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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 18, 2022, Vol. 26, No. 260

                            Headlines

AIMCO CLO 18: S&P Assigns BB- (sf) Rating on Class E Notes
AMSR 2022-SFR3: DBRS Finalizes BB(low) Rating on Class F Certs
ARIVO ACCEPTANCE 2019-1: DBRS Confirms BB(high) Rating on C Trusts
BARCLAYS MORTGAGE 2022-NQM1: Fitch Assigns Bsf Rating to B2 Certs
BBCMS 2020-BID: DBRS Confirms BB Rating on Class HRR Certs

BBCMS TRUST 2018-CBM: DBRS Confirms B(high) Rating on Cl. F Certs
BENCHMARK 2019-B12: DBRS Confirms B(high) Rating on G-RR Certs
BENCHMARK 2022-B36: DBRS Finalizes B Rating on Class X-J Notes
BLACKROCK MAROON XI: S&P Assigns BB- (sf) Rating on Cl. E Notes
BRAEMAR HOTELS 2018-PRME: DBRS Confirms BB Rating on E Certs

BRAVO RESIDENTIAL: Fitch Gives Bsf Rating to Class B-2 Notes
BX TRUST 2021-SDMF: DBRS Confirms B(low) Rating on Class G Certs
CARLYLE US 2022-4: Fitch Assigns BB-sf Rating to Class E Debt
CARVANA AUTO 2022-P3: S&P Assigns BB+ (sf) Rating on Class N Notes
CHNGE MORTGAGE 2022-NQM1: DBRS Finalizes B(high) on B-2 Certs

CITIGROUP 2022-RP4: Fitch Assigns Bsf Rating to Class B-2 Debt
CITIGROUP COMMERCIAL 2017-P8: S&P Affirms 'BB-' Rating on E Notes
COMM 2012-CCRE1: Fitch Cuts Rating on Class G Certs to Csf
COMM 2013-CCRE7: DBRS Lowers Class G Certs Rating to CCC
COMM 2014-UBS6: DBRS Confirms C Rating on Class G Certs

COMM 2017-PANW: Fitch Affirms BBsf Rating on Class E Certs
CSAIL 2015-C4: DBRS Confirms B Rating on Class X-G Certs
CSMC 2016-NXSR: Fitch Affirms CCsf Rating on 4 Tranches
FLAGSHIP CREDIT 2019-3: S&P Affirms BB+(sf) Rating on Cl. E Notes
FORTRESS CREDIT XIX: S&P Assigns BB- (sf) Rating on Class E Notes

FREDDIE MAC 2022-DNA6: S&P Assigns Prelim BB- Rating on M2 Notes
FRTKL 2021-SFR1: DBRS Confirms BB Rating on Class F Certs
FS RIALTO 2022-FL6: DBRS Finalizes B(low) Rating on Class G Notes
GS MORTGAGE 2014-GC18: Moody's Affirms B1 Rating on Cl. PEZ Certs
GS MORTGAGE 2021-IP: DBRS Confirms BB Rating on Class F Certs

HOUSTON GALLERIA 2015-HGLR: DBRS Confirms BB Rating on E Certs
JP MORGAN 2018-ASH8: DBRS Confirms B(low) Rating on Class F Certs
JPMCC 2015-JP1: Fitch Lowers Rating on Class G Certs to CCsf
KESTREL AIRCRAFT: Fitch Affirms 'BB' Rating on Class B Notes
LEASE INVESTMENT 2001-1: S&P Withdraws 'CC' Rating on A-1 Notes

MERRILL LYNCH 2008-C1: Fitch Affirms Dsf Rating on 9 Tranches
MFA 2022-NQM3: S&P Assigns Prelim B (sf) Rating on B (sf) Certs
MORGAN STANLEY 2015-C27: DBRS Confirms B Rating on 2 Classes
MORGAN STANLEY 2022-18: Fitch Gives BB-(EXP) Rating on E Debt
MOUNTAIN VIEW 2014-1: S&P Lowers Cl. F Certs Rating to 'CCC-(sf)'

MSBAM 2017-C34: Fitch Lowers Rating on 2 Tranches to CCsf
MSJP COMMERCIAL 2015-HAUL: Fitch Hikes Cl. E Debt Rating From BB
OAKTREE CLO 2022-3: S&P Affirms BB- (sf) Rating on Class E Notes
OCP CLO 2022-25: S&P Assigns B- (sf) Rating on Class F-2 Notes
OCTAGON 60: Fitch Assigns BB-(EXP) Rating to Class E Debt

PARK BLUE 2022-I: Fitch Assigns BBsf Rating on Class E Debt
PRKCM 2022-AFC2: S&P Assigns Prelim B (sf) Rating on B-2 Notes
PROVIDENT FUNDING 2020-1: Moody's Ups Cl. B-5 Bonds Rating to Ba1
RAD CLO 16: Fitch Assigns BB-sf Rating on Class E Debt
RADNOR RE 2022-1: Moody's Assigns (P)B1 Rating to Cl. M-1B Notes

RR 23: Fitch Assigns BB+sf Rating to Class D Debt
SDART 2021-4: Moody's Ups Rating on Cl. E Notes to Ba1
TIMES SQUARE 2018-20TS: DBRS Confirms B(low) Rating on 2 Classes
TOWD POINT 2022-3: Fitch Assigns B-sf Rating to Class B2 Debt
TRYSAIL CLO 2022-1: S&P Assigns Prelim BB- (sf) Rating on E Notes

UBS COMMERCIAL 2017-C4: Fitch Affirms B-sf Rating on 2 Tranches
UBS COMMERCIAL 2017-C5: Fitch Affirms B- Rating on G-RR Debt
UBS-BARCLAYS 2013-C6: Fitch Cuts Rating on Class F Certs to Csf
VOYA CLO: Fitch Assigns BB-sf Rating to Class E Debt
WELLS FARGO 2018-C47: Fitch Affirms B-sf Rating to Cl. H-RR Certs

WFRBS 2012-C7: Fitch Cuts Ratings on 2 Tranches to 'Dsf'
[*] DBRS Reviews 377 Classes from 37 US RMBS Transactions
[*] DBRS Reviews 765 Classes from 19 US RMBS Transactions
[*] S&P Takes Various Actions on 60 Classes From 12 U.S. RMBS Deals

                            *********

AIMCO CLO 18: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  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



AMSR 2022-SFR3: DBRS Finalizes BB(low) Rating on Class F Certs
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Single-Family
Rental Pass-Through Certificates issued by AMSR 2022-SFR3 Trust
(AMSR 2022-SFR3):

-- $278.9 million Class A at AAA (sf)
-- $81.9 million Class B at AAA (sf)
-- $37.1 million Class C at AA (sf)
-- $48.8 million Class D at A (sf)
-- $48.8 million Class E-1 at BBB (high) (sf)
-- $39.0 million Class E-2 at BBB (low) (sf)
-- $64.4 million Class F at BB (low) (sf)

The AAA (sf) rating on the Class A Certificate reflects 57.4% of
credit enhancement provided by subordinated notes in the pool. The
AAA (sf), AA (sf), A (sf), BBB (high) (sf), BBB (low) (sf), and BB
(low) (sf) ratings reflect 44.9%, 39.3%, 31.9%, 24.4%, and 18.5%
credit enhancement, respectively.

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

The AMSR 2022-SFR3 certificates are supported by the income streams
and values from 2,701 rental properties. The properties are
distributed across 15 states and 41 metropolitan statistical areas
(MSAs) in the United States. DBRS Morningstar maps an MSA based on
the ZIP code provided in the data tape, which may result in
different MSA stratifications than those provided in offering
documents. As measured by broker price opinion (BPO) value, 46.8%
of the portfolio is concentrated in three states: North Carolina
(19.4%), Florida (14.4%), and Texas (13.0%). The average value is
$288,849. The average age of the properties is roughly 35 years.
The majority of the properties have three or more bedrooms. The
certificates represent a beneficial ownership in an approximately
five-year, fixed-rate, interest-only (IO) loan with an initial
aggregate principal balance of approximately $655.4 million.

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

Furthermore, DBRS Morningstar reviewed the third-party participants
in the transaction, including the property manager, servicer, and
special servicer. These transaction parties are acceptable to DBRS
Morningstar. DBRS Morningstar also conducted a legal review and
found no material rating concerns.

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



ARIVO ACCEPTANCE 2019-1: DBRS Confirms BB(high) Rating on C Trusts
------------------------------------------------------------------
DBRS, Inc. upgraded three ratings and confirmed eight ratings from
three Arivo Acceptance Auto Loan Receivables Trust transactions.

Arivo Acceptance Auto Loan Receivables Trust 2019-1

-- Class A AAA (sf) Confirmed
-- Class B AAA (sf) Upgraded
-- Class C BB (high) (sf) Confirmed

Arivo Acceptance Auto Loan Receivables Trust 2021-1

-- Class A AA (sf) Upgraded
-- Class B BBB (high) (sf) Upgraded
-- Class C BB (sf) Confirmed
-- Class D B (sf) Confirmed

Arivo Acceptance Auto Loan Receivables Trust 2022-1

-- Class A AA (sf) Confirmed
-- Class B A (sf) Confirmed
-- Class C BBB (sf) Confirmed
-- Class D BB (sf) Confirmed

The rating actions are based on the following analytical
considerations:

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

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

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

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

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



BARCLAYS MORTGAGE 2022-NQM1: Fitch Assigns Bsf Rating to B2 Certs
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by Barclays Mortgage Loan
Trust 2022-NQM1 (BARC 2022-NQM1).

RATING ACTIONS

BARC 2022-NQM1

        Rating             Prior
        ------             -----         
A1   LT AAAsf  New Rating  AAA(EXP)sf
A2   LT AAsf   New Rating  AA(EXP)sf
A3   LT Asf    New Rating  A(EXP)sf
AIOS LT NRsf   New Rating  NR(EXP)sf
B1   LT BBsf   New Rating  BB(EXP)sf
B2   LT Bsf    New Rating  B(EXP)sf
B3   LT NRsf   New Rating  NR(EXP)sf
M1   LT BBBsf  New Rating  BBB(EXP)sf
X    LT NRsf   New Rating  NR(EXP)sf

TRANSACTION SUMMARY

The certificates are supported by 718 nonprime loans with a total
balance of approximately $255.3 million as of the cutoff date.

Loans in the pool were primarily originated by Carrington Mortgage
Services, LLC or acquired by Invigorate Finance, LLC. Loans were
aggregated by Barclays Bank PLC. Loans are currently serviced by
Carrington Mortgage Services, LLC or Fay Servicing, LLC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.5% above a long-term sustainable level (versus
11.0% on a national level as of Q1 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 19.7% yoy
nationally as of May 2022.

Non-QM Credit Quality (Negative): The collateral consists of 718
loans, totaling $255.3 million and seasoned approximately eight
months in aggregate. The borrowers have a moderate credit profile -
728 Fitch model FICO and 44.7% model debt-to-income ratio (DTI),
which takes into account Fitch's converted debt service coverage
ratio (DSCR) values and leverage, 72.2% sustainable loan-to-value
ratio (sLTV) and 68.8% combined LTV (cLTV). The pool consists of
47.6% of loans where the borrower maintains a primary residence,
while 51.2% comprise an investor property. Additionally, 48% are
nonqualified mortgage (non-QM); the QM rule does not apply to the
remainder.

Fitch's expected loss in the 'AAAsf' stress is 25.25%. This is
mostly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Approximately 93% of the loans in
the pool were underwritten to less than full documentation, and 38%
were underwritten to a bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program.

A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the Consumer Financial Protections Bureau's (CFPB)
Ability to Repay (ATR) Rule (ATR Rule, or the Rule), which reduces
the risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigor
of the Rule's mandates with respect to the underwriting and
documentation of the borrower's ATR.

Fitch's treatment of alternative loan documentation increased the
'AAAsf' expected loss by 725 bps relative to a fully documented
loan.

High Percentage of DSCR Loans (Negative): There are 404 DSCR
products in the pool (56% by loan count). These business purpose
loans are available to real estate investors that are qualified on
a cash flow basis, rather than DTI, and borrower income and
employment are not verified. Compared with standard investment
properties, for DSCR loans, Fitch converts the DSCR values to a DTI
and treats them as low documentation.

Fitch's expected loss for these loans is 33.1% in the 'AAAsf'
stress, which is driving the higher pool expected losses due to the
49.3% WA concentration.

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

Advances of delinquent principal and interest (P&I) will be made on
the mortgage loans for the first 90 days of delinquency, to the
extent such advances are deemed recoverable. If the P&I advancing
party fails to make a required advance, the master servicer and
then paying agent will be obligated to make such advance.

The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside to this is the additional stress
on the structure, as there is limited liquidity in the event of
large and extended delinquencies.

BARC 2022-NQM1 has a step-up coupon for the senior classes (A-1,
A-2 and A-3). After four years, the senior classes pay the lesser
of a 100-bp increase to the fixed coupon or the net weighted
average coupon (WAC) rate. Fitch expects the senior classes to be
capped by the net WAC. Additionally, after the step-up date, the
unrated class B-3 interest allocation goes toward the senior cap
carryover amount for as long as the senior classes are outstanding.
This increases the P&I allocation for the senior classes.

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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


BBCMS 2020-BID: DBRS Confirms BB Rating on Class HRR Certs
----------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-BID issued by BBCMS
2020-BID Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations. The underlying mortgage loan for the subject
transaction is collateralized by the borrower's fee-simple interest
in a 506,000 square foot Class A office building on the Upper East
Side of Manhattan. According to the May 2022 rent roll, the
building remains 100% leased to Sotheby's, one of the world's
largest auction houses, and has served as the company's global
headquarters since 1980. The tenant is an affiliate of the
borrower, which is indirectly owned by BidFair USA, Inc. The
building benefits from the long-term tenancy of Sotheby's, which
executed a new 15-year triple net lease with three 10-year
extension options in concurrence with the closing of the mortgage
loan. In addition to having been at the property for more than 40
years, Sotheby's has reportedly invested more than $50 million in
its space in 2018–19 alone. At closing, DBRS Morningstar noted
that the subject property is well positioned to take advantage of
captive demand from a cluster of major medical office space users
including New York-Presbyterian/Weill Cornell Medical Center and
the Hospital for Special Surgery in the unanticipated event that
Sotheby's space needs change, as the subject is well located in the
area of Manhattan known as "Hospital Row."

The trust loan of $423.5 million along with $60.0 million of
mezzanine debt (held outside of the trust) and $10.7 million of
borrower equity refinanced existing debt and funded reserves at
issuance. The interest-only (IO) loan has a floating interest rate
and was structured with an initial two-year term with three
one-year extension options. As of the August 2022 remittance
report, the loan is on the servicer's watchlist for the upcoming
initial maturity in October 2022. The borrower was contacted for an
update and a response is currently pending. Based on the YE2021
financials, the loan reported a net cash flow (NCF) of $41.5
million and a debt service coverage ratio of 2.48 times on the
senior debt, compared with the YE2020 NCF of $33.0 million and the
DBRS Morningstar NCF of $33.8 million at issuance.

Based on the issuance appraised value of $830.0 million, the loan
has a relatively low loan-to-value ratio of 51.0% on the senior
debt, with the property benefiting from a substantial floor value
based on its desirable location on the Upper East Side. The
appraiser's concluded land value was approximately $485 million, or
at least $1,100 per square foot, which covers the entire whole loan
balance, including the $60 million mezzanine loan, and provides
additional downside protection.

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



BBCMS TRUST 2018-CBM: DBRS Confirms B(high) Rating on Cl. F Certs
-----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-CBM issued by BBCMS Trust
2018-CBM (the Issuer) as follows:

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

With this review, DBRS Morningstar changed the trends on Classes E
and F to Stable from Negative. All other trends are Stable. The
confirmations and Stable trends reflect the overall improved
performance of the underlying collateral for the hotel portfolio
loan that backs this transaction, which has shown steady recovery
from the Coronavirus Disease (COVID-19) pandemic.

The $415.0 million floating-rate mortgage loan that is part of the
transaction is backed by a portfolio of 30 Courtyard by Marriott
select-service hotels. Additional financing includes two mezzanine
loans totaling $135.0 million, which are both held outside the
trust. The mortgage loan had an initial two-year term with five
one-year extension options and is interest only throughout the
fully extended loan term. As of the August 2022 remittance, all 30
of the original properties remain in the pool, with no paydowns to
any of the classes to date. The portfolio is geographically
diverse, with hotels in 23 metropolitan statistical areas across 15
states. California accounts for the largest percentage of the pool,
at 29.8% by allocated loan amount, followed by 10.8% in Michigan,
and 9.6% in Florida. No property represents more than 6.6% of the
total allocated loan amount.

The loan was in special servicing beginning in 2020 and was
ultimately resolved when a new borrower assumed the loan and came
to terms with the special servicer on a pandemic relief package.
According to the August 2022 reporting, the loan was included on
the servicer's watchlist report because of the missed July 2022
maturity date. However, the loan remains current, and the servicer
commentary noted the borrower intends to exercise its third
one-year extension option. The reporting shows a nominal
outstanding interest shortfall on Class F, in the amount of
$2,961.48. The servicer attributed the shortfall to Libor-related
work dating back to January and April 2021. The amount has remained
static over the last 12 months, and the figure remains very small
in comparison with the size of the bond in question.

DBRS Morningstar also notes the original loan sponsor, Colony
Capital, Inc., transferred 100% of its interests in the borrowers
to a joint venture (JV) between Highgate Capital Investments, L.P.
and Cerberus Real Estate Capital Management, LLC in March 2021. As
part of the transfer, the guarantor changed to CRE Credit Holdco
II, LP from Colony Capital Operating Company, LLC. The transfer was
part of a larger sale of six select-service hotel portfolios that
Colony agreed to sell to the JV between Highgate and Cerberus. The
sale included 197 properties, which were reportedly valued at more
than $2.7 billion, for an aggregate sale price of $67.5 million and
the assumption of the $2.7 billion outstanding mortgage debt on all
197 properties. There was no breakdown provided of the sale price
by portfolio, or ultimately by individual asset in the
transaction.

The servicer provided STR reports as of April 2022 for all 30
collateral properties. The trailing 12-month (T-12) ended April 30,
2022, average occupancy, average daily rate (ADR), and revenue per
available room (RevPAR) were 60.7%, $118.69, and $72.48,
respectively. The aggregate figures for the portfolio have all been
rising but still remain below the servicer's pre-pandemic YE2019
occupancy rate, ADR, and RevPAR of 68.6%, $133.14, and $91.68,
respectively, and the Issuer's figures of 73.5%, $134.64, and
$99.70, respectively. The servicer reported a consolidated
portfolio net cash flow (NCF) as of YE2021 of $12.8 million,
compared with a NCF of $49.8 million at issuance and a NCF of $51.0
million as of YE2019. The T-12 ended March 31, 2022, financial
reporting indicated further improvement in NCF, which increased to
$20.1 million. While still below the pre-pandemic figures, NCF is
climbing from the YE2020 low of -$9.4 million. Additionally,
despite the decline in performance from pre-pandemic figures,
relative to the competitive sets, RevPAR penetration rates have
remained more than 100% including for the T-12 ended April 30,
2022, indicating that the properties are well positioned within
their respective markets.

DBRS Morningstar's rating on Class C had a variance that was
generally lower than the results implied by LTV Sizing Benchmarks,
which were based on a baseline valuation scenario. Given the low
in-place cash flows and uncertain timeline for the collateral
hotels' stabilization, the variances were warranted.

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



BENCHMARK 2019-B12: DBRS Confirms B(high) Rating on G-RR Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-B12 issued by Benchmark
2019-B12 Commercial Mortgage Trust as follows:

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

DBRS Morningstar changed the trends on Classes F-RR and G-RR to
Stable from Negative. All other trends remain Stable.

The trend changes primarily reflect the successful loan resolution
of the largest specially serviced loan, Greenleaf at Howell
(Prospectus ID#34), which was repaid in full with the August 2022
reporting. Only one loan, Hampton Inn Terre Haute (Prospectus
ID#38, 0.7% of the pool), remains in special servicing, which DBRS
Morningstar anticipates will incur a relatively minor loss of
approximately $3.0 million upon resolution. The rating
confirmations and Stable trends reflect the overall performance of
the pool and improving performance of the underlying collateral as
pressure from the initial phases of the Coronavirus Disease
(COVID-19) pandemic continues to ease.

As of the August 2022 remittance, 44 of the original 47 loans
remained in the trust with an aggregate principal balance of $1.15
billion, reflecting a collateral reduction of 2.7% since issuance
as a result of loan repayment and scheduled loan amortization. At
issuance, DBRS Morningstar assigned an investment-grade shadow
rating on 3 Columbus Circle (Prospectus ID#8, 4.3% of the pool).
With this review, DBRS Morningstar confirms that the performance of
this loan remains consistent with investment-grade
characteristics.

While there are 19 loans (36.5% of the pool) on the servicer's
watchlist for a variety of reasons, including cash flow declines,
occupancy concerns, and deferred maintenance, many of these loans
are being monitored following pandemic-related forbearance requests
and are beginning to show signs of recovery. Nine of the loans
(18.1% of the pool) on the watchlist are secured by retail or hotel
properties, which were the most acutely affected by the pandemic.
Five loans (4.7% of the pool) on the watchlist are secured by
office properties, three of which, Oakbrook Terrace (Prospectus
ID#20, 1.6% of the pool), Lakeside Plaza (Prospectus ID#30, 1.2% of
the pool), and Houston Building (Prospectus ID#41, 0.5% of the
pool), have reported cash flow declines in excess of 30% since
issuance as a result of recent declines in occupancy.

The largest loan on the watchlist is Woodlands Mall (Prospectus
ID#2, 6.6% of the pool), which is secured by a super-regional mall
in the Houston metro area. The loan is on the watchlist for a
trigger event related to a debt service coverage ratio (DSCR)
decline that was driven by lower revenues reported for 2020 and
2021. As of Q1 2022 reporting, occupancy remains stable at 95.1%,
and the loan reported a trailing three-month ended March 31, 2022,
DSCR of 2.21 times (x).

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



BENCHMARK 2022-B36: DBRS Finalizes B Rating on Class X-J Notes
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes to be issued by Benchmark 2022-B36 Mortgage Trust
(BMARK 2022-B36):

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

All trends are Stable.

Classes X-D, X-F, X-G, X-H, X-J, X-K, D, E, F, G, H, J, and K will
be privately placed.

Classes X-A, X-B, X-D, X-F, X-G, X-H, and X-J are interest-only
(IO) certificates that reference a single rated tranche or multiple
rated tranches. The IO rating mirrors the lowest-rated applicable
reference obligation tranche adjusted upward by one notch if senior
in the waterfall.

The collateral consists of 31 fixed-rate loans secured by 69
commercial and multifamily properties with an aggregate cut-off
date balance of $753.8 million. One loan (Yorkshire & Lexington
Towers), representing 8.8% of the pool, is shadow-rated investment
grade by DBRS Morningstar. The conduit pool was analyzed to
determine the provisional ratings, reflecting the long-term
probability of loan default within the term and its liquidity at
maturity. When the cut-off balances were measured against the DBRS
Morningstar net cash flow and their respective actual constants,
the initial DBRS Morningstar weighted-average (WA) debt service
coverage ratio (DSCR) of the pool was 1.71 times (x). The WA DBRS
Morningstar Issuance loan-to-value ratio (LTV) of the pool was
52.7%, and the pool is scheduled to amortize to a WA DBRS
Morningstar Balloon LTV of 52.5% at maturity. These credit metrics
are based on the A-note balances. Excluding the shadow-rated loans,
the deal still exhibits a favorable WA DBRS Morningstar Issuance
LTV of 54.6% and WA DBRS Morningstar Balloon LTV of 54.4%. In
addition, the pool features only one loan, representing 1.1% of the
allocated pool balance, that exhibits a DBRS Morningstar Issuance
LTV in excess of 67.1%, a threshold generally indicative of
above-average default frequency. The transaction has a
sequential-pay pass-through structure.

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



BLACKROCK MAROON XI: S&P Assigns BB- (sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Blackrock Maroon Bells
CLO XI LLC's fixed- and floating-rate debt.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by BlackRock Capital Investment Advisors LLC.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Blackrock Maroon Bells CLO XI LLC

  Class X(i), $17.50 million: AAA (sf)
  Class A-1, $131.75 million: AAA (sf)
  Class A-L, $40.00 million: AAA (sf)
  Class A-F, $26.00 million: AAA (sf)
  Class B-1, $27.00 million: AA (sf)
  Class B-F, $8.00 million: AA (sf)
  Class C (deferrable), $32.38 million: A- (sf)
  Class D (deferrable), $19.25 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Variable dividend notes, $53.70 million: Not rated

(i)The class X notes are expected to be paid down using interest
proceeds during the first 16 payment dates in equal installments of
$1.09 million.



BRAEMAR HOTELS 2018-PRME: DBRS Confirms BB Rating on E Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-PRME issued by Braemar
Hotels & Resorts Trust 2018-PRME as follows:

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

DBRS Morningstar changed the trends on Classes E and F to Stable
from Negative. All remaining classes have Stable trends. The rating
confirmations and trend changes reflect the underlying collateral's
overall improvement in performance as it continues to recover from
the effects of the Coronavirus Disease (COVID-19) pandemic.

The subject portfolio is secured by four full-service hotels,
managed under two different brands and three different flags in
four different cities: Seattle (361 keys; 31.0% of the allocated
loan amount), San Francisco (410 keys; 26.7% of the allocated loan
amount), Chicago (415 keys; 22.9% of the allocated loan amount),
and Philadelphia (499 keys; 19.4% of the allocated loan amount).
The sponsor for this loan is Braemar Hotels & Resorts, formerly
known as Ashford Hospitality Prime, which is a publicly traded real
estate investment trust that was spun off from the larger Ashford
Hospitality Trust.

The portfolio has a combined room count of 1,685 keys with
management provided by Marriott International (Marriott) and
AccorHotel Group. The portfolio operates under three flags:
Courtyard by Marriott (two hotels; 46.2% of the total loan amount),
Marriott (one hotel; 31.0% of the total loan amount), and Sofitel
(one hotel; 22.9% of the total loan amount). Each property was
renovated within two years prior to issuance and in 2019, the two
Courtyard by Marriott hotels underwent major renovations that
converted them to the Autograph Collection, one of Marriott's
luxury brands.

According to the August 2022 operating statement analysis report
(OSAR), the portfolio reported a trailing 12-month (T-12) ended
March 31, 2022, consolidated occupancy rate of 53.8%; average daily
rate (ADR) of $198.17, and revenue per available room (RevPAR) of
$107.15. In comparison, the portfolio reported YE2021 and YE2020
occupancy, ADR, and RevPAR metrics of 44.2%, $193.44, and $85.81;
and 23.2%, $189.89, and $44.07, respectively. According to the May
2022 STR report, both the Seattle hotel and the San Francisco hotel
reported RevPAR penetration rates greater than 100% for the T-12
period. The Chicago hotel and Philadelphia hotel, reported RevPAR
penetration rates less than 100%, and although overall performance
has improved in recent months, both properties are recovering at a
slow pace. On an aggregate basis, the portfolio reported net cash
flow (NCF) of $252,500 for the T-12 ended March 31, 2022,
period—the first positive figure since YE2020 when NCF was
reported at -$13.9 million.

Prior to the pandemic, the portfolio performed relatively well,
with a YE2019 occupancy, ADR, and RevPAR of 81.9%, $242.44, and
$200.78, respectively. While the underlying collateral has yet to
recover to its pre-pandemic or issuance levels, it is noteworthy
that overall performance has been trending upward since YE2020. In
addition to the loan benefitting from strong sponsorship through
Braemar Hotels & Resorts, the current unpaid principal balance of
$370 million is considerably lower than the DBRS Morningstar value
of $422.7 million, which in itself is 61.1% lower than the issuance
appraised value of $692.0 million.

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



BRAVO RESIDENTIAL: Fitch Gives Bsf Rating to Class B-2 Notes
------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed notes to be issued by BRAVO Residential Funding
Trust 2022-NQM3 (BRAVO 2022-NQM3).

RATING ACTIONS

        Rating             Prior
        ------             -----
BRAVO 2022-NQM3

A-1  LT AAAsf  New Rating  AAA(EXP)sf  
A-2  LT AAsf   New Rating  AA(EXP)sf
A-3  LT Asf    New Rating  A(EXP)sf
AIOS LT NRsf   New Rating  NR(EXP)sf
B-1  LT BBsf   New Rating  BB(EXP)sf
B-2  LT Bsf    New Rating  B(EXP)sf
B-3  LT NRsf   New Rating  NR(EXP)sf
FB   LT NRsf   New Rating  NR(EXP)sf
M-1  LT BBBsf  New Rating  BBB(EXP)sf
R    LT NRsf   New Rating  NR(EXP)sf
SA   LT NRsf   New Rating  NR(EXP)sf
XS   LT NRsf   New Rating  NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 920 loans with a total interest-bearing
balance of approximately $387 million as of the cutoff date. There
is also roughly 879,000 of non-interest-bearing deferred amounts
whose payments or losses will be used solely to pay down or write
off the class FB notes.

Loans in the pool were originated by multiple originators. The
loans are serviced by Acra Lending, Rushmore Loan Management
Services LLC, and AmWest Funding Corp.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.3% above a long-term sustainable level (versus
11.0% on a national level). Underlying fundamentals are not keeping
pace with the growth in prices, which is a result of a
supply/demand imbalance driven by low inventory, low mortgage rates
and new buyers entering the market. These trends have led to
significant home price increases over the past year, with home
prices rising 19.8% yoy nationally as of May 2022.

Non-QM Credit Quality (Negative): The collateral consists of 920
loans totaling $387 million and seasoned approximately 19 months in
aggregate, calculated as the difference between the origination
date and the cutoff date. The borrowers have a moderate credit
profile with a 715 model FICO and a 48% debt-to-income ratio (DTI),
which includes mapping for debt service coverage ratio (DSCR)
loans. Borrower leverage is low, as evidenced by a 68% sustainable
loan to value ratio (sLTV).

The pool comprises 58% of loans treated as owner-occupied, while
42% were treated as an investor property or second home (includes
loans to Foreign Nationals or loans where the residency status was
not provided). Of the loans, 55.1% are designated as a nonqualified
mortgage (non-QM) loan; while the Ability to Repay Rule (ATR) does
not apply for 42%. Lastly, 2.3% of the loans are 30 days'
delinquent as of the cutoff date, while 10.1 are current but have
experienced a delinquency within the past 24 months.

Loan Documentation (Negative): Approximately 87% of the pool were
underwritten to less than full documentation, and 39.3% were
underwritten to a 12-month or 24-month bank statement program for
verifying income, which is not consistent with Appendix Q standards
and Fitch's view of a full documentation program. A key distinction
between this pool and legacy Alt-A loans is that these loans adhere
to underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB) ATR, which reduces
the risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigors
of the ATR mandates regarding the underwriting and documentation of
the borrower's ability to repay.

Additionally, 35% comprise a DSCR or property cash flow-focused
product, 2.2% are a Written Verification of Employment (WVOE)
product and the remaining is a mix of other alternative
documentation products. Separately, 35 loans were originated to
foreign nationals.

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

No P&I Advancing (Mixed): The deal is structured without servicer
advances for delinquent P&I. The lack of advancing reduces loss
severities, as there is a lower amount repaid to the servicer when
a loan liquidates and liquidation proceeds are prioritized to cover
principal repayment over accrued but unpaid interest. The downside
to this is the additional stress on the structure side, as there is
limited liquidity in the event of large and extended
delinquencies.

Excess Cash Flow (Positive): The transaction benefits from excess
cash flow that provides benefit to the rated notes before being
paid out to class XS notes, although to a much smaller extent than
seen in prior vintages. The excess is available to pay timely
interest and protect against realized losses.

As a sensitivity to Fitch's rating stresses, Fitch took into
account a WAC deterioration that varied by rating stress. The WAC
cut was derived by assuming a 2.5% cut (based on the most common
historical modification rate) on 40% (historical Alt-A modification
percentage) of the performing loans. Although the WAC reduction
stress is based on historical modification rates, Fitch did not
include the WAC reduction stress in its testing of the delinquency
trigger.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 41.7% 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 credit, compliance and
property valuation review. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment(s)
to its analysis:

-- A 5% PD credit was applied at the loan level for all loans
    graded either 'A' or 'B';

-- Fitch lowered its loss expectations by approximately 32bps as
    a result of the diligence review.



BX TRUST 2021-SDMF: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed all classes of BX Trust Commercial Mortgage
Pass-Through Certificates, Series 2021-SDMF as follows:

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

All trends are Stable.

The rating confirmations reflect the stable performance of the
underlying collateral, which has remained in line with DBRS
Morningstar expectations at issuance. The interest-only $800.0
million floating-rate loan is secured by the borrower's fee-simple
interest in 32 multifamily properties, totalling 4,202 units
throughout various submarkets of the greater San Diego area. The
properties are predominantly traditional, garden-style apartment
communities with the exception of one age-restricted property,
which consists of 130 units and at issuance accounted for 2.2% of
the allocated loan amount (ALA). No major renovations have occurred
at the subject properties in recent years; however, approximately
$9.7 million ($2,300 per unit) of capital expenditures was invested
in the properties between 2018 and 2020. At issuance, it was noted
that the sponsor planned to renovate a number of the properties
after closing, but the cost will be funded out of pocket as there
were no reserves in the loan structure. The loan is sponsored by
Blackstone Real Estate Partners IX L.P. and TruAmerica Multifamily
LLC.

The subject loan along with $90.0 million mezzanine debt held
outside of the trust and $230.8 million of borrower equity
facilitated the acquisition of the portfolio at a purchase price of
$1.1 billion. The transaction has a partial pro rata structure
allowing for pro rata paydowns for the first 30.0% of the principal
balance. Individual property releases are subject to a release
price of 105.0% of the ALA for the first $240 million principal
balance, with the release price increasing to 110.0% thereafter.

According to the December 2021 rent roll, the portfolio reported an
occupancy rate of 97.5%, in line with the issuance occupancy rate
of 98.1%. Based on the most recent financials, the loan reported a
YE2021 net cash flow (NCF) of $48.6 million, compared with the DBRS
Morningstar NCF of $39.4 million. As of the Q2 2022 Reis report,
the multifamily properties in the San Diego submarket reported an
average vacancy rate of 6.3%, compared with the Q2 2021 vacancy
rate of 11.8%.

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



CARLYLE US 2022-4: Fitch Assigns BB-sf Rating to Class E Debt
-------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Carlyle
US CLO 2022-4, Ltd.

RATING ACTIONS

                               Rating            Prior    
                               ------            -----
Carlyle US CLO 2022-4, Ltd.

A-1 14317BAA2                LT AAAsf New Rating AAA(EXP)sf
A-2 14317BAC8                LT NRsf  New Rating NR(EXP)sf
B-1 14317BAE4                LT AAsf  New Rating AA(EXP)sf
B-2 14317BAL8                LT AAsf  New Rating
C 14317BAJ3                  LT NRsf  New Rating NR(EXP)sf
D 14317BAG9                  LT BBBsf New Rating BBB-(EXP)sf
E 14317EAA6                  LT BB-sf New Rating BB(EXP)sf
Subordinated Notes 14317EAC2 LT NRsf  New Rating NR(EXP)sf

Carlyle US CLO 2022-4, Ltd. has issued class B-1 and B-2 notes,
rather than the class B notes that were anticipated when the
expected ratings were assigned on July 8, 2022. The transaction was
also upsized by approximately $50 million to $550 million.

The final ratings on the class D and E notes differ from the
expected ratings published on July 8, 2022. Following the final
portfolio analysis, the class D notes are deemed robust enough to
assign a 'BBBsf' rating since these notes, by assuming a 67.2%
recovery rate, can withstand a default rate of 43.1% versus the
'BBBsf' default stress of 42.8% when assuming the portfolio
contains 100% floating-rate assets, and can withstand a default
rate of 43.7% when assuming a portfolio of 95.0% floating rate and
5.0% fixed-rate assets.

The class E notes are deemed robust enough to assign a 'BB-sf'
rating since these notes, by assuming a 73.5% recovery rate, can
withstand a default rate of 34.5% versus the 'BB-sf' default stress
of 33.6% when assuming the portfolio contains 100% floating-rate
assets, and can withstand a default rate of 35.8% when assuming a
portfolio of 95.0% floating rate and 5.0% fixed-rate assets.

TRANSACTION SUMMARY

Carlyle US CLO 2022-4, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $550 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor of the indicative
portfolio is 24.8 versus a maximum covenant, in accordance with the
initial expected matrix point of 27.34. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.2% first-lien senior secured loans. The weighted average
recovery rate of the indicative portfolio is 75.15% versus a
minimum covenant, in accordance with the initial expected matrix
point of 75.15%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37.0% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 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 Fitch's stress scenarios at the initial expected
matrix point, the rated notes can withstand default and recovery
assumptions consistent with their assigned ratings. The performance
of all classes of rated notes at the other permitted matrix points
is in line with other recent CLO.

RATING SENSITIVITIES

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

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

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

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

At other rating levels, variability in key model assumptions, such
as increases in recovery rates and decreases in default rates,
could result in an upgrade. Fitch evaluated the notes' sensitivity
to potential changes in such metrics; results under these
sensitivity scenarios are 'AAAsf' for class B-1 and B-2 notes,
'A+sf' for class D notes, and 'BBB+sf' for class E notes.


CARVANA AUTO 2022-P3: S&P Assigns BB+ (sf) Rating on Class N Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Carvana Auto Receivables
Trust 2022-P3's asset-backed notes.

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

The ratings reflect:

-- The availability of approximately 15.26%, 12.56%, 9.80%, 7.53%,
and 6.50% credit support for the class A (class A-1, A-2, A-3, and
A-4), B, C, D, and N notes, respectively, based on stressed
break-even cash flow scenarios (including excess spread). These
credit support levels provide approximately 5.00x, 4.00x, 3.00x,
2.33x, and 1.73x coverage of our expected net loss range of
2.50%-3.00% for the class A, B, C, D, and N notes, respectively.

-- The timely interest and principal payments by the legal final
maturity dates made under stressed cash flow modeling scenarios
that we deem appropriate for the assigned ratings.

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

-- The collateral characteristics of the prime pool being
securitized, including a weighted average nonzero FICO score of
approximately 704 and a minimum nonzero FICO score of 571.

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

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

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

-- The transaction's payment and legal structures.

  Ratings(i) Assigned

  Carvana Auto Receivables Trust 2022-P3

  Class A-1, $41.00 million: A-1+ (sf)
  Class A-2, $125.38 million: AAA (sf)
  Class A-3, $125.38 million: AAA (sf)
  Class A-4, $38.93 million: AAA (sf)
  Class B, $11.28 million: AA (sf)
  Class C, $11.29 million: A (sf)
  Class D, $10.74 million: BBB+ (sf)
  Class N(ii), $3.32 million: BB+ (sf)

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

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



CHNGE MORTGAGE 2022-NQM1: DBRS Finalizes B(high) on B-2 Certs
-------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2022-NQM1 issued by
CHNGE Mortgage Trust 2022-NQM1 (CHNGE 2022-NQM1):

-- $160.4 million Class A-1 at AAA (sf)
-- $27.6 million Class A-2 at AA (high) (sf)
-- $31.2 million Class A-3 at A (high) (sf)
-- $19.3 million Class M-1 at BBB (high) (sf)
-- $15.6 million Class B-1 at BB (high) (sf)
-- $12.5 million Class B-2 at B (high) (sf)

The AAA (sf) rating on the Class A-1 certificates reflects 43.40%
of credit enhancement provided by subordinated certificates. The AA
(high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B
(high) (sf) ratings reflect 33.65%, 22.65%, 15.85%, 10.35%, and
5.95% 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 Certificates.
The Certificates are backed by 375 mortgage loans with a total
principal balance of $283,304,772 as of the Cut-Off Date (August 1,
2022).

CHNGE 2022-NQM1 represents the fourth securitization issued by the
Sponsor, Change Lending, LLC (Change). The first three CHNGE
securitizations were issued from the Sponsor's core shelf and
comprised loans originated through two programs that do not require
income documentation verification (Community Mortgage and E-Z
Prime). In contrast, CHNGE 2022-NQM1 predominantly consists of
loans originated through programs that may document and qualify
borrower income using approaches commonly seen in non-Qualified
Mortgage securitizations, such as bank statements, property-level
debt service coverage ratios (DSCR), or borrower assets only.

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

The loans in the pool were originated under the following Change
programs: Alt-Doc, CHM Investor, Prime Plus, and Foreign National.

While loans originated by a CDFI are not required to comply with
the Consumer Financial Protection Bureau's Qualified Mortgage and
Ability-to-Repay (ATR) rules, the mortgages included in this pool
were made to generally creditworthy borrowers with near-prime
credit scores, robust reserves, and documentation types similar to
those prevalent in non-Qualified Mortgage transactions in the
market.

Change serves as the Servicer for the transaction, and LoanCare,
LLC (91.4%) and NewRez LLC doing business as Shellpoint Mortgage
Servicing (8.6%) are the Subservicers. Nationstar Mortgage LLC will
act as the Master Servicer, and Citibank, N.A. (rated AA (low) with
a Stable trend by DBRS Morningstar) will act as Securities
Administrator.

Change, as Servicer, will generally fund advances of delinquent
principal and interest (P&I) on any mortgage until such loan
becomes 90 days delinquent, contingent upon recoverability
determination. The Servicer is also obligated to make advances in
respect of taxes, insurance premiums, and reasonable costs incurred
in the course of servicing and disposing of properties.

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

The Sponsor will have the option, but not the obligation, to
repurchase any mortgage loan (other than loans under forbearance
plan as of the Closing Date) that becomes 90 or more days
delinquent or are in real estate owned at the repurchase price (par
plus interest), provided that such repurchases in aggregate do not
exceed 7.5% of the total principal balance as of the Cut-Off Date.

On or after the earlier of (1) the Distribution date occurring in
August 2025 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 has the option to purchase all outstanding
certificates at a price equal to the outstanding class balance plus
accrued and unpaid interest, including any cap carryover amounts
(Optional Redemption).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior classes (Classes
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 Class A-1 and
then A-2 before being applied sequentially to amortize the balances
of the certificates (IIPP). For all other classes, principal
proceeds can be used to cover interest shortfalls after the more
senior tranches are paid in full.

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

Coronavirus Pandemic Impact

The Coronavirus Disease (COVID-19) 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, 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.



CITIGROUP 2022-RP4: Fitch Assigns Bsf Rating to Class B-2 Debt
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Citigroup Mortgage Loan
Trust 2022-RP4 (CMLTI 2022-RP4).

        Rating             Prior
        ------             -----           
CMLTI 2022-RP4

A-1  LT AAAsf  New Rating  AAA(EXP)sf
A-2  LT AAsf   New Rating  AA(EXP)sf
A-3  LT AAsf   New Rating  AA(EXP)sf
A-4  LT Asf    New Rating  A(EXP)sf
A-5  LT BBBsf  New Rating  BBB(EXP)sf
M-1  LT Asf    New Rating  A(EXP)sf
M-2  LT BBBsf  New Rating  BBB(EXP)sf
B-1  LT BBsf   New Rating  BB(EXP)sf
B-2  LT Bsf    New Rating  B(EXP)sf

TRANSACTION SUMMARY

Fitch has rated the residential mortgage-backed notes to be issued
by Citigroup Mortgage Loan Trust 2022-RP4 (CMLTI 2022-RP4), as
indicated above. The transaction is expected to close on Aug. 31,
2022. The notes are supported by two collateral groups consisting
of 1,804 seasoned performing loans (SPLs) and reperforming loans
(RPLs), with a total balance of approximately $477 million,
including $61.1 million, or 12.8%, of the aggregate pool balance in
noninterest-bearing deferred principal amounts as of the cutoff
date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.5% above a long-term sustainable level versus
11% on a national level. Underlying fundamentals are not keeping
pace with growth in home prices, which is the result of a
supply/demand imbalance driven by low inventory, low mortgage rates
and new buyers entering the market. These trends have led to
significant home price increases over the past year, with home
prices rising 19.8% yoy nationally as of May 2022.

Distressed Performance History (Negative): The collateral pool
consists primarily of peak-vintage SPLs and RPLs. Of the pool, 1.7%
was 30 days delinquent as of the cutoff date, and 63.8% of the
loans are current but have had delinquencies within the past 24
months. Additionally, 96.7% of the loans have a prior modification.
Fitch increased its loss expectations to account for the delinquent
loans and loans with prior delinquencies.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined loan to value (CLTV) ratio of 83.1%.
All loans received updated property values, translating to a WA
current (MtM) CLTV ratio of 55.3% and sustainable LTV (sLTV) of
61.8% at the base case. This reflects low leverage borrowers and is
stronger than in recently rated SPL/RPL transactions.

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 reallocate principal to pay interest
on the 'AAAsf' and 'AAsf' rated notes prior to other principal
distributions is highly supportive of timely interest payments to
those classes in the absence of servicer advancing.

No Servicer P&I Advances (Mixed): The servicer will not advance
delinquent monthly payments of P&I, which reduces liquidity to the
trust. P&I advances made on behalf of loans that become delinquent
and eventually liquidate reduce liquidation proceeds to the trust.
Due to the lack of P&I advancing, the loan-level loss severity (LS)
is less for this transaction than for those where the servicer is
obligated to advance P&I. Structural provisions and cash flow
priorities, together with increased subordination, provide for
timely payments of interest to the 'AAAsf' and 'AAsf' rated
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 41.8% at 'AAA'. The analysis indicates there is
some potential for rating migration with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10.0%
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 10.0% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
for positive rating migration for all of the rated classes.
Specifically, a 10.0% gain in home prices would result in a full
category upgrade for the rated classes excluding those being
assigned ratings of 'AAAsf'.


CITIGROUP COMMERCIAL 2017-P8: S&P Affirms 'BB-' Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 22 classes of commercial
mortgage pass-through certificates from Citigroup Commercial
Mortgage Trust 2017-P8, a U.S. CMBS transaction.

Rating Actions

S&P said, "The affirmations on the class A-1, A-2, A-3, A-4, A-AB,
A-S, B, C, and D reflect our view that the ratings are in line with
the model-indicated ratings. For classes E and F, while the
model-indicated ratings were higher than the classes' respective
current rating levels, we affirmed the ratings primarily in
consideration of the pool's exposure to the Bank of America Plaza
loan ($44.7 million; 4.2% of the pool trust balance), because we
believe the underlying office building will lose its largest tenant
in January 2023. This, as well as a few other loans of potential
concern, is discussed more below.

"We affirmed our ratings on the class X-A, X-B, X-D, X-E, and X-F
interest-only (IO) certificates based on our criteria for rating IO
securities, in which the ratings on the IO securities would not be
higher than that of the lowest rated reference class." The notional
amounts of the IO classes reference the principal- and
interest-paying classes as follows:

-- Class X-A references classes A-1, A-2, A-3, A-4, A-AB, and
A-S;
-- Class X-B references class B;
-- Class X-D references class D;
-- Class X-E references class E; and
-- Class X-F references class F.

In addition, S&P affirmed its ratings on the exchangeable classes
V-2A, V-2B, V-2C, V-2D, V-3AC, and V-3D. These exchangeable classes
represent a certain percentage, as defined in the transaction
documents, of the vertical risk retention interest. The
exchangeable classes' interest distribution is based on a formula
referencing the aggregate amount of interest distributed to the
principal- and interest-paying classes as follows:

-- Class V-2A references classes A-1, A-2, A-3, A-4, A-AB, X-A,
and A-S;
-- Class V-2B references classes B and X-B;
-- Class V-2C references class C;
-- Class V-2D references classes D and X-D;
-- Class V-3AC references classes A-1, A-2, A-3, A-4, A-AB, X-A,
X-B, A-S, B, and C; and
-- Class V-3D references classes D and X-D.

Transaction Summary

As of the August 2022 trustee remittance report, the collateral
pool balance was $1.05 billion, which is 97.0% of the pool balance
at issuance. The pool currently includes 53 loans, which is the
same as at issuance. One loan ($15.0 million; 1.4% of the pool
trust balance) is with the special servicer, three ($56.5 million;
5.4%) are defeased, and eight ($177.3 million; 16.8%) are on the
master servicer's watchlist.

S&P said, "Excluding the three defeased loans, we calculated a
1.97x S&P Global Ratings weighted average debt service coverage
(DSC) and 83.7% S&P Global Ratings weighted average loan-to-value
(LTV) ratio using a 7.76% S&P Global Ratings weighted average
capitalization rate. The top 10 loans have an aggregate outstanding
pool trust balance of $463.7 million (44.0%). Using adjusted
servicer-reported numbers, we calculated an S&P Global Ratings
weighted average DSC and LTV ratio of 2.21x and 79.4%,
respectively, for the top 10 loans."

Loan Details

Details on the larger watchlist and specially serviced loans are as
follows.

Bank of America Plaza (4.2% of the pooled trust balance)

This is the sixth-largest loan in the pool. The loan has a current
balance of $44.7 million, was IO through March 2019, and then
amortizes on a 30-year schedule, pays fixed interest rate of 4.05%
per annum, and matures on Sept. 6, 2024. The loan is secured by the
borrower's fee simple interest in a 438,996-sq.-ft., class-A, LEED
Silver certified multi-tenant office building that was built in
1988 and renovated in 2016, in Troy, Mich. There is also $7.5
million in mezzanine debt.

The loan was placed on the servicer's watchlist due to the upcoming
lease expiration in January 2023 for major tenant, Bank of America,
which occupies 33.0% of net rentable area (NRA). Although the
master servicer indicated that it has not receive a leasing update
from the borrower regarding Bank of America's intent, according to
various news articles, Bank of America will be leaving the
property.

The master servicer reported that the property was 91.2% occupied
as of March 2022. Some of the major tenants at the property include
Bank of America (144,701 sq. ft.; 33.0% of NRA), Dickinson Wright
PLLC (96,014 sq. ft.; 21.9%), Care Tech Solutions (29,803 sq. ft.;
6.8%), Horizon Global (24,142 sq. ft.; 5.5%), and BDO Seidman LLP
(21,418 sq. ft.; 4.9%). S&P said, "Given the risk posed by Bank of
America vacating and a potential prolonged significant vacancy at
the property, we increased our capitalization rate assumption from
8.75% (in our last review in August 2020) to 9.75%. We maintained
our long-term sustainable net cash flow (NCF) of $5.4 million, and
applying the adjusted capitalization rate, derived an S&P Global
Ratings value of $55.6 million and an S&P Global Ratings LTV ratio
of 80.5%. Our revised $127 per sq. ft. value compares to average
year-to-date 2022 submarket sales of $123 per sq. ft., per CoStar
data. Additionally, the submarket exhibits a vacancy rate of 26.0%
and rent of $21.41 per sq. ft. (also per 2022 CoStar year-to-date
data), which compares to an approximate 42.0% property vacancy rate
if Bank of America leaves. Reported year-end 2021 DSC is 2.86x, and
according to our calculations, would remain above 1.00x (at
approximately 1.55x) assuming Bank of America vacates.
Additionally, the loan has $5.2 million in reserves, which should
help support any tenant re-leasing efforts. We will continue to
monitor the situation and adjust our analysis as future
developments warrant."

Starwood Capital Group Hotel Portfolio (4.0% of the pooled trust
balance)

This is the eighth-largest loan in the pool. The trust loan has a
current balance of $41.8 million and represents 7.2% of the total
whole loan balance of $577.3 million (the remaining 92.8% is pari
passu with the trust portion and held in 12 other U.S. CMBS
transactions; all performance figures referenced herein are
whole-loan based). The whole loan is IO, pays a fixed interest rate
of 4.49% per annum, and matures on June 1, 2027. The whole loan is
secured by the borrowers' fee-simple and leasehold interest in a
portfolio of 65 extended stay, limited service, and full-service
hotels (comprising 6,366 guestrooms) located in 21 U.S. states.
Each hotel benefits from its affiliation with a
nationally-recognized brand such as Larkspur Landing, Residence
Inn, Courtyard, Hampton Inn & Suites, Hilton Garden Inn, Holiday
Inn Express, and Candlewood, among others. The hotels are operated
under 16 different franchises.

The loan was placed on the servicer's watchlist due to low reported
DSC, occupancy, and deferred maintenance. The low reported DSC and
occupancy were related to COVID-19 disruptions. In October 2020,
the borrower requested and was granted COVID-19 relief, which
included a three-month deferral of non-tax, non-insurance, and
non-ground rent reserves, and is using funds in these reserve
accounts to make debt service payments.

During the COVID-19 pandemic, the portfolio's occupancy rate
declined to 54.0% in 2020 from 73.7% in 2019, and its NCF dropped
to $19.4 million from $63.3 million over the same period. However,
the portfolio has exhibited a rebound since then, as the year-end
2021, occupancy and NCF have risen to 66.0% and $36.3 million,
respectively. In addition, reported year-end 2021 DSC was 1.38x
from 0.74x in 2020. S&P said, "Given the exhibited recovery in
portfolio performance, as well as the time needed for demand to
return to normalized levels after lifting government-mandated
restrictions and mass vaccine rollout, we maintained our S&P Global
Ratings' long term sustainable NCF of $65.8 million (the same as at
issuance and last review) and our S&P Global Ratings' weighted
average capitalization rate of 9.88% (the same as at issuance and
last review). This yielded an S&P Global Ratings' expected case
value of $619.1 million or $97,250 per guestroom. Our LTV ratio is
93.2% on the whole loan balance. We will continue to monitor the
performance of this portfolio and adjust our analysis as future
developments may warrant."

440 Mamaroneck Avenue (2.9% of the pooled trust balance)

This is the 14th largest loan in the pool. The loan has a current
balance of $31.0 million, is IO for the initial 12 months and then
amortizes on a 30-year schedule, pays fixed interest rate of 4.98%,
and matures on Aug. 6, 2027. The loan is secured by the borrower's
fee-simple interest in a 239,156-sq.-ft. suburban office building,
built in 1979 and renovated in 2007, in Harrison, N.Y.

The loan was placed on the servicer's watchlist due to a low
reported DSC and occupancy rate. The reported occupancy and NCF
decreased to 68.5% and $2.0 million, respectively, in 2021 from
87.6% and $2.6 million, respectively, in 2020. Correspondingly, the
reported DSC fell to 0.94x in 2021 from 1.24x in 2020. S&P
attributed the drop in occupancy mainly to the largest tenant,
TransAmerica Life Insurance, reducing its space at the property to
57,470 sq. ft. from 114,940 sq. ft. when it renewed its lease from
March 2021 to May 2025. According to the master servicer, the
borrower is actively marketing the vacant space and is in
communications with several prospective tenants.

S&P said, "Given the low reported occupancy and decreased NCF,
coupled with a weak suburban office submarket (13.9% vacancy rate
according to CoStar), we revised our long term sustainable NCF to
$2.4 million from $2.7 million (in the last review). We applied a
7.75% S&P Global Ratings' capitalization rate (the same as at
issuance and last review) and arrived at a revised S&P Global
Ratings' value of $30.5 million or $128 per sq. ft. This yielded a
101.6% S&P Global Ratings LTV ratio. Our revised $128 per sq. ft.
value compares to average 12-month submarket sales of $206 per sq.
ft., per CoStar data. Additionally, the submarket exhibits a
vacancy rate of 13.9% and rent of $31.99 per sq. ft. (also
according to CoStar), the former of which compares to an
approximate 68.0% property occupancy rate. We will continue to
monitor the situation and adjust our analysis as future
developments may warrant."

Canyon Portal (2.0% of the pooled trust balance)

The loan has a current balance of $20.7 million, pays a fixed
interest rate of 4.69% per annum, amortizes on a 30-year schedule,
and matures on Sept. 6, 2027. The loan is secured by the borrower's
leasehold interest in a 47,511-sq.-ft. mixed-use
(retail/hospitality) property, built in 1947 and renovated in 1990
and 2000, in Sedona, Ariz.

This loan was transferred to the special servicer in May 2020, due
to the borrower's request for COVID 19-related relief. In July
2020, the loan was returned to the master servicer and placed on
the master servicer's watchlist. The loan has a current reported
payment status.

While the reported occupancy was 100% from 2019 to 2021, the
reported NCF has declined by 8.7% to $1.7 million in 2020 from $1.8
million in 2019 and by another 1.4% to $1.6 million in 2021. The
reported NCF and occupancy for the six months ended June 30, 2022,
were 813,292 and 100%, respectively.

S&P said, "Given the declining NCF, we revised out sustainable NCF
to $1.6 million from $1.8 million (at issuance and last review).
Applying our S&P Global Ratings' capitalization rate of 8.50% (the
same as at issuance and last review) to the adjusted sustainable
NCF, we derived an S&P Global Ratings value of $19.2 million and a
107.8% S&P Global Ratings LTV ratio."

245 Park Avenue (1.4% of the pooled trust balance)

The trust loan has a current balance $15.0 million and represents
1.4% of the $1.08 billion senior loan component of a $1.2 billion
whole loan (the remaining 98.6% of the senior loan component is
pari passu with the trust portion and is held in multiple U.S. CMBS
transactions. The $120.0 million subordinate component of the $1.2
billion whole loan is in 245 Park Avenue Trust 2017-245P, a U.S.
stand-alone single borrower CMBS transaction; all performance
figures referenced are whole-loan based). The whole loan is IO,
pays a fixed interest rate of 3.67% per annum, and matures on June
1, 2027. The whole loan is secured by the borrower's fee-simple
interest in a 44-story, 1.8 million-sq.-ft. class-A office
building, built in 1965 and renovated in 2006, located between 46th
and 47th Streets and Park and Lexington Avenues in midtown
Manhattan, N.Y. At issuance and in the last review, there was
$568.0 million in mezzanine debt.

The loan was transferred to the special servicer in November 2021
due to the then borrower, 245 Park Avenue Property LLC (loan
sponsor: HNA Group [HNA], a China-based global conglomerate
company), filing for bankruptcy in October 2021. At the time, SL
Green was the building's property manager, as well as a related
mezzanine loan lender. The borrower's bankruptcy filing positioned
SL Green to take control of the borrower and assume the existing
loan. The transaction closed in September 2022, according to
various news articles and research reports. The change in ownership
was preceded by a trail of lawsuits between the original loan
sponsor, HNA, and SL Green, whereby the two parties levied
purposeful property mismanagement allegations at one another. This
past summer, SL Green was awarded a $185.0 million arbitration
payment from HNA, representing the former's investment in 245 Park
Avenue and other fees. The judgment was related to HNA allegedly
breaching agreements regarding SL Green's initial investment and
terms of guarantee.

As of March 31, 2022, the property was 90.0% occupied. The two
largest tenants, JPMorgan Chase Bank N.A. (787,785 sq. ft.; 45.7%
of NRA) and Major League Baseball (220,565 sq. ft.; 12.8%), each
has a lease expiring in October 2022. Currently, JPMorgan Chase
Bank N.A. is subleasing its space to Societe Generale. Societe
Generale is using the space at this property as its headquarters
and had signed a new direct lease that will commence in November
2022. While no leasing update was provided on the Major League
Baseball tenant at this time, the property had reported relatively
stable performance with occupancy back to 90.0% as of March 2022
after dipping to 83.0% in 2021 from between 90.0% to 93.0% during
2018 to 2020. The reported NCF was between $92.9 million and $103.2
million from 2018 to 2021. S&Ps aid, "Given the property's
relatively stable performance, we maintained our sustainable NCF of
$88.9 million (the same as at issuance and last review). Applying a
S&P Global Ratings' capitalization rate of 6.25% (the same as at
issuance and last review), we derived an S&P Global Ratings value
of $1.4 billion. This yielded a 75.2% S&P Global Ratings LTV ratio
on the $1.08 billion senior loan component."

S&P said, "We expect expenses and fees associated with the special
servicing transfer to be paid by the sponsor. According to the Aug.
17, 2022, trustee remittance report, no current deferred interest
was reported on any of the certificates. We will continue to
monitor the situation and adjust our analysis as future
developments may warrant."

Losses

To date, the transaction has not incurred any principal losses.

S&P said, "We will continue to monitor the transaction's
performance, specifically any developments around the Bank of
America Plaza loan, other watchlist loans, and the specially
serviced loans. To the extent future developments differ
meaningfully from our underlying assumptions, we will take further
rating actions as we deem necessary."

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

  Citigroup Commercial Mortgage Trust 2017-P8

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)
  Class A-4: AAA (sf)
  Class A-AB: AAA (sf)
  Class A-S: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB- (sf)
  Class E: BB- (sf)
  Class F: B+ (sf)
  Class X-A: AAA (sf)
  Class X-B: AA (sf)
  Class X-D: BBB- (sf)
  Class X-E: BB- (sf)
  Class X-F: B+ (sf)
  Class V-2A: AAA (sf)
  Class V-2B: AA (sf)
  Class V-2C: A (sf)
  Class V-2D: BBB- (sf)
  Class V-3AC: A (sf)
  Class V-3D: BBB- (sf)



COMM 2012-CCRE1: Fitch Cuts Rating on Class G Certs to Csf
----------------------------------------------------------
Fitch Ratings has downgraded five and affirmed one class of German
American Capital Corp. commercial mortgage pass-through
certificates series 2012-CCRE1 (COMM 2012-CCRE1). The Rating
Outlook on class C is Negative following the downgrade. The Outlook
on class B remains Negative.

RATING ACTIONS

COMM 2012-CCRE1

B 12624BAG1  LT  Asf    Affirmed   Asf
C 12624BAH9  LT  BBBsf  Downgrade  Asf
D 12624BAL0  LT  CCCsf  Downgrade  Bsf
E 12624BAN6  LT  CCCsf  Downgrade  Bsf
F 12624BAQ9  LT  CCsf   Downgrade  CCCsf
G 12624BAS5  LT  Csf    Downgrade  CCsf

KEY RATING DRIVERS

Greater Certainty of Loss; High Loss Expectations and Pool
Concentration: Despite significant paydown since the prior rating
action, exposure to regional malls (two loans; 86.9% of pool)
remains a rating concern. All four loans remaining in the pool are
considered Fitch Loans of Concern (FLOCs), including three in
special servicing (40.4%).

The downgrades reflect a greater certainty of loss for the
remaining loans, with increased loss expectations for Crossgates
Mall (59.6%), which faces refinance risks at the loan's May 2023
extended maturity date. In addition, loss expectations remain high
for the specially serviced RiverTown Crossings Mall (27.2%), which
did not pay off at its June 2021 maturity date. Refinance prospects
remain uncertain.

Given the pool concentration, Fitch performed a liquidation
analysis, which considered the likelihood of repayment and expected
losses from the liquidation of the remaining loans. All remaining
classes are reliant on proceeds from the regional malls for
repayment. Fitch assumed in the analysis that the majority of class
B would be repaid by the two non-mall loans, giving the class
higher recoverability prospects. Classes C through H are fully
reliant on proceeds from the regional malls for repayment, with
Fitch's current loss expectations impacting the distressed rated
classes D, E, F and G.

While credit enhancement is high, Fitch expects the ultimate
workout and recovery timing for the regional mall loans to be
prolonged. The Negative Outlooks for class B and C reflect Fitch's
concerns for performance stabilization and refinance prospects of
these loans.

Regional Mall FLOCs: The largest loan in the pool, Crossgates Mall
(59.6%), is secured by 1.3 million sf of a 1.7 million-sf regional
mall in Albany, NY. The loan, which is sponsored by Pyramid
Management Group, transferred to special servicing in April 2020.
The borrower received initial coronavirus relief and the loan
maturity was extended one year until May 2023 with the deferred
debt-service being due at the extended maturity date. The loan was
returned to the master servicer in June 2021 as a corrected
mortgage loan.

Macy's is the remaining non-collateral anchor after Lord and Taylor
closed at the end of 2020. JCPenney is the largest collateral
anchor (13.9% collateral NRA through May 2023). Other larger
tenants include Regal Cinemas 18, Dick's and Burlington. Collateral
occupancy excluding specialty long-term tenants was 85% at YE 2021
compared with 86% at 2020. Servicer-reported NOI DSCR for this
amortizing loan was has recovered to pre-pandemic levels of 1.44x
as of YE 2021 compared with 0.81x at YE 2020 and 1.45x at YE 2019.
In-line tenant sales prior to the pandemic were $590 psf ($430
excluding Apple) for the TTM ended February 2020. Recent tenant
sales remain outstanding from the servicer.

Fitch's loss expectation on this loan is approximately 44%,
implying a 20% cap rate and 5% stress to the YE 2021 NOI.

The second-largest loan, RiverTown Crossings Mall (27.2%), is
secured by 635,769 sf of a 1.3 million-sf regional mall in
Grandville, MI. The loan, which is sponsored by Brookfield Property
Retail Group, transferred to special servicing in October 2020 and
matured in June 2021 without repayment. A cash management account
is trapping excess cash, and the borrower and lender are working on
either modifying the debt or a deed-in-lieu/foreclosure.

The mall is anchored by three non-collateral tenants: Macy's,
JCPenney and Kohl's. Non-collateral Sears closed in January 2021
and non-collateral Younkers closed in 2018. The collateral anchors
are Dick's, (14.4% collateral NRA through January 2025) and
Celebration Cinemas, (13.6% through December 2024). Collateral
occupancy was 88% as of March 2022 compared with 86% at YE 2020 and
93% as of March 2019. Servicer-reported NOI DSCR for this
amortizing loan was 1.01x at YE 2021, down from 1.51x at YE 2020
and 1.82x at YE 2019. In-line tenant sales were $301 psf at YE 2020
during the pandemic. Recent tenant sales remain outstanding.

Fitch's loss expectation on this loan is approximately 56%; the
loss considers a discount to the most recent servicer reported
appraisal value. Fitch's loss implies a 32% cap rate on the YE 2019
NOI and is consistent with Fitch stressed values on similar
defaulted mall properties.

Additional Specially Serviced Loans: The remaining two loans, which
transferred to special servicing for maturity default, are
Claremont Corporate Center (6.9%), secured by an office property in
Summit, NJ and Philadelphia Square (6.3%), secured by a student
housing property in Indiana, PA. Per servicer updates, Claremont
Corporate Center is under contract to be sold, and proceeds will
pay the loan in full. Philadelphia Square is expected to be sold
via discounted pay-off (DPO) after the servicer receives the
pending appraisal and negotiations with the borrower are complete.

Increased Credit Enhancement: Credit enhancement has increased
since Fitch's prior rating action, primarily from the repayment of
loans at maturity as expected. As of the August 2022 distribution
date, the pool's aggregate principal balance has been reduced by
82.2% to $166.5 million from $932.8 million at issuance. No loans
are defeased. Cumulative interest shortfalls of $607,146 are
currently affecting the non-rated class H.

RATING SENSITIVITIES

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

Downgrades of classes B and C would occur if performance of the
regional mall FLOCs declines further. Downgrades of the distress
classes would occur as losses are realized from loan dispositions.

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

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

Upgrades are unlikely due to the regional mall concentration, but
could occur if performance of the regional mall FLOCs improves
significantly.


COMM 2013-CCRE7: DBRS Lowers Class G Certs Rating to CCC
--------------------------------------------------------
DBRS Limited downgraded its ratings on three classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-CCRE7 issued by
COMM 2013-CCRE7 as follows:

-- Class E to BB (sf) from BBB (low) (sf)
-- Class F to B (sf) from BB (low) (sf)
-- Class G to CCC (sf) from B (low) (sf)

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

-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class D at BBB (sf)

The trends on Classes E and F are Negative. All remaining classes
have Stable trends, with the exception of Class G, which is
assigned a rating that does not typically carry a trend in
Commercial Mortgage Backed Securities ratings.

The rating downgrades and Negative trends reflect continued
performance challenges for select loans within the transaction,
which are showing increased credit risk from issuance, as further
detailed below. In particular, DBRS Morningstar is closely
monitoring the Lakeland Square Mall loan (Prospectus ID #2; 12.9%
of the pool), which was analyzed with an elevated expected loss.
Additionally, refinance risk may pose a problem for the
underperforming loans, all of which are scheduled to mature in
2023.

At issuance, the pool consisted of 59 loans with an initial trust
balance of $936.2 million. As of the July 2022 remittance, there
has been collateral reduction of 53.0% as a result of loan
repayments, liquidations, and scheduled amortization. Sixteen loans
have repaid in full since issuance and two loans have liquidated
with losses totalling $11.9 million, which have been contained to
the nonrated Class H certificate. In addition, 15 loans,
representing 30.9% of the current pool balance, have fully
defeased. Two loans, representing 7.8% of the pool, are in special
servicing, and eight loans, representing 21.3% of the pool, are on
the servicer's watchlist.

The largest and most pivotal loan, Lakeland Square Mall, is secured
by 535,937 square feet (sf) of in-line and anchor space in an
883,290-sf regional mall in Lakeland, Florida, 35 miles east of
Tampa. The mall is owned and operated by an affiliate of Brookfield
Property Partners (Brookfield). The loan was initially added to the
servicer's watchlist in June 2020 after the borrower made a
Coronavirus Disease (COVID-19) relief request; subsequently, it was
monitored for a low debt service coverage ratio (DSCR) between July
2021 and July 2022. The loan is no longer on the servicer's
watchlist as the DSCR has since improved; however, performance has
fallen short of issuance expectations. The YE2021 net cash flow
(NCF) of $5.4 million was lower than the previous year's figure of
$5.9 million and the issuer's underwritten figure of $7.1 million.
Similarly the loan's DSCR declined from 1.83x at issuance to 1.42x
as of YE2021. Annualized Q1 2022 reporting shows an improvement in
NCF, which increased 16.6% to $6.5 million. The increase in NCF was
driven by higher base rental income—likely a result of expiring
tenant abatements and rent deferral agreements that were executed
during the pandemic.

Since 2017, two of the mall's noncollateral anchor stores, Sears
and Macy's, have closed. ReSale America took over the 101,333-sf
space formerly tenanted by Macy's in November 2019. ReSale
America's lease is scheduled to expire in March 2023, prior to the
loan's maturity in April 2023. Seritage Growth Properties
(Seritage), a real estate investment trust that was spun out of
Sears in 2015, owns the 156,020-sf space formerly occupied by the
noncollateral Sears and is currently on a lease that expires in
March 2023, likely mirroring Sear's original lease term. Seritage
is currently marketing the vacant space, along with the land
adjacent to it, as a development opportunity. Remaining anchor
tenants include Dillard's (noncollateral), JCPenney (19.4% of the
net rentable area (NRA), lease through November 2025), Burlington
Coat Factory (15.3% of the NRA, lease through January 2023), and
Cinemark (8.8% of the NRA, lease through February 2024).

Although the mall is 93.1% occupied as of the March 2022 rent roll,
collateral and noncollateral tenant leases representing more than
390,000 sf are set to expire prior to loan maturity, which, when
coupled with the cash flow declines from issuance, may suggest
refinance prospects could be limited. While the loan does benefit
from strong sponsorship through Brookfield, DBRS Morningstar notes
that the prior relief request and the mall's location in a
secondary market could mean Brookfield's commitment is limited. In
its analysis, DBRS Morningstar applied a probability of default
penalty to significantly increase the expected loss for this loan,
with the results supporting the rating actions taken with this
review.

The largest loan in special servicing, 20 Church Street (Prospectus
ID#8; 5.8% of the pool), is secured by a 418,810-sf office building
in Hartford, Connecticut. The loan transferred to special servicing
in March 2022 for payment default. According to the July 2022
remittance report, the loan is currently 90+ days delinquent.
Historically, the loan has performed well, with YE2020 and YE2021
DSCR and NCF figures of $4.2 million and 2.36x, and $3.6 million
and 1.92x, respectively. Average rental rates at the property have
fallen $0.34/sf to $23.15/sf between YE2020 and YE2021, and
occupancy has also declined from 87.1% as of YE2020 to 78.5% as of
March 2022, primarily as a result of Tymetrix (24,647 sf; 5.9% of
the NRA) vacating upon lease expiration in April 2021. The largest
tenant at the property, Care Centrix (73,941 sf; 18.3% of the NRA)
has a lease expiration in December 2023, shortly after the loan's
maturity date in April 2023. In addition, the fifth-largest tenant,
U.S. Department of Housing and Urban Development (24,647 sf; 6% of
the NRA) has an upcoming lease expiration in December 2022,
however, the servicer has noted a lease renewal agreement may be
executed in the near term. The Q1 2022 reporting indicates a steep
decline in NCF (-$110,136) and DSCR (0.19x). Given that the
occupancy rate has remained relatively stable from the prior
reporting period, it is unclear why cash flow has contracted so
significantly. DBRS Morningstar has reached out to the servicer for
clarification.

The largest loan on the servicer's watchlist, PNC Centre
(Prospectus ID#7; 6.1% of the pool), is secured by a 337,378-sf
office building in Pittsburgh. The loan is being monitored for a
decline in the DSCR, which decreased from 1.36x at issuance to
0.91x as of the September 2021 reporting period. The decline in
coverage began in 2017, when PNC Bank (109,710 sf; 29% of the NRA)
vacated the property upon lease expiration. Subsequently, CBS
Corporation (CBS) renewed its lease for an additional 10 years
(expiring in October 2028) but downsized its footprint from 18,041
sf to 14,700 sf. Prior to PNC vacating and CBS downsizing, the
property operated at or near 90% occupancy. According to the
September 2021 rent roll, occupancy has increased to 84% (from
60.2% at YE2020) because of a newly executed lease for 75,956 sf
with Dollar Bank, which is now the largest tenant at the property.
The lease includes a 16-year term (April 2021 through March 2037)
with an initial rental rate of $24.94/sf following a 12-month
abatement period for the office space and a 48-month abatement
period for the 2,188-sf retail space. The second- and third-largest
tenants, Reed Smith LLP and Baker Tilly US LLP, which occupy 65,830
sf and 36,082 sf of space, have lease expirations in May 2029 and
July 2023, respectively.

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



COMM 2014-UBS6: DBRS Confirms C Rating on Class G Certs
-------------------------------------------------------
DBRS Limited downgraded the ratings on the following two classes of
Commercial Mortgage Pass Through Certificates, Series 2014-UBS6
issued by COMM 2014-UBS6 Mortgage Trust as follows:

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

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

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class G at C (sf)

DBRS Morningstar withdrew the rating on Class X-D because the
interest-only (IO) certificate references a class that was
downgraded to CCC (sf) or lower. DBRS Morningstar also changed the
trends on Classes D and E to Stable from Negative. All remaining
classes have Stable trends with the exception of Classes F and G,
which have ratings that do not typically carry a trend for
Commercial Mortgage Backed Securities ratings.

The rating downgrades on Classes E and F, reflects increased credit
risk for select loans within the transaction, the majority of which
are in special servicing or, on the servicer's watchlist. DBRS
Morningstar's most recent analysis suggests the near- to
moderate-term downside risks for these loans of concern are
reflected within the current ratings. As such, the overall outlook
for the transaction remains generally stable, for reasons which are
further described below, supporting the rating confirmations and
Stable trends with this review.

At issuance, the transaction consisted of 89 fixed-rate loans
secured by 267 commercial and multifamily properties with an
original principal balance of $1.28 billion. As of the August 2022
remittance, 73 loans remain in the pool, which has a current
balance of $1.01 billion, representing a collateral reduction of
21.2%. To date, three loans have liquidated, with losses of $18.7
million contained to the non-rated Class H Certificate. Loans
secured by retail properties account for the largest concentration
by property type, representing more than 30.0% of the current pool
balance, with loans backed by lodging properties having the
second-highest concentration at approximately 18.0% of the current
pool balance. As of the August 2022 reporting, five loans are in
special servicing (representing 11.0% of the pool) and 11 loans are
being monitored on the servicer's watchlist (representing 15.6% of
the pool).

The largest loan in special servicing, University Village
(Prospectus ID #5; 3.7% of the current pool balance), is secured by
a 456-unit (1,164-bed) student housing complex located less than
two miles from the University of Alabama in Tuscaloosa. The loan
transferred to special servicing in July 2019 for imminent default,
with the sponsor noting that preleasing was negatively affected by
numerous shootings and criminal activity at the property. A
receiver was subsequently appointed in 2019 and shortly after the
property was rebranded and named The Path at Tuscaloosa. Updated
financial information has been limited, but the special servicer's
most recent commentary, dated July 2022, noted that the property
was only 39.7% occupied, below the July 2021 and issuance occupancy
rates of 46.3% and 96.3%, respectively. The servicer also noted
that the asset was included in a June 2022 auction, with the
original closing date scheduled for August 8, 2022. However, the
buyer has exercised its final extension option and now has until
September 6, 2022, to close on the transaction. An updated
appraisal received in March 2021 valued the property at $24.4
million, $100,000 more than the March 2020 appraisal but 60% lower
than the issuance value, and well below the loan's total exposure
of $48.7 million as of the August 2022 remittance. In its analysis,
DBRS Morningstar assumed a haircut to the March 2021 appraised
value and liquidated the loan from the trust, resulting in a
modelled loss severity approaching 87.0%.

Three other specially serviced loans in the pool, University Edge,
Wyndham Garden – San Jose, and Four Points by Sheraton – San
Francisco Bay Bridge, were analyzed with elevated probability of
default (POD) penalties to reflect the performance and/or value
declines of the underlying collateral. University Edge (Prospectus
ID #7; 3.4% of the current pool balance), the second-largest
specially serviced loan, transferred to special servicing in March
2022 for imminent default because of the borrower's inability to
continue covering cash flow shortfalls. The collateral is a
578-bed, 148-unit, off-campus student housing building in Akron,
Ohio. The property includes 18,225 sf of street level retail and a
40-space parking garage. The loan is current, and the borrower has
presented a loan modification proposal that is currently under
review. In addition, the servicer noted that legal counsel has been
engaged to dual-track receivership and foreclosure if a default
event occurs. According to the YE2021 financial reporting, the
property was 87.0% occupied with a debt service coverage ratio
(DSCR) of 0.77 times (x). As of the August 2022 remittance report,
the loan has an unpaid principal balance of $34.7 million. No
updated appraisal has been provided since issuance when the
property was valued at $46.4 million.

The second-largest loan on the servicer's watchlist, Highland Oaks
I (Prospectus ID #8; 3.3% of the pool), is secured by two office
properties totalling 319,665 sf in Downers Grove, Illinois.
According to the rent roll dated December 2021, the largest tenant,
Health Care Service Corporation occupying 177,797 sf (55.62% of
NRA), has a lease expiring in December 2022, which will not be
renewed. The servicer noted that the borrower is working
aggressively with its leasing team to find new tenants to backfill
the space and potentially refreshing the interior and exterior of
the building. Rental rates at the property have remained resilient,
but concession packages have increased. As of the March 2022
reporting, the occupancy rate and DSCR were 86.5% and 1.45x,
respectively. In its analysis, DBRS Morningstar applied a POD
penalty to significantly increase the expected loss for this loan,
with the results further supporting the rating actions taken with
this review.

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



COMM 2017-PANW: Fitch Affirms BBsf Rating on Class E Certs
----------------------------------------------------------
Fitch Ratings has affirmed five classes of COMM 2017-PANW Mortgage
Trust Commercial Mortgage Pass-Through Certificates.

   Debt            Rating                 Prior
   ----            ------                 -----
COMM 2017-PANW

   A 12595HAA6     LT  AAAsf  Affirmed   AAAsf
   B 12595HAC2     LT  AA-sf  Affirmed   AA-sf
   C 12595HAE8     LT  A-sf   Affirmed   A-sf
   D 12595HAG3     LT  BBB-sf Affirmed   BBB-sf
   E 12595HAJ7     LT  BBsf   Affirmed   BBsf

TRANSACTION SUMMARY

The certificates represent the beneficial interests in the $310
million, seven-year, fixed-rate, interest-only mortgage loan
securing the fee interest in The Campus @ 3333 Phase III, a
940,564-sf, four-building office campus located in Santa Clara, CA.
The certificates follow a sequential-pay structure.

KEY RATING DRIVERS

Stable Performance: Performance remains stable and in line with
Fitch's expectations at issuance. The property is fully occupied
with servicer-reported net cash flow (NCF) debt service coverage
ratio (DSCR) at 3.58x for 1Q22 and 3.34x for YE 2021, compared to
3.15x at issuance.

Fitch Leverage: The $310.0 million mortgage loan has a Fitch DSCR
and loan to value (LTV) of 1.15x and 77.5%, respectively, and debt
of $330psf.

Creditworthy Tenancy: The property is 100% leased to Palo Alto
Networks, Inc. (PANW), which executed three separate, absolute NNN
leases, which expire in July 2028, 3.9 years beyond the loan
maturity in October 2024. PANW provides security platform solutions
to enterprises, service providers and government entities
worldwide, and the company reported fiscal year 2021 revenue of
$4.3 billion.

Asset Quality and Strong Location: Built in 2017, The Campus @ 3333
Phase III is an LEED Silver certified office complex located along
Tannery Way in Santa Clara, CA, in the heart of Silicon Valley.
PANW has invested over $80 million into outfitting the four
buildings. At issuance, Fitch assigned the property a collateral
quality grade of 'A-'. The transaction has received a positive ESG
relevance score of '4+' for Waste and Hazardous Materials
Management; Ecological Impact given the LEED certification.

Institutional Sponsorship: The loan is sponsored by The California
State Teachers' Retirement System (CalSTRS) and Korea Post (KP).
CalSTRS is the third largest retirement plan in the U.S., KP is
owned by the Republic of Korea government (rated AA-/F1+/Stable;
country ceiling of AA+); as a government entity, KP is considered a
sovereign wealth fund.

Single-Tenant/Asset Exposure: The transaction is secured by a
single property and is, therefore, more susceptible to single-event
risk related to the market, sponsors or tenant. Although the
property is currently leased to one tenant, PANW, the four-building
campus can easily be divided to accommodate multiple tenants.

Full-Term, Interest-Only Loan: The fixed-rate loan is interest only
for the entire seven-year loan term with a rate of 3.45%.

RATING SENSITIVITIES

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

  -- A sustained decline in collateral occupancy;

  -- A significant deterioration in property cash flow.

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

  -- An upgrade to classes B, C, D, and E may occur with
     significant improved performance of the underlying asset,
     significant amortization and/or defeasance.

ESG CONSIDERATIONS

COMM 2017-PANW has an ESG Relevance Score of '4' [+] for Waste &
Hazardous Materials Management; Ecological Impacts due to the
collateral's sustainable building practices including Green
building certificate credentials, which has a positive impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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



CSAIL 2015-C4: DBRS Confirms B Rating on Class X-G Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C4 issued by CSAIL 2015-C4
Commercial Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect the generally
stable performance of the transaction and positive developments for
several loans since DBRS Morningstar's last surveillance rating
action in October 2021. As Coronavirus Disease (COVID-19)
restrictions have eased across the United States within the past
year, retail and hotel properties have significantly benefitted,
including some that collateralize loans representing over 50% of
the subject pool balance. In addition, one formerly specially
serviced loan, 120 NE 39th Street Miami (Prospectus ID#14, 2.0% of
the current pool balance), has returned to the master servicer and
is no longer delinquent. The transaction also benefits from a
moderate amount of defeasance, with 13 loans representing
approximately 11% of the pool fully defeased. There are two small
specially serviced loans in the pool, but DBRS Morningstar expects
losses to be contained to the unrated Class NR certificate.

As of the August 2022 remittance, the trust consists of 84 of the
original 87 loans with an aggregate principal balance of $844.7
million, reflecting a collateral reduction of approximately 10%
since issuance. There are 14 loans, representing 25.7% of the pool,
on the servicer's watchlist. There are two loans, representing 1.3%
of the pool, in special servicing, both of which are delinquent.

The largest loan in the transaction, Fairmont Orchid (Prospectus
ID#1, 13.3% of the current pool), is secured by a full-service
hotel in Kohala Coast, Hawaii. Hawaii implemented some of the
strictest coronavirus restrictions in the United States, and many
of those remained in place until March 2022. The loan was added to
the servicer's watchlist in November 2020 because of decreased
occupancy and financial performance resulting from the coronavirus
pandemic. At the time, the loan was reporting a below-breakeven net
cash flow (NCF); however, as of YE2021, the property reported
positive cash flow and a debt service coverage ratio (DSCR) of 2.14
times (x). Performance has since continued to improve, with a DSCR
of 4.43x for the trailing 12 months (T-12) ended June 30, 2022, and
NCF for the period reported at $19.1 million, well above the
Issuer's figure of $13.4 million, a product of an increase in
revenue by more than $20 million from the Issuer's figure. Prior to
the onset of the pandemic, the loan consistently reported revenue
and DSCR figures comfortably above the issuance figures. According
to the May 2022 STR, Inc. report, the T-12 occupancy, average daily
rate, and revenue per available room (RevPAR) figures were 60.6%,
$503, and $305, respectively, with a T-12 RevPAR penetration rate
of 78.7%.

The largest specially serviced loan, Dorsey Business Center III
(Prospectus ID#48, 0.7% of the current pool), is secured by a Class
B suburban office building in Elkridge, Maryland. The loan
transferred to special servicing in October 2021 for payment
default and remains delinquent. As of YE2021, the property was
42.1% occupied, falling from 91.8% at YE2019 after several tenants
vacated the property at lease expiration. As a result, the DSCR is
below breakeven. The October 2021 appraisal revalued the property
at $5.3 million, decreasing from $9.1 million at issuance. As of
August 2022, a receiver is in place and the property is listed for
sale. Based on the October 2021 appraisal, DBRS Morningstar
liquidated the loan with this review, with a loss severity
exceeding 30.0%.

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



CSMC 2016-NXSR: Fitch Affirms CCsf Rating on 4 Tranches
-------------------------------------------------------
Fitch Ratings has affirmed 18 classes of CSMC 2016-NXSR Commercial
Mortgage Trust pass-through certificates. The Rating Outlook was
revised to Stable from Negative on classes A-S, B, C, X-A, X-B,
V1-A, V1-B and V1-C.

RATING ACTIONS

                    Rating           Prior
                    ------           -----
CSMC 2016-NXSR
  
A-2 12594PAT8   LT  AAAsf  Affirmed  AAAsf
A-3 12594PAU5   LT  AAAsf  Affirmed  AAAsf
A-4 12594PAV3   LT  AAAsf  Affirmed  AAAsf
A-S 12594PAZ4   LT  AAAsf  Affirmed  AAAsf
A-SB 12594PAW1  LT  AAAsf  Affirmed  AAAsf
B 12594PBA8     LT  AA-sf  Affirmed  AA-sf
C 12594PBB6     LT  A-sf   Affirmed  A-sf
D 12594PAG6     LT  BB-sf  Affirmed  BB-sf
E 12594PAJ0     LT  CCsf   Affirmed  CCsf
F 12594PAL5     LT  CCsf   Affirmed  CCsf
V-1B 12594PBD2  LT  AA-sf  Affirmed  AA-sf
V-1C 12594PBE0  LT  A-sf   Affirmed  A-sf
V1-A 12594PBC4  LT  AAAsf  Affirmed  AAAsf
V1-D 12594PBF7  LT  BB-sf  Affirmed  BB-sf
X-A 12594PAX9   LT  AAAsf  Affirmed  AAAsf
X-B 12594PAY7   LT  AA-sf  Affirmed  AA-sf
X-E 12594PAA9   LT  CCsf   Affirmed  CCsf
X-F 12594PAC5   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 two
loans paying in full, including one loan that modeled losses. The
majority of assets impacted by the pandemic have stabilized; the
revision of Negative Outlooks to Stable reflect the performance
stabilization.

Ten loans (29.9% of pool) were designated Fitch Loans of Concern
(FLOCs) due tenant concerns and/or deteriorating performance
including three loan in special (3.8%) and four other loans in the
top 15 (23.8%). Fitch's current ratings incorporate a base case
loss of 9.7%. The negative outlooks reflect on going concerns with
the larger retail assets. Should performance continue to decline or
these loans default, downgrades on classes D and V-1D are
possible.

The largest contributor to overall base case loss expectations
Gurnee Mills loan (11.3%); Secured by a 1.7 million-sf portion of a
1.9 million-sf regional mall located in Gurnee, IL, approximately
45 miles north of Chicago. Non-collateral anchors include
Burlington Coat Factory, Marcus Cinema and Value City Furniture.
Collateral anchors include Macy's, Bass Pro Shops, Kohl's and a
vacant anchor box previously occupied by Sears. The loan previously
transferred to the special servicer in June 2020 for imminent
monetary default, returning to the master servicer in May 2021
after receiving a forbearance.

Per the servicer's YE 2021 reporting, the property was 77%
occupied, down from 86.7% at YE 2020 and 93% at issuance. The
property faces near-term rollover, with leases totaling 13.6% of
the NRA scheduled to expire in 2023, including Bed Bath & Beyond
(3.3% of NRA; January 2023 lease expiration), Lee Wrangler (1.3%;
January 2023), Off Broadway Shoes (1.2%; January 2023) and
Rainforest Cafe (1.1%; December 2023). Fitch's base case loss of
30.3% reflects a 12% cap rate and 5% stress to the YE 2021 NOI, and
factors in an increased loss recognition to account for the
likelihood of maturity default.

The second largest contributor to losses, Wolfchase Galleria
(5.7%), is secured by a 391,862-sf interest in a regional mall
located in Memphis, TN. The subject is anchored by Macy's
(non-collateral), Dillard's (non-collateral), J.C. Penney
(non-collateral) and Malco Theatres. The loan transferred to
special servicing in June 2020 due to a monetary default, but was
subsequently returned to the master servicer in May 2021.

Collateral occupancy has remained in the high 70s for several years
after declining from 81% at YE 2019: 79% (March 2022), 78% (YE
2021) and 79% (YE 2020). Leases representing 22% of the NRA roll in
2022, followed by 13% in 2023 and 13% in 2024. The servicer
reported NOI DSCR was 1.24x at YE 2021 compared to 1.17x at YE
2020, 1.29x at YE 2019 and 1.35x at YE 2018. While the subject is
the dominant mall in its trade area, it is also located in a
secondary market with fewer demand drivers. Fitch requested a
recent sales report from the servicer, but has not received one to
date. Fitch's base case loss of 38.4% was based on a 15% cap rate
and YE 2021 NOI.

The third largest contributor to losses, Great Falls Marketplace
(3.9%), is secured by a 215,000-sf retail center located in Great
Falls, MT. The largest tenants at the property include: Smith's
Food & Drug -- subsidiary of Kroger, rating WD by Fitch in October
2018 (23.2%, lease expires January 2030), Carmike Cinema -- AMC
(15.1%; lease expires February 2023) and Michael's (9.5%; lease
expires February 2023). 44% of the NRA representing 41% base rent
expires in 2023 including two of the top three tenants. Fitch
modeled losses of 21.4% are based on a 15% stress to YE 2021 NOI
due to upcoming rollover concerns. A leasing status update was
requested but has not been provided.

Fitch is also monitoring the performance of 681 Fifth Avenue (3%),
a mixed-use property located in the Manhattan Plaza District in New
York, NY. The property's largest tenant, Tommy Hilfiger (27.3% of
NRA and 89% of base rent) vacated in 2019. The lease expires in May
2023.

Increase in Credit Enhancement: As of the August 2022 distribution
date, the pool has paid down by nearly 17.7%, down to $498 million
from $606.8 million at issuance. Since Fitch's last rating action,
two loans paid in full: Novo Nordisk and Greenwich Office Park,
which previously modeled a $2 million loss. Eight loans (46.7% of
the pool) are full-term interest only (IO). Nine loans (15.1% of
the pool) were partial IO; all have exited their IO period. Three
loans (4.3%) are defeased. There have been no realized losses to
date.

Pool Concentrations and Pari Passu Loans: The largest loan
represents 12% of the pool and the top 10 loans represent 68.8% of
the pool. Seven loans (50.2%) 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
credit enhancement (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 'BB-sf' and 'CCsf' rated classes would
occur with continued performance decline or default of the larger
retail FLOCs, increased certainty of losses, additional losses are
realized or additional loans default.

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 'BB-sf' and 'CCsf' rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable, FLOCs stabilize and there is
sufficient CE to the classes.


FLAGSHIP CREDIT 2019-3: S&P Affirms BB+(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings corrected its ratings on the class C, D, and E
notes from Flagship Credit Auto Trust (FCAT) 2020-4 and FCAT
2021-1, by lowering them one, two, and three notches, respectively.
Due to a data input error, S&P incorrectly raised these ratings to
a level beyond what was supported by their respective credit
enhancement levels at the time of the April 13, 2022, rating
actions. S&P affirmed its 'AAA(sf)' ratings on the class A and B
notes from both series, which were unaffected by the error.  

  Table 1

  Ratings Corrected

                                Rating
  Series        Class      To            From

  2020-4        C          AA (sf)       AA+ (sf)
  2020-4        D          A- (sf)       A+ (sf)
  2020-4        E          BB+ (sf)      BBB+ (sf)
  2021-1        C          AA (sf)       AA+ (sf)
  2021-1        D          A- (sf)       A+ (sf)
  2021-1        E          BBB- (sf)     A- (sf)

At the same time, S&P raised its ratings on 24 classes and affirmed
our ratings on 25 classes from the remaining 14 FCAT transactions.

The transactions are ABS transactions backed by subprime retail
auto loans originated by Flagship Credit Acceptance LLC (Flagship)
and Car Finance Capital LLC, and serviced by Flagship.

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

"The transactions are performing better than our initial cumulative
net loss expectation, and we have revised our loss expectation
accordingly.

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

  Table 2

  Collateral Performance (%)(i)

                         Pool    Current     60+ day
  Series      Mo.      factor        CNL     delinq.
  2017-4       56       10.30       9.92        8.44
  2018-1       54       11.95       9.62        8.16
  2018-2       51       15.32       8.90        8.81
  2018-3       48       17.46       8.80        9.95
  2018-4       45       19.32       9.08       10.08
  2019-1       42       22.44       8.32        9.43
  2019-2       39       24.97       7.20        9.85
  2019-3       36       28.60       6.70        9.29
  2019-4       33       31.00       5.87        8.63
  2020-1       30       32.57       4.38        8.06
  2020-2       27       33.30       3.50        7.62
  2020-3       24       39.53       3.21        6.92
  2020-4       21       42.40       2.62        6.70
  2021-1       18       47.59       2.17        6.27
  2021-2       15       56.93       1.88        5.81
  2021-3       12       67.74       2.02        5.21

(i)As of the August 2022 distribution date.
Mo.--Month.
CNL--Cumulative net loss.
Delinq.—Delinquencies.

  Table 3

  CNL Expectations (%)(i)

               Original           Former          Revised
               lifetime         lifetime         lifetime
  Series       CNL exp.     CNL exp.(ii)         CNL exp.
  2017-4    12.75-13.25      11.00-11.50      Up to 10.50
  2018-1    12.75-13.25      10.75-11.25      Up to 10.50
  2018-2    12.50-13.00      10.75-11.25      10.25-10.75
  2018-3    12.50-13.00      11.25-11.75      10.75-11.25
  2018-4    12.25-12.75      11.25-11.75      10.75-11.25
  2019-1    12.25-12.75      11.25-11.75      10.50-11.00
  2019-2    12.25-12.75      10.75-11.25      10.00-10.50
  2019-3    12.25-12.75      10.75-11.25      10.00-10.50
  2019-4    12.00-12.50      10.25-10.75        9.25-9.75
  2020-1    12.00-12.50      10.25-10.75        9.25-9.75
  2020-2    14.00-14.50      10.25-10.75        9.25-9.75
  2020-3    14.00-14.50      10.25-10.75        9.25-9.75
  2020-4    13.25-13.75       9.50-10.00        9.00-9.50
  2021-1    13.00-13.50       9.50-10.00        9.00-9.50
  2021-2    11.50-12.00              N/A      10.50-11.00
  2021-3    11.00-11.50              N/A      11.00-11.50

(i)As of August 2022.
(ii)Series 2020-4 and 2021-1 were last reviewed in April 2022. All
other series were last reviewed in November 2021.
CNLexp.--Cumulative net loss expectation.
N/A--Not applicable.

Each transaction has a sequential principal payment structure--in
which the notes are paid principal by seniority--that will increase
the credit enhancement for the senior notes as the pool amortizes.
Each transaction also has credit enhancement in the form of a
non-amortizing reserve account, overcollateralization,
subordination for the higher-rated tranches, and excess spread. As
of August 2022, the distribution date for each transaction's
reserve account and overcollateralization amount are at their
specified target levels and, since closing, the credit support for
each series has increased as a percentage of the amortizing pool
balance.

  Table 3

  Hard Credit Support (%)(i)

                            Total hard    Current total hard
                        credit support        credit support
  Series    Class      at issuance(ii)    (% of current)(ii)
  2017-4    D                    11.00                 81.09
  2017-4    E                     5.50                 27.67
  2018-1    D                    10.00                 71.89
  2018-1    E                     4.25                 23.74
  2018-2    D                     9.00                 56.59
  2018-2    E                     3.25                 19.05
  2018-3    C                    18.25                103.39
  2018-3    D                     9.00                 50.40
  2018-3    E                     3.25                 17.46
  2018-4    C                    17.65                 93.96
  2018-4    D                     8.55                 46.85
  2018-4    E                     1.85                 12.18
  2019-1    C                    17.65                 81.85
  2019-1    D                     8.55                 41.31
  2019-1    E                     1.85                 11.46
  2019-2    C                    16.85                 70.58
  2019-2    D                     7.60                 33.53
  2019-2    E                     1.85                 10.50
  2019-3    B                    28.25                102.41
  2019-3    C                    16.75                 62.20
  2019-3    D                     7.45                 29.68
  2019-3    E                     1.75                  9.75
  2019-4    B                    26.75                 90.17
  2019-4    C                    15.50                 53.88
  2019-4    D                     6.50                 24.85
  2019-4    E                     1.50                  8.73
  2020-1    B                    26.55                 85.49
  2020-1    C                    15.20                 50.64
  2020-1    D                     6.20                 23.00
  2020-1    E                     1.50                  8.57
  2020-2    B                    35.45                 99.23
  2020-2    C                    24.05                 65.00
  2020-2    D                    15.25                 38.57
  2020-2    E                     8.60                 18.61
  2020-3    A                    36.40                 89.22
  2020-3    B                    27.95                 67.85
  2020-3    C                    16.20                 38.12
  2020-3    D                    11.00                 24.97
  2020-3    E                     6.50                 13.59
  2020-4    A                    36.45                 87.39
  2020-4    B                    27.80                 66.98
  2020-4    C                    15.90                 38.91
  2020-4    D                     8.90                 22.40
  2020-4    E                     4.75                 12.61
  2021-1    A                    36.60                 79.28
  2021-1    B                    27.45                 60.05
  2021-1    C                    15.65                 35.26
  2021-1    D                     8.85                 20.97
  2021-1    E                     4.75                 12.35
  2021-2    A                    33.80                 62.97
  2021-2    B                    24.90                 47.34
  2021-2    C                    13.60                 27.49
  2021-2    D                     6.85                 15.63
  2021-2    E                     2.85                  8.61
  2021-3    A                    30.40                 47.53
  2021-3    B                    22.70                 36.17
  2021-3    C                    12.40                 20.97
  2021-3    D                     5.60                 10.93
  2021-3    E                     1.50                  4.88

(i)As of the August 2022 distribution date.
(ii)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination.

S&P said, "We incorporated an analysis of the current hard credit
enhancement compared to the remaining expected cumulative net loss
for those classes where hard credit enhancement alone without
credit to the expected excess spread was sufficient,in our view, to
support the rating actions. For other classes, we incorporated a
cash flow analysis to assess the loss coverage level and liquidity
risks related to payment of timely interest and full principal by
legal final maturity, giving credit to stressed excess spread. Our
various cash flow scenarios included forward-looking assumptions on
recoveries, timing of losses, and voluntary absolute prepayment
speeds that we believe are appropriate, given the transaction's
performance to date.

"In addition to our break-even cash flow analysis, we also
conducted abase-case analysis to assess the expected loss coverage
levels over time and sensitivity analyses for the series to
determine the impact that a moderate('BBB') stress scenario would
have on our ratings if losses began trending higher than our
revised loss expectation.

"In our view, the results demonstrated that all of the classes have
adequate credit enhancement at the current rating levels.
We will continue to monitor the performance of the outstanding
transactions to ensure that the credit enhancement remains
sufficient, in our view, to cover our cumulative net loss
expectations under our stress scenarios for each of the rated
classes."

  RATINGS LOWERED DUE TO CORRECTION

  Flagship Credit Auto Trust

                            Rating
  Series     Class    To              From

  2020-4     C        AA (sf)         AA+ (sf)
  2020-4     D        A- (sf)         A+ (sf)
  2020-4     E        BB+ (sf)        BBB+ (sf)
  2021-1     C        AA (sf)         AA+ (sf)
  2021-1     D        A- (sf)         A+ (sf)
  2021-1     E        BBB- (sf)       A- (sf)

  RATINGS RAISED

  Flagship Credit Auto Trust

                           Rating
  Series    Class    To              From

  2017-4    E        AAA (sf)        A- (sf)
  2018-1    E        AA (sf)         A- (sf)
  2018-2    D        AAA (sf)        AA+ (sf)
  2018-2    E        A- (sf)         BBB (sf)
  2018-3    D        AAA (sf)        AA- (sf)
  2018-3    E        BBB (sf)        BB+ (sf)
  2018-4    D        AAA (sf)        AA- (sf)
  2018-4    E        BBB (sf)        BB+ (sf)
  2019-1    D        AAA (sf)        A+ (sf)
  2019-2    D        AA- (sf)        A- (sf)
  2019-3    D        AA- (sf)        A (sf)
  2019-4    C        AAA (sf)        AA+ (sf)
  2019-4    D        A+ (sf)         A- (sf)
  2020-1    C        AAA (sf)        AA- (sf)
  2020-1    D        BBB+ (sf)       BBB (sf)
  2020-2    C        AAA (sf)        AA (sf)
  2020-2    D        A+ (sf)         A- (sf)
  2020-3    C        AA- (sf)        A+ (sf)
  2021-2    B        AAA (sf)        AA (sf)
  2021-2    C        A+ (sf)         A (sf)
  2021-2    D        BBB+ (sf)       BBB (sf)
  2021-2    E        BB (sf)         BB- (sf)
  2021-3    B        AA+ (sf)        AA (sf)
  2021-3    E        BB (sf)         BB- (sf)

  RATINGS AFFIRMED

  Flagship Credit Auto Trust

  Series    Class    Rating

  2017-4    D        AAA (sf)
  2018-1    D        AAA (sf)
  2018-3    C        AAA (sf)
  2018-4    C        AAA (sf)
  2019-1    C        AAA (sf)
  2019-1    E        BB+ (sf)
  2019-2    C        AAA (sf)
  2019-2    E        BB (sf)
  2019-3    B        AAA (sf)
  2019-3    C        AAA (sf)
  2019-3    E        BB+ (sf)
  2019-4    B        AAA (sf)
  2019-4    E        BB+ (sf)
  2020-1    B        AAA (sf)
  2020-1    E        BB- (sf)
  2020-2    B        AAA (sf)
  2020-2    E        BB+ (sf)
  2020-3    A        AAA (sf)
  2020-3    B        AAA (sf)
  2020-3    D        A- (sf)
  2020-3    E        BB+ (sf)
  2020-4    A        AAA (sf)
  2020-4    B        AAA (sf)
  2021-1    A        AAA (sf)
  2021-1    B        AAA (sf)
  2021-2    A        AAA (sf)
  2021-3    A        AAA (sf)
  2021-3    C        A (sf)
  2021-3    D        BBB (sf)



FORTRESS CREDIT XIX: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Fortress Credit
Opportunities XIX CLO LLC's floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by FCOD CLO Management LLC.

The ratings reflect S&P 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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

  Fortress Credit Opportunities XIX CLO LLC

  Class A-L-1, $25.00 million: AAA (sf)
  Class A-L-2, $76.20 million: AAA (sf)
  Class A-R, $64.80 million: AAA (sf)
  Class A-T, $50.00 million: AAA (sf)
  Class B, $28.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $28.00 million: BBB- (sf)
  Class E (deferrable), $28.00 million: BB- (sf)
  Subordinated notes, $64.78 million: Not rated



FREDDIE MAC 2022-DNA6: S&P Assigns Prelim BB- Rating on M2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Freddie Mac
STACR REMIC Trust 2022-DNA6's notes.

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

The preliminary ratings are based on information as of Sept. 8,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

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

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

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

  Preliminary Ratings Assigned

  Freddie Mac STACR REMIC Trust 2022-DNA6

  Class A-H(i), $33,892,952,126: NR
  Class M-1A, $388,000,000: A- (sf)
  Class M-1AH(i), $21,206,246: NR
  Class M-1B, $473,000,000: BBB- (sf)
  Class M-1BH(i), $25,164,125: NR
  Class M-2, $304,000,000: BB- (sf)
  Class M-2A, $152,000,000: BB+ (sf)
  Class M-2AH(i), $8,124,183 NR
  Class M-2B, $152,000,000: BB- (sf)
  Class M-2BH(i), $8,124,183: NR
  Class M-2R, $304,000,000: BB- (sf)
  Class M-2S, $304,000,000: BB- (sf)
  Class M-2T, $304,000,000: BB- (sf)
  Class M-2U, $304,000,000: BB- (sf)
  Class M-2I, $304,000,000: BB- (sf)
  Class M-2AR, $152,000,000: BB+ (sf)
  Class M-2AS, $152,000,000: BB+ (sf)
  Class M-2AT, $152,000,000: BB+ (sf)
  Class M-2AU, $152,000,000: BB+ (sf)
  Class M-2AI, $152,000,000: BB+ (sf)
  Class M-2BR, $152,000,000: BB- (sf)
  Class M-2BS, $152,000,000: BB- (sf)
  Class M-2BT, $152,000,000: BB- (sf)
  Class M-2BU, $152,000,000: BB- (sf)
  Class M-2BI, $152,000,000: BB- (sf)
  Class M-2RB, $152,000,000: BB- (sf)
  Class M-2SB, $152,000,000: BB- (sf)
  Class M-2TB, $152,000,000: BB- (sf)
  Class M-2UB, $152,000,000: BB- (sf)
  Class B-1H(i), $195,707,335: NR
  Class B-2H(i), $177,915,759: NR
  Class B-3H(i), $88,957,882: NR

(i)Reference tranche only and will not have corresponding notes.
Freddie Mac retains the risk of these tranches.
NR--Not rated.



FRTKL 2021-SFR1: DBRS Confirms BB Rating on Class F Certs
---------------------------------------------------------
DBRS, Inc. reviewed eight classes from one U.S. single-family
rental transaction. DBRS Morningstar confirmed all eight ratings.

FRTKL 2021-SFR1 Trust

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

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

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

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

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

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

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

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

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

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

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

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



FS RIALTO 2022-FL6: DBRS Finalizes B(low) Rating on Class G Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by FS Rialto 2022-FL6 Issuer, LLC (FS RIAL
2022-FL6):

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

All trends are Stable.

The initial collateral consists of 24 floating-rate mortgage loans
and participation interests in mortgage loans secured by 58 mostly
transitional properties with a cut-off balance totaling $750.0
million, excluding $175.4 million of remaining future funding
commitments and $1.3 billion of pari passu debt. Two loans (NYC
Multifamily Portfolio and NYC Midtown West Multifamily Portfolio)
are cross-collateralized loans and are treated as a single loan in
the DBRS Morningstar analysis, resulting in a modified loan count
of 23. All figures below and throughout this report reflect this
modified loan count. The holder of the future funding companion
participations will be FS CREIT Finance Holdings LLC (the Seller),
a wholly owned subsidiary of FS Credit Real Estate Income Trust,
Inc. (FS Credit REIT), or an affiliate of the Seller.

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

For the floating-rate loans, DBRS Morningstar incorporates an
interest rate stress that is based on the lower of a DBRS
Morningstar stressed rate that corresponded to the remaining fully
extended term of the loans or the strike price of the interest rate
cap with the respective contractual loan spread added to determine
a stressed interest rate over the loan term. When the debt service
payments were measured against the DBRS Morningstar As-Is NCF, 21
loans, comprising 92.8% of the initial pool balance, had a DBRS
Morningstar As-Is DSCR of 1.00 times (x) or below, a threshold
indicative of default risk. Additionally, 17 loans, comprising
72.3% of the initial pool balance, had a DBRS Morningstar
Stabilized DSCR 1.00x or below, which is indicative of elevated
refinance risk. The properties are often transitioning with
potential upside in cash flow; however, DBRS Morningstar does not
give full credit to the stabilization if there are no holdbacks or
if other structural features in place are insufficient to support
such treatment.

Three loans, representing 21.4% of the pool balance, are secured by
properties in areas with a DBRS Morningstar Market Rank of 6, 7, or
8, which are characterized as urbanized locations. These markets
generally benefit from increased liquidity that is driven by
consistently strong investor demand. Such markets therefore tend to
benefit from lower default frequencies than less dense suburban,
tertiary, or rural markets. Areas with a DBRS Morningstar Market
Rank of 7 or 8 are especially densely urbanized and benefit from
significantly elevated liquidity. Two loans, comprising 14.6% of
the cut-off date pool balance, are secured by a property in such an
area. While the transaction represents slightly weaker markets than
the FS Rialto 2022-FL5 transaction (17.3% of the initial pool
represented by DBRS Morningstar Markt Rank 7 or 8), the transaction
demonstrates much stronger markets than the FS Rialto 2022-FL4 and
FS Rialto 2021-FL3 transactions that DBRS Morningstar also rated,
which had only 11.9% and 0.0% of the pool, respectively, in a DBRS
Morningstar Market Rank of 7 or 8.

Nine loans, representing 50.2% of the pool balance, are in a DBRS
Morningstar MSA Group of 2 or 3, which represent MSAs with
below-average historical default rates. More specifically, there
are seven loans, representing 40.1% of the pool, in a DBRS
Morningstar MSA Group of 3, which is the best-performing group in
terms of historic CMBS default rates among the top 25 MSAs. The
transaction's MSAs are considerably stronger than the FS Rialto
2022-FL4 and FS Rialto 2021-FL3 transactions, which had 63.2% and
33.6%, respectively, in DBRS Morningstar MSA Group of 2 or 3, and
is comparable to the FS Rialto 2022-FL5 transaction which had 65.6%
of loans secured by properties in the DBRS Morningstar MSA Group of
2 or 3. Additionally, the FS Rialto 2022-FL4 and FS Rialto 2021-FL3
transactions had only 22.1% and 7.8%, respectively, in a DBRS
Morningstar MSA Group of 3.

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



GS MORTGAGE 2014-GC18: Moody's Affirms B1 Rating on Cl. PEZ Certs
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on eight
classes and downgraded the rating on one class in GS Mortgage
Securities Trust 2014-GC18, Commercial Mortgage Pass-Through
Certificates, Series 2014-GC18 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Mar 10, 2021 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 10, 2021 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Mar 10, 2021 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aa2 (sf); previously on Mar 10, 2021 Downgraded
to Aa2 (sf)

Cl. B, Affirmed Ba1 (sf); previously on Mar 10, 2021 Downgraded to
Ba1 (sf)

Cl. C, Affirmed Caa1 (sf); previously on Mar 10, 2021 Downgraded to
Caa1 (sf)

Cl. X-A* Downgraded to Aa1 (sf); previously on Mar 10, 2021
Affirmed Aaa (sf)

Cl. X-B* Affirmed Ba1 (sf); previously on Mar 10, 2021 Downgraded
to Ba1 (sf)

Cl. PEZ, Affirmed B1 (sf); previously on Mar 10, 2021 Downgraded to
B1 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on the P&I classes were affirmed due to the credit
support and 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 rating on the IO class, Cl. X-A was downgraded due to the
decline in the credit quality of its reference classes resulting
from principal paydowns of higher quality reference classes.

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

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

Moody's rating action reflects a base expected loss of 4.8% of the
current pooled balance, compared to 20.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.9% of the
original pooled balance, compared to 16.5% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the August 10, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 39.7% to $671.6
million from $1.1 billion at securitization. The certificates are
collateralized by 62 mortgage loans ranging in size from less than
1% to 15.1% of the pool, with the top ten loans (excluding
defeasance) constituting 48% of the pool. Twenty three loans,
constituting 24.7% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, down from 16 at Moody's last review.

As of the August 2022 remittance report, loans representing 95.4%
were current or within their grace period on their debt service
payments, 2.6% were beyond their grace period but less than 30 days
delinquent and 2.0% was REO.

Eight loans, constituting 22.5% of the pool, are on the master
servicer's watchlist, of which one loan, representing 1.1% of the
pool, indicate the borrower has received loan modifications in
relation to the coronavirus impact on the property. The watchlist
includes loans that meet certain portfolio review guidelines
established as part of the CRE Finance Council (CREFC) monthly
reporting package. As part of Moody's ongoing monitoring of a
transaction, the agency reviews the watchlist to assess which loans
have material issues that could affect performance.

Five loans have been liquidated from the pool, resulting in an
aggregate realized loss of $122.6 million (for an average loss
severity of 60%). Two regional mall loans, The Crossroads and
Wyoming Valley Mall liquidated with significant losses since the
last review. One loan, constituting 2.0% of the pool, is currently
in special servicing, which transferred to special servicing after
March 2020.

The specially serviced loan is the Wyndham Garden Inn Long Island
City ($13.4 million – 2.0% of the pool), which is secured by a
128 key hotel located in Long Island City, NY. Property net
operating income (NOI) started to decline in 2018, and performance
was further impacted significantly by the onset of the coronavirus
pandemic. The loan transferred to the special servicer in June
2020. The borrower requested COVID related relief in 2020, but
eventually became unresponsive to the servicer and this was never
formalized. A receiver was appointed in November 2021 and the
property became REO in January 2022. For the twelve-month period
ending March 2022, the property was significantly lagging its
competition. Per the special servicer commentary, they are
targeting a third quarter 2022 foreclosure.

Moody's has also assumed a high default probability for three
poorly performing loans, constituting 3.2% of the pool, and has
estimated an aggregate loss of $12.5 million (a 36.2% expected loss
on average) from these troubled and specially serviced loans. The
largest troubled loan, Residence Inn College Station, is an 84 key
hotel in College Station, TX, near the campus of Texas A&M
University. Property performance fell sharply in 2020 and has been
slow to recover in 2021 and in the twelve months ending June 2022.
The remaining troubled loans are secured by retail properties
located in Las Vegas, NV and Hampton, GA. The properties are well
occupied, however declining revenues remain below pre-pandemic
figures.

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 97% of the
pool, and full or partial year 2022 operating results for 78% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 109%, compared to 104% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 10.6% to the most recently
available net operating income (NOI), excluding hotel properties
that had significantly depressed NOI in 2021. Moody's value
reflects a weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.29X and 1.02X,
respectively, compared to 1.39X and 1.06X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 31.2% of the pool balance.
The largest loan is the Shops at Canal Place Loan ($101.2 million
– 15.1% of the pool), which is secured by a 217,000 square foot
(SF) shopping mall located in downtown New Orleans, LA. The
property is part of the 2.1 million SF Canal Place development
which includes offices and a hotel. The property, which is anchored
by Saks Fifth Avenue (49% of the net rentable area (NRA); lease
expiration January 2029), is attached to an office building and
hotel which are not part of the collateral. The collateral also
includes a parking garage that is shared between the mall and the
Westin hotel. The mall also includes a 9-screen theatre that
comprises 10% of the NRA. The remaining tenant roster includes high
end retailers such as Louis Vuitton, Lululemon and MCM. As of
year-end 2021, the property was 97% occupied, and the property has
averaged 95% occupancy since securitization. NOI declined in 2020
and 2021 due to lower revenues, as some tenants began paying
percentage rent in lieu of flat rents. Moody's LTV and stressed
DSCR are 130% and 0.75X, respectively, compared to 121% and 0.81X
at the last review.

The second largest loan is the CityScape – East Office/Retail
Loan ($91.0 million – 13.6% of the pool), which represents a pari
passu portion of a $168.4 million A-note. The property is also
encumbered with a $25 million mezzanine loan. The loan is secured
by a 642,000 SF mixed-use development located in Phoenix, AZ. The
property features a 28 story class-A office tower with 77,000 SF of
ground floor retail and a five level parking garage and the
borrower's leasehold interest in an adjacent retail parking
structure. The largest tenant is Alliance Bank of Arizona (33% of
the NRA) with lease expiration in October 2030. Other major office
tenants include law firms and healthcare companies. The retail
portion is anchored by a Gold's Gym with lease expiration in July
2028. As of March 2022, the property was 79% occupied, compared to
85% at year-end 2021 and 89% at year-end 2020.  Moody's LTV and
stressed DSCR are 109% and 0.91X, respectively, compared to 112%
and 0.89X at the last review.

The third largest loan is the Haier Building Loan ($23 million –
3.4% of the pool), which is secured by a 63,500 SF mixed-use
property in New York City. The largest tenant is Gotham Hall which
occupies 47,000 SF (74% of NRA) through December 2032 and uses the
venue for event space. The event space component is situated on the
first five floors while the office component is primarily comprised
of the basement level and sixth floor but includes parts of the
third, fourth, and fifth floors.  The property was 82% leased as
of June 2022  unchanged from the last several years and compared
to 100% at securitization. The asset is also zoned for building
naming rights.  Moody's LTV and stressed DSCR are 110% and 1.07X,
respectively the same as at the last review.


GS MORTGAGE 2021-IP: DBRS Confirms BB Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-IP as
follows:

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

All trends are Stable.

The rating confirmations reflect the stable performance of the
transaction, which has remained in line with DBRS Morningstar
expectations at issuance. The interest-only loan is secured by the
borrower's fee-simple and leasehold interest in the nondepartment
store component of International Plaza, a 1.2 million-square-foot
(sf) Class A super-regional mall, of which approximately 740,000 sf
serves as collateral for the loan. The property is four miles west
of downtown Tampa and is anchored by noncollateral tenants in
Neiman Marcus, Nordstrom, and Dillard's. The subject features two
additional anchor boxes on the first and second floors, of which
the first floor space serves as collateral and is primarily
occupied by Lifetime Athletic, while the second floor space was
formerly occupied by Lord & Taylor. The second floor was divided
up, and about 20,000 sf was backfilled by Ballard Designs, but the
remaining 50,000 sf of the space has been vacant for approximately
10 years and is currently used as storage space.

As of the March 2022 rent roll, the collateral was 95.9% occupied,
with the largest in-line tenants including Lifetime Athletic (7.6%
of net rentable area (NRA), lease expiry in January 2029), Forever
21 (4.7% of NRA, lease expiry in January 2022), Crate & Barrel
(4.5% of NRA, lease expiry in January 2024), and H&M (2.9% of NRA,
lease expiry in January 2022). There is notable rollover risk with
approximately 25.0% of NRA with lease expirations within the next
12 months, including Forever 21 and H&M, which was contemplated at
issuance. Both of these tenants continue to be on the property's
online directory to date. An updated tenant sales report was not
provided; however, at issuance, it was noted that in-line sales
during the trailing 12-month (T-12) period ended May 31, 2021, was
at $820 per square foot (psf) when excluding Apple and Tesla, while
total sales for that same period in 2019 were noted at $789 psf. As
of the most recent financials dated March 2022, on a trailing
three-month (T-3) basis, the loan reported a debt service coverage
ratio (DSCR) of 5.66 times (x) and an annualized net cash flow
(NCF) of $56.5 million, compared with the DBRS Morningstar DSCR of
3.63x and NCF of $38.4 million.

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


HOUSTON GALLERIA 2015-HGLR: DBRS Confirms BB Rating on E Certs
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-HGLR issued by Houston
Galleria Mall Trust 2015-HGLR (the Issuer) as follows:

-- Class A-1A1 at AAA (sf)
-- Class A-1A2 at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class X-CP at BB (high) (sf)
-- Class X-NCP at BB (high) (sf)
-- Class E at BB (sf)

All trends are Stable.

The rating confirmations reflect the stable performance of the
underlying collateral, which has remained in line with DBRS
Morningstar's expectations.

The Certificates are backed by a $1.05 billion component of a $1.2
billion, 10-year, fixed-rate, interest-only (IO) mortgage loan. The
remaining $150.0 million pari passu companion loan was securitized
in the JPMBB 2015-C28 transaction, which is also rated by DBRS
Morningstar.

The loan is secured by the fee interest in a 1.2 million-square
foot (sf) portion of a 2.1 million-sf enclosed, super-regional mall
in Houston, about 10 miles west of the central business district.
The Galleria is the largest shopping center in Texas and the
fourth-largest in the nation. The tenant roster includes
approximately 400 retailers and restaurants, along with
noncollateral tenants, including Macy's, Nordstrom, Neiman Marcus,
and Saks Fifth Avenue (Saks). Macy's and Nordstrom own their sites
and spaces, while Neiman Marcus and Saks own their respective
improvements but are subject to ground leases. All anchor boxes at
the property are occupied and operating as of August 2022.

According to the April 2022 rent roll, the mall reported an
occupancy rate of 89.7% while the collateral portion of the subject
reported an occupancy rate of 82.5% compared with the YE2021 and
YE2019 collateral occupancy rates of 82.6% and 85.6%, respectively.
The largest in-line tenants are Life Time Fitness (6.5% of the
collateral net rentable area (NRA), lease expires in January 2038),
Forever 21 (2.3% of the NRA, lease expires in January 2023), and
H&M (1.9% of the NRA, lease expires in January 2025).

According to the December 2021 tenant sales report, Saks reported
sales of $831 per square foot (psf), in-line tenants occupying less
than 10,000 sf (excluding Apple) reported sales of $1,068 psf, and
in-line tenants occupying more than 10,000 sf reported sales of
$958 psf compared with sales at issuance of $557 psf, $883 psf, and
$936 psf, respectively.

The servicer reported a YE2021 net cash flow (NCF) of $117.9
million and a debt service coverage ratio (DSCR) of 2.73 times (x).
The YE2021 NCF increased compared with the YE2020 NCF of $113.2
million, but remained in line with the YE2019 NCF of $117.3
million. Despite the challenges arising from the Coronavirus
Disease (COVID-19) pandemic, the loan continues to report NCF
figures in excess of the Issuer's NCF of $100.1 million.

The sponsors for the loan are Simon Property Group (SPG) and
Institutional Mall Investors (IMI). SPG, considered the largest
real estate investment trust in the United States, is also the
loan's guarantor. IMI is a regional shopping center investment
platform that is ultimately co-owned by Miller Capital Advisory,
Inc. (MCA), which acts as an investment manager for IMI and
CalPERS, the largest public pension fund in the country. IMI owns
or has interest in roughly 19 million sf of retail gross leasable
area as well as one million sf of office space. IMI acquired an
ownership interest in the subject in 2001, while SPG acquired an
ownership interest in early 2002.

As noted in the press release "DBRS Morningstar Confirms Ratings on
All Classes of Houston Galleria Mall Trust 2015-HGLR, Changes
Trends to Stable," dated September 28, 2021, the ratings assigned
to Classes C, D, and E were lower than the results implied by the
loan-to-value (LTV) sizing benchmarks. For this review, DBRS
Morningstar did not update the LTV sizing given the performance
remains in line with expectations at last review.

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


JP MORGAN 2018-ASH8: DBRS Confirms B(low) Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-ASH8
issued by J.P. Morgan Chase Commercial Mortgage Securities Trust
2018-ASH8:

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

DBRS Morningstar changed the trends on Classes E and F to Stable
from Negative to reflect the overall improved performance of the
underlying portfolio as it begins to rebound to pre-pandemic
levels, according to the most recent financials and STR reports.
The trends on all other classes remain Stable.

The loan is secured by eight full-service hotels (totalling 1,964
keys), seven of which are affiliated with Hilton, IHG, or Starwood
and operate under four flags (Embassy Suites by Hilton, Crowne
Plaza, Hilton, and Sheraton), while one operates as an independent
hotel. The portfolio is largely concentrated in California (two
hotels, 743 keys; 33.7% of the allocated loan amount (ALA)),
Florida (two hotels, 334 keys; 22.4% of the ALA), and Oregon (one
hotel, 276 keys; 22.2% of the ALA), with the remaining collateral
in Virginia, Minnesota, and Maryland. The properties were built
between 1727 and 1999, and since the hotels were acquired,
approximately $85.5 million ($43,534 per key) has been invested in
improvements.

The interest-only (IO) loan, with an original unpaid principle
balance of $395 million, had an initial two-year term maturing in
February 2020, with five successive one-year extension options.
Since then, the borrower has exercised its third extension option,
extending the maturity to February 2023. Loan proceeds of $395.0
million refinanced existing debt of $378.9 million, returned equity
of $2.4 million, and funded upfront reserves of $5.8 million. The
upfront reserves included a $2.5 million allowance for capital
expenditures and a property improvement plan for the Embassy Suites
Crystal City asset. Four hotels, representing 61.6% of the ALA,
have franchise agreements that expire during the fully extended
term of the loan. However, DBRS Morningstar believes all of them
will be able to renew with existing flags or secure an appropriate
replacement because of their performances and the amount spent on
capital improvements.

The sponsor for this loan is Ashford Hospitality Trust, Inc.
(Ashford), a publicly traded real estate investment trust that
focuses on upper-upscale, full-service hotels in the top 25
metropolitan statistical areas. Per Ashford's Q1 2022 earnings
call, the company's liquidity and cash position remain strong.
Additionally, across its portfolio of 100 hotels (22,286 net
rooms), 27.0% of the properties are outperforming the 2019 hotel
EBITDA levels, and according to the asset management team, the
portfolio is well positioned to capitalize on the industry's
continued recovery.

The loan was transferred to special servicing in April 2020 for
monetary default and a request from the borrower for Coronavirus
Disease (COVID-19) relief. A loan modification agreement was
executed in January 2021, which included the suspension of
furniture, fixtures, and equipment monthly deposits between April
and December 2020 and reduced future debt yield extension tests. As
of early 2021, the loan was brought current and was placed on the
servicer's watchlist for low debt service coverage ratio (DSCR)
from June 2021 until May 2022, when it was removed from the
watchlist.

Per the Q1 2022 financials, the portfolio continues to improve,
reporting a trailing 12 months (T-12) ended March 2022 net cash
flow (NCF) figure of $14.1 million, reflecting a DSCR of 1.42 times
(x). This is higher than the YE2021 and YE2020 figures of $9.8
million, reflecting a DSCR of 0.78x, and -$3.0 million, reflecting
a DSCR of -0.17x, respectively. When DBRS Morningstar assigned
ratings in 2020, it assumed the NCF was $35.8 million. While NCF
has yet to reach expectations, according to the most recent T-12
ended March 31, 2022, STR reports, all of the hotels in the
portfolio have performed better than the previous year. Portfolio
occupancy rose to 57.8%, average daily rate (ADR) reached $180, and
revenue per available room (RevPAR) was $107, and penetration rates
were 111.3% for occupancy, 101.8% for ADR, and 113.0% for RevPAR.
While the T-12 ended March 2022 occupancy and RevPAR figures remain
below the DBRS Morningstar figure of 77.5% and $133, respectively,
the $180 ADR surpasses the DBRS Morningstar rate of $172. Overall,
based on the ADR recovery, the portfolio's performance improvement,
and strong sponsor, DBRS Morningstar believes performance will
approach pre-pandemic levels in the medium term.

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



JPMCC 2015-JP1: Fitch Lowers Rating on Class G Certs to CCsf
------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed 13 classes of
JPMCC Commercial Mortgage Securities Trust, commercial mortgage
pass-through certificates, series 2015-JP1 (JPMCC 2015-JP1). The
Outlooks on classes B and X-B have been revised to Positive from
Stable and the Outlooks on classes E and X-E have been revised to
Stable from Negative.

RATING ACTIONS

                 Rating           Prior
                 ------           -----
JPMCC 2015-JP1
  
A-3 46590KAC8  LT AAAsf  Affirmed  AAAsf
A-4 46590KAD6  LT AAAsf  Affirmed  AAAsf
A-5 46590KAE4  LT AAAsf  Affirmed  AAAsf
A-S 46590KAG9  LT AAAsf  Affirmed  AAAsf
A-SB 46590KAF1 LT AAAsf  Affirmed  AAAsf
B 46590KAH7    LT AA-sf  Affirmed  AA-sf
C 46590KAK0    LT A-sf   Affirmed  A-sf
D 46590KAL8    LT BBBsf  Affirmed  BBBsf
E 46590KBA1    LT BBB-sf Affirmed  BBB-sf
F 46590KAS3    LT CCCsf  Downgrade Bsf
G 46590KAU8    LT CCsf   Downgrade CCCsf
X-A 46590KAN4  LT AAAsf  Affirmed  AAAsf
X-B 46590KAP9  LT AA-sf  Affirmed  AA-sf
X-D 46590KAR5  LT BBBsf  Affirmed  BBBsf
X-E 46590KAY0  LT BBB-sf Affirmed  BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since Fitch's prior rating action driven by higher
expected losses on the specially serviced Franklin Ridge loans
(3.0% of the current pool), as well as higher than anticipated loss
from the disposition of the DoubleTree Tulsa Warren Place loan
previously in special servicing.

The downgrades to class F and G are the result of the erosion of
credit enhancement due to realized losses. The Outlook revisions to
Stable from Negative for classes E and X-E reflect the ongoing
performance stabilization of the majority of the pool, while the
Positive Outlook revisions for classes B and X-B reflects the
potential for future upgrades due to increasing credit enhancement
as a result of amortization and loan pre-payments.

Fitch's current ratings reflect a base case loss of 5.2% of the
current pool balance. There are eight Fitch Loans of Concern
(FLOCs; 19.1% of pool), including two specially serviced loans
(4.7%).

Largest Contributors to Loss: The largest contributor to loss is
the Franklin Ridge loans (3.0%), which are three
cross-collateralized and cross-defaulted loans secured by three
suburban office properties located adjacent to each other, in
Nottingham, MD.

The loans transferred to special servicing in February 2021 due to
payment default after major tenant Johns Hopkins (previously 100%
NRA of 9910 Franklin; 42% of combined NRA) vacated upon its
December 2020 lease expiration. Per servicer commentary, the space
remains vacant and occupancy across the portfolio had dropped to
less than 50% as of March 2021. A receiver was appointed in
February 2022, with current stabilization strategy to re-tenant the
building or find a new owner.

Fitch's analysis is based on a stress to the most recent servicer
provided valuations which resulted in a loss of approximately 46%
and reflects a value of $77 psf.

The next largest contributor to loss is The 9 loan (6.4%), which is
secured by a mixed-use development that is comprised of three
components: a hotel, apartments and a parking garage located in the
Playhouse Square District of Cleveland, OH. Property operations
were significantly affected as a result of the pandemic, with
overall occupancy falling to 36% in 2020 per servicer commentary.
Occupancy has improved to 79% as of the September 2021 servicer
reporting, but NOI debt service coverage ratio (DSCR) remains low
at 0.83x, compared with pre-pandemic YE 2019 ratios of 90% and
1.85x, respectively.

The Fitch base case loss of 13% reflects a 15% stress to the
pre-pandemic YE 2019 NOI. Fitch's analysis considered the slow
recovery of the property from the pandemic lows, as well as
increasing term default risks due to the low DSCR.

Increased Credit Enhancement to Senior Classes: Credit enhancement
(CE) to the senior classes has increased due to loan payoffs. As of
the July 2022 distribution date, the pool's aggregate balance has
been paid down by 31% to $554.4 million from $799.2 million at
issuance. Since Fitch's prior rating action in September 2021, two
loans totaling $20.5 million have pre-paid with yield maintenance.
Three loans representing 32.6% of the pool are full-term
interest-only, and 19 loans (42%) with partial interest-only
periods at issuance have begun amortizing. Three loans (5.9%) are
fully defeased.

There has been $34.5 million in realized losses to date, all of
which have been absorbed by the non-rated class NR. This includes
the $18.2 million DoubleTree Tulsa Warren Place, which was disposed
in September 2021 with $10.3 million in realized losses compared
with $5.4 million anticipated by Fitch at the prior rating action.

Alternative Loss Scenario: Fitch incorporated a pool-level
sensitivity scenario to test for the resiliency of the ratings by
applying higher cap rates and NOI stresses across the pool. The
affirmation and Positive Rating Outlook for class B reflected this
analysis.

RATING SENSITIVITIES

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

Downgrades to classes A-3 through B are not likely due to their
position in the capital structure and the high credit enhancement;
however, downgrades to these classes may occur should interest
shortfalls occur. Downgrades to classes C and D would occur if loss
expectations increase significantly and/or should credit
enhancement be eroded. Downgrades to the classes E would occur if
the performance of the FLOC continues to decline and/or fail to
stabilize, or should losses from specially serviced loans/assets be
larger than expected. The distressed classes 'CCsf' and 'CCCsf'
could be further downgraded as losses are realized or become more
certain.

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

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

Upgrades to classes 'AA-sf' and 'A-sf' would likely occur with
significant improvement in credit enhancement and/or defeasance;
however, adverse selection and increased concentrations, or the
underperformance of the FLOCs, could reverse this trend. An upgrade
to the 'BBBsf' class D is considered unlikely and would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
were likelihood for interest shortfalls. Upgrades to classes E, F
and G are not considered likely, but could be possible if loans in
special servicing return to performing or have better than expected
recoveries.


KESTREL AIRCRAFT: Fitch Affirms 'BB' Rating on Class B Notes
------------------------------------------------------------
Fitch Ratings has affirmed Kestrel Aircraft Funding Limited's
series A and B notes. The Rating Outlooks remain Negative.

RATING ACTIONS

                   Rating           Prior
                   ------           -----
Kestrel Aircraft Funding Limited

A 49255PAA1   LT  BBBsf   Affirmed  BBBsf
B 49255PAB9   LT  BBsf    Affirmed  BBsf

TRANSACTION SUMMARY

The affirmation reflects the current state of airline lessee
credits backing the leases in each transaction pool, updated
aircraft values, Fitch's assumptions and stresses, and resulting
modeled cash flows and coverage levels.

The 'BBBsf' and 'BBsf' ratings for classes A and B, respectively,
reflect Fitch's base case expectation for the structure to
withstand immediate and near-term stresses at the updated
assumptions and stressed scenarios commensurate with their
respective ratings. The Outlook remains Negative due to continued
pressure on aircraft values and lease rate volatility given the
challenging market environment.

Fitch has updated its rating assumptions for both rated and
non-rated airlines, which was largely driven by the current global
environment, ongoing sector stress with a slow recovery to date,
and resulting impact on airline lessees in each pool.

Dubai Aerospace Enterprise Ltd. (DAE, BBB-/Stable) and certain
affiliates are the sellers of the assets, and DAE acts as servicer
for Kestrel. Fitch deems DAE an adequate servicer based on its
capabilities and prior experience servicing ABS transactions.

KEY RATING DRIVERS

Airline Lessee Credit:

The credit profiles of the airline lessees in the pools have
remained under stress due to the current market environment. The
proportion of the pool assumed at a 'CCC' Issuer Default Rate (IDR)
has remained stable at 60.1%. This proportion was 11.6% at closing.
Any publicly rated airlines in the pool with ratings that have
shifted during the prior year were updated for this review.

Asset Quality and Appraised Pool Value:

The pool features mostly narrow body (NB) aircraft, which is
generally viewed positively. There is approximately 71.8% of narrow
body, 21.8% widebody and 6.5% Turboprop aircraft in Kestrel.

The appraisers for Kestrel are AISI, MBA and BK. Continued market
volatility may cause aircraft values to decline more than
expected.

Kestrel updated its appraisals as of December 2021. Per the July
servicer report, the mean of the maintenance-adjusted base value
(MABV) of the three appraisers is $376.5 million. For modeling
purposes, Fitch assumed the lower of the mean and median MABV of
the three external appraisers.

Fitch also ran a sensitivity that utilized conservative asset
values for Kestrel, given the age of the appraisals and Fitch's
observation of weaker market values for certain aircraft variants,
particularly WB and older NB aircraft. Fitch utilized the average
excluding highest (AEH) of the most current appraised MABV for NBs
less than 15 years old, and for turboprops, consistent with recent
transactions. For NBs older than 15 years old, Fitch utilized the
minimum MABV.

For WBs, Fitch utilized the minimum maintenance adjusted market
values with an additional 5% haircut thereon was applied. This
resulted in a modeled value of $327.8 million for Kestrel, an
approximate 12.5% haircut from the transaction value on the July
servicer report. This conservative sensitivity implied an
affirmation of the notes at their current rating level.

Asset Value and Lease Rate Volatility:

The WA lease rate factor (1.04) decreased by 13% since the prior
review, which decreases the net cash flow generated by the
portfolio.

Transaction Performance:

Lease collections have fluctuated in 2021 but remained relatively
rangebound from the beginning of the year. Kestrel received $5.1
million in the July Servicer report compared to average monthly
receipt of $5.5 million over the last 12 months. The reported DSCR
(0.80x) has been steadily increasing since the prior review in
September 2021 (0.39x). The DSCR has remained in breach of the cash
trap and RAE trigger of 1.20x and 1.15x respectively. The monthly
reported utilization (98.10%) has also remained stable with a
slight increase of 0.14% since the prior review.

RATING SENSITIVITIES

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

Volatility in Market Values

Commercial aviation continues to face multiple headwinds including
the lingering pandemic variants and associated travel restrictions,
as well as elevated oil prices, rising interest rates, and
potential demand destruction due to higher ticket prices and
recessionary concerns. Such events may lead to accelerated declines
in asset values, which causes downward pressure related to future
cash flows required to meet debt service.

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

The aircraft ABS sector has a rating cap of 'Asf'. All subordinate
tranches carry one category of ratings lower than the senior
tranche and below the ratings at close. However, if the assets in
this pool display stronger asset values than Fitch assumes and
therefore stronger lease collections than Fitch's stressed
scenarios, the transaction could perform better than expected.


LEASE INVESTMENT 2001-1: S&P Withdraws 'CC' Rating on A-1 Notes
---------------------------------------------------------------
S&P Global Ratings withdrew its ratings on Lease Investment Flight
Trust's (LIFT) series 2001-1 class A-1 and A-2 notes at the
issuer's request.

The class A-1 and A-2 notes were rated 'CC (sf),' which implies a
virtual certainty of default, regardless of its timing, as per
S&P's "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC'
Ratings," published Oct 1, 2012. S&P's ratings on the class A-1 and
A-2 notes addressed timely payment of interest and ultimate payment
of principal by legal final maturity date in July 2031. As of the
August 2022 payment date report, the class A-1 and A-2 notes were
current on their interest payments. All the aircraft in the
portfolio have been sold, and therefore interest on the class A-1
and A-2 notes is paid through an interest reserve account.

In May 2022, the issuer petitioned the court to approve a plan of
resolution and ultimate dissolution of LIFT.

  Ratings Withdrawn

  Lease Investment Flight Trust (Series 2001-1)

  Class A-1 to not rated from 'CC (sf)'
  Class A-2 to not rated from 'CC (sf)'



MERRILL LYNCH 2008-C1: Fitch Affirms Dsf Rating on 9 Tranches
-------------------------------------------------------------
Fitch Ratings has affirmed all the remaining classes of Merrill
Lynch Mortgage Trust 2008-C1.

The largest remaining asset is REO (91.5% of the pool), and Fitch
expects significant losses. The REO asset is a 212,959-sf office
space located in 20 stories of a 25-story building and 300+ parking
spaces in an adjacent seven-level parking structure located in
downtown St. Paul, MN. The remaining five stories of the building
consist of non-collateral luxury residential condominium units. The
property is part of the skyway system, providing indoor access to
buildings located throughout the CBD. Per the June 2022 rent roll,
property occupancy has fallen to 9.65% from 21% at YE 2020.

The property is currently under contract, and the sale is
contingent on the buyer obtaining historic tax credits for the
redevelopment of the subject as multifamily units. Per the June
2022 rent roll the asset is 9.6% occupied. Fitch's stressed value
reflects $19 psf.

Fitch has affirmed all classes of Bear Stearns Commercial Mortgage
Securities Trust 2007-PWR18. The affirmation of class B at 'CCCsf'
reflects continued high loss expectations for the single remaining
loan in the pool, the specially serviced Marriott Houston
Westchase. The coronavirus pandemic has exacerbated already
existing performance deterioration at the property stemming from
the weak economic conditions in Houston, reliance on the energy/oil
sector, and new hotel supply in the market.

The pool is highly concentrated with only one of the original 188
loans remaining. The remaining loan is in special servicing and is
secured by an underperforming hotel located in a secondary market.
The affirmation reflects the performance recovery in 2022. Per the
servicer, the asset reported TTM May 2022 occupancy, ADR, and
RevPAR of 43.5%, $108.61, and $47.28, respectively vs. $18.49 and
$62.93 RevPar in 2021 and 2020, respectively. Fitch's analysis
included a stress to the most recent appraised value provided by
the servicer, resulting in a stressed value of $50,250 per key.

RATING ACTIONS

               Rating           Prior
               ------           -----
Bear Stearns Commercial
Mortgage Securities Trust
2007-PWR18

B 07401DAL5  LT CCCsf  Affirmed  CCCsf
C 07401DAM3  LT Csf    Affirmed  Csf
D 07401DAN1  LT Csf    Affirmed  Csf
E 07401DAP6  LT Dsf    Affirmed  Dsf
F 07401DAQ4  LT Dsf    Affirmed  Dsf
G 07401DAR2  LT Dsf    Affirmed  Dsf
H 07401DAS0  LT Dsf    Affirmed  Dsf
J 07401DAT8  LT Dsf    Affirmed  Dsf
K 07401DAU5  LT Dsf    Affirmed  Dsf
L 07401DAV3  LT Dsf    Affirmed  Dsf
M 07401DAW1  LT Dsf    Affirmed  Dsf
N 07401DAX9  LT Dsf    Affirmed  Dsf
O 07401DAY7  LT Dsf    Affirmed  Dsf
P 07401DAZ4  LT Dsf    Affirmed  Dsf
Q 07401DBA8  LT Dsf    Affirmed  Dsf

Merrill Lynch Mortgage Trust 2008-C1

G 59025WAV8  LT Csf    Affirmed  Csf
H 59025WAW6  LT Dsf    Affirmed  Dsf
J 59025WAX4  LT Dsf    Affirmed  Dsf
K 59025WAY2  LT Dsf    Affirmed  Dsf
L 59025WAZ9  LT Dsf    Affirmed  Dsf
M 59025WBA3  LT Dsf    Affirmed  Dsf
N 59025WBB1  LT Dsf    Affirmed  Dsf
P 59025WBC9  LT Dsf    Affirmed  Dsf
Q 59025WBD7  LT Dsf    Affirmed  Dsf
S 59025WBE5  LT Dsf    Affirmed  Dsf

KEY RATING DRIVERS

High Expected Losses: Each of the two transactions have high loss
expectations, as the majority of the remaining loans/assets in the
pool are in special servicing or are classified as Fitch Loans of
Concern. Each transaction has seven or fewer assets remaining and
losses are expected to impact a majority of the remaining classes.

Low Credit Enhancement: Each of the remaining classes has low CE
relative to pool loss expectations. The distressed ratings on the
bonds reflect insufficient CE to absorb the expected losses and/or
high certainty of losses.

RATING SENSITIVITIES

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

All classes in these transactions are distressed. Further
downgrades are expected with increased certainty of losses or as
losses are incurred. Classes currently rated 'Dsf' will remain
unchanged as losses have already been incurred.

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

Although not expected given the significant pool concentration and
adverse selection, factors that could lead to upgrades include
significant improvement in loss expectations, from higher
valuations and/or better than expected performance of the remaining
specially serviced loans/assets.


MFA 2022-NQM3: S&P Assigns Prelim B (sf) Rating on B (sf) Certs
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to MFA
2022-NQM3 Trust's mortgage pass-through certificates series
2022-NQM3.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing, and
interest-only residential mortgage loans primarily secured by
single-family residences, planned unit developments, condominiums,
condotels, two- to four-family homes, five-to-10 unit multi-family
properties, mix-use properties, and manufactured housing properties
to both prime and nonprime borrowers. The pool has 607 loans, which
are primarily non-qualified mortgage loans.

The preliminary ratings are based on information as of Sept. 9,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;

-- The transaction's credit enhancement;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The mortgage aggregator and mortgage originators;

-- The pool's geographic concentration; and

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

  Preliminary Ratings Assigned

  MFA 2022-NQM3 Trust(i)

  Class A-1, $210,282,000: AAA (sf)
  Class A-2, $29,052,000: AA (sf)
  Class A-3, $37,526,000: A (sf)
  Class M-1, $21,097,000: BBB (sf)
  Class B-1, $16,947,000: BB (sf)
  Class B-2, $13,316,000: B (sf)
  Class B-3, $17,638,865: NR
  Class A-IO-S, notional(ii): NR
  Class XS, notional(ii): NR
  Class R: NR

(i)The collateral and structural information in S&P's presale
report reflects the term sheet received on Sept. 7, 2022. The
preliminary ratings address the ultimate payment of interest and
principal. They do not address payment of the cap carryover
amounts.

(ii)The notional amount equals the loans' aggregate unpaid
principal balance.

NR--Not rated.



MORGAN STANLEY 2015-C27: DBRS Confirms B Rating on 2 Classes
------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C27 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2015-C27 as follows:

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

DBRS Morningstar changed the trends on Classes D, E, F, X-D, X-E,
and X-F to Stable from Negative. Classes G, H, and X-GH continue to
carry Negative trends to reflect the ongoing concerns with a top
five loan in the pool in Granite 190 (Prospectus ID#5, 5.6% of the
pool), as well as a large hotel loan that was formerly in special
servicing, as further detailed below.

At issuance, the transaction consisted of 55 loans secured by 167
commercial and multifamily properties, with an aggregate principal
balance of $822.3 million. As of the July 2022 remittance, 51 of
the original 55 loans remain in the trust, with an aggregate
balance of approximately $703.3 million, representing a collateral
reduction of 14.5% since issuance. The transaction is concentrated
by property type as 23 properties are secured by retail and hotel
properties, collectively representing 40.9% of the pool balance.
Seven loans, representing 5.0% of the current pool balance, are
fully defeased. Two loans are in special servicing and 16 loans are
on the servicer's watchlist, representing 1.8% and 41.7% of the
pool balance, respectively.

The two loans in special servicing are Fairfield Inn & Suites
Kansas City (Prospectus ID#25, 1.0% of the pool) and La Quinta
Russellville (Prospectus ID#35, 0.7% of the pool). Both of the
collateral hotel properties are owned by the trust, with the
Fairfield Inn & Suites Kansas City reporting a March 2022 value of
$5.5 million, which is a 54.2% decrease from the issuance value of
$12.0 million. The La Quinta Russellville property reported a
January 2022 value of $5.7 million, which is a 38.7% decrease from
the issuance value of $9.3 million. DBRS Morningstar anticipates a
moderate loss to the trust upon the disposition of these loans,
with loss severities ranging between 20.0% and 55.0%, which DBRS
Morningstar expects will be contained to the nonrated Class J.

The Granite 190 loan is secured by two, three-storey office
buildings in Richardson, Texas. The loan is on the servicer's
watchlist because the largest tenant, United Healthcare (UHC; 56.1%
of the net rentable area (NRA)) has a lease expiring in June 2023.
The tenant previously downsized its space in 2021 to 172,604 square
feet (sf) (56.2% of the NRA) from 197,957 sf (64.4% of the NRA),
and a lease amendment to further downsize as part of a short-term
lease extension to June 2026 is currently pending the lender's
approval. Furthermore, the second-largest tenant, Parsons Services
Company (Parsons; 14.4% of the NRA, lease expires in March 2023),
has exercised its termination option. The loan includes a cash flow
sweep provision tied to the leases for both Parsons and UHC, and
according to the servicer, the implementation of cash management is
in progress.

The servicer reported a YE2021 occupancy rate of 76.1% for the
property; this compares with YE2020 and YE2019 occupancy rates of
95.7% and 93.3%, respectively. The YE2021 debt service coverage
ratio (DSCR) was 1.18 times (x), compared with the YE2020, YE2019,
and DBRS Morningstar DSCRs of 1.26x, 1.59x, and 1.18x,
respectively. When adjusting the YE2021 net cash flow to reflect
the departure of Parsons, the implied DSCR is approximately 0.85x.
Coverage will fall even further when UHC further downsizes;
however, some of that lost rental revenue may be recovered in the
near to moderate term as the servicer has noted leases for two new
prospective tenants, accounting for approximately 16% of the NRA,
are pending servicer approval. Per Reis, office properties in the
Plano/Allen submarket reported a Q2 2022 vacancy rate of 24.3%,
compared with the Q2 2021 and Q2 2020 vacancy rates of 26.7% and
25.0%, respectively. Given the weak submarket and that DSCR will
decline as tenants vacate or downsize, the risks for this loan are
significantly increased, as reflected in the Negative trends on
Classes G, H, and X-GH.

The largest loan on the servicer's watchlist, Crowne Plaza -
Hollywood (Prospectus ID#2, 7.6% of the pool), is secured by a
311-key, full-service hotel along Ocean Drive in Hallandale Beach,
Florida. The loan was previously in special servicing because of
challenges arising from the Coronavirus Disease (COVID-19) pandemic
but has since returned to the master servicer upon finalizing a
forbearance agreement. Approximately $3.3 million of default
interest and fees that were accrued were forborne and can be waived
upon the full repayment of the debt at or prior to loan maturity.
In addition, the borrower was allowed to defer furniture, fixtures,
and equipment deposits between April 2020 and December 2020 but is
required to repay these deferred amounts over a 24-month period
until December 2022.

The servicer's analysis of the financial statement for the trailing
12 months (T-12) ended March 31, 2022, resulted in a DSCR of 1.05x,
an improvement from the YE2021 DSCR of 0.78x and YE2020 DSCR of
-0.14x. According to the June 2022 STR report, the property
reported a T-12 ended June 2022 occupancy rate of 58.8%, average
daily rate of $213.12, and revenue per available room (RevPAR) of
$125.22, representing a RevPAR penetration of 57.7%. According to
the February 2021 appraisal, the property's value was $65.7
million, down slightly from the June 2020 appraisal value of $65.8
million but down 26.2% from the issuance appraisal value of $89.0
million. While the sponsor appears to be committed to the property
and is in compliance with the forbearance agreement, the
performance lags in comparison to its competitive set, suggesting
stabilization could take longer than anticipated. This will elevate
the risks for the loan through the near to moderate term, providing
additional support for the Negative trends on the two lowest-rated
classes, as previously noted.

The U-Haul Portfolio loan (Prospectus ID#4, 2.6% of the current
trust balance) is shadow rated investment grade. With this review,
DBRS Morningstar confirmed the loan's performance remains
consistent with the investment-grade loan characteristics.

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



MORGAN STANLEY 2022-18: Fitch Gives BB-(EXP) Rating on E Debt
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Morgan Stanley Eaton Vance CLO 2022-18, Ltd.

RATING ACTIONS

Morgan Stanley Eaton Vance CLO 2022-18, Ltd.

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

TRANSACTION SUMMARY

Morgan Stanley Eaton Vance CLO 2022-18, Ltd., is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Morgan Stanley Eaton Vance CLO Manager LLC. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400 million of primarily
first lien senior secured loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.4 versus a maximum covenant, in accordance with the
initial expected matrix point of 24.0. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.9% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.2% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.00%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 42.5% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios at the initial expected
matrix point, the rated notes can withstand default and recovery
assumptions consistent with their assigned ratings.

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'. Variability in key model assumptions, such as increases in
recovery rates and decreases in default rates, could result in an
upgrade.

Fitch evaluated the notes' sensitivity to potential changes in such
metrics; results under these sensitivity scenarios are 'AAAsf' for
class B notes, between 'A+sf' and 'AAsf' for class C notes, between
'Asf' and 'A+sf' for class D notes, and 'BBB+sf' for class E
notes.



MOUNTAIN VIEW 2014-1: S&P Lowers Cl. F Certs Rating to 'CCC-(sf)'
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class C-RR and D-R
notes from Mountain View CLO 2014-1 Ltd. S&P also removed these
ratings from CreditWatch, where it placed them with positive
implications in August 2022. At the same time, S&P downgraded its
ratings on the class E and F notes from the same transaction and
removed these ratings from CreditWatch, where S&P placed them with
Negative implications in August 2022.

The rating actions follow S&P's review of the transaction's
performance using data from the July 2022 trustee report.

The upgrades reflect the transaction's $98.02 million in collective
paydowns to the class A-RR, B-RR, and C-RR notes since S&P's July
2021 rating actions. These paydowns resulted in improved reported
overcollateralization (O/C) ratios since the May 2021 trustee
report, which it used for its previous rating actions:

-- The class C O/C ratio improved to 239.49% from 145.23%.
-- The class D O/C ratio improved to 142.50% from 119.63%.
-- The class E O/C ratio improved to 104.44% from 103.53%.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class D-R notes. However, because
the transaction currently has some exposure to 'CCC' rated
collateral obligations, exposure to defaulted rated collateral
obligations, and a limited remaining number of obligors, S&P
limited the upgrade on some classes to offset future potential
credit migration in the underlying collateral.

S&P said, "The collateral portfolio's credit quality has slightly
deteriorated since our last rating actions. Collateral obligations
with ratings in the 'CCC' category have increased as a percentage
of remaining collateral from the 6.70% reported as of the May 2021
trustee report, compared with 9.30% as of the July 2022 trustee
report. Over the same period, the percent of defaulted collateral
has increased to 7.94% from 4.22%. However, despite the slightly
larger concentrations in the 'CCC' category and defaulted
collateral, the transaction has benefited from a drop in the
weighted average life due to underlying collateral's seasoning,
with 2.18 years reported as of the July 2022 trustee report,
compared with 2.78 years reported as of the May 2021 trustee
report.

"On a standalone basis, the results of the cash flow analysis
indicated a lower rating on both the class E and F notes. However,
these classes do not yet meet the criteria of a 'CC (sf)' rating,
as there is not yet a virtual certainty of default. S&P said, "As
they do not yet meet the criteria to be rated 'CC (sf)', we limited
the downgrades to reflect the current state of these classes.
However, both classes still meet our definition of 'CCC (sf)' risk,
as both are currently vulnerable to nonpayment and dependent on
favorable market and economic conditions to repay given their O/C
levels and that they are both currently deferring.

"While both the class E and F notes are showing a model implied
rating of 'CC (sf)', we lowered the rating on the class E notes to
'CCC (sf)' and the rating on the class F notes to 'CCC- (sf)', as
the class E notes are still currently backed by performing assets
and the class F notes are currently backed by defaulted assets.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults and recoveries upon default under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions.

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

  Ratings Raised And Removed From CreditWatch Positive

  Mountain View CLO 2014-1 Ltd.

  Class C-RR to 'AAA (sf)' from 'AA (sf)/Watch Pos'
  Class D-R to 'A+ (sf)' from 'BBB (sf)/Watch Pos'

  Ratings Lowered And Removed From CreditWatch Negative

  Mountain View CLO 2014-1 Ltd.

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



MSBAM 2017-C34: Fitch Lowers Rating on 2 Tranches to CCsf
---------------------------------------------------------
Fitch Ratings has downgraded six and affirmed nine classes of
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
commercial mortgage passthrough certificates (MSBAM 2017-C34). The
Rating Outlook on downgraded classes D and X-D is Negative.

RATING ACTIONS

                   Rating           Prior
                   ------           -----  
MSBAM 2017-C34
  
A-2 61767EAB0    LT AAAsf  Affirmed  AAAsf
A-3 61767EAD6    LT AAAsf  Affirmed  AAAsf
A-4 61767EAE4    LT AAAsf  Affirmed  AAAsf
A-S 61767EAH7    LT AAAsf  Affirmed  AAAsf
A-SB 61767EAC8   LT AAAsf  Affirmed  AAAsf
B 61767EAJ3      LT AA-sf  Affirmed  AA-sf
C 61767EAK0      LT A-sf   Affirmed  A-sf
D 61767EAU8      LT BBsf   Downgrade BBB-sf
E 61767EAW4      LT CCCsf  Downgrade B-sf
F 61767EAY0      LT CCsf   Downgrade CCCsf
X-A 61767EAF1    LT AAAsf  Affirmed  AAAsf
X-B 61767EAG9    LT A-sf   Affirmed  A-sf
X-D 61767EAL8    LT BBsf   Downgrade BBB-sf
X-E 61767EAN4    LT CCCsf  Downgrade B-sf
X-F 61767EAQ7    LT CCsf   Downgrade CCCsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades and Negative Outlooks
reflect increased loss expectations for the pool since Fitch's last
rating action, mainly driven by higher modeled losses on the OKC
Outlets, Starwood Capital Hotel Portfolio and Ocean Park Plaza
loans. Fitch's current ratings incorporate a base case loss of
6.90%. There are six Fitch Loans of Concern (FLOCs; 23.1% of
pool).

The Negative Outlook on classes D and X-D, which was previously
assigned due to the transaction's exposure to weakening regional
mall/outlet centers and for additional coronavirus-related stresses
applied on hotel, retail and multifamily loans, now reflects
performance concerns on some of the larger FLOCs that have yet to
exhibit performance stabilization, including the specially serviced
OKC Outlets loan and the Ocean Park Plaza and Mall of Louisiana
FLOCs.

The largest contributor to overall loss expectations and the
largest increase in loss since the prior rating action is the OKC
Outlets loan (4.9%), which is secured by a 394,240-sf outlet center
located in Oklahoma City, OK. The loan defaulted at its scheduled
maturity date and transferred to special servicing in May 2022.

Fitch's base case loss has increased to 42%, reflecting an implied
cap rate of 15.6% on the YE 2021 NOI, accounting for the loan's
maturity default, declining occupancy from issuance and significant
near-term rollover concerns.

YE 2021 NOI improved by 14.5% from YE 2020, but it remains 7.9%
below pre-pandemic YE 2019 NOI. Occupancy was 87.3% as of June
2022, compared with 86.5% at YE 2021 and YE 2020, and 92.6% at YE
2019. Major tenants include Nike (3.5%; January 2027), Forever 21
(3.1%; January 2025) and Old Navy (2.8%; November 2023). Upcoming
rollover is substantial, including 13.5% of the NRA in 2022, 27.7%
in 2023 and 10.3% in 2024. The largest tenants rolling by YE 2024
include Old Navy (2.8%; November 2023) and Columbia Sportswear
(2.2%; January 2023).

Comparable inline tenant sales were $462 psf as of TTM June 2021,
up from $397 psf as of TTM June 2020 and $439 psf as of TTM August
2019.

The borrower was granted coronavirus debt relief, which suspended
the monthly replenishment of replacement and rollover reserves from
June through August 2020, and allowed the use of existing reserves
to fund debt service for June and July 2020. The borrower began a
12-month replenishment of the reserves in January 2021. The
servicer continues to dual track the foreclosure process while
discussing a potential modification with the borrower.

The next largest contributor to losses is the Mall of Louisiana
loan (4.2%), which is secured by 776,789-sf portion of a 1.5
million-sf super-regional mall located in Baton Rouge, LA. The
subject is the dominant mall in a secondary market, but is
considered a FLOC due to declining NOI, a now vacant non-collateral
Sears box, and upcoming tenant rollover of 8.7% of collateral NRA
in 2022, 16.2% in 2023 and 21% in 2024. With the exception of
Dick's Sporting Goods (9.5%; January 2024) and Forever 21 (3.4%;
January 2024), no tenant scheduled to roll through YE 2024
represents greater than 2% of the collateral NRA.

In-line tenant sales recovered in 2021 and were reported at $539
psf for stores under 10,000 sf, excluding Apple, and $678 psf
including Apple, both of which are an improvement from 2020 and
2019, reporting $334 psf and $394 psf, $454 psf and $587 psf,
respectively. However, reported sales for AMC Theaters were $64,467
per screen in 2021, a 68% decrease from $199,956 per screen in
2020.

The servicer-reported YE 2021 NOI declined by 8.3% from YE 2020,
and is down 37.3% from underwritten expectations. The YE 2021 NOI
DSCR was 1.48x, down from 2.00x a year earlier, and 2.39x in 2019.
The loan began amortizing in September 2020, which partly
contributed to the decline in DSCR. Fitch's modeled loss of 17% is
based on a 5% stress to YE 2021 NOI and a 12.5% cap rate.

Credit Enhancement: As of the August 2022 distribution date, the
pool's aggregate principal balance has paid down by 3.5% to $1.01
billion from $1.05 billion at issuance. Thirteen loans (44% of
pool) is full-term interest-only (IO) and seven loans (15.5%) still
have a partial IO component during their remaining loan term,
compared with 33.2% of the pool at issuance. One loan (0.3%) is
scheduled to mature in May 2024 and the remaining 45 loans (94.8%)
mature between June and October 2027.

Pool Concentration: Based on property type, the largest
concentrations are office at 37.8% of the pool (11 loans), retail
at 26.5% (15 loans), and hotel at 9.5% (five loans). Of the retail
exposure, two loans (9.1%) are backed by regional malls or retail
outlet center properties.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool-level losses from
underperforming or specially serviced loans. Downgrades to classes
A-2, A-3, A-4, A-SB, A-S and X-A are not likely due to the
increasing credit enhancement (CE) and senior position in the
capital structure, but may occur should interest shortfalls affect
these classes. Downgrades to classes B, C and X-B may occur should
all of the FLOCs suffer losses, particularly the OKC Outlets, Ocean
Park Plaza and Mall of Louisiana loans.

Downgrades to classes D, and X-D are possible should expected pool
losses increase significantly and/or should all of the FLOCs suffer
losses, should additional loans (particularly Mall of Louisiana)
default or transfer to special servicing and/or higher realized
losses than expected on the specially serviced loans. Downgrades to
classes E, F, X-E and X-F would occur as losses are realized and/or
become more certain.

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

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

Upgrades would occur with stable to improved asset performance,
particularly on the OKC Outlets, Ocean Park Plaza and Mall of
Louisiana FLOCs, coupled with additional paydown and/or defeasance.
Upgrades to classes B, C and X-B would only occur with significant
improvement in CE, defeasance, and/or performance stabilization of
FLOCs and other properties affected by the pandemic. Classes would
not be upgraded above 'Asf' if there were likelihood of interest
shortfalls.

Upgrades to classes D and X-D may occur as the number of FLOCs are
reduced, properties vulnerable to the pandemic return to
pre-pandemic levels, the OKC Outlets loan is successfully worked
out and repaid with lower than expected losses and there is
sufficient CE to the classes. Upgrades to classes E, F, X-E and X-F
are not likely until the later years of the transaction and only if
the performance of the remaining pool is stable and/or properties
vulnerable to the pandemic return to pre-pandemic levels, and there
is sufficient CE to the classes.


MSJP COMMERCIAL 2015-HAUL: Fitch Hikes Cl. E Debt Rating From BB
----------------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed four classes
of MSJP Commercial Mortgage Securities Trust 2015-HAUL (MSJP
2015-HAUL).

                  Rating           Prior
                  ------           -----
MSJP 2015-HAUL

A 553697AA1   LT  AAAsf  Affirmed  AAAsf
B 553697AG8   LT  AAAsf  Affirmed  AAAsf
C 553697AJ2   LT  AAAsf  Upgrade   AAsf
D 553697AL7   LT  Asf    Upgrade   BBB-sf
E 553697AN3   LT  BBBsf  Upgrade   BBsf
X-A 553697AC7 LT  AAAsf  Affirmed  AAAsf
X-B 553697AE3 LT  AAAsf  Affirmed  AAAsf

KEY RATING DRIVERS

Generally Stable Collateral Performance: The class upgrades and
Positive Rating Outlooks maintained on Classes D and E are the
result of stable-to-improved occupancy and gross potential rent
since the last rating action, as well as the continued amortization
of the total debt (non-pooled loan) as expected since issuance. The
non-pooled loan has paid down 64.3% since issuance and 23% since
Fitch's last rating action. The portfolio's occupancy has increased
from 77.5% in 2010 to 93.4% as of YE 2021, 88.1% in YE 2020 and
84.1% as of YE 2019.

The master servicer's reported net cash flow (NCF) includes income
and related expenses from U-Haul's moving businesses, which Fitch
excluded from its issuance NCF as it is not part of the securitized
collateral. Additionally, certain operating expense items, such as
payroll and benefits, property insurance, utilities and
administrative expenses have increased since issuance; some of
these may include expenses from non-collateral items.

Fitch has inquired about these increases from the servicer. The YE
2021 Fitch-stressed NCF is 7.5% above the Fitch YE 2020 NCF and
11.5% below the Fitch issuance NCF, largely due to the increased
operating expenses. Fitch's analysis is based on certain expense
line-item assumptions, using both issuance levels, which were
normalized for collateral expense items only, as well as some of
the reported increases.

Fully Amortizing Loan and Fitch Leverage: The whole loan is
structured with a 20-year amortization schedule providing full
amortization over the term of the loan. The trust notes are
scheduled to be interest-only for the first 10 years and the
non-trust $100 million component will fully amortize to zero in the
first 10 years. The whole loan has a Fitch-stressed debt service
coverage ratio and loan-to-value of 1.54x and 60.2%, respectively,
compared to 1.24x and 77.2% at issuance, inclusive of an
amortization factor of 75%. The loan is scheduled to mature in
September 2035.

Collateral: The certificates represent the beneficial interest in a
20-year, fixed-rate, mortgage loan secured by 105
cross-collateralized self-storage properties located across 35
states owned by AMERCO (NASDAQ: UHAL). All of the properties are
owned fee simple. The average year built of the portfolio is 1967.
The majority of the properties offer the following amenities: an
electronic gate, outdoor drive-up storage, climate-controlled
storage, trucks available for move-ins, RV parking, moving supplies
for sale, towing equipment and propane refill stations.

Granular Portfolio: The loan is secured by 105 cross-collateralized
self-storage properties located across 35 states. No single
property represents more than 3.7% of YE 2021 NOI.

Experienced Sponsorship and Management: The loan is sponsored by
AMERCO, the parent company of U-Haul, which is the nation's leading
do-it-yourself moving company with a network of over 17,400
locations across North America. Founded by L.S. Shoen in 1945 as
U-Haul Trailer Rental Company, the industry giant has one of the
largest rental fleets in the world, with over 135,000 trucks,
107,000 trailers, and 38,000 towing devices.

The portfolio is managed by U-Haul through management agreements
with U-Haul subsidiaries in each of the states where the portfolio
properties are located. U-Haul owns and operates approximately
1,280 self-storage locations in the U.S. totaling roughly 491,000
units and 44.2 million sf of space.

RATING SENSITIVITIES

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

-- A significant decline in portfolio occupancy;

-- A significant deterioration in property cash flow.

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:

Fitch rates classes A, B, C, X-A and X-B 'AAAsf', and therefore
upgrades are not possible. The Positive Outlooks maintained on
classes D and E reflect likely upgrades in one to two years with
sustained stable cash flow and continued amortization. The Stable
Outlooks for all other classes reflect the relatively stable
performance that is consistent with issuance and reduction in the
loan balance due to scheduled amortization. If performance remains
stable, classes are likely to continue to be upgraded as
amortization results in increased credit enhancement.

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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


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

The debt 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 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 debt through portfolio
identification and ongoing management; and

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

  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 Assigns B- (sf) Rating on Class F-2 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P views 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

  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.



OCTAGON 60: Fitch Assigns BB-(EXP) Rating to Class E Debt
---------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Octagon 60, Ltd.

Octagon 60, Ltd.

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

TRANSACTION SUMMARY

Octagon 60, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Octagon Credit Investors, LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $500 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The WARF of the indicative portfolio is 23.7 versus a maximum
covenant, in accordance with the initial expected matrix point of
26.0. Issuers rated in the 'B' rating category denote a highly
speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard U.S. CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
99.0% first lien senior secured loans. The WARR of the indicative
portfolio is 74.96% versus a minimum covenant, in accordance with
the initial expected matrix point of 73.25%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 37.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch stress scenarios at the initial expected
matrix point, the rated notes can withstand default and recovery
assumptions appropriate for their assigned ratings.

RATING SENSITIVITIES

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

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

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

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

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


PARK BLUE 2022-I: Fitch Assigns BBsf Rating on Class E Debt
-----------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Park Blue
CLO 2022-I, Ltd.

RATING ACTIONS

Park Blue CLO 2022-I, Ltd.

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

TRANSACTION SUMMARY

Park Blue CLO 2022-I, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Centerbridge Credit
Funding Advisors, LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
99.8% first-lien senior secured loans and has a weighted average
recovery assumption of 77.41%. 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
comprise up to 40.0% 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 4.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the notes were able to
withstand respective default rates and recovery assumptions
appropriate for their recommended 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
'BBB+sf' and 'AAAsf' for class A-2 notes, between 'BBB-sf' and
'AA+sf' for class B notes, between 'Bsf' and 'A+sf' for class C
notes, between less than 'B-sf' and 'BBBsf' for class D notes, and
between less than 'B-sf' and 'BB+sf' for class E notes.

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

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

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 'AA-sf' and 'AAAsf' for class C notes,
between 'A+sf' and 'AA-sf' for class D notes, and between 'BBB+sf'
and 'A-sf' for class E notes.



PRKCM 2022-AFC2: S&P Assigns Prelim B (sf) Rating on B-2 Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to PRKCM
2022-AFC2 Trust's mortgage-backed notes.

The note issuance is an RMBS transaction backed by first-lien,
fixed- and adjustable-rate, fully amortizing residential mortgage
loans to both prime and nonprime borrowers (some with interest-only
periods). The loans are secured by single-family residential
properties, planned-unit developments, condominiums, and two- to
four-family residential properties. The pool consists of 684
non-qualified mortgage (non-QM/ability-to-repay [ATR] compliant)
and ATR-exempt loans.

The preliminary ratings are based on information as of Sept. 8,
2022. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The pool's collateral composition;

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

-- The mortgage originator, AmWest Funding Corp.; and

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

  Preliminary Ratings Assigned

  PRKCM 2022-AFC2 Trust(i)

  Class M-1, $15,098,000: BBB (sf)
  Class B-1, $11,174,000: BB (sf)
  Class B-2, $8,652,000: B (sf)
  Class B-3, $8,810,148: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The preliminary ratings address the ultimate payment of interest
and principal.

(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $314,631,148.



PROVIDENT FUNDING 2020-1: Moody's Ups Cl. B-5 Bonds Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four bonds of
Provident Funding Mortgage Trust 2020-1, a securitization of agency
eligible mortgage loans originated and serviced by Provident
Funding Associates, L.P.              

A List of Affected Credit Ratings is available at
https://bit.ly/3U4fL9r

Issuer: Provident Funding Mortgage Trust 2020-1

Cl. B-2, Upgraded to Aaa (sf); previously on Nov 17, 2021 Upgraded
to Aa1 (sf)

Cl. B-3, Upgraded to Aa2 (sf); previously on Nov 17, 2021 Upgraded
to A1 (sf)

Cl. B-4, Upgraded to A3 (sf); previously on Nov 17, 2021 Upgraded
to Baa2 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Nov 17, 2021 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pool. In this
transaction, high prepayment rates, averaging approximately 20%
over the last six months, have benefited the bonds by increasing
the paydown and building credit enhancement.

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

Moody's estimated the proportion of loans granted payment relief in
a pool based on a review of loan level cashflows. In Moody's
analysis, Moody's considered a loan to be enrolled in a payment
relief program if (1) the loan was not liquidated but took a loss
in the reporting period (to account for loans with monthly
deferrals that were reported as current), or (2) the actual balance
of the loan increased in the reporting period, or (3) the actual
balance of the loan remained unchanged in the last and current
reporting period, excluding interest-only loans and pay ahead
loans. Based on Moody's analysis, the proportion of borrowers that
are enrolled in payment relief plans in the underlying pool ranged
between 0.2%-0.6% over the last six months.

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

Principal Methodologies

The principal methodology used in these ratings was "Moody's
Approach to Rating US RMBS Using the MILAN Framework" published in
July 2022.

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

Up

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

Down

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


RAD CLO 16: Fitch Assigns BB-sf Rating on Class E Debt
------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to RAD CLO
16, Ltd.

RATING ACTIONS

Rad CLO 16, Ltd.

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

TRANSACTION SUMMARY

RAD CLO 16, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. 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 leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 25.4, versus a maximum covenant, in
accordance with the initial expected matrix point of 27.49. 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
98.5% first-lien senior secured loans. The weighted average
recovery assumption (WARR) of the indicative portfolio is 75.54%,
versus a minimum covenant interpolated from the Fitch Test Matrix
of 75.54%.

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

Portfolio Management (Neutral): The transaction has a 3.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios at the initial expected
matrix point, and all other matrix points, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
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 'BB+sf' for class D, and
between less than 'B-sf' and 'B+sf' for class E.

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

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


RADNOR RE 2022-1: Moody's Assigns (P)B1 Rating to Cl. M-1B Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 2
classes of mortgage insurance-linked notes issued by Radnor Re
2022-1 Ltd.

The securities reference a pool of mortgage insurance policies
issued by Essent Guaranty, Inc., the ceding insurer, on a portfolio
of mortgage loans predominantly acquired by Fannie Mae and Freddie
Mac, and originated and serviced by multiple entities.

The complete rating actions are as follows:

Issuer: Radnor Re 2022-1 Ltd.

CI. M-1A, Assigned (P)Ba2 (sf)

CI. M-1B, Assigned (P)B1 (sf)

RATINGS RATIONALE                

The ratings are based on the credit quality of the mortgage loans,
the structural features of the transaction, the operational
strength of the ceding insurer, the third-party review, and the
representations and warranties framework.

Moody's expected loss on the pool's aggregate exposed principal
balance in a baseline scenario-mean is 3.40%, in a baseline
scenario-median is 2.99% and reaches 19.80% at a stress level
consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings 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.


RR 23: Fitch Assigns BB+sf Rating to Class D Debt
-------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to RR 23
LTD.

RR 23 Ltd.

A-1A Loan   LT NRsf   New Rating
A-1A Note   LT NRsf   New Rating
A-1AL Note  LT NRsf   New Rating
A-1B        LT AAAsf  New Rating
A-2         LT AAsf   New Rating
B           LT Asf    New Rating
C-1         LT BBB+sf New Rating
C-2         LT BBB-sf New Rating
D           LT BB+sf  New Rating

TRANSACTION SUMMARY

RR 23 LTD (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Redding Ridge Asset
Management LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $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', 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 assets and has a weighted average
recovery assumption of 75.35%. Fitch Ratings stressed the
indicative portfolio by assuming a higher portfolio concentration
of assets with lower recovery prospects and further reduced
recovery assumptions for higher rating stresses.

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

Portfolio Management (Neutral): The transaction has a 3.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the class A-1b, A-2, B,
C-1, C-2 and D notes can withstand default rates of up to 55.2%,
51.4%, 45.5%, 43.6%, 36.1% and 34.5%, respectively, assuming
recoveries of 37.4%, 46.0%, 55.2%, 64.8%, 64.7% and 70.0%,
respectively.

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-1b notes, as
these notes are in the highest rating category of 'AAAsf'. At other
rating levels, variability in key model assumptions, such as
increases in recovery rates and decreases in default rates, could
result in an upgrade. Fitch evaluated the notes' sensitivity to
potential changes in such metrics. The results under these
sensitivity scenarios are 'AAAsf' for class A-2 notes, between
'A+sf' and 'AA-sf' for class B notes, 'A+sf' for class C-1 notes,
between 'A-sf' and 'A+sf' for class C-2 notes and 'BBB+sf' for
class D notes.



SDART 2021-4: Moody's Ups Rating on Cl. E Notes to Ba1
------------------------------------------------------
Moody's Investors Service has upgraded 24 classes of notes issued
by 17 non-prime auto securitizations. The notes are backed by pools
of retail automobile loan contracts originated and serviced by
multiple parties.              

The complete rating actions are as follows:

Issuer: ACC Trust 2019-2

Class C Notes, Upgraded to Baa3 (sf); previously on May 18, 2022
Upgraded to Ba3 (sf)

Issuer: American Credit Acceptance Receivables Trust 2021-4

Class B Asset Backed Notes, Upgraded to Aaa (sf); previously on Oct
28, 2021 Definitive Rating Assigned Aa1 (sf)

Class C Asset Backed Notes, Upgraded to Aa2 (sf); previously on Oct
28, 2021 Definitive Rating Assigned A1 (sf)

Class D Asset Backed Notes, Upgraded to Baa2 (sf); previously on
Oct 28, 2021 Definitive Rating Assigned Baa3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2018-2

Class E Notes, Upgraded to Aa1 (sf); previously on Mar 17, 2022
Upgraded to Aa3 (sf)

Issuer: AmeriCredit Automobile Receivables Trust 2020-1

Class D Notes, Upgraded to Aaa (sf); previously on Dec 10, 2021
Upgraded to Aa1 (sf)

Issuer: Carvana Auto Receivables Trust 2019-2

Class E Notes, Upgraded to Aaa (sf); previously on Jun 27, 2022
Upgraded to Aa1 (sf)

Issuer: Carvana Auto Receivables Trust 2019-3

Class E Notes, Upgraded to Aa1 (sf); previously on Jun 27, 2022
Upgraded to Aa2 (sf)

Issuer: Carvana Auto Receivables Trust 2019-4

Class E Notes, Upgraded to Aa3 (sf); previously on Jun 27, 2022
Upgraded to A1 (sf)

Issuer: CPS Auto Receivables Trust 2021-B

Class D Notes, Upgraded to Aa2 (sf); previously on Jun 22, 2022
Upgraded to A1 (sf)

Issuer: CPS Auto Receivables Trust 2021-D

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 22, 2022
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Baa2 (sf); previously on Nov 4, 2021
Definitive Rating Assigned Baa3 (sf)

Issuer: Drive Auto Receivables Trust 2021-2

Class D Notes, Upgraded to Aa3 (sf); previously on Jun 22, 2022
Upgraded to A1 (sf)

Issuer: Foursight Capital Automobile Receivables Trust 2021-2

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 27, 2022
Upgraded to Aa2 (sf)

Issuer: Foursight Capital Automobile Receivables Trust 2022-1

Class B Notes, Upgraded to Aa2 (sf); previously on Jan 26, 2022
Definitive Rating Assigned Aa3 (sf)

Class C Notes, Upgraded to A2 (sf); previously on Jan 26, 2022
Definitive Rating Assigned A3 (sf)

Issuer: Santander Drive Auto Receivables Trust 2021-2

Class D Notes, Upgraded to Aa1 (sf); previously on May 6, 2022
Upgraded to Aa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on May 6, 2022
Upgraded to Baa3 (sf)

Issuer: Santander Drive Auto Receivables Trust 2021-3

Class D Notes, Upgraded to Aa2 (sf); previously on May 6, 2022
Upgraded to Aa3 (sf)

Issuer: Santander Drive Auto Receivables Trust (SDART) 2021-4

Class D Notes, Upgraded to Aa3 (sf); previously on May 6, 2022
Upgraded to A2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on May 6, 2022
Upgraded to Ba2 (sf)

Issuer: U.S. Auto Funding Trust 2020-1

Class C Notes, Upgraded to Baa3 (sf); previously on Apr 14, 2022
Upgraded to Ba2 (sf)

Issuer: Veros Auto Receivables Trust 2022-1

Class B Notes, Upgraded to Aa3 (sf); previously on Apr 5, 2022
Definitive Rating Assigned A1 (sf)

Class C Notes, Upgraded to Baa2 (sf); previously on Apr 5, 2022
Definitive Rating Assigned Baa3 (sf)

RATINGS RATIONALE

The rating actions are primarily driven by the buildup of credit
enhancement due to structural features including a sequential pay
structure, non-declining reserve account and
overcollateralization.

Moody's lifetime cumulative net loss expectations are noted below
for the transaction pools. The loss expectations reflect updated
performance trends on the underlying pools.

ACC Trust 2019-2: 35.50%

American Credit Acceptance Receivables Trust 2021-4: 29.00%

AmeriCredit Automobile Receivables Trust 2018-2: 6.75%

AmeriCredit Automobile Receivables Trust 2020-1: 5.00%

Carvana Auto Receivables Trust 2019-2: 6.75%

Carvana Auto Receivables Trust 2019-3: 6.50%

Carvana Auto Receivables Trust 2019-4: 6.50%

CPS Auto Receivables Trust 2021-B: 15.50%

CPS Auto Receivables Trust 2021-D: 18.00%

Drive Auto Receivables Trust 2021-2: 19.00%

Foursight Capital Automobile Receivables Trust 2021-2: 8.50%

Foursight Capital Automobile Receivables Trust 2022-1: 9.00%

Santander Drive Auto Receivables Trust 2021-2: 10.50%

Santander Drive Auto Receivables Trust 2021-3: 11.00%

Santander Drive Auto Receivables Trust 2021-4: 12.00%

U.S. Auto Funding Trust 2020-1: 36.00%

Veros Auto Receivables Trust 2022-1: 21.50%

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Losses could decline from Moody's
original expectations as a result of a lower number of obligor
defaults or greater recoveries from the value of the vehicles
securing the obligors promise of payment. The US job market and the
market for used vehicles are also primary drivers of the
transaction's performance. Other reasons for better-than-expected
performance include changes in servicing practices to maximize
collections on the loans or refinancing opportunities that result
in a prepayment of the loan.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Losses could increase from Moody's
original expectations as a result of a higher number of obligor
defaults or a deterioration in the value of the vehicles securing
the obligors promise of payment. The US job market and the market
for used vehicles are also primary drivers of the transaction's
performance. Other reasons for worse-than-expected performance
include poor servicing, error on the part of transaction parties,
lack of transactional governance and fraud.


TIMES SQUARE 2018-20TS: DBRS Confirms B(low) Rating on 2 Classes
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-20TS issued by 20 Times
Square Trust 2018-20TS as follows:

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

DBRS Morningstar changed all trends to Stable from Negative with
this review. The trend changes and the rating confirmations reflect
the continued stable performance of the leased-fee mortgage, which
has reported no delinquencies to date, and DBRS Morningstar's
improved outlook for stable performance going forward given the
continued uptick in tourist travel to New York.

The portion of the $750 million leased-fee mortgage that backs the
subject transaction is secured by 16,066 square feet (sf) of land
under 20 Times Square, a mixed-use property comprising a 452-key
Marriott Edition luxury hotel, 74,820 sf of retail space (5,500 sf
of which is non-revenue-generating storage space), and 18,000 sf of
digital billboards. The subject transaction holds $600 million of
the leased-fee mortgage, and the remainder is split across four
multiborrower conduit commercial mortgage-backed securities
transactions. The ground lease and the subject leased-fee financing
are senior to the leasehold interest and leasehold financing, which
had a balance of approximately $1.1 billion at issuance for the
subject transaction and is currently in default. In addition to the
leased-fee mortgage, there is additional leased-fee financing in
the form of a $150 million mezzanine note, bringing the whole loan
on the leased fee to $900 million. The ground lease has a term of
99 years with an initial $29.3 million ground rent payment,
increasing 2.0% annually during the first five years and then 2.75%
per year thereafter. As of YE2021, the ground rent payment was
reported at $33.5 million, and the servicer has not reported any
defaults on the ground lease or the leased-fee mortgage to date.

The noncollateral debt on the leasehold interest went into default
in December 2019, with the lender citing numerous undischarged
mechanics liens against the property as well as a missed deadline
to lease-up the retail space by September 2019. Various news
outlets, including the New York Post, reported the property was
foreclosed in January 2022. According to a Real Deal article from
April 2022, the lender for that debt plans to inject capital into
the project to stabilize operations at the hotel and lease-up the
vacant retail space.

Updated performance metrics for the hotel were not provided, but
DBRS Morningstar notes rooms are available for booking at nightly
rates in excess of $500. The largest retail tenant at issuance, NFL
Experience (formerly 43,130 sf), closed after only a few months of
operations in 2019. Based on the July 2021 rent roll on file with
the servicer for the subject transaction, the only retail tenant in
place at the time was the 8,440-sf Hershey's Chocolate World
flagship store, with the document showing 66,380 sf as vacant. Some
leasing activity may have occurred since, however, as CB Richard
Ellis lists only 23,400 sf available as of August 2022. Although
there remain challenges for New York retail and hotel properties
amid the issues in oversupply and shifts in shopping habits that
were beginning to show even before the onset of the Coronavirus
Disease (COVID-19) pandemic, there is optimism for the well-located
properties like the subject as tourist traffic has significantly
increased in 2022 over the prior year. According to a CBS News
story dated June 7, 2022, New York mayor Eric Adams indicated that
hotel bookings for the year were at 95% of pre-pandemic levels.
Anecdotally, DBRS Morningstar staff have noticed a significant
uptick in traffic in and around Times Square and other
tourist-heavy areas of the city during the summer of 2022.

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



TOWD POINT 2022-3: Fitch Assigns B-sf Rating to Class B2 Debt
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to Towd Point Mortgage
Trust 2022-3 (TPMT 2022-3).

RATING ACTIONS

       Rating              Prior
       ------              -----
TPMT 2022-3
  
A1 LT  AAAsf  New Rating  AAA(EXP)sf
A2 LT  AA-sf  New Rating  AA-(EXP)sf
M1 LT  A-sf   New Rating  A-(EXP)sf
M2 LT  BBB-sf New Rating  BBB-(EXP)sf
B1 LT  BB-sf  New Rating  BB-(EXP)sf
B2 LT  B-sf   New Rating  B-(EXP)sf
B3 LT  NRsf   New Rating  NR(EXP)sf
B4 LT  NRsf   New Rating  NR(EXP)sf
B5 LT  NRsf   New Rating  NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed notes to be issued by
Towd Point Mortgage Trust 2022-3 (TPMT 2022-3) as indicated. The
notes are supported by one collateral group that consists of 3,003
seasoned performing loans (SPLs) and re-performing loans (RPLs)
with a total balance of approximately $494.97 million, including
$10.51 million, or 2.12%, of the aggregate pool balance in
non-interest-bearing deferred principal amounts, as of the cut-off
date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 11.6% above a long-term sustainable level (versus
11.0% 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, which is the result of a supply/demand imbalance
driven by low inventory, low mortgage rates and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 19.8% yoy
nationally as of May 2022.

SPL and RPL Collateral (Mixed): The collateral pool consists
primarily of peak-vintage SPLs and RPLs, as defined by Fitch. Of
the pool, approximately 2.6% were DQ as of the cut-off date.
Approximately 83.8% have had clean pay histories for 24 months or
more (defined by Fitch as "clean current"), 1.8% are
newly-originated loans with clean pay histories of at least 12
months, and the remaining 11.8% of the loans are current but have
had recent delinquencies or incomplete 24-month pay strings. Fitch
applied a probability of default (PD) credit to account for the
pool's large concentration of clean current loans. Roughly 62.1%
have been modified.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original CLTV of 83.9%. All loans received updated
property values, translating to a WA current (MtM) CLTV ratio of
50.7% and sustainable LTV (sLTV) of 57.6% at the base case. This
reflects low leverage borrowers and is stronger than recently rated
SPL/RPL transactions.

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

No Servicer P&I Advances (Mixed): The servicers will not advance DQ
monthly payments of P&I, which reduces liquidity to the trust. P&I
advances made on behalf of loans that become DQ and eventually
liquidate reduce liquidation proceeds to the trust. Due to the lack
of P&I advancing, the loan-level loss severity (LS) is less for
this transaction than for those where the servicer is obligated to
advance P&I. Structural provisions and cash flow priorities,
together with increased subordination, provide for timely payments
of interest to the 'AAAsf' and 'AA-sf' rated classes.

RATING SENSITIVITIES

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 42.5% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

CRITERIA VARIATION

Fitch's analysis incorporated four criteria variations from the
"U.S. RMBS Rating Criteria."

The first variation is that a tax and title review was not
completed on 100% of seasoned first lien loans. Approximately 0.9%
by loan count (26 loans) did not receive an updated tax and title
search. This was viewed as an immaterial amount relative to the
overall pool. FirstKey confirmed that the servicers are monitoring
the tax and title status as part of standard practice and the
servicer will advance where deemed necessary to keep the first lien
position. Additionally, for all loans other than 49, FirstKey
confirmed it will complete a clear chain of assignment within 18
months of the deal or will repurchase the loan. Given this, the
variation had no rating impact.

The second variation is that a due diligence compliance and data
integrity review was not completed on 100% of RPLs and SPLs from
unknown originators. Approximately 48.6% by loan count (45.5% by
UPB) did not receive a due diligence compliance and data integrity
review. The transferring trusts and securitization trust seller
originally acquired the mortgage loans from various unrelated
third-party sellers. The due diligence results from the loans
reviewed were extrapolated to the loans that did not receive a due
diligence review based on the expected losses of the loans that
received a due diligence review. The loss expectations were
increased by approximately 14 bps at 'AAAsf' to account for this.
This variation had no rating impact.

The third variation relates to the pay history review. Fitch
expects a pay history review to be completed on 100% of RPLs and
expects the review to reflect the past 24 months. The pay history
sample completed on SPLs meets Fitch's criteria. A pay history
review was not completed, was outdated or a pay string was not
received from the servicer for approximately 18.8% of the RPLs by
loan count (16.2% by UPB).

Of RPLs, 429 loans received a review, while an additional 41 loans
received pay strings directly from the servicer, which verified the
pay history. For the loans where a pay history review was
conducted, the results verified what was provided on the loan tape.
Additionally, the pay strings on the loan tape were provided to
FirstKey by the current servicer. This variation had no rating
impact.

The fourth variation is that a full new origination due diligence
review, including credit, compliance and property valuation, was
not completed on the loans seasoned less than 24 months.
Approximately 2.0% by UPB (41 loans) are seasoned less than 24
months as of the cutoff date and is considered newly originated.
The loan received only a compliance review.

While a full credit review was not completed, the Ability-to-Repay
(ATR) status was confirmed and updated values were provided in lieu
of a valuation review. Additionally, although the loan did not
receive credit and valuation grades, credit exceptions and property
exceptions were noted and provided by AMC Diligence, LLC (AMC).
This variation had no rating impact.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC, Clayton and Westcor. A third-party due diligence
was performed on approximately 51.4% (by loan count) of the pool by
AMC and Clayton, both of which are assessed as 'Acceptable'
third-party review (TPR) firms by Fitch. The scope primarily
focused on regulatory compliance review to ensure loans were
originated in accordance with predatory lending regulations. The
results of the review indicated low operational risk with an 6.1%
portion of the pool assigned final compliance grades of 'C' or
'D'.

Of the loans graded 'C' or 'D', 2.2% by loan count (67 loans)
reflected missing final HUD-1 or estimated final HUD-1 documents
that are subject to testing for compliance with predatory lending
regulations. Fitch adjusted its loss expectation at the 'AAAsf'
stress by approximately 75 bps to reflect missing final HUD-1
files, modification agreements or assignment/endorsement and title
issues, as well as to address outstanding liens and taxes that
could take priority over the subject mortgage. Additionally, loss
multiples were extrapolated from the portion of loans provided due
diligence and applied at each rating category to estimate full
diligence review findings and adjustment.


TRYSAIL CLO 2022-1: S&P Assigns Prelim BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Trysail CLO
2022-1 Ltd./Trysail CLO 2022-1 LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Sept. 14,
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

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

  Class A, $82.50 million: AAA (sf)
  Class B, $19.95 million: AA (sf)
  Class C (deferrable), $6.875 million: A (sf)
  Class D (deferrable), $7.50 million: BBB- (sf)
  Class E (deferrable), $5.00 million: BB- (sf)
  Subordinated notes, $13.80 million: Not rated



UBS COMMERCIAL 2017-C4: Fitch Affirms B-sf Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of UBS Commercial Mortgage
Trust, commercial mortgage pass-through certificates, series
2017-C4 (UBS 2017-C4). In addition, Fitch has revised the Rating
Outlooks on four classes to Stable from Negative.

RATING ACTIONS

                Rating           Prior
                ------           -----  
UBS 2017-C4

A3 90276RBD9  LT AAAsf  Affirmed  AAAsf
A4 90276RBE7  LT AAAsf  Affirmed  AAAsf
AS 90276RBH0  LT AAAsf  Affirmed  AAAsf
ASB 90276RBC1 LT AAAsf  Affirmed  AAAsf
B 90276RBJ6   LT AA-sf  Affirmed  AA-sf
C 90276RBK3   LT A-sf   Affirmed  A-sf
D 90276RAL2   LT BBB-sf Affirmed  BBB-sf
E 90276RAN8   LT BB-sf  Affirmed  BB-sf
F 90276RAQ1   LT B-sf   Affirmed  B-sf
XA 90276RBF4  LT AAAsf  Affirmed  AAAsf
XB 90276RBG2  LT AA-sf  Affirmed  AA-sf
XD 90276RAA6  LT BBB-sf Affirmed  BBB-sf
XE 90276RAC2  LT BB-sf  Affirmed  BB-sf
XF 90276RAE8  LT B-sf   Affirmed  B-sf

KEY RATING DRIVERS

Improved Loss Expectations: Overall pool performance is stable and
loss expectations have improved slightly since the prior rating
action. The revised Outlook to Stable from Negative on classes E, F
and the associated interest-only (IO) classes reflect performance
stabilization of properties impacted by the pandemic and the return
of four loans to master servicing.

Fitch's ratings incorporate a base case loss of 4.4%. Ten loans
(26% of the pool), including four (9%) in special servicing, were
identified as Fitch Loans of Concern (FLOCs).

Preston Hollow (6.7%), the largest contributor to loss
expectations, is secured by a 131,222-sf grocery-anchored, mixed
use property located in Dallas, Texas, approximately seven miles
north of the CBD. The property was built between 2013 and 2015.
Cash flow at the property had declined in 2021 due to tenant
departures, including restaurant tenants Matchbox (6.6% NRA),
PakPao Thai (1.9%) and Blatt, Beer & Table (3.5% NRA) vacating
prior to their lease expirations. As a result, the YE 2021 NOI had
fallen 15% from the prior year and 17% below the issuers
underwritten NOI at origination. Occupancy has recently improved to
87% per the June 2022 rent roll from 81% at YE 2021, but remains
below issuance at 92% occupancy.

Fitch's expected loss of 11% reflects an 8.25% cap rate and the YE
2021 NOI without an additional stress due to the recent increase in
occupancy.

Fairmount at Brewerytown (3.9% of the pool), the next largest
contributor to loss, is secured by a six-story mid-rise loft style
apartment building in Philadelphia, PA with a total of 161 units,
12,450-sf of ground floor retail space and garage parking for 110
vehicles. The loan had previously transferred to special servicing
in June 2020 due to payment default, as a result of cash flow
impacted by the pandemic with tenants not making rental payments,
along with incurring significant capex costs related to HVAC and
other repairs prior to the pandemic.

The loan was assumed by local developers in October 2021, with loan
payments being made current, and returned to master servicing in
March 2022. According to the servicer, the new sponsors specialize
in revitalizing underused spaces and have direct experience in the
subject location. The most recently reported occupancy as of March
2022 was 84% with NOI DSCR of 1.24x which compares with 92% at YE
2020 with NOI DSCR of 1.16x.

Fitch's base case loss of 16.7% is based off the pre-pandemic YE
2019 cash flow with a 5% stress, and gives credit for the loan
returning to the master servicer with loan payments becoming
current and performance expected to improve under the new,
experienced sponsor.

Minimal Change in Credit Enhancement (CE): As of the August 2022
distribution date, the pool's aggregate balance has been reduced by
11.5% from issuance. Twelve loans representing 39% of the pool are
IO for the full term. An additional 17 loans representing 35% of
the pool were structured with partial IO terms, all of which have
commenced amortization. The vast majority of loans are scheduled to
mature in 2027, though there is one (1.5% of the pool) maturing in
2022 and one (0.6% of the pool) maturing in 2026.

Credit Opinion Loans: Two loans, representing 11.2% of the pool,
had investment-grade credit opinions at issuance. 237 Park Avenue
(6.9% of the pool) had an investment-grade credit opinion of
'BBB+sf' on a standalone basis and 245 Park Avenue (4.3%) had an
investment-grade credit opinion of 'BBB-sf' on a standalone basis.
Based on collateral quality and continued stable performance, the
loans remain consistent with a credit opinion loan.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to the
'AA-sf' and 'AAAsf' categories are not likely due to the position
in the capital structure, but may occur should interest shortfalls
affect the classes;

Downgrades to the 'BBB-sf' and A-sf' category would occur should
overall pool losses increase significantly and/or one or more large
loans have an outsized loss, which would erode CE. Downgrades to
the 'BB-sf' and 'B-sf' categories would occur should loss
expectations increase and if performance of the FLOCs fail to
stabilize or loans default and/or transfer to the special
servicer.

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

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

Factors that could lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades of the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and further
underperformance of the FLOCs could cause this trend to reverse.

Upgrades to the 'BBB-sf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls. Upgrades to 'BB-sf' and
'B-sf' categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and there is sufficient CE to the classes.


UBS COMMERCIAL 2017-C5: Fitch Affirms B- Rating on G-RR Debt
------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of UBS Commercial Mortgage
Trust 2017-C5 (UBSCM 2017-C5) commercial mortgage pass-through
certificates. The Rating Outlooks for classes F-RR and G-RR remain
Negative.

RATING ACTIONS

  ENTITY / DEBT   RATING            PRIOR  
  -------------   ------            -----
UBS 2017-C5

A-2 90276TAB0   LT AAAsf   Affirmed  AAAsf
A-3 90276TAE4   LT AAAsf   Affirmed  AAAsf
A-4 90276TAF1   LT AAAsf   Affirmed  AAAsf
A-5 90276TAG9   LT AAAsf   Affirmed  AAAsf
A-S 90276TAK0   LT AAAsf   Affirmed  AAAsf
A-SB 90276TAC8  LT AAAsf   Affirmed  AAAsf
B 90276TAL8     LT AA-sf   Affirmed  AA-sf
C 90276TAM6     LT A-sf    Affirmed  A-sf
D 90276TAN4     LT BBB+sf  Affirmed  BBB+sf
D-RR 90276TAQ7  LT BBBsf   Affirmed  BBBsf
E-RR 90276TAS3  LT BBB-sf  Affirmed  BBB-sf
F-RR 90276TAU8  LT BB-sf   Affirmed  BB-sf
G-RR 90276TAW4  LT B-sf    Affirmed  B-sf
X-A 90276TAH7   LT AAAsf   Affirmed  AAAsf
X-B 90276TAJ3   LT AA-sf   Affirmed  AA-sf

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since the prior rating action, primarily driven by
higher expected losses on the Delshah NYC Portfolio and the
Marriott Grand Caymen, which have recently transferred to special
servicing for imminent maturity default. The Negative Outlooks on
classes F and G, which were previously assigned for additional
coronavirus-related stresses applied to the pool, primarily reflect
the refinancing uncertainty on the specially serviced Delshah NYC
Portfolio and the Marriott Grand Caymen, which both matured in
August and July 2022, respectively.

Fitch has identified 10 Fitch Loans of Concern (FLOCs; 28.3% of the
pool balance), including three (8.8%) specially serviced loans.
Fifteen loans (27.3%) are on the master servicer's watchlist for
declines in occupancy, performance declines due to the pandemic,
upcoming rollover and/or deferred maintenance. Fitch's current
ratings incorporate a base case loss of 5.8%.

The largest contributor to overall loss expectations is the
specially serviced Delshah NYC Portfolio (4.2%) loan, which is
secured by two properties, 58-60 9th Avenue (retail/multifamily)
and 69 Gansevoort Street (retail), both located in the meatpacking
District of Lower Manhattan. The loan transferred to the special
servicer in July 2022 due to a maturity default. According to the
servicer, lender and borrower are discussing possible extension
terms. Two major tenants, Free People (51% of NRA) and Madewell
(22% of NRA) vacated their premises prior to their respective 2026
and 2027 lease expirations. Free People vacated the property as of
October 2020, and Madewell filed for bankruptcy and vacated the
property in August 2020.

Occupancy has fallen to 27% at March 2021 from 100% at YE 2020. The
YTD June 2022 NOI DSCR was -0.30x, compared with -0.25x at YE 2021,
1.49x at YE 2020 and 1.67x at YE 2019. Fitch's analysis applied an
8.25% cap rate to the YE 2020 NOI with a 5% stress, resulting in a
27% modeled loss.

The second largest contributor to overall loss expectations is the
specially serviced Marriott Grand Cayman (2.9%). The property is a
295-room, five-story full service hotel located on Seven Mile Beach
on the Island of Grand Cayman. Performance declined in 2020 due to
the pandemic and travel restrictions to the to the Cayman Islands
for non-residents. The loan transferred to the special servicer in
July 2022 for monetary default. According to the servicer, the
special servicer is beginning its review.

As of YE 2021, the NOI DSCR was -1.00x compared to 0.33x at YE 2020
and 2.95x at YE 2019. Fitch's modeled loss of 33% reflects an
11.25% cap rate to the portfolio's YE 2019 NOI and assumes a
distressed value of approximately $170,000 per room given ongoing
concerns with challenges to performance recovery.

The third largest contributor to overall loss expectations is the
specially serviced Loyalty and Hamilton (1.7% of the pool) loan,
which is secured by two, adjacent creative office properties
totaling 76,370 sf and located in the CBD of Portland. The loan
transferred to the special servicer in January 2022 due to a
monetary default. The property suffered declining cash flow during
the pandemic. Property occupancy declined to 51% at YE 2021, down
from 55% at YE 2020, 82% at YE 2019 and 88% at issuance. Servicer-
reported NOI debt service coverage ratio (DSCR) for this loan was
0.52x as of YE 2021, 0.88x as of YE 2020 and 1.92x at YE 2019.
Fitch's analysis applied a 16% cap rate to the YE 2019 NOI
resulting in a 51% modeled loss.

Increasing Credit Enhancement (CE): As of the August 2022
distribution date, the pool's aggregate balance has been reduced by
10.1% to $668.6 million from $743.4 million at issuance. One loan
(0.7% of current pool) is fully defeased. Two loans have pre-payed
(7%) and one loan (2.5%) was resolved with an impaired payoff.
Cumulative interest shortfalls totaling $123,018 are affecting the
non-rated class NR-RR. Fourteen loans (43.8%) are interest- only
for the full term. An additional 15 loans (28.5%) were structured
with partial interest-only periods. Two loans (Delshah NYC
Portfolio and the Marriott Grand Caymen; 7.1%) were scheduled to
mature in 2022; the remaining are scheduled to mature in 2024 (one
loan; 6.0%) and 2027 (43 loans; 86.9%).

Pari Passu Loans: Twenty loans (65.4% of pool) are pari passu.

Pool Concentration: The largest 10 loans make up 46.7% of the
remaining deal balance and the largest 15 loans make up 61.5%.
Based on property type, the highest concentration is Office
(37.4%), Retail (25.6%), followed by Hotel (20.5%) and Industrial
(7.9%).

RATING SENSITIVITIES

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

Classes F-RR and G-RR have had Negative Outlooks for two years. The
continuing Negative Outlooks are based on the uncertainty of the
two recently transferred specially serviced assets. Downgrades to
these classes may occur if the two recently transferred specially
serviced assets (Delshah NYC Portfolio and Marriott Grand Cayman)
performance declines further or additional loans default and/or
transfer to special servicing.

-- Downgrades could be triggered by an increase in pool-level
losses from underperforming or specially serviced loans. Downgrades
to the classes rated 'AAAsf' and 'AA-sf' are not likely due to
sufficient CE and expected continued amortization but may occur if
interest shortfalls affect these classes.

-- Downgrades to the 'BBB-sf', 'BBBsf', 'BBB+sf', and 'A-sf'
categories would likely occur if a high proportion of the pool
defaults and/or transfers to special servicing and expected losses
increase significantly. Downgrades to the 'B-sf' and 'BB-sf'
categories would occur if the two recently transferred specially
serviced loans' (Delshah NYC Portfolio and Marriott Grand Cayman)
performance declines further and/or are unable to refinance and
remain with the special servicer for an extended period of time or
additional loans default and/or transfer to the special servicer.

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

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

-- Upgrades to the 'A-sf' and 'AA-sf' categories would likely
occur with significant improvement in CE and/or defeasance;
however, adverse selection, increased concentrations and/or further
underperformance of the FLOCs or loans that have been negatively
affected by the pandemic could cause this trend to reverse. Classes
would not be upgraded above 'Asf' if interest shortfalls were
likely.

-- Upgrades to the 'BBB-sf', 'BBBsf', 'BBB+sf' categories would
also consider these factors but would be limited based on
sensitivity to concentrations or the potential for future
concentrations.

-- Upgrades to the 'B-sf' and 'BB-sf' categories are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable, properties that have transferred
to the special servicer realize minimal losses, and there is
sufficient CE to the classes.



UBS-BARCLAYS 2013-C6: Fitch Cuts Rating on Class F Certs to Csf
---------------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed seven classes
of Barclays Commercial Mortgage Securities LLC's UBS-Barclays
Commercial Mortgage Trust 2013-C6, commercial mortgage pass-through
certificates. In addition, the Rating Outlooks for two classes have
been revised to Stable from Negative.

RATING ACTIONS

UBS-BB 2013-C6

                  Rating          Prior
                  ------          -----
A-3 90349GBE4   LT AAAsf Affirmed  AAAsf
A-3FL 90349GAC9 LT AAAsf Affirmed  AAAsf
A-3FX 90349GAA3 LT AAAsf Affirmed  AAAsf
A-4 90349GBF1   LT AAAsf Affirmed  AAAsf
A-S 90349GBH7   LT AAAsf Affirmed  AAAsf
A-SB 90349GBG9  LT AAAsf Affirmed  AAAsf
B 90349GAN5     LT BBBsf Downgrade Asf
C 90349GAQ8     LT BBsf  Downgrade BBBsf
D 90349GAS4     LT CCCsf Downgrade BBsf
E 90349GAU9     LT CCsf  Downgrade CCCsf
F 90349GAW5     LT Csf   Downgrade CCsf
X-A 90349GAG0   LT AAAsf Affirmed  AAAsf
X-B 90349GAJ4   LT BBsf  Downgrade BBBsf

KEY RATING DRIVERS

Increased Loss Expectations / Specially Serviced Loans: The
downgrades reflect increased loss expectations, primarily from
Broward Mall (8.5%) and an increase in specially serviced loans.
There are eight (20.4%) Fitch Loans of Concern (FLOCs), including
five (16.6%) in special servicing (up 12.9% from the prior rating
action). Fitch's current ratings incorporate a base case loss of
11.3%.

The Outlook revision for classes A-S and X-A to Stable from
Negative reflects the recent reports that the Santa Anita Mall
(6.6%) has been sold and the loan expected to be paid in full.
Class A-S is reliant on performing loans that are expected to be
refinanced at their respective maturities.

The largest increase and contributor to expected losses is the
Broward Mall, a 1,037,728-sf regional mall located in Plantation,
FL. The loan transferred to the special servicer in June 2020 at
the request of the borrower. The property is anchored by Macy's, JC
Penny, Dillard's and a former Sears (closed in July 2018), none of
which are part of the collateral. Seritage had plans to redevelop
the former Sears site, but construction has been halted due to the
pandemic and tenants withdrawing interest. The loan collateral
includes 325,701 sf of inline space including tenants H&M,
Victoria's Secret, Express, Footaction, Finish Line and Hollister.
Additionally, there is a 55,823-sf 12-screen Regal Cinema that
opened in January 2014.

The servicer reports that a foreclosure sale is expected and a
liquidations strategy is being evaluated. For TTM June 2022,
in-line sales were reported to be $388 psf compared to $434.27 psf
at YE 2021, $284.12 at YE 2020, $384 psf at TTM June 2019 and $422
psf at issuance. Per the June 2022 rent roll, collateral occupancy
was reported to be 94%, up from 89% at YE 2019 and in line with
historical figures. Fitch expects significant losses given the
regional mall asset type and limited investor pool. Fitch's base
case loss of nearly 75% reflects a 26% cap rate on the servicer
reported annualized March 2022 NOI.

The second largest increase in expected losses is from Bayview
Plaza (4.8%), which is secured by the fee-simple (two retail
buildings) and leased-fee interests (two buildings ground leased by
a subsidiary and holding company of Louis Vuitton Moet Hennessey)
in a 244,626 sf regional mall located in Tumon, Guam. The loan
recently transferred to the servicer in August 2022 as a result of
borrower's failure to cooperate with the implementation of cash
management.

Occupancy has declined to 72% as of year-end (YE) 2021 from 95% at
issuance. Fitch's loss expectation of approximately 30% reflects a
10% cap rate and a 40% stress to the YE 2019 NOI given the
property's location in Guam, which has experienced steep declines
in travel and tourism due to the pandemic.

Defeasance/Improved Credit Enhancement Since Issuance: Credit
enhancement has improved since issuance from paydown and
defeasance. Twenty-four loans (23%) are fully defeased, including
five loans in the top 15 (12.5%). As of the August 2022
distribution date, the pool's aggregate balance has been reduced by
18.6% to $1.1 billion from $1.3 billion at issuance. Interest
shortfalls are currently affecting non-rated class G. Ten loans
(45% of the pool) are full-term interest-only, and the remaining 56
loans (55%) are amortizing.

Alternative Loss Considerations: Due to upcoming maturities (100%
of the pool matures by April 2023), Fitch performed a sensitivity
and liquidation analysis, which grouped the remaining loans based
on their current status and collateral quality and ranked them by
their perceived likelihood of repayment and/or loss expectation.
This analysis contributed to the downgrades and continued Negative
Outlooks on classes B, C and the interest only class X-B.

Fitch considered an additional scenario in which Broward Mall,
Bayview Plaza and The Heights remain in the pool. The Heights is
secured by a 13-story, 102,177-sf retail center located in the
Brooklyn, NY. The property consists of a dark United Artists
Theater (78% of NRA) and a Barnes & Noble (21.7%). The loan matures
in March 2023 and the borrower has expressed a desire to extend the
loan. Classes C through G are reliant on proceeds from these loans
for repayment.

RATING SENSITIVITIES

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

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

Downgrades to classes A-3 through A-SB and are not likely due to
the continued expected amortization, position in the capital
structure and repayment from loans expected to refinance at
maturity, but may occur should interest shortfalls affect these
classes.

A downgrade to class A-S is possible if performing loans fail to
repay at their respective maturities and experience losses.

Downgrades to classes B, C and X-B would occur should overall pool
losses increase significantly from continued underperformance of
the FLOCs, loans susceptible to the pandemic not stabilize,
additional loans default and/or transfer to special servicing,
higher losses than expected are incurred on the specially serviced
loans/assets.

Downgrades to distressed classes D through F would occur as losses
are realized and/or become more certain.

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

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

Sensitivity factors that could lead to upgrades would include
stable to improved asset performance coupled with additional
paydown and/or defeasance.

Upgrades to classes B, C, and X-B may occur with significant
improvement in CE and/or defeasance, and with the stabilization of
performance on the FLOCs and/or the properties affected by the
coronavirus pandemic; however, adverse selection and increased
concentrations, or the underperformance of the FLOCs could cause
this trend to reverse. Classes would not be upgraded above 'Asf' if
there is a likelihood of interest shortfalls.

Upgrades to classes D through F are not currently expected given
high loss expectations from the specially serviced loans/assets and
refinance risk for other FLOCs that are nearing their respectively
maturities.



VOYA CLO: Fitch Assigns BB-sf Rating to Class E Debt
----------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Voya CLO
2022-2, Ltd.

Voya CLO 2022-2, Ltd.

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

TRANSACTION SUMMARY

Voya CLO 2022-2, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Voya
Alternative 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', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.41 versus a maximum covenant, in accordance with
the initial expected matrix point of 25.5. Issuers in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.9% first-lien senior secured loans. The weighted average
recovery assumption (WARR) of the indicative portfolio is 76.37%
versus a minimum covenant, in accordance with the initial expected
matrix point of 74.0%.

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 3.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios at the initial expected
matrix point, the rated notes can withstand default and recovery
assumptions consistent with their assigned ratings. The performance
of all classes of rated notes at the other permitted matrix points
is in line with that of other recent CLOs.

RATING SENSITIVITIES

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

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

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.

Fitch evaluated the notes' sensitivity to potential changes in such
metrics; results under these sensitivity scenarios are 'AAAsf' for
class B notes, between 'A+sf' and 'AAsf' for class C notes, 'A+sf'
for class D notes, and 'BBB+sf' for class E notes.


WELLS FARGO 2018-C47: Fitch Affirms B-sf Rating to Cl. H-RR Certs
-----------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Wells Fargo Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
series 2018-C47. In addition, Fitch has revised the Rating Outlooks
on three classes to Stable from Negative.

WFCM 2018-C47

A-1 95002DAU3   LT  AAAsf  Affirmed  AAAsf
A-2 95002DAX7   LT  AAAsf  Affirmed  AAAsf
A-3 95002DBD0   LT  AAAsf  Affirmed  AAAsf
A-4 95002DBG3   LT  AAAsf  Affirmed  AAAsf
A-S 95002DBR9   LT  AAAsf  Affirmed  AAAsf
A-SB 95002DBA6  LT  AAAsf  Affirmed  AAAsf
B 95002DBU2     LT  AA-sf  Affirmed  AA-sf
C 95002DBX6     LT  A-sf   Affirmed  A-sf
D 95002DAC3     LT  BBB-sf Affirmed  BBB-sf
E-RR 95002DAE9  LT  BBB-sf Affirmed  BBB-sf
F-RR 95002DAG4  LT  BB+sf  Affirmed  BB+sf
G-RR 95002DAJ8  LT  BB-sf  Affirmed  BB-sf
H-RR 95002DAL3  LT  B-sf   Affirmed  B-sf
X-A 95002DBK4   LT  AAAsf  Affirmed  AAAsf
X-B 95002DBN8   LT  AA-sf  Affirmed  AA-sf
X-D 95002DAA7   LT  BBB-sf Affirmed  BBB-sf

KEY RATING DRIVERS

Stabilizing Performance and Loss Expectations Consistent with
Issuance Expectations: Overall pool performance has stabilized from
the prior rating action, primarily the result of recovered or
stabilizing performance of assets impacted by the pandemic. The
Outlook revisions to Stable from Negative reflects the performance
stabilization.

Fitch has identified 10 Fitch Loans of Concern (FLOCs; 18.1% of the
pool balance), including three (5.8%) specially serviced loans.
Fifteen loans (17.8%) are on the master servicer's watchlist for
declines in occupancy, performance declines as a result of the
pandemic, upcoming rollover and/or deferred maintenance. Fitch's
current ratings incorporate a base case loss of 4.5%.

Specially Serviced Loan: The largest decrease in loss expectation
since the prior rating action is the Holiday Inn FIDI (3.8%), which
is secured by 492 key full-service Holiday Inn Express in the
financial district of New York City that was built in 2014. The
loan transferred to special servicing in May 2020 at the borrower's
request due to imminent monetary default. The hotel re-opened for
business in April 2021 and the loan remains 90+ days delinquent.
Foreclosure was filed in March 2022 and the lender is awaiting the
court's ruling for summary judgement.

Room Revenue increased significantly in YE 2021 compared to YE 2020
but NOI DSCR still remains low at -0.15x as of YE 2021 but improved
from -0.75x at YE 2020. The TTM May 2022 occupancy, ADR, and RevPar
are 66.2%, $138, and $91 compared to 63.9%, $157, and $100 for the
comp set. Fitch's base case loss expectation of 5% reflects a
stress to the most recent appraisal and implies a stressed value
per key of $175k/key.

Minimal Changes to Credit Enhancement: As of the August 2022
distribution date, the pool's aggregate principal balance has been
paid down by 2.3% to $929.9 million from $951.6 million at
issuance. Twenty-eight loans (39% of the pool) have a partial
interest-only component, 18 of these loans (22%) have begun to
amortize. Eighteen loans (40%) are interest-only for the full loan
term, including six loans (29%) in the top 15. Four loans
representing 2.9% of the pool are fully defeased.

Maturity Concentrations: Two loans (2.7% of the pool) mature in
2023. The remaining pool (97.3%) matures in 2028.

Investment-Grade Credit Opinion Loans: Three loans representing
13.5% of the pool were assigned investment- grade credit opinions
at issuance: Aventura Mall (5.4%), Christiana Mall (5.4%), and 2747
Park Boulevard (2.8%).

Property Type Concentration: There are 25 retail loans (37.3% of
the pool), nine hotel loans (22.2% of the pool) and 10 office loans
(16.1% of the pool).

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to the 'AA-sf' and 'AAAsf' categories are
unlikely due to increasing CE and expected continued amortization,
but may occur should interest shortfalls affect these classes.
Downgrades to the 'BBB-sf' and 'A-sf' categories would likely occur
if a high proportion of the pool defaults and/or transfers to
special servicing and expected losses increase significantly.
Downgrades to the 'B-sf', 'BB-sf', and 'BB+sf' categories would
occur should loss expectations increase due to an increase in
specially serviced loans and/or the loans vulnerable to the
pandemic do not stabilize

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

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades to the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and/or further
underperformance of the FLOCs or loans that have been negatively
affected by the pandemic could cause this trend to reverse.
Upgrades to the 'BBB-sf' category would also consider these
factors, but would be limited based on sensitivity to
concentrations or the potential for future concentrations.

Classes would not be upgraded above 'Asf' if there were likelihood
for interest shortfalls. Upgrades to the 'Bsf', 'BB-sf', and
'BB+sf' categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and/or properties vulnerable to the coronavirus return to
pre-pandemic levels, and there is sufficient CE to the classes.



WFRBS 2012-C7: Fitch Cuts Ratings on 2 Tranches to 'Dsf'
--------------------------------------------------------
Fitch Ratings has withdrawn ratings from already distressed bonds
across three U.S. commercial mortgage-backed securities (CMBS)
transactions. In addition, Fitch has downgraded two classes of
WFRBS 2012-C7 to 'Dsf' from 'Csf'.

RATING ACTIONS

WFRBS 2012-C7

B 92936TAD4  LT  Bsf  Affirmed   Bsf
C 92936TAE2  LT  CCsf Affirmed   CCsf
D 92936TAJ1  LT  Csf  Affirmed   Csf
E 92936TAK8  LT  Csf  Affirmed   Csf
F 92936TAL6  LT  Dsf  Downgrade  Csf
G 92936TAM4  LT  Dsf  Downgrade  Csf

Morgan Stanley Capital I Trust 2007-HQ12


F 61755BAP9  LT  Dsf  Downgrade  Csf
F 61755BAP9  LTW Dsf  Withdrawn  Dsf

Default ratings ('Dsf') assigned to the last rated class of a
transaction will be automatically withdrawn within 11 months from
the date of this rating action. A separate rating action commentary
will not be issued at that time.

KEY RATING DRIVERS

All ratings in Banc of America Commercial Mortgage Inc. 2005-1,
Credit Suisse Commercial Mortgage Trust Series 2007-C1, and Morgan
Stanley Capital I Trust 2007-HQ12 have subsequently been withdrawn.
These ratings are no longer considered by Fitch to be relevant to
the agency's coverage.

Fitch has downgraded two classes of Banc of America Commercial
Mortgage Securities Trust 2005-1 to 'Dsf' as the classes took their
first dollar losses. Class B received $44.025 million in principal
paydown and $2.75 million in losses, and class C received $0 in
principal paydown and $20.3 million in losses. The classes were
previously rated 'Csf,' indicating default was inevitable. Fitch
has subsequently withdrawn all 13 remaining classes as there is no
remaining collateral in the deal and the trust balance has been
reduced to zero.

Fitch has downgraded three classes of Credit Suisse Commercial
Mortgage Trust 2007-C1 to 'Dsf' as the classes took their first
dollar losses. Class A-MFL received $0 in principal paydown and
$300,000 in losses, class A-MFX received $0 in principal paydown
and $116,000 in losses, and class A-M received $0 in principal
paydown and $707,000 in losses. The classes were previously rated
'Bsf' as Fitch expected the recoveries from the Koger Center to be
higher than the ultimate resolution. All 20 remaining classes have
been withdrawn as there is no remaining collateral in the deal and
the trust balance has been reduced to zero.

The remaining asset, Koger Center transferred to the special
servicer in October 2019 for monetary default, becoming REO in
March of 2021. Originally occupied by six Florida state agencies,
five of which vacated between 2018 and 2020 for build-to-suite
facilities or fully relocated. The asset was sold at auction for
$24.8 million ($29.07 psf). Due to the servicer's accounting of the
sale, distributions to the bondholders of classes A-MFL, A-MFX, and
A-M will take place at a later date.

Fitch has downgraded one class of MSCI 2007-HQ12 to 'Dsf' as the
class took their first dollar loss. Class F received $8.9 million
in principal paydown and $1.6 million in losses. The classes were
previously rated 'Csf,' indicating default was inevitable. Fitch
has subsequently withdrawn all 11 remaining classes of MSCI
2007-HQ12 as there is no remaining collateral in the deal and trust
balance has been reduced to zero, as of the August 2022 remittance
report.

Fitch has downgraded two classes of WFRBS 2012-C7 Mortgage Trust to
'Dsf' as the classes took their first dollar losses. Per the June
remittance report, class F received $0 in principal paydown and
$108,000 in losses, and class G received $0 in principal paydown
and $19.3 million in losses. The classes were previously rated
'Csf,' indicating default was inevitable.

RATING SENSITIVITIES

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

No further negative rating changes are expected as these bonds have
incurred principal losses.

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

While the bonds that have defaulted are not expected to recover any
material amount of lost principal in the future, there is a limited
possibility this may happen. In this unlikely scenario, Fitch would
further review the affected classes.



[*] DBRS Reviews 377 Classes from 37 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 377 classes from 37 U.S. ReREMIC and
residential mortgage-backed security (RMBS) transactions. Of the
377 classes reviewed, DBRS Morningstar upgraded 11 ratings,
confirmed 355 ratings, downgraded and discontinued five ratings,
and discontinued an additional six ratings.

The affected ratings are available at https://bit.ly/3RbGTS2

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The downgraded and subsequently discontinued
ratings reflect the unlikely recovery of the bonds' principal loss
amount. The six discontinued ratings reflect the full repayment of
principal to bondholders.

The pools backing the reviewed RMBS and ReREMIC transactions
consist of subprime, Alt-A, scratch-and-dent, option adjustable
rate mortgage, second lien, prime, reperforming, and agency
collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade.

-- Citigroup Mortgage Loan Trust 2009-4, Re-REMIC Trust
Certificates, Series 2009-4, Class 7A7

-- Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AR3, Mortgage Pass-Through Certificates, Series
2005-AR3, Class III-A-1

-- Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AR3, Mortgage Pass-Through Certificates, Series
2005-AR3, Class III-A-2

-- New Century Home Equity Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-4

-- New Century Home Equity Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-5

-- New Century Home Equity Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-3

-- New Century Home Equity Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-4

-- New Century Home Equity Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-5

-- New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed
Pass-Through Certificates, Series 2005-B, Class M-1

-- New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed
Pass-Through Certificates, Series 2005-B, Class M-2

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class M-5

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-WF1, Home Equity Loan Trust Asset-Backed Certificates, Series
2006-WF1, Class M-2

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-WF1, Home Equity Loan Trust Asset-Backed Certificates, Series
2006-WF1, Class M-3

-- Park Place Securities Inc., Series 2005-WHQ1, Asset-Backed
Pass-Through Certificates, Series 2005-WHQ1, Class M-5

-- Park Place Securities Inc., Series 2005-WHQ1, Asset-Backed
Pass-Through Certificates, Series 2005-WHQ1, Class M-6

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-1

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-2

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-3

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-4

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-5

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-6

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-7

-- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-8

-- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-Through
Certificates, Series 2006-QS2, Class II-A-V

-- Securitized Asset Backed Receivables LLC Trust 2006-NC2,
Mortgage Pass-Through Certificates, Series 2006-NC2, Class A-3

-- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-1

-- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class A-1

-- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class A-1

-- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class A-1

-- Wells Fargo Home Equity Asset-Backed Securities 2006-3 Trust,
Home Equity Asset-Backed Certificates, Series 2006-3, Class M-1

CORONAVIRUS DISEASE (COVID-19) IMPACT

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

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

Notes: The principal methodology is U.S. RMBS Surveillance
Methodology (February 21, 2020), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.



[*] DBRS Reviews 765 Classes from 19 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 765 classes from 19 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 765 classes
reviewed, DBRS Morningstar upgraded 60 ratings, confirmed 691
ratings, and discontinued 14 ratings.

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

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The discontinued ratings reflect the full
repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of prime,
Freddie Mac, and Fannie Mae mortgage collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- Flagstar Mortgage Trust 2021-7, Mortgage Pass-Through
Certificates, Series 2021-7, Class B-5

-- GS Mortgage-Backed Securities Trust 2021-PJ9, Mortgage
Pass-Through Certificates, Series 2021-PJ9, Class B-5

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-3

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-3-A

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-3-X

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-4

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-5

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-X

-- J.P. Morgan Mortgage Trust 2020-LTV2, Mortgage Pass-Through
Certificates, Series 2020-LTV2, Class B-5-Y

-- J.P. Morgan Mortgage Trust 2021-11, Mortgage Pass-Through
Certificates, Series 2021-11, Class B-4

-- J.P. Morgan Mortgage Trust 2021-11, Mortgage Pass-Through
Certificates, Series 2021-11, Class B-5

-- J.P. Morgan Mortgage Trust 2021-12, Mortgage Pass-Through
Certificates, Series 2021-12, Class B-3

-- J.P. Morgan Mortgage Trust 2021-12, Mortgage Pass-Through
Certificates, Series 2021-12, Class B-4

-- J.P. Morgan Mortgage Trust 2021-12, Mortgage Pass-Through
Certificates, Series 2021-12, Class B-5

-- Mello Mortgage Capital Acceptance 2018-MTG1, Mortgage
Pass-Through Certificates, Series 2018-MTG1, Class B3

-- Wells Fargo Mortgage Backed Securities 2021-2 Trust, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-2

-- Wells Fargo Mortgage Backed Securities 2021-2 Trust, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-3

-- Wells Fargo Mortgage Backed Securities 2021-2 Trust, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-4

-- Wells Fargo Mortgage Backed Securities 2021-2 Trust, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-5

CORONAVIRUS DISEASE (COVID-19) IMPACT

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

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

Notes: The principal methodology is U.S. RMBS Surveillance
Methodology (February 21, 2020), which can be found on
dbrsmorningstar.com under Methodologies & Criteria.



[*] S&P Takes Various Actions on 60 Classes From 12 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 60 ratings from 12 U.S.
RMBS transactions issued between 2004 and 2006. The review yielded
four upgrades, three downgrades, 33 affirmations, and 20
withdrawals.

A list of Affected Ratings can be viewed at:

           https://bit.ly/3xoVotY

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;
-- Increase or decrease in available credit support;
-- Small loan count;
-- Payment priority;
-- Principal-only criteria; and
-- Interest-only criteria.

Rating Actions

S&P said, "The rating changes reflect our view regarding the
associated transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes. See the ratings list below for the
specific rationales associated with each of the classes with rating
transitions.

"The rating affirmations reflect our view that our projected credit
support, collateral performance, and credit-related reductions in
interest on these classes have remained relatively consistent with
our prior projections.

"We withdrew our ratings on 20 classes from four transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level."


                            *********

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