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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, August 21, 2022, Vol. 26, No. 232

                            Headlines

280 PARK AVENUE 2017-280P: Fitch Affirms B- Rating to HRR Certs
ACCESS GROUP 2003-A: Moody's Upgrades Rating on Cl. B Notes to Ba1
ACCESS GROUP 2004-2: Fitch Affirms CC Rating on Class B Debt
AGL CLO 20: Moody's Assigns B3 Rating to $1MM Class F Notes
AGL CLO 21: Moody's Assigns (P)B3 Rating to $1MM Class F Notes

AMERICAN CREDIT 2021-2: S&P Raises Cl. F Notes Rating to BB+ (sf)
AMERICAN CREDIT 2022-3: S&P Assigns B+ (sf) Rating on Cl. F Notes
ANGEL OAK 2022-5: Fitch Assigns 'Bsf' Rating Cl. B-2 Debt
APIDOS CLO XI: Fitch Assigns 'BB(EXP)' Rating to Class E Debt
B&M CLO 2014-1: S&P Lowers Rating on Class E Notes to 'D (sf)'

BAMLL 2016-ISQR: S&P Lowers Class E Notes Rating to 'B (sf)'
BENCHMARK 2018-B6: Fitch Affirms B- Rating on Class J-RR Certs
BENEFIT STREET XXVII: Fitch Assigns 'BB-' Rating to Class E Debt
BNPP IP 2014-II: S&P Places CCC+ Cl. E Notes Rating on Watch Neg.
CITIGROUP 2015-101A: Fitch Affirms B-sf Rating on Class F Certs

COMM 2013-CCRE13: Fitch Cuts Rating on Class F Certs to CCsf
COMM 2013-CCRE13: Fitch Cuts Rating on Class F Certs to CCsf
COMM 2014-FL5: S&P Affirms CCC (sf) Rating on Class KH2 Certs
COMM 2015-CCRE7: Fitch Affirms CCC Rating on Class F Debt
CPS AUTO 2022-C: DBRS Finalizes BB(high) Rating on Class E Notes

CSAIL 2017-CX10: Fitch Affirms B- Rating on Class F Certs
DERRICK'S SPORT: Unsecureds Owed $162K to Get 10% Under Plan
DRYDEN 112 CLO: Moody's Assigns B3 Rating to $1MM Class F Notes
FREDDIE MAC 2022-HQA3: Moody's Assigns Ba3 Rating to 10 Tranches
GCAT 2022-NQM4: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs

GCAT TRUST 2022-INV3: Moody's Assigns (P)B2 Rating to Cl. B-5 Debt
GOLDENTREE LOAN 15: Moody's Assigns B3 Rating to $800,000 F Notes
GS MORTGAGE 2015-GS1: Fitch Affirms CC Rating on Class F Debt
GS MORTGAGE 2016-GS14: Fitch Lowers Rating on Class F Certs to CC
GS MORTGAGE 2022-LTV2: Moody's Assigns B3 Rating to Cl. B-5 Debt

HILTON GRAND 2022-2: S&P Assigns BB- (sf) Rating on Class D Notes
HOMEWARD OPPORTUNITIES 2022-1: S&P Assigns B Rating on B-2 Certs
JP MORGAN 2020-2: Moody's Upgrades Rating on 2 Tranches to Ba3
JPMDB COMMERCIAL 2017-C7: Fitch Affirms CCC Rating on F-RR Certs
KEYCORP STUDENT 2006-A: S&P Affirms CCC (sf) Rating on II-C Notes

MADISON PARK LV: Fitch Gives BB-(EXP) Rating on Class E Debt
MADISON PARK LV: Fitch Gives BB-sf Rating to Class E Debt
MAGNETITE XXXV: Moody's Assigns Ba3 Rating to $16.25MM Cl. E Notes
MORGAN STANLEY 2013-C8: Fitch Affirms Bsf Rating to Class F Debt
MORGAN STANLEY 2015-C25: Fitch Affirms B-sf Rating on F Debt

MORGAN STANLEY 2022-17A: Fitch Gives BB Rating to Cl. E Debt
OBX TRUST 2022-J2: Fitch Assigns B+sf Rating to Class B-5 Debt
OHA CREDIT 12: Fitch Assigns BB-sf Rating to Class E Debt
ORIGEN MANUFACTURED 2002-A: S&P Affirms CCC- Rating on M2 Certs
PALMER SQUARE 2022-3: Fitch Gives BB- Rating on Class E Debt

RR 22: Fitch Assigns BB+sf Rating to Class D Debt
SATURNS SPRINT 2003-2: S&P Rates Cl. B $30MM Callable Units 'BB+'
SG RESIDENTIAL 2022-2: Fitch Assigns BB- Rating to Class B-1 Debt
TRUPS FINANCIALS 2022-1: Moody's Assigns (P)Ba3 Rating to D Notes
WACHOVIA BANK 2005-C21: Moody's Cuts Rating on Cl. E Certs to Caa3

[*] S&P Takes Various Action on 58 Classes from 17 US RMBS Deals
[*] S&P Takes Various Actions on 71 Classes from 17 US RMBS Deals
[] DBRS Confirms 119 Classes Across 17 Deals

                            *********

280 PARK AVENUE 2017-280P: Fitch Affirms B- Rating to HRR Certs
---------------------------------------------------------------
Fitch Ratings has affirmed seven classes of 280 Park Avenue
2017-280P Mortgage Trust Commercial Mortgage Pass-Through
Certificates.

RATING ACTIONS

ENTITY/DEBT         RATING                      PRIOR
-----------         ------                      -----
280 Park Avenue
Trust 2017-280P

  A 90205FAA8        LT  AAAsf   Affirmed        AAAsf

  B 90205FAG5        LT  AA-sf   Affirmed        AA-sf

  C 90205FAJ9        LT  A-sf    Affirmed        A-sf

  D 90205FAL4        LT  BBB-sf  Affirmed        BBB-sf
  
  E 90205FAN0        LT  BB-sf   Affirmed        BB-sf

  F 90205FAQ3        LT  Bsf     Affirmed        Bsf

  HRR 90205FAS9      LT  B-sf    Affirmed        B-sf

KEY RATING DRIVERS

Overall Stable Performance: Property performance remains relatively
in-line with Fitch's expectations at issuance.

Per the most recent servicer-provided OSAR, the YE 2021 net cash
flow (NCF) debt service coverage ratio (DSCR) improved to 4.37x
from 2.79x at YE 2020 due to an increase in NCF by $9.8 million and
a reduction in debt service by $6.3 million, solely from LIBOR
fluctuations. The increase in NCF was largely attributable to newly
signed leases, higher rents from rent bumps for several existing
tenants and increased occupancy in 2021.

The property was 95.2% occupied as of the June 2022 rent roll,
compared with 95.6% in March 2021 and 93.4% in June 2020. The
property had average in-place rent of $96.91 psf as of June 2022.
Upcoming rollover is minimal at 1.5% of the NRA in 2022 and 5% in
2023.

High-Quality Asset in Strong Location: The collateral consists of a
fee simple interest in a 1.3 million-sf, LEED Gold certified, class
A office building located on Park Avenue between 48th and 49th
Streets in the Grand Central office submarket of Midtown Manhattan.
The collateral consists of a 33-story east tower, a 43-story west
tower and a 17-story base building that connects the east and west
towers. The east tower was initially built in 1961, while the west
tower was completed in 1968.

The property was formerly known as the Bankers Trust Building. At
issuance, Fitch assigned a property quality grade of 'A'. The
property includes 1.22 million sf of office, 21,686 sf of retail
and 14,841 sf of storage space.

The largest tenants are PJT Partners (11% of NRA through 2026),
Franklin Templeton Investments (10% through 2031), Cohen & Steers
(8% through 2024), Blue Mountain Capital Management 6% through
2024) and Investcorp International (6% through May 2035).

The street-level retail space at issuance was fully leased to,
Starbucks, Four Seasons Restaurant which have vacated and Scottrade
which will vacate at lease expiration in September 2022. The Four
Seasons space was re-leased to Fasano Restaurant through 2030 with
percentage rent lease terms. The restaurant opened in February
2022.

Creditworthy Tenancy: Over 15% of the NRA is leased to creditworthy
tenants, including Franklin Templeton, GIC, Orix USA, Wells Fargo
Advisors (Wells Fargo & Company is rated A+/F1/Outlook Stable).

Capital Improvements: The sponsor acquired the property in 2011 and
has spent $142.5 million ($113 psf) on the redevelopment of the
building. The redevelopment included a complete redesigning of the
lobby and exterior plaza, installing a new breezeway, redeveloping
the public plazas, repositioning the retail, upgrading the
elevators, electrical and plumbing systems, and installing a modern
HVAC system.

High Overall Fitch Leverage: The $1.075 billion mortgage loan has a
Fitch DSCR and LTV of 0.80x and 109.7%, respectively, and debt of
$853 psf. The capital stack also includes a $125.0 million
mezzanine loan. The total debt Fitch DSCR and LTV are 0.71x and
122.4%, respectively, and the total debt amounts to $952 psf.

Institutional Sponsorship: The loan is sponsored by SL Green
(BBB-/Negative) and Vornado (BBB-/Negative), both of which are
major New York City landlords.

RATING SENSITIVITIES

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

-- A significant decline in asset performance and/or market
    occupancy;

-- A significant deterioration in property cash flow.

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

-- A significant increase in property cash flow and occupancy.

ESG CONSIDERATIONS

280 Park Avenue Trust 2017-280P has an ESG Relevance Score of '4'
[+] for Waste & Hazardous Materials Management; Ecological Impacts
due to due to the sustainable building practices including Green
building certificate credentials (LEED Gold), which has a positive
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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


ACCESS GROUP 2003-A: Moody's Upgrades Rating on Cl. B Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two tranches
issued by Access Group, Inc., Series 2003-A and Access Group Inc.
Private Student Loan asset-Backed Floating Rate Notes, Series
2005-B. The underlying collateral consists of private credit
student loans originated by Access Group, Inc. The underlying loans
do not benefit from any government guarantee.

The complete rating actions are as follows:

Issuer: Access Group Inc. Private Student Loan asset-Backed
Floating Rate Notes, Series 2005-B

2005-B Cl. B-2, Upgraded to Baa2; previously on Apr 7, 2017
Upgraded to Ba1

Issuer: Access Group, Inc., Series 2003-A

Senior Ser. 2003-A Cl. B, Upgraded to Ba1; previously on Apr 7,
2017 Upgraded to Ba3

RATINGS RATIONALE

The upgrades are a result of the build-up in overcollateralization
as a result of the transaction structures that allow use of all
available excess spread to pay down the notes, full turbo for
Access Group Inc. Private Student Loan asset-Backed Floating Rate
Notes, Series 2005-B and no release of residual before OC reaches
$1.5 million for Access Group, Inc., Series 2003-A. Moody's
expected lifetime defaults as a percentage of original pool balance
are between 15.50% and 11.25% across the transactions. The default
expectations reflect updated performance trends on the underlying
pools.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating US Private Student Loan-Backed Securities"
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 below Moody's expectations.

Down

Levels of credit protection that are lower than necessary to
protect investors against current expectations of loss could drive
the ratings down. Losses could increase above Moody's expectations.



ACCESS GROUP 2004-2: Fitch Affirms CC Rating on Class B Debt
------------------------------------------------------------
Fitch Ratings has upgraded Access Group 2004-2 class A-3 to 'Asf'
from 'Bsf' and class A-4 to 'Bsf' from 'CCCsf'. Class A-4 is
assigned a Positive Outlook and the Outlook remains Positive for
class A-3. Access Group 2004-2 class A-5 and class B are affirmed
at 'CCCsf'. In addition, Fitch has affirmed the ratings on all
notes of Access Funding LLC 2015-1 and the Rating Outlook remains
Stable.

Access Group, Inc. - Federal
Student Loan Notes,
Series 2004-2

   A-3 00432CBW0 LT  Asf     Upgrade    Bsf     
   A-4 00432CBX8 LT  Bsf     Upgrade    CCCsf
   A-5 00432CBY6 LT  CCCsf   Affirmed   CCCsf
   B 00432CBZ3 LTC   CCsf    Affirmed   CCCsf

Access Funding 2015-1 LLC

   A 00435TAA9   LT  AAAsf   Affirmed   AAAsf
   B 00435TAB7   LT  AAsf    Affirmed   AAsf

TRANSACTION SUMMARY

The upgrade to the rating on Access Group 2004-2, class A-3 is
based on higher than expected amortization than since the last
review. Currently, this class is the only senior note receiving
principal and benefited from significantly higher payment rates
than historical trends. The upgrade to class A-3 and class A-4
notes reflects the improved pay down in class A-3. Positive rating
action could be taken again in the next one to two years even if
payment rates slow to average historical levels.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family
Education Loan Program (FFELP) loans, with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. The U.S. sovereign rating is currently 'AAA'/Outlook
Stable.

Collateral Performance: Based on transaction specific performance
to date, Fitch assumed a sustainable constant default rate
assumption (sCDR) of 2.0% for 2004-2 and 2.5% for 2015-1 and a sCPR
of 6.25% for 2004-2 and 16.0% for 2015-1. The base case default
rate is 11.5% for 2004-2 and 14.25% for 2015-1. The TTM levels of
deferment and forbearance are 0.61% and approximately 3.0%,
respectively, for 2004-2, and 2.8% and 4.8%, respectively, for
2015-1. These levels are used as the starting point in cash flow
modeling and subsequent declines and increases are modeled as per
criteria.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of the end of the most
recent collection period, all trust student loans are indexed to
either 91-day T-bill or one month LIBOR and all notes are indexed
to either one month or three months LIBOR.

Payment Structure: Credit enhancement (CE) is provided by excess
spread and the class A notes benefit from subordination provided by
the class B notes. All transactions are releasing excess cash as
the parity of 101% is maintained for 2004-2 and the specified
overcollateralization amount of the greater of 2.25% of the pool
balance and $1,070,000 is maintained for 2015-1. Liquidity support
is provided by a reserve accounts sized at $1.1 million, and
$303,814 for 2004-2 and 2015-1, respectively.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc., which Fitch believes to be an acceptable servicer of
student loans due to its long servicing history.

RATING SENSITIVITIES

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

'AAAsf'-rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by ED. Aside from the U.S. sovereign rating, defaults,
basis risk and loan extension risk account for the majority of the
risk embedded in FFELP student loan transactions.

This section provides insight into the model-implied sensitivities
the transactions face when one assumption is modified, while
holding others equal. Fitch conducts credit and maturity stress
sensitivity analysis by increasing or decreasing key assumptions by
25% and 50% over the base case. The credit stress sensitivity is
viewed by stressing both the base case default rate and the basis
spread. The maturity stress sensitivity is viewed by stressing
remaining term, IBR usage and prepayments. The results below should
only be considered as one potential outcome, as the transaction is
exposed to multiple dynamic risk factors and should not be used as
an indicator of possible future performance.

Fitch has revised its global economic outlook forecasts as a result
of the war in Ukraine and related economic sanctions. Downside
risks have increased highlighted in the special report, "What a
Stagflation Scenario Would Mean for Global Structured Finance", an
assessment of the potential rating and asset performance impact of
a plausible, albeit worse than expected, adverse stagflation
scenario. Fitch expects the FFELP student loan ABS sector, under
this scenario, to experience mild to modest asset performance
deterioration, indicating some Outlook changes (between 5% and 20%
of outstanding ratings). Asset performance under this adverse
scenario is expected to be more modest than the most severe
sensitivity scenario below. The severity and duration of the
macroeconomic disruption is uncertain, but is balanced by a strong
labor market and the build-up of household savings during the
pandemic, which will provide support in the near term to households
faced with falling real incomes.

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Current Rating: Class A-3 'Asf', Class A-4 'Bsf'; Class A-5 and
Class B 'CCCsf'.

Credit Stress Rating Sensitivity

-- Default increase 25%: class A-3 'Asf', class A-4 'Bsf', class
    A-5 'CCCsf'; class B 'CCCsf';

-- Default increase 50%: class A-3 'Asf', class A-4 'Bsf', class
    A-5 'CCCsf'; class B 'CCCsf';

-- Basis Spread increase 0.25%: class A-3 'Asf', class A-4 'Bsf',

    class A-5 'CCCsf'; class B 'CCCsf';

-- Basis Spread increase 0.5%: class A-3 'Asf', class A-4 'Bsf',
    class A-5 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

--CPR decrease 25%: class A-3 'Asf', class A-4 'CCCsf', class A-5
'CCCsf'; class B 'CCCsf';

--CPR decrease 50%: class A-3 'Asf', class A-4 'CCCsf', class A-5
'CCCsf'; class B 'CCCsf';

--IBR Usage increase 25%: class A-3 'Asf', class A-4 'Bsf', class
A-5 'CCCsf'; class B 'CCCsf';

--IBR Usage increase 50%: class A-3 'Asf', class A-4 'Bsf', class
A-5 'CCCsf'; class B 'CCCsf';

--Remaining Term increase 25%: class A-3 'Asf', class A-4 'CCCsf',
class A-5 'CCCsf'; class B 'CCCsf';

--Remaining Term increase 50%: class A-3 'Asf', class A-4 'CCCsf',
class A-5 'CCCsf'; class B 'CCCsf'.

Access Funding 2015-1 LLC

Current Rating: - Class A - 'AAAsf'; Class B - 'AAsf'

Credit Stress Rating Sensitivity

--Default increase 25%: class A 'Asf'; class B 'Asf';

--Default increase 50%: class A 'Asf'; class B 'Asf';

--Basis Spread increase 0.25%: class A 'AAsf'; class B 'AAsf';

--Basis Spread increase 0.5%: class A 'AAsf'; class B 'AAsf'.

Maturity Stress Rating Sensitivity

--CPR decrease 25%: class A 'AAAsf'; class B 'AAsf';

--CPR decrease 50%: class A 'AAAsf'; class B 'AAsf';

--IBR Usage increase 25%: class A 'AAAsf'; class B 'AAsf';

--IBR Usage increase 50%: class A 'AAAsf'; class B 'AAsf';

--Remaining Term increase 25%: class A 'AAAsf'; class B 'AAsf';

--Remaining Term increase 50%: class A 'AAAsf'. class B 'AAsf'.

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

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Credit Stress Rating Sensitivity

-- Default decrease 25%: class A-3 'AAAsf', class A-4 'AAAsf',
class A-5 'CCCsf'; class B 'CCCsf';

-- Basis Spread decrease 0.25%: class A-3 'AAAsf', class A-4
'AAAsf', class A-5 'CCCsf'; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR increase 25%: class A-3 'AAAsf', class A-4 'Asf', class A-5
'CCCsf'; class B 'CCCsf';

-- IBR Usage decrease 25%: class A-3 'AAAsf', class A-4 'BBBsf',
class A-5 'CCCsf''; class B 'CCCsf';

-- Remaining Term decrease 25%: class A-3 'AAAsf', class A-4
'AAAsf', class A-5 'CCCsf''; class B 'CCCsf'.

Access Funding 2015-1 LLC

Class A is rated 'AAAsf' and is at its highest attainable rating.
Results shown below is for class B

Credit Stress Rating Sensitivity

-- Default decrease 25%: class B 'AAAsf';

-- Basis Spread decrease 0.25%: class B 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR increase 25%: class B 'AAAsf';

-- IBR Usage decrease 25%: class B 'AAAsf';

-- Remaining Term decrease 25%: class B 'AAAsf'.


AGL CLO 20: Moody's Assigns B3 Rating to $1MM Class F Notes
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
notes issued by AGL CLO 20 Ltd. (the "Issuer" or "AGL 20").

Moody's rating action is as follows:

US$220,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

US$36,000,000 Class A-F Senior Secured Fixed Rate Notes due 2035,
Assigned Aaa (sf)

US$1,000,000 Class F Junior Secured 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.

AGL 20 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, cash and eligible investments, and up to 7.5%
of the portfolio may consist of second lien loans, unsecured loans,
senior secured bonds and senior secured notes, provided that no
more than 5% of the portfolio may consist of senior secured bonds
and senior secured notes. The portfolio is approximately 90% ramped
as of the closing date.

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

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

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

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

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

Par amount: $400,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2805

Weighted Average Spread (WAS): SOFR + 3.50%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47%

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.


AGL CLO 21: Moody's Assigns (P)B3 Rating to $1MM Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to three
classes of notes to be issued by AGL CLO 21 Ltd. (the "Issuer" or
"AGL 21").

Moody's rating action is as follows:

US$216,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

US$40,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aaa (sf)

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

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

RATINGS RATIONALE

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

AGL 21 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 95% of the portfolio must consist of
senior secured loans, cash and eligible investments, and up to 5%
of the portfolio may consist of second lien loans, unsecured loans,
senior secured bonds and senior secured notes, provided that no
more than 5% of the portfolio consists of senior secured bonds or
senior secured notes. Moody's expect the portfolio to be
approximately 90% ramped as of the closing date.

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

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

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

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

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

Par amount: $400,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3mS + 3.60%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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


AMERICAN CREDIT 2021-2: S&P Raises Cl. F Notes Rating to BB+ (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on 39 classes and affirmed
its ratings on seven class of notes from 12 American Credit
Acceptance Receivables Trust transactions.

S&P said, "The rating actions reflect each series' collateral
performance to date and our expectations regarding each
transaction's future collateral performance, structure, and credit
enhancement. Additionally, we incorporated secondary credit
factors, including credit stability, payment priorities under
various scenarios, and sector- and issuer-specific analyses
including our most recent macroeconomic outlook that incorporates a
baseline forecast for U.S. GDP and unemployment.

"The transactions are performing better than our original
cumulative net loss (CNL) expectations. As a result, and taking
into consideration our expectation of the transactions' future
performance, we lowered our loss expectations for the series.

"Considering all these factors, we believe the notes'
creditworthiness is consistent with the raised and affirmed
ratings."

  Table 1

  Collateral Performance (%)

  As of the Aug 2022 distribution date

                   Pool   Current                60+ day
  Series   Mo.   factor       CNL   Extensions   delinq.

  2018-4    44    16.03     20.42         3.91     10.86
  2019-1    41    21.50     18.51         4.80     11.19
  2019-2    39    23.24     17.24         4.42     11.97
  2019-3    36    27.30     15.99         4.22     11.35
  2019-4    33    29.52     14.41         3.99     11.40
  2020-1    30    33.72     12.72         4.08     11.98
  2020-2    27    38.16     12.79         4.65     12.57
  2020-3    24    42.18     10.99         4.07     11.68
  2020-4    21    45.10     11.01         3.92     11.81
  2021-1    18    49.64      9.78         3.86     11.90
  2021-2    15    56.38      9.65         4.47     12.99
  2021-3    12    62.97     10.40         4.10     13.26

  Mo.--Month.
  Delinq.—Delinquencies.
  CNL--Cumulative net loss.

  Table 2

  CNL Expectations (%)

                   Original            Former           Revised
                   Lifetime          lifetime          lifetime
  Series           CNL exp.       CNL exp.(i)      CNL exp.(ii)

  2018-4        27.00-28.00       22.00-23.00       Up to 21.00
  2019-1        28.00-29.00       22.75-23.75       19.50-20.50
  2019-2        27.00-28.00       22.25-23.25       18.50-19.50
  2019-3        27.75-28.75       22.25-23.25       18.50-19.50
  2019-4        27.25-28.25       22.00-23.00       18.00-19.00
  2020-1        27.25-28.25       22.00-23.00       18.00-19.00
  2020-2        32.00-33.00       22.50-23.50       18.50-19.50
  2020-3        31.50-32.50       22.00-23.00       18.00-19.00
  2020-4        31.50-32.50       22.00-23.00       20.50-21.50
  2021-1        30.50-31.50       22.25-23.25       20.50-21.50
  2021-2        27.75-28.75               N/A       24.50-25.50
  2021-3        26.50-27.50               N/A       26.50-27.50

(i)The former lifetime CNL expectations were revised in November
2021 except for series 2020-4 and 2021-1 which were revised in
March 2022.

(ii)The revised lifetime CNL expectations are as of August 2022.
CNL exp.--Cumulative net loss expectations.

N/A–-Not applicable.

The transactions have sequential principal payment structures that
are expected to increase the credit enhancement for the senior
notes as the pool amortizes. Each transaction has credit
enhancement consisting of overcollateralization (O/C), a
non-amortizing reserve account, subordination for the more senior
classes, and excess spread. As of the August 2022 distribution
date, each transaction was at its target O/C level, calculated as
the greater of a percentage of the current pool balance and a
percentage of the initial pool plus prefunded collateral balance.

S&P said, "We analyzed the current hard credit enhancement compared
to the remaining expected CNL for those classes in which hard
credit enhancement alone--without credit to the stressed excess
spread--was sufficient, in our opinion, to raise or affirm the
ratings (see table 3). For the other classes, we incorporated a
cash flow analysis to assess the loss coverage level, giving credit
to stressed excess spread. Our various cash flow scenarios included
forward-looking assumptions on recoveries, the timing of losses,
and voluntary absolute prepayment speeds that we believe are
appropriate given each transaction's performance to date and the
assigned ratings.

"The results demonstrated, in our view, that all of the classes
have adequate credit enhancement at their respective raised and
affirmed rating levels."

  Table 3

  Hard Credit Support(i)

  As of the August 2022 distribution date

                        Total hard   Current total hard
                    credit support       credit support
  Series   Class   at issuance (%)       (% of current)

  2018-4   D                 22.60               102.93
  2018-4   E                 15.60                59.27
  2018-4   F                 10.10                24.95
  2019-1   D                 24.95                86.83
  2019-1   E                 15.70                43.80
  2019-1   F                 10.60                20.08
  2019-2   D                 21.90                70.73
  2019-2   E                 15.60                43.63
  2019-2   F                  9.90                19.10
  2019-3   D                 22.90                66.41
  2019-3   E                 15.40                38.94
  2019-3   F                  9.75                18.24
  2019-4   D                 20.35                56.20
  2019-4   E                 13.15                31.81
  2019-4   F                  8.30                15.39
  2020-1   C                 35.05                94.29
  2020-1   D                 20.35                50.70
  2020-1   E                 13.15                29.35
  2020-1   F                  8.30                14.97
  2020-2   C                 36.25                67.66
  2020-2   D                 27.25                44.07
  2020-2   E                 23.50                34.24
  2020-3   C                 33.20                70.84
  2020-3   D                 23.95                48.91
  2020-3   E                 18.25                35.40
  2020-3   F                 13.95                25.21
  2020-4   C                 31.10                62.36
  2020-4   D                 22.50                43.28
  2020-4   E                 15.95                28.76
  2020-4   F                 13.45                23.22
  2021-1   B                 49.85                98.86
  2021-1   C                 31.30                61.50
  2021-1   D                 20.10                38.93
  2021-1   E                 13.95                26.55
  2021-1   F                 11.70                22.01
  2021-2   B                 49.00                90.50
  2021-2   C                 31.00                58.57
  2021-2   D                 19.00                37.29
  2021-2   E                 11.00                23.10
  2021-2   F                  8.00                17.77
  2021-3   A                 58.65                95.82
  2021-3   B                 48.30                79.38
  2021-3   C                 31.50                52.70
  2021-3   D                 18.35                31.82
  2021-3   E                 12.50                22.53
  2021-3   F                  7.50                14.59

(i)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination.

S&P said, "We also conducted sensitivity analyses to determine the
impact that a moderate ('BBB') stress scenario would have on our
ratings if losses began trending higher than our revised base-case
loss expectations. Our results showed that the raised and affirmed
ratings are consistent with our ratings stability criteria, which
outline the outer bounds of credit deterioration for any given
security under specific, hypothetical stress scenarios.

"We will continue to monitor the performance of all outstanding
transactions to evaluate if the credit enhancement remains
sufficient, in our view, to cover our CNL expectations under our
stress scenarios for each of the rated classes."

  RATINGS RAISED

  American Credit Acceptance Receivables Trust

                            Rating
  Series    Class     To             From

  2018-4    E         AAA (sf)       AA (sf)
  2018-4    F         AAA (sf)       A- (sf)
      
  2019-1    E         AAA (sf)       A (sf)
  2019-1    F         AA+ (sf)       BBB (sf)
      
  2019-2    D         AAA (sf)       AA (sf)
  2019-2    E         AAA (sf)       A- (sf)
  2019-2    F         AA (sf)        BBB- (sf)
       
  2019-3    D         AAA (sf)       AA- (sf)
  2019-3    E         AAA (sf)       BBB+ (sf)
  2019-3    F         A (sf)         BB+ (sf)
      
  2019-4    D         AAA (sf)       A (sf)
  2019-4    E         A+ (sf)        BBB (sf)
  2019-4    F         BBB+ (sf)      BB (sf)

  2020-1    D         AA+ (sf)       A (sf)
  2020-1    E         A (sf)         BBB (sf)
  2020-1    F         BBB (sf)       BB (sf)
      
  2020-2    C         AAA (sf)       AA+ (sf)
  2020-2    D         AA (sf)        A+ (sf)
  2020-2    E         A+ (sf)        BBB+ (sf)
      
  2020-3    C         AAA (sf)       AA (sf)
  2020-3    D         AA+ (sf)       A+ (sf)
  2020-3    E         AA- (sf)       A- (sf)
  2020-3    F         A (sf)         BBB (sf)
      
  2020-4    C         AA+ (sf)       AA (sf)
  2020-4    D         AA- (sf)       A+ (sf)
      
  2021-1    C         AAA (sf)       AA (sf)
  2021-1    D         AA- (sf)       A (sf)
  2021-1    E         A- (sf)        BBB+ (sf)
  2021-1    F         BBB+ (sf)      BBB (sf)
      
  2021-2    B         AAA (sf)       AA (sf)
  2021-2    C         AA (sf)        A (sf)
  2021-2    D         A (sf)         BBB (sf)
  2021-2    E         BBB (sf)       BB (sf)
  2021-2    F         BB+ (sf)       B+ (sf)
      
  2021-3    B         AAA (sf)       AA (sf)
  2021-3    C         AA (sf)        A (sf)
  2021-3    D         A (sf)         BBB+ (sf)
  2021-3    E         BBB (sf)       BBB- (sf)
  2021-3    F         BB+ (sf)       B+ (sf)

  RATINGS AFFIRMED

  American Credit Acceptance Receivables Trust
                       
  Series    Class     Rating

  2018-4    D         AAA (sf)
  2019-1    D         AAA (sf)
  2020-1    C         AAA (sf)
  2020-4    E         A- (sf)
  2020-4    F         BBB+ (sf)
  2021-1    B         AAA (sf)
  2021-3    A         AAA (sf)



AMERICAN CREDIT 2022-3: S&P Assigns B+ (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to American Credit
Acceptance Receivables Trust 2022-3's asset-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 62.06%, 56.21%, 47.03%,
38.66%, 34.41%, and 31.76% credit support, including excess spread,
for the class A, B, C, D, E, and F notes, respectively, based on
stressed cash flow scenarios. These credit support levels provide
more than 2.35x, 2.10x, 1.70x, 1.37x, 1.25x, and 1.15x coverage of
our expected net loss range of 26.00%-27.00% on the class A, B, C,
D, E, and F notes, respectively.

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

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

-- The timely payment of interest and principal by the designated
legal final maturity dates under S&P's stressed cash flow modeling
scenarios that we believe are appropriate for the assigned
ratings.

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

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

-- The transaction's payment and legal structure.

  Ratings Assigned

  American Credit Acceptance Receivables Trust 2022-3

  Class A, $128.65 million: AAA (sf)
  Class B, $27.90 million: AA (sf)
  Class C, $43.40 million: A (sf)
  Class D, $44.18 million: BBB (sf)
  Class E(i), $18.60 million: BB (sf)
  Class F(i), $17.82 million: B+ (sf)

(i)The class E and F notes will initially be retained by the
depositor (American Credit Acceptance Receivables LLC) or an
affiliate thereof.



ANGEL OAK 2022-5: Fitch Assigns 'Bsf' Rating Cl. B-2 Debt
---------------------------------------------------------
Fitch Ratings has assigned final ratings to Angel Oak Mortgage
Trust 2022-5 (AOMT 2022-5).

RATING ACTIONS

ENTITY/DEBT      RATING                      PRIOR
-----------      ------                      -----
AOMT 2022-5

  A-1            LT  AAAsf  New Rating   AAA(EXP)sf

  A-2            LT  AAsf   New Rating   AA(EXP)sf

  A-3            LT  Asf    New Rating   A(EXP)sf

  M-1            LT  BBB-sf New Rating   BBB-(EXP)sf

  B-1            LT  BBsf   New Rating   BB(EXP)sf

  B-2            LT  Bsf    New Rating   B(EXP)sf

  B-3            LT  NRsf   New Rating   NR(EXP)sf

  A-IO-S         LT  NRsf   New Rating   NR(EXP)sf

  XS             LT  NRsf   New Rating   NR(EXP)sf

  R              LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates to be issued by Angel Oak Mortgage Trust 2022-5,
Series 2022-5 (AOMT 2022-5), as indicated. The certificates are
supported by 788 loans with a balance of $361.99 million as of the
cutoff date. This represents the 25th Fitch-rated AOMT transaction
and the fifth Fitch-rated AOMT transaction in 2022.

The certificates are secured by mortgage loans originated by Angel
Oak Mortgage Solutions LLC (AOMS) and Angel Oak Home Loans LLC
(AOHL). Of the loans, 82.9% are designated as nonqualified mortgage
(non-QM) loans, and 17.1% are investment properties not subject to
the Ability to Repay (ATR) Rule.

There is minimal Libor exposure in this transaction, as there is
one ARM loan that references one-year Libor, and the bonds do not
have Libor exposure. Class A-1, A-2 and A-3 certificates are fixed
rate, capped at the net weighted average coupon (WAC), and have a
step-up feature. Class M-1, B-1 and B-3 certificates are based on
the net WAC; class B-2 certificates are based on the net WAC but
have a stepdown feature whereby the class becomes a principal-only
bond at the point the class A-1, A-2 and A-3 step-up coupons take
place.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.1% above a long-term sustainable level (versus
9.2% on a national level as of April 2022, down 1.4% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 18.9% yoy
nationally as of December 2021.

Non-QM Credit Quality (Mixed): The collateral consists of 788 loans
totaling $361.99 million and seasoned at approximately nine months
in aggregate, according to Fitch, and seven months per the
transaction documents. The borrowers have a strong credit profile
(734 FICO and 35.7% debt-to-income [DTI] ratio, as determined by
Fitch), along with relatively moderate leverage, with an original
combined loan-to-value ratio (CLTV) of 75.0%, as determined by
Fitch, which translates to a Fitch-calculated sustainable LTV
(sLTV) of 79.3%.

Of the pool, 82.9% represents loans where the borrower maintains a
primary residence, while the remaining 17.1% comprises investor
properties based on Fitch's analysis and per the transaction
documents. Fitch determined that 16.4% of the loans were originated
through a retail channel.

Additionally, 82.9% are designated as non-QM, while the remaining
17.1% are exempt from QM status since they are investor loans.

The pool contains 71 loans over $1.0 million, with the largest
amounting to $3.0 million.

Loans on investor properties (2.2% underwritten to the borrower's
credit profile and 14.9% comprising investor cash flow loans)
represent 17.1% of the pool, as determined by Fitch. There are no
second lien loans, and 2.3% of borrowers were viewed by Fitch as
having a prior credit event in the past seven years. Per the
transaction documents, none of the loans has subordinate financing.
In Fitch's analysis, Fitch also considered loans with deferred
balances to have subordinate financing. In this transaction, there
were no loans with deferred balances; therefore, Fitch performed
its analysis considering none of the loans to have subordinate
financing.

Fitch determined none of the loans in the pool are to foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, codes as ASF1 (no documentation) for employment and
income documentation, removes the liquid reserves, and, if a credit
score is not provided for these borrowers, Fitch uses a credit
score of 650.

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

The largest concentration of loans is in Florida (24.9%), followed
by California (23.6%) and Texas (9.3%). The largest MSA is Miami
(13.1%), followed by Los Angeles (10.3%) and Atlanta (7.0%). The
top three MSAs account for 30.4% of the pool. As a result, there
was a no penalty for geographic concentration.

Loan Documentation (Negative): Fitch determined that 92.3% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Per the transaction documents, 92.3% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan based on its review of the loan program and
the documentation details provided in the loan tape, which may
explain any discrepancy between Fitch's percentage and the
transaction documents.

Of the loans underwritten to borrowers with less than full
documentation, 76.5% were underwritten to a 12-month or 24-month
bank statement program for verifying income, which is not
consistent with Appendix Q standards and Fitch's view of a full
documentation program. To reflect the additional risk, Fitch
increases the PD by 1.5x on bank statement loans. In addition to
loans underwritten to a bank statement program, 14.9% comprise a
debt service coverage ratio (DSCR) product, and 0.8% are an asset
depletion product. The pool has no loans underwritten only to a CPA
product with no additional documentation provided, which Fitch
views as a positive.

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

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

There is excess spread in the transaction available to reimburse
for losses or interest shortfalls should they occur. However,
excess spread will be reduced on and after August 2026, since class
A certificates have a step-up coupon feature whereby the coupon
rate will be the lesser of (i) the applicable fixed rate plus
1.000% and (ii) the Net WAC Rate. To offset the impact of the class
A certificates step-up coupon feature, class B-2 has a stepdown
coupon feature that will become effective in August 2026, which
will change the B-2 coupon to 0.0%.

In addition, the transaction was structured so that on and after
August 2026, class A-1, A-2 and A-3 would receive unpaid cap
carryover amounts prior to class B-3 being paid interest or
principal payments. Both of these features are supportive of class
A-1 and A-2 being paid timely interest at the step-up coupon rate
and class A-3 being paid ultimate interest at the step-up coupon
rate.

On Aug. 2, 2022, Fitch released an updated version of the U.S RMBS
Loan Loss model that incorporated the use of updated Case
Shiller/sMVD data that reflects 1Q22 and updated Economic Risk
Factor data that reflects 2Q22. The losses in the updated version
of the loan loss model came out lower than the losses previously
disclosed in the presale; however, the committee was comfortable
maintaining the losses as disclosed in the presale. As a result,
there are no changes from the expected ratings to the final ratings
due to the updates to the U.S. RMBS Loan Loss Model.

RATING SENSITIVITIES

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

-- Fitch incorporates a sensitivity analysis to demonstrate how
    the ratings would react to steeper market value declines
    (MVDs) than assumed at the MSA level. Sensitivity analyses was

    conducted at the state and national levels to assess the
    effect of higher MVDs for the subject pool as well as lower
    MVDs, illustrated by a gain in home prices.

-- This defined negative rating sensitivity analysis demonstrates

    how the ratings would react to steeper MVDs at the national
    level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in
    addition to the model-projected 40.9% at 'AAAsf'. The analysis

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

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

-- Fitch incorporates a sensitivity analysis to demonstrate how
    the ratings would react to steeper MVDs than assumed at the
    MSA level. Sensitivity analyses was conducted at the state and

    national levels to assess the effect of higher MVDs for the
    subject pool as well as lower MVDs, illustrated by a gain in
    home prices.

-- This defined positive rating sensitivity analysis demonstrates

    how the ratings would react to positive home price growth of
    10% with no assumed overvaluation. Excluding the senior class,

    which is already rated 'AAAsf', the analysis indicates there
    is potential positive rating migration for all of the rated
    classes. Specifically, a 10% gain in home prices would result
    in a full category upgrade for the rated class excluding those

    being assigned ratings of 'AAAsf'.

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


APIDOS CLO XI: Fitch Assigns 'BB(EXP)' Rating to Class E Debt
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Apidos CLO XLI Ltd.

Apidos CLO XLI Ltd

A-1                LT  AAA(EXP)sf   Expected Rating
A-2                LT  AAA(EXP)sf   Expected Rating
B-1                LT  AA(EXP)sf    Expected Rating
B-2                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

Apidos CLO XLI Ltd (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by CVC
Credit Partners, LLC. 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
100.0% first-lien senior secured loans and has a weighted average
recovery assumption of 76.02%. 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 37.0% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
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 A-1, A-2, B-1/B-2, C,
D and E notes can withstand default rates of up 63.7%, 59.4%,
53.0%, 48.9%, 39.3% and 36.1%, respectively, assuming portfolio
recovery rates of 39.4%, 39.4%, 48.5%, 58.3%, 67.8% and 72.9% in
Fitch's 'AAAsf', 'AAAsf', 'AAsf', 'Asf', 'BBB-sf' and 'BBsf'
scenarios, respectively.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are between
'A-sf' and 'AAAsf' for class A-1, 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 'BBBsf' 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-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'. Variability in key model assumptions, such as increases in
recovery rates and decreases in default rates, could result in an
upgrade for the remaining classes.

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 between
'BBB+sf' and 'Asf' for class E notes.


B&M CLO 2014-1: S&P Lowers Rating on Class E Notes to 'D (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered the rating on U.S. cash flow CLO
transaction B&M CLO 2014-1 Ltd.'s class E notes to 'D (sf)' from
'CCC (sf)'. In addition, S&P discontinued its 'BB (sf)' rating on
the class D-R notes.

The rating actions follow its review of the transaction's
redemption, which occurred on July 18, 2022.

According to the notices provided by the trustee, the class E
noteholders agreed to receive a lower amount than the redemption
price, which permitted the redemption to proceed. Following this,
the transaction liquidated all collateral obligations from its
portfolio and used the principal proceeds to pay the rated notes on
July 18, 2022.

Class D-R was paid down completely, and, as a result, S&P
discontinued its rating on this note. The amount of principal
proceeds received from the liquidation, however, were inadequate to
pay in full the rated balance of the interest due (including
deferred) and principal of the class E notes.

S&P said, "Though the class E noteholders agreed to receive a lower
amount, our ratings address the likelihood that securities receive
their timely interest and full principal by their legal final
maturity date. We lowered the rating of the class E notes to 'D
(sf)' as a reflection of the rated balance not being fully
repaid."




BAMLL 2016-ISQR: S&P Lowers Class E Notes Rating to 'B (sf)'
------------------------------------------------------------
S&P Global Ratings lowered its rating on the class E commercial
mortgage pass-through certificates from BAMLL Commercial Mortgage
Securities Trust 2016-ISQR, a U.S. CMBS transaction. At the same
time, S&P affirmed its ratings on six classes from the same
transaction.

This U.S. CMBS transaction is backed by a portion of a 10-year,
fixed-rate, interest-only (IO) mortgage whole loan secured by the
borrower's fee interest in International Square, comprising three
interconnected, 12-story class A office buildings with ground-floor
retail space totaling 1.16 million sq. ft. in downtown Washington,
D.C.

Rating Actions

S&P said, "The downgrade of class E and the affirmations of classes
A, B, C, and D reflect our reevaluation of the office property that
secures the sole loan in the transaction. While the
servicer-reported occupancy and net cash flow (NCF) at the property
have declined following the departure of a former major tenant, The
International Bank For Reconstruction (World Bank) (7.0% of net
rentable area [NRA]), in 2019 and several other tenants in 2020 and
2021, our current analysis and today's rating actions also
considered that the sponsor is in the process of completing a
capital project budgeted for approximately $48.0 million to open a
new food hall and enhance amenities at the property (details below)
to attract new tenants. Furthermore, the borrower recently executed
new leases with three tenants totaling 70,550 sq. ft. or 6.1% of
NRA.

"As of the March 31, 2022, rent roll, the property was 68.3%
occupied, down from a reported 73.9% in 2020, 81.1% in 2019, and
94.2% at issuance (based on the June 23, 2016, rent roll). After
accounting for additional servicer-provided leasing updates, we
expect the occupancy rate to increase moderately, to approximately
74.1%, with an average gross rent of $62.28 per sq. ft., as
calculated by S&P Global Ratings."

Due primarily to the declining occupancy at the property, the
servicer-reported NCF decreased 20.7% to $24.7 million in 2020 from
$31.1 million in 2019, and then remained flat at $25.0 million in
2021.

S&P said, "Our current property-level analysis considers these
factors, as well as the softened office submarket fundamentals from
lower demand and longer re-leasing time frames as more companies
adopt a hybrid work arrangement. Using our assumed 74.1% occupancy
rate and excluding certain operating expense amounts that are
associated with partnership-level expenses but reported by the
servicer, we revised and lowered our sustainable NCF to $29.6
million (which is 19.4% and 17.6% lower than the NCF we derived at
our last review in May 2019 and at issuance, respectively). Our
current NCF assumption is 18.2% above the servicer-reported
year-end 2021 figures. Using an S&P Global Ratings capitalization
rate of 6.75% (unchanged from last review and at issuance), we
arrived at an expected-case valuation of $450.8 million, or $390
per sq. ft.--a 17.8% decrease from the issuance and last review
value of $548.3 million. This yielded an S&P Global Ratings debt
service coverage of 1.82x and loan-to-value ratio of 99.8% on the
mortgage whole loan balance."

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

-- The property's desirable location in downtown Washington,
D.C.;

-- The potential that the property's operating performance may
improve above S&P's revised expectations, in particular, the
sponsor is in the process of completing an approximately $48.0
million capital project (of which $18.3 million has been spent to
date) to create a new ground-floor food hall and renovate the
property's common areas and amenities to attract new tenants;
-- The significant market value decline that would be needed
before these classes experience principal losses;

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

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

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

"We affirmed our ratings on the class X-A and X-B IO certificates
based on our criteria for rating IO securities, in which the
ratings on the IO securities would not be higher than that of the
lowest-rated reference class. Class X-A's notional amount
references class A, and class X-B references classes B and C."

Property-Level Analysis

International Square consists of three interconnected, 12-story
class A office buildings with ground-floor retail space built in
1978 totaling 1.16 million sq. ft. in downtown Washington, D.C. The
property occupies almost a full city block between K and I (Eye)
Street, and 18th and 19th Street NW in the city's central business
district (CBD).

S&P said, "At issuance, the property was 94.2% leased. We assumed a
9.0% vacancy rate based on market fundamentals at that time and
average in-place rents of $56.23 per sq. ft., as calculated by S&P
Global Ratings. In our last review in May 2019, occupancy at the
property had declined slightly to 88.9%, however, the average
in-place rents increased to $59.37 per sq. ft. As a result, we
derived an NCF of $36.7 million, which was in line with our
issuance NCF of $35.9 million."

However, the property's occupancy rate declined further to 81.1% in
year-end 2019, 73.9% in 2020, and then to 68.2% in 2021 due to a
series of leases rolled. As of the March 31, 2022, rent roll, the
property was 68.3% occupied. After reflecting the recent leasing
updates provided by the servicer, S&P expects occupancy to increase
to 74.1%. The five largest office tenants, comprising 58.0% of NRA
at the property, include:

-- The Board of Governors of the Federal Reserve System
(AA+/Stable/A-1+; 32.3% of NRA; 45.0% of base rent as calculated by
S&P Global Ratings; January 2026 through May 2033 lease
expirations, with the tenant recently renewing its leases to the
new terms);

-- Blank Rome LLP (13.9%; 21.3%; July 2029);

-- Daniel J. Edelman Inc. (5.2%; 7.5%; July 2030);

-- Milbank LLP (4.5%; 6.6%; August 2025); and

-- Paralyzed Veterans of America (2.1%; 3.0%; January 2028).

The property has minimal tenant rollover until 2029, when 30.5% of
NRA rolls.

In addition, the sponsor, a joint venture between affiliates of
Tishman Speyer Properties L.P. and Abu Dhabi Investment Authority,
commenced a capital project in 2020 budgeted for approximately
$48.0 million ($18.3 million of which has been spent to date) that
includes partially revamping the ground-floor retail space into a
new food hall and renovating the common areas and amenities to
potentially drive more foot traffic around the building and attract
new tenants. The master servicer, Wells Fargo Bank N.A., indicated
that the food hall project is expected to be completed this year
and the renovation work to enhance the amenities and common areas
is expected to be completed by first-quarter 2023. It is S&P's
understanding that the sponsor has signed a management agreement
with food hall operator, One Market LLC, with rent based on a
percentage of sales.

According to CoStar, the CBD office submarket's four- and five-star
office properties are experiencing a double-digit vacancy rate of
19.3%, compared with pre-pandemic levels (13.3% in 2019 and 12.0%
in 2018). The submarket asking rent for four- and five-star office
properties fell 0.5% in 2020 to $58.25 per sq. ft. before falling
modestly again by 0.6% in 2021 to $57.91 per sq. ft., and was
relatively flat at $57.77 per sq. ft. as of July 2022. CoStar
projects an average office submarket vacancy rate and asking rent
of 18.5% and $57.80 per sq. ft. in 2023, respectively.

S&P's revised expected-case property evaluation assumptions reflect
the following factors:

-- New tenant leases signed in 2022 for rental rates (about $60.00
per sq. ft.) that are comparable to those that are in-place and in
the office submarket.

-- Lower-than-expected occupancy rates at the property over the
past three years.

-- Weakened office submarket fundamentals as more companies
embrace flexible work arrangements.

S&P said, "As such, our current property-level analysis considered
these developments. We assumed an occupancy rate of 74.1%, an
in-place base rent of $62.28 per sq. ft. (using the March 31, 2022,
rent roll and recent leasing updates provided by the servicer), and
a 42.1% operating expense ratio, which result in an S&P Global
Ratings NCF of $29.6 million. Using an S&P Global Ratings
capitalization rate of 6.75% (unchanged from issuance and last
review) and including $12.6 million for the present value of future
rent steps for investment-grade tenants at the property, we derived
an expected-case value of $450.8 million, or $390 per sq. ft."

Transaction Summary

This is a U.S. stand-alone (single-borrower) transaction backed by
a portion of a 10-year, fixed-rate, IO mortgage whole loan. The
whole loan is secured by the borrower's fee simple interest in
International Square, an office property in Washington, D.C.'s
CBD.

The IO mortgage whole loan had an initial and current balance of
$450.0 million, pays a per annum fixed rate of 3.615%, and matures
on Aug. 10, 2026. The whole loan is split into three senior A notes
and a subordinate B note. The $370.0 million trust balance (as of
the July 15, 2022, trustee remittance report) comprises the $166.7
million senior note A-1 and $203.3 million subordinate B note. The
senior notes A-2 and A-3 are in Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C30, Morgan Stanley Bank of America
Merrill Lynch Trust 2016-C31, and Morgan Stanley Capital I Trust
2016-BNK2, all of which are U.S. CMBS transactions. The senior A
notes are pari passu to each other and senior to the B note. In
addition, the transaction documents permit the borrower to obtain
up to $100.0 million in mezzanine financing, subject to certain
performance hurdles. According to the master servicer, no mezzanine
debt has been incurred to date. The borrower has been current on
its debt service payments through the July 2022 payment date. Wells
Fargo reported a 1.52x debt service coverage in 2021, up slightly
from 1.49x in 2020. To date, the trust has not incurred any
principal losses.

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

  Rating Lowered

  BAMLL Commercial Mortgage Securities Trust 2016-ISQR

  Class E to 'B (sf)' from 'BB- (sf)'

  Ratings Affirmed

  BAMLL Commercial Mortgage Securities Trust 2016-ISQR

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



BENCHMARK 2018-B6: Fitch Affirms B- Rating on Class J-RR Certs
--------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Benchmark 2018-B6 Mortgage
Trust commercial mortgage pass-through certificates. Fitch has also
revised the Rating Outlook for the class J-RR to Stable from
Negative.

                  Rating            Prior
                  ------            -----
Benchmark 2018-B6

A-2 08162CAB6  LT AAAsf   Affirmed  AAAsf
A-3 08162CAC4  LT AAAsf   Affirmed  AAAsf
A-4 08162CAD2  LT AAAsf   Affirmed  AAAsf
A-AB 08162CAE0 LT AAAsf   Affirmed  AAAsf
A-S 08162CAF7  LT AAAsf   Affirmed  AAAsf
B 08162CAG5    LT AA-sf   Affirmed  AA-sf
C 08162CAH3    LT A-sf    Affirmed  A-sf
D 08162CAL4    LT BBBsf   Affirmed  BBBsf
E 08162CAN0    LT BBB-sf  Affirmed  BBB-sf
F-RR 08162CAQ3 LT BB+sf   Affirmed  BB+sf
G-RR 08162CAS9 LT BB-sf   Affirmed  BB-sf
J-RR 08162CAU4 LT B-sf    Affirmed  B-sf
X-A 08162CAJ9  LT AAAsf   Affirmed  AAAsf
X-D 08162CAY6  LT BBB-sf  Affirmed  BBB-sf

KEY RATING DRIVERS

Generally Stable Performance and Loss Expectations: Overall loss
expectations have slightly improved since Fitch's prior rating
action as a result of lower loss expectations associated with the
specially serviced loans in addition to improved performance of
properties previously impacted by the pandemic. Ten loans are
considered Fitch Loans of Concern (FLOCs) (15.2% of the pool)
including the three specially serviced loans and two office
properties within the top 15 with declining performance. Fitch's
current ratings reflect a base case loss of 3.30%.

Specially serviced loan: The largest decrease in loss expectations
since the prior rating action is the Aloft Portland Airport loan
(2.2%), which is secured by a 136-key limited service hotel located
in Portland, Oregon. The loan transferred to special servicing in
September 2020 due to a payment default as a result of
pandemic-related performance deterioration and was reported to be
in foreclosure as of July 2022.

The property's YE 2021 NOI increased 189% from YE 2020, and YE 2020
NOI declined 75% from YE 2019 due to the pandemic. The hotel
reported TTM May 2022 occupancy, ADR and RevPAR of 87.0%, $133 and
$116, respectively, compared with 61.1%, $107, and $65 as of TTM
May 2021 and 87.9%, $155, and $137 at issuance. The hotel's TTM May
2022 penetration ratios for occupancy, ADR and RevPAR were 139%,
95.6%, and 132.7%, respectively. Fitch's analysis reflects a
stressed value of $172,964 per key.

Fitch Loans of Concern: The largest increase in loss since Fitch's
prior rating action is Carlton Plaza (2.1% of the pool), which is
secured by a 154,953-sf suburban office property located in
Woodland Hills, CA. The property was built in 1986 and renovated in
2013. Occupancy at the property was 83% as of the July 2022 rent
roll and has remained stable since issuance. The property's YE 2021
NOI declined by 13% from YE 2020, this was primarily driven by
lower rental income and expense reimbursements in the property.

As of the July 2022 rent roll, the property's largest tenants
include; Lewis, Marenstein, Wicke, Sherwin (12.5% of NRA; lease
expiry in December 2023), Prober & Raphael (8.3%; December 2024),
and Weider Health & Fitness (7.9%; July 2024). Near-term rollover
includes 13.4% of the NRA in 2022, 25.1% in 2023 and 34.5% in 2024.
Per CoStar as of 2Q 2022 CoStar, the Woodland Hills/Warner Center
Office submarket market rent psf was $32, vacancy rate of 16.5%,
and availability rate of 22.1%. Fitch's base case modeled loss of
13% reflects an 11% cap rate and 10% stress to YE 2021 NOI to
account for upcoming lease rollover risk which equates to a value
psf of $106.

The next largest increase in expected loss is 1800 Vine Street
(3.2% of the pool) which is secured by a 60,684-sf, single-tenant
office building in Los Angeles, CA. The property was built in 1982
and renovated in 2018. The building is 100% occupied by Spaces, a
co-working company recently acquired by IWG plc, the company
formerly known as Regus. The tenant's lease commenced in June 2018
with a lease expiration in June 2030. Although the property is
currently 100% occupied, the property's YE 2021 NOI declined 24%
from YE 2020, primarily due to lower rental revenues and increasing
collection losses.

Fitch base case modeled loss of 11% is based on a 9.00% cap rate
and a 10% stress to YE 2021 NOI to account for the co-working
single-tenant exposure with cash flow instability and higher
submarket vacancy. The subject's Hollywood office submarket
reported vacancy of 15.7% as of 2Q 2022 per CoStar.

Increased Credit Enhancement: As of the July 2022 distribution
date, the pool's aggregate principal balance has paid down by 5.5%
to $1.08 billion from $1.15 billion at issuance. Since the prior
rating action, one loan (Town Park Commons; $47.6 million) was
prepaid in full in July 2021 ahead of its scheduled September 2023
maturity date. The majority of the pool (21 loans; 58.7% of pool)
are full-term interest-only (IO) and four loans (9.8%) still have a
partial IO component during their remaining loan term, compared
with 18 loans (22.8%) at issuance. Six loans (10.7%) are scheduled
to mature between May and September of 2023 and the remaining 48
loans (89.3% of pool) mature between March and November of 2028.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets.

-- Downgrades to the senior classes (A-2 through A-S), and X-A
    are not likely due to increasing credit enhancement (CE) but
    may occur if losses increase substantially or if interest
    shortfalls affect these classes;

-- Downgrades to classes B, C, D, E and X-D are possible and
    could occur if expected losses for the pool increase
    significantly;

-- Downgrades to classes F-RR, G-RR, and J-RR could occur should
    loss expectations increase from continued performance
    declines of the FLOCs, additional loans default or transfer
    to special servicing and/or higher losses are incurred on the
    specially serviced loans than expected.

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

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

Sensitivity factors that could lead to upgrades to classes B and C
would only occur with significant improvement in C/E, additional
paydown and/or defeasance, as well as performance stabilization of
the Fitch loans of concern. Classes would not be upgraded above
'Asf' if there were likelihood of interest shortfalls.

-- Upgrades to classes D, E, and X-D may occur as the number of
    FLOCs are reduced, performance of the larger FLOCs improve,
    and/or there is sufficient CE to the classes;

-- Upgrades to classes F-RR and G-RR are not likely until the
    later years of the transaction and only if the performance of
    the remaining pool is stable and/or performance of the FLOCs
    stabilize, and there is sufficient CE to the classes;

-- Upgrade to class J-RR is not likely unless resolution of the
    specially serviced loans is better than expected.


BENEFIT STREET XXVII: Fitch Assigns 'BB-' Rating to Class E Debt
----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Benefit
Street Partners CLO XXVII, Ltd.

RATING ACTIONS

ENTITY/DEBT         RATING                      PRIOR
-----------         ------                      -----
Benefit Street
Partners CLO
XXVII, Ltd.
  
   A-1              LT  NRsf   New Rating       NR(EXP)sf

   A-2              LT  AAAsf  New Rating       AAA(EXP)sf

   B-1              LT  AAsf   New Rating       AA(EXP)sf

   B-2              LT  AAsf   New Rating       AA(EXP)sf

   C                LT  Asf    New Rating       A(EXP)sf

   D-1              LT  BBBsf  New Rating       BBB(EXP)sf

   D-2              LT  BBB-sf New Rating       BBB-(EXP)sf

   E                LT  BB-sf  New Rating       BB-(EXP)sf

   F                LT  NRsf   New Rating       NR(EXP)sf

Subordinated Notes LT  NRsf   New Rating       NR(EXP)sf

TRANSACTION SUMMARY

Benefit Street Partners CLO XXVII, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by BSP CLO Management L.L.C. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400 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
99.5% first lien senior secured loans and has a weighted average
recovery assumption of 76.6%. 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
constitute 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 rated notes can
withstand default and recovery assumptions appropriate for their
assigned ratings.

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

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'.

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 sensitivity scenarios are 'AAAsf' for
class B notes, between 'A+sf' and 'AAsf' for class C notes, 'A+sf'
for class D-1 notes, between 'Asf' and 'A+sf' for class D-2 notes,
and 'BBB+sf' for class E notes.


BNPP IP 2014-II: S&P Places CCC+ Cl. E Notes Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed its ratings on nine classes from five CLO
transactions on CreditWatch positive. At the same time, S&P placed
its ratings on eight classes from four CLO transactions and one
U.S. commercial real estate collateralized debt obligation
(CRE-CDO) transaction on CreditWatch with negative implications.

All the transactions in the CreditWatch placements are in their
amortization phase. The paydowns increased credit support for the
senior and mezzanine CLO notes, which led to the CreditWatch
positive placements.

The increased risk from portfolio concentration and par loss led to
the CreditWatch negative placements on the junior CLO notes. While
paydowns to senior notes are generally a positive for the credit
enhancement of the senior portion of the capital structure,
portfolio concentration in such amortizing transactions can
increase the credit risk of the mezzanine and junior CLO notes. The
junior CLO notes placed on CreditWatch negative today are all in
the 'CCC (sf)' rating category and are currently deferring
interest.

S&P said, "We intend to resolve these CreditWatch placements within
90 days, following cash flow analysis and committee review for
ratings on the affected transactions. We will continue to monitor
the transactions we rate and take rating actions, including
CreditWatch placements, as we deem appropriate."

  Ratings Placed On CreditWatch

  CFIP CLO 2014-1 Ltd.

  Class B-R notes to AA (sf)/Watch Pos from 'AA (sf)'
  Class C-R notes to A (sf)/Watch Pos from 'A (sf)'

  Catamaran CLO 2014-2 Ltd.

  Class C notes to BBB (sf)/Watch Pos from 'BBB (sf)'
  Class E notes to CCC (sf)/Watch Neg from 'CCC (sf)'

  Golub Capital Partners TALF 2020-1 L.P.

  Class B notes to AA (sf)/Watch Pos from 'AA (sf)'
  Class C notes to A (sf)/Watch Pos from 'A (sf)'

  Mountain View CLO 2014-1 Ltd.

  Class C-RR notes to AA (sf)/Watch Pos from 'AA (sf)'
  Class D-R notes to BBB (sf)/Watch Pos from 'BBB (sf)'
  Class E to notes CCC+ (sf)/Watch Neg from 'CCC+ (sf)'
  Class F to notes CCC (sf)/Watch Neg from 'CCC (sf)'

  BNPP IP CLO 2014-II Ltd.

  Class E notes to CCC+ (sf)/Watch Neg from 'CCC+ (sf)'

  Staniford Street CLO Ltd.

  Class E notes to CCC+ (sf)/Watch Neg from 'CCC+ (sf)'

  Diamond CLO 2018-1 Ltd.

  Class C notes to AA+ (sf)/Watch Pos from 'AA+ (sf)'
  Class D notes to BBB+ (sf)/Watch Pos from 'BBB+ (sf)'

  CapitalSource Real Estate Loan Trust 2006-A

  Class F notes to CCC- (sf)/Watch Neg from 'CCC- (sf)'
  Class G notes to CCC- (sf)/Watch Neg from 'CCC- (sf)'
  Class H notes to CCC- (sf)/Watch Neg from 'CCC- (sf)'



CITIGROUP 2015-101A: Fitch Affirms B-sf Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed eight classes of Citigroup Commercial
Mortgage Trust 2015-101A, commercial mortgage pass-through
certificates series 2015-101A.

RATING ACTIONS

ENTITY/DEBT        RATING                   PRIOR
-----------        ------                   -----
CGCMT 2015-101A

  A 17290MAA2      LT  AAAsf  Affirmed      AAAsf
  
  B 17290MAJ3      LT  AA-sf  Affirmed      AA-sf

  C 17290MAL8      LT  A-sf   Affirmed      A-sf

  D 17290MAN4      LT  BBB-sf Affirmed      BBB-sf

  E 17290MAQ7      LT  BB-sf  Affirmed      BB-sf

  F 17290MAS3      LT  B-sf   Affirmed      B-sf

  X-A 17290MAE4    LT  AAAsf  Affirmed      AAAsf

  X-B 17290MAG9    LT  A-sf   Affirmed      A-sf

KEY RATING DRIVERS

Stable Performance and Cash Flow: The property's performance is
stable as reflected by strong occupancy and limited near-term
rollover. As of the YTD annualized period ended March 2022, the
servicer-reported NOI debt service coverage ratio (DSCR) was 2.29x,
compared with 2.05x at issuance. Occupancy has improved to 99.7% as
of June 2022 from 94.5% at issuance.

High-Quality Manhattan Asset: The certificates represent the
beneficial ownership in the issuing entity, the primary asset of
which is one loan secured by the leasehold interest in the 101
Avenue of the Americas office property in New York, NY. The
23-story, class A office building is located within the South
Broadway/Hudson Square submarket in Manhattan. The property was gut
renovated between 2011 and 2013, including upgraded building
systems, as well as a new lobby, restrooms and a green roof
terrace.

The property is a LEED Silver Existing Building (EB). The two
largest tenants, NY Genome Center (38.5% of total square footage)
and Two Sigma Investments (32.3%) occupy approximately 71% of the
property. Other major tenants include Digital Ocean (10.3%) and
Regus (7.3%).

Limited Near-Term Rollover: The property has limited near-term
rollover in 2023 when 7.3% of leases expire and in 2024 when 10.9%
of leases expire. The majority of the building rollover is
associated with the two largest tenants, both of which roll prior
to the loan's maturity date in January 2035. The largest tenant (NY
Genome Center) has a lease expiration in 2033, and the second
largest tenant's (Two Sigma Investments) lease expires in 2029.

However, the Two Sigma lease is structured with a termination
option subject to a fee of over $23 million. The one-time option
occurs in April 2024 upon an 18-month notice period.

Concentrated Tenancy: Tenancy in the building is concentrated with
the five largest tenants representing 94% of the gross leasable
area (GLA). The majority of the building is comprised of the two
largest tenants, representing 71% of the GLA, both of which are on
long-term leases.

Leasehold Interest: The property is subject to a 99-year ground
lease that expires in December 2088. The loan is structured with
monthly reserves for all payments associated with the ground lease
and is recourse to the borrower and guarantor for termination of
the ground lease.

Interest Only Loan: The loan is interest only (annual interest rate
of 4.65%) for the entire 20-year term.

RATING SENSITIVITIES

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

-- Downgrades to classes A, B and X-A are not considered likely
   due to the position in the capital structure, but may occur
   should interest shortfalls occur.

-- A downgrade to classes C, D, E, F and X-B is possible if Two
   Sigma exercises its termination option and/or there is a
   material and sustained decline in the property's occupancy or
   cash flow.

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

-- Upgrades are possible should cash flow improve significantly.
    Classes would not be upgraded beyond 'Asf' if there is any
    likelihood of interest shortfalls.

-- Defeasance and paydown would not be expected to play a role in

    contemplating an upgrade, given the single-borrower and non-
    amortizing nature of the securitized loan.



COMM 2013-CCRE13: Fitch Cuts Rating on Class F Certs to CCsf
------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed eight classes of
Deutsche Bank Securities, Inc.'s COMM 2013-CCRE13 Mortgage Trust
commercial mortgage pass-through certificates. In addition, Fitch
has revised the Rating Outlooks for three classes to Stable from
Negative.

RATING ACTIONS

ENTITY/DEBT           RATING                    PRIOR
-----------           ------                    -----
COMM 2013-CCRE13

  A-3 12630BAZ1        LT  AAAsf   Affirmed      AAAsf

  A-4 12630BBA5        LT  AAAsf   Affirmed      AAAsf

  A-M 12630BBC1        LT  AAAsf   Affirmed      AAAsf

  A-SB 12630BAY4       LT  AAAsf   Affirmed      AAAsf
  
  B 12630BBD9          LT  AAsf    Affirmed      AAsf
  
  C 12630BBF4          LT  Asf     Affirmed      Asf
  
  D 12630BAE8          LT  BBsf    Downgrade     BBB-sf
  
  E 12630BAG3          LT  CCCsf   Downgrade     BBsf
  
  F 12630BAJ7          LT  CCsf    Downgrade     CCCsf
  
  PEZ 12630BBE7        LT  Asf     Affirmed      Asf

  X-A 12630BBB3        LT  AAAsf   Affirmed      AAAsf

Class A-M, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-M, B and C certificates. Ratings are reliant on class C.

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since the prior rating action driven by higher
expected loss on the 175 West Jackson loan. Outlook revisions to
Stable reflect the ongoing performance stabilization of the
majority of the pool, while the downgrades reflect higher losses
and deteriorated outlook for the 175 West Jackson loan.

Fitch's current ratings incorporate a base case loss of 7.3%. Fitch
designated seven loans (25.6% of pool) as Fitch Loans of Concern
(FLOCs), two of which are in special servicing (11.2%). Pool losses
are primarily concentrated in the specially serviced 175 West
Jackson loan (10.2% of the pool). The other loan (0.8%) in special
servicing is secured by a retail property with sponsorship issues.

The 175 West Jackson loan is secured by a 22-story 1.45 million-sf
office building located in downtown Chicago, IL. The property was
built in 1912 and last renovated in 2020. The loan returned to
special servicing in November 2021 due to the sponsor's substantial
difficulty remaining current on the loan.

Occupancy remains challenged with reported occupancy of 65% as of
YE 2021, 63% at YE 2020, 67% at YE 2019 and 61% at YE 2018. The
servicer-reported NOI DSCR was 0.52x as of YE 2021, which is down
from the 0.68x reported for YE 2020.

The loan was previously in special servicing in 2018 when
Brookfield Property Group purchased the property and assumed the
loan. The loan returned to master servicing in August 2018 with the
expectation that new sponsorship and fresh capital would accelerate
improvement. However, leasing activity has remained persistently
sluggish since acquisition and has been exacerbated by the
pandemic. The sponsor and special servicer continue workout
discussions, but a deed-in-lieu is considered a probable outcome.

Loss expectations have increased significantly and become more
likely over the last several months; a recent valuation of the
property, which was reported by the special servicer in March 2022,
indicated a value well below the outstanding debt amount. Fitch's
expected loss of approximately 42% is based off a discount to the
most recent servicer provided appraised value, and represents a
stressed value of approximately $110/sf.

Change in Credit Enhancement: As of the July 2022 distribution
date, the pool's aggregate principal balance has been reduced by
28.6% to $789.1 million from $1.105 billion at issuance. Eighteen
loans totaling 25.4% of the pool are defeased. Two loans (17.6%)
are full-term interest-only and the remainder of the pool is
currently amortizing. All of the remaining loans in the pool mature
in 2023. The non-rated class G has been impacted by $6.5 million in
realized losses to date (0.6% of original pool balance).

Credit Opinion Loan: Fitch assigned an investment-grade credit
opinion of 'AAsf' on a standalone basis to the largest loan in the
pool, 60 Hudson Street (15.6%), at issuance. Performance remains
consistent with an investment-grade rating.

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.


COMM 2013-CCRE13: Fitch Cuts Rating on Class F Certs to CCsf
------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed eight classes of
Deutsche Bank Securities, Inc.'s COMM 2013-CCRE13 Mortgage Trust
commercial mortgage pass-through certificates. In addition, Fitch
has revised the Rating Outlooks for three classes to Stable from
Negative.

RATING ACTIONS

ENTITY/DEBT           RATING                    PRIOR
-----------           ------                    -----
COMM 2013-CCRE13

  A-3 12630BAZ1        LT  AAAsf   Affirmed      AAAsf

  A-4 12630BBA5        LT  AAAsf   Affirmed      AAAsf

  A-M 12630BBC1        LT  AAAsf   Affirmed      AAAsf

  A-SB 12630BAY4       LT  AAAsf   Affirmed      AAAsf
  
  B 12630BBD9          LT  AAsf    Affirmed      AAsf
  
  C 12630BBF4          LT  Asf     Affirmed      Asf
  
  D 12630BAE8          LT  BBsf    Downgrade     BBB-sf
  
  E 12630BAG3          LT  CCCsf   Downgrade     BBsf
  
  F 12630BAJ7          LT  CCsf    Downgrade     CCCsf
  
  PEZ 12630BBE7        LT  Asf     Affirmed      Asf

  X-A 12630BBB3        LT  AAAsf   Affirmed      AAAsf

Class A-M, B and C certificates may be exchanged for class PEZ
certificates, and class PEZ certificates may be exchanged for class
A-M, B and C certificates. Ratings are reliant on class C.

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since the prior rating action driven by higher
expected loss on the 175 West Jackson loan. Outlook revisions to
Stable reflect the ongoing performance stabilization of the
majority of the pool, while the downgrades reflect higher losses
and deteriorated outlook for the 175 West Jackson loan.

Fitch's current ratings incorporate a base case loss of 7.3%. Fitch
designated seven loans (25.6% of pool) as Fitch Loans of Concern
(FLOCs), two of which are in special servicing (11.2%). Pool losses
are primarily concentrated in the specially serviced 175 West
Jackson loan (10.2% of the pool). The other loan (0.8%) in special
servicing is secured by a retail property with sponsorship issues.

The 175 West Jackson loan is secured by a 22-story 1.45 million-sf
office building located in downtown Chicago, IL. The property was
built in 1912 and last renovated in 2020. The loan returned to
special servicing in November 2021 due to the sponsor's substantial
difficulty remaining current on the loan.

Occupancy remains challenged with reported occupancy of 65% as of
YE 2021, 63% at YE 2020, 67% at YE 2019 and 61% at YE 2018. The
servicer-reported NOI DSCR was 0.52x as of YE 2021, which is down
from the 0.68x reported for YE 2020.

The loan was previously in special servicing in 2018 when
Brookfield Property Group purchased the property and assumed the
loan. The loan returned to master servicing in August 2018 with the
expectation that new sponsorship and fresh capital would accelerate
improvement. However, leasing activity has remained persistently
sluggish since acquisition and has been exacerbated by the
pandemic. The sponsor and special servicer continue workout
discussions, but a deed-in-lieu is considered a probable outcome.

Loss expectations have increased significantly and become more
likely over the last several months; a recent valuation of the
property, which was reported by the special servicer in March 2022,
indicated a value well below the outstanding debt amount. Fitch's
expected loss of approximately 42% is based off a discount to the
most recent servicer provided appraised value, and represents a
stressed value of approximately $110/sf.

Change in Credit Enhancement: As of the July 2022 distribution
date, the pool's aggregate principal balance has been reduced by
28.6% to $789.1 million from $1.105 billion at issuance. Eighteen
loans totaling 25.4% of the pool are defeased. Two loans (17.6%)
are full-term interest-only and the remainder of the pool is
currently amortizing. All of the remaining loans in the pool mature
in 2023. The non-rated class G has been impacted by $6.5 million in
realized losses to date (0.6% of original pool balance).

Credit Opinion Loan: Fitch assigned an investment-grade credit
opinion of 'AAsf' on a standalone basis to the largest loan in the
pool, 60 Hudson Street (15.6%), at issuance. Performance remains
consistent with an investment-grade rating.

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.


COMM 2014-FL5: S&P Affirms CCC (sf) Rating on Class KH2 Certs
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on the class D and X-EXT
pooled commercial mortgage pass-through certificates from COMM
2014-FL5 Mortgage Trust, a U.S. CMBS transaction. At the same time,
S&P affirmed its ratings on the class KH1 and KH2 nonpooled
certificates from the same transaction.

This is a U.S. large-loan CMBS transaction currently backed by the
K Hospitality Portfolio floating-rate interest-only (IO) mortgage
whole loan secured by the borrowers' fee simple interests in a
portfolio of 12 limited-service and extended-stay lodging
properties totaling 1,150 guestrooms in Texas, California, and
Louisiana.

Rating Actions

The downgrade on class D and affirmations on classes KH1 and KH2
reflect S&P's reevaluation of the remaining lodging properties
securing the K Hospitality Portfolio whole loan. S&P's analysis
included a review of the most recent available financial
performance data provided by the servicer, and its assessment of
the potential adverse selection of the remaining collateral
following the borrower's selected property releases in 2021 and
2022 and their inability to obtain refinancing proceeds to pay off
the loan prior to the onset of the COVID-19 pandemic.

Specifically, the affirmation on class KH2 at 'CCC (sf)' reflects
S&P's view that based on the class' most subordinate position in
the payment waterfall, it remains susceptible to reduced liquidity
support, and the risk of default and loss has increased due to
current market conditions.

Although the model-indicated ratings on classes D, KH1, and KH2
were higher than the revised rating on class D and current ratings
on classes KH1 and KH2, S&P downgraded the pooled class D and
affirmed the nonpooled class KH1 and KH2 certificates because it
qualitatively considered the transaction's exposure to a portfolio
of underperforming lodging properties, and the potential for the
performance and valuation to deteriorate. While the sole remaining
loan has de-leveraged due to recent property releases in 2021 and
2022, the remaining collateral is older vintage in secondary or
tertiary markets. Furthermore, the borrowers have struggled to
obtain refinancing proceeds to pay off the K Hospitality Portfolio
whole loan. The loan was modified and extended twice. According to
the master servicer, Wells Fargo Bank N.A., the borrowers intend to
exercise their one-year extension option to extend the loan's Aug.
9, 2022, maturity date to Aug. 9, 2023. The loan has one one-year
extension option remaining, with a final maturity date in August
2024.

S&P said, "In addition, we noted that class D incurred principal
losses totaling $12,535 in September 2021, primarily due to legal
fee expenses associated with the change in special servicer for the
Hilton Fort Lauderdale loan, which paid off in 2018 ($8,937) and
LIBOR transition ($3,582). We continue to investigate the credit
aspect of these expenses and their repayment possibility and may
take further rating action on class D if we deem appropriate.

"The downgrade on the class X-EXT IO certificates is based on our
criteria for rating IO securities, in which the rating on the IO
security would not be higher than that of the lowest-rated
reference class. The notional balance of class X-EXT references
classes A, B, C, and D."

Property-Level Analysis

The K Hospitality Portfolio currently consists of 12
limited-service and extended-stay lodging properties totaling 1,150
guestrooms in Texas (seven properties; 727 guestrooms), California
(four; 342), and Louisiana (one; 81), down from 20 limited-service,
extended-stay, select-service, and full-service lodging properties
totaling 1,922 guestrooms in Texas, California, Louisiana, and
Oklahoma at issuance and our last review in November 2020. The 12
remaining hotels were built between 1999 and 2009 and operate under
the following six brands: Fairfield Inn (five properties; 436
guestrooms), Hampton Inn (three; 258), Courtyard (one; 179),
SpringHill Suites (one; 103), Homewood Suites (one; 92), and
Staybridge Suites (one; 82).

The remaining portfolio's servicer-reported revenue per available
room (RevPAR) and net cash flow (NCF) were stable prior to the
onset of the pandemic at $84.31 and $10.9 million, respectively, in
2018 and $86.96 and $11.9 million, respectively, in 2019. However,
RevPAR fell 38.8% to $53.24 and NCF dropped 61.6% to $4.6 million
in 2020 before rebounding to $84.31 and $11.4 million,
respectively, in 2021, and $93.09 and $12.3 million, respectively,
as of the trailing 12-months (TTM) ending March 31, 2022.

In addition, the May 2022 STR reports indicated that the portfolio
had a weighted average occupancy and RevPAR penetrations--which
measure the occupancy and RevPAR of the portfolio relative to its
peers, with 100% indicating parity with competitors--of 112.6% and
121.4% (weighted by allocated loan amounts), respectively.

S&P said, "While the portfolio's performance rebounded to
pre-pandemic levels and appears to be outperforming its competitor
set, we considered the portfolio's fluctuating historical
performance, geographic concentration, and potential adverse
selection, as well as the current and potential future state of the
economy. As a result, in our current analysis, we assumed a 54.9%
occupancy, $155.00 average daily rate (ADR), and $85.13 RevPAR,
which is in line with pre-pandemic levels (RevPAR of $84.31 in 2018
and $86.96 in 2019). We assumed total departmental expenses of
$10.1 million (27.2% of total revenue), undistributed expenses of
$16.6 million (44.8%), and capital expenditure of 5.0% of total
revenue. This yielded an NCF of $8.6 million, 30.4% below the NCF
of $12.3 million for the TTM ending March 31, 2022, which is based
on a 55.8% occupancy, $166.77 ADR, $93.09 RevPAR, total
departmental expenses of $10.5 million (25.6% of total revenue),
total undistributed expenses of $16.6 million (40.5%), and capital
expenditure of 4.0% of total revenue. Using an 11.00% S&P Global
Ratings capitalization rate, unchanged from last review in November
2020, we arrived at an S&P Global Ratings value of $77.8 million or
$67,621 per key. This yielded an S&P Global Ratings loan-to-value
ratio of 93.5%."

Transaction Summary

This is a U.S. large-loan CMBS transaction currently backed by the
K Hospitality Portfolio floating-rate IO mortgage whole loan, down
from five pooled loans and one nonpooled loan at issuance. As of
the July 15, 2022, trustee remittance report, the transaction had a
pooled trust balance of $49.4 million and a total trust balance of
$72.7 million (including the nonpooled KH loan components), down
from $377.9 million and $557.1 million, respectively, at issuance.
The pooled trust has incurred $12,535 of principal losses to date,
which S&P previously discussed.

The sole remaining loan, the K Hospitality Portfolio loan, had an
original whole loan balance of $167.6 million. Following the eight
property releases totaling 772 guestrooms in four U.S. states in
2021 and 2022, the whole loan balance was reduced to $72.7 million
(as of the July 2022 trustee remittance report). The whole loan is
divided into a $49.4 million senior pooled trust component and a
$23.3 million subordinate nonpooled trust component that supports
the class KH1 and KH2 certificates. At loan origination, the equity
interest in the borrowers of the whole loan secured $44.1 million
in mezzanine debt. However, it is S&P's understanding that as part
of the loan assumption in April 2021 by new sponsor, Highgate
Hospitality Investment and Management Co. from NorthStar Realty
Finance Corp., the trust loan was paid down by $2.0 million, and
the mezzanine debt was extinguished. The K Hospitality Portfolio
whole loan is IO, pays a floating-rate interest indexed to
one-month LIBOR plus gross margin of 2.73% and had an initial fully
extended maturity date of Aug. 9, 2019.

The whole loan was transferred to special servicing on Aug. 8,
2017, due to maturity default (loan matured on Aug. 9, 2017). The
loan was modified on Dec. 29, 2017, and returned to the master
servicer on March 29, 2018. The modification terms included, among
other items:

-- Trapping cash;

-- Contributing $8.5 million in new capital;

-- Curtailing $1.75 million in principal;

-- Paying down the principal loan balance quarterly, and

-- Providing three additional one-year extension options through
Aug. 9, 2021, subject to minimum debt yield tests.

The K Hospitality Portfolio whole loan was further modified
effective Aug. 7, 2020. The latest modification terms included,
among other items, additional annual extension options through
2024, subject to quarterly principal paydowns based on debt-yield
tests, and fixed cumulative principal repayment amounts of $25.0
million, $50.0 million, and $100.0 million for the sixth, seventh,
and eighth extension options, respectively. These fixed cumulative
principal payments can also be achieved via property releases
during the loan term. To date, the borrowers released eight
properties, paying down $94.9 million of the whole loan balance.
According to Wells Fargo, the borrowers are currently working on
releasing additional properties that would further pay down the
whole loan balance. The borrowers have been current on their debt
service payments.

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

  Ratings Lowered

  COMM 2014-FL5 Mortgage Trust

  Class D to 'BB (sf)' from 'BBB- (sf)'
  Class X-EXT to 'BB (sf)' from 'BBB- (sf)'

  Ratings Affirmed

  COMM 2014-FL5 Mortgage Trust

  Class KH1: B- (sf)
  Class KH2: CCC (sf)



COMM 2015-CCRE7: Fitch Affirms CCC Rating on Class F Debt
---------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Deutsche Bank Securities,
Inc.'s COMM 2015-CCRE27 Mortgage Trust. The Rating Outlooks for
classes B, C and X-B are have been revised to Positive from Stable.
The Rating Outlooks for classes D, E and X-C have been revised to
Stable from Negative.

                     Rating            Prior
                     ------            -----
COMM 2015-CCRE27

A-3   12635QBF6  LT  AAAsf   Affirmed  AAAsf
A-4   12635QBG4  LT  AAAsf   Affirmed  AAAsf
A-M   12635QBJ8  LT  AAAsf   Affirmed  AAAsf
A-SB  12635QBE9  LT  AAAsf   Affirmed  AAAsf
B     12635QBK5  LT  AA-sf   Affirmed  AA-sf
C     12635QBL3  LT  A-sf    Affirmed  A-sf
D     12635QAL4  LT  BBB-sf  Affirmed  BBB-sf
E     12635QAN0  LT  BB-sf   Affirmed  BB-sf
F     12635QAQ3  LT  CCCsf   Affirmed  CCCsf
X-A   12635QBH2  LT  AAAsf   Affirmed  AAAsf
X-B   12635QAA8  LT  AA-sf   Affirmed  AA-sf
X-C   12635QAC4  LT  BBB-sf  Affirmed  BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: Fitch's loss expectations have declined
since the prior rating action due to improved recovery expectations
on several of the specially serviced loans along with two loans
transferring back to the master servicer with improved loss
expectations. The Outlook revisions to Stable reflects the stable
to improving performance of loans impacted by the pandemic. The
Outlook revisions to Positive reflects the significant improvement
in loss expectations and potential for future upgrades. Fourteen
loans (20.7% of pool), including six (11.5%) in special servicing,
were designated as Fitch Loans of Concern (FLOCs). Nineteen loans
(30.6%) are on the master servicer's watchlist for declines in
occupancy, pandemic-related performance declines, upcoming rollover
and/or deferred maintenance. No additional loans have transferred
to special servicing since Fitch's prior rating action. Fitch's
current ratings incorporate a base case loss of 5.3%.

Fitch Loans of Concern/Specially Serviced Loans: The largest
contributor to overall loss expectations, Evergreen Square (.8%),
is secured by an 80,616 sf anchored retail property located in
Peoria, IL. The loan transferred to the special servicer in July
2020 for imminent monetary default due to the pandemic. Occupancy
has declined significantly to 30.5% at September 2021 from 93% in
December 2018 due to several tenants vacating including TJ Maxx,
Party City, and Shoe Carnival. The center was formerly anchored by
non-collateral tenant Kmart, who vacated several years ago. The
special servicer is working with the borrower to transition title
to the lender. Fitch's modeled loss of 82% is based upon a stress
to an appraisal.

The second largest contributor to overall loss expectations and
largest specially serviced loan, Midwest Shopping Center Portfolio
(4.2%), is secured by a portfolio of six retail properties located
in Iowa, Illinois, Oklahoma, and Missouri with a total of 889,413
sf. The loan transferred to the special servicer in July 2020 for
imminent monetary default due to the pandemic. Per the servicer, a
receiver was appointed on the properties and they are working
towards foreclosure or selling the properties out of receivership.
The loan's guarantor has been under investigation for alleged
connections to fraud and bribery. As of April 2020, the property
was 84.5% occupied, down from 90% at issuance. The borrower has
been delinquent in financial reporting and no recent financials
have been provided. YE 2019 NOI debt service coverage ratio (DSCR)
was 1.63x compared to 1.54x at YE 2018. Fitch's modeled loss of 15%
is based upon a stress to a recent appraisal.

Increased Credit Enhancement (CE): As of the July 2022 remittance,
the aggregate pool balance has been paid down by 14.9% to $793.1
million from $931.6 million at issuance. Of the 68 loans in the
transaction at issuance, 62 loans remain. Thirteen loans (16.9% of
the pool) are defeased, up from nine loans (10.9%) at Fitch's last
rating action.

Eight loans (24.3%), including the two largest loans in the pool,
are full-term, IO, and all loans with partial IO periods are now
amortizing. Cumulative interest shortfalls are affecting the
non-rated class H.

Pool Concentration: The top 10 loans comprise 45.6% of the pool.
All loans mature in 2025. The largest property concentrations are
multifamily at 33.6%, retail at 20.6% and office at 20.4%

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to the 'AA-sf' and 'AAAsf' categories are
unlikely due to increasing CE and expected continued amortization,
but may occur should interest shortfalls affect these classes.
Downgrades to the 'BB-sf', 'BBB-sf' and 'A-sf' categories would
likely occur if a high proportion of the pool defaults and/or
transfers to special servicing and expected losses increase
sizably. A downgrade to the distressed class F would occur with
greater certainty of losses or as losses are realized.

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

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with paydown and/or defeasance.
Upgrades to the 'A-sf' and 'AA-sf' categories could occur with
large improvement in CE and/or defeasance, and with the
stabilization of performance amongst the FLOCs and specially
serviced loans. Upgrades to the 'BB-sf' and 'BBB-sf' categories
would also consider these factors, but would be limited based on
sensitivity to concentrations or the potential for future
concentrations. Classes would not be upgraded above 'Asf' if there
is a likelihood of interest shortfalls. An upgrade to class F is
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 class.


CPS AUTO 2022-C: DBRS Finalizes BB(high) Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by CPS Auto Receivables Trust 2022-C (the
Issuer):

-- $201,520,000 Class A Notes at AAA (sf)
-- $54,340,000 Class B Notes at AA (high) (sf)
-- $58,740,000 Class C Notes at A (high) (sf)
-- $42,240,000 Class D Notes at BBB (sf)
-- $34,760,000 Class E Notes at BB (high) (sf)

DBRS Morningstar upgraded its rating on Class C to A (high) (sf)
from its provisional rating of A (sf) and also upgraded its rating
on Class E to BB (high) (sf) from its provisional rating of BB (sf)
because of the additional credit enhancement from lower final
pricing coupons compared with the estimated provisional coupons
provided for its assignment of provisional ratings.

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

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

-- Credit enhancement is in the form of overcollateralization
(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 DBRS Morningstar CNL assumption is 14.90%, based on the
expected pool composition.

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

(2) 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 the payment of
principal by the legal final maturity date.

(3) The consistent operational history of Consumer Portfolio
Services, Inc. (CPS or the Company) and the strength of the overall
Company and its management team.

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

(4) The capabilities of CPS with regard to originations,
underwriting, and servicing.

-- DBRS Morningstar performed an operational review of CPS and
considers the Company to be an acceptable originator and servicer
of subprime automobile loan contracts with an acceptable backup
servicer.

(5) DBRS Morningstar exclusively used the static pool approach
because CPS has enough data to generate a sufficient amount of
static pool projected losses.

-- DBRS Morningstar was conservative in the loss forecast analysis
that it performed on the static pool data.

(6) The Company indicated that there is no material pending or
threatened litigation.

(7) The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the nonconsolidation of
the special-purpose vehicle with CPS, 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."

CPS is an independent full-service automotive financing and
servicing company that provides (1) financing to borrowers who do
not typically have access to prime credit-lending terms for the
purchase of late-model vehicles and (2) refinancing of existing
automotive financing.

The rating on the Class A Notes reflects 55.20% of initial hard
credit enhancement provided by the subordinated notes in the pool
(43.20%), the reserve account (1.00%), and OC (11.00%). The ratings
on the Class B, C, D, and E Notes reflect 42.85%, 29.50%, 19.90%,
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.



CSAIL 2017-CX10: Fitch Affirms B- Rating on Class F Certs
---------------------------------------------------------
Fitch Ratings has affirmed 18 classes of CSAIL 2017-CX10 Commercial
Mortgage Trust Pass-through Certificates, Series 2017-CX10.

                   Rating          Prior
                   ------          -----
CSAIL 2017-CX10

A-2 12595JAC8   LT AAAsf  Affirmed  AAAsf
A-3 12595JAE4   LT AAAsf  Affirmed  AAAsf
A-4 12595JAG9   LT AAAsf  Affirmed  AAAsf
A-5 12595JAJ3   LT AAAsf  Affirmed  AAAsf
A-S 12595JAS3   LT AAAsf  Affirmed  AAAsf
A-SB 12595JAL8  LT AAAsf  Affirmed  AAAsf
B 12595JAU8     LT AA-sf  Affirmed  AA-sf
C 12595JAW4     LT A-sf   Affirmed  A-sf
D 12595JBA1     LT BBB-sf Affirmed  BBB-sf
E 12595JBC7     LT BB-sf  Affirmed  BB-sf
F 12595JBE3     LT B-sf   Affirmed  B-sf
V1-A 12595JBL7  LT AAAsf  Affirmed  AAAsf
V1-B 12595JBN3  LT A-sf   Affirmed  A-sf
V1-D 12595JBQ6  LT BBB-sf Affirmed  BBB-sf
V1-E 12595JBS2  LT BB-sf  Affirmed  BB-sf
X-A 12595JAN4   LT AAAsf  Affirmed  AAAsf
X-B 12595JAQ7   LT AA-sf  Affirmed  AA-sf
X-E 12595JAY0   LT BB-sf  Affirmed  BB-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect overall stable
performance and loss expectations for the pool since Fitch's prior
rating action. Two loans totaling $81.8 million were repaid at
their maturity dates. Six loans (25.1% of the pool), including one
loan (6%) that remains in special servicing, are Fitch Loans of
Concern (FLOCs). Fitch's current ratings incorporate a base case
loss of 3.90%.

The Negative Rating Outlook for class F, which was previously
assigned to reflect coronavirus-related stresses and a potential
outsized loss on Lehigh Valley Mall, is maintained due to
performance concerns on the 300 Montgomery and 333 North Bedford
loans.

Largest Contributors to Loss: The largest loss contributor in the
pool is the Lehigh Valley Mall loan (5.5%), which is secured by
545,233-sf of a 1.2 million-sf regional mall located in Whitehall,
PA. The mall is anchored by Macy's (ground lessee), Boscov's
(non-collateral) and JCPenney (non-collateral). Property
performance has declined after multiple tenants vacated at or ahead
of their lease expirations and/or after filing for bankruptcy.
Collateral occupancy has declined to 81% at YE2021 from 88% at YE
2020 and 91% at YE 2019. Although YE 2021 NOI has improved 10% from
YE 2020, it remains 13% below underwritten NOI at issuance. As of
YE 2021, inline sales for tenants under 10,000 sf (excluding Apple)
were $596 psf, which exceeded sales of $386 psf at YE 2020, $461
psf at YE 2019 and $451 psf at issuance.

Fitch's base case loss of 9% incorporates a cap rate of 12% and a
10% stress to the YE 2021 NOI, which factors in Fitch's concerns
related to the sponsorship's commitment, long-term viability of the
mall's anchors and loan's refinanceability.

The second largest loss contributor in the pool is the 333 North
Bedford loan (3.5%), which is secured by a 611,954-sf mixed-use
property located in Mount Kisco, NY, which is approximately 40
miles north of Manhattan. Occupancy has improved to 99% as of March
2022 from 84% at YE 2020; however, YE 2021 NOI DSCR of 1.26x has
fallen from 1.32x at YE 2020 and 1.61x at YE 2019. YE 2021 NOI has
further declined by 4% from YE 2020 and remains 28% below NOI from
issuance. According to the master servicer, Tesla (12.9% of NRA) is
currently on month-to-month terms but has agreed to sign a lease
through Dec. 31, 2023. The new lease is expected to contribute an
additional $324,000 in rental revenue. Fitch's base case loss of
10% reflects a cap rate of 9.5% and a 5% stress to the YE2021 NOI.

The third largest loss contributor in the pool is the 300
Montgomery loan (4%), which is secured by a 192,574-sf office
building located in San Francisco, CA. Occupancy has declined to
53% as of YE 2021 from 57% at YE 2020 and 83% at YE 2019. NOI has
been impacted by the decline in occupancy with YE 2021 NOI DSCR
falling to 1.44x from 3.70x at YE 2020. The decline in occupancy is
attributed to Lyric Hospitality (30% of NRA) vacating a significant
portion of its space at the building during Q4 2020. The borrower
collected a $1.9 million termination fee, which contributed to the
31% higher NOI in 2020 relative to 2019. The leasing reserve is
being used to re-lease the vacant spaces and the borrower has
observed an uptick in recent leasing activity.

Per Costar and as of Q3 2022, the Financial District submarket
reported a vacancy rate of 21% that has increased from 7% in Q4
2019. The average submarket rent decreased to $64.70 psf from
$77.50 in Q4 2019. The average rent at the property is in line with
the market.

Fitch's modeled loss of 8% is based on a 9.5% cap rate and a 40%
stress to the YE2020 NOI, which addresses the property's decline in
occupancy and the weakening submarket.

Specially Serviced Loan: The one specially serviced loan, The
Standard Highline NYC, is secured by a 338-key full-service hotel
located in the heart of the Meatpacking District in Manhattan, NY.
The loan transferred to special servicing in June 2020 for payment
default due to the effects of the pandemic. NOI was negative for
fiscal year 2020 but has steadily improved to $5.9 million as of YE
2021, which remains well-below the pre-pandemic NOI of $9.1 million
as of YE 2019. According to the TTM March 2022 STR report,
occupancy and RevPAR were reported to be 91% and $319,
respectively, compared with 91% and $345 at issuance. The servicer
reported an NOI DSCR of 2.53x as of YE 2021. The special servicer
is proceeding with the exercise of remedies, with progress expected
over the next eight to 12 months. Fitch modeled a minimal loss to
account for the special servicing fees and expenses.

Credit Opinion Loans: Three loans, representing 18.5% of the pool,
had investment-grade credit opinions at issuance. One California
Plaza (6.7%) had an 'A-sf*' credit opinion, while The Standard
Highline NYC (6.0%) and Centre 425 Bellevue (5.9%) had credit
opinions of 'Asf*' and 'BBB+sf*', respectively. Given the declines
in performance, One California Plaza and The Standard Highline, are
no longer considered as credit opinion loans. Based on collateral
quality and continued stable performance, the Centre 425 Bellevue
loan remains consistent with an investment-grade loan.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:
Sensitivity factors that could lead to downgrades include an
increase in pool level losses from underperforming or specially
serviced loans. Downgrades to the senior classes, A-1, A-2, A-3,
A-4, A-5, A-SB, A-S, X-A, V1-A, B, and X-B are not likely due to
the increasing credit enhancement and expected continued paydowns,
but may occur should interest shortfalls affect these classes.
Downgrades to classes C, V-1B, D and V-1D could occur if overall
pool losses increase significantly or if one or more large FLOCs
have an outsized loss which would erode credit enhancement.

Downgrades to classes E, X-E and V1-E would occur from increased
loss expectations from FLOCs due to further performance
deterioration. A downgrade to classes F would occur with greater
certainty of loss expectations and/or as losses are realized.

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

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Sensitivity factors that could lead to upgrades include stable to
improved asset performance coupled with paydown and/or defeasance.
Upgrades of class B, X-B, C and V1-B could occur with significant
improvement in credit enhancement and/or defeasance; however,
adverse selection, increased concentrations and further
underperformance of the FLOCs could cause this trend to reverse.

An upgrade to class D and V-1D are unlikely without significant
paydown or defeasance and would be limited based on sensitivity to
concentrations or the potential for future concentration. Classes
would not be upgraded above 'Asf' if there were likelihood for
interest shortfalls. An upgrade to class E, X-E, V1-E and F are not
likely until the later years in a transaction and only if the
performance of the remaining pool is stable and if there is
sufficient credit enhancement to the classes.


DERRICK'S SPORT: Unsecureds Owed $162K to Get 10% Under Plan
------------------------------------------------------------
Derrick's Sport Fitness, LLC submitted a Second Amended Chapter 11,
Subchapter V, Plan of Reorganization.

Under the Plan, Class 3 Allowed General Unsecured Claims total
$162,141.  The Debtor shall pay the Holders of Allowed Class 3
Claims, without interest, their pro-rata share of all available
disposable income of the Debtor, on the schedule set forth below
and on Appendix B, which reflects a distribution of all projected
disposable income during the 60-month period of the Plan.
Distributions to Holders of Allowed Class 3 Claims are projected to
receive on a pro rata basis not less than 10% of their Allowed
General Unsecured Claim, with the first and second pro rata
installment beginning on January 15 and June 15, 2023, and
continuing on the fifteenth day of each January and June thereafter
through January 15, 2028 (i.e. within 60 months of the Effective
Date of the Plan).  The aggregate sum of Allowed General Unsecured
Claims is approximately $162,141.37. In the event the General
Unsecured Claim of Salamatu Khadar is disallowed, in whole or in
part, distributions to Holders of Class 3 Claims could receive as
much as 18% of their Allowed General Unsecured Claims. Class 3 is
impaired.

During the term of this Plan, the Debtor shall pay all available
projected disposable income necessary for the performance of the
Plan, which disposable income is projected as set forth in attached
Appendix D-1 with the following link: https://bit.ly/3vYUOSG.

Counsel for the Debtor:

     Joy P. Robinson, Esq.
     JOY P. ROBINSON, PC
     9701 Apollo Drive, Suite 100
     Upper Marlboro, MD 20774

A copy of the Second Amended Chapter 11 Plan of Reorganization
dated August 10, 2022, is available at https://bit.ly/3AqA9tL from
PacerMonitor.com.

                       About Derrick's Sport

Derrick's Sport Fitness, LLC, filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No.
22-10792) on Feb. 16, 2022, listing up to $50,000 in assets and up
to $500,000 in liabilities.

Judge Thomas J. Catliota oversees the case.

The Debtor tapped Joy P. Robinson P.C. as legal counsel.

Michael Wolff was appointed as the Subchapter V trustee.


DRYDEN 112 CLO: Moody's Assigns B3 Rating to $1MM Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Dryden 112 CLO, Ltd. (the "Issuer" or "Dryden
112").

Moody's rating action is as follows:

US$256,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

US$1,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2034, 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.

Dryden 112 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 up to 7.5% of the portfolio may consist
of second lien loans or unsecured loans. The portfolio is
approximately 90% ramped as of the closing date.

PGIM, Inc. (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 four other
classes of secured notes and one class of subordinated notes.

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

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

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

Par amount: $400,000,000

Diversity Score: 90

Weighted Average Rating Factor (WARF): 2825

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

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.0 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.


FREDDIE MAC 2022-HQA3: Moody's Assigns Ba3 Rating to 10 Tranches
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 24
classes of residential mortgage-backed securities (RMBS) issued by
Freddie Mac STACR Remic Trust 2022-HQA3, 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-HQA3

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

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

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

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

Cl. M-2, Assigned Ba2 (sf)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. M-2UB, Assigned 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 4.43% 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.


GCAT 2022-NQM4: S&P Assigns Prelim B (sf) Rating on Cl. B-2 Certs
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GCAT
2022-NQM4 Trust's mortgage pass-through certificates.

The note issuance is an RMBS securitization backed by seasoned and
unseasoned first-lien, fixed-, and adjustable-rate residential
mortgage loans, including mortgage loans with initial interest-only
periods, to prime and nonprime borrowers secured by single-family
residential properties, planned-unit developments, townhouses,
condominiums, cooperatives, and two- to four-family residential
properties. The pool has 812 loans, which are either non-QM
(non-QM/ATR compliant), ATR-exempt mortgage loans, QM/HPML, or
QM/safe harbor.

The preliminary ratings are based on information as of Aug. 11,
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, geographic concentration, and representation and
warranty (R&W) framework;

-- The mortgage aggregator, Blue River Mortgage III LLC (BRM III);
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

  GCAT 2022-NQM4 Trust

  Class A-1, $277,191,000: AAA (sf)
  Class A-2, $30,152,000: AA (sf)
  Class A-3, $47,827,000: A (sf)
  Class M-1, $19,755,000: BBB (sf)
  Class B-1, $15,388,000: BB (sf)
  Class B-2, $9,981,000: B (sf)
  Class B-3, $15,596,514: Not rated
  Class A-IO-S, notional(i): Not rated
  Class X, notional(i): Not rated
  Class R, not applicable: Not rated

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



GCAT TRUST 2022-INV3: Moody's Assigns (P)B2 Rating to Cl. B-5 Debt
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 61
classes of residential mortgage-backed securities (RMBS) issued by
GCAT 2022-INV3 Trust, and sponsored by Blue River Mortgage III
LLC.

The securities are backed by a pool of GSE-eligible (100% by
balance) residential mortgages, divided into two collateral groups
('Y'-structure), originated by multiple entities and serviced by
NewRez LLC d/b/a Shellpoint Mortgage Servicing.

The complete rating actions are as follows:

Issuer: GCAT 2022-INV3 Trust

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

Cl. 1-A-2, Assigned (P)Aaa (sf)

Cl. 1-A-3, Assigned (P)Aaa (sf)

Cl. 1-A-4, Assigned (P)Aaa (sf)

Cl. 1-A-5, Assigned (P)Aaa (sf)

Cl. 1-A-6, Assigned (P)Aaa (sf)

Cl. 1-A-7, Assigned (P)Aaa (sf)

Cl. 1-A-8, Assigned (P)Aaa (sf)

Cl. 1-A-9, Assigned (P)Aaa (sf)

Cl. 1-A-10, Assigned (P)Aaa (sf)

Cl. 1-A-11, Assigned (P)Aaa (sf)

Cl. 1-A-12, Assigned (P)Aaa (sf)

Cl. 1-A-13, Assigned (P)Aa1 (sf)

Cl. 1-A-14, Assigned (P)Aa1 (sf)

Cl. 1-A-15, Assigned (P)Aaa (sf)

Cl. 1-A-16, Assigned (P)Aaa (sf)

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

Cl. 1-A-X-2*, Assigned (P)Aaa (sf)

Cl. 1-A-X-4*, Assigned (P)Aaa (sf)

Cl. 1-A-X-6*, Assigned (P)Aaa (sf)

Cl. 1-A-X-8*, Assigned (P)Aaa (sf)

Cl. 1-A-X-10*, Assigned (P)Aaa (sf)

Cl. 1-A-X-12*, Assigned (P)Aaa (sf)

Cl. 1-A-X-14*, Assigned (P)Aa1 (sf)

Cl. 1-A-X-16*, Assigned (P)Aaa (sf)

Cl. 2-A-1, Assigned (P)Aaa (sf)

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

Cl. 2-A-3, Assigned (P)Aaa (sf)

Cl. 2-A-4, Assigned (P)Aaa (sf)

Cl. 2-A-5, Assigned (P)Aaa (sf)

Cl. 2-A-6, Assigned (P)Aaa (sf)

Cl. 2-A-7, Assigned (P)Aaa (sf)

Cl. 2-A-8, Assigned (P)Aaa (sf)

Cl. 2-A-9, Assigned (P)Aaa (sf)

Cl. 2-A-10, Assigned (P)Aaa (sf)

Cl. 2-A-11, Assigned (P)Aaa (sf)

Cl. 2-A-12, Assigned (P)Aaa (sf)

Cl. 2-A-13, Assigned (P)Aa1 (sf)

Cl. 2-A-14, Assigned (P)Aa1 (sf)

Cl. 2-A-15, Assigned (P)Aaa (sf)

Cl. 2-A-16, Assigned (P)Aaa (sf)

Cl. 2-A-X-1*, Assigned (P)Aaa (sf)

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

Cl. 2-A-X-4*, Assigned (P)Aaa (sf)

Cl. 2-A-X-6*, Assigned (P)Aaa (sf)

Cl. 2-A-X-8*, Assigned (P)Aaa (sf)

Cl. 2-A-X-10*, Assigned (P)Aaa (sf)

Cl. 2-A-X-12*, Assigned (P)Aaa (sf)

Cl. 2-A-X-14*, Assigned (P)Aa1 (sf)

Cl. 2-A-X-16*, Assigned (P)Aaa (sf)

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

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

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

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

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

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

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

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

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

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

CI. 2-A-1A 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 are
1.31% and 1.56% for Group 1 and Group 2, respectively, in a
baseline scenario-median are 0.99% and 1.16% for Group 1 and Group
2, respectively, and reach 7.82% and 10.33% for Group 1 and Group
2, respectively, at a stress level consistent with Moody's Aaa
ratings.

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.


GOLDENTREE LOAN 15: Moody's Assigns B3 Rating to $800,000 F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to four classes of
notes issued by GoldenTree Loan Management US CLO 15, Ltd. (the
"Issuer").

Moody's rating action is as follows:

US$2,000,000 Class X Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

US$256,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

US$44,000,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned Aa2 (sf)

US$800,000 Class F Junior 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.

GoldenTree Loan Management US CLO 15, Ltd. 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 up to 7.5% of
the portfolio may consist of DIP collateral obligations, second
lien loans, bonds, unsecured loans and senior secured notes. The
portfolio is approximately 95% 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 three year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

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

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

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

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

Par amount: $400,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2920

Weighted Average Spread (WAS): 3.74%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 6.24 years

Methodology Underlying the Rating Action:

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

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

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


GS MORTGAGE 2015-GS1: Fitch Affirms CC Rating on Class F Debt
-------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of GS Mortgage Securities
Trust 2015-GS1. Fitch has also revised the Rating Outlooks on
classes A-S and X-A to Stable from Negative. The Rating Outlooks on
classes B, C, D, X-B, X-D and the exchangeable PEZ certificates
remain Negative.

RATING ACTIONS

ENTITY/DEBT       RATING                    PRIOR
-----------       ------                    -----  
GSMS 2015-GS1

A-2 36252AAB2    LT   AAAsf   Affirmed     AAAsf

A-3 36252AAC0    LT   AAAsf   Affirmed     AAAsf

A-AB 36252AAD8   LT   AAAsf   Affirmed     AAAsf

A-S 36252AAG1    LT   AAsf    Affirmed     AAsf

B 36252AAH9      LT   Asf     Affirmed     Asf

C 36252AAK2      LT   BBBsf   Affirmed     BBBsf

D 36252AAL0      LT   B-sf    Affirmed     B-sf

E 36252AAN6      LT   CCCsf   Affirmed     CCCsf

F 36252AAQ9      LT   CCsf    Affirmed     CCsf

PEZ 36252AAJ5    LT   BBBsf   Affirmed     BBBsf

X-A 36252AAE6    LT   AAsf    Affirmed     AAsf

X-B 36252AAF3    LT   Asf     Affirmed     Asf

X-D 36252AAM8    LT   B-sf    Affirmed     B-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall loss expectations for the pool
have increased since Fitch's prior rating action, driven primarily
by higher loss expectations on the South Plains Mall (9.0% of pool)
and Deerfield Crossing (3.9%) loans. Fitch's current ratings
reflect a base case loss of 10.6%.

The Negative Outlooks on classes C, D, X-B, X-D and PEZ reflect
potential future downgrade with continued performance volatility,
lack of stabilization and limited progress toward the ultimate
refinanceability and resolution of the two regional mall loans,
South Plains Mall and Glenbrook Square (7.1%), as well as ongoing
performance concerns of two suburban office loans, Deerfield
Crossing (3.9%) and Lake Forest Place (2.2%).

The Outlook revision to Stable from Negative on classes A-S and X-A
reflects improved and stabilizing performance on properties that
were negatively affected by the pandemic, in particular, Hammons
Hotel Portfolio (5.4%).

Seven loans (32.5%) have been flagged as Fitch Loans of Concern
(FLOCs), including two loans (8.9%) in special servicing. The FLOCs
were flagged for high vacancy, low NOI debt service coverage ratio
(DSCR) and/or pandemic-related underperformance.

The largest contributor to expected losses is the Glenbrook Square
loan (7.1%), which is secured by a super-regional mall located in
Fort Wayne, IN. Collateral anchors include Macy's (24% of NRA
leased through January 2027) and JCPenney (19%; May 2023). The
collateral anchor Carson's (12.1%) and non-collateral anchor Sears
both closed in 2018 and the Sears store was demolished.

This loan transferred to special servicing in July 2020 for payment
default. According to the special servicer, the borrower initially
requested a transition of the property back to the noteholder,
which is currently being evaluated along with a possible loan
modification. However, no progress has been made on a viable
workout and there are significant current and future capital
expenditures that need to be addressed at the property.

Collateral occupancy was 80.2% as of March 2022, compared to 80.4%
in December 2020, 82.3% in March 2019 and 96.8% in September 2017.
Comparable inline sales for tenants occupying less than 10,000 sf
were $521 psf as of TTM March 2022, compared with $497 psf at
August 2021, $384 psf at YE 2020, $436 psf at YE 2019, $415 psf as
of TTM September 2018, $414 psf at YE 2017 and $443 psf at
issuance.

Fitch's base case loss of 66% considers a discount to the October
2021 appraisal value and implies a 23% cap rate to the TTM June
2020 NOI, which is the most recently reported cashflow for the
loan.

The second largest contributor to loss and largest increase in loss
since the prior rating action is the South Plains Mall loan (9.0%),
which is secured by a 992,140-sf portion of a 1.1 million-sf
super-regional mall located in Lubbock, TX. The loan is sponsored
by Pacific Premier Retail Trust LLC, a joint venture between The
Macerich Company and a subsidiary of GIC Realty Private Limited.

Collateral anchors include JCPenney (20.4% of collateral NRA; July
2027 lease expiry), Dillard's Women (16.4%) and Dillard's Men &
Children (9.5%). Both of the Dillard's leases expired in January
2022 and converted to month-to-month. A former non-collateral Sears
box closed in late 2018.

Collateral occupancy declined to 73.7% as of March 2021 from 78.7%
at YE 2020, 92.7% in September 2020 and 95.9% in March 2019. A
junior collateral anchor tenant, Beall's (4% of collateral NRA),
vacated in August 2020. Property-level NOI declined 4.4% between
2020 and 2021, with respective servicer-reported NOI DSCR of 1.77x
and 1.69x. Comparable in-line sales for tenants less than 10,000 sf
were reported at $573 psf at YE 2021, up from $418 psf at YE 2020,
$502 psf as of TTM June 2019, $461 psf as of TTM August 2018 and
$456 psf at the time of issuance.

Fitch's base case loss of 26% incorporates a cap rate of 15%
applied to the YE 2021 NOI.

The third largest contributor to expected losses is the Deerfield
Crossing loan (3.8%), which is secured by a suburban office
property in Mason, OH. Per the March 2022 rent roll, physical
occupancy has fallen to 48% compared to issuance underwritten
occupancy of 93%. The decline in occupancy is primarily due to
Cengage Learning reducing its space as part of a renewal agreement.
As part of its renewal agreement, Cengage downsized to 60,000 sf
(17.4% NRA) from 160,000 sf (49.9% NRA) at issuance. Due to the
increased vacancy, YE 2021 NOI has fallen 27.6% from YE 2020 and is
46.9% below underwritten NOI. The loan's lockbox has been activated
due to low NOI DSCR, which was 0.96x as of YE 2021. Fitch's
expected loss of 26% reflects a 9.5% cap rate to the YE 2021 NOI.

Minimal Change to Credit Enhancement: As of the July 2022
distribution date, the pool's aggregate principal balance has been
paid down by 5.2% to $778.4 million from $820.6 million at
issuance. Seven loans comprising 11.2% of the pool have been fully
defeased. No loans are scheduled to mature until 2025. There are
ten interest-only loans comprising 45.9% of the pool.

Undercollateralization: The transaction is undercollateralized by
$635,638 due to a WODRA on the Hammons Hotel Portfolio loan, which
was reflected in the July 2022 remittance report.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets.

-- Downgrades to the 'AAAsf' and 'AAsf' rated classes are not
    likely due to their position in the capital structure and
    expected paydowns from low leveraged and defeased loans, but
    may occur should interest shortfalls affect these classes.

-- Downgrades to classes B, X-B, C, PEZ, D and X-D would occur
    should loss expectations increase from continued performance
    decline of the FLOCs, additional loans default or transfer to
    special servicing, higher losses than expected are incurred on

    the specially serviced loans and/or the Glenbrook Square and
    South Plains Mall loans experience outsized losses.

-- Downgrades to classes E and F would occur as losses are
    realized and/or become more certain.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out,

Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment grade notes.

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

Sensitivity factors that could lead to upgrades would include
stable to improved asset performance, particularly on the two
regional mall loans and other FLOCs, coupled with additional
paydown and/or defeasance.

-- Upgrades to classes A-S, B, X-A and X-B may occur with
    significant improvement in CE and/or defeasance, coupled with
    the stabilization of the Glenbrook Square and South Plains Mall

    loans, but would be limited based on the sensitivity to
    concentrations or the potential for future concentrations.

-- Upgrades to classes C, PEZ, D and X-D may occur as the number
    of FLOCs are reduced and/or with a modification or workout of
    the Glenbrook Square loan that results in scenarios better than

    currently expected, and there is sufficient CE to the classes.


Classes would not be upgraded above 'Asf' if there were likelihood
of interest shortfalls. Classes E and F are unlikely to be upgraded
absent significant performance improvement on the FLOCs, including
South Plains Mall and Deerfield Crossing, as well as better than
expected recoveries on the Glenbrook Square loan.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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


GS MORTGAGE 2016-GS14: Fitch Lowers Rating on Class F Certs to CC
-----------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed nine classes of GS
Mortgage Securities Trust (GSMS), commercial mortgage pass-through
certificates series 2016-GS4. In addition, the Rating Outlooks on
six of the affirmed classes were revised to Stable from Negative.

RATING ACTIONS

ENTITY/DEBT         RATING                           PRIOR
-----------         ------                           -----
GSMS 2016-GS4

A-3 36251XAQ0      LT  AAAsf    Affirmed            AAAsf

A-4 36251XAR8      LT  AAAsf    Affirmed            AAAsf

A-AB 36251XAS6     LT  AAAsf    Affirmed            AAAsf

A-S 36251XAV9      LT  AAAsf    Affirmed            AAAsf

B 36251XAW7        LT  AA-sf    Affirmed            AA-sf

C 36251XAY3        LT  A-sf     Affirmed            A-sf

D 36251XAA5        LT  BB-sf    Downgrade           BBB-sf

E 36251XAE7        LT  CCCsf    Downgrade           B-sf

F 36251XAG2        LT  CCsf     Downgrade           CCCsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades and Negative Outlooks
reflect increased loss expectations for the pool since Fitch's last
rating action, mainly driven by continued underperformance of the
Westchester Office Portfolio 700 Series, Hamilton Place and
Westchester Office Portfolio 2500-2700 Series loans, which combined
account for 15% of the pool. Fitch's current ratings incorporate a
base case loss of 8.00%. There are 10 Fitch Loans of Concern
(FLOCs; 38.7% of pool).

The Outlook revision to Stable from Negative on classes A-S, B, C,
X-A, X-B and PEZ reflects performance stabilization of some
properties that had been negatively affected by the pandemic,
including the return of two previously specially serviced retail
loans to the master servicer, Hamilton Place and Poipu Shopping
Village (combined, 8.4%). There are currently no loans in special
servicing.

The largest increase in loss since the prior rating action is the
Westchester Office Portfolio 700 Series loan (6.9%), which is
secured by a portfolio of suburban office properties consisting of
five buildings totaling 671,330-sf located in White Plains, NY. The
portfolio has experienced declining occupancy and cash flow since
issuance. Portfolio occupancy fell to 64.5% in March 2022 from
67.2% in March 2021 and 73.9% in December 2020 due to several
tenants vacating or downsizing at or ahead of their scheduled lease
expirations. Larger tenants that have vacated include W.J. Deutsche
(4.5% of NRA) and Benjamin Edwards (1.1%) at their respective
February 2021 and April 2020 lease expirations.

Major in-place tenants include Sabra (5.4% of NRA leased through
September 2022), Citrin Cooperman & Company (5.1%; October 2024),
NY Life (4.9%; January 2025), Pentegra (4.4%; July 2027) and UBS
(4.4%; August 2024). Upcoming lease rollover includes 11.3% of the
NRA in 2022, 13% in 2023 and 14% in 2024. Per recent media reports,
Sabra recently signed a new lease for a smaller space at another
White Plains property; should Sabra not renew its lease at its
upcoming September 2022 lease expiration, portfolio occupancy would
further decline to approximately 59%.

Although portfolio-level YE 2021 NOI improved 20.5% from YE 2020,
which had been significantly affected by the pandemic and vacating
tenants, it remains 37% below the issuer's underwritten NOI. Per
the servicer, overall portfolio performance has continued to
decline as a result of the high vacancy and weakening submarket
conditions. Only one tenant received pandemic-related rent relief
and has since resumed paying full rent, and a majority of the
tenants either received PPP loans or were able to stay current on
payments. However, the borrower has been experiencing difficulties
maintaining occupancy as tenants with rolling leases are vacating
or downsizing as they have adopted hybrid or full remote working
arrangement.

Fitch's base case loss of 25% incorporates a 10% cap rate and 15%
haircut to the YE 2019 NOI, reflecting the performance
deterioration and upcoming lease rollover risk.

The next largest increase in loss is the Hamilton Place loan
(4.8%), which is secured by a super-regional mall located in
Chattanooga, TN. The loan was transferred to special servicing in
April 2020 for imminent monetary default at the borrower's request
due to the pandemic and was returned to the master servicer in May
2022. The sponsor, CBL & Associates Properties, Inc., filed for
Chapter 11 bankruptcy in November 2020, but has since exited
bankruptcy in November 2021.

Dillard's, Belk and JCPenney serve as non-collateral anchors, and
the larger collateral tenants include Barnes & Noble (7.6% of total
collateral NRA leased through January 2024) and H&M (5.9%; January
2028). As of March 2022, overall mall occupancy was 98.2%, and
collateral occupancy was 94.6% compared to 91% at issuance. As of
the March 2022 rent roll, upcoming lease rollover includes 6.7% of
the collateral NRA in 2022, 14.5% in 2023 and 16.3% in 2024.

According to the sponsor's 2021 annual report, in-line tenant sales
were $465 psf in 2021, compared with $418 psf in 2019 and $406 psf
in 2018. An updated total tenant sales report was requested but not
provided; however, individual stores did report sales which are
generally trending downward for some of the larger tenants,
including Barnes & Noble, Victoria's Secret and Express.

CBL purchased the non-collateral Sears in 2017 and has redeveloped
the space into retail and hotel uses. The retail includes Dick's
Sporting Goods, Dave and Buster's and Cheesecake Factory. The hotel
is Chattanooga's first Aloft-branded Marriott hotel, with a rooftop
bar that opened in June 2021. Additionally, a new restaurant Party
Fowl opened in March 2021 in the space vacated by Bar Louie.

Fitch's base case loss expectation of 31% reflects a 15% cap rate
and 5% stress to the YE 2021 NOI.

The next largest increase in loss is the Westchester Office
Portfolio 2500-2700 Series loan (3.3%), which has the same
sponsors, Normandy Real Estate Partners and David Werner, as the
aforementioned Westchester Office Portfolio 700 Series loan. The
loan has also experienced declining occupancy and cash flow as a
result of the coronavirus pandemic.

Portfolio occupancy fell to 61.2% as of March 2022 from 68.4% in
March 2021, 78.4% in March 2020 and 79.7% in December 2019, as the
former largest tenant, Westchester Medical Group (13.9% of NRA)
vacated the majority of its space (31,662 sf; 11% of NRA; 15% of
total base rent) at expiration in August 2020. The tenant has
occupied its remaining 8,529 sf (3% of NRA) space which rolls in
August 2025. Additionally, four tenants totaling 6.7% of the
portfolio NRA vacated at expiration in 2021, the largest of which
was Ammann & Whitney, Inc. (2.2%).

YE 2021 NOI declined 44.4% from YE 2020 and was 62% below YE 2019
NOI due to the increased vacancy and the coronavirus pandemic,
according to servicer commentary.

The largest tenants include Quorum Federal Credit Union (7.7% of
NRA leased through December 2029), Wells Fargo Clearing Services,
LLC (7.5%; May 2027), Wells Fargo Bank (6.1%; August 2031) and
Tokyo Century (USA) Inc. (5.1%; August 2024).

Fitch's base case loss of 13% incorporates a 10% cap rate and 15%
haircut to the YE 2019 NOI, reflecting the property's declining
occupancy and cash flow and upcoming lease rollover risk.

Credit Enhancement: As of the July 2022 distribution date, the
pool's aggregate principal balance has paid down by 24.5% to $775
million from $1.0 billion at issuance. One loan (Wesco
International; 0.8% of pool) has been defeased. Nine loans (40.1%)
are full-term, interest-only and the remaining 21 loans (59.9%) are
all amortizing. All of the remaining loans in the pool are
scheduled to mature in 2026.

Since the prior rating action, one loan (Hyatt Place Princeton;
$12.8 million) was disposed in January 2022 with a slightly worse
than expected loss of 24% on the original $14 million loan
balance.

Pool Concentration: The top 10 loans comprise 66.4% of the pool.
Based on property type, the largest concentrations are retail at
39.6% of the pool (12 loans), office at 25% (six loans) and hotel
at 11.9% (four loans). There are six retail loans (33%) in the top
15, two of which are backed by regional malls or retail outlet
center properties.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets.

-- Downgrades to classes A-2 through A-AB, A-S, X-A, B and X-B
    are not likely due to the increasing CE and senior position in

    the capital structure, but may occur should interest
    shortfalls affect these classes;

-- Downgrades to classes A-S and X-A are possible should all of
    the FLOCs suffer losses, particularly the Westchester Office
    Portfolio 700 Series, Hamilton Place and Simon Premium Outlets

    Loans;

-- Downgrades to classes C and PEZ are possible should expected
    losses for the pool increase significantly and/or all of the
    FLOCs suffer losses, particularly the Westchester Office
    Portfolio 700 Series, Hamilton Place and Simon Premium Outlets

    Loans;

-- Downgrades to classes D and X-D would occur should loss
    expectations increase from continued performance decline of
    the FLOCs, loans susceptible to the pandemic not stabilize,
    additional loans default and/or transfer to special servicing
    and/or higher losses than expected are incurred on the FLOCs;

-- Downgrades to classes E and F would occur as losses are
    realized and/or become more certain.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects virtually no impact on ratings performance,
indicating very few rating or Outlook changes.

However, for some transactions with concentrations in
underperforming retail exposure, the ratings impact may be mild to
modest, indicating some changes on sub-investment grade notes.

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

Sensitivity factors that could lead to upgrades would include
improved asset performance, particularly on the Westchester Office
Portfolio 700 Series, Hamilton Place and Simon Premium Outlets
FLOCs, coupled with additional paydown and/or defeasance.

-- Upgrades to classes B, C, PEZ and X-B are not expected in the
   near term but would likely occur with significant improvement
   in CE and/or defeasance and/or the stabilization to the
   properties impacted by the pandemic.

-- Upgrades to classes D and X-D are considered unlikely and would

   be limited based on the sensitivity to concentrations or the
   potential for future concentrations. Classes would not be
   upgraded above 'Asf' if there were likelihood of interest
   shortfalls.

Classes E and F are unlikely to be upgraded absent significant
performance improvement on the FLOCs.


GS MORTGAGE 2022-LTV2: Moody's Assigns B3 Rating to Cl. B-5 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 72
classes of residential mortgage-backed securities (RMBS) issued by
GS Mortgage-Backed Securities Trust 2022-LTV2, and sponsored by
Goldman Sachs Mortgage Company.

The securities are backed by a pool of prime jumbo (100% by
balance) residential mortgages aggregated by Maxex Clearing, LLC,
originated by multiple entities and serviced by NewRez LLC d/b/a
Shellpoint Mortgage Servicing.

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2022-LTV2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-31, Definitive Rating Assigned Aa1 (sf)

Cl. A-X-31*, Definitive Rating Assigned Aa1 (sf)


Cl. A-32, Definitive Rating Assigned Aa1 (sf)

Cl. A-X-32*, Definitive Rating Assigned Aa1 (sf)

Cl. A-33, Definitive Rating Assigned Aa1 (sf)

Cl. A-X-33*, Definitive Rating Assigned Aa1 (sf)

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

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

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

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

Cl. B-4, Definitive Rating Assigned Ba3 (sf)

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

*Reflects Interest-Only Classes

RATINGS RATIONALE

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

Moody's expected loss for this pool in a baseline scenario-mean is
1.51%, in a baseline scenario-median is 1.12% and reaches 9.99% 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.

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.


HILTON GRAND 2022-2: S&P Assigns BB- (sf) Rating on Class D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 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.

  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)



HOMEWARD OPPORTUNITIES 2022-1: S&P Assigns B Rating on B-2 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Homeward Opportunities
Fund Trust 2022-1's mortgage pass-through certificates.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans (some with interest-only periods) to
prime and non-prime borrowers, generally secured by single-family
residential properties, planned-unit developments, condominiums,
two- to four- family residential properties, townhouses, and one
manufactured housing property. The loans are mainly non-qualified
or exempt mortgage loans.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Neuberger Berman Investment Advisers
LLC, and the transaction's mortgage originators; and

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

  Ratings Assigned(i)

  Homeward Opportunities Fund Trust 2022-1

  Class A-1, $224,672,000: AAA (sf)
  Class A-2, $22,556,000: AA (sf)
  Class A-3, $38,541,000: A (sf)
  Class M-1, $22,378,000: BBB (sf)
  Class B-1, $17,405,000: BB (sf)
  Class B-2, $17,051,000: B (sf)
  Class B-3, $12,610,277: NR
  Class A-IO-S, notional(ii): NR
  Class X, notional(ii): NR
  Class R, N/A: NR

(i)The ratings address the ultimate payment of interest and
principal. They do not address payment of the cap carryover
amounts.

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

NR--Not rated.
N/A--Not applicable.



JP MORGAN 2020-2: Moody's Upgrades Rating on 2 Tranches to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 45 classes of
J.P. Morgan Mortgage Trust 2020-1, J.P. Morgan Mortgage Trust
2020-2, J.P. Morgan Mortgage Trust 2020-3, J.P. Morgan Mortgage
Trust 2020-4, J.P. Morgan Mortgage Trust 2020-5. The transactions
are securitization of prime jumbo loans originated and serviced by
J.P. Morgan Mortgage Trust.

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

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2020-1

Cl. B-2, Upgraded to Aa1 (sf); previously on Oct 19, 2021 Upgraded
to Aa3 (sf)

Cl. B-2-A, Upgraded to Aa1 (sf); previously on Oct 19, 2021
Upgraded to Aa3 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Oct 19, 2021 Upgraded
to A3 (sf)

Cl. B-3-A, Upgraded to Aa3 (sf); previously on Oct 19, 2021
Upgraded to A3 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Oct 19, 2021 Upgraded
to Baa3 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-2

Cl. B-2, Upgraded to Aa1 (sf); previously on Nov 15, 2021 Upgraded
to Aa2 (sf)

Cl. B-2-A, Upgraded to Aa1 (sf); previously on Nov 15, 2021
Upgraded to Aa2 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Nov 15, 2021 Upgraded
to A2 (sf)

Cl. B-3-A, Upgraded to Aa3 (sf); previously on Nov 15, 2021
Upgraded to A2 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Nov 15, 2021 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Nov 15, 2021 Upgraded
to B1 (sf)

Cl. B-5-Y, Upgraded to Ba3 (sf); previously on Nov 15, 2021
Upgraded to B1 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-3

Cl. B-1, Upgraded to Aaa (sf); previously on Nov 15, 2021 Upgraded
to Aa1 (sf)

Cl. B-1-A, Upgraded to Aaa (sf); previously on Nov 15, 2021
Upgraded to Aa1 (sf)

Cl. B-1-X*, Upgraded to Aaa (sf); previously on Nov 15, 2021
Upgraded to Aa1 (sf)

Cl. B-2, Upgraded to Aa1 (sf); previously on Nov 15, 2021 Upgraded
to Aa3 (sf)

Cl. B-2-A, Upgraded to Aa1 (sf); previously on Nov 15, 2021
Upgraded to Aa3 (sf)

Cl. B-2-X*, Upgraded to Aa1 (sf); previously on Nov 15, 2021
Upgraded to Aa3 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Nov 15, 2021 Upgraded
to A2 (sf)

Cl. B-3-A, Upgraded to Aa3 (sf); previously on Nov 15, 2021
Upgraded to A2 (sf)

Cl. B-3-X*, Upgraded to Aa3 (sf); previously on Nov 15, 2021
Upgraded to A2 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Nov 15, 2021 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba2 (sf); previously on Nov 15, 2021 Upgraded
to B1 (sf)

Cl. B-5-Y, Upgraded to Ba2 (sf); previously on Nov 15, 2021
Upgraded to B1 (sf)

Cl. B-X*, Upgraded to Aa2 (sf); previously on Nov 15, 2021 Upgraded
to A1 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-4

Cl. B-2, Upgraded to Aa1 (sf); previously on Dec 13, 2021 Upgraded
to Aa3 (sf)

Cl. B-2-A, Upgraded to Aa1 (sf); previously on Dec 13, 2021
Upgraded to Aa3 (sf)

Cl. B-2-X*, Upgraded to Aa1 (sf); previously on Dec 13, 2021
Upgraded to Aa3 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Dec 13, 2021 Upgraded
to A3 (sf)

Cl. B-3-A, Upgraded to Aa3 (sf); previously on Dec 13, 2021
Upgraded to A3 (sf)

Cl. B-3-X*, Upgraded to Aa3 (sf); previously on Dec 13, 2021
Upgraded to A3 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Dec 13, 2021 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Dec 13, 2021 Upgraded
to Ba3 (sf)

Cl. B-5-Y, Upgraded to Ba1 (sf); previously on Dec 13, 2021
Upgraded to Ba3 (sf)

Cl. B-X*, Upgraded to Aa2 (sf); previously on Dec 13, 2021 Upgraded
to A1 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-5

Cl. B-2, Upgraded to Aa1 (sf); previously on Dec 13, 2021 Upgraded
to Aa3 (sf)

Cl. B-2-A, Upgraded to Aa1 (sf); previously on Dec 13, 2021
Upgraded to Aa3 (sf)

Cl. B-2-X*, Upgraded to Aa1 (sf); previously on Dec 13, 2021
Upgraded to Aa3 (sf)

Cl. B-3, Upgraded to A1 (sf); previously on Dec 13, 2021 Upgraded
to A3 (sf)

Cl. B-3-A, Upgraded to A1 (sf); previously on Dec 13, 2021 Upgraded
to A3 (sf)

Cl. B-3-X*, Upgraded to A1 (sf); previously on Dec 13, 2021
Upgraded to A3 (sf)

Cl. B-4, Upgraded to Baa1 (sf); previously on Dec 13, 2021 Upgraded
to Baa3 (sf)

Cl. B-5, Upgraded to Ba2 (sf); previously on Dec 13, 2021 Upgraded
to Ba3 (sf)

Cl. B-5-Y, Upgraded to Ba2 (sf); previously on Dec 13, 2021
Upgraded to Ba3 (sf)

Cl. B-X*, Upgraded to Aa2 (sf); previously on Dec 13, 2021 Upgraded
to A1 (sf)

*Reflects Interest Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pool. In this
transaction, high prepayment rates averaging 27%-32% over the last
six months, driven by the low interest rate environment, have
benefited the bonds by increasing the paydown and building credit
enhancement.

In Moody's analysis Moody's considered the additional risk posed by
borrowers enrolled in payment relief programs. Moody's increased
Moody's MILAN model-derived median expected losses by 15% and
Moody's Aaa losses by 5% to reflect the performance deterioration
resulting from a slowdown in US economic activity due to the
COVID-19 outbreak.

Moody's also considered higher adjustments for transactions where
more than 10% of the pool is either currently enrolled or was
previously enrolled in a payment relief program. Specifically,
Moody's account for the marginally increased probability of default
for borrowers that have either been enrolled in a payment relief
program for more than 3 months or have already received a loan
modification, including a deferral, since the start of 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 enrolled in payment relief plans in the underlying pool ranged
between 0%-3% over the last six months.

Moody's updated loss expectations on the pools incorporate, amongst
other factors, Moody's assessment of the representations and
warranties frameworks of the transactions, the due diligence
findings of the third-party reviews received at the time of
issuance, and the strength of the transaction's originators and
servicer.

Principal Methodologies

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 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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

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.


JPMDB COMMERCIAL 2017-C7: Fitch Affirms CCC Rating on F-RR Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of JPMDB Commercial Mortgage
Securities Trust 2017-C7, commercial mortgage pass-through
certificates. The Rating Outlooks on three classes were revised to
Stable from Negative.

RATING ACTIONS

ENTITY/DEBT           RATING                      PRIOR
-----------           ------                      -----
JPMDB 2017-C7

A-2 46648KAR7        LT  AAAsf   Affirmed        AAAsf

A-3 46648KAS5        LT  AAAsf   Affirmed        AAAsf

A-4 46648KAT3        LT  AAAsf   Affirmed        AAAsf

A-5 46648KAU0        LT  AAAsf   Affirmed        AAAsf

A-S 46648KAY2        LT  AAAsf   Affirmed        AAAsf

A-SB 46648KAV8       LT  AAAsf   Affirmed        AAAsf

B 46648KAZ9          LT  AA-sf   Affirmed        AA-sf

C 46648KBA3          LT  A-sf    Affirmed        A-sf

D 46648KAC0          LT  BBB-sf  Affirmed        BBB-sf

E-RR 46648KAE6       LT  Bsf     Affirmed        Bsf

F-RR 46648KAG1       LT  CCCsf   Affirmed        CCCsf

X-A 46648KAW6        LT  AAAsf   Affirmed        AAAsf

X-B 46648KAX4        LT  AA-sf   Affirmed        AA-sf

X-D 46648KAA4        LT  BBB-sf  Affirmed        BBB-sf

KEY RATING DRIVERS

Lower Loss Expectations: The Outlook revisions on classes D, X-D
and E-RR reflect improved loss expectations for the pool since
Fitch's last rating action as loan performance of properties that
had been negatively affected by the pandemic continues to
stabilize. Fitch's ratings incorporate a base case loss of 4.4%
compared to 4.7% at the last rating action. Overall loss
expectations are primarily driven by seven Fitch Loans of Concern
(FLOC) representing 15.4% of the pool.

The largest FLOC, Starwood Capital Group Hotel Portfolio (4.4%), is
secured by a portfolio of 65 hotels from 14 different franchises
located in 17 states, largely in California, Texas and Indiana, and
spanning the limited service, full service and extended stay
varieties. The collateral is diversified across several properties,
with no property accounting for more than 5.9% of the allocated
loan balance. While performance is trending upwards since YE 2020,
NOI remains below pre-pandemic levels. The full-term IO loan
reported a YE 2021 NOI debt service coverage ratio (DSCR) of 1.62x,
compared with 0.92x at YE 2020 and 2.73x at YE 2019. Fitch's
modeled loss of 18% reflects an 11.50% cap rate to the portfolio's
YE 2021 NOI.

One loan is in special servicing. The Lightstone Portfolio (2.3%)
is secured by seven limited service hotel properties located in
Arkansas, Florida and Louisiana. The loan transferred to special
servicing in May 2020 due to payment default. After negotiations
with the special servicer, a forbearance agreement closed in July
2022 which stipulates a stepped-up payment schedule that results in
a resumption of full principal and interest (P&I) payments by
January 2023. Excess cash flow after monthly cash management
waterfall payments will be applied to deferred amounts. Cash
management will remain in place until all deferred amounts are
repaid. The servicer reports a DSCR of 1.45x as of TTM March 2022
based on the new P&I payments. The loan is expected to return to
the special servicer in the next few months.

Minimal Changes in Credit Enhancement (CE): As of the July 2022
remittance reporting, the pool's aggregate principal balance has
been paid down by 4.9% to $1.05 billion from $1.11 billion at
issuance. Two loans (1.2% of pool) are fully defeased.

RATING SENSITIVITIES

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

Factors that lead to downgrades include an increase in pool level
losses from underperforming or specially serviced loans. Downgrades
to the classes rated 'AAAsf' and 'AA-sf' are not considered likely
due to the position in the capital structure, but may occur should
interest shortfalls affect these classes.

-- Downgrades of classes C, D and X-D are possible should Fitch's

    projected losses increase substantially from further declines
    in pool performance, additional loan defaults and/or greater
    than expected losses on the specially serviced loans.

-- Downgrades of classes E-RR and F-RR are possible with a
    greater certainty of losses and/or should the performance of
    the FLOCs fail to stabilize or decline further.

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

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

Factors that lead to upgrades would include stable to improved
asset performance coupled with additional paydown and/or
defeasance. Upgrades of classes B, X-B and C would likely occur
with a significant improvement in CE and/or defeasance; however,
adverse selection and increased concentrations, or further
underperformance or default of the FLOCs could cause this trend to
reverse.

-- Upgrades to classes D and X-D 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 to classes E-RR and F-RR are not likely until the
    later years in the transaction and only if the performance of
    the remaining pool is stable and/or there is sufficient CE to
    the bonds.


KEYCORP STUDENT 2006-A: S&P Affirms CCC (sf) Rating on II-C Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes and affirmed
its ratings on eight classes of notes from three KeyCorp Student
Loan Trust transactions. At the same time, S&P removed the ratings
on four classes from CreditWatch, where they were placed with
positive implications on May 18, 2022. The trusts are student loan
ABS transactions.

S&P's review considered the transactions collateral performance and
available liquidity, changes in credit enhancement, and capital and
payment structures. Additionally, it considered secondary credit
factors, such as credit stability, peer comparisons, and
issuer-specific analyses.

KEY TRANSACTION FEATURES

Key features of the transactions in this review are:

-- The trusts are backed by mixed collateral pools comprising
Federal Family Education Loan Program (FFELP; Group I) and private
(Group II) student loans. The Group I notes are primarily backed by
FFELP and therefore, benefit from the U.S. federal government's
reinsurance of at least 97% of the loans' principal and accrued
interest. The Department of Education recoveries result in low net
losses for the trusts. The Group II notes are primarily backed by
private student loans. These loans are well-seasoned and are past
their peak default curves and are performing as expected.

-- The trusts have bifurcated waterfalls, where the proceeds from
the FFELP student loans are first used to make payments to the
Group I notes, and the proceeds from the private student loans are
first used to make payments to the Group II notes. Amounts at the
bottom of each group's respective waterfall can be used to make
payments to the other group's waterfall (subject to certain
conditions).

-- The credit enhancement is comprised of subordination (for the
senior classes), a reserve account, overcollateralization (for
classes with parity above par), and excess spread.

-- Once the pool factor declines below 10%, the collateral is
allowed to be purchased with the notes paid in full (the "clean-up
call"). In the 2005-A and 2006-A transactions, if the clean-up call
option is not exercised, then the structure will no longer allow
releases (full turbo) and such amounts will instead be used to
further pay down the notes.   

GROUP I RATING ACTION RATIONALE - FFELP

S&P said, "We rely on the long-term sovereign rating on the U.S.
government ('AA+') for the guarantee reimbursement on defaults,
special allowance payments, and interest subsidy payments on the
collateral. When the U.S. sovereign rating is 'AA+', our criteria
require that, for notes rated higher than the U.S. (i.e., 'AAA'
rated notes), payments backed by the U.S. government should receive
a 15% haircut. Based on our review of similar transactions backed
by FFELP loans, we generally believe a 120% parity for releasing
structures is commensurate with a 'AAA' rating. As such, the
ratings on senior classes in this review, which have stable parity
due to their pro-rata releasing structures (currently lower than
120%) were affirmed at 'AA+ (sf)'. The senior notes are in a
stronger position than the subordinate notes because they receive
their share of principal and interest first and, in the case of an
event of default and deal triggers, may receive additional
preferences. We affirmed the 'AA (sf)' ratings on the subordinate
notes reflecting the stable parity supporting the notes and their
position relative to the senior notes."

RATING ACTION RATIONALE – Private

Senior notes: S&P upgraded the ratings on the 2004-A and 2006-A
senior classes to 'AAA (sf)' and affirmed the 'AAA (sf)' rating on
the 2005-A senior class to reflect increasing credit enhancement
levels and stable collateral performance, which has resulted in
declines in its remaining cumulative default assumptions. S&P
expects the senior notes to be repaid within the next 18 months.

Subordinate notes: The Group II, 2004-A class II-D and the 2006-A
class II-C ratings are affected by the application of S&P's
criteria for assigning 'CCC' and 'CC' ratings. The criteria states
that a 'CCC' rating should be assigned if the securities are
currently vulnerable to non-payment and the issuer is dependent
upon favorable conditions to meet its financial commitment on such
obligation. 'CCC' rated securities can be expected to continue to
pay timely interest and not realize a default for multiple years
under a steady-state, unstressed scenario, while ultimately at risk
of a principal default at legal final maturity.

S&P has upgraded the rating on the Group II 2004-A class II-D to
'CCC+ (sf)' to reflect its increase in credit enhancement along
with a decline in our remaining default assumptions. The total
parity including the reserve account has grown to 108.41%. While
the credit enhancement includes the reserve account, the
transaction documents exclude the reserve account when determining
the principal distribution amount, triggers and releases.

The class currently benefits from a breeched trigger which does not
allow releases until the parity, excluding the reserve account
increases to 100% (currently 98.20%). The reserve account
requirement is defined such that it cannot be larger than the bond
balance. S&P said, "Given the transaction allows releases after the
clean-up call, on the back end of the transaction we expect the
reserve balance will start to decline and the amounts released from
the reserve account could be released out of the deal as long as
parity triggers are not breached. As such, we expect over time that
the parity including the reserve account will decline towards the
parity excluding the reserve account – which has a target of 100%
parity."

The 2005-A Group II notes have reached their clean-up call. As
such, releases are no longer allowed, and credit enhancement is
increasing (total parity, including the reserve account has grown
to 115.11%). S&P expects the total parity to continue to increase.
It has upgraded the rating on the 2005-A subordinate class to 'A
(sf)' to reflect its increasing credit enhancement along with a
decline in our remaining default assumptions.

Although the 2006-A Group II notes have also reached the clean-up
call, and releases are no longer allowed, the total parity
including the reserve account has not grown over the last three
quarters and remains relatively flat at 98.35%. As such S&P has
affirmed the 2006-A class rating at 'CCC (sf)', which also reflects
a decline in our remaining default assumptions.  

Group I Notes (FFELP backed)

The Group I principal distribution amount is allocated pro-rata to
the senior and subordinate notes. Currently, credit enhancement
cannot increase materially for the Group I notes due to the
pro-rata releasing structure.

Table 1 shows the capital structure and stable parity levels for
the Group I notes due to their pro-rata releasing structure.

  Table 1

  Current Capital Structure (i)

                     Current     Note       
                     balance     factor     Parity   Maturity
  Series    Class   (mil. $)    (%)(ii)    (%)(iii)  date

  2004-A    I-A-2       46.6       21.0      106.60  Oct. 2042
  2004-A    I-B         02.5       22.9      100.00  Jan. 2043
  2005-A    I-A-2       37.0       19.7      106.74  June 2040
  2005-A    I-B         02.1       23.3      100.00  Sept. 2040
  2006-A    I-A-2       34.9       23.4      105.67  March 2038
  2006-A    I-B         01.9       26.2      100.25  Dec. 2039

(i)Data is from the quarterly servicer report with collection
period ending June 2022 for series 2004-A and ending May 2022 for
series 2005-A and 2006-A.

(ii)Calculated using the current note balance divided by original
note balance.

(iii)Reported parity for the subordinate classes. Parity for senior
classes is calculated using the sum of the current loan pool
balance, which includes interest to be capitalized and the reserve
account over the respective class balance.

Group II Notes (Private backed)

The Group II notes currently allocate payments sequentially amongst
the classes and the transactions currently require all remaining
amounts, net senior fees and interest, to be used to redeem the
Group II notes in full (full turbo mode). The 2005-A and 2006-A
transactions are expected to remain in full turbo mode for the
remainder of the deals' lives as the pool factor has declined below
10%. For the 2004-A Group II notes, the transaction is expected to
remain in full turbo until total parity excluding the reserve
account reaches 100%, at which time the structure can revert to a
releasing structure.

The Group I notes are at their respective release thresholds. As
such, amounts released from the Group I notes are being used to
make principal payments to the Group II notes. For the 2005-A and
2006-A transactions, once the Group I notes reach their clean-up
call, all remaining amounts from the Group I will be used to repay
the Group I notes, and remaining amounts will no longer be provided
to the Group II notes while the Group I notes are outstanding.

Table 2 sets out the capital structure for the Group II notes along
with the classes' credit enhancement.  

  Table 2

  Current Capital Structure(i)

            Current     Note   Current Last year's      
            balance   factor    parity  parity (%)   Maturity
  Class    (mil. $)  (%)(ii)  (%)(iii)   (iii)(iv)   date

  2004-A II-C   7.5     11.2    591.96      282.85   April 2042
  2004-A II-D  33.4    100.0    108.41      104.38   July 2042
  2005-A II-B   4.4      5.2  1,043.45      323.43   Sept. 2038
  2005-A II-C  35.7     88.9    115.11      108.95   Dec. 2038
  2006-A II-B  21.9     21.5    312.46      208.01   Dec. 2041
  2006-A II-C  47.7    100.0     98.35       97.84   March 2042

(i)Data from the quarterly servicer report with collection period
ending June 2022 for 2004-A and May 2022 for series 2005-A and
2006-A.
(ii)Calculated using the current note balance divided by original
note balance.
(iii)Parity is calculated using the sum of the current loan pool
balance, which includes interest to be capitalized and the reserve
account over the respective class balance. For subordinate classes,
the respective class balance also includes the balance of notes
more senior in the capital structure.
(iv)As reported in the respective quarterly servicer report one
year prior.

DEFAULT PERFORMANCE

The collateral is well-seasoned with over 15 years of performance
and is well past its peak default curve. Table 3 shows that the
change in the cumulative defaults from one year ago to the present
ranges from 0.05% to 0.15% for each deal. The change has decreased
since S&P's prior review, and it expects the pace of defaults to
continue to remain at low levels. As such, S&P has lowered its
expectation of remaining defaults as a percent of the current
balance.

  Table 3

  Deal Statistics

  Series   Cum. default   Cum. default       Change in
                current   one year ago   cum. defaults
               (i)(%)        (ii)(%)        (iii)(%)
  2004-A          23.87          23.81            0.06
  2005-A          20.57          20.52            0.05
  2006-A          23.12          22.97            0.15

(i)As of the quarterly servicer report with collection period
ending June 2022 for 2004-A and May 2022 for series 2005-A and
2006-A.
(ii)As reported in the respective quarterly servicer report one
year prior.
(iii)Cumulative default current percentage less cumulative default
percentage one year ago.

DEFAULT EXPECTATIONS AND NET LOSS PROJECTIONS

The Group II collateral is at a low pool factor ranging between
4%-8%, depending on the transaction. The pace of defaults has
continued to decline as the deals have seasoned. Considering the
current pace of defaults and any expected future declines, we have
lowered our base case default expectations. Assuming a 10%-20%
recovery on defaults, our remaining expected net losses as a
percent of the current principal are in range of 4%-10% for each
trust.

CASH FLOW MODELING ASSUMPTIONS

The following are some of the major assumptions we modeled using
the transactions' collateral and bond information as of the
distribution date of July 2022 for 2004-A and June 2022 for series
2005-A and 2006-A.

FFELP loans:

-- Remaining defaults of 35%;

-- Servicer rejects in the 1.50%-3.00% range;

-- Front-loaded four-year default curve;

-- Recovery rates reflecting the government guaranty provided for
on the loan-level collateral file;

-- Special allowance payments and interest rate subsidy delays of
two months; and

-- Delay of U.S. Department of Education (ED) claim reimbursement
on defaulted loans of 630 days.

Private loans:

-- Three-year straight-line default curve;

-- Four-year straight-line default curve; and

-- Recovery rates in the 10%-20% range received over six years.

FFELP and private loans:

-- Prepayment speeds starting at an approximately 0%-5% (depending
on rating scenario) constant prepayment rate (CPR; an annualized
prepayment speed stated as a percentage of the current loan
balance) and ramping up 1% per year to a maximum rate of 5%-10%
depending on the rating scenario. S&P held the applicable maximum
rate constant for the remainder of the deal's life.

-- Deferment rate of 6.00-8.00% for 48 months.

-- Forbearance rate of 3.00%-6.00% for 36 months.

-- Stressed one-month LIBOR interest rate paths (up/down and
down/up) based on the Cox-Ingersoll-Ross framework.

-- S&P used each period's beginning collateral and beginning note
balance to calculate any triggers in the deal.

Cash Flow Modeling Results

S&P said, "We determined the coverage multiple for each class using
the breakeven net loss rate determined from the three-year
straight-line default curve in the up interest rate scenarios as we
felt these scenarios are most relevant to the transaction based on
the age of the collateral and the current macro-economic
environment.

"We determined our rating on each class by comparing the multiple
to those set out in our private student loan criteria while
considering the sensitivity of the multiple to possible changes in
our remaining net loss expectation.

"The 2004-A class II-D and the 2006-A class II-C cash flows could
not withstand our 'B' stress scenarios and were unable to pay
timely interest and principal by legal final maturity. As such, we
applied our Criteria For Assigning 'CCC+', 'CCC', 'CCC-', and 'CC'
Ratings and determined that these classes are not a virtual
certainty to default, but are reliant on favorable business,
financial, or economic conditions to occur in order to be repaid in
full by their legal final maturity dates.

"We will continue to monitor the performance of the student loan
receivables backing these transactions relative to their revised
cumulative default expectations, the available credit enhancement
and liquidity."

  RATINGS RAISED AND REMOVED FROM CREDITWATCH POSITIVE

  Keycorp Student Loan Trust

                                Rating
  Series       Class      To              From

  2004-A       II-C       AAA (sf)        AA+(sf)/CW Pos
  2004-A       II-D       CCC+ (sf)       CCC (sf)/CW Pos
  2005-A       II-C       A (sf)          BB- (sf)/CW Pos
  2006-A       II-B       AAA (sf)        AA- (sf)/CW Pos

  RATINGS AFFIRMED

  Keycorp Student Loan Trust

  Series         Class          Rating   

  2004-A         I-A-2          AA+ (sf)
  2004-A         I-B            AA (sf)
  2005-A         I-A-2          AA+ (sf)
  2005-A         I-B            AA (sf)
  2005-A         II-B           AAA (sf)
  2006-A         I-A-2          AA+ (sf)
  2006-A         I-B            AA (sf)
  2006-A         II-C           CCC (sf)



MADISON PARK LV: Fitch Gives BB-(EXP) Rating on Class E Debt
------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Madison Park Funding LV, Ltd.

Madison Park Funding LV, Ltd.

A-1                LT  AAA(EXP)sf   Expected Rating
A-2a               LT  AAA(EXP)sf   Expected Rating
A-2b               LT  AAA(EXP)sf   Expected Rating
B-1                LT  AA(EXP)sf    Expected Rating
B-2                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

Madison Park Funding LV, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Credit Suisse Asset Management, LLC. Net proceeds from the issuance
of the secured and subordinated notes will provide financing on a
portfolio of approximately $600.0 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 (CE) and standard U.S. CLO
structural features.

Asset Security (Positive): The indicative portfolio consists of
96.6% first lien senior secured loans and has a weighted average
(WA) recovery assumption of 74.10%. 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 4.9-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 the agency's stress scenarios, class A-1, A-2, B,
C, D and E notes can withstand default rates of up to 64.9%, 61.4%,
53.1%, 48.7%, 39.7% and 33.5%, respectively, assuming recoveries of
36.3%, 36.3%, 44.8%, 54.0%, 63.3% and 68.7% in Fitch's 'AAAsf',
'AAAsf', 'AAsf', 'Asf', 'BBB-sf' and 'BB-sf' scenarios,
respectively.

RATING SENSITIVITIES

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

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


MADISON PARK LV: Fitch Gives BB-sf Rating to Class E Debt
---------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Madison
Park Funding LV, Ltd.

RATING ACTIONS

ENTITY/DEBT            RATING                    PRIOR
-----------            ------                    -----
Madison Park
Funding LV, Ltd.
  
  A-1                  LT  AAAsf   New Rating    AAA(EXP)sf

  A-2a                 LT  AAAsf   New Rating    AAA(EXP)sf

  A-2b                 LT  AAAsf   New Rating    AAA(EXP)sf

  B-1                  LT  AAsf    New Rating    AA(EXP)sf

  B-2                  LT  AAsf    New Rating    AA(EXP)sf

  C                    LT  Asf     New Rating    A(EXP)sf

  D                    LT  BBB-sf  New Rating    BBB-(EXP)sf

  E                    LT  BB-sf   New Rating    BB-(EXP)sf

  F                    LT  NRsf    New Rating    NR(EXP)sf

  Subordinated Notes   LT  NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Madison Park Funding LV, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Credit Suisse Asset Management, LLC. Net proceeds from the issuance
of the secured and subordinated notes will provide financing on a
portfolio of approximately $600.0 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 (CE) and standard U.S. CLO
structural features.

Asset Security (Positive): The indicative portfolio consists of
96.6% first lien senior secured loans and has a weighted average
(WA) recovery assumption of 74.10%. 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 4.9-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 the agency's stress scenarios, class A-1, A-2, B,
C, D and E notes can withstand default rates of up to 64.9%, 61.4%,
53.1%, 48.7%, 39.7% and 33.5%, respectively, assuming recoveries of
36.3%, 36.3%, 44.8%, 54.0%, 63.3% and 68.7% in Fitch's 'AAAsf',
'AAAsf', 'AAsf', 'Asf', 'BBB-sf' and 'BB-sf' scenarios,
respectively.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.


Fitch evaluated the notes' sensitivity to potential changes in such
metrics. The results under these sensitivity scenarios are between
'A-sf' and 'AAAsf' for class A-1, between 'BBB+sf' and 'AAAsf' for
class A-2, between 'BB+sf' and 'AA+sf' for class B, between 'Bsf'
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
notes.

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; the results under these sensitivity scenarios are 'AAAsf'
for class B, between 'A+sf' and 'AA+sf' for class C, between 'Asf'
and 'A+sf' for class D and 'BBB+sf' for class E notes.


MAGNETITE XXXV: Moody's Assigns Ba3 Rating to $16.25MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued by Magnetite XXXV, Limited (the "Issuer" or "Magnetite
XXXV").

Moody's rating action is as follows:

US$314,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned Aaa (sf)

US$6,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2035,
Assigned Aaa (sf)

US$15,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned Aa2 (sf)

US$35,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned Aa2 (sf)

US$16,250,000 Class E Deferrable Mezzanine 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.

Magnetite XXXV, Limited is a managed cash flow CLO. The issued
notes will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90.0% of the portfolio must
consist of senior secured loans, cash and eligible investments, and
up to 10.0% of the portfolio may consist of second-lien loans,
first lien last out loans, unsecured loans, senior secured bonds
and senior unsecured bonds. The portfolio is approximately 90%
ramped as of the closing date.

BlackRock Financial Management, Inc. (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 two 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: 75

Weighted Average Rating Factor (WARF): 2860

Weighted Average Spread (WAS): SOFR + 3.30%

Weighted Average Coupon (WAC): 5.75%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 7.0 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.


MORGAN STANLEY 2013-C8: Fitch Affirms Bsf Rating to Class F Debt
----------------------------------------------------------------
Fitch Ratings has upgraded four classes and affirmed seven classes
of Morgan Stanley Bank of America Merrill Lynch Trust (MSBAM),
commercial mortgage pass-through certificates, series 2013-C8. The
Rating Outlooks on two classes have been revised to Stable from
Negative.

RATING ACTIONS

ENTITY/DEBT       RATING                      PRIOR
-----------       ------                      -----
MSBAM 2013-C8

A-3 61761QAD5     LT  PIFsf  Paid In Full     AAAsf

A-4 61761QAE3     LT  AAAsf  Affirmed         AAAsf

A-S 61761QAG8     LT  AAAsf  Affirmed         AAAsf

ASB 61761QAC7     LT  AAAsf  Affirmed         AAAsf

B 61761QAH6       LT  AAAsf  Upgrade          AA-sf

C 61761QAK9       LT  AAsf   Upgrade          A-sf

D 61761QAN3       LT  BBB-sf Affirmed         BBB-sf

E 61761QAQ6       LT  BBsf   Affirmed         BBsf

F 61761QAS2       LT  Bsf    Affirmed         Bsf

PST 61761QAJ2     LT  AAsf   Upgrade          A-sf

X-A 61761QAF0     LT  AAAsf  Affirmed         AAAsf

X-B 61761QAL7     LT  AAAsf  Upgrade          AA-sf

KEY RATING DRIVERS

Improved Credit Enhancement (CE): The upgrades and Outlook
revisions to Stable reflect improving CE, primarily due to loan
payoffs, amortization and defeasance. As of the July 2022
distribution date, the pool's aggregate balance has been paid down
by 44% to $637.3 million from $1.14 billion at issuance. There has
been $12.3 million in realized losses to date and interest
shortfalls are currently affecting the non-rated classes F and G.
Nineteen loans (38% of the pool) are fully defeased. Three loans
(7.5%) are full-term IO. All loans are scheduled to mature between
December 2022 and January 2023.

Improved Loss Expectations: Overall pool performance and loss
expectations have improved since Fitch's last rating action. Fitch
has identified eight Fitch Loans of Concern (FLOCs; 10% of pool),
including four loans in special servicing (7.4%). Fitch's current
ratings reflect a base case loss of 3.9%.

Largest Contributor to Loss: The largest contributor to loss is the
REO One Concourse asset (1.6%), which is a 110,167-sf suburban
office property located in Fishers, IN. The loan transferred to
special servicing in December 2018 for imminent monetary default
and became REO in February 2020. According to servicer updates, the
property is expected to be marketed via auction in August. As of
the April 2021 rent roll, occupancy was 26%. Updated financials
have not been provided by the servicer.

Fitch modeled a loss of approximately 82% which reflects a value of
$57 psf.

The second largest contributor to loss is the 11451 Katy Freeway
loan (3%), which is secured by a 117,261sf suburban office property
located in Houston, TX. As of March 2022, occupancy has improved to
96% from an all-time low of 51% at YE 2018. The largest tenant is
GHD Services Inc. (18% NRA through September 2024). Upcoming
rollover at the property includes 2.7% of the NRA in 2022, followed
by 23.9% in 2023 and 28% in 2024. The servicer noted that the loan
recently transferred to special servicing.

Fitch applied a 15% haircut to the YE 2021 NOI to reflect upcoming
rollover concerns and high submarket vacancy.

The next largest contributor to loss is the specially serviced 2929
Briarpark loan (1.4%), which is secured by a 140,392 sf office
property located in the Westchase submarket of Houston, TX. The
loan transferred to special servicing in September 2020 and became
REO in January 2022. According to servicer updates, the property is
being prepared to market the REO for sale.

Fitch modeled a loss of 20%, which reflects a stressed value of $72
psf, consistent with other Houston area office dispositions and
valuations.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets.

-- Downgrades to the 'AAAsf' and 'AAsf' rated classes are not  
    likely due to their position in the capital structure,
    significant defeasance and the high credit enhancement, but
    may occur with the possibility of interest shortfalls.

-- Downgrades to the 'BBB-sf', 'BBsf' and 'Bsf' rated classes
    would occur if loss expectations increase significantly and/or

    the FLOCs decline and/or fail to stabilize or should losses
    from specially serviced loans/assets be larger than expected.

-- Fitch has identified both a baseline and a worse-than-
    expected, adverse stagflation scenario based on fallout from
    the Russia-Ukraine war, whereby growth is sharply lower amid
    higher inflation and interest rates. Even if the adverse
    scenario should play out, Fitch expects virtually no impact on

    ratings performance, indicating very few rating or Outlook
    changes. However, for some transactions with concentrations in

    underperforming retail exposure, the ratings impact may be
    mild to modest, indicating some changes on sub-investment-
    grade notes.

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

-- Upgrades to class C would occur with improvement in CE and/or
    defeasance. However, adverse selection and increased
    concentrations, or the underperformance of the FLOCs, could
    reverse this trend.

-- Upgrades to class D would be limited based on sensitivity to
    concentrations or the potential for future concentration. The
    class would not be upgraded above 'Asf' if there were
    likelihood for interest shortfalls.

-- Upgrades to classes rated 'BBsf' and 'Bsf' are not likely
    unless the performance of the remaining pool is stable and/or
    there is sufficient CE to the classes.


MORGAN STANLEY 2015-C25: Fitch Affirms B-sf Rating on F Debt
------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Morgan Stanley Bank of
America Merrill Lynch Trust, commercial mortgage pass-through
certificates, series 2015-C25 (MSBAM 2015-C25). Fitch has revised
the Rating Outlook on class F to Stable from Negative. All other
classes Rating Outlooks are Stable.

RATING ACTIONS

ENTITY/DEBT        RATING                   PRIOR
-----------        ------                   -----
MSBAM 2015-C25

  A-3 61765TAD5    LT  AAAsf  Affirmed      AAAsf

  A-4 61765TAE3    LT  AAAsf  Affirmed      AAAsf
  
  A-5 61765TAF0    LT  AAAsf  Affirmed      AAAsf

  A-S 61765TAK9    LT  AAAsf  Affirmed      AAAsf

  A-SB 61765TAC7   LT  AAAsf  Affirmed      AAAsf

  B 61765TAL7      LT  AA-sf  Affirmed      AA-sf

  C 61765TAM5      LT  A-sf   Affirmed      A-sf

  D 61765TAN3      LT  BBB-sf Affirmed      BBB-sf

  E 61765TAP8      LT  BB-sf  Affirmed      BB-sf

  F 61765TAR4      LT  B-sf   Affirmed      B-sf

  X-A 61765TAG8    LT  AAAsf  Affirmed      AAAsf

  X-B 61765TAH6    LT  AAAsf  Affirmed      AAAsf

  X-D 61765TAJ2    LT  BBB-sf Affirmed      BBB-sf

KEY RATING DRIVERS

Stable Loss Expectations: Overall performance and loss expectations
for the pool have remained relatively stable since Fitch's prior
rating action. Fitch's current ratings incorporate a base case loss
of 5.1%. There are 13 loans (33.3% of the pool), including two
loans (2.4%) in special servicing, designated as Fitch Loans of
Concern (FLOCs). The Outlook revision to Stable from Negative on
class F reflects the stabilizing performance for the majority of
the properties that were negatively affected by the pandemic.

Fitch Loans of Concern: The largest contributor to overall loss
expectations and the largest increase in loss since the prior
rating action is the 261 Fifth Avenue loan (10.4% of the pool),
which is secured by a 441,922-sf office building located at the
southeast corner of 29th Street and 5th Avenue in Manhattan that
was built in 1928 and renovated in 2015. The reported occupancy at
the property has declined to 79.5% as of YE 2021, from 83% as of YE
2020 and approximately 99% around the time of issuance. The rent
roll is granular, with the largest tenant, Dan Klores, leasing 7.4%
of the NRA through April 2032. Fitch's base case loss of 11% is
based on 9.50% cap rate applied to the YE 2021 NOI.

The second largest contributor to loss expectations, Villas at
Dorsey Ridge (5.0%), is secured by a 238-unit multifamily property
in Hanover, MD, approximately 10 miles southwest of Baltimore and
20 miles northeast of Washington D.C. The loan was designated as a
FLOC due to low NOI debt service coverage ratio (DSCR). While
occupancy remains high at 97.9% at the end of 1Q 2022 and has been
above 95% since 2019, operating expenses are reporting at higher
levels than at issuance and the servicer-reported YE 2021 NOI DSCR
fell to 1.08x as the loan converted to principal and interest
payments in August 2020. Fitch's base case loss of 14% reflects an
8.75% cap rate and a 5% stress to the YE 2021 NOI.

The largest specially serviced loan is Hammel Medical Office
Portfolio (1.4%), secured by seven medical office buildings located
approximately 20 miles north of Pittsburgh, PA. The loan
transferred to special servicing in late 2021 for delinquent
payments. The most recent servicer-reported portfolio occupancy was
90.4% and NOI DSCR was 1.73x as of YE 2021. The borrower has
brought debt service and reserves payments current; however, the
lender continues discussions with borrower on outstanding issues,
including an additional lien on the property.

The other specially service loan is Staybridge Suites DFW Airport
(1.0%), which transferred to special servicing in June 2020 due to
the negative impact of the pandemic on property operations. The
loan is collateralized by a 100-key Staybridge Suites (extended
stay) located in Irving, TX near the Dallas Fort Worth Airport.
Reported occupancy was 68% as of June 2021, up from 47% at YE 2020,
but remaining below the 79% at YE 2019. The servicer is assessing
needed repairs to the property, while evaluating workout options,
including receivership or note sale.

Increasing Credit Enhancement (CE): As of the July 2022
distribution date, the pool's aggregate balance has been paid down
by 10.6% to $1.055 billion from $1.179 billion at issuance. Five
loans (7.7%) are defeased. Four loans (23.5%) are full-term IO, and
30 loans (54.8%) that had a partial-term, IO component at issuance
have fully transitioned into their amortization period. Interest
shortfalls of $181,152 are currently affecting the non-rated class
G. There are no realized losses to date.

Pool Concentration: The top 10 loans comprise 57.1% of the pool.
Loan maturities are concentrated in 2025 (88.5%). One loan (10.9%)
matures in 2024 and one loan (0.6%) in 2030. Based on property
type, the largest concentrations are office at 24.2%, retail at
22.6% and multifamily at 16.8%.

RATING SENSITIVITIES

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

Factors that could lead to downgrades include an increase in
pool-level expected losses from underperforming or specially
serviced loans.

-- Downgrades of classes rated 'AAAsf' and 'AA-sf' are not likely

    due to sufficient CE and expected continued amortization, but
    may occur should interest shortfalls affect these classes.

-- Downgrades of classes rated 'A-sf' and 'BBB-sf' may occur if
    overall pool losses increase significantly or if one or more
    large FLOCs have an outsized loss which would erode credit
    enhancement.

-- Classes E and F could be downgraded with greater certainty of
    loss, continued performance decline of the FLOCs and/or
    additional loans default or transfer to special servicing.

-- Fitch has identified both a baseline and a worse-than-
    expected, adverse stagflation scenario based on fallout from
    the Russia-Ukraine war whereby growth is sharply lower amid
    higher inflation and interest rates; even if the adverse
    scenario should play out,

-- Fitch expects virtually no impact on ratings performance,
    indicating very few rating or 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 include stable to improved
asset performance coupled with paydown and/or defeasance.

-- Upgrades of classes B, C, D and X-D may occur with significant

    improvement in CE and/or defeasance but would be limited based

    on sensitivity to concentrations or the potential for future
    concentration. Classes would not be upgraded above 'Asf' if
    there is a likelihood for interest shortfalls.

-- Upgrades of classes E and F are not likely until the later
    years in a transaction, and only if performance of the FLOCs
    improve significantly and/or if there is sufficient CE to the
    classes.


MORGAN STANLEY 2022-17A: Fitch Gives BB Rating to Cl. E Debt
------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Morgan
Stanley Eaton Vance CLO 2022-17A, Ltd.

RATING ACTIONS

ENTITY/DEBT        RATING                      PRIOR
-----------        ------                      -----
Morgan Stanley
Eaton Vance CLO
2022-17A, Ltd.

  A-1             LT  AAAsf  New Rating      AAA(EXP)sf

  A-2             LT  AAAsf  New Rating      AAA(EXP)sf        

  B-1             LT  AAsf   New Rating      AA(EXP)sf

  B-2             LT  AAsf   New Rating         

  C               LT  Asf    New Rating      A(EXP)sf

  D               LT  BBB-sf New Rating      BBB-(EXP)sf

  E               LT  BBsf   New Rating      BB(EXP)sf

  F               LT  NRsf   New Rating      NR(EXP)sf

  Subordinated    LT  NRsf   New Rating      NR(EXP)sf
  Notes

TRANSACTION SUMMARY

Morgan Stanley Eaton Vance CLO 2022-17A, Ltd. is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Morgan Stanley Eaton Vance CLO Manager LLC. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400 million of primarily
first lien senior secured 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
98.9% first-lien senior secured loans and has a weighted average
recovery assumption of 75.02%. 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 37.0% 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, 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 'A-sf' and 'AAAsf' for class A-1 notes, between
    'BBB+sf' and 'AAAsf' for class A-2 notes, between 'BB+sf' and
    'AA+sf' for class B-1 and B-2 notes, between 'B-sf' and 'A+sf'

    for class C notes, between.

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

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

-- Variability in key model assumptions, such as increases in
    recovery rates and decreases in default rates, could result in

    an upgrade.

-- Fitch evaluated the notes' sensitivity to potential changes in

    such metrics; results under these sensitivity scenarios are
    'AAAsf' for class B-1 and B-2 notes, between 'A+sf' and
    'AA+sf' for class C notes, 'A+sf' for class D notes, and
    between 'BBB+sf' and 'A-sf' for class E notes.


OBX TRUST 2022-J2: Fitch Assigns B+sf Rating to Class B-5 Debt
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to OBX 2022-J2 Trust (OBX
2022-J2).

OBX 2022-J2

A-1   LT  AAAsf  New Rating   AAA(EXP)sf
A-2   LT  AAAsf  New Rating   AAA(EXP)sf
A-3   LT  AAAsf  New Rating   AAA(EXP)sf
A-4   LT  AAAsf  New Rating   AAA(EXP)sf
A-5   LT  AAAsf  New Rating   AAA(EXP)sf
A-6   LT  AAAsf  New Rating   AAA(EXP)sf
A-7   LT  AAAsf  New Rating   AAA(EXP)sf
A-8   LT  AAAsf  New Rating   AAA(EXP)sf
A-9   LT  AAAsf  New Rating   AAA(EXP)sf
A-10  LT  AAAsf  New Rating   AAA(EXP)sf
A-11  LT  AAAsf  New Rating   AAA(EXP)sf
A-12  LT  AAAsf  New Rating   AAA(EXP)sf
A-13  LT  AAAsf  New Rating   AAA(EXP)sf
A-14  LT  AAAsf  New Rating   AAA(EXP)sf
A-15  LT  AAAsf  New Rating   AAA(EXP)sf
A-16  LT  AAAsf  New Rating   AAA(EXP)sf
A-X-1 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-2 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-3 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-4 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-5 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-6 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-7 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-8 LT  AAAsf  New Rating   AAA(EXP)sf
A-X-9 LT  AAAsf  New Rating   AAA(EXP)sf
B-1   LT  AAsf   New Rating   AA(EXP)sf
B-X-1 LT  AAsf   New Rating   AA(EXP)sf
B-1A  LT  AAsf   New Rating   AA(EXP)sf
B-2   LT  A+sf   New Rating   A+(EXP)sf
B-X-2 LT  A+sf   New Rating   A+(EXP)sf
B-2A  LT  A+sf   New Rating   A+(EXP)sf
B-3   LT  BBB+sf New Rating   BBB+(EXP)sf
B-4   LT  BB+sf  New Rating   BB+(EXP)sf
B-5   LT  B+sf   New Rating   B+(EXP)sf
B-6   LT  NRsf   New Rating   NR(EXP)sf
A-X-S LT  NRsf   New Rating   NR(EXP)sf
A-1-A LT  AAAsf  New Rating   AAA(EXP)sf
A-2-A LT  AAAsf  New Rating   AAA(EXP)sf
R     LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed notes issued by 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.

On Aug. 2, 2022, Fitch released an updated version of the U.S. RMBS
Loan Loss Model that incorporated the use of updated Case
Shiller/sMVD data which reflects 1Q22 and updated Economic Risk
Factor data that reflects 2Q22. There were no material changes to
the losses due to the updated version of the loan loss model, and
the losses that were previously disclosed in the presale were
maintained. As a result, there are no changes from the expected
ratings to the final ratings due to the updates to the U.S. RMBS
Loan Loss Model.

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 (versus
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% 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 credit enhancement (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'.


OHA CREDIT 12: Fitch Assigns BB-sf Rating to Class E Debt
---------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to OHA
Credit Funding 12, Ltd.

OHA Credit Funding 12, Ltd.
  
A            LT NRsf    New Rating
B            LT NRsf    New Rating
C            LT Asf     New Rating
D            LT BBB-sf  New Rating
E            LT BB-sf   New Rating
F            LT NRsf    New Rating
Subordinated LT NRsf    New Rating

TRANSACTION SUMMARY

OHA Credit Funding 12, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Oak
Hill Advisors, L.P. 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'/'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
100.0% first-lien senior secured loans and has a weighted average
recovery assumption of 76.51%. 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, the class C, D, and E
notes can withstand default rates of up to 48.0%, 38.2% and 32.2%
assuming recoveries of 54.6%, 64.0% and 69.2%, respectively.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are between
'Bsf' and 'A-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:

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 between
'A+sf' and 'AAsf' for class C notes, between 'A-sf' and 'A+sf' for
class D notes, and 'BBB+sf' for class E notes.


ORIGEN MANUFACTURED 2002-A: S&P Affirms CCC- Rating on M2 Certs
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on four classes from Origen
Manufactured Housing Contract Sr/Sub Asset-Backed Certs Series
2002-A, Origen Manufactured Housing Contract Trust 2006-A, Origen
Manufactured Housing Contract Trust 2007-A, and Origen Manufactured
Housing Contract Trust 2007-B.

The transactions are backed by collateral pools of manufactured
housing loans that are currently serviced by Shellpoint Mortgage
Servicing.

S&P said, "The 'CCC- (sf)' and 'CC (sf)' ratings reflect our view
that our projected credit support will remain insufficient to cover
our projected losses for these classes. As defined in our criteria,
the 'CCC+ (sf)', 'CCC (sf)', and 'CCC- (sf)' ratings reflect our
view that the related classes are still vulnerable to nonpayment
and are dependent upon favorable business, financial, and economic
conditions in order to be paid interest and/or principal according
to the terms of each transaction. Additionally, the 'CC (sf)'
ratings reflect our view that the related classes remain virtually
certain to default."

  Ratings Affirmed

  Origen Manufactured Housing Contract Sr/Sub Asset-Backed Certs

  Series 2002-A

  Class M2: CCC- (sf)

  Origen Manufactured Housing Contract Trust 2006-A

  Class A-2: CC (sf)

  Origen Manufactured Housing Contract Trust 2007-A

  Class A-2: CC (sf)

  Origen Manufactured Housing Contract Trust 2007-B

  Class A: CC (sf)



PALMER SQUARE 2022-3: Fitch Gives BB- Rating on Class E Debt
------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Palmer
Square CLO 2022-3, Ltd.

RATING ACTIONS

ENTITY/DEBT            RATING                      
-----------            ------                      
Palmer Square
CLO 2022-3, 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  Asf     New Rating

   D                   LT  BBB-sf  New Rating

   E                   LT  BB-sf   New Rating

   F                   LT  NRsf    New Rating

   Subordinated Notes  LT  NRsf    New Rating

TRANSACTION SUMMARY

Palmer Square CLO 2022-3, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) managed by Palmer Square
Europe Capital Management LLC. 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
99.7% 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 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 notes were able to
withstand respective default rates and recovery assumptions
appropriate for their assigned ratings.

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-2 notes, between
    'BB+sf' and 'AA+sf' for class B notes, between 'B-sf' and
    'A+sf' for class C notes, between less than 'B-sf' and 'BBB
    sf' for class D notes and between less than 'B-sf' and 'BB-sf'

    for class E notes.

-- Fitch ran a sensitivity to test a scenario where maximum
    allowable amount of principal proceeds are applied to purchase

    the rescue financing loans, and assumed such loans have
    recovery prospects commensurate with the notes respective
    rating stress. In this sensitivity, the model-implied rating
    for class A-2 notes are at the recommended rating while class
    B, C, D and E notes are one notch below the recommended
    rating.

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'.

-- 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. The 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
    'BBB+sf' for class E notes.


RR 22: Fitch Assigns BB+sf Rating to Class D Debt
-------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to RR 22
LTD.

RR 22 Ltd.

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

TRANSACTION SUMMARY

RR 22 LTD (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Redding Ridge Asset
Management LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $450.0 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', 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
100.0% first-lien senior secured loans and has a weighted average
recovery assumption of 75.21%. 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 3.2-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 our stress scenarios, the class A-2, B-1, B-2, C-1,
C-2 and D notes can withstand default rates of up to 58.3%, 59.3%,
45.8%, 44.3%, 37.2%, and 34.5% assuming recoveries of 46.2%, 55.8%,
55.7%, 65.1%, 65.1%, and 70.4%.

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 less than 'B-sf' and
'A+sf' for class B-1, between less than 'B-sf' and 'A-sf' for class
B-2, between less than 'B-sf' and 'BBB+sf' for class C-1, between
less than 'B-sf' and 'BB+sf' for class C-2, and between less than
'B-sf' and 'BB-sf' for class D.

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

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 A-2 notes, between 'A+sf' and 'AA+sf' for class B-1 notes,
between 'A+sf' and 'AA-sf' for class B-2 notes, 'A+sf' for class
C-1 notes, between 'A-sf' and 'A+sf' for class C-2 notes, and
'BBB+sf' for class D notes.


SATURNS SPRINT 2003-2: S&P Rates Cl. B $30MM Callable Units 'BB+'
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term rating on
Structured Asset Trust Unit Repackagings (SATURNS) Sprint Capital
Corp.'s debenture-backed series 2003-2 class B $30 million callable
units and removed it from CreditWatch with positive implications.

S&P's rating on the class B units is dependent on its rating on the
underlying security, Sprint Capital Corp.'s 8.75% notes due March
15, 2032 ('BB+/NM').

The rating action reflects the Aug. 5, 2022, affirmation of S&P's
senior unsecured credit rating on the underlying security and
removal from CreditWatch with positive implications.

S&P may take subsequent rating actions on this transaction if its
rating on the underlying security changes.



SG RESIDENTIAL 2022-2: Fitch Assigns BB- Rating to Class B-1 Debt
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to SG Residential Mortgage
Trust 2022-2 (SGR 2022-2).

SGR 2022-2

A-1     LT  AAAsf  New Rating  AAA(EXP)sf
A-2     LT  AAsf   New Rating  AA(EXP)sf
A-3     LT  Asf    New Rating  A(EXP)sf
M-1     LT  BBBsf  New Rating  BBB(EXP)sf
B-1     LT  BB-sf  New Rating  BB-(EXP)sf
B-2     LT  NRsf   New Rating  NR(EXP)sf
B-3     LT  NRsf   New Rating  NR(EXP)sf
B-3-C   LT  NRsf   New Rating  NR(EXP)sf
C       LT  NRsf   New Rating  NR(EXP)sf
XS      LT  NRsf   New Rating  NR(EXP)sf
XS-1    LT  NRsf   New Rating  NR(EXP)sf
XS-2    LT  NRsf   New Rating  NR(EXP)sf
XS-2-C  LT  NRsf   New Rating  NR(EXP)sf
P       LT  NRsf   New Rating  NR(EXP)sf
A-IO-S  LT  NRsf   New Rating  NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates to be issued by SG Residential Mortgage Trust 2022-2,
Mortgage-Backed Certificates, Series 2022-2 (SGR 2022-2) as
indicated above. The certificates are supported by 669 loans with a
balance of $348.09 million as of the cutoff date. This will be the
third Fitch-rated transaction issued by SG Capital Partners.

The certificates are secured mainly by nonqualified mortgages
(non-QM) as defined by the Ability to Repay (ATR) rule. Of the
loans in the pool, 54.4% were originated by SG Capital Partners LLC
d/b/a ClearEdge Lending and 25.3% were originated by Paramount
Residential Mortgage Group, Inc. Both are assessed as 'Average'
originators by Fitch. The remaining 20.3% of the pool was
originated by various third-party originators who each contributed
less than 10% of loans to the overall loan pool. Select Portfolio
Servicing will be the primary servicer, and Nationstar Mortgage LLC
will be the master servicer for the transaction.

Of the pool, 51.4% comprises loans designated as non-QM, 0.7% are
Safe Harbor QM (SHQM) and the remaining 47.9% are investment
properties not subject to ATR.

There is minimal LIBOR exposure in this transaction, as there is
one ARM loan that references one-year LIBOR. The bonds are either
fixed rate and capped at the net weighted-average coupon (WAC) rate
or are based on the net WAC rate.

Fitch was only asked to rate the following classes: A-1, A-2, A-3,
M-1 and B-1.

Since the SGR 2022-2 presale was published on July 26, 2022, four
loans were dropped from the pool, some balances were updated, and
underwriting guidelines that a few loans were underwritten to were
updated. These changes had no material impact on Fitch's loss
expectations that were disclosed in Fitch's presale report.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, we view the home price values of
this pool as 9.5% above a long-term sustainable level (versus 9.2%
on a national level as of April 2022, down 1.4% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 18.9% yoy
nationally as of December 2021.

Non-QM Credit Quality (Mixed): The collateral consists of 669 loans
totaling $348.09 million and seasoned at approximately four months
in aggregate, according to Fitch, and two months, per the
transaction documents.

The borrowers have a strong credit profile (738 FICO and 45.4%
debt-to-income [DTI] ratio, as determined by Fitch), along with
relatively moderate leverage, with an original combined
loan-to-value (CLTV) ratio of 71.4%, as determined by Fitch, which
translates to a Fitch-calculated sustainable LTV (sLTV) of 78.1%.

Of the pool, 51.8% represent loans where the borrower maintains a
primary or secondary residence, while the remaining 48.2% comprise
investor properties based on Fitch's analysis and the transaction
documents. Fitch determined that none of the loans were originated
through a retail channel.

Additionally, 51.4% are designated as non-QM, 47.9% are exempt from
QM status since they are investor loans, and 0.7% are SHQM loans.

The pool contains 79 loans over $1.0 million, with the largest
amounting to $2.75 million.

Loans on investor properties (14.3% underwritten to the borrower's
credit profile and 33.9% comprising investor cash flow loans)
represent 48.2% of the pool, as determined by Fitch. There are no
second lien loans, and 1.3% of borrowers were viewed by Fitch as
having a prior credit event in the past seven years. Per the
transaction documents, none of the loans have subordinate
financing. In Fitch's analysis, Fitch also considers loans with
deferred balances to have subordinate financing. In this
transaction, there were no loans with deferred balances; therefore,
Fitch performed its analysis considering none of the loans to have
subordinate financing.

Fitch determined three of the loans in the pool are to foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, codes as ASF1 (no documentation) for employment and
income documentation. If a credit score is not available, Fitch
uses a credit score of 650 for these borrowers. Fitch did not
remove liquid reserves for foreign nationals for this transaction,
as reserves for foreign nationals must be verified and be in a U.S.
bank account.

Although the borrowers' credit quality is higher than historical
non-prime transactions, the pool's characteristics resemble those
of nonprime collateral and, therefore, the pool was analyzed using
Fitch's non-prime model.

Geographic Concentration (Negative): The largest concentration of
loans is in California (40.4%), followed by Florida (27.1%) and
Texas (5.3%). The largest MSA is Los Angeles (19.4%), followed by
Miami (16.3%) and Riverside (7.5%). The top three MSAs account for
43.1% of the pool. As a result, there was a 1.04x penalty for
geographic concentration which increased the loss expectation at
the 'AAAsf' level by 0.43%.

Loan Documentation and Investor Loans (Negative): Approximately
87.2% of the pool was underwritten to less than full documentation,
as determined by Fitch. Of the loans, 44.1% were underwritten to a
12-month or 12-month bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program. Additionally, 3.4% comprise an
asset depletion product and 33.9% comprise a debt service coverage
ratio (DSCR) product.

Of the pool, 48.2% comprises investment properties, as determined
by Fitch. Specifically, 14.3% of loans were underwritten using the
borrower's credit profile, while the remaining 33.9% were
originated through the originators' investor cash flow program that
targets real estate investors qualified on a DSCR basis. Fitch
increased the probability of default by approximately 2.0x for the
cash flow ratio loans (relative to a traditional income
documentation investor loan) to account for the increased risk.

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

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

There is excess spread in the transaction available to reimburse
for losses or interest shortfalls should they occur. However,
excess spread will be reduced on and after August 2026, since
classes A-1, A-2, and A-3 have a step-up coupon feature whereby the
coupon rate will be the initial fixed rate plus 1.0% and capped at
the net WAC rate.

To offset the impact of the A-1, A-2 and A-3 step up coupon
features, the transaction was structured so that class A-1, A-2 and
A-3 would receive unpaid cap carryover amounts prior to class B-2
and class B-3 being paid interest payments. This feature is
supportive of the class A-1, A-2 being paid timely interest at the
step-up coupon rate and class A-3 being paid ultimate interest at
the step-up coupon rate.

On Aug. 2, 2022, Fitch released an updated version of the U.S RMBS
Loan Loss Model that incorporated the use of updated Case
Shiller/sMVD data that reflects 1Q22 and updated Economic Risk
Factor data that reflects 2Q22. There were no material changes to
the losses due to the updated version of the loan loss model, and
the committee was comfortable maintaining the losses that were
previously disclosed in the presale. As a result, there are no
changes from the expected ratings to the final ratings due to the
updates to the U.S. RMBS Loan Loss Model or changes to the
collateral attributes.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 41.2% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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


TRUPS FINANCIALS 2022-1: Moody's Assigns (P)Ba3 Rating to D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of notes to be issued by TruPS Financials Note
Securitization 2022-1 (the "Issuer" or "TFNS 2022-1").

Moody's rating action is as follows:

US$134,000,000 Class A-1 Senior Secured Floating Rate Notes due
2042 (the "Class A-1 Notes"), Assigned (P)Aa2 (sf)

US$101,000,000 Class A-2 Senior Secured Fixed/Floating Rate Notes
due 2042 (the "Class A-2 Notes"), Assigned (P)Aa2 (sf)

US$17,000,000 Class B Mezzanine Deferrable Floating Rate Notes due
2042 (the "Class B Notes"), Assigned (P)A3 (sf)

US$21,500,000 Class C Mezzanine Deferrable Floating Rate Notes due
2042 (the "Class C Notes"), Assigned (P)Baa3 (sf)

US$10,500,000 Class D Mezzanine Deferrable Floating Rate Notes due
2042 (the "Class D Notes"), Assigned (P)Ba3 (sf)

RATINGS RATIONALE

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

TFNS 2022-1 is a static cash flow CDO. The issued notes will be
collateralized primarily by a portfolio of trust preferred
securities ("TruPS") and subordinated notes issued by US community
banks and their holding companies. Moody's expect the portfolio to
be 100% ramped as of the closing date.

EJF CDO Manager LLC (the "Manager"), an affiliate of EJF Capital
LLC, will direct the selection, acquisition and disposition of the
assets on behalf of the Issuer. The Manager will direct the
disposition of any defaulted securities, credit risk securities, or
certain securities whose issuer has been acquired, or merged with
another institution ("APAI securities"). Subject to certain
reinvestment criteria, the Manager may reinvest proceeds from sales
of APAI securities.

In addition to the Rated Notes, the Issuer will issue preferred
shares.

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.

The portfolio of this CDO consists of TruPS, subordinated debt
issued by 64 US community banks the majority of which Moody's does
not rate. Moody's assesses the default probability of bank obligors
that do not have public ratings through credit scores derived using
RiskCalc(TM), an econometric model developed by Moody's Analytics.
Moody's evaluation of the credit risk of the bank obligors in the
pool relies on FDIC Q1-2022 financial data. Moody's assumes a fixed
recovery rate of 10% for both the bank and insurance obligations.

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

Par amount: $324,540,000

Weighted Average Rating Factor (WARF): 709

Weighted Average Spread (WAS) Float Only: 2.92%

Weighted Average Coupon (WAC) Fixed Only: 6.50%

Weighted Average Coupon (WAC) Fixed to Float: 6.23%

Weighted Average Spread (WAS) Fixed to Float: 3.93%

Weighted Average Life (WAL): 9.11

In addition to the quantitative factors that Moody's explicitly
models, qualitative factors were part of the rating committee
consideration. Moody's considers the structural protections in the
transaction, the risk of an event of default, the legal environment
and specific documentation features. All information available to
rating committees, including macroeconomic forecasts, inputs from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transaction, influenced the final rating decision.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
assessments. Because these are not public ratings, they are subject
to additional estimation uncertainty.


WACHOVIA BANK 2005-C21: Moody's Cuts Rating on Cl. E Certs to Caa3
------------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
downgraded the rating on one class in Wachovia Bank Commercial
Mortgage Trust 2005-C21 ("WBCMT 2005-C21"), Commercial Mortgage
Pass-Through Certificates, Series 2005-C21 as follows:

Cl. E, Downgraded to Caa3 (sf); previously on Apr 27, 2021
Downgraded to Caa2 (sf)

Cl. F, Affirmed C (sf); previously on Apr 27, 2021 Downgraded to C
(sf)

RATINGS RATIONALE

The rating on the P&I class, Cl. E was downgraded due to higher
anticipated losses from the significant exposure to specially
serviced loans. The specially serviced loans are already real
estate owned (REO) and make up approximately 90% of the pool
balance.

The rating on the P&I class, Cl. F was affirmed because the ratings
are consistent with Moody's expected loss plus realized losses. Cl.
F has already realized a 12% loss as a result of previously
liquidated loans.

Moody's rating action reflects a base expected loss of 84.9% of the
current pooled balance, compared to 37.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 7.6% of the
original pooled balance, compared to 6.9% at the last review.

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

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

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

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, 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 these ratings was "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 90% of the pool is in
special servicing. 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 loans to the most junior class and the
recovery as a pay down of principal to the most senior class.

DEAL PERFORMANCE

As of the July 15, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 98% to $50 million
from $3.25 billion at securitization. The certificates are
collateralized by four mortgage loans ranging in size from less
than 1% to 55% of the pool. One loan, constituting 9% of the pool,
has defeased and is 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 two, the same as at Moody's last review.

As of the July 2022 remittance report, loans representing 10% were
current or within their grace period on their debt service payments
and 90% were REO.

There are no loans on the master servicer's watchlist. The
watchlist includes loans that meet certain portfolio review
guidelines established as part of the CRE Finance Council (CREFC)
monthly reporting package. As part of Moody's ongoing monitoring of
a transaction, the agency reviews the watchlist to assess which
loans have material issues that could affect performance.

Twenty-four loans have been liquidated from the pool, contributing
to an aggregate realized loss of $204 million (for an average loss
severity of 41%). Two loans, constituting 90% of the pool, are
currently in special servicing.

The largest specially serviced loan is the Phillips Lighting Loan
($27.6 million -- 55% of the pool), which is secured by a 199,900
square feet (SF) suburban office building located in Franklin
Township, New Jersey. The loan passed its anticipated repayment
date (ARD) of September 15, 2015 with a final maturity date in
September 2035. Phillips Electronics occupied the entire building
through December 2021 but the building is now vacant after the
departure of all subleased tenants. The loan transferred to special
servicing in June 2021 and became REO in April 2022. It is last
paid through the November 2021 payment date. The space is actively
being marketed for lease.

The second largest specially serviced loan is the Taurus Pool Loan
($17.8 million -- 35.0% of the pool), which was originally secured
by six properties located in six states. Five properties have been
sold. The remaining collateral is the Shelton Technology Center, a
113,000 SF industrial property which is west of downtown New Haven,
Connecticut. The property was 73% leased as of December 2021
compared to 79% leased as of September 2020 and 59% in December
2019. The loan was originally transferred to the special servicer
in August 2012 for imminent monetary default following a period of
low occupancy and weak portfolio cash flow and has been deemed
non-recoverable. The special servicer is marketing the vacant
suites and there are no disposition plans at this time.

Moody's has estimated an aggregate loss of $42.7 million (a 94%
expected loss on average) from these specially serviced loans.

As of the July 15, 2022 remittance statement, cumulative interest
shortfalls were $13.7 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 sole non-defeased performing loan represents 0.7% of the pool
balance. The loan is the U Stow N Go -- Clearwater, FL Loan ($0.3
million -- 0.7% of the pool), which is secured by a 31,960 SF, or
504 unit self-storage complex built in 1982, located in Clearwater,
Florida. As of December 2021, the property was 94% occupied
compared to 87% in 2018 and 88% in 2017. The loan is fully
amortizing and has amortized 75% since securitization. Moody's LTV
and stressed DSCR are 21% and 4.63X, respectively, compared to 26%
and 3.77X at the last review.


[*] S&P Takes Various Action on 58 Classes from 17 US RMBS Deals
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S&P Global Ratings completed its review of 58 classes from 17 U.S.
RMBS transactions issued between 1998 and 2008. The review yielded
one upgrade and 57 withdrawals.

A list of Affected Ratings can be viewed at:

                  https://bit.ly/3CgRqXD

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, and

-- Payment priority.

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. See the ratings list above for the
specific rationales associated with each of the classes with rating
transitions.

"We withdrew our ratings on 54 classes from 16 transactions due to
the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, we believe there is a
high degree of credit instability that is incompatible with any
rating level. Additionally, as a result, we applied our
principal-only criteria, "Methodology For Surveilling U.S. RMBS
Principal-Only Strip Securities For Pre-2009 Originations"
published Oct. 11, 2016, which resulted in withdrawing three
ratings from three transactions."



[*] S&P Takes Various Actions on 71 Classes from 17 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 71 ratings from 17 U.S.
RMBS transactions issued between 2000 and 2006. The review yielded
three upgrades, three downgrades, 19 affirmations, and 46
withdrawals.

A list of Affected Ratings can be viewed at:

      https://bit.ly/3SRy4Os

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows." These
considerations are based on transaction-specific performance and/or
structural characteristics and their potential effects on certain
classes. Some of these considerations may include:

-- Collateral performance or delinquency trends;
-- Increase or decrease in available credit support;
-- Small loan count;
-- Tail Risk;
-- Payment priority;
-- 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 41 classes from 12 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. Additionally, as a result, we applied our
interest-only criteria, "Global Methodology For Rating
Interest-Only Securities" published April 15, 2010, and our
principal-only criteria, "Methodology For Surveilling U.S. RMBS
Principal-Only Strip Securities For Pre-2009 Originations"
published Oct. 11, 2016, which resulted in withdrawing five ratings
from three transactions."



[] DBRS Confirms 119 Classes Across 17 Deals
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DBRS Limited conducted its surveillance review of 68 classes from
eight Freddie Mac commercial mortgage-backed security (CMBS)
transactions, 40 classes from eight Freddie Mac Structured
Pass-Through Certificate transactions, and 17 classes from one
ReREMIC transaction collateralized by underlying Freddie Mac CMBS
transactions. DBRS Morningstar confirmed its ratings on 119 classes
across the 17 transactions and upgraded six classes in the ReREMIC
transaction. The rating confirmations reflect the overall stable
performances of the transactions, which have generally remained in
line with DBRS Morningstar's expectations at issuance. The rating
upgrades reflect the increase in credit support in two of the
ReREMIC underlying transactions as a result of loan payoffs and
defeasance in the last year. All trends are Stable.

The issuers are:

Freddie Mac Structured Pass-Through Certificates, Series K-081
Freddie Mac Structured Pass-Through Certificates, Series K-084
Freddie Mac Structured Pass-Through Certificates, Series K-078
GAM RE-REMIC TRUST 2021-FRR2
FREMF 2018-K84 Mortgage Trust, Series 2018-K84
FREMF 2018-K78 Mortgage Trust, Series 2018-K78
FREMF 2018-K81 Mortgage Trust, Series 2018-K81
FREMF 2018-K74 Mortgage Trust, Series 2018-K74
Freddie Mac Structured Pass-Through Certificates, Series K-077
FREMF 2018-K86 Mortgage Trust, Series 2018-K86
FREMF 2018-K75 Mortgage Trust, Series 2018-K75
FREMF 2018-K77 Mortgage Trust, Series 2018-K77
FREMF 2018-K82 Mortgage Trust, Series 2018-K82
Freddie Mac Structured Pass-Through Certificates, Series K-086
Freddie Mac Structured Pass-Through Certificates, Series K-075
Freddie Mac Structured Pass-Through Certificates, Series K-082
Freddie Mac Structured Pass-Through Certificates, Series K-074

The Affected Ratings are available at https://bit.ly/3bJfGqg

There are 510 loans secured across the 16 Freddie Mac CMBS
transactions with an aggregate outstanding balance of $10.4 billion
as of the June 2022 reporting. There is one loan, totalling $6.2
million in special servicing and 51 loans, comprising $873.2
million (8.4% of the aggregate outstanding balance) that are fully
defeased. Additionally, 39 loans (8.5% of the aggregate outstanding
balance) are on the servicers' watchlists for a variety of reasons,
including deferred maintenance, storm and fire damage, declines in
debt service coverage ratios, and declines in occupancy rates at
the subject properties.

These rating actions addressed one ReREMIC transaction: GAM
RE-REMIC TRUST 2021-FRR2. The transaction is a resecuritization
collateralized by the beneficial interests in five commercial
mortgage-backed pass-through certificates from five underlying
transactions: FREMF 2015-K44 Mortgage Trust, Multifamily Mortgage
Pass-Through Certificates, Series 2015-K44; FREMF 2015-K49 Mortgage
Trust, Multifamily Mortgage Pass-Through Certificates, Series
2015-K49; FREMF 2018-K730 Mortgage Trust, Multifamily Mortgage
Pass-Through Certificates, Series 2018-K730; FREMF 2018-K74
Mortgage Trust, Multifamily Mortgage Pass-Through Certificates,
Series 2018-K74; and FREMF 2018-K78 Mortgage Trust, Multifamily
Mortgage Pass-Through Certificates, Series 2018-K78. The ratings
are dependent on the performance of the underlying transactions.

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


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