appraisal to be ordered 90 days prior to the
November 2024 maturity date).

The loan was also modified to be IO for the duration of the term,
with all mezzanine debt service payments deferred until the
mortgage principal balance is repaid. Additionally, the
modification includes a cash-flow sweep structure, with all excess
cash flow after debt service and required rollover and replacements
reserves (both $3.0 million annually) applied to the outstanding
principal 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 Affirmed

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN

  Class A: BB- (sf)
  Class B: B- (sf)
  Class C: CCC (sf)
  Class X-A: BB- (sf)
  Class X-B: CCC (sf)


JP MORGAN 2022-7: DBRS Finalizes B(low) Rating on Class B-5 Certs
-----------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage Pass-Through Certificates, Series 2022-7 issued by J.P.
Morgan Mortgage Trust 2022-7 (JPMMT 2022-7):

-- $248.4 million Class 1-A-1 at AAA (sf)
-- $224.6 million Class 1-A-2 at AAA (sf)
-- $224.6 million Class 1-A-3 at AAA (sf)
-- $168.5 million Class 1-A-4 at AAA (sf)
-- $168.5 million Class 1-A-4-A at AAA (sf)
-- $168.5 million Class 1-A-4-X at AAA (sf)
-- $56.2 million Class 1-A-5 at AAA (sf)
-- $56.2 million Class 1-A-5-A at AAA (sf)
-- $56.2 million Class 1-A-5-B at AAA (sf)
-- $56.2 million Class 1-A-5-X at AAA (sf)
-- $134.8 million Class 1-A-6 at AAA (sf)
-- $134.8 million Class 1-A-6-A at AAA (sf)
-- $134.8 million Class 1-A-6-X at AAA (sf)
-- $89.9 million Class 1-A-7 at AAA (sf)
-- $89.9 million Class 1-A-7-A at AAA (sf)
-- $89.9 million Class 1-A-7-B at AAA (sf)
-- $89.9 million Class 1-A-7-X at AAA (sf)
-- $67.4 million Class 1-A-8 at AAA (sf)
-- $67.4 million Class 1-A-8-A at AAA (sf)
-- $67.4 million Class 1-A-8-X at AAA (sf)
-- $123.5 million Class 1-A-9 at AAA (sf)
-- $123.5 million Class 1-A-9-A at AAA (sf)
-- $123.5 million Class 1-A-9-B at AAA (sf)
-- $123.5 million Class 1-A-9-X at AAA (sf)
-- $84.1 million Class 1-A-10 at AAA (sf)
-- $84.1 million Class 1-A-10-A at AAA (sf)
-- $84.1 million Class 1-A-10-X at AAA (sf)
-- $50.4 million Class 1-A-11 at AAA (sf)
-- $50.4 million Class 1-A-11-A at AAA (sf)
-- $50.4 million Class 1-A-11-X at AAA (sf)
-- $101.1 million Class 1-A-12 at AAA (sf)
-- $101.1 million Class 1-A-12-A at AAA (sf)
-- $101.1 million Class 1-A-12-X at AAA (sf)
-- $33.7 million Class 1-A-13 at AAA (sf)
-- $33.7 million Class 1-A-13-A at AAA (sf)
-- $33.7 million Class 1-A-13-X at AAA (sf)
-- $33.7 million Class 1-A-14 at AAA (sf)
-- $33.7 million Class 1-A-14-A at AAA (sf)
-- $33.7 million Class 1-A-14-X at AAA (sf)
-- $16.7 million Class 1-A-15 at AAA (sf)
-- $16.7 million Class 1-A-15-A at AAA (sf)
-- $16.7 million Class 1-A-15-X at AAA (sf)
-- $39.4 million Class 1-A-16 at AAA (sf)
-- $39.4 million Class 1-A-16-A at AAA (sf)
-- $39.4 million Class 1-A-16-X at AAA (sf)
-- $23.8 million Class 1-A-17 at AAA (sf)
-- $23.8 million Class 1-A-17-A at AAA (sf)
-- $17.8 million Class 1-A-18 at AAA (sf)
-- $17.8 million Class 1-A-18-A at AAA (sf)
-- $5.9 million Class 1-A-19 at AAA (sf)
-- $5.9 million Class 1-A-19-A at AAA (sf)
-- $248.4 million Class 1-A-X-1 at AAA (sf)
-- $224.6 million Class 1-A-X-2 at AAA (sf)
-- $23.8 million Class 1-A-X-3 at AAA (sf)
-- $17.8 million Class 1-A-X-3-A at AAA (sf)
-- $5.9 million Class 1-A-X-3-B at AAA (sf)
-- $200.8 million Class 2-A-1 at AAA (sf)
-- $200.8 million Class 2-A-2 at AAA (sf)
-- $100.4 million Class 2-A-2-A at AAA (sf)
-- $100.4 million Class 2-A-2-B at AAA (sf)
-- $181.6 million Class 2-A-3 at AAA (sf)
-- $90.8 million Class 2-A-3-A at AAA (sf)
-- $90.8 million Class 2-A-3-B at AAA (sf)
-- $136.2 million Class 2-A-4 at AAA (sf)
-- $68.1 million Class 2-A-4-A at AAA (sf)
-- $68.1 million Class 2-A-4-B at AAA (sf)
-- $45.4 million Class 2-A-5 at AAA (sf)
-- $22.7 million Class 2-A-5-A at AAA (sf)
-- $22.7 million Class 2-A-5-B at AAA (sf)
-- $19.2 million Class 2-A-6 at AAA (sf)
-- $9.6 million Class 2-A-6-A at AAA (sf)
-- $9.6 million Class 2-A-6-B at AAA (sf)
-- $14.4 million Class 2-A-7 at AAA (sf)
-- $7.2 million Class 2-A-7-A at AAA (sf)
-- $7.2 million Class 2-A-7-B at AAA (sf)
-- $4.8 million Class 2-A-8 at AAA (sf)
-- $2.4 million Class 2-A-8-A at AAA (sf)
-- $2.4 million Class 2-A-8-B at AAA (sf)
-- $200.8 million Class 2-A-X-1 at AAA (sf)
-- $9.3 million Class B-1 at AA (low) (sf)
-- $8.6 million Class B-2 at A (low) (sf)
-- $5.7 million Class B-3 at BBB (low) (sf)
-- $2.6 million Class B-4 at BB (low) (sf)
-- $956.0 thousand Class B-5 at B (low) (sf)

Classes 1-A-4-X, 1-A-5-X, 1-A-6-X, 1-A-7-X, 1-A-8-X, 1-A-9-X,
1-A-10-X, 1-A-11-X, 1-A-12-X, 1-A-13-X, 1-A-14-X, 1-A-15-X,
1-A-16-X, 1-A-X-1, 1-A-X-2, 1-A-X-3, 1-A-X-3-A, 1-A-X-3-B, and
2-A-X-1 are interest-only certificates. The class balances
represent notional amounts.

Classes 1-A-1, 1-A-2, 1-A-3, 1-A-4, 1-A-4-A, 1-A-4-X, 1-A-5,
1-A-5-A, 1-A-5-B, 1-A-5-X, 1-A-6, 1-A-6-A, 1-A-6-X, 1-A-7, 1-A-7-A,
1-A-7-B, 1-A-7-X, 1-A-8, 1-A-8-A, 1-A-8-X, 1-A-9, 1-A-9-A, 1-A-9-B,
1-A-9-X, 1-A-10, 1-A-10-A, 1-A-10-X, 1-A-11, 1-A-11-A, 1-A-11-X,
1-A-12, 1-A-13, 1-A-14, 1-A-15, 1-A-16, 1-A-17, 1-A-17-A, 1-A-18,
1-A-19, 1-A-X-2, 1-A-X-3, 2-A-1, 2-A-2, 2-A-2-A, 2-A-2-B, 2-A-3,
2-A-3-A, 2-A-3-B, 2-A-4, 2-A-5, 2-A-6, 2-A-6-A, 2-A-6-B, 2-A-7, and
2-A-8 are exchangeable certificates. These classes can be exchanged
for combinations of exchange certificates as specified in the
offering documents.

Classes 1-A-2, 1-A-3, 1-A-4, 1-A-4-A, 1-A-5, 1-A-5-A, 1-A-5-B,
1-A-6, 1-A-6-A, 1-A-7, 1-A-7-A, 1-A-7-B, 1-A-8, 1-A-8-A, 1-A-9,
1-A-9-A, 1-A-9-B, 1-A-10, 1- A-10-A, 1-A-11, 1-A-11-A, 1-A-12,
1-A-12-A, 1-A-13, 1- A-13-A, 1-A-14, 1-A-14-A, 1-A-15, 1-A-15-A,
1-A-16, 1- A-16-A, 2-A-3, 2-A-3-A, 2- A-3-B, 2-A-4, 2-A-4-A, 2-A-
4-B, 2-A-5, 2-A-5-A and 2- A-5-B are super-senior certificates.
These classes benefit from additional protection from the senior
support certificates (Classes 1-A-17, 1-A-17-A, 1-A- 18, 1-A-18-A,
1-A-19, 1-A- 19-A, 2-A-6, 2-A-6-A, 2-A- 6-B, 2-A-7, 2-A-7-A, 2-A-7-
B, 2-A-8, 2-A-8-A and 2-A- 8-B) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 6.00% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 4.05%, 2.25%, 1.05%, 0.50%, and 0.30% of credit
enhancement, respectively.

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

This securitization is a portfolio of first-lien fixed-rate prime
residential mortgages funded by the issuance of the Certificates.
The Certificates are backed by 444 loans with a total principal
balance of $477,924,494 as of the Cut-Off Date (June 1, 2022).

The transaction has two groups of loans, Pool 1 and Pool 2, and
consists of fully amortizing fixed-rate mortgages with original
terms to maturity of primarily 30 years and a weighted-average loan
age of three months. All but one loan are traditional, nonagency,
prime jumbo mortgage loans. The remaining loan is a mortgage loan
that was underwritten using an automated underwriting system (AUS)
designated by Fannie Mae or Freddie Mac and was eligible for
purchase by such agencies. Details on the underwriting of
conforming loans can be found in the Key Probability of Default
Drivers section of the related presale report.

The originators for the aggregate mortgage pool are United
Wholesale Mortgage, LLC (44.5%) and various other originators, each
comprising less than 15% of the pool. The mortgage loans will be
serviced by Cenlar FSB (59.3%), NewRez LLC dba Shellpoint Mortgage
Servicing (40.5%), and various other servicers and subservicers
each comprising less than 10% of the pool.

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

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by DBRS Morningstar) will
act as Securities Administrator and Delaware Trustee. Computershare
Trust Company, N.A. (rated BBB with a Stable trend by DBRS
Morningstar) will act as Custodian. Pentalpha Surveillance LLC will
serve as the Representations and Warranties (R&W) Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a precrisis structure.
However, in contrast to recent JPMMT securitizations, JPMMT 2022-7
has two groups of senior certificates. The Pool 1 and Pool 2 senior
certificates are backed by collateral from each respective pool.
The subordinate certificates will be cross-collateralized between
the two pools. This is generally known as Y-Structure.

CORONAVIRUS DISEASE (COVID-19) PANDEMIC IMPACT

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

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
the pandemic, 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.

As of the Cut-Off Date, none of the loans are currently subject to
a coronavirus-related forbearance plan. In the event a borrower
requests or enters into a coronavirus-related forbearance plan
after the Cut-Off Date but prior to the Closing Date, the Mortgage
Loan Seller will remove such loan from the mortgage pool and remit
the related Closing Date substitution amount. Loans that enter a
coronavirus-related forbearance plan after the Closing Date will
remain in the pool.

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



JP MORGAN 2022-7: DBRS Gives Prov. B(low) Rating on Class B5 Certs
------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2022-7 to be issued by
J.P. Morgan Mortgage Trust 2022-7 (JPMMT 2022-7):

-- $248.4 million Class 1-A-1 at AAA (sf)
-- $224.6 million Class 1-A-2 at AAA (sf)
-- $224.6 million Class 1-A-3 at AAA (sf)
-- $168.5 million Class 1-A-4 at AAA (sf)
-- $168.5 million Class 1-A-4-A at AAA (sf)
-- $168.5 million Class 1-A-4-X at AAA (sf)
-- $56.2 million Class 1-A-5 at AAA (sf)
-- $56.2 million Class 1-A-5-A at AAA (sf)
-- $56.2 million Class 1-A-5-B at AAA (sf)
-- $56.2 million Class 1-A-5-X at AAA (sf)
-- $134.8 million Class 1-A-6 at AAA (sf)
-- $134.8 million Class 1-A-6-A at AAA (sf)
-- $134.8 million Class 1-A-6-X at AAA (sf)
-- $89.9 million Class 1-A-7 at AAA (sf)
-- $89.9 million Class 1-A-7-A at AAA (sf)
-- $89.9 million Class 1-A-7-B at AAA (sf)
-- $89.9 million Class 1-A-7-X at AAA (sf)
-- $67.4 million Class 1-A-8 at AAA (sf)
-- $67.4 million Class 1-A-8-A at AAA (sf)
-- $67.4 million Class 1-A-8-X at AAA (sf)
-- $123.5 million Class 1-A-9 at AAA (sf)
-- $123.5 million Class 1-A-9-A at AAA (sf)
-- $123.5 million Class 1-A-9-B at AAA (sf)
-- $123.5 million Class 1-A-9-X at AAA (sf)
-- $84.1 million Class 1-A-10 at AAA (sf)
-- $84.1 million Class 1-A-10-A at AAA (sf)
-- $84.1 million Class 1-A-10-X at AAA (sf)
-- $50.4 million Class 1-A-11 at AAA (sf)
-- $50.4 million Class 1-A-11-A at AAA (sf)
-- $50.4 million Class 1-A-11-X at AAA (sf)
-- $101.1 million Class 1-A-12 at AAA (sf)
-- $101.1 million Class 1-A-12-A at AAA (sf)
-- $101.1 million Class 1-A-12-X at AAA (sf)
-- $33.7 million Class 1-A-13 at AAA (sf)
-- $33.7 million Class 1-A-13-A at AAA (sf)
-- $33.7 million Class 1-A-13-X at AAA (sf)
-- $33.7 million Class 1-A-14 at AAA (sf)
-- $33.7 million Class 1-A-14-A at AAA (sf)
-- $33.7 million Class 1-A-14-X at AAA (sf)
-- $16.7 million Class 1-A-15 at AAA (sf)
-- $16.7 million Class 1-A-15-A at AAA (sf)
-- $16.7 million Class 1-A-15-X at AAA (sf)
-- $39.4 million Class 1-A-16 at AAA (sf)
-- $39.4 million Class 1-A-16-A at AAA (sf)
-- $39.4 million Class 1-A-16-X at AAA (sf)
-- $23.8 million Class 1-A-17 at AAA (sf)
-- $23.8 million Class 1-A-17-A at AAA (sf)
-- $17.8 million Class 1-A-18 at AAA (sf)
-- $17.8 million Class 1-A-18-A at AAA (sf)
-- $5.9 million Class 1-A-19 at AAA (sf)
-- $5.9 million Class 1-A-19-A at AAA (sf)
-- $248.4 million Class 1-A-X-1 at AAA (sf)
-- $224.6 million Class 1-A-X-2 at AAA (sf)
-- $23.8 million Class 1-A-X-3 at AAA (sf)
-- $17.8 million Class 1-A-X-3-A at AAA (sf)
-- $5.9 million Class 1-A-X-3-B at AAA (sf)
-- $200.8 million Class 2-A-1 at AAA (sf)
-- $200.8 million Class 2-A-2 at AAA (sf)
-- $100.4 million Class 2-A-2-A at AAA (sf)
-- $100.4 million Class 2-A-2-B at AAA (sf)
-- $181.6 million Class 2-A-3 at AAA (sf)
-- $90.8 million Class 2-A-3-A at AAA (sf)
-- $90.8 million Class 2-A-3-B at AAA (sf)
-- $136.2 million Class 2-A-4 at AAA (sf)
-- $68.1 million Class 2-A-4-A at AAA (sf)
-- $68.1 million Class 2-A-4-B at AAA (sf)
-- $45.4 million Class 2-A-5 at AAA (sf)
-- $22.7 million Class 2-A-5-A at AAA (sf)
-- $22.7 million Class 2-A-5-B at AAA (sf)
-- $19.2 million Class 2-A-6 at AAA (sf)
-- $9.6 million Class 2-A-6-A at AAA (sf)
-- $9.6 million Class 2-A-6-B at AAA (sf)
-- $14.4 million Class 2-A-7 at AAA (sf)
-- $7.2 million Class 2-A-7-A at AAA (sf)
-- $7.2 million Class 2-A-7-B at AAA (sf)
-- $4.8 million Class 2-A-8 at AAA (sf)
-- $2.4 million Class 2-A-8-A at AAA (sf)
-- $2.4 million Class 2-A-8-B at AAA (sf)
-- $200.8 million Class 2-A-X-1 at AAA (sf)
-- $9.3 million Class B-1 at AA (low) (sf)
-- $8.6 million Class B-2 at A (low) (sf)
-- $5.7 million Class B-3 at BBB (low) (sf)
-- $2.6 million Class B-4 at BB (low) (sf)
-- $956.0 thousand Class B-5 at B (low) (sf)

Classes 1-A-4-X, 1-A-5-X, 1-A-6-X, 1-A-7-X, 1-A-8-X, 1-A-9-X,
1-A-10-X, 1-A-11-X, 1-A-12-X, 1-A-13-X, 1-A-14-X, 1-A-15-X,
1-A-16-X, 1-A-X-1, 1-A-X-2, 1-A-X-3, 1-A-X-3-A, 1-A-X-3-B, and
2-A-X-1 are interest-only certificates. The class balances
represent notional amounts.

Classes 1-A-1, 1-A-2, 1-A-3, 1-A-4, 1-A-4-A, 1-A-4-X, 1-A-5,
1-A-5-A, 1-A-5-B, 1-A-5-X, 1-A-6, 1-A-6-A, 1-A-6-X, 1-A-7, 1-A-7-A,
1-A-7-B, 1-A-7-X, 1-A-8, 1-A-8-A, 1-A-8-X, 1-A-9, 1-A-9-A, 1-A-9-B,
1-A-9-X, 1-A-10, 1-A-10-A, 1-A-10-X, 1-A-11, 1-A-11-A, 1-A-11-X,
1-A-12, 1-A-13, 1-A-14, 1-A-15, 1-A-16, 1-A-17, 1-A-17-A, 1-A-18,
1-A-19, 1-A-X-2, 1-A-X-3, 2-A-1, 2-A-2, 2-A-2-A, 2-A-2-B, 2-A-3,
2-A-3-A, 2-A-3-B, 2-A-4, 2-A-5, 2-A-6, 2-A-6-A, 2-A-6-B, 2-A-7, and
2-A-8 are exchangeable certificates. These classes can be exchanged
for combinations of exchange certificates as specified in the
offering documents.

Classes 1-A-2, 1-A-3, 1-A-4, 1-A-4-A, 1-A-5, 1-A-5-A, 1-A-5-B,
1-A-6, 1-A-6-A, 1-A-7, 1-A-7-A, 1-A-7-B, 1-A-8, 1-A-8-A, 1-A-9,
1-A-9-A, 1-A-9-B, 1-A-10, 1- A-10-A, 1-A-11, 1-A-11-A, 1-A-12,
1-A-12-A, 1-A-13, 1- A-13-A, 1-A-14, 1-A-14-A, 1-A-15, 1-A-15-A,
1-A-16, 1- A-16-A, 2-A-3, 2-A-3-A, 2- A-3-B, 2-A-4, 2-A-4-A, 2-A-
4-B, 2-A-5, 2-A-5-A and 2- A-5-B are super-senior certificates.
These classes benefit from additional protection from the senior
support certificates (Classes 1-A-17, 1-A-17-A, 1-A- 18, 1-A-18-A,
1-A-19, 1-A- 19-A, 2-A-6, 2-A-6-A, 2-A- 6-B, 2-A-7, 2-A-7-A, 2-A-7-
B, 2-A-8, 2-A-8-A and 2-A- 8-B) with respect to loss allocation.

The AAA (sf) ratings on the Certificates reflect 6.00% of credit
enhancement provided by subordinated certificates. The AA (low)
(sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 4.05%, 2.25%, 1.05%, 0.50%, and 0.30% of credit
enhancement, respectively.

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

This securitization is a portfolio of first-lien fixed-rate prime
residential mortgages funded by the issuance of the Certificates.
The Certificates are backed by 444 loans with a total principal
balance of $477,924,494 as of the Cut-Off Date (June 1, 2022).

The transaction has two groups of loans, Pool 1 and Pool 2, and
consists of fully amortizing fixed-rate mortgages with original
terms to maturity of primarily 30 years and a weighted-average loan
age of three months. All but one loan are traditional, nonagency,
prime jumbo mortgage loans. The remaining loan is a mortgage loan
that was underwritten using an automated underwriting system (AUS)
designated by Fannie Mae or Freddie Mac and were eligible for
purchase by such agencies. Details on the underwriting of
conforming loans can be found in the Key Probability of Default
Drivers section of the related presale report.

The originators for the aggregate mortgage pool are United
Wholesale Mortgage, LLC (44.5%) and various other originators, each
comprising less than 15% of the pool. The mortgage loans will be
serviced by Cenlar FSB (59.3%), NewRez LLC dba Shellpoint Mortgage
Servicing (40.5%), and various other servicers and subservicers
each comprising less than 10% of the pool.

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

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by DBRS Morningstar) will
act as Securities Administrator and Delaware Trustee. Computershare
Trust Company, N.A. will act as Custodian. Pentalpha Surveillance
LLC will serve as the Representations and Warranties (R&W)
Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a precrisis structure.
However, in contrast to recent JPMMT securitizations, JPMMT 2022-7
has two groups of senior certificates. The Pool 1 and Pool 2 senior
certificates are backed by collateral from each respective pool.
The subordinate certificates will be cross-collateralized between
the two pools. This is generally known as Y-Structure.

CORONAVIRUS DISEASE (COVID-19) PANDEMIC IMPACT

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

Such mortgage delinquencies were mostly in the form of forbearance,
which are generally short-term payment reliefs that may perform
very differently from traditional delinquencies. At the onset of
the pandemic, 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.

As of the Cut-Off Date, none of the loans are currently subject to
a coronavirus-related forbearance plan. In the event a borrower
requests or enters into a coronavirus-related forbearance plan
after the Cut-Off Date but prior to the Closing Date, the Mortgage
Loan Seller will remove such loan from the mortgage pool and remit
the related Closing Date substitution amount. Loans that enter a
coronavirus-related forbearance plan after the Closing Date will
remain in the pool.

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



JPMBB COMMERCIAL 2015-C28: DBRS Cuts Class F Rating to CCC
----------------------------------------------------------
DBRS, Inc. downgraded ratings on three classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-C28 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C28 as follows:

-- Class X-E to BB (low) (sf) from BB (sf)
-- Class E to B (high) (sf) from BB (low) (sf)
-- Class F to CCC (sf) from B (low) (sf)

In addition, DBRS Morningstar confirmed the following ratings:

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

DBRS Morningstar also discontinued its ratings on Class X-F as it
now references a CCC (sf)-rated class. The trends on Classes X-D,
D, X-E, and E were changed to Stable from Negative. All other
trends are Stable with the exception of Class F, which now has a
rating that does not carry a trend. DBRS Morningstar removed the
interest in arrears designation on Class F, as the interest
shortfalls were repaid with the May 2022 remittance.

DBRS Morningstar previously assigned Negative trends to classes
X-D, D, X-E, E, and F as a reflection of the potential for further
declines in the outlook for the loans in the pool in special
servicing and on the servicer's watchlist. As such, the downgrades
for Classes X-E, E, and F with this review, reflect the sustained
performance decline of the loans currently in special servicing.
Additionally, DBRS Morningstar continues to note the high
concentration of loans secured by retail properties, as the effects
of the Coronavirus Disease (COVID-19) pandemic disproportionately
affected the performance of retail properties. DBRS Morningstar
believes the rating actions taken with this review appropriately
reflect the current risk profile of the transaction, supporting the
Stable trends.

As of the June 2022 remittance, 59 of the original 67 loans remain
in the pool, representing a collateral reduction of 22.1% since
issuance. Ten loans, representing 11.0% of the current pool
balance, are fully defeased. Three loans, representing 10.8% of the
pool, were in special servicing, including two in the top 15, one
of which has become real estate owned (REO), the Horizon Outlet
Shoppes Portfolio (Prospectus ID#12, 2.2% of the pool).
Additionally, eight loans, representing 14.9% of the current pool,
were being monitored on the servicer's watchlist, including four in
the top 15. The pool continues to be highly concentrated by
property type, with retail properties representing 52.2% of the
current pool, including all three of the specially serviced loans.
Retail property types saw some of the worst of the initial effects
of the pandemic with forced closures and capacity limitations, and
while things have improved incrementally over the last year,
significant risks remain as the pandemic's effects continue to
linger.

The largest loan in special servicing, and the second-largest loan
overall, is Shops at Waldorf Center (Prospectus ID#2, 8.4% of the
pool). The loan transferred to special servicing in July 2020 for
imminent monetary default related to the onset of the pandemic, and
as of the June 2022 remittance, remains over 90 days delinquent.
The loan is secured by a 497,000 square-foot (sf) anchored retail
property in Waldorf, Maryland, approximately 30 miles south of
Washington, D.C. The collateral property's occupancy rate has
fallen precipitously over the last few years, but cash flows had
previously remained relatively healthy, with a YE2019 debt service
coverage ratio (DSCR) of 1.59 times (x) and an occupancy rate of
81.0%. As of March 2020, occupancy was reported at 76.0%, with a
granular rent roll that showed the largest tenant as Christmas Tree
Shops with 7.1% of the collateral net rentable area (NRA).

Updated financials have not been provided since the loans were
transferred to special servicing, but servicer commentary reports
that as of January 2022, the property was 74% occupied and
generated $5.1 million in net operating income in 2021, compared
with $5.6 million in 2019, and $6.5 million at issuance. The
servicer commentary goes on to note that while performance has
improved, income generated from the property is not sufficient to
cover the senior and mezzanine debt service, as well as leasing and
capital expenses. The workout strategy is noted as modification,
with commentary reporting that discussions are ongoing with the
borrower, while the servicer dual tracks foreclosure. A September
2021 appraisal valued the property at $90.2 million, which was
relatively consistent with the September 2020 appraised value of
$90.9 million, and still slightly above the loan's total exposure.
In its analysis, DBRS Morningstar analyzed the loan by maintaining
an elevated probability of default, increasing the loan's expected
loss profile.

The second-largest loan in special servicing is the Horizon Outlet
Shoppes Portfolio (Prospectus ID#12, 2.2% of the pool), a pari
passu loan that transferred to special servicing in March 2020,
prior to the onset of the pandemic, for imminent monetary default.
At issuance, the portfolio consisted of three outlet malls in
Wisconsin, Washington, and Indiana, all of which became REO in
August 2021. Servicer commentary states that only one of the
properties remains REO, indicating that the two smaller properties
in Washington and Indiana have been sold. The June 2022 remittance
report shows curtailments payments in April and June 2022, totaling
$5.5 million, related to the loan. The Washington and Indiana
properties reported Q4 2021 DSCRs of -0.11x and 0.46x,
respectively, and were most recently valued at $3.0 million and
$2.1 million, respectively, indicating significant declines from
the issuance appraised values of $23.2 million and $18.7 million,
respectively. The remaining asset securing the loan, Prime Outlets
of Oshkosh, is a 270,500-sf anchored retail property in Oshkosh,
Wisconsin. Current rent rolls were not available, but the servicer
reported occupancy and Q4 2021 DSCR of 60% and 1.25x, respectively,
compared with 82.3% and 1.05x at YE2019 (YE2020 financials were not
provided). Tenancy is fairly granular with no tenant making up more
than 5.3% of total NRA.

Servicer commentary noted that the property was not currently
listed for sale, though no further updates about the current
workout plans have been disclosed, with the special servicer
potentially waiting to lease up the property before bringing it to
market. While the Oshkosh property had historically performed
better than the other two properties in the portfolio, the most
recent property valuation of $7.0 million represents an 84.6%
decline from the issuance appraised value of $45.0 million. The
value is well below the outstanding loan balance of $19.8 million.
As a result, DBRS Morningstar liquidated the loan from the trust in
its analysis, which resulted in a loss severity of nearly 100%.

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



MARGARITAVILLE 2019-MARG: DBRS Confirms B(low) Rating on G Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-MARG issued by
Margaritaville Beach Resort Trust 2019-MARG as follows:

-- Class A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at AA (low) (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)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the stable performance of the
transaction, which remains in line with DBRS Morningstar's
expectations. The transaction is secured by the leasehold interest
in a AAA Four Diamond-rated luxury resort in Hollywood, Florida,
situated on 6.2 acres of beachfront property between the Atlantic
Ocean and the intracoastal Stranahan River. The collateral is
subject to a 99-year ground lease between the City of Hollywood and
the borrower. The ground lease, which commenced in July 2013 and
will expire in July 2112, calls for a minimum guaranteed annual
rent of $1,000,000, with rent increases of 15.0% on every fifth
anniversary of the commencement date.

The resort offers 349 guest rooms, each featuring a private terrace
with an ocean/intracoastal view; 30,000 square feet (sf) of
indoor/outdoor event space; an adult-only pool; two family-friendly
pools; a surf simulator; an 11,000-sf spa; eight branded food and
beverage outlets; and 465 parking spaces. The property benefits
from its proximity to two major airports: Fort Lauderdale-Hollywood
International Airport, located 7.5 miles north, and Miami
International Airport, located 23.4 miles south.

The floating-rate, interest-only (IO) loan was structured with an
initial term of two years, with three one-year extension options.
The borrower has exercised two extension options, extending the
maturity date to May 2023. Pebblebook Hotel Trust (Pebblebrook)
acquired the resort in September 2021 for $270 million from KSL
Capital Partners, LLC. Pebblebrook is a publicly traded real estate
investment trust (REIT) and the largest owner of urban and resort
lifestyle hotels in the United States. The Company owns 52 hotels,
totalling approximately 13,000 guest rooms across 15 urban and
resort markets. Pebblebrook funded the acquisition with
approximately $108.5 million of cash on hand and assumed the $161.5
million of existing non-recourse, secured debt that resides within
the trust. The $270 million sale price was above the issuance
appraised value of $248.0 million and well above the current loan
balance, suggesting the sale was a credit-positive event that
injected fresh equity into the transaction. In conjunction with the
closing of the transaction, the $18.5 million mezzanine loan was
repaid.

According to the year-end (YE) 2021 financials, the trust loan
reported net cash flow (NCF) and a debt service coverage ratio
(DSCR) of $18.9 million and 3.87 times (x). In comparison, the
trust loan reported NCF and a DSCR of -$444,322 and -0.07x at
YE2020 and $17.3 million and 1.81x at issuance, respectively. The
improvement in performance was driven by a 138% increase in
effective gross income (EGI) and an approximately 20% decrease in
debt service payments. According to the June 2022 servicer
reporting, the reserve account had a balance of approximately $3.8
million.

According to the March 2022 STR report, the collateral reported an
occupancy rate, average daily rate (ADR), and revenue per available
room (RevPAR) figures of 75.7%, $413.96, and $313.43, respectively.
In comparison, the competitive set reported the same metrics at
64.7%, $340.82, and $220.51, respectively, implying a penetration
rate of 117% for the subject property.

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



MF1 2021-FL7: DBRS Confirms B(low) Rating on Class H Notes
----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
notes issued by MF1 2021-FL7, Ltd. (MF1 or the Issuer):

-- 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 (high) (sf)
-- Class G at BB (low) (sf)
-- Class H 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 September 2021 with an initial collateral
pool of 49 floating-rate mortgage loans secured by 67 transitional
multifamily properties and six senior housing properties totaling
$1.9 billion (70.6% of the fully funded balance), excluding $159.5
million of remaining future funding commitments and $626.4 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 120-day ramp-up acquisition period following the closing
date, which was completed in February 2022 when the cumulative loan
balance totaled $2.25 billion. The transaction is structured with a
Reinvestment Period through the September 2023 Payment Date,
whereby the Issuer may acquire Funded Companion Participations into
the trust.

As of the June 2022 remittance, the pool comprises 57 loans secured
by 94 properties with a cumulative trust balance of $2.2 billion.
Since issuance, two loans have successfully repaid from the pool.
The Reinvestment Account has a current balance of $10.1 million. In
general, borrowers are progressing toward completing the stated
business plans, as through May 2022 the collateral manager had
released $68.5 million in loan future funding to 35 individual
borrowers to aid in property stabilization efforts. An additional
$140.3 million of unadvanced loan future funding allocated to 41
individual borrowers remains outstanding.

The transaction is concentrated by property type as 55 loans are
secured by multifamily properties, totaling 95.5% of the current
trust balance, and two loans are secured by senior housing
properties, totaling 4.5% of the current trust balance. The
transaction is also concentrated by loan size, as the largest 10
loans represent 41.5% of the pool. No loans are in special
servicing and eight loans are on the servicer's watchlist,
representing 12.8% of the current balance, as of the June 2022
remittance. These loans have been flagged due to low occupancy
rates and/or DSCR figures, which is expected as the borrower's on
the respective loans are continuing to progress through the
individual business plans. In addition, since issuance, no loans
have received a forbearance and one loan has been modified with a
maturity extension.

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



MFA 2022-INV2: DBRS Gives Prov. B Rating on Class B-2 Certs
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Mortgage
Pass-Through Certificates, Series 2022-INV2 (the Certificates) to
be issued by MFA 2022-INV2 Trust (the Issuer) as follows:

-- $121.4 million Class A-1 at AAA (sf)
-- $22.2 million Class A-2 at AA (high) (sf)
-- $25.5 million Class A-3 at A (high) (sf)
-- $14.8 million Class M-1 at BBB (sf)
-- $10.2 million Class B-1 at BB (sf)
-- $7.8 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 43.40%
of credit enhancement provided by subordinate certificates. The AA
(high) (sf), A (high) (sf), BBB (sf), BB (sf), and B (sf) ratings
reflect 33.05%, 21.15%, 14.25%, 9.50%, and 5.85% of credit
enhancement, respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate investor debt service coverage ratio (DSCR),
first-lien residential mortgages funded by the issuance of the
Certificates. The Certificates are backed by 888 mortgage loans
with a total principal balance of $214,451,329 as of the Cut-Off
Date (June 30, 2022).

The originator and servicer for the whole mortgage pool is Lima One
Capital, LLC (Lima One or the Company). MFA Financial, Inc. (MFA)
is the Sponsor and the Servicing Administrator of the transaction.

The mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on property value,
the mortgagor's credit profile, and the DSCR, where applicable.
Because the loans were made to investors for business purposes,
they are exempt from the Consumer Financial Protection Bureau's
Ability-to-Repay (ATR) rules and TILA/RESPA Integrated Disclosure
rule.

The Sponsor and Servicing Administrator are the same entity, and
the Depositor is its affiliate. The initial Controlling Holder is
expected to be the Depositor. The Depositor 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. Such retention aligns Sponsor
and investor interest in the capital structure. Additionally, the
Depositor will initially own the Class B-2 and Class A-IO-S
certificates.

Computershare Trust Company, N.A. (Computershare; rated BBB with a
Stable trend by DBRS Morningstar) will act as the Securities
Administrator and Certificate Registrar. Deutsche Bank National
Trust Company, Computershare, and Wilmington Trust, National
Association will act as the Custodians.

On or after the earlier of (1) the third anniversary of the Closing
Date or (2) the date when the aggregate unpaid principal balance
(UPB) 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, and any postclosing deferred
amounts due to the Class XS certificates (optional redemption).
After such purchase, the Depositor may 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 UPB 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 UPB 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, any preclosing
deferred amounts, and expenses that are payable or reimbursable to
the transaction parties (optional termination). An optional
termination is conducted as a qualified liquidation.

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

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the Class A-1, A-2, and A-3
Notes (Senior Classes) subject to certain performance triggers
related to cumulative losses or delinquencies exceeding a specified
threshold (Trigger 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 Trigger Event has occurred.
For the Class A-3 Notes (only after a Trigger Event) and for the
mezzanine and subordinate classes of Notes (both before and after a
Trigger Event), principal proceeds will be available to cover
interest shortfalls only after the more senior classes have been
paid off in full. The excess spread can be used to cover (1)
realized losses and (2) cumulative applied realized loss amounts
preceding the allocation of funds to unpaid Cap Carryover Amounts
due to Class A-1 down to Class M-1.

Coronavirus Impact

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 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.



MORGAN STANLEY 2018-MP: DBRS Confirms BB Rating on Class E Certs
----------------------------------------------------------------
DBRS Limited confirmed the following ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2018-MP issued by Morgan
Stanley Capital I Trust 2018-MP:

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

With this review, DBRS Morningstar changed the trends on Classes D
and E to Stable from Negative. All other trends are Stable.

The Negative trends previously carried by Classes D and E reflected
DBRS Morningstar's concern about the non-investment-grade tenants,
Equinox Fitness and AMC Entertainment Holdings, Inc. (AMC), that
occupy 40.3% of the portfolio net rentable area (NRA) and were
greatly affected by the Coronavirus Disease (COVID-19) pandemic.
While the YE2021 financial reporting continues to reflect a
depressed net cash flow (NCF) compared with pre-pandemic figures,
the servicer has confirmed that both tenants resumed regular rent
payments: AMC in February 2021 and Equinox in October 2021.
According to the April 2022 reporting, the collection of deferred
rent from AMC commenced in August 2021 with the collection from
Equinox expected to commence in January 2023. Given that these two
tenants combine to contribute 27.3% of gross potential revenue
across the portfolio, financial performance is expected to
stabilize during 2022.

The loan is secured by the fee-simple and leasehold interests in
the Millennium Partners Portfolio, which consists of eight
cross-collateralized retail and office condominiums in dense urban
locations, including New York City, Boston, Miami, San Francisco,
and Washington, D.C. The collateral consists of approximately 1.5
million square feet (sf) of commercial space along with parking
garages at the Four Seasons Miami; Ritz-Carlton Washington, D.C.;
and Ritz-Carlton Georgetown Retail properties. The loan is
sponsored by Millennium Partners, a Manhattan-based real estate
development and management company focused on luxury, mixed-use
properties in gateway cities across the U.S. As of June 2022, the
sponsor's portfolio has been valued at more than $4.0 billion with
its owned-portfolio including more than 2,900 luxury condominiums,
1.2 million sf of office space, and 1.0 million sf of retail
space.

The properties are in desirable, centrally located markets that
have minimal available space for future competitive developments,
and most of the condominium properties are part of larger,
higher-end luxury uses and include quality fit-outs. All eight
properties are subject to complex condominium structures, which are
not controlled by the borrowers. The portfolio is geographically
diverse as the properties are located in four states and the
District of Columbia. At issuance, DBRS Morningstar noted the
relatively low lease rollover risk, with 48.1% of the portfolio's
NRA scheduled to expire during the loan term. The whole loan
loan-to-value ratio (LTV) totalled 141.6%, based on the DBRS
Morningstar value of $822.7 million while the total mortgage debt
reflects an LTV of 101.5%.

The subject whole loan has a 10-year interest-only (IO) term with a
$710.0 million first mortgage and $280.2 million of mezzanine debt
held outside the trust. Of the first mortgage amount, $225.9
million consists of non-pooled pari passu notes that were
securitized in the following DBRS Morningstar-rated commercial
mortgage-backed securities (CMBS) transactions: BANK 2019-BN16, MSC
2018-L1, and BANK 2018-BN14. The BANK 2018-BN14 transaction was
last reviewed in January 2022 when DBRS Morningstar confirmed the
subject loan's investment-grade shadow rating. The loan is also
securitized in the non-DBRS Morningstar-rated transaction, BANK
2018- BNK15.

According to the YE2021 consolidated financials, the NCF was
reported at $54.0 million, a slight decline from the YE2020 figure
of $57.5 million and well below the YE2019 figure of $75.6 million.
As noted above, however, both AMC and Equinox have resumed regular
rent payments, thus cash flow in 2022 is expected to improve to
pre-pandemic levels. While deferred rents from July 2020 through
September 2021 have not yet been repaid, the sponsor expects to
collect all of the past due rents and is in contact with Equinox as
collection is expected start no later than January 1, 2023.
Regarding AMC, collection of deferred rents from 2020 commenced in
August 2021. During 2021, AMC was able to rebound, given the
substantial amount of capital that was raised through issuing new
shares and from the sale of company-owned stock during peaks of
volatile market pricing.

According to the April 2022 rent roll, the portfolio occupancy rate
dropped slightly to 90.8% from 92.6% as of April 2021 and 94.3% at
issuance. There is minimal lease rollover risk in the near term
with eight tenants, representing 3.8% of NRA, having lease
expirations in 2022 and 13 tenants, representing 3.6% of NRA,
having lease expirations in 2023.

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



MSBAM 2012-CKSV: DBRS Confirms B(high) Rating on Class D Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on Commercial Mortgage
Pass-Through Certificates, issued by MSBAM Commercial Mortgage
Securities Trust 2012-CKSV as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (low) (sf)
-- Class B at A (high) (sf)
-- Class C at BBB (low) (sf)
-- Class D at B (high) (sf)
-- Class CK at BBB (low) (sf)

DBRS Morningstar changed the trends on all classes to Stable from
Negative with this review. The rating confirmations and trend
changes reflect the continued stabilization of the two regional
malls that back the underlying loans since DBRS Morningstar's last
review.

All certificates rated by DBRS Morningstar, except for Class CK,
are backed by two separate loans secured by two regional malls
known as Clackamas Town Center (Clackamas) and Sunvalley Shopping
Center (Sunvalley). The Class CK certificate is backed by the
Clackamas loan only. The Clackamas loan has a current senior
component balance of $190.8 million and subordinate component
balance of $25.2 million and is scheduled to mature on October 1,
2022, following a 10-year interest-only (IO) term. The Sunvalley
loan has a current senior balance of $154.4 million and is
scheduled to mature on September 1, 2022, following a 10-year term
that included amortization on a 30-year schedule. The loans are not
cross-collateralized or cross-defaulted. The Clackamas loan is
sponsored by a joint venture between Brookfield Property Partners
L.P. (Brookfield) and Teacher's Retirement System of the State of
Illinois (TRS), while the Sunvalley loan is sponsored by Simon
Property Group (Simon) after its acquisition of The Taubman Realty
Group Limited Partnership in December 2020.

The Sunvalley loan is secured by a 1.2 million-square-foot (sf)
portion of a 1.4 million-sf regional mall in Concord, California.
Collateral anchors include JCPenney (17.8% of the net rentable area
(NRA), lease expiry in May 2022), Macy's (16.8% of the NRA, lease
expiry in July 2028), and Macy's Men & Home (14.9% of NRA, lease
expiry in August 2029). There is also a non-collateral Sears, which
remains open. As of the December 2021 rent roll, the collateral is
93.5% occupied, up from the March 2021 rate of 87.0%, and in line
with the May 2020 occupancy rate of 93.6%. Although JCPenney has a
lease expiration of May 2022, the tenant appears to have renewed
given the store remains open as of the date of this press release.

A December 2021 tenant sales report was provided, showing sales for
in-line tenants of $408 per square foot (psf) compared with the
year-end (YE) 2020 and YE2019 figures of $292 psf and $393 psf,
respectively. Although the collateral has seen improvement
year-over-year, sales figures are still below the figure of $453
psf reported at issuance. As of the most recent financial
reporting, the annualized Q1 2022 debt service coverage ratio
(DSCR) was 1.27 times (x), relative to the YE2021 and YE2020 DSCR
figures of 0.96x and 1.19x, respectively. At contribution, the loan
reported net cash flow (NCF) of $23.8 million, compared with the
pre-Coronavirus Disease (COVID-19) pandemic NCF of $17.8 million at
YE2019, the YE2021 NCF of $10.9 million, and the annualized March
2022 figure of $14.6 million. Although recent trends show improving
metrics for the property, it is noteworthy that the pre-pandemic
figures showed sustained declines from the issuance expectations.
As such, DBRS Morningstar considered the in-place cash flow
declines for the property when the ratings were assigned in 2020.

The Clackamas loan is secured by a 631,537-sf portion of a 1.4
million sf, two-level, super-regional mall in Happy Valley, Oregon.
As of the December 2021 rent roll, the collateral portion of the
property was 88.1% occupied with approximately 30% of the NRA
scheduled to roll within the next 12 months, including the largest
tenant. The largest collateral tenants include Century Theatres
(11.2% of the NRA, lease expiry in December 2022), Dave & Buster's
(5.8% of the NRA, lease expiry in January 2030), and Forever 21
(2.0% of the NRA, lease expiry in January 2024). The noncollateral
anchor tenants include: Macy's, Macy's Home Store, JCPenney, and
Dick's Sporting Goods, which back-filled the previously dark Sears
space. The noncollateral Nordstrom permanently closed in August
2020; however, according to the December 2021 rent roll, the tenant
continues to fulfill its monthly rental obligations.

The Clackamas property is the stronger performer of the two in this
transaction, with stronger sales and cash flows. According to the
December 2021 tenant sales report, tenants smaller than 10,000 sf
noted YE2021 sales of $561 psf compared with the YE2020 sales
figure of $351 psf and YE2019 sales figure of $493 psf. Total
in-line space reported YE2021, YE2020, and YE2019 and issuance
sales figures of $519 psf, $322 psf, $451 psf, and $432 psf,
respectively. The largest tenant, Century Theatres, reported YE2021
sales of $69,000 per screen compared with the $120,000 at YE2020,
$410,000 at YE2019, and $441,000 at issuance. The annualized Q1
2022 DSCR was 2.73x, compared with the YE2021 and YE2020 DSCR
figures of 2.33x and 2.41x, respectively. The YE2021 NCF remained
depressed from pre-pandemic levels at $21.3 million, compared with
the YE2020 and YE2019 NCF of $22.1 million and $25.6 million,
respectively. However, given the sales trends and the subject's
status as a destination shopping center for the region, DBRS
Morningstar expects cash flows will continue to stabilize.

The near-term maturities for both loans are noteworthy,
particularly in light of the relatively limited opportunity for
takeout financing for regional mall loans in the current
environment. However, the sponsors of both loans are
well-capitalized and appear committed to both properties, which
continue to show sales and cash flow improvements in the
post-pandemic years. As mentioned, DBRS Morningstar considered the
previous cash flow declines for Sunvalley in its analysis when
ratings were assigned in 2020 and. as such, the current ratings for
the pooled certificates are reflective of that risk. Based on the
conservative DBRS Morningstar value, derived in the 2021 review,
the DBRS Morningstar loan-to-value ratio is noted at 78% compared
with the moderate issuance LTV of 51%, providing an ample cushion.

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



MSC 2011-C3: DBRS Cuts Class G Certs Rating to B(low)
-----------------------------------------------------
DBRS Limited downgraded the following ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2011-C3 issued by MSC
2011-C3 Mortgage Trust:

-- Class F to BB (high) from BBB (low) (sf)
-- Class X-B to B (sf) from BB (low) (sf)
-- Class G to B (low) from B (high) (sf)

In addition, the following ratings were confirmed:

-- Class C at AAA (sf)
-- Class D at AA (low) (sf)
-- Class E at BBB (sf)

The trends on Classes E, F, G, and X-B have been changed to Stable
from Negative. All other trends remain Stable.

The rating downgrades reflect DBRS Morningstar's expectation that
the value for the collateral mall backing the largest remaining
loan in the pool, Westfield Belden Village (Prospectus ID #2, 52.6%
of the pool), will likely remain well below the issuance figure
even if performance improvements are achieved through the extended
maturity term. The pool has been reduced to just five outstanding
loans, with the bulk of the remaining balance in the aforementioned
loan and Oxmoor Center (Prospectus ID#3, 42.0% of the pool), which
were both specially serviced until recent transfers back to the
master servicer.

The trust consists of five of the original 63 loans, with an
aggregate principal balance of $173.9 million, reflecting a
collateral reduction of 88.3% since issuance. As of the June 2022
reporting, there are two loans, representing 55.4% of the pool, on
the servicer's watchlist. There are no specially serviced or
delinquent loans.

The Westfield Belden Village loan is secured by a portion of a
regional mall in Canton, Ohio. The loan previously transferred to
special servicing in May 2020 for imminent monetary default related
to a downgrade of Israeli bonds that backed the subject and other
Starwood malls. The loan was ultimately resolved when an agreement
was reached to allow holders of the Israeli bonds to take control
of the subject mall. The trust loan was brought current under the
modification agreement, with terms including interest-only payments
from July 2021 through December 2022, as well as a maturity
extension to July 2026. The loan was transferred back to the master
servicer in April 2022. There is a cash flow sweep in place as part
of the loan modification, with the servicer's watchlist commentary
as of June 2022 stating the sweep account has a balance of $4.0
million. The funds will not be released until a 1.25 times (x) debt
service coverage ratio threshold is met for six consecutive months
and 18 months from the November 2021 execution date. The property
was 95.5% occupied at year-end (YE) 2021, and reported positive
cash flows, which remained in line with the previous year. There is
limited rollover risk within the next 12 months, with only 10.7% of
net rentable area (NRA) expected to roll, including the
second-largest collateral tenant, Forever 21 (2.7% of the NRA),
which has a lease expiration in January 2023. An affiliate of
Pacific Retail Capital Partners is operating the mall, which is
most recently known as Belden Village Mall.

The special servicer's most recently obtained appraisal, dated
August 2021, valued the property on an as-is basis of $81.6
million, which suggests a loan to value (LTV) on the current loan
balance of $91.8 million of over 100% and is sharply below the
issuance value of $159.0 million. While DBRS Morningstar
acknowledges the positive developments for this loan over the last
year in the resolution of the outstanding defaults, the extension
of the maturity, and the high occupancy rate near 100% that was
maintained in 2021, the challenges for regional malls in secondary
markets, even those that have generally performed well, persist and
could cause difficulty over the remaining term and at the extended
maturity date. Prior to the onset of the Coronavirus Disease
(COVID-19) pandemic, revenues for the subject property were stable,
but those trends began to reverse in 2019 and the reported figure
for 2021 of $14.6 million is below the issuance figure of
approximately $15.3 million. Given these factors, DBRS Morningstar
believes it is unlikely the mall will achieve a materially improved
as-is value from the August 2021 figure and considered a
hypothetical liquidation scenario based on a haircut to that value
in the analysis for this review. The hypothetical loss amount was
just over $30.0 million, supporting the downgrades to the two
lowest-rated bonds in the transaction.

The second-largest loan, Oxmoor Center (Prospectus ID#3, 42.0% of
the pool), is secured by a regional mall in Louisville, Kentucky.
The loan previously transferred to special servicing in June 2021
for maturity default, returned to the master servicer in February
2022, and a loan modification was approved to extend the loan's
maturity through June 2023. The sponsor is an affiliate of
Brookfield Property Partners (Brookfield), which also owns another
mall in the immediate vicinity, Mall St. Matthews, which secures a
CMBS loan held across two 2013 transactions, including the DBRS
Morningstar-rated GS Mortgage Securities Trust 2013-GCJ14. That
loan also transferred to special servicing for maturity default and
was ultimately resolved with a five-year maturity extension. Both
that mall and the subject mall have historically performed well
overall, but the Mall St. Matthews loan differs in that Brookfield
was reportedly interested in the possibility of transferring the
title for that mall to the respective trusts, according to special
servicer commentary. Those suggestions were never made for the
subject, and DBRS Morningstar has held that should Brookfield walk
from one of the two properties, it would be the Mall St. Matthews
property given its inferior tenant mix and generally less stable
outlook. The successful loan modifications for both loans appear to
suggest Brookfield remains committed to both properties.

As the Oxmoor Center loan never became delinquent on its debt
service payments, the special servicer did not report an updated
appraisal during the time in special servicing. It is noteworthy
that Mall St. Matthews reported an updated appraisal showing the
as-is value as of August 2021 of $83.0 million, nearly $200 million
below the issuance value of $280.0 million. While DBRS Morningstar
believes it is likely that the as-is value for Oxmoor Center has
declined from issuance, the expectation is that the decline is not
as substantial as has been reported for other malls in the wake of
the coronavirus pandemic. This is a result of the strong tenant
mix, which includes many high-end retailers and eateries, preferred
status within the Louisville market, and the recent development
that will be bringing Topgolf to the former Sears space, with
construction currently underway. Since Sears closed in 2018, the
occupancy rate at the mall has been depressed, but that is expected
to stabilize once Topgolf is open. Brookfield has also recently
invested in constructing additional outparcel space for new
restaurants, including Capital Grille. It has also been reported
that the sponsor is seeking to convert approximately 28,000 sf of
space to office use on the mall's second floor, with leasing
efforts ongoing. Given these factors, DBRS Morningstar believes a
successful takeout will be likely at or shortly after the extended
loan maturity in 2023, supporting the rating confirmations and
Stable trends with this review.

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



NEUBERGER BERMAN 50: Moody's Gives Ba3 Rating to $19.75MM E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Neuberger Berman Loan Advisers NBLA CLO 50, Ltd.
(the "Issuer" or "NBLA CLO 50").

Moody's rating action is as follows:

US$310,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034 [1], Definitive Rating Assigned Aaa (sf)

US$19,750,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2036, Definitive Rating 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.

NBLA CLO 50 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 unsecured loans, and up to 10% of the
portfolio may consist of second lien loans and unsecured loans. The
portfolio is approximately 80% ramped as of the closing date.

Neuberger Berman Loan Advisers II 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 issued 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: 65

Weighted Average Rating Factor (WARF): 2674

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 8.00%

Weighted Average Recovery Rate (WARR): 46.50%

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.


OBX TRUST 2022-J2: Fitch Gives 'B+(EXP)' Rating on Class B-5 Debt
-----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
issued by OBX 2022-J2 Trust (OBX 2022-J2).

   DEBT    RATING
   ----    ------

OBX 2022-J2

A-1     LT    AAA(EXP)sf    Expected Rating

A-2     LT    AAA(EXP)sf    Expected Rating

A-3     LT    AAA(EXP)sf    Expected Rating

A-4     LT    AAA(EXP)sf    Expected Rating

A-5     LT    AAA(EXP)sf    Expected Rating

A-6     LT    AAA(EXP)sf    Expected Rating

A-7     LT    AAA(EXP)sf    Expected Rating

A-8     LT    AAA(EXP)sf    Expected Rating

A-9     LT    AAA(EXP)sf    Expected Rating

A-10    LT    AAA(EXP)sf    Expected Rating

A-11    LT    AAA(EXP)sf    Expected Rating

A-12    LT    AAA(EXP)sf    Expected Rating

A-13    LT    AAA(EXP)sf    Expected Rating

A-14    LT    AAA(EXP)sf    Expected Rating

A-15    LT    AAA(EXP)sf    Expected Rating

A-16    LT    AAA(EXP)sf    Expected Rating

A-X-1   LT    AAA(EXP)sf    Expected Rating

A-X-2   LT    AAA(EXP)sf    Expected Rating

A-X-3   LT    AAA(EXP)sf    Expected Rating

A-X-4   LT    AAA(EXP)sf    Expected Rating

A-X-5   LT    AAA(EXP)sf    Expected Rating

A-X-6   LT    AAA(EXP)sf    Expected Rating

A-X-7   LT    AAA(EXP)sf    Expected Rating

A-X-8   LT    AAA(EXP)sf    Expected Rating

A-X-9   LT    AAA(EXP)sf    Expected Rating

B-1     LT    AA(EXP)sf     Expected Rating

B-X-1   LT    AA(EXP)sf     Expected Rating

B-1A    LT    AA(EXP)sf     Expected Rating

B-2     LT    A+(EXP)sf     Expected Rating

B-X-2   LT    A+(EXP)sf     Expected Rating

B-2A    LT    A+(EXP)sf     Expected Rating

B-3     LT    BBB+(EXP)sf   Expected Rating

B-4     LT    BB+(EXP)sf    Expected Rating

B-5     LT    B+(EXP)sf     Expected Rating

B-6     LT    NR(EXP)sf     Expected Rating

A-X-S   LT    NR(EXP)sf     Expected Rating

A-1-A   LT    AAA(EXP)sf    Expected Rating

A-2-A   LT    AAA(EXP)sf    Expected Rating

R       LT    NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes issued
by OBX Trust 2022-J2 (OBX 2022-J2) as indicated above. The notes
are supported by 340 fixed-rate mortgages (FRMs) with a total
balance of approximately $306 million as of the cutoff date. The
loans were originated by various mortgage originators, and the
seller, Onslow Bay Financial LLC acquired the loans from Bank of
America National Association (BANA). Distributions of P&I and loss
allocations are based on a traditional senior subordinate, shifting
interest structure.

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). 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
18.9% year over year (yoy) nationally as of December 2021.

Prime Credit Quality (Positive): The pool consists of very
high-quality, 15- and 30-year fixed-rate, fully amortizing safe
harbor qualified mortgage (SHQM) loans to borrowers with strong
credit profiles, moderate leverage and large liquid reserves. Per
Fitch's calculation methodology, the loans are seasoned an average
of eight months. The borrowers have a strong credit profile (765
FICO and 31% DTI) and moderate leverage (74% sLTV), which is
indicative of very high credit-quality borrowers. Approximately
7.8% of the loans are agency eligible.

Full Servicer Advancing (Mixed): The servicer will provide full
advancing for the life of the transaction. Although full P&I
advancing will provide liquidity to the notes, it will also
increase the loan-level loss severity (LS) since the servicer looks
to recoup P&I advances from liquidation proceeds, which results in
less recoveries. Wells Fargo, as master servicer, will advance if
the servicer fails to do so.

Shifting Interest Structure (Mixed): The structure is expected to
be the same as similar transactions where the mortgage cash flow
and loss allocations 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 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 CE levels are not
maintained.

Subordination Floor (Positive): A CE or senior subordination floor
of 1.60% has been considered in order to mitigate potential
tail-end risk and loss exposure for senior tranches as pool size
declines and performance volatility increases due to adverse loan
selection and small loan count concentration. Also, a junior
subordination floor of 1.35% will be maintained to mitigate tail
risk, which arises as the pool seasons and fewer loans are
outstanding. Additionally, the stepdown tests do not allow
principal prepayments to subordinate bondholders in the first five
years following deal closing.

RATING SENSITIVITIES

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

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 42.3% 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:

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'.

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, Clayton Services, Opus CMC, and Consolidated
Analytics. The third-party due diligence described in Form 15E
focused on Credit, Compliance, and Valuation reviews. Fitch
considered this information in its analysis and, as a result, Fitch
made the following adjustments to its analysis: loans with due
diligence received a credit in the loss model. This adjustment
reduced the 'AAAsf' expected losses by 19bps.

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.


OBX TRUST 2022-J2: Moody's Assigns (P)B2 Rating to Cl. B-5 Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 36
classes of residential mortgage-backed securities (RMBS) issued by
OBX 2022-J2 Trust, and sponsored by Onslow Bay Financial LLC
(Onslow Bay).

The securities are backed by a pool of prime jumbo (92% by balance)
and GSE-eligible (8% by balance) residential mortgages originated
by multiple entities and serviced by NewRez LLC d/b/a Shellpoint
Mortgage Servicing.

The complete rating actions are as follows:

Issuer: OBX 2022-J2 Trust

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

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

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

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

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

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

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

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

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

Cl. A-10, Assigned (P)Aaa (sf)

Cl. A-11, Assigned (P)Aaa (sf)

Cl. A-12, Assigned (P)Aaa (sf)

Cl. A-13, Assigned (P)Aa1 (sf)

Cl. A-14, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

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

Cl. A-X-8*, Assigned (P)Aa1 (sf)

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

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

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

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

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

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

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

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

Cl. B-4, Assigned (P)Ba1 (sf)

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

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

Cl. A-2A Loans, Assigned (P)Aaa (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
0.58%, in a baseline scenario-median is 0.39% and reaches 4.00% 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 July 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.


OCTAGON LTD 66: Moody's Assigns B3 Rating to Class F Notes
----------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Octagon 66, Ltd. (the "Issuer" or "Octagon 66").

Moody's rating action is as follows:

US$352,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

US$1,100,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2033, 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.

Octagon 66 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
senior secured loans and eligible investments, and up to 7.5% of
the portfolio may consist of unsecured loans and permitted non-loan
assets, provided that not more than 5% of the portfolio consists of
permitted non-loan assets. The portfolio is approximately 85%
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 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 six 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: $550,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2951

Weighted Average Spread (WAS): 3mS + 3.56%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 6.3 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.


OPORTUN ISSUANCE 2022-2: DBRS Gives Prov. BB Rating on D Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following notes to
be issued by Oportun Issuance Trust 2022-2 (Oportun 2022-2 or the
Issuer):

-- $295,041,000 Class A Notes at AA (low) (sf)
-- $36,624,000 Class B Notes at A (low) (sf)
-- $38,466,000 Class C Notes at BBB (low) (sf)
-- $29,869,000 Class D Notes at BB (sf)

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

(1) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns: June 2022 Update, published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- DBRS Morningstar's projected losses do not include any
additional stress from the coronavirus impact, the DBRS Morningstar
cumulative net loss (CNL) assumption is 10.23%.

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

-- Credit enhancement is in the form of overcollateralization,
subordination, amounts held in the Reserve Account, and excess
spread. Credit enhancement levels are sufficient to support DBRS
Morningstar's stressed assumptions under various stress scenarios.

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

(4) Oportun's capabilities with regard to originations,
underwriting, and servicing.

(5) The ability of Systems & Services Technologies, Inc. (SST) to
perform duties as a Back-Up Servicer. SST, as Back-Up Servicer, is
required to take over as successor servicer of the collateral in
the Oportun 2022-2 transaction within 15 calendar days of notice of
a servicing termination event. SST and Oportun have developed a
detailed servicing transition plan to facilitate an orderly
transfer of servicing.

(6) On March 3, 2021, Oportun received a Civil Investigative Demand
(CID) from the Consumer Financial Protection Bureau (CFPB). The
stated purpose of the CID is to determine whether small-dollar
lenders or associated persons, in connection with lending and
debt-collection practices, have not been in compliance with certain
federal consumer protection laws over which the CFPB has
jurisdiction. Further, Digit received a CID from the CFPB in June
2020. The CID was disclosed and discussed during the acquisition
process. The stated purpose of this CID was to determine whether
Digit, in connection with offering its products or services,
misrepresented the terms, conditions, or costs of the products or
services in a manner that is unfair, deceptive, or abusive.

-- Oportun and PF Servicing believe its and Digit's business
practices have been in full compliance with CFPB guidance and that
they have followed all published authority with respect to their
practices, and the Seller continues to cooperate with the CFPB with
respect to this matter. At this time, the Seller is unable to
predict the outcome of the CFPB investigations, including whether
the investigations will result in any actions or proceedings or in
any changes to the Seller's or the Servicer's practices.

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

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



PAWNEE EQUIPMENT 2021-1: DBRS Confirms BB(low) Rating on E Notes
----------------------------------------------------------------
DBRS, Inc. confirmed nine ratings and upgraded seven ratings on the
following classes issued by Pawnee Leasing Corporation:

Pawnee Equipment Receivables (Series 2019-1) LLC:

-- Class A-2 Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AAA (sf)
-- Class C Notes upgraded to AAA (sf) from AA (low) (sf)
-- Class D Notes upgraded to AA (sf) from A (sf)
-- Class E Notes upgraded to A (sf) from BBB (sf)

Pawnee Equipment Receivables (Series 2020-1) LLC:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AAA (sf) from AA (sf)
-- Class C Notes upgraded to AA (high) (sf) from A (sf)
-- Class D Notes upgraded to A (high) (sf) from BBB (sf)
-- Class E Notes upgraded to BBB (sf) from BB (sf)

Pawnee Equipment Receivables (Series 2021-1) LLC:

-- Class A-1 Notes confirmed at R-1 (high) (sf)
-- Class A-2 Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (sf)
-- Class E Notes confirmed at BB (low) (sf)

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns: June 2022 Update, published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- The currently available hard credit enhancement in the form of
overcollateralization, subordination (as applicable), and amounts
of deposit in the cash reserve account, as well as the change in
the level of protection afforded by each form of credit enhancement
since the closing of each transaction.

-- The collateral performance on the transactions are within
expectation with low levels of cumulative net loss to date.

-- The relative benefit from obligor and geographic
diversification of collateral pools.

-- The transaction parties' capabilities with regard to
originating, underwriting, and servicing.

Notes: The principal methodology is DBRS Morningstar Master U.S.
ABS Surveillance (May 16, 2022), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.



RESIDENTIAL MORTGAGE 2017-1: S&P Ups Cl. B5-IOA Rating to B (sf)
----------------------------------------------------------------
S&P Global Ratings completed its review of 39 classes of notes from
New Residential Mortgage Loan Trust 2017-1. The review yielded 13
upgrades and 26 affirmations. Of the 13 upgraded classes, 10 were
exchangeable notes.

S&P said, "We performed credit analysis using updated loan-level
information from which we determined foreclosure frequency, loss
severity, and loss coverage amounts commensurate for each rating
level. We used the same mortgage operational assessment,
representation and warranty, and due diligence factors that were
applied at issuance.

The upgrades primarily reflect deleveraging as the transaction
seasons, resulting in a greater percentage of credit support for
the rated classes as well as lower default expectations for the
remaining collateral as both combined loan-to-value ratios and the
percentage of loans with recent marred payment history decrease.
Ultimately, S&P believes these classes have credit support that is
sufficient to withstand projected losses at higher rating levels.

Prepayment principal allocation to the subordinate notes is based
on a shifting interest schedule, and, in March 2022, the
subordinate notes started receiving 30% of the subordinate pro-rata
share. On each anniversary thereafter, the subordinates receive a
greater share. If a stepdown test is not satisfied the subordinate
share would not increase; however, the subordinate notes would
continue to receive prepayment allocations. S&P views this
favorably for the upgraded classes given paydown on subordinate
notes reduces duration and potential exposure to tail-end losses.

The affirmations reflect S&P's view that the classes' projected
collateral performance relative to its projected credit support
remain relatively consistent with its previous projections.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by the application of its criteria. These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes. These considerations include:

-- Collateral performance or delinquency trends,
-- Recent forbearance/loan modification activity,
-- Priority of principal payments,
-- Priority of loss allocation,
-- Expected duration, and
-- Available subordination and/or credit enhancement floors.

  Ratings List

                               RATING  
  CLASS      CUSIP          TO        FROM       PRIMARY RATING
                                                   DRIVERS

   A        64829JAK9     AA+ (sf)    AA+ (sf)  

   A-1      64829JAA1     AA+ (sf)    AA+ (sf)

   A-1A     64829JAC7     AA+ (sf)    AA+ (sf)

   A-1B     64829JAD5     AA+ (sf)    AA+ (sf)

   A-1C     64829JAE3     AA+ (sf)    AA+ (sf)

   A1-IOA   64829JAF0     AA+ (sf)    AA+ (sf)

   A1-IOB   64829JAG8     AA+ (sf)    AA+ (sf)

   A1-IOC   64829JAH6     AA+ (sf)    AA+ (sf)

   A-2      64829JAJ2     AA- (sf)    AA- (sf)

   A-IO     64829JAB9     AA+ (sf)    AA+ (sf)

   B-1      64829JAN3     AA- (sf)    AA- (sf)

   B1-A     64829JAQ6     AA- (sf)    AA- (sf)

   B1-B     64829JAR4     AA- (sf)    AA- (sf)

   B1-C     64829JAS2     AA- (sf)    AA- (sf)

   B1-IO    64829JAP8     AA- (sf)    AA- (sf)

   B1-IOA   64829JAT0     AA- (sf)    AA- (sf)

   B1-IOB   64829JAU7     AA- (sf)    AA- (sf)

   B1-IOC   64829JAV5     AA- (sf)    AA- (sf)

   B-2      64829JAW3     A- (sf)     A- (sf)

   B2-A     64829JAY9     A- (sf)     A- (sf)

   B2-B     64829JAZ6     A- (sf)     A- (sf)

   B2-C     64829JBA0     A- (sf)     A- (sf)

   B2-IO    64829JAX1     A- (sf)     A- (sf)

   B2-IOA   64829JBB8     A- (sf)     A- (sf)

   B2-IOB   64829JBC6     A- (sf)     A- (sf)

   B2-IOC   64829JBD4     A- (sf)     A- (sf)

   B-3      64829JBE2     BBB (sf)    BB+ (sf)    Increased credit

                                                     support.

   B3-A     64829JBF9     BBB (sf)    BB+ (sf)    Increased credit

                                                     support.

   B3-B     64829JBG7     BBB (sf)    BB+ (sf)    Increased credit

                                                     support.

   B3-C     64829JBH5     BBB (sf)    BB+ (sf)    Increased credit

                                                     support.

   B3-IOA   64829JBJ1     BBB (sf)    BB+ (sf)    Interest-only
                                                     criteria.

   B3-IOB   64829JBK8     BBB (sf)    BB+ (sf)    Interest-only
                                                     criteria.

   B3-IOC   64829JBL6     BBB (sf)    BB+ (sf)    Interest-only
                                                     criteria.

   B-4      64829JBM4     BB+ (sf)    BB- (sf)    Increased credit

                                                     support.

   B-4A     64829JBT9     BB+ (sf)    BB- (sf)    Increased credit

                                                     support.

   B4-IOA   64829JBU6     BB+ (sf)    BB- (sf)    Interest-only
                                                     criteria.

   B-5      64829JBN2     B (sf)      B- (sf)     Increased credit

                                                     support.

   B-5A     64829JBV4     B (sf)      B- (sf)     Increased credit

                                                     support.

   B5-IOA   64829JBW2     B (sf)      B- (sf)     Interest-only
                                                     criteria.



SIERRA TIMESHARE 2022-2: S&P Assigns BB-(sf) Rating on Cl. D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Sierra Timeshare 2022-2
Receivables Funding LLC's timeshare loan-backed fixed-rate notes.

The note issuance is an ABS securitization backed by vacation
ownership interest loans.

The ratings reflect S&P's view of:

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

-- Wyndham Consumer Finance Inc.'s servicing ability and
experience in the timeshare market.

-- The transaction's ability to pay timely interest and ultimate
principal by the notes' legal maturity under our stressed cash flow
recovery rate, liquidity, and credit stability sensitivity
scenarios.

  Ratings Assigned

  Sierra Timeshare 2022-2 Receivables Funding LLC

  Class A, $110.610 million: AAA (sf)
  Class B, $65.636 million: A (sf)
  Class C, $69.281 million: BBB (sf)
  Class D, $29.473 million: BB- (sf)



SLM STUDENT 2008-4: S&P Lowers Class A-4 Notes Rating to 'D (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its rating on SLM Student Loan Trust
2008-4's class A-4 notes to 'D (sf)' from 'CC (sf)' and removed it
from CreditWatch negative.

This class has faced liquidity constraints, as the loans have not
amortized at a pace that allows for the class to be repaid by its
legal final maturity date. The trust has agreements in place that
provide Navient Corp. with the option to purchase collateral out of
the trust or provide a subordinated loan to the trust on the legal
final maturity date. Neither option was exercised, and the class
A-4 notes were not repaid on their legal final maturity date of
July 25, 2022.

This transaction is backed by student loans originated through the
U.S. Department of Education's (ED) Federal Family Education Loan
Program (FFELP). ED reinsures at least 97% of the principal and
interest on defaulted loans serviced, according to the FFELP
guidelines. Due to the high level of recoveries from ED on
defaulted loans, defaults effectively function similarly to
prepayments. Thus, S&P expects net losses to be minimal and the
bond to be repaid subsequent to the legal final maturity date.



STACR 2022-HQA2: Moody's Gives (P)Ba3 Rating to 10 Tranches
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 24
classes of residential mortgage-backed securities (RMBS) issued by
Freddie Mac STACR Remic Trust 2022-HQA2, and sponsored by Freddie
Mac.

The securities reference a pool of mortgage loans acquired by
Freddie Mac, and originated and serviced by multiple entities.

The complete rating actions are as follows:

Issuer: Freddie Mac STACR Remic Trust 2022-HQA2

Cl. M-1A, Assigned (P)A2 (sf)

Cl. M-1B, Assigned (P)Baa3 (sf)

Cl. M-2A, Assigned (P)Ba1 (sf)

Cl. M-2B, Assigned (P)Ba3 (sf)

Cl. M-2, Assigned (P)Ba2 (sf)

Cl. M-2R, Assigned (P)Ba2 (sf)

Cl. M-2S, Assigned (P)Ba2 (sf)

Cl. M-2T, Assigned (P)Ba2 (sf)

Cl. M-2U, Assigned (P)Ba2 (sf)

Cl. M-2I*, Assigned (P)Ba2 (sf)

Cl. M-2AR, Assigned (P)Ba1 (sf)

Cl. M-2AS, Assigned (P)Ba1 (sf)

Cl. M-2AT, Assigned (P)Ba1 (sf)

Cl. M-2AU, Assigned (P)Ba1 (sf)

Cl. M-2AI*, Assigned (P)Ba1 (sf)

Cl. M-2BR, Assigned (P)Ba3 (sf)

Cl. M-2BS, Assigned (P)Ba3 (sf)

Cl. M-2BT, Assigned (P)Ba3 (sf)

Cl. M-2BU, Assigned (P)Ba3 (sf)

Cl. M-2BI*, Assigned (P)Ba3 (sf)

Cl. M-2RB, Assigned (P)Ba3 (sf)

Cl. M-2SB, Assigned (P)Ba3 (sf)

Cl. M-2TB, Assigned (P)Ba3 (sf)

Cl. M-2UB, Assigned (P)Ba3 (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
0.90%, in a baseline scenario-median is 0.70% and reaches 4.46% at
a stress level consistent with Moody's Aaa rating.

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 July 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.


SYMPHONY CLO 34-PS: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Symphony CLO 34-PS
Ltd./Symphony CLO 34-PS LLC's floating-rate notes.

The note issuance is a CLO transaction governed by collateral
quality tests and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' and lower) senior secured term
loans.

The ratings reflect:

-- 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.

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

  Ratings Assigned

  Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC

  Class A, $248.0 million: AAA (sf)
  Class B, $56.0 million: AA (sf)
  Class C (deferrable), $23.0 million: A (sf)
  Class D (deferrable), $23.2 million: BBB- (sf)
  Class E (deferrable), $12.8 million: BB- (sf)
  Subordinated notes, $31.0 million: Not rated



SYMPHONY CLO 34-PS: S&P Assigns Prelim BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Symphony CLO
34-PS Ltd./Symphony CLO 34-PS LLC floating-rate notes.

The note issuance is a CLO transaction governed by collateral
quality tests and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' and lower) senior secured term loans
.

The preliminary ratings are based on information as of July 25,
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.

-- 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.

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

  Preliminary Ratings Assigned

  Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC

  Class A, $248.00 mil.: AAA (sf)
  Class B, $56.00 mil.: AA (sf)
  Class C (deferrable), $23.00 mil.: A (sf)
  Class D (deferrable), $23.20 mil.: BBB- (sf)
  Class E (deferrable), $12.80 mil.: BB- (sf)



TOWD POINT 2018-SL1: DBRS Confirms BB(low) Rating on D-2 Notes
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of securities
included in two Towd Point Asset Trust Student Loan transactions.

Towd Point Asset Trust 2018-SL1

-- Class A Notes AAA (sf)       Confirmed
-- Class AB Notes      A (high)(sf)   Confirmed
-- Class AC Notes      BBB (high) (sf) Confirmed
-- Class C Notes BBB (high) (sf) Confirmed
-- Class D-1 Notes     BBB (low) (sf) Confirmed
-- Class D-2 Notes     BB (low) (sf)  Confirmed

Towd Point Asset Trust 2021-SL1

-- Class A1 Notes      AAA (sf)       Confirmed
-- Class A2 Notes      AAA (sf) Confirmed
-- Class AB Notes      AA (low) (sf)  Confirmed
-- Class B Notes AA (low) (sf)   Confirmed
-- Class AC Notes      A (low) (sf)   Confirmed
-- Class C Notes A (low) (sf)    Confirmed
-- Class D Notes BBB (low) (sf)  Confirmed
-- Class E Notes BB (low) (sf)   Confirmed
-- Class F Notes B (sf)        Confirmed

The confirmations are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios For
Rated Sovereigns: June 2022 Update," published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

-- Transaction capital structure and credit enhancement levels are
sufficient for the current ratings.

-- Credit enhancement is in the form of overcollateralization,
reserve accounts, and excess spread, with senior notes benefiting
from the subordination of junior notes.

-- The credit enhancement level is sufficient to support the DBRS
Morningstar-expected default and loss severity assumptions under
various stress scenarios.

-- Collateral performance is within expectations. Cumulative
defaults remain low. Forbearance and delinquency levels remain
stable.

Notes: The principal methodology is DBRS Morningstar Master U.S.
ABS Surveillance (May 16, 2022), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.



TOWD POINT 2022-1: DBRS Gives Prov. B(high) Rating on B2 Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the Asset-Backed
Securities, Series 2022-1 to be issued by Towd Point Mortgage Trust
2022-1 (TPMT 2022-1 or the Trust) as follows:

-- $432.4 million Class A1 at AAA (sf)
-- $28.4 million Class A2 at AA (high) (sf)
-- $12.7 million Class M1 at A (sf)
-- $9.1 million Class M2 at BBB (sf)
-- $6.6 million Class B1 at BB (high) (sf)
-- $4.1 million Class B2 at B (high) (sf)
-- $432.4 million Class A1A at AAA (sf)
-- $432.4 million Class A1AX at AAA (sf)
-- $432.4 million Class A1B at AAA (sf)
-- $432.4 million Class A1BX at AAA (sf)
-- $28.4 million Class A2A at AA (high) (sf)
-- $28.4 million Class A2AX at AA (high) (sf)
-- $28.4 million Class A2B at AA (high) (sf)
-- $28.4 million Class A2BX at AA (high) (sf)
-- $28.4 million Class A2C at AA (high) (sf)
-- $28.4 million Class A2CX at AA (high) (sf)
-- $12.7 million Class M1A at A (sf)
-- $12.7 million Class M1AX at A (sf)
-- $12.7 million Class M1B at A (sf)
-- $12.7 million Class M1BX at A (sf)
-- $12.7 million Class M1C at A (sf)
-- $12.7 million Class M1CX at A (sf)
-- $9.1 million Class M2A at BBB (sf)
-- $9.1 million Class M2AX at BBB (sf)
-- $9.1 million Class M2B at BBB (sf)
-- $9.1 million Class M2BX at BBB (sf)
-- $9.1 million Class M2C at BBB (sf)
-- $9.1 million Class M2CX at BBB (sf)

Classes A1AX, A1BX, A2AX, A2BX, A2CX, M1AX, M1BX, M1CX, M2AX, M2BX,
and M2CX are interest-only (IO) notes. The class balances represent
notional amounts.

Classes A1A, A1AX, A1B, A1BX, A2A, A2AX, A2B, A2BX, A2C, A2CX, M1A,
M1AX, M1B, M1BX, M1C, M1CX, M2A, M2AX, M2B, M2BX, M2C, and M2CX are
exchangeable notes. These classes can be exchanged for combinations
of exchange notes as specified in the offering documents.

The AAA (sf) rating on the Notes reflects 14.80% of credit
enhancement provided by subordinated certificates. The AA (high)
(sf), A (sf), BBB (sf), BB (high) (sf), and B (high) (sf) ratings
reflect 9.20%, 6.70%, 4.90%, 3.60%, and 2.80% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of
predominantly seasoned performing and reperforming first-lien
mortgages funded by the issuance of the Notes. The Notes are backed
by 2,861 loans with a total principal balance $507,531,788 as of
the Statistical Calculation Date (May 31, 2022).

The portfolio is approximately 186 months seasoned, and all loans
are more than 24 months seasoned. Modified loans make up 63.9% of
the portfolio, and modifications happened more than two years ago
for 94.4% of those loans. Within the pool, 782 mortgages, equating
to approximately 5.0% of the total principal balance, have
non-interest-bearing deferred amounts. No Home Affordable
Modification Program or proprietary principal forgiveness amounts
are included in the deferred amounts.

As of the Statistical Calculation Date, 97.7% of the pool is
current and 2.3% is 30 days delinquent under the Mortgage Bankers
Association (MBA) delinquency method. Additionally, 0.3% of the
pool is in bankruptcy (all non-pandemic bankruptcy loans are
performing or are 30 days delinquent). Approximately 83.4% of the
mortgage loans have been zero times 30 days delinquent under the
MBA delinquency for at least the past 24 months.

The majority of the pool (99.9%) is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules. The loans subject to the ATR rules are
designated as QM Safe Harbor (0.1%) and Temporary QM Safe Harbor
(


TRTX 2019-FL3: DBRS Hikes Class G Notes Rating to B
---------------------------------------------------
DBRS Limited upgraded its ratings on six classes of notes issued by
TRTX 2019-FL3 Issuer, Ltd. as follows:

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

DBRS Morningstar also confirmed its ratings on two classes as
follows:

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

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayment, representing a
collateral reduction of 27.0% since issuance as of the June 2022
remittance. While select loans remain in the transaction, notably
those secured by hotel properties or office properties, have
experienced delays in the stated business plans as a result of the
Coronavirus Disease (COVID-19) pandemic, DBRS Morningstar has
generally observed performance improvements across the collateral
pool since its last rating action in August 2021. 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.

At issuance, the collateral consisted of 22 floating-rate mortgages
secured by 98 mostly transitional commercial real estate properties
with a cut-off balance of $1.23 billion, excluding approximately
$231.8 million of future funding commitments to fund capital
expenditures and operating shortfalls to aid in the individual
properties' stabilization plans.

The transaction was structured with an initial 24-month
Reinvestment Period, which ended with the October 2021 Payment
Date, whereby the Issuer could acquire additional future funding
participations and funded companion participations with principal
repayment proceeds.

As of the June 2022 reporting, 16 loans remained in the pool with a
current principal balance of $890.0 million. According to the
collateral manager, $206.5 million of loan future funding had been
advanced to 13 individual borrowers to aid in business plan
completion. The majority of this funding, totalling $133.5 million,
had been advanced to the borrowers on the 888 Broadway, 300
Lafayette, The Curtis and City Center Square loans, which have used
the funds to complete capital improvements and fund leasing costs
and operating shortfalls. An additional $100.9 million of loan
future funding is allocated to 12 individual borrowers. The
majority of these funds, totalling $42.8 million, are allocated to
the borrower in the Lenox Park Portfolio (6.1% of the pool) as one
of the five properties was released at a sale price of $148.5
million, which paid down the whole loan amount by $72.0 million,
with $65.3 million swept into a future leasing reserve.

The transaction is concentrated by property type as there are two
loans (64.4% of the current pool balance) secured by office
properties. The second-largest concentration is hotels, as two
loans (13.2% of the current pool balance) are secured by the
property type. Nine loans, representing 61.2% of the current pool
balance, are in urban markets with DBRS Morningstar Market Ranks of
6, 7, and 8. These markets have historically shown greater
liquidity and demand. The remaining seven loans, representing 38.8%
of the current pool balance, secured by properties in markets with
a DBRS Morningstar Market Rank of 3, 4, or 5, which are suburban in
nature and have historically had higher probability of default
levels when compared with properties in urban markets.

As of June 2022 reporting, all loans remain current and there are
two loans on the servicer's watchlist, representing 13.1% of the
pool balance. Both loans, City Plaza (7.0% of the current pool
balance) and Lenox Park Portfolio (6.1% of the current pool
balance), were added to the servicer's watchlist because of
upcoming loan maturity dates; however, all loans feature extension
options. DBRS Morningstar expects the individual borrowers to
exercise the loan extension options and, in any instances where
property performance not does meet performance-based hurdles to
qualify for the extension options, DBRS Morningstar expects the
borrowers and lender to negotiate an agreement to allow the
extension to be exercised.

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



UBS COMMERCIAL 2018-C12: Fitch Affirms CCC Rating on Class G-RR
----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of UBS Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series
2018-C12 (UBS 2018-C12). In addition, Fitch has revised the Rating
Outlooks on eight classes to Stable from Negative.

UBS 2018-C12

Debt                Rating              Prior   
----                ------              -----
A-2 90353DAV7    LT  AAAsf   Affirmed  AAAsf
A-3 90353DAX3    LT  AAAsf   Affirmed  AAAsf
A-4 90353DAY1    LT  AAAsf   Affirmed  AAAsf
A-5 90353DAZ8    LT  AAAsf   Affirmed  AAAsf
A-S 90353DBC8    LT  AAAsf   Affirmed  AAAsf
A-SB 90353DAW5   LT  AAAsf   Affirmed  AAAsf
B 90353DBD6      LT  AA-sf   Affirmed  AA-sf
C 90353DBE4      LT  A-sf    Affirmed  A-sf
D 90353DAC9      LT  BBBsf   Affirmed  BBBsf
D-RR 90353DAE5   LT  BBB-sf  Affirmed  BBB-sf
E-RR 90353DAG0   LT  BB+sf   Affirmed  BB+sf
F-RR 90353DAJ4   LT  B-sf    Affirmed  B-sf
G-RR 90353DAL9   LT  CCCsf   Affirmed  CCCsf
X-A 90353DBA2    LT  AAAsf   Affirmed  AAAsf
X-B 90353DBB0    LT  AA-sf   Affirmed  AA-sf
X-D 90353DAA3    LT  BBBsf   Affirmed  BBBsf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Fitch's base case loss
expectations have remained relatively stable since the prior rating
action. Fitch's current ratings reflect a base case loss of 5.70%.
The Outlook revisions to Stable from Negative on classes A-S, B, C,
X-B, D, X-D, D-RR and E-RR reflect the better than expected and
stabilizing performance of loans affected by the pandemic,
including several in the top 15 that were previously identified as
Fitch Loans of Concern (FLOCs).

Riverwalk (5.7% of pool; office in Lawrence, MA), which was
previously identified as a FLOC for occupancy declines and rollover
risks, has seen increased occupancy and lease renewals. 139 Ludlow
Street (4.3%; mixed use in Manhattan) and Holiday Inn & Suites -
Chattanooga (2.1%; hotel in Chattanooga, TN), both of which
suffered declining NOI and low DSCR in 2020 as a result of the
pandemic, have now stabilized. Aspect RHG Hotel Portfolio (4.3%)
has returned to the master servicer after a loan modification and
remains current under the forbearance terms, with gradually
improving performance since the pandemic lows.

The Negative Outlook on class F-RR, which was previously assigned
for additional coronavirus-related stresses applied on hotel and
retail loans, reflects performance concerns with the FLOCs,
primarily the special serviced loans. Twelve loans (16.5%),
including six (8.7%) in special servicing, were designated FLOCs.

Specially Serviced Loans: The largest specially serviced loan and
second largest contributor to losses, Copeland Tower and Stadium
Place (2.5%), is secured by two Class-A office buildings totaling
210,955-sf in Arlington, Texas. The loan, which is sponsored by
Charles Aque, transferred to special servicing in January 2021 for
payment default and was 90+ days delinquent. The servicer is moving
forward with foreclosure after failing to reach a mutual agreement
in mediation. Fitch's base case loss of 25% reflects a discount to
a recent servicer-provided valuation and equates to a 12% cap rate
to the YE 2021 NOI, reflecting a stressed value of $75 psf.

Occupancy and NOI DSCR were 87% and 1.48x, respectively, as of the
YTD March 2022 and 87% and 1.50x at YE 2021, up from 85% and 1.26x
at YE 2020. Occupancy and NOI DSCR were 84% and 1.49x at issuance.
The largest tenant, Multiplan (23.9% NRA), recently renewed its
lease through February 2024 from a prior October 2022 lease
expiration. The second largest tenant, State of Texas (21.9% NRA),
also recently renewed its lease for an additional six years through
September 2027.

The second largest specially serviced loan and largest contributor
to losses, Somerset Financial Center (2.3%), is secured by a
230,000-sf office property in Bedminster, NJ. The loan, which is
sponsored by Harvey Rosenblatt, Aryeh Ginzberg and Leibel Lederman,
transferred to special servicing in December 2021 for imminent
default. The property is currently 100% vacant. Mallinckrodt, which
leased 83% of the NRA through January 2030, filed for Chapter 11
bankruptcy in October 2020 amid lawsuits alleging it fueled the US
opioid epidemic. The servicer and borrower have reached an
agreement for a discounted payoff. Fitch's base case loss of 28%
reflects a stressed value of $139 psf.

Minimal Change to Credit Enhancement (CE): As of the July 2022
distribution date, the pool's aggregate balance has been paid down
by 3.7% to $775.4 million from $804.9 million at issuance. Since
Fitch's prior rating action, the HMS-WSS Portfolio loan ($10.9
million) was paid in full with yield maintenance. Twenty-seven
loans (39.4%) are full-term IO, and 17 loans (32.4%) were
structured with a partial-term IO component at issuance. Eleven
loans are in their amortization periods. Two loans (2.5%) are fully
defeased. Cumulative interest shortfalls of $1.6 million are
currently affecting the non-rated NR-RR class.

Pool Concentration: The top 10 loans comprise 40.7% of the pool.
Loan maturities are concentrated in 2028 (89.0%). Two loans (9.6%)
mature in 2023 and two (1.4%) in 2025. Based on property type, the
largest concentrations are office at 26.2%, retail at 22.3% and
hotel at 17.7%.

Investment-Grade Credit Opinion Loans: At issuance, Wyvernwood
Apartments (6.4%) and 20 Times Square (3.2%) received standalone,
investment-grade credit opinions of 'BBB-sf*' and 'Asf*',
respectively.

RATING SENSITIVITIES

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

Downgrades of classes in the 'AAAsf' and 'AAsf' categories are not
likely due to sufficient CE and expected continued amortization,
but could occur if interest shortfalls affect these classes.
Classes in the 'Asf' and 'BBBsf' categories would be downgraded
should overall pool losses increase significantly and/or one or
more of the larger FLOCs have an outsized loss, which would erode
CE. Classes E-RR, F-RR and G-RR would be downgraded with a greater
certainty of loss, or if loss expectations increase from further
performance deterioration on the FLOCs, or additional loans become
FLOCs and/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 Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

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

Upgrades of classes B, X-B, C, D, X-D and D-RR may occur with
significant improvement in CE and/or defeasance, but would be
limited based on sensitivity to concentrations or the potential for
future concentration. Classes would not be upgraded above 'Asf' if
there is a likelihood for interest shortfalls. Upgrades of classes
E-RR, F-RR and G-RR is not likely until the later years of the
transaction, but could occur if performance of the FLOCs improves
significantly and there is sufficient CE.


UNITED AUTO 2022-2: DBRS Gives Prov. BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by United Auto Credit Securitization Trust
2022-2 (UACST 2022-2 or the Issuer):

-- $125,410,000 Class A Notes at AAA (sf)
-- $31,920,000 Class B Notes at AA (sf)
-- $27,930,000 Class C Notes at A (sf)
-- $34,620,000 Class D Notes at BBB (sf)
-- $35,200,000 Class E Notes at BB (sf)

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

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

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

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

(2) The DBRS Morningstar CNL assumption is 19.90% based on the
expected Cut-off Date pool composition.

(3) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns June 2022 Update, published on June 29, 2022.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

(4) The Transaction parties' capabilities with regard to
originations, underwriting, and servicing, and the existence of an
experienced and capable backup servicer.

-- DBRS Morningstar has performed an operational risk review of
UACC and considers the entity an acceptable originator and servicer
of subprime automobile loan contracts. Additionally, the
Transaction has an acceptable backup servicer.

-- The UACC senior management team has considerable experience and
a successful track record within the auto finance industry.

(5) The credit quality of the collateral and performance of UACC's
auto loan portfolio.

-- UACC originates collateral that generally has shorter terms,
higher down payments, lower book values, and higher borrower income
requirements than some other subprime auto loan originators.

(6) The legal structure and presence of legal opinions, which are
expected to address the true sale of the assets to the Issuer, the
non-consolidation of the special-purpose vehicle with UACC, that
the trust has a valid first-priority security interest in the
assets, and the consistency with DBRS Morningstar's Legal Criteria
for U.S. Structured Finance methodology.

UACC is a specialty finance company that has been engaged in the
subprime automobile finance business since 1996. UACC purchases
motor vehicle retail installment sales contracts from franchise and
independent automobile dealerships throughout the U.S.

The UACST 2022-2 transaction will represent the 21st ABS
securitization completed in UACC's history and will offer both
senior and subordinate rated securities. The receivables
securitized in UACST 2022-2 will be subprime automobile loan
contracts secured primarily by used automobiles, light-duty trucks,
and vans.

The rating on the Class A Notes reflects 57.50% of initial hard
credit enhancement provided by the subordinated notes in the pool,
the reserve fund (1.50% as a percentage of the initial collateral
balance), and OC (10.50% of the total pool balance). The ratings on
the Class B, C, D, and E Notes reflect 46.30%, 36.50%, 24.35%, and
12.00% of initial hard credit enhancement, respectively. Additional
credit support may be provided from excess spread available in the
structure.

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



VENTURE CLO 46: Moody's Assigns Ba3 Rating to $12.75MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to nine classes of
notes issued by Venture 46 CLO, Limited (the "Issuer" or "Venture
46).

Moody's rating action is as follows:

US$3,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Assigned Aaa (sf)

US$125,250,000 Class A-1N Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

US$59,250,000 Class A-1F Senior Secured Fixed Rate Notes due 2035,
Assigned Aaa (sf)

US$5,000,000 Class A-2N Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

US$5,500,000 Class A-2F Senior Secured Fixed Rate Notes due 2035,
Assigned Aaa (sf)

US$16,350,000 Class BN Senior Secured Floating Rate Notes due 2035,
Assigned Aa2 (sf)

US$16,650,000 Class BF Senior Secured Fixed Rate Notes due 2035,
Assigned Aa2 (sf)

US$15,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2035, Assigned A2 (sf)

US$12,750,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2035, Assigned Ba3 (sf)

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

Venture 46 CLO, Limited is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated loans.
At least 90% of the portfolio must consist of Senior secured loans,
cash and eligible investments, and up to 10% of the portfolio may
consist of Second-lien loans, unsecured loans and permitted debt
securities, provided no more than 5% of the portfolio may consist
of permitted debt securities.  The portfolio is approximately 98%
ramped as of the closing date.

MJX Venture Management II 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 issued two 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: $300,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2544

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 47.0%

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 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.


VERUS SECURITIZATION 2022-7: S&P Assigns (P) B- (sf) on B-2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2022-7's mortgage-backed notes.

The note issuance is an RMBS securitization backed by primarily
newly originated first-lien, fixed, and adjustable-rate residential
mortgage loans.

The preliminary ratings are based on information as of July 26,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners (Invictus);
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%."

  Preliminary Ratings Assigned

  Verus Securitization Trust 2022-7

  Class A-1, $299,286,000: AAA (sf)
  Class A-2, $41,390,000: AA (sf)
  Class A-3, $58,290,000: A (sf)
  Class M-1, $34,044,000: BBB- (sf)
  Class B-1, $22,777,000: BB- (sf)
  Class B-2, $16,409,000: B- (sf)
  Class B-3, $17,634,331: Not rated
  Class A-IO-S, $489,830,331(i): Not rated
  Class XS, $489,830,331(i): Not rated
  Class DA, $78,228(i): Not rated
  Class R, not applicable: Not rated

(i)The notional amount equals the aggregate stated principal
balance of loans in the pool as of the cut-off date.



VISIO 2022-1: S&P Assigns B- (sf) Rating on Class B-2 Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Visio 2022-1 Trust's
mortgage-backed notes.

The note issuance is an RMBS securitization backed by Investor only
business purpose, first-lien, fixed, and hybrid adjustable-rate
residential mortgage loans secured by single-family residences,
planned unit developments, condominiums, two-four family, and
multi-family residential properties to both prime and non-prime
borrowers. The pool has 688 loans backed by 691 properties that are
exempt from ability-to-repay rules. One loan in the pool was cross
collateralized by four properties.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage originator, Visio Financial Services Inc.; 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

  Visio 2022-1 Trust

  Class A-1(i), $135,001,000: AAA (sf)
  Class A-2(i), $19,640,000: AA (sf)
  Class A-3(i), $24,269,000: A (sf)
  Class M-1(i), $15,351,000: BBB (sf)
  Class B-1(i), $11,852,000: BB (sf)
  Class B-2, $13,546,000: B- (sf)
  Class B-3, $6,095,384: Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The offered notes.

(ii)The class XS notes will have a notional amount equal to the
aggregate unpaid principal balance of the mortgage loans as of the
first day of the related collection period.



WELLS FARGO 2015-P2: Fitch Affirms B- Rating on Class F Debt
------------------------------------------------------------
Fitch Ratings has affirmed Wells Fargo Commercial Mortgage Trust,
commercial mortgage pass-through certificates series 2015-P2 (WFCM
2015-P2). The Rating Outlooks remain Negative Outlooks for classes
E and F and are revised to Stable from Negative on classes A-S
through D, X-A, X-B, and X-D.

WFCM 2015-P2

Debt               Rating            Prior
----               ------            -----
A-3 95000AAT4   LT  AAAsf   Affirmed  AAAsf
A-4 95000AAU1   LT  AAAsf   Affirmed  AAAsf
A-S 95000AAW7   LT  AAAsf   Affirmed  AAAsf
A-SB 95000AAV9  LT  AAAsf   Affirmed  AAAsf
B 95000AAZ0     LT  AA-sf   Affirmed  AA-sf
C 95000ABA4     LT  A-sf    Affirmed  A-sf
D 95000AAC1     LT  BBB-sf  Affirmed  BBB-sf
E 95000AAE7     LT  BB-sf   Affirmed  BB-sf
F 95000AAG2     LT  B-sf    Affirmed  B-sf
X-A 95000AAX5   LT  AAAsf   Affirmed  AAAsf
X-B 95000AAY3   LT  AA-sf   Affirmed  AA-sf
X-D 95000AAA5   LT  BBB-sf  Affirmed  BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since the prior rating action. While properties
adversely affected by the pandemic have generally stabilized,
performance on several of the Fitch Loans of Concern (FLOCs) have
declined further or failed to improve. The Outlooks on classes A-S
through D, and X-A through X-D have been revised to Stable to
reflect recovering performance and ongoing stabilization of the
majority of the pool. The Negative Outlooks reflect the potential
for downgrade should the FLOCs, in particular Empire Mall as the
largest asset in the pool, as well as the office properties,
deteriorate further and result in higher modeled losses.

Fitch's current ratings incorporate a base case loss of 8.1%. Fitch
designated six loans (21.8% of pool) as FLOCs, one of which is in
special servicing (0.6%).

Regional Mall Concerns: The largest contributor to expected losses
and largest loan in the pool is the Empire Mall (9.5%). The loan is
secured by a 1,124,178-sf superregional mall located in Sioux
Falls, SD. The largest tenants include JCPenney (12% of NRA, lease
expires in April 2026), Macy's (ground leased; 9%, March 2024),
Hy-Vee Food Stores (7.7%, December 2026), Dick's Sporting Goods
(4.5%, January 2024), and The District (restaurant; 3.6%, January
2024).

Collateral occupancy for the mall has rebounded to 76% as of YE
2021 from 68% at YE 2020 but remains below occupancy prior to the
pandemic and from issuance. As of YE 2021, NOI DSCR declined to
1.42x from 1.59x at YE 2020 and is well below the DSCR of 2.46x at
YE 2018.

In-line sales as of YE 2021 have improved to $441 psf, a rebound
from trough sales of $327 psf in 2020 and higher than historical
levels and from issuance. Sales for the anchors are mixed, with
JCPenney reporting declining sales of $77 psf at YE 2021 compared
to $123 psf at YE 2020 and $134 psf prior to the pandemic at YE
2019. Macy's sales have recovered to $122 psf as of YE 2021 from
$90 psf at YE 2020 but remains below sales of $143 psf prior to the
pandemic. Dick's sales have improved to $169 psf as of YE 2021,
well above sales of $96 psf at YE 2020 and higher than sales of
$130 psf at YE 2019.

Fitch's base case loss of approximately 43% reflects a 20% cap rate
and 5% stress on the YE 2021 NOI. Fitch's high loss expectations
reflect refinance concerns related to the tertiary location, low
sales, low coverage (DSCR reported to be 1.42x as of YE 2021) and
the large outstanding total debt of $187 million, of which $71
million was contributed to this transaction.

Office Loan Underperformance: The Columbine Place loan (2.1%) is
secured by a 149,694-sf office building in downtown Denver, CO.
Performance continues to deteriorate from issuance as March 2022
occupancy declined to 51% from 62% at YE 2021 and 80% in 2020. YE
2021 NOI is 29% below NOI underwritten at issuance and is expected
to trend lower due to increased vacancy. Two of the largest
tenants, which have connections to the oil and gas industry, have
vacated at the end of 2021. Beatty & Wozniak (16.1% of NRA) is a
law firm focused on energy and natural resource law and National
Oilwell Varco (15.5%) is a provider of equipment used in oil/gas
drilling and production. The borrower completed upgrades to the
property that included a renovation of the lobby with raised
ceiling heights and enlarged lobby space, installation of new
lighting and restroom fixtures. Total upgrades were estimated to be
approximately $1.5 million.

Fitch's base case loss of 18% reflects a stressed cap rate of
10.25% to account for the office property quality and a 10% stress
to the YE 2021 NOI due to continued underperformance into 2021.
According to Costar, the Denver CBD office submarket has softened
with a space availability rate of 30% as of Q2-2022.

The 2700 Blankenbaker loan (1.7%) is secured by a 107,598-sf
suburban office building in Louisville, KY. Occupancy declined to
51% when Parallon (49% of NRA) vacated at lease expiration in June
2020. The vacant space has been partially backfilled by J Knipper &
Company on a lease through 2026, increasing building occupancy to
76%. As a result, March 2022 NOI DSCR improved to 1.37x from 0.93x
at YE 2021. The largest tenant, Honeywell's lease expired in May
2022 and is in negotiation for a long-term extension. Fitch's base
case loss of 38% reflects a stressed cap rate of 10.0% to account
for the office property quality with no additional stress to the YE
2021 NOI.

Increasing Credit Enhancement (CE): CE has increased since the
prior rating action due to amortization, loans disposing, and
defeasance. The pool balance has been paid down by 25.9% since
issuance. No losses have been realized losses to date and 10.5% of
the pool is defeased. Interest shortfalls are currently affecting
the non-rated class G. Of the remaining pool balance, 16 loans
comprising 18.3% of the pool are full interest-only through the
term of the loan.

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 'BB-sf' and 'B-sf' categories 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 'BB-sf' and
'B-sf' 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.


WELLS FARGO 2016-NXS6: DBRS Confirms CCC Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2016-NXS6
issued by Wells Fargo Commercial Mortgage Trust 2016-NXS6:

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

With this review, DBRS Morningstar changed the trends on Classes E,
X-E, and F to Stable from Negative. The trends on all other classes
are Stable, with the exception of Class G, which has a rating that
does not typically carry a trend for commercial mortgage-backed
securities (CMBS) ratings. In addition, DBRS Morningstar placed the
Interest in Arrears designation on Class G.

At DBRS Morningstar's last review of the transaction, the Negative
trends reflected DBRS Morningstar's concerns with the specially
serviced loans in the pool and the lasting effects of the
Coronavirus Disease (COVID-19) pandemic on the loans backed by
retail properties, which represent the largest property type
concentration in the pool at 29.3% as of June 2022. As further
detailed below, the trend changes with this review reflect the
recent improvements in the outlook for the specially serviced loans
in the pool, as well as the positive developments for the loans
that are on the servicer's watchlist.

The rating confirmations reflect the overall stable performance of
the underlying collateral, which remains generally unchanged to
improve since DBRS Morningstar's last review. As of the June 2022
remittance, 47 of the original 50 loans remain in the pool,
representing a collateral reduction of 15.6% since issuance. Three
loans have been paid in full, including the former second-largest
loan in the pool, Novo Nordisk (Prospectus ID#2), which repaid in
November 2021. Four loans, representing 1.9% of the current pool
balance, are fully defeased. Nine loans, representing 15.4% of the
current pool balance, are on the servicer's watchlist. The servicer
is monitoring these loans for a variety of reasons, including low
debt service coverage ratio (DSCR) and concerns with occupancy.
These loans are predominantly secured by retail and hospitality
properties, which were affected by the pandemic; however, according
to the June 2022 reporting, most of these properties have exhibited
material progress in the last year, with increases in cash flow and
occupancy rates.

Per the June 2022 reporting, three loans are currently in special
servicing, totalling 11.7% of the current trust balance. Of these
loans, DBRS Morningstar believes the most pivotal is the Cassa
Times Square mixed-use loan (Prospectus ID #6, 5.4% of the current
pool balance), which is secured by a mixed-use property consisting
of an 86-key boutique hotel along with 8,827 square feet (sf) of
retail space in Manhattan, New York. The loan transferred to
special servicing in May 2020 for imminent default and is currently
over 121 days delinquent. A receiver has been appointed as of March
2022 and is working to establish control of all property cash
flows. According to the servicer, the receiver and property manager
are currently rebranding the asset after not being able to work out
an agreement with the brand's owner.

As of February 2022, the property was re-appraised at $32.4
million, which is an increase from the February 2021 value of $31.0
million, but well below the issuance value of $68.9 million, with
the appraiser citing concerns regarding the lasting effects of the
pandemic on travel and leisure industries. The 2022 value suggests
a deficit from the trust exposure of approximately $7.0 million,
and as such, the resulting loss amount in DBRS Morningstar's
liquidation scenario was relatively small. Given recent
developments that have suggested tourist traffic to New York City
and room revenues have ticked closer to pre-pandemic levels, DBRS
Morningstar believes the overall risks for this loan have slightly
declined since last review, providing support for the rating
confirmations and change in trends for three classes as previously
outlined.

The second-largest loan in special servicing, Plaza Mexico
(Prospectus ID#7, 4.7% of the current pool balance) is secured by a
404,064-sf open-air, grocery-anchored shopping center in Lynwood,
California. The loan is pari passu, secured within a $106.0 million
whole loan, with the subject loan balance currently totalling $30.0
million. The loan transferred to special servicing in October 2020
for payment default, and, since its transfer, the borrower filed
for bankruptcy protection in April 2021. According to recent news
reports, the collateral property has been acquired by the Sterling
Organization for $163.6 million, which suggests a full payoff of
the whole loan. The property was re-appraised in October 2021 at
$161.0 million, a decrease from the October 2020 value of $170.0
million and the issuance value of $184.0 million.

The White Marsh Portfolio loan (Prospectus ID#19, 1.7% of the
current pool balance) is secured by two office buildings in Marsh
and Nottingham, Maryland, and was transferred to special servicing
in January 2022 because of imminent monetary default as a result of
performance declines caused by occupancy losses. As of March 2022,
the property was 76% occupied, in line with the issuance figure of
73.6%, and according to the servicer, the borrower is working on
leasing vacant spaces. According to the June 2022 servicer update,
the borrower was able to bring the loan current as of May 2022, and
the loan is expected to transfer back to the master servicer after
three consecutive payments have been made on time.

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



[*] Fitch Withdraws Ratings on Distressed Bonds From 8 CMBS Deals
-----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn ratings from already
distressed bonds across eight U.S. commercial mortgage-backed
securities (CMBS) transactions.

   DEBT          RATING                 PRIOR
   ----          ------                 -----

Banc of America Commercial Mortgage Trust 2007-4

H 059513AY7     LT    Dsf   Affirmed     Dsf

H 059513AY7     LT    WDsf  Withdrawn    Dsf

J 059513BA8     LT    Dsf   Affirmed     Dsf

J 059513BA8     LT    WDsf  Withdrawn    Dsf

K 059513BC4     LT    Dsf   Affirmed     Dsf

K 059513BC4     LT    WDsf  Withdrawn    Dsf

L 059513BE0     LT    Dsf   Affirmed     Dsf

L 059513BE0     LT    WDsf  Withdrawn    Dsf

M 059513BG5     LT    Dsf   Affirmed     Dsf

M 059513BG5     LT    WDsf  Withdrawn    Dsf

N 059513BJ9     LT    Dsf   Affirmed     Dsf

N 059513BJ9     LT    WDsf  Withdrawn    Dsf

O 059513BL4     LT    Dsf   Affirmed     Dsf

O 059513BL4     LT    WDsf   Withdrawn   Dsf

P 059513BN0     LT    Dsf    Affirmed    Dsf

P 059513BN0     LT    WDsf   Withdrawn   Dsf

Q 059513BQ3     LT    Dsf    Affirmed    Dsf

Q 059513BQ3     LT    WDsf   Withdrawn   Dsf

Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26

A-J 07388VAH1   LT    Dsf    Affirmed    Dsf

A-J 07388VAH1   LT    WDsf   Withdrawn   Dsf

B 07388VAJ7     LT    Dsf    Affirmed    Dsf

B 07388VAJ7     LT    WDsf   Withdrawn   Dsf

C 07388VAK4     LT    Dsf    Affirmed    Dsf

C 07388VAK4     LT    WDsf   Withdrawn   Dsf

D 07388VAL2     LT    Dsf    Affirmed    Dsf

D 07388VAL2     LT    WDsf   Withdrawn   Dsf

E 07388VAM0     LT    Dsf    Affirmed    Dsf

E 07388VAM0     LT    WDsf   Withdrawn   Dsf

F 07388VAN8     LT    Dsf    Affirmed    Dsf

F 07388VAN8     LT    WDsf   Withdrawn   Dsf

G 07388VAP3     LT    Dsf    Affirmed    Dsf

G 07388VAP3     LT    WDsf   Withdrawn   Dsf

H 07388VAQ1     LT    Dsf    Affirmed    Dsf

H 07388VAQ1     LT    WDsf   Withdrawn   Dsf

J 07388VAR9     LT    Dsf    Affirmed    Dsf

J 07388VAR9     LT    WDsf   Withdrawn   Dsf

K 07388VAS7     LT    Dsf    Affirmed    Dsf

K 07388VAS7     LT    WDsf   Withdrawn   Dsf

L 07388VAT5     LT    Dsf    Affirmed    Dsf

L 07388VAT5     LT    WDsf   Withdrawn   Dsf

M 07388VAU2     LT    Dsf    Affirmed    Dsf

M 07388VAU2     LT    WDsf   Withdrawn   Dsf

N 07388VAV0     LT    Dsf    Affirmed    Dsf

N 07388VAV0     LT    WDsf   Withdrawn   Dsf

O 07388VAW8     LT    Dsf    Affirmed    Dsf

O 07388VAW8     LT    WDsf   Withdrawn   Dsf

J. P. Morgan Chase Commercial Mortgage Securities Corp.
2006-CIBC15

A-J 46627QBD9   LT    Dsf    Affirmed    Dsf

A-J 46627QBD9   LT    WDsf   Withdrawn   Dsf

B 46627QBG2     LT    Dsf    Affirmed    Dsf

B 46627QBG2     LT    WDsf   Withdrawn   Dsf

C 46627QBH0     LT    Dsf    Affirmed    Dsf

C 46627QBH0     LT    WDsf   Withdrawn   Dsf

D 46627QBJ6     LT    Dsf    Affirmed    Dsf

D 46627QBJ6     LT    WDsf   Withdrawn   Dsf

E 46627QAA6     LT    Dsf    Affirmed    Dsf

E 46627QAA6     LT    WDsf   Withdrawn   Dsf

F 46627QAC2     LT    Dsf    Affirmed    Dsf

F 46627QAC2     LT    WDsf   Withdrawn   Dsf

G 46627QAE8     LT    Dsf    Affirmed    Dsf

G 46627QAE8     LT    WDsf   Withdrawn   Dsf

H 46627QAG3     LT    Dsf    Affirmed    Dsf

H 46627QAG3     LT    WDsf   Withdrawn   Dsf

J 46627QAJ7     LT    Dsf    Affirmed    Dsf

J 46627QAJ7     LT    WDsf   Withdrawn   Dsf

K 46627QAL2     LT    Dsf    Affirmed    Dsf

K 46627QAL2     LT    WDsf   Withdrawn   Dsf

L 46627QAN8     LT    Dsf    Affirmed    Dsf

L 46627QAN8     LT    WDsf   Withdrawn   Dsf

M 46627QAQ1     LT    Dsf    Affirmed    Dsf

M 46627QAQ1     LT    WDsf   Withdrawn   Dsf

N 46627QAS7     LT    Dsf    Affirmed    Dsf

N 46627QAS7     LT    WDsf   Withdrawn   Dsf

P 46627QAU2     LT    Dsf    Affirmed    Dsf

P 46627QAU2     LT    WDsf   Withdrawn   Dsf

J.P. Morgan Chase Commercial Mortgage Securities Trust 2010-C1

D 46634NAX4     LT    Dsf    Affirmed    Dsf

D 46634NAX4     LT    WDsf   Withdrawn   Dsf

E 46634NBA3     LT    Dsf    Affirmed    Dsf

E 46634NBA3     LT    WDsf   Withdrawn   Dsf

F 46634NBD7     LT    Dsf    Affirmed    Dsf

F 46634NBD7     LT    WDsf   Withdrawn   Dsf

G 46634NBG0     LT    Dsf    Affirmed    Dsf

G 46634NBG0     LT    WDsf   Withdrawn   Dsf

H 46634NBK1     LT    Dsf    Affirmed    Dsf

H 46634NBK1     LT    WDsf   Withdrawn   Dsf

J.P. Morgan Chase Mortgage Securities Trust 2008-C2

A-J 46632MCL2   LT    Dsf    Affirmed    Dsf

A-J 46632MCL2   LT    WDsf   Withdrawn   Dsf

A-M 46632MCJ7   LT    Dsf    Affirmed    Dsf

A-M 46632MCJ7   LT    WDsf   Withdrawn   Dsf

B 46632MAG5     LT    Dsf    Affirmed    Dsf

B 46632MAG5     LT    WDsf   Withdrawn   Dsf

C 46632MAJ9     LT    Dsf    Affirmed    Dsf

C 46632MAJ9     LT    WDsf   Withdrawn   Dsf

D 46632MAL4     LT    Dsf    Affirmed    Dsf

D 46632MAL4     LT    WDsf   Withdrawn   Dsf

E 46632MAN0     LT    Dsf    Affirmed    Dsf

E 46632MAN0     LT    WDsf   Withdrawn   Dsf

F 46632MAQ3     LT    Dsf    Affirmed    Dsf

F 46632MAQ3     LT    WDsf   Withdrawn   Dsf

G 46632MAS9     LT    Dsf    Affirmed    Dsf

G 46632MAS9     LT    WDsf   Withdrawn   Dsf

H 46632MAU4     LT    Dsf    Affirmed    Dsf

H 46632MAU4     LT    WDsf   Withdrawn   Dsf

J 46632MAW0     LT    Dsf    Affirmed    Dsf

J 46632MAW0     LT    WDsf   Withdrawn   Dsf

K 46632MAY6     LT    Dsf    Affirmed    Dsf

K 46632MAY6     LT    WDsf   Withdrawn   Dsf

L 46632MBA7     LT    Dsf    Affirmed    Dsf

L 46632MBA7     LT    WDsf   Withdrawn   Dsf

M 46632MBC3     LT    Dsf    Affirmed    Dsf

M 46632MBC3     LT    WDsf   Withdrawn   Dsf

N 46632MBE9     LT    Dsf    Affirmed    Dsf

N 46632MBE9     LT    WDsf   Withdrawn   Dsf

P 46632MBG4     LT    Dsf    Affirmed    Dsf

P 46632MBG4     LT    WDsf   Withdrawn   Dsf

Q 46632MBJ8     LT    Dsf    Affirmed    Dsf

Q 46632MBJ8     LT    WDsf   Withdrawn   Dsf

T 46632MBL3     LT    Dsf    Affirmed    Dsf

T 46632MBL3     LT    WDsf   Withdrawn   Dsf

LB-UBS Commercial Mortgage Trust 2007-C6

D 52109PAL9     LT    Dsf    Affirmed    Dsf

D 52109PAL9     LT    WDsf   Withdrawn   Dsf

E 52109PAM7     LT    Dsf    Affirmed    Dsf

E 52109PAM7     LT    WDsf   Withdrawn   Dsf

F 52109PAN5     LT    Dsf    Affirmed    Dsf

F 52109PAN5     LT    WDsf   Withdrawn   Dsf

G 52109PAX3     LT    Dsf    Affirmed    Dsf

G 52109PAX3     LT    WDsf   Withdrawn   Dsf

H 52109PAY1     LT    Dsf    Affirmed    Dsf

H 52109PAY1     LT    WDsf   Withdrawn   Dsf

J 52109PAZ8     LT    Dsf    Affirmed    Dsf

J 52109PAZ8     LT    WDsf   Withdrawn   Dsf

K 52109PBA2     LT    Dsf    Affirmed    Dsf

K 52109PBA2     LT    WDsf   Withdrawn   Dsf

L 52109PBB0     LT    Dsf    Affirmed    Dsf

L 52109PBB0     LT    WDsf   Withdrawn   Dsf

M 52109PBC8     LT    Dsf    Affirmed    Dsf

M 52109PBC8     LT    WDsf   Withdrawn   Dsf

N 52109PBD6     LT    Dsf    Affirmed    Dsf

N 52109PBD6     LT    WDsf   Withdrawn   Dsf

P 52109PBE4     LT    Dsf    Affirmed    Dsf

P 52109PBE4     LT    WDsf   Withdrawn   Dsf

Q 52109PBF1     LT    Dsf    Affirmed    Dsf

Q 52109PBF1     LT    WDsf   Withdrawn   Dsf

S 52109PBG9     LT    Dsf    Affirmed    Dsf

S 52109PBG9     LT    WDsf   Withdrawn   Dsf

J. P. Morgan Chase Commercial Mortgage Securities Corp. 2003-ML1

M 46625MWG0     LT    Dsf    Affirmed    Dsf

M 46625MWG0     LT    WDsf   Withdrawn   Dsf

N 46625MWH8     LT    Dsf    Affirmed    Dsf

N 46625MWH8     LT    WDsf   Withdrawn   Dsf

Wachovia Bank Commercial Mortgage Trust 2006-C28

E 92978MAN6     LT    Dsf    Affirmed    Dsf

E 92978MAN6     LT    WDsf   Withdrawn   Dsf

F 92978MAT3     LT    Dsf    Affirmed    Dsf

F 92978MAT3     LT    WDsf   Withdrawn   Dsf

G 92978MAU0     LT    Dsf    Affirmed    Dsf

G 92978MAU0     LT    WDsf   Withdrawn   Dsf

H 92978MAV8     LT    Dsf    Affirmed    Dsf

H 92978MAV8     LT    WDsf   Withdrawn   Dsf

J 92978MAW6     LT    Dsf    Affirmed    Dsf

J 92978MAW6     LT    WDsf   Withdrawn   Dsf

K 92978MAX4     LT    Dsf    Affirmed    Dsf

K 92978MAX4     LT    WDsf   Withdrawn   Dsf

L 92978MAY2     LT    Dsf    Affirmed    Dsf

L 92978MAY2     LT    WDsf   Withdrawn   Dsf

M 92978MAZ9     LT    Dsf    Affirmed    Dsf

M 92978MAZ9     LT    WDsf   Withdrawn   Dsf

N 92978MBA3     LT    Dsf    Affirmed    Dsf

N 92978MBA3     LT    WDsf   Withdrawn   Dsf

O 92978MBB1     LT    Dsf    Affirmed    Dsf

O 92978MBB1     LT    WDsf   Withdrawn   Dsf

P 92978MBC9     LT    Dsf    Affirmed    Dsf

P 92978MBC9     LT    WDsf    Withdrawn    Dsf

All ratings in J.P. Morgan Chase Securities Trust 2010-C1, J.P.
Morgan Chase Securities Corp. 2003-ML1, J.P. Morgan Chase
Securities Corp. 2006-CIB15, Banc of America Commercial Mortgage
Trust 2007-4, Wachovia Bank Commercial Mortgage Trust 2006-C28, and
Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 have
been affirmed and subsequently withdrawn. These ratings are no
longer considered by Fitch to be relevant to the agency's
coverage.

KEY RATING DRIVERS

Fitch has affirmed 13 classes of LB-UBS Mortgage Trust 2007-C6 at
'Dsf' as a result of previously incurred losses. All 13 classes
have been withdrawn as there is no remaining collateral in the deal
and the trust balance have been reduced to zero, as of the June
2022 remittance report.

Fitch has affirmed five classes of J.P. Morgan Chase Securities
Trust 2010-C1, two classes of J.P. Morgan Chase Securities Corp.
2003-ML1, 14 classes of J.P. Morgan Chase Securities Corp.
2006-CIB15, nine classes of Banc of America Commercial Mortgage
Trust 2007-4, 11 classes of Wachovia Bank Commercial Mortgage Trust
2006-C28, and 14 classes of Bear Stearns Commercial Mortgage
Securities Trust 2007-TOP26 at 'Dsf' as a result of previously
incurred losses. Only 'Dsf' rated classes are remaining in these
seven transactions.

ESG - Transaction & Collateral Structure: J.P. Morgan Chase
Commercial Mortgage Securities Trust series 2008-C2 has experienced
modified payments from the Westin Portfolio, which was determined
by the bankruptcy court and causes losses to the trust.

RATING SENSITIVITIES

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

No further negative rating changes are expected as these bonds have
incurred principal losses.

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

While the bonds that have defaulted are not expected to recover any
material amount of lost principal in the future, there is a limited
possibility this may happen. In this unlikely scenario, Fitch would
further review the affected 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.

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

J.P. Morgan Chase Mortgage Securities Trust 2008-C2 has an ESG
Relevance Score of '5' for Transaction & Collateral Structure due
to the modified payment of the Westin Portfolio, which was
determined by the bankruptcy court and resulted in losses to the
trust, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in an implicitly lower
rating due to expected losses that will impact all remaining
classes.

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.


[*] Moody's Hikes Ratings on $450MM of US RMBS Issued 2004-2007
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 27 bonds from
16 US residential mortgage backed transactions (RMBS), backed by
Alt-A and subprime mortgages issued by multiple issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/3Q6Zi1B

Complete rating actions are as follows:

Issuer: Chase Funding Trust, Series 2004-1

Cl. IA-5, Upgraded to Baa1 (sf); previously on Oct 1, 2021 Upgraded
to Baa3 (sf)

Cl. IA-7, Upgraded to Baa1 (sf); previously on Oct 1, 2021 Upgraded
to Baa3 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series
2004-5

Cl. M-3, Upgraded to Aa2 (sf); previously on Oct 1, 2021 Upgraded
to A1 (sf)

Cl. M-4, Upgraded to Aa3 (sf); previously on Oct 1, 2021 Upgraded
to A2 (sf)

Cl. M-5, Upgraded to Ba1 (sf); previously on Jun 3, 2019 Upgraded
to Ba2 (sf)

Issuer: Credit Suisse First Boston Mortgage Securities Corp. Series
2004-6

Cl. M-3, Upgraded to Aa1 (sf); previously on Oct 1, 2021 Upgraded
to Aa3 (sf)

Cl. M-4, Upgraded to Aa3 (sf); previously on Oct 1, 2021 Upgraded
to A2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH1

Cl. M-2, Upgraded to Baa1 (sf); previously on Oct 1, 2021 Upgraded
to Baa3 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF6

Cl. A-4, Upgraded to Aa2 (sf); previously on Oct 1, 2021 Upgraded
to A2 (sf)

Issuer: Long Beach Mortgage Loan Trust 2006-1

Cl. I-A, Upgraded to A2 (sf); previously on Jan 31, 2020 Upgraded
to Baa1 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A8

Cl. M-1, Upgraded to Baa1 (sf); previously on Dec 18, 2019 Upgraded
to Ba1 (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-NC2

Cl. A-2d, Upgraded to A1 (sf); previously on Oct 30, 2019 Upgraded
to A2 (sf)

Issuer: Nationstar Home Equity Loan Trust 2007-B

Cl. 1-AV-1, Upgraded to Aa2 (sf); previously on Jun 21, 2019
Upgraded to A1 (sf)

Cl. 2-AV-4, Upgraded to A2 (sf); previously on Jan 13, 2020
Upgraded to Baa1 (sf)

Issuer: Nomura Home Equity Loan Trust 2005-HE1

Cl. M-4, Upgraded to Aaa (sf); previously on May 29, 2019 Upgraded
to Aa1 (sf)

Cl. M-5, Upgraded to A2 (sf); previously on May 29, 2019 Upgraded
to Baa2 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2007-NC2

Cl. A-1, Upgraded to A3 (sf); previously on Jan 31, 2020 Upgraded
to Baa2 (sf)

Issuer: Soundview Home Loan Trust 2006-OPT2

Cl. A-4, Upgraded to A1 (sf); previously on May 24, 2019 Upgraded
to Baa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-WF4

Cl. M6, Upgraded to Aa3 (sf); previously on Feb 24, 2020 Upgraded
to A2 (sf)

Cl. M7, Upgraded to Baa1 (sf); previously on Feb 24, 2020 Upgraded
to Baa3 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-BC6

Cl. A1, Upgraded to A1 (sf); previously on Feb 24, 2020 Upgraded to
Baa1 (sf)

Cl. A4, Upgraded to Aa1 (sf); previously on Feb 24, 2020 Upgraded
to Aa2 (sf)

Cl. A5, Upgraded to A3 (sf); previously on Feb 24, 2020 Upgraded to
Baa3 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-WF1

Cl. M4, Upgraded to Aaa (sf); previously on Feb 24, 2020 Upgraded
to Aa2 (sf)

Cl. M5, Upgraded to A2 (sf); previously on Feb 24, 2020 Upgraded to
Baa2 (sf)

Cl. M6, Upgraded to Caa2 (sf); previously on Jun 21, 2019 Upgraded
to Caa3 (sf)

Issuer: Terwin Mortgage Trust 2006-1

Cl. I-M-1, Upgraded to Aa3 (sf); previously on Jan 31, 2020
Upgraded to A2 (sf)

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 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 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.


[*] S&P Takes Various Actions on 168 Classes from 50 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 168 ratings from 50 U.S.
RMBS transactions issued between 2001 and 2007. The review yielded
58 upgrades, 14 downgrades, 88 affirmations, one discontinuance,
and seven withdrawals.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3OOnyo9

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its 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;

-- Increase or decrease in available credit support;

-- Expected duration;

-- Historical and/or outstanding missed interest payments or
interest shortfalls;

-- Small loan count;

-- Payment priority;

-- Reduced interest payments due to loan modifications;

-- Principal-only criteria; and

-- Interest-only criteria.

Rating Actions

S&P said, "The rating changes reflect our view regarding the
associated transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes.

"The rating affirmations reflect our view that our projected credit
support, collateral performance, and credit-related reductions in
interest on these classes have remained relatively consistent with
our prior projections.

"We withdrew our ratings on six classes from two transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level.

"We applied our interest-only criteria, "Global Methodology For
Rating Interest-Only Securities," published April 15, 2010, on
class III-X issued from Credit Suisse First Boston Mortgage
Securities Corp.'s series 2003-23, which resulted in the rating
being withdrawn, as all principal- and interest-paying classes
rated 'AA-' or higher have been retired or downgraded below that
rating level."



                            *********

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