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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, September 4, 2022, Vol. 26, No. 246

                            Headlines

AGL CLO 21: Fitch Gives BB(EXP) Rating to Class E Debt
AIMCO CLO 18: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
BARINGS LOAN 3: Moody's Assigns B3 Rating to $500,000 Cl. F Notes
CD 2016-CD12: Fitch Affirms CCsf Rating on 4 Tranches
COMM 2020-CX: DBRS Confirms BB Rating on Class HRR Certs

CSMC 2022-ATH3: S&P Assigns B- (sf) Rating on Class B-2 Notes
FINANCE OF AMERICA 2022-HB2: DBRS Gives Prov. B Rating on M5 Notes
FLAGSHIP CREDIT 2022-3: DBRS Finalizes BB Rating on Class E Notes
GCAT 2022-NQM4: DBRS Finalizes BB Rating on Class B-1 Certs
GCAT TRUST 2022-INV3: Moody's Assigns B2 Rating to Cl. B-5 Debt

GS MORTGAGE 2005-ROCK: S&P Affirms BB+ (sf) Rating on Cl. J Certs
LCM 38: Fitch Assigns BB-sf Rating on Class E Debt
MADISON PARK LXII: Fitch Assigns BB+ Rating to Class E Debt
MILL CITY 2018-3: Fitch Assigns BBsf Rating on Class B2 Debt
MILL CITY 2019-1: Fitch Assigns Bsf Rating to Class B3 Debt

MORGAN STANLEY 2017-HR2: Fitch Affirms B-sf Rating on H-RR Certs
NATIXIS COMMERCIAL 2018-285M: S&P Affirms B-(sf) Rating on F Notes
NEUBERGER BERMAN 51: Moody's Assigns (P)B3 Rating to $1MM F Notes
OAKTREE CLO 2022-3: S&P Assigns Prelim BB- (sf) Rating on E Notes
OCP CLO 2022-25: S&P Assigned Prelim B- (sf) Rating on F-2 Notes

OHA CREDIT 13: S&P Assigns BB- (sf) Rating on Class E Notes
VERUS SECURITIZATION 2022-INV1: S&P Assigns B- Rating on B-2 Notes
WFRBS COMMERCIAL 2013-C13: Moody's Affirms B2 Rating on F Certs
[*] Moody's Cuts Ratings on $972,000 US RMBS Issued 2002-2005
[*] S&P Takes Various Actions on 212 Classes from 16 US RMBS Deals


                            *********

AGL CLO 21: Fitch Gives BB(EXP) Rating to Class E Debt
------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
AGL CLO 21 LTD.

AGL CLO 21 LTD.

A-1                LT  NR(EXP)sf   Expected Rating
A-2                LT  NR(EXP)sf   Expected Rating
B                  LT  AA(EXP)sf   Expected Rating
C                  LT  A(EXP)sf    Expected Rating
D                  LT  BBB-(EXP)sf Expected Rating
E                  LT  BB(EXP)sf   Expected Rating
F                  LT  NR(EXP)sf   Expected Rating
Subordinated Notes LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

AGL CLO 21 LTD. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by AGL
CLO Credit Management LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400.00 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 class B, C, D and E notes
benefit from credit enhancement of 25.95%, 19.70%, 13.10% and
10.35%, respectively, and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.8% first lien senior secured loans and has a weighted average
recovery assumption of 74.41%. 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 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 our stress scenarios, each class of notes was able
to withstand appropriate default rates for their assigned expected
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
a metric. The results under these sensitivity scenarios are between
'BB+sf' and 'AA+sf' for class B, 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 'BBsf' 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 'AAAsf' for
class B notes, between 'A+sf' and 'AA+sf' for class C notes,
between 'Asf' and 'A+sf' for class D notes, and between 'BBB+sf'
and 'Asf' for class E notes.

DATA ADEQUACY

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

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


AIMCO CLO 18: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to AIMCO CLO 18
Ltd.'s fixed- and floating-rate notes.

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

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

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  AIMCO CLO 18 Ltd.

  Class A-1, $308.00 million: AAA (sf)
  Class A-2, $12.00 million: AAA (sf)
  Class B-1, $52.00 million: AA (sf)
  Class B-2, $8.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $27.35 million: BBB- (sf)
  Class E (deferrable), $15.00 million: BB- (sf)
  Subordinated notes, $40.28 million: Not rated



BARINGS LOAN 3: Moody's Assigns B3 Rating to $500,000 Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued and one class of loans incurred by Barings Loan
Partners CLO Ltd. 3 (the "Issuer" or "Barings CLO 3").

Moody's rating action is as follows:

US$177,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned Aaa (sf)

US$75,000,000 Class A Loans maturing 2033, Assigned Aaa (sf)

US$500,000 Class F Secured Deferrable Mezzanine Fixed Rate Notes
due 2033, Assigned B3 (sf)

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

RATINGS RATIONALE

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

Barings CLO 3 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, eligible investments, and up to 7.5% of the
portfolio may consist of second lien loans, unsecured loans and
bonds. The portfolio is approximately 100% ramped as of the closing
date.

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

In addition to the Rated Debt, 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: 65

Weighted Average Rating Factor (WARF): 2910

Weighted Average Spread (WAS): SORF + 3.50%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 48.00%

Weighted Average Life (WAL): 6.0 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 Debt is subject to uncertainty. The
performance of the Rated Debt is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the Rated Debt.


CD 2016-CD12: Fitch Affirms CCsf Rating on 4 Tranches
-----------------------------------------------------
Fitch Ratings has affirmed 18 classes of German American Capital
Corp.'s CD 2016-CD2 Mortgage Trust, commercial mortgage
pass-through certificates, series 2016-CD2. The Rating Outlook was
revised to Stable from Negative on classes A-M, B, C, X-A, X-B,
V1-A, V1-B and V1-C.

CD 2016-CD2
                  Rating           Prior
                  ------           -----

A-3 12515ABD1  LT  AAAsf  Affirmed  AAAsf
A-4 12515ABE9  LT  AAAsf  Affirmed  AAAsf
A-M 12515ABG4  LT  AAAsf  Affirmed  AAAsf
A-SB 12515ABC3 LT  AAAsf  Affirmed  AAAsf
B 12515ABH2    LT  AA-sf  Affirmed  AA-sf
C 12515ABJ8    LT  A-sf   Affirmed  A-sf
D 12515AAN0    LT  CCCsf  Affirmed  CCCsf
E 12515AAQ3    LT  CCsf   Affirmed  CCsf
F 12515AAS9    LT  CCsf   Affirmed  CCsf
V1-A 12515ABK5 LT  AAAsf  Affirmed  AAAsf
V1-B 12515ABL3 LT  AA-sf  Affirmed  AA-sf
V1-C 12515ABW9 LT  A-sf   Affirmed  A-sf
V1-D 12515ABQ2 LT  CCCsf  Affirmed  CCCsf
X-A 12515ABF6  LT  AAAsf  Affirmed  AAAsf
X-B 12515AAA8  LT  AA-sf  Affirmed  AA-sf
X-D 12515AAE0  LT  CCCsf  Affirmed  CCCsf
X-E 12515AAG5  LT  CCsf   Affirmed  CCsf
X-F 12515AAJ9  LT  CCsf   Affirmed  CCsf

KEY RATING DRIVERS

Lower Loss Expectations: Losses as a percentage of the original
pool balance decreased since the last rating action primarily due
to two loans prepaying in full with no losses including one
formerly special serviced loan. Five loans (27.8% of pool) were
designated Fitch Loans of Concern (FLOCs) due to tenant concerns
and/or deteriorating performance including one loan in special
servicing (8.6%) and two other loans in the top 15 (16.7%). Fitch's
current ratings incorporate a base case loss of 10.2%.

The largest contributor to Fitch's overall loss expectations is the
229 West 43rd Street Retail Condo loan, which is secured by a
245,132-sf retail condominium located in Manhattan's Time Square
district. The loan transferred to special servicing in December
2019 for imminent monetary default. The property has been affected
by the coronavirus pandemic as it caters to entertainment and
tourism, in addition to tenancy issues that began prior to the
pandemic. A receiver was appointed in March 2021 and foreclosure
has been filed; per the servicer, foreclosure is not projected to
occur until late 2022 due to the delays in New York City courts.

Multiple lease sweep periods have occurred related to the majority
of the tenants, triggering a cash flow sweep since December 2017.
Additionally, the OHM food hall concept contemplated at issuance
failed to open at the property. Three tenants, National Geographic,
Gulliver's Gate and Guitar Center (combined, 54% of the NRA), have
vacated the property; as a result, occupancy declined to 41% as of
the October 2021 rent roll from 52% in October 2020. Per the
special servicer, Los Tacos and The Ribbon are currently paying
reduced rents under recently approved lease modifications. A lease
modification for Haru is forthcoming and one for Bowlmor is being
negotiated.

The property had been benefiting from an Industrial Commercial
Incentive Program (ICIP) tax abatement, which began to burn off in
the 2017-2018 tax year by 20% per year. The loan exposure continues
to increase due to servicer advances. Fitch's base case loss of 76%
reflects a stressed value of $395 psf.

The second largest contributor to losses and largest loan, 8 Times
Square & 1460 Broadway (11.5%), is secured by a 214,341-sf high end
office property with retail component. It's 100% leased between
WeWork (83% of NRA; lease expires 2034) and Footlocker (17%; lease
expires 2032). Fitch applied a 10% stress to the YE 2021 NOI to
account for the WeWork exposure. Both WeWork and Foot Locker are
currently open for business.

The third largest contributor to losses, Birch Run Premium Outlets
(5.2%), is secured by a 680,003-sf open-air outlet center located
in Birch Run, MI, approximately 87 miles north of the Detroit CBD.
Major tenants include Pottery Barn, V.F. Factory Outlet, Old Navy
and Nike Factory Store. Fitch is concerned with upcoming rollover:
14.1% NRA (2022); 13.3% (2023) and 13.7% (2024). Occupancy has been
trending downward for several years: 85.8% (YE 2019), 70.2% (YE
2020) and 63% (YE 2021). Servicer reported NOI debt service
coverage ratio (DSCR) at the subject has also decreased to 2.72x at
YE 2021, from 2.95x at YE 2020 and 3.11x at YE 2019. Fitch's
modeled loss of 13.4% reflects a 12% cap rate and a 15% haircut on
YE 2021 NOI to reflect declining occupancy and upcoming rollover.

Increased Credit Enhancement: As of the August 2022 distribution
date, the pool's aggregate principal balance has been paid down by
11% to $870.4 million from $975.4 million at issuance. Since
Fitch's last rating action, two loans paid in full: 1025 Arch
Street Philadelphia, which was previously in special servicing and
Hotel Portofino. One loan (4%) is defeased. Eleven loans,
representing 62.1% of the pool, are full-term IO. Seven loans,
representing 27.8% of the pool, were structured with a partial IO
component; all have begun to amortize.

Alternative Loss Consideration: Fitch's ratings also reflect
expected paydown scenarios which assume defeased loans and those
loans with strong performance pay in full. The ratings through
class C are expected to benefit from continued increased credit
enhancement (CE) through amortization, defeasance and loan payoffs
at maturity.

Pool Concentrations and Pari Passu Loans: The largest loan
represents 11.5% of the pool and the top 10 loans represent 71.6%
of the pool. Nine loans (39.1%) are comprised of office properties.
Twelve loans (73.6%) are pari passu loan participations.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool level losses from underperforming or specially serviced loans.
Downgrades of the 'AAAsf' rating categories are not considered
likely due to the position in the capital structure and level of
CE, but may occur should interest shortfalls affect these classes.

Downgrades to the 'AA-sf' and 'A-f' category could occur if
performance of the FLOCs continues to decline, additional loans
transfer to special servicing and/or FLOCs fail to stabilize.
Further downgrades to the distressed 'CCCsf' rated and below
classes would occur with increased certainty of losses or as
additional 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 occur with stable
to improved asset performance coupled with pay down and/or
defeasance. Upgrades of the 'AA-sf' and 'A-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.
The 'A-sf' rated class would not be upgraded above 'Asf' if there
were likelihood of interest shortfalls.

Upgrades to the 'CCCsf' and below categories are not likely until
the later years in a transaction and only if the performance of the
remaining pool is stable, recovery on 229 West 43rd Street Retail
Condo exceeds expectations FLOCs stabilize and there is sufficient
CE to the classes.


COMM 2020-CX: DBRS Confirms BB Rating on Class HRR Certs
--------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates issued by COMM 2020-CX Mortgage Trust as
follows:

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

All trends are Stable.

The rating confirmations reflect the transaction's overall stable
performance, which remains in line with DBRS Morningstar's
expectations. The certificates are backed by a $410.0 million
portion of a $435.0 million whole loan that features a 10-year term
through November 2030, followed by a four-year anticipated
repayment date period. The loan is secured by the borrower's
fee-simple interest in a Class A life sciences office building in
the Kendall Square submarket of Cambridge, Massachusetts. The
building was delivered to market in 2019 as one of the first
components of the larger master-planned Cambridge Crossing
Development (CX), which is currently being constructed by the
sponsor, DivcoWest. When fully built out, CX will consist of
approximately 2.1 million square feet (sf) of science and
technology space, 2.4 million sf of residential space, and 100,000
sf of retail space. In total, approximately 1.8 million sf of
office and laboratory space is under construction, the bulk of
which is leased.

According to the March 2022 rent roll, the occupancy rate remains
unchanged from YE2021 at 97.8% but marginally higher than the
YE2020 figure of 96.8%. The two largest tenants, Philips
Electronics (Philips) and Cerevel Therapeutics, LLC (Cerevel),
account for 94.7% of the net rentable area (NRA). Phillips has made
the subject its North American headquarters, leasing 80.4% of the
NRA through various leases, all of which expire in November 2034.
Cerevel occupies 14.3% of the NRA on leases through February 2030.
Ultimately, the building benefits from long-term,
institutional-grade tenancy in place on long-term leases.

According to the annualized Q1 2022 financial reporting, the net
cash flow (NCF) and debt service coverage ratio (DSCR) of $32.0
million and 2.73x, respectively, were relatively in line with the
issuer's underwritten NCF and DSCR figures of $32.7 million and
2.75x, and higher than the DBRS Morningstar NCF and DSCR figures at
issuance of $30.0 million 2.52x. Cash flow has improved since
YE2020 ($10.7 million) and YE2021 ($22.0 million) because of the
expiration of rent abatements granted to Phillips, which began
paying full rent in May 2021.

The borrower sponsor for the transaction is a joint venture between
DivcoWest and the California State Teachers Retirement System
(CalSTRS). DivcoWest is an experienced developer, owner, and
operator of real estate throughout the United States, with
significant expertise in Boston, having invested in and managed
more than 22 commercial properties in the area, including offices
in the Seaport, Financial District, and East Cambridge submarkets.
CalSTRS is the country's second-largest public pension fund, with
an investment portfolio totalling $311.7 billion as of July 21,
2022.

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



CSMC 2022-ATH3: S&P Assigns B- (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to CSMC 2022-ATH3 Trust's
mortgage pass-through notes.

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

The ratings reflect:

-- The pool's collateral composition;

-- The transaction's credit enhancement;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The transaction's geographic concentration;

-- The transaction's mortgage originator, Athas Capital Group
Inc.; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool.

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

  Ratings Assigned

  CSMC 2022-ATH3 Trust

  Class A-1A, $116,414,000: AAA (sf)
  Class A-1B, $27,816,000: AAA (sf)
  Class A-1, $144,230,000: AAA (sf)
  Class A-2, $24,201,000: AA (sf)
  Class A-3, $34,910,000: A (sf)
  Class M-1, $21,975,000: BBB (sf)
  Class B-1, $15,995,000: BB (sf)
  Class B-2, $18,359,000: B- (sf)
  Class B-3, $18,499,044: Not rated
  Class A-IO-S, notional(i): Not rated
  Class XS, notional(i): Not rated
  Class PT, $278,169,044: Not rated
  Class R, not applicable: Not rated

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



FINANCE OF AMERICA 2022-HB2: DBRS Gives Prov. B Rating on M5 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Asset-Backed Notes to be issued by Finance of America HECM Buyout
2022-HB2:

-- $281.3 million Class A1A at AAA (sf)
-- $46.7 million Class A1B at AAA (sf)
-- $32.9 million Class M1 at AA (low) (sf)
-- $23.1 million Class M2 at A (low) (sf)
-- $24.9 million Class M3 at BBB (low) (sf)
-- $26.3 million Class M4 at BB (low) (sf)
-- $9.8 million Class M5 at B (sf)

The AAA (sf) rating reflects 26.3% of credit enhancement. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (sf)
ratings reflect 18.9%, 13.7%, 8.1%, 2.2%, and 0.0% of credit
enhancement, respectively.

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

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

As of the June 30, 2022, Cut-Off Date, the collateral had
approximately $445.0 million in unpaid principal balance from 1,710
performing and nonperforming home equity conversion mortgage (HECM)
reverse mortgage loans secured by first liens typically on
single-family residential properties, condominiums, multifamily
(two- to four-family) properties, manufactured homes, and planned
unit developments. Of the total loans, 1,090 have fixed-rate
interest (67.92% of the balance) with a weighted-average coupon
(WAC) of 5.018%. The remaining 620 loans have floating-rate
interest (32.08% of the balance) with a WAC of 3.446%, bringing the
entire collateral pool to a WAC of 4.513%.

As of the Cut-Off Date, the loans in this transaction are both
performing and nonperforming (i.e., inactive). There are 650
performing loans comprising 39.97% of the total UPB. As for the
1,060 nonperforming loans, 515 loans are referred for foreclosure
(31.64% of the balance), 54 are in bankruptcy status (3.2%), 123
are called due following recent maturity (7.81%), 105 are real
estate owned (REO; 5.4%), and the remaining 263 are in default
(11.97%). However, all these loans are insured by the United States
Department of Housing and Urban Development (HUD), which mitigates
losses in regard to uninsured loans. Because the insurance
supplements the home value, the industry metric for this collateral
is not the loan-to-value ratio (LTV) but rather the WA effective
LTV adjusted for HUD insurance, which is 50.75% for the loans in
this pool. To calculate the WA LTV, DBRS Morningstar divides the
UPB by the maximum claim amount and the asset value.

The transaction uses a sequential structure. No subordinate note
shall receive any principal payments until the senior notes (the
Class A1A Notes) have been reduced to zero. This structure provides
credit enhancement in the form of subordinate classes and reduces
the effect of realized losses. These features increase the
likelihood that holders of the most senior class of notes will
receive regular distributions of interest and/or principal. All
note classes have available fund caps.

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



FLAGSHIP CREDIT 2022-3: DBRS Finalizes BB Rating on Class E Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings to the following
classes of notes to be issued by Flagship Credit Auto Trust 2022-3
(FCAT 2022-3 or the Issuer):

-- $61,700,000 Class A-1 Notes at R-1 (high) (sf)
-- $169,100,000 Class A-2 Notes at AAA (sf)
-- $135,860,000 Class A-3 Notes at AAA (sf)
-- $38,610,000 Class B Notes at AA (sf)
-- $59,150,000 Class C Notes at A (sf)
-- $38,330,000 Class D Notes at BBB (sf)
-- $37,250,000 Class E Notes at BB (sf)

The final 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 account, and
excess spread. Credit enhancement levels are sufficient to support
the DBRS Morningstar-projected cumulative net loss (CNL) assumption
under various stress scenarios.

(2) The DBRS Morningstar CNL assumption is 10.75%, based on the
expected Cut-Off Date pool composition.

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

(4) The consistent operational history of Flagship Credit
Acceptance, LLC (Flagship or the Company) and the strength of the
overall Company and its management team.

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

(5) The capabilities of Flagship with regard to originations,
underwriting, and servicing.

-- DBRS Morningstar performed an operational review of Flagship
and considers the entity an acceptable originator and servicer of
subprime automobile loan contracts with an acceptable backup
servicer.

(6) The Company indicated it may be subject to various consumer
claims and litigation seeking damages and statutory penalties. Some
litigation against Flagship could take the form of class-action
complaints by consumers; however, the Company indicated there is no
material pending or threatened litigation.

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

Flagship 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 to purchase
late-model vehicles and (2) refinancing of existing automotive
financing.

There will be seven classes of Notes included in FCAT 2022-3.
Initial credit enhancement for the Class A-1, A-2, and A-3 Notes is
expected to be 34.05% and will include a 1.00% reserve account
(funded at inception and nondeclining), initial OC of 1.40%, and
subordination of 31.65% of the initial pool balance. Initial Class
B enhancement is expected to be 27.00% and will include a 1.00%
reserve account (funded at inception and nondeclining), initial OC
of 1.40%, and subordination of 24.60% of the initial pool balance.
Initial Class C enhancement is expected to be 16.20% and will
include a 1.00% reserve account (funded at inception and
nondeclining), initial OC of 1.40%, and subordination of 13.80% of
the initial pool balance. Initial Class D enhancement is expected
to be 9.20% and will include a 1.00% reserve account (funded at
inception and nondeclining), initial OC of 1.40%, and subordination
of 6.80% of the initial pool balance. Initial Class E enhancement
is expected to be 2.40% and will include a 1.00% reserve account
(funded at inception and nondeclining) and initial OC of 1.40%.

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



GCAT 2022-NQM4: DBRS Finalizes BB Rating on Class B-1 Certs
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2022-NQM4 to be issued
by GCAT 2022-NQM4 Trust (the Trust):

-- $277.2 million Class A-1 at AAA (sf)
-- $30.2 million Class A-2 at A (high) (sf)
-- $47.8 million Class A-3 at A (sf)
-- $19.8 million Class M-1 at BBB (sf)
-- $15.4 million Class B-1 at BB (sf)
-- $10.0 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Certificates reflects 33.35%
of credit enhancement provided by subordinated Certificates. The A
(high) (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
26.10%, 14.60%, 9.85%, 6.15%, and 3.75% of credit enhancement,
respectively.

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

This is a securitization of a portfolio of fixed- and
adjustable-rate prime, expanded prime, and nonprime first-lien
residential mortgages funded by the issuance of the Mortgage
Pass-Through Certificates, Series 2022-NQM4 (the Certificates). The
Certificates are backed by 812 mortgage loans with a total
principal balance of $415,890,514 as of the Cut-Off Date (August 1,
2022).

The originators for the mortgage pool are Arc Home LLC (Arc Home;
67.5%); Quontic Bank (Quontic; 26.9%); and other originators, each
comprising less than 15.0% of the mortgage loans. These loans were
originated primarily under the following five programs:

-- Bank Statement Loans
-- Full Documentation Loans
-- Debt Service Coverage Ratio
-- Asset Depletion Loans

Although the mortgage loans, except for the business-purpose
investor loans, were originated to satisfy the Consumer Financial
Protection Bureau's (CFPB) Qualified Mortgage (QM) and
Ability-to-Repay (ATR) rules, they were made to borrowers who
generally do not qualify for agency, government, or private-label
nonagency prime jumbo products for various reasons. In accordance
with the QM/ATR rules, 26.0% of the loans are designated as non-QM,
12.0% as QM Safe Harbor, and 8.7% as QM Rebuttable Presumption.
Approximately 34.9% of the loans were made to investors for
business purposes and, hence, are not subject to the QM/ATR rules.

Additionally, Quontic Bank originated 26.9% of the loans and is
designated by the U.S. Department of the Treasury as a Community
Development Financial Institution (CDFI). Such loans are exempt
from the QM/ATR rules. While CDFI loans are not required to comply
with the ATR rules, the CDFI loans included in this pool were made
to mostly creditworthy borrowers with a weighted-average (WA)
debt-to-income (DTI) ratio of 29.8% and a WA credit score of 742.

NewRez LLC d/b/a Shellpoint Mortgage Servicing (SMS) will act as
Servicer of the loans. Certain loans (11.9%) are scheduled to
transfer to SMS on or before September 1, 2022.

The Servicer will fund advances of delinquent principal and
interest (P&I) on any mortgage until such loan becomes 90 days
delinquent. The Servicer is also obligated to make advances in
respect of taxes, insurance premiums, and reasonable costs incurred
in the course of servicing and disposing of properties. The
Servicer has no obligation to advance P&I on a mortgage approved
for a forbearance plan during its related forbearance period.
However, the Servicer will be required to advance P&I at the end of
the related forbearance period.

On or after the earlier of (1) three years from the Closing Date or
(2) the date when the aggregate stated principal balance of the
mortgage loans is reduced to 30% of the Cut-Off Date balance, the
Depositor, at its option, may redeem all of the outstanding
Certificates at a price equal to the class balances of the related
Certificates plus accrued and unpaid interest, including any cap
carryover amounts plus any preclosing deferred amounts due to the
Class X Certificates. After such purchase, the Depositor must
complete a qualified liquidation, which requires (1) a complete
liquidation of assets within the Trust and (2) proceeds to be
distributed to the appropriate holders of regular or residual
interests.

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

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior classes (Class
A-1, A-2, and A-3) subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Trigger Event). After a Trigger Event, principal
proceeds can be used to cover interest shortfalls on the Class A-1
certificates before being applied sequentially to amortize the
balances of the certificates. For all other classes, principal
proceeds can be used to cover interest shortfalls after the more
senior tranches are paid in full (IPIP).

Excess spread can be used to cover realized losses before being
allocated to unpaid Cap Carryover Amounts due to Class A-1 down to
A-3. Of note, interest and principal otherwise available to pay the
Class B-3 interest and interest shortfalls may be used to pay the
Class A Cap Carryover amounts. In addition, the Class A-1, A-2, and
A-3 coupons step up by 1.00% on and after the payment date in
September 2026.

In contrast to other securitizations that typically retain a
residual interest consisting of at least 5% of the Certificates,
GCAT 2022-NQM4 is subject to an adjusted required credit risk.
Under U.S. Risk Retention rules, the percentage retained by the
sponsor is eligible to be reduced by the ratio of the CDFI loan
balances to the aggregate pool balance i.e. reduction by 26.9% in
this transaction. As such, the Sponsor, directly or indirectly
through a majority-owned affiliate, will retain an eligible
horizontal residual interest consisting of at least 3.7% of the
Certificates to satisfy the credit risk-retention requirements
under Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

Coronavirus Impact

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

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

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



GCAT TRUST 2022-INV3: Moody's Assigns B2 Rating to Cl. B-5 Debt
---------------------------------------------------------------
Moody's Investors Service has assigned definitve 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, Definitive Rating Assigned Aaa (sf)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. B-3, Definitive Rating Assigned Baa2 (sf)

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

Cl. B-5, Definitive Rating Assigned B2 (sf)

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

CI. 2-A-1A Loans, Definitive Rating Assigned 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 1.55% for Group 1 and Group 2, respectively, in a
baseline scenario-median are 0.99% and 1.15% for Group 1 and Group
2, respectively, and reach 7.82% and 10.32% 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.


GS MORTGAGE 2005-ROCK: S&P Affirms BB+ (sf) Rating on Cl. J Certs
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 12 classes of trust
pass-through certificates from GS Mortgage Securities Corp. II's
series 2005-ROCK, a U.S. CMBS transaction.

This U.S. CMBS transaction is backed by a 20-year, fixed-rate,
interest-only (IO) mortgage loan secured by a first-priority
mortgage (up to $1.21 billion) on the borrower's fee and leasehold
interests in Rockefeller Center, comprising 12 individual
office/retail properties and a plaza totaling 6.8 million sq. ft.
located in the Plaza District office submarket of midtown
Manhattan, and a first-priority pledge of the equity interests in
the borrower.

Rating Actions

S&P said, "The affirmations on classes A, A-FL, B, C-1, C-2, D, E,
F, G, H, and J reflect our reevaluation of the office/retail
property that secures the sole loan in the transaction. Our current
analysis considers that while the servicer-reported net operating
income (NOI) declined in 2020 and 2021, due in large part by lower
base rent and income, primarily from the observation deck, the
sponsor was able to sign leases comprising approximately 15.7% of
net rentable area (NRA) during the pandemic, according to the March
and June 2022 rent rolls. In addition, as tourism rebounds in New
York City and employees gradually return to the office, we expect
the property's operating performance will recover to some degree."

Despite reporting stable occupancy at 97.5% in 2020 and 97.2% in
2021, the servicer-reported NOI dropped by 38.9% to $166.9 million
in 2020 from $273.3 million in 2019 and declined another 8.8% in
2021 to $152.2 million. The servicer-reported NOI for the three
months ended March 31, 2022, was $42.6 million, and the borrower
budgeted 2022 NOI is $204.6 million.

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 timeframes as more companies
adopt a hybrid work arrangement. Our revised long-term sustainable
net cash flow (NCF) of $191.7 million, using an 88.7% occupancy
rate (based on the March and June 2022 rent rolls), is 12.5% lower
than our last review in November 2020. Using a 6.75% S&P Global
Ratings' capitalization rate (unchanged from last review), we
arrived at an S&P Global Ratings' expected-case value of $2.84
billion or $420 per sq. ft., down 12.5% from our last review. This
yielded an S&P Global Ratings' loan-to-value (LTV) ratio of 59.3%
on the mortgage loan balance, up from 51.9% at last review."

Although the model-indicated ratings were lower than the classes'
current rating levels on classes B, C-1, C-2, D, E, F, G, and H,
S&P affirmed its ratings on these classes because it weighed
certain qualitative considerations, including:

-- The property's prominent location in the Plaza District office
submarket of Manhattan;

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

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

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

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

S&P affirmed its rating on the class X-1 IO certificates based on
our criteria for rating IO securities.

Property-Level Analysis

Rockefeller Center consists of 12 properties across 10 buildings
located in a six-block area of Midtown Manhattan. The property is
bounded by 51st and 48th Streets to the north and south,
respectively, and by Fifth Avenue and the Avenue of the Americas to
the east and west, respectively. The properties, comprising
approximately 6.8 million sq. ft., were constructed in phases
between 1931 and 1950. The individual properties include:

-- 30 Rockefeller Plaza: 69-story, 1.39 million-sq.-ft., of which
205,689 sq. ft. is retail space;

-- 630 Fifth Avenue: 39-story, 1.26 million-sq.-ft., of which
175,452 sq. ft. is retail space;

-- 600 Fifth Avenue: 27-story, 436,012-sq.-ft., of which 51,342
sq. ft. is retail space;

-- One Rockefeller Plaza: 34-story, 587,335-sq.-ft., of which
24,328 sq. ft. is retail space;

-- 1230 Avenue of the Americas: 21-story, 737,311-sq.-ft., of
which 59,754 sq. ft. is retail space;

-- 610 Fifth Avenue: seven-story, 125,774-sq.-ft., of which 43,285
sq. ft. is retail space;

-- 10 Rockefeller Plaza: 17-story, 344,863-sq.-ft., of which
48,385 sq. ft. is retail space;

-- 1270 Avenue of the Americas: 31-story, 509,892-sq.-ft., of
which 13,877 sq. ft. is retail space;

-- 50 Rockefeller Plaza: 15-story, 507,458-sq.-ft., of which
94,771 sq. ft. is retail space;

-- 620 Fifth Avenue: seven-story, 131,965-sq.-ft., of which 30,166
sq. ft. is retail space;

-- Radio City Music Hall: 10-story, 548,250-sq.-ft.; and

-- Christie's Auction House: three-story, 183-487-sq.-ft.

Five of the individual properties--600 Fifth Avenue, 10 Rockefeller
Plaza, 1230 Avenue of the Americas, 610 Fifth Avenue, and 620 Fifth
Avenue--are subject to ground leases. The ground lessor for these
properties, other than 600 Fifth Avenue, is an affiliate of the
sponsor, Tishman Speyer.

In addition, the collateral includes a landscaped promenade, a
lower plaza used as an ice-skating rink and/or outdoor dining, five
rooftop gardens, a three-story, 320-space parking garage, and
approximately two-mile underground retail and pedestrian concourse
connecting all buildings and providing access to the subway.

Given the property's prime location and proximity to various
popular tourist attractions, other income, primarily from the
observation deck (reported at $91.4 million in 2018 and $91.6
million in 2019), represented about 15.0% of the property's
effective gross income prior to the pandemic. However, this income
dropped significantly by 84.0% to $14.6 million at the start of the
pandemic in 2020 and increased 48.6% to $21.8 million in 2021. The
reported three months ended March 31, 2022, other income was $7.0
million, and the borrower budgeted $94.5 million for 2022.

As previously discussed, while the servicer reported occupancy over
93.0% since 2018, according to the March and June 2022 rent rolls,
the collateral property was 88.7% leased. The five largest tenants
comprised 30.9% of collateral NRA and include:

-- Radio City Productions LLC (8.5% of NRA; 3.2% of gross rent, as
calculated by S&P Global Ratings; February 2023 lease expiration);

-- Deloitte LLP (7.6%; 9.8%; September 2028);

-- Lazard Group LLC (6.1%; 8.2%; October 2033);

-- Simon & Schuster (4.5%; 4.2%; November 2034); and

-- First Republic Bank (4.2%; 5.2%; August 2037).

The property faces elevated tenant rollover risk in 2023 and 2028
when 14.0% and 12.1% of NRA expires, respectively, and 9.7% and
16.9% of gross rent as calculated by S&P Global Ratings expires,
respectively.

According to CoStar, the Plaza District office submarket had
experienced higher vacancy rates in recent years due to increased
remote work. The market rent for the office properties in the
submarket declined 3.3% in 2020, 1.2% in 2021, and 0.2% as of
year-to-date (YTD) August 2022. CoStar noted that the overall
office property submarket asking rent, vacancy rate, and
availability rate as of YTD August 2022 were $89.50 per sq. ft.,
13.9%, and 16.8%, respectively. CoStar projects the overall office
submarket vacancy rate and asking rent in 2023 to be 15.0% and
$89.65 per sq. ft., respectively. This compares with the subject
property's 11.3% vacancy rate and $79.71 per sq. ft. gross rent,
according to the March and June 2022, rent rolls.

S&P said, "Our current property-level analysis reflects the
aforementioned factors. As a result, we revised our long-term
sustainable NCF to $191.7 million based on an assumed 88.7%
occupancy rate, $81.83 per sq. ft. average gross rent, as
calculated by S&P Global Ratings, $77.9 million in other income,
and a 59.4% operating expense ratio. Our revised NCF is 40.7%
higher than the 2021 servicer reported NCF of $136.2 million, but
comparable to the borrower's 2022 budgeted figures. Using an S&P
Global Ratings' capitalization rate of 6.75% (unchanged from last
review), we arrived at an expected-case value of $2.84 billion or
$420 per sq. ft."

Transaction Summary

This is a stand-alone (single-borrower) transaction backed by a
$1.685 billion, 20-year, fixed-rate IO loan secured by a
first-priority mortgage (up to a maximum principal amount of $1.21
billion) on the borrower's fee and leasehold interests in
Rockefeller Center, which consists of 12 office/retail properties
totaling 6.8 million sq. ft. in midtown Manhattan, as well as a
first-priority pledge of all the equity interests in the borrower.
As S&P noted, the mortgage is recorded at $1.21 billion, and the
maximum amount recoverable in a mortgage foreclosure action may not
be sufficient to repay the loan. Any amount over $1.21 billion
would be considered unsecured debt of the borrower. In addition, if
the equity pledge forecloses before a foreclosure on the mortgage,
the trust may have to pay significant real property transfer tax
because the resulting transfer would be treated as a property
transfer under New York law.

Furthermore, the transaction documents note that the borrower is
not required to incur aggregate "all risk" and terrorism coverage
premiums greater than $7.95 million in any policy year, subject to
annual Consumer Price Index adjustments. S&P increased its minimum
credit enhancement levels at each rating category to account for
this provision.

The IO loan has a current trust balance of $1.685 billion (as of
the Aug. 3, 2022, trustee remittance report), the same as at
issuance and S&P's last review. The loan pays an annual fixed
interest rate of 5.6435% and matures on May 1, 2025. In addition,
there is a $320.0 million mezzanine loan. To date, the trust has
not experienced any principal losses. The loan had a reported
current payment status through its August 2022 debt service payment
date. The master servicer, Wells Fargo Bank N.A., reported a debt
service coverage of 1.61x for the three months ended March 31,
2022, up from 1.41x in 2021 and 1.56x in 2020, but down from 2.67x
in 2019, prior to the COVID-19 pandemic.

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

  Ratings Affirmed

  GS Mortgage Securities Corp. II

  Series 2005-ROCK

  Class A: AAA (sf)
  Class A-FL: AAA (sf)
  Class B: AAA (sf)
  Class C-1: AAA (sf)
  Class C-2: AAA (sf)
  Class D: AAA (sf)
  Class E: AA+ (sf)
  Class F: AA (sf)
  Class G: A+ (sf)
  Class H: A (sf)
  Class J: BB+ (sf)
  Class X-1: AAA (sf)



LCM 38: Fitch Assigns BB-sf Rating on Class E Debt
--------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to LCM 38
Ltd.

LCM 38 LTD.

A-1A                 LT NRsf   New Rating
A-1B                 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
I Subordinated Notes LT NRsf   New Rating

TRANSACTION SUMMARY

LCM 38 Ltd., is an arbitrage cash flow collateralized loan
obligation (CLO) that will be managed by LCM Euro LLC. Net proceeds
from the issuance of the secured and subordinated notes will
provide financing on a portfolio of approximately $350 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'/'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 76.90%. 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 2.9-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 Fitch's stress scenarios, all classes of notes
could withstand the appropriate default rates for their respective
ratings assuming their respective recoveries.

RATING SENSITIVITIES

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

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



MADISON PARK LXII: Fitch Assigns BB+ Rating to Class E Debt
-----------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Madison
Park Funding LXII, Ltd.

Madison Park Funding LXII, Ltd.

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

TRANSACTION SUMMARY

Madison Park Funding LXII, 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 $400.0 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. 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
98.0% first-lien senior secured loans and has a weighted average
recovery assumption of 72.66%. 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 2.9-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 Fitch's stress scenarios, each class of notes was
able to withstand default rates in excess of their respective
rating hurdles.

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
'BB+sf' and 'AAsf' for class B, between 'B+sf' and 'A-sf' for class
C, between less than 'B-sf' and 'BBB+sf' for class D-1, between
less than 'B-sf' and 'BBB-sf' for class D-2 and between less than
'B-sf' and 'BB-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 'AAAsf' for
class B notes, between 'A+sf' and 'AA-sf' for class C notes, 'A+sf'
for class D-1 notes, 'A+sf' for class D-2 notes and 'BBB+sf' for
class E notes.


MILL CITY 2018-3: Fitch Assigns BBsf Rating on Class B2 Debt
------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Mill City
Mortgage Loan Trust 2018-3 (MCMLT 2018-3):

Mill City Mortgage Loan Trust 2018-3

A1  LT AAAsf  New Rating
A1B LT AAAsf  New Rating
A2  LT AAAsf  New Rating
A3  LT AAsf   New Rating
A4  LT Asf    New Rating
B1  LT A-sf   New Rating
B2  LT BBsf   New Rating
B3  LT NRsf   New Rating
B4  LT NRsf   New Rating
B5  LT NRsf   New Rating
B6  LT NRsf   New Rating
M1  LT AAAsf  New Rating
M2  LT AAsf   New Rating
M3  LT Asf    New Rating
R   LT NRsf   New Rating
X   LT NRsf   New Rating
XS  LT NRsf   New Rating

TRANSACTION SUMMARY

MCMLT 2018-3 is supported by a pool of reperforming mortgage loans
(RPL). The transaction was originally issued in the second half of
2018 and was not rated by Fitch at deal close. Since initial
issuance, performance has been strong with the collateral pool
paying off by roughly 40%, total realized losses have been less
than 1% of original issuance balance and there has been meaningful
home price appreciation.

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 11.2% above a long-term sustainable level (vs. 11%
on a national level as of August 2022, up 1.8% 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 19.8% yoy nationally as
of May 2022.

RPL Credit Quality (Negative): The collateral consists of 1,515
seasoned performing and re-performing first and second lien loans,
totaling $267 million, and seasoned approximately 188 months in
aggregate. The pool is 85.6% current and 14.4% delinquincy. Over
the last two years 59.4% of loans have been clean current.
Additionally, 90.6% of loans have a prior modification. The
borrowers have a weak credit profile (666 FICO and 39%
debt-to-income) and moderate leverage (80% sustainable
loan-to-value). The pool consists of 94.1% of loans where the
borrower maintains a primary residence, while 5.9% are investment
properties or second home.

No Advancing (Mixed): The servicers will not be advancing
delinquent monthly payments of principal and interest. Because P&I
advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust, the
loan-level loss severities (LS) are less for this transaction than
for those where the servicer is obligated to advance P&I.

Sequential Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the two most senior notes (followed by the most senior class
then outstanding once the most senior notes have paid off) prior to
other principal distributions is highly supportive of timely
interest payments to those classes.

MCMLT 2018-3 has an ESG Relevance Score for Governance due to
operational considerations related to diligence results and rep &
warranty framework, which has a negative impact on the credit
profile, and is relevant to the rating(s) in conjunction with other
factors.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 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:

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

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



MILL CITY 2019-1: Fitch Assigns Bsf Rating to Class B3 Debt
-----------------------------------------------------------
Fitch has assigned ratings to Mill City Mortgage Loan Trust 2019-1
(MCMLT 2019-1).

Mill City Mortgage Loan Trust 2019-1

A1   LT  AAAsf   New Rating
A1A  LT  AAAsf   New Rating
A1B  LT  AAAsf   New Rating
A2   LT  AAAsf   New Rating
A3   LT  Asf     New Rating
A4   LT  A-sf    New Rating
B1   LT  BBB+sf  New Rating
B2   LT  BBBsf   New Rating
B3   LT  Bsf     New Rating
B4   LT  NRsf    New Rating
B5   LT  NRsf    New Rating
B6   LT  NRsf    New Rating
M1   LT  AAAsf   New Rating
M2   LT  Asf     New Rating
M3   LT  A-sf    New Rating
R    LT  NRsf    New Rating
X    LT  NRsf    New Rating
XS   LT  NRsf    New Rating

TRANSACTION SUMMARY

MCMLT 2019-1 is supported by a pool of reperforming mortgage loans
(RPL). The transaction was originally issued in the first half of
2019 and was not rated by Fitch at deal close. Since initial
issuance, performance has been strong with the collateral pool
paying off by roughly 30%, total realized losses have been less
than 1% of original issuance balance and there has been meaningful
home price appreciation.

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 11.3% above a long-term sustainable level (versus
11% on a national level as of August 2022, up 1.8% 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 19.8% yoy
nationally as of May 2022.

RPL Credit Quality (Negative): The collateral consists of 1,769
seasoned performing and re-performing first and second lien loans,
totaling $300 million, and seasoned approximately 188 months in
aggregate. The pool is 80.9% current and 19.1% DQ. Over the last
two years, 54.7% of loans have been clean current. Additionally,
90.4% of loans have a prior modification. The borrowers have a weak
credit profile (661 FICO and 40% DTI) and moderate leverage (82%
sLTV). The pool consists of 92.8% of loans where the borrower
maintains a primary residence, while 7.2% are investment properties
or second homes.

No Advancing (Mixed): The servicers will not be advancing
delinquent monthly payments of principal and interest. Because P&I
advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust, the
loan-level loss severities (LS) are less for this transaction than
for those where the servicer is obligated to advance P&I.

Sequential Pay Structure (Positive): The transaction's cash flow is
based on a sequential-pay structure whereby the subordinate classes
do not receive principal until the senior classes are repaid in
full. Losses are allocated in reverse-sequential order.
Furthermore, the provision to re-allocate principal to pay interest
on the two most senior notes (followed by the most senior class
then outstanding once the most senior notes have paid off) prior to
other principal distributions is highly supportive of timely
interest payments to those classes.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 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:

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

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

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

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

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

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

Loans that were determined to be in violation of state or federal
high cost regulations were given a 200% LS over-ride.

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

Unpaid taxes and lien amounts were added to the LS.

In total, these adjustments increased the 'AAAsf' loss by
approximately 50bp.


MORGAN STANLEY 2017-HR2: Fitch Affirms B-sf Rating on H-RR Certs
----------------------------------------------------------------
Fitch Ratings has revised the outlook of four classes and affirmed
all classes of Morgan Stanley Capital I Trust 2017-HR2 commercial
mortgage pass-through certificates (MSC 2017-HR2). In addition,
Fitch has affirmed the rating for the 2017 HR2 III Trust horizontal
risk retention pass-through certificate (MOA 2020-HR2 Class E-RR).

MOA 2020-HR2 E

E-RR 90217BAA3  LTBBB-sf Affirmed BBB-sf

MSC 2017-HR2
  
A-1 61691NAA3   LTAAAsf  Affirmed AAAsf
A-2 61691NAB1   LTAAAsf  Affirmed AAAsf
A-3 61691NAD7   LTAAAsf  Affirmed AAAsf
A-4 61691NAE5   LTAAAsf  Affirmed AAAsf
A-S 61691NAH8   LTAAAsf  Affirmed AAAsf
A-SB 61691NAC9  LTAAAsf  Affirmed AAAsf
B 61691NAJ4     LTAA-sf  Affirmed AA-sf
C 61691NAK1     LTA-sf   Affirmed A-sf
D 61691NAN5     LTBBB-sf Affirmed BBB-sf
E-RR 61691NAQ8  LTBBB-sf Affirmed BBB-sf
F-RR 61691NAS4  LTBB+sf  Affirmed BB+sf
G-RR 61691NAU9  LTBB-sf  Affirmed BB-sf
H-RR 61691NAW5  LTB-sf   Affirmed B-sf
X-A 61691NAF2   LTAAAsf  Affirmed AAAsf
X-B 61691NAG0   LTAA-sf  Affirmed AA-sf
X-D 61691NAL9   LTBBB-sf Affirmed BBB-sf

KEY RATING DRIVERS

Stable Pool Performance and Paydown: Despite expected losses that
are slightly higher than Fitch's prior rating, the Outlook revision
on class H-RR to Stable from Negative reflects performance
stabilization of properties that had been negatively affected by
the pandemic, the absence of delinquent/specially serviced loans
and the lack of concern with imminent losses. Classes B, C and the
associated IO class X-B have been revised to Positive from Stable
to reflect increased credit enhancement (CE) from the paydown of
two loans, The Woods and CityLine Guardian Mixed Use (11.3% of the
original pool balance). In addition, two loans (1.7% of the pool)
were defeased. Fitch's current ratings incorporate a base case loss
of 4.90%.

Currently, seven loans (19.3%) have been identified as Fitch Loans
of Concern (FLOCs). As of the July 2022 remittance reporting, zero
loans are in special servicing and/or delinquent.

The largest contributor to loss expectations is the Sheraton Novi
(2.6% of the pool), which is secured by a 238-room, full-service
hotel located in Novi, MI. Reported NOI for YE 2021 for the
property declined 41.6% compared to YE 2019. Prior to the pandemic,
cash flow declined due to rooms being taken offline to complete a
$5.3 million ($22,250 per key) change of ownership PIP, which was
reserved for at issuance and completed in 2019.

The hotel reported TTM June 2022 occupancy, ADR, and RevPAR of
53.1%, $128, and $68, respectively, compared with 29.5%, $96, and
$28 as of TTM June 2021, 59.0%, $113, and $45 as of TTM June 2020,
49.7%, $122, and $61 as of YE 2019 and 71.2%, $125, and $89 at
issuance. Fitch's analysis is based on the TTM June 2022 NOI and
reflects a stressed value of approximately $50,500 per key.

The next largest contributor to losses is the 260-272 Meserole loan
(FLOC; 2.9%), secured by a five-story commercial loft and retail
building totaling 70,425-sf located in the East Williamsburg
neighborhood of Brooklyn, NY. The loan transferred to special
servicing in September 2020 due to payment default. The loan was
brought current in July 2021 after a full restatement closed in
June 2021, returning to the master servicer in September 2021.

Occupancy at the subject has improved to 98%, per the June 2022
rent roll, increasing from 71% at YE 2020, and 91.1% at YE 2019.
The decline in occupancy stemmed from the departure of The Well (8%
of NRA) and Sweatshop (12%) in 2020. Fitch's loss expectation of
21.5% reflects a 5% stress to the YE 2019 NOI and an 8.75% cap
rate; the Fitch stressed value equates to a 10% discount to the
October 2021 appraisal.

The third largest contributor to expected losses is Sunrise Plaza
Sam Jose (FLOC; 3.3% of the pool), which is secured by a 112,805-sf
anchored retail center located in San Jose, CA. Occupancy as of
December 2021 was 67.5%, down from 93.8% in March 2021, due to the
closure of the subject's second largest tenant. The Pacific, in
August 2021. The tenant represented 22.8% NRA and 18.8% of base
rents prior to vacating. Fitch inquired about leasing efforts for
backfilling the space, but no confirmation was given on a
replacement tenant.

The current largest tenants are the subject include Dick's Sporting
Goods (37.3% of NRA; leasing through January 2024), Chavez
Supermarket (10.6%; expiring in July 2025). Fitch applied a 9% cap
rate and a 10% stress to the TTM March 2022 NOI to reflect the
closure of Pacific Sales and upcoming rollover risk; the resulting
expected loss is 13.5%.

Change in CE: CE has increased since issuance due to the prepayment
of The Woods and CityLine Guardian Mixed Use, and the defeasance of
two loans representing 1.7% of the pool. As of the July 2022
remittance report, the pool's aggregate balance has been paid down
by 12.8% to $821.5 million from $942.7 million at issuance. There
are 18 loans (66.8% of the pool) that are full-term IO, 11 (14.6%)
balloon loans and 11 (18.6%) loans with a partial IO component.

RATING SENSITIVITIES

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

Downgrades to A-1 through B and the associated IO class X-A are not
likely due to the continued expected amortization, position in the
capital structure and sufficient CE relative to loss expectations,
but may occur should interest shortfalls affect these classes.
Downgrades to classes C, D, X-B and X-D may occur should expected
losses for the pool increase substantially from continued
underperformance of the FLOCs. Downgrades to classes E-RR, F-RR,
H-RR and pass through MOA 2020-HR2 E-RR will occur with a greater
certainty of loss from continued performance decline of the FLOCs
and/or loans transfer to special servicing.

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 additional paydown and/or
defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated classes would
likely occur if the performance of the Sheraton Novi stabilizes or
if there is 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 the 'BBB-sf' and 'BBBsf' rated classes 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. Upgrades to the 'BB-sf' and 'B-sf' rated
classes 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.



NATIXIS COMMERCIAL 2018-285M: S&P Affirms B-(sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on six classes of
commercial mortgage pass-through certificates from Natixis
Commercial Mortgage Securities Trust 2018-285M, a U.S. CMBS
transaction.

This U.S. CMBS transaction is backed by a senior portion of a
fixed-rate, interest-only (IO) mortgage whole loan secured by the
borrower's fee interest in an office property located in Midtown
Manhattan's Grand Central submarket.

Rating Actions

S&P said, "The affirmations reflect our reevaluation of the office
property that secures the sole loan in the transaction. Our current
analysis considers that while the sponsor was able to attract new
tenants, bringing the property's occupancy rate to 95.5% (according
to the May 4, 2022, rent roll), the property is in an office
submarket that has continued to experience double-digit vacancy and
availability rates since the start of the pandemic and is exposed
to tenant concentration risk, as the five largest tenants comprise
67.1% of net rentable area (NRA). In addition, the three largest
tenants (58.5% of NRA) have termination rights effective as early
as 2023.

"Our current property-level analysis considers these factors. We
arrived at an assumed 85.3% occupancy rate, $17.8 million
sustainable net cash flow (NCF), and $263.2 million ($515 per sq.
ft.) expected-case value (which is 56.9% lower than the 2017
appraisal value of $610.0 million), unchanged from our last review
in December 2020. This yielded an S&P Global Ratings loan-to-value
(LTV) ratio of 89.3% on the trust balance and 102.6% on the whole
loan balance."

Property-Level Analysis

The property is a 27-story, 511,208-sq.-ft. class B+ office
building with ground floor retail space located at 285 Madison Ave.
in the Grand Central office submarket of Midtown Manhattan. The
property, built in 1926, was owner-occupied by marketing and
communications firm Young & Rubicam Inc. until the property was
sold to the current sponsor, RFR Holding Corp., in 2012. The tenant
vacated in 2013. From 2014 to 2017, RFR spent $75.8 million to
renovate the lobby, common areas, building systems, elevators,
storefronts, and sidewalks and repositioned the vacant building
from single-tenant to multi-tenanted use. The building is LEED
Silver certified and includes amenities such as a gym, bike
storage, shower facilities, landscaped roof terrace, and a private
tenant lounge. At issuance, the sponsor was able to lease up the
building to 85.8% occupancy as of the Nov. 1, 2017, rent roll by
offering significant tenant improvement and free rent incentives.

S&P said, "In our review in December 2020, while the property's
occupancy rate increased to 96.7%, we utilized a 14.0% vacancy rate
assumption to account for the softening office submarket, among
other factors. In addition, at that time, the master servicer
confirmed that the property benefits from an Industrial and
Commercial Abatement Program (ICAP) tax exemption until 2027, which
the sponsor applied for at issuance that exempts the increase in
property value attributable to the sponsor's improvements from
taxes for generally five years, and that the increase in property
assessment would be phased in with 20.0% increments beginning in
the sixth year of the abatement. As a result, while we used the
projected unabated real estate tax figure derived at issuance ($6.6
million compared with the $2.8 million year-end 2019
servicer-reported real estate taxes) in our analysis, we included
the present value of the tax abatement benefits in our overall
value."

The servicer-reported occupancy rate and NCF have been relatively
stable: 88.7% and $21.6 million, respectively, in 2018; 96.7% and
$24.5 million in 2019; 94.4% and $26.2 million in 2020; and 95.5%
and $25.8 million in 2021.

According to the May 4, 2022, rent roll, the property was 95.5%
occupied. The five largest office tenants comprise 67.1% of NRA and
include:

-- PVH Corporation (43.0% of NRA; 40.8% of in place base rent as
calculated by S&P Global Ratings; October 2033 lease expiration).
The tenant has a one-time termination option with respect to the
12th-floor space (8,771 sq. ft., or 1.7% of NRA) effective March
31, 2028, with written notice no later than Dec. 31, 2026, and a
$1.1 million termination fee payment;

-- General Electric Co. (8.7%, 8.4%, August 2032). The tenant has
a one-time termination right on the office space (42,989 sq. ft.,
or 8.4%) on or after Aug. 16, 2027, with 15 months' notice and a
$3.7 million termination fee payment. The tenant may also terminate
the storage space (1,308 sq. ft., or 0.3%) with 120 days' notice
and a termination fee payment equal to the unamortized leasing
commissions with interest at an annual rate of 5.0%;

-- Finastra Technology Inc. (formerly, Misys International Banking
System Inc.; 6.8%, 6.9%, June 2028). The tenant has a one-time
termination option on or after May 1, 2023, with 15 months' notice
and a termination fee payment of $1.8 million for the fourth-floor
space and $1.4 million for the 26th-floor space;

-- Ziff Capital Partners LLC (5.1%, 5.7%, May 2026); and

-- NetApp Inc. (3.6%, 4.0%, March 2027).

The property faces elevated rollover risk in 2026 (6.9% of NRA),
2027 (18.6%), 2028 (6.8%), 2032 (8.7%), and 2033 (43.0%).

According to CoStar, the Grand Central office submarket had
experienced higher vacancy rates in recent years due to increased
remote work as well as new construction in surrounding areas. The
market rent for three-star office properties in the submarket
declined 8.8% in 2020, 4.1% in 2021, and 0.8% as of year-to-date
(YTD) August 2022, while for four- to five-star office properties,
it declined 2.6%, increased 1.3%, and declined 0.2% for the same
period. CoStar noted that the three-star office property submarket
asking rent, vacancy rate, and availability rate as of YTD August
2022 were $57.19 per sq. ft., 15.4%, and 16.6%, respectively, while
for the four- to five-star office property segment, they were
$80.60 per sq. ft., 13.6%, and 18.5%, respectively. CoStar projects
office submarket vacancy rate and asking rent in 2023 to be 16.7%
and $57.32 per sq. ft., respectively, for the three-star properties
and 14.2% and $80.80 per sq. ft. for the four- to five-star
properties. This compares with the subject property's 4.5% vacancy
rate and $69.39 per sq. ft. in place base office rent, according to
the May 2022 rent roll.

S&P said, "Our current property-level analysis reflects the
weakened Grand Central office submarket, elevated tenant rollover
risk, and tenant concentration risk, among other factors, which
resulted in our assumed vacancy rate of 14.7%, average base rent of
$73.12 per sq. ft., as calculated by S&P Global Ratings, and a
40.8% operating expense ratio. This yielded an S&P Global Ratings'
NCF of $17.8 million, unchanged from last review in 2020. Using an
S&P Global Ratings' capitalization rate of 7.25% (unchanged from
last review and at issuance) and adding $17.3 million mainly for
the present value of tax abatement savings and credit tenant rent
steps, we arrived at an expected-case value of $263.2 million or
$515 per sq. ft. (unchanged from last review and at issuance)."
Transaction Summary

This is a U.S. stand-alone (single-borrower) transaction backed by
the senior portion of a five-year, fixed-rate, IO mortgage whole
loan. The loan is secured by the borrower's fee simple interest in
an office property located at 285 Madison Avenue in Manhattan.

The IO mortgage whole loan had an initial and current balance of
$270 million, pays an annual fixed interest rate of 3.85% (3.81%
per annum rate on the senior A note and 4.15% per annum rate on the
subordinate B note), and matures on Nov. 11, 2022. The mortgage
whole loan is split into an in-trust senior A note totaling $235
million (according to the Aug. 17, 2022, trustee remittance report)
and a non-trust subordinate junior B note totaling $35 million. In
addition, there are two mezzanine loans totaling $205 million. To
date, the trust has not incurred any principal losses.

The mortgage whole loan had a reported current payment status
through its August 2022 debt service payment date, and the borrower
did not request COVID-19-related relief. The master servicer,
KeyBank N.A., reported a debt service coverage of 1.12x on the
total debt as of year-end 2021.

The loan transferred to the special servicer, also KeyBank, on
April 14, 2022, due to the borrower's written request for a
maturity extension. According to KeyBank, the borrower believed
that, due to prevailing market conditions, it may need more time to
secure refinancing proceeds and, as a result, had proactively
reached out to discuss extending the loan's November 2022 maturity
date. However, the directing certificate holder was not willing to
approve extending the loan's maturity date at the time, and the
loan was returned to the master servicer on May 24, 2022. While
class F shorted $13,872 due to special servicing fees, according to
the May 17, 2022, trustee remittance report, this amount was
quickly repaid, based on the June 17, 2022, trustee remittance
report. KeyBank stated that any fees and/or expenses associated
with the special servicing transfer were paid by the borrower. It
is our understanding that the borrower is currently working to
refinance the loan. S&P will continue to monitor the borrower's
refinancing efforts and, if there are reported negative changes
beyond what it has already considered, it may revisit its analysis
and adjust its ratings as necessary.

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

  Ratings Affirmed

  Natixis Commercial Mortgage Securities Trust 2018-285M

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



NEUBERGER BERMAN 51: Moody's Assigns (P)B3 Rating to $1MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to three
classes of notes to be issued by Neuberger Berman Loan Advisers CLO
51, Ltd. (the "Issuer" or "NB CLO 51").

Moody's rating action is as follows:

  US$344,800,000 Class A-1 Senior Secured Floating Rate
  Notes due 2035, Assigned (P)Aaa (sf)

  US$20,000,000 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.

NB CLO 51 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, unsecured
loans. We expect the portfolio to be approximately 80% ramped as of
the closing date.

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

In addition to the Rated Notes, the Issuer 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: $570,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2982

Weighted Average Spread (WAS): SOFR + 3.50%

Weighted Average Coupon (WAC): 8.0%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 8.125 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.


OAKTREE CLO 2022-3: S&P Assigns Prelim BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Oaktree CLO
2022-3 Ltd.'s fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Aug. 24,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Oaktree CLO 2022-3 Ltd.

  Class A-1, $95.00 million: AAA (sf)
  Class A-2, $71.00 million: AAA (sf)
  Class A-L, $82.00 million: AAA (sf)
  Class B-1, $48.25 million: AA (sf)
  Class B-2, $7.75 million: AA (sf)
  Class C (deferrable), $21.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $13.00 million: BB- (sf)
  Subordinated notes, $41.50 million: Not rated



OCP CLO 2022-25: S&P Assigned Prelim B- (sf) Rating on F-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OCP CLO
2022-25 Ltd./OCP CLO 2022-25 LLC's floating-rate notes.

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

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

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  OCP CLO 2022-25 Ltd./OCP CLO 2022-25 LLC

  Class A, $217.80 million: AAA (sf)
  Class B, $45.00 million: AA (sf)
  Class C-1 (deferrable, $18.00 million: A+ (sf)
  Class C-2 (deferrable), $9.00 million: A (sf)
  Class D (deferrable), $20.70 million: BBB- (sf)
  Class E-1 (deferrable), $6.30 million: BB+ (sf)
  Class E-2 (deferrable)(i), $4.95 million: BB- (sf)
  Class F-1 (deferrable)(i), $3.15 million: B+ (sf)
  Class F-2 (deferrable)(i), $4.50 million: B- (sf)
  Preference shares $35.50 million: Not rated

(i)Class E-2, F-1, and F-2 are delayed draw tranches and will be
unfunded at closing with maximum notional amounts of $4.95 million,
$3.15 million, and $4.50 million respectively.



OHA CREDIT 13: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to OHA Credit Funding 13
Ltd./OHA Credit Funding 13 LLC's floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Oak Hill Advisors L.P., a subsidiary
of T. Rowe Price.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  OHA Credit Funding 13 Ltd./OHA Credit Funding 13 LLC

  Class A, $242.00 million: Not rated
  Class B, $50.00 million: AA (sf)
  Class C-1 (deferrable), $20.00 million: A+ (sf)
  Class C-2 (deferrable), $10.50 million: A (sf)
  Class D (deferrable), $23.35 million: BBB- (sf)
  Class E (deferrable), $13.00 million: BB- (sf)
  Subordinated notes, $41.15 million: Not rated



VERUS SECURITIZATION 2022-INV1: S&P Assigns B- Rating on B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2022-INV1's mortgage-backed notes.

The note issuance is an RMBS securitization backed by first-lien,
fixed- and adjustable-rate residential mortgage loans, including
mortgage loans with initial interest-only periods, to both prime
and nonprime borrowers. The loans are secured by single-family
residences, planned unit developments, two- to four-family homes,
condominiums, mixed-use properties, and five- to 10-unit
residential properties. The pool consists of 853 business-purpose
investor loans (including 12 cross-collateralized loans) backed by
903 properties that are exempt from qualified mortgage and
ability-to-repay rules.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners; and

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

  Ratings Assigned

  Verus Securitization Trust 2022-INV1

  Class A-1, $218,926,000: AAA (sf)
  Class A-2, $36,813,000: AA (sf)
  Class A-3, $45,187,000: A (sf)
  Class M-1, $32,528,000: BBB- (sf)
  Class B-1, $21,035,000: BB- (sf)
  Class B-2, $16,751,000: B- (sf)
  Class B-3, $18,309,358: Not rated
  Class A-IO-S, $389,549,358(i): Not rated
  Class XS, $389,549,358(i): Not rated
  Class R, not applicable: Not rated

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



WFRBS COMMERCIAL 2013-C13: Moody's Affirms B2 Rating on F Certs
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eleven
classes in WFRBS Commercial Mortgage Trust 2013-C13, Commercial
Mortgage Pass-Through Certificates, Series 2013-C13 as follows:  
           
Cl. A-3, Affirmed Aaa (sf); previously on Jul 6, 2020 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 6, 2020 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jul 6, 2020 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 6, 2020 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa3 (sf); previously on Jul 6, 2020 Affirmed Aa3
(sf)

Cl. C, Affirmed A3 (sf); previously on Jul 6, 2020 Affirmed A3
(sf)

Cl. D, Affirmed Baa3 (sf); previously on Jul 6, 2020 Affirmed Baa3
(sf)

Cl. E, Affirmed Ba2 (sf); previously on Jul 6, 2020 Confirmed at
Ba2 (sf)

Cl. F, Affirmed B2 (sf); previously on Jul 6, 2020 Confirmed at B2
(sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jul 6, 2020 Affirmed Aaa
(sf)

Cl. X-B*, Affirmed A2 (sf); previously on Jul 6, 2020 Affirmed A2
(sf)

*  Reflects interest-only classes

RATINGS RATIONALE

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

The ratings on the IO classes were affirmed based on the credit
quality of the referenced classes.

Moody's rating action reflects a base expected loss of 1.6% of the
current pooled balance, compared to 2.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.2% of the
original pooled balance, compared to 1.7% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the August 15, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 28% to $631.6
million from $877 million at securitization. The certificates are
collateralized by 75 mortgage loans ranging in size from less than
1% to 12.4% of the pool, with the top ten loans (excluding
defeasance) constituting 40.7% of the pool. Ten loans, constituting
4.2% of the pool, have investment-grade structured credit
assessments. Thirty loans, constituting 36% of the pool, have
defeased and are secured by US government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 14, compared to 21 at Moody's last review.

Ten loans, constituting 20% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

There have been no loans liquidated from the pool. Two loans,
constituting 1.7% of the pool, are currently in special servicing.
Both loans are secured by hotels which were heavily impacted by the
coronavirus pandemic. Moody's estimates an aggregate $4.1 million
loss for the specially serviced loans (38% expected loss on
average).

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

Moody's received full year 2021 operating results for 93% of the
pool, and partial year 2022 operating results for 64% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 93%, compared to 87% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 6% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.86X and 1.19X,
respectively, compared to 1.96X and 1.26X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

There are ten loans with structured credit assessments ($26.2
million – 4.2% of the pool) that are secured by multifamily
cooperative properties located in New York.

The top three conduit loans represent 23.7% of the pool balance.
The largest loan is the 301 South College Street Loan ($78.4
million -- 12.4% of the pool), which represents a pari passu
portion of a $161.3 million mortgage loan. The loan is secured by a
988,646 square foot (SF) Class A office tower located in the
central business district of Charlotte, North Carolina. The
property was 99% leased as of March 2020, however, the largest
tenant, Wells Fargo, recently downsized their space significantly.
The tenant previously leased 69% of the net rentable area (NRA) and
the new lease was for only 20% of the NRA, which caused occupancy
to drop to 56% as of June 2022. A reserve is in place that is
trapping excess cash for all terminated space or space being
vacated upon expiration and the current balance is $14.6 million.
According to the July 2021 servicer inspection, a $6 million lobby
renovation is currently underway. After an initial 5-year interest
only period the loan has now amortized 7.8% since securitization.
The loan matures in May 2023 and due to the recent decline in
occupancy may have difficulty refinancing at its maturity date.
Moody's LTV and stressed DSCR are 130% and 0.76X, respectively,
compared to 108% and 1.02X at the last review.

The second largest loan is the General Services Administration
(GSA) Portfolio Loan ($50 million -- 7.9% of the pool). The loan is
secured by 14 cross-collateralized and cross-defaulted office and
flex warehouse buildings totaling approximately 341,000 SF and
located throughout 11 states. The loan sponsor is GSA Realty
Holdings, Inc. The properties are collectively 100% leased to GSA
tenants under 14 long-term leases, with only 28% of the NRA
expiring prior to June 2023. The loan is interest only for its
entire term and Moody's LTV and stressed DSCR are 89% and 1.13X,
respectively, the same as at last review.

The third largest loan is the 825-845 Lincoln Road Loan ($30
million -- 4.7% of the pool). The loan is secured by a 38,843 SF
retail property located in Lincoln Road Mall, an eight-block retail
corridor within walking distance from the Atlantic Ocean and some
of South Beach's high end hotels, including the Ritz-Carlton, The
Delano, and The Shore Club. As of June 2022, the property was 100%
leased to six tenants, including CB2 (15,200 SF, 39% of the NRA),
Urban Outfitters (13,126 SF, 34% of the NRA), and American Eagle
(4,500 SF, 12% of the NRA). The Urban Outfitters space serves as a
flagship store for the retailer and the earliest expiration date
amongst the three largest tenants is in August 2023. Property
performance is improved from securitization due to higher rental
revenues. The loan is interest only for its entire term and Moody's
LTV and stressed DSCR are 71% and 1.26X, the same as at last
review.


[*] Moody's Cuts Ratings on $972,000 US RMBS Issued 2002-2005
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 2 bonds
from 2 US residential mortgage backed transactions (RMBS), backed
by second lien mortgages and manufactured housing loans issued by
multiple issuers.

A list of the Affected Credit Ratings is available at
https://bit.ly/3q1fJBb

Complete rating actions are as follows:

Issuer: OMI Trust 2002-A

Cl. A-3, Downgraded to Ba1 (sf); previously on May 28, 2020
Downgraded to Baa2 (sf)

Issuer: RFMSII Home Equity Loan Trust 2005-HS2

Cl. A-I-3, Downgraded to B3 (sf); previously on Oct 7, 2015
Upgraded to B1 (sf)

Underlying Rating: Downgraded to B3 (sf); previously on Oct 7, 2015
Upgraded to B1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured
Rating Withdrawn Mar 25, 2009)

RATINGS RATIONALE

The rating downgrades for Class A-3 from OMI Trust 2002-A and for
Class A-I-3 from RFMSII Home Equity Loan Trust 2005-HS2 reflect the
heightened likelihood that these tranches may not be paid in full
prior to their final scheduled distribution dates in May 2024 and
July 2024, respectively. The rating actions also reflect the recent
performance as well as Moody's updated loss expectations on the
underlying pools.

Principal Methodologies

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in July 2022.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings of the subordinate bonds up. Losses could decline from
Moody's original expectations as a result of a lower number of
obligor defaults or appreciation in the value of the mortgaged
property securing an obligor's promise of payment. Transaction
performance also depends greatly on the US macro economy and
housing market.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down. Losses could rise above Moody's expectations as a
result of a higher number of obligor defaults or deterioration in
the value of the mortgaged property securing an obligor's promise
of payment. Transaction performance also depends greatly on the US
macro economy and housing market. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud.


[*] S&P Takes Various Actions on 212 Classes from 16 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 212 classes from 16 U.S.
RMBS transactions issued between 2018 and 2021. The review yielded
63 upgrades, 143 affirmations, three discontinuances, and three
withdrawals.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3PXTgj3

S&P said, "For each transaction, we performed credit analysis using
updated loan-level information from which we determined foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. In addition, we used the same mortgage
operational assessment, representation and warranty, and due
diligence factors that were applied at issuance. Our geographic
concentration and prior-credit-event adjustment factors were based
on the transactions' current pool composition."

The upgrades primarily reflect deleveraging, as each respective
transaction benefits from low or zero accumulated losses to date,
and a growing percentage of credit support to the rated classes. In
addition, delinquency levels have generally been declining in the
reviewed transactions, in part due to borrowers exiting
COVID-19-related forbearance plans via deferrals and/or loan
modifications or completing their repayment plans.

S&P said, "The affirmations reflect our view that the projected
collateral performance relative to our projected credit support on
these classes remains relatively consistent with our prior
projections.

"We discontinued our ratings on three classes from Galton Funding
Mortgage Trust 2019-1 as the classes were paid in full.
Additionally, as a result, we applied our interest-only criteria,
"Global Methodology For Rating Interest-Only Securities" published
April 15, 2010, which resulted in withdrawing three ratings from
the same transaction."

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 the application of our criteria. These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes." Some of these considerations include:

-- Collateral performance or delinquency trends;
-- Priority of principal payments;
-- Priority of loss allocation;
-- Available subordination and/or credit enhancement floors;
-- Large balance loan exposure/tail risk; and
-- Historical Interest shortfalls or missed interest payments



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