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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, January 1, 2023, Vol. 27, No. 0

                            Headlines

APIDOS CLO XLII: Moody's Assigns B3 Rating to $1.1MM Class F Notes
BENCHMARK 2019-B9: Fitch Affirms 'B-sf' Rating on Two Tranches
BINOM 2022-INV1: S&P Assigns 'B (sf)' Rating on Class B-2 Certs
BLACK DIAMOND 2022-1: S&P Assigns BB+ (sf) Rating on Class E Notes
CANADIAN COMMERCIAL: DBRS Assigns Prov. B Rating on Class G Certs

CFMT 2022-HB10: DBRS Finalizes B Rating on Class M5 Notes
CITIGROUP 2016-C1: Fitch Affirms B- Rating on Class F Debt
CSAIL 2016-C5: Fitch Affirms CCC Rating on 2 Tranches
CSMC 2022-ATH1: S&P Affirms B- (sf) Rating on Class B-2 Notes
CSMC 2022-NQM6: S&P Assigns B- (sf) Rating on Class B-2 Notes

DBUBS MORTGAGE 2011-LC3: Moody's Cuts Rating on Cl. D Debt to B2
EXETER 2022-1: S&P Places BB (sf) Rating on E Notes on Watch Neg.
FREED MORTGAGE 2022-HE1: DBRS Finalizes B(low) Rating on C Notes
GENERAL ELECTRIC 2003-1: Fitch Affirms Dsf Rating on 2 Tranches
GS MORTGAGE 2013-GCJ12: Fitch Affirms CCC Rating on Class F Debt

GS MORTGAGE 2013-GCJ16: Moody's Affirms Caa1 Rating on Cl. G Certs
IMPERIAL FUND: DBRS Finalizes B(low) Rating on Class B-2 Certs
MADISON PARK LX: S&P Assigns BB- (sf) Rating on Class E Notes
NEUBERGER BERMAN 52: Fitch Gives 'BB+sf' Rating on Cl. E Notes
NEUBERGER BERMAN 52: Moody's Assigns B3 Rating to $600,000 F Notes

PARALLEL LTD 2015-1: Moody's Cuts Rating on Class F Notes to Caa3
PPM CLO 6: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
SANTANDER BANK 2022-C: Moody's Assigns B2 Rating to Class F Notes
SLM STUDENT 2008-2: S&P Lowers Class B Debts Rating to 'CCC (sf)'
UBS-BARCLAYS 2012-C2: Moody's Lowers 2 Tranches to Ba2

WFRBS COMMERCIAL 2012-C9: DBRS Confirms B(high) Rating on F Certs
[*] Moody's Takes Action on $89MM of US RMBS Issued 2005-2006
[*] Moody's Upgrades Rating on $49MM of US RMBS Issued 2005
[*] S&P Takes Various Actions on 80 Classes From 29 U.S. RMBS Deals

                            *********

APIDOS CLO XLII: Moody's Assigns B3 Rating to $1.1MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Apidos CLO XLII Ltd (the "Issuer" or "Apidos
XLII").

Moody's rating action is as follows:

US$341,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

US$1,100,000 Class F Mezzanine Deferrable Floating Rate Notes due
2036, Definitive Rating Assigned B3 (sf)

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

RATINGS RATIONALE

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

Apidos XLII is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. On the closing date, at least 95% of the portfolio
must consist of senior secured loans, cash, and eligible
investments, and up to 5.0% of the portfolio may consist of second
lien loans, unsecured loans, first lien last out loans, and
permitted non-loan assets. Thereafter, upon the satisfaction of
certain conditions, at least 90% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to
10.0% of the portfolio may consist of second lien loans, unsecured
loans, first lien last out loans, and permitted non-loan assets.
The portfolio is approximately 80% ramped as of the closing date.

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

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

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

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

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

Par amount: $550,000,000

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): SOFR + 3.39%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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


BENCHMARK 2019-B9: Fitch Affirms 'B-sf' Rating on Two Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of Benchmark 2019-B9 Mortgage
Trust commercial mortgage pass-through certificates, series
2019-B9. In addition, the Rating Outlooks on classes F, G, X-F and
X-G remain Negative.

   Entity/Debt        Rating             Prior
   -----------        ------             -----
BMARK 2019-B9
  
   A-1 08160JAA5   LT AAAsf  Affirmed    AAAsf
   A-2 08160JAB3   LT AAAsf  Affirmed    AAAsf
   A-3 08160JAC1   LT AAAsf  Affirmed    AAAsf
   A-4 08160JAD9   LT AAAsf  Affirmed    AAAsf
   A-5 08160JAE7   LT AAAsf  Affirmed    AAAsf
   A-AB 08160JAF4  LT AAAsf  Affirmed    AAAsf
   A-S 08160JAH0   LT AAAsf  Affirmed    AAAsf
   B 08160JAJ6     LT AA-sf  Affirmed    AA-sf
   C 08160JAK3     LT A-sf   Affirmed     A-sf
   D 08160JAY3     LT BBBsf  Affirmed    BBBsf
   E 08160JBA4     LT BBB-sf Affirmed   BBB-sf
   F 08160JBC0     LT BB-sf  Affirmed    BB-sf
   G 08160JBE6     LT B-sf   Affirmed     B-sf
   X-A 08160JAG2   LT AAAsf  Affirmed    AAAsf
   X-B 08160JAL1   LT A-sf   Affirmed     A-sf
   X-D 08160JAN7   LT BBB-sf Affirmed   BBB-sf
   X-F 08160JAQ0   LT BB-sf  Affirmed    BB-sf
   X-G 08160JAS6   LT B-sf   Affirmed     B-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall pool loss expectations have
increased since the last rating action primarily due to higher
losses on 3 Park Avenue, the largest loan in the pool. Seven loans
were flagged as Fitch Loans of Concern (FLOCs), representing 20.6%
of the pool, including one specially serviced loan (0.9%), due to
continued performance declines and/or tenancy concerns. The
Negative Outlooks reflect possible downgrades should performance of
the 3 Park Avenue and Fairbridge Office Portfolio loans deteriorate
further or not stabilize. Fitch's current ratings incorporate a
base case loss of 5.5%.

FLOCs: The largest contributor to overall loss expectations and the
largest increase in loss since the last rating action is the 3 Park
Avenue loan (10% of the pool), which is secured by 641,186 sf of
office space on floors 14 through 41 and 26,260 sf of multi-level
retail space on Park Avenue and 34th Street. The top three tenants
are Houghton Mifflin Harcourt (15.2% NRA; lease expires Dec. 31,
2027), P. Kaufman Contract (8.5%; Dec. 31, 2022) and Zeta Global
Holding (4.2%; 0.8% expires Jan. 31, 2023 and 3.4% expires Mar. 31,
2029). This loan has been designated a FLOC since occupancy
declined to 63.9% as of June 2020 from 85.5% at YE 2019 following
the loss of several tenants, including the former second largest
tenant, TransPerfect Translations (13.7% NRA). Occupancy has fallen
further to 59.4% as of March 2022. Fitch's base case loss
expectation of 13% reflects an 8% cap rate to the YE 2021 NOI and
factors in the property's location, LEED Silver certification and
expectation of recovery during the loan term.

The second largest contributor to overall loss expectations is the
Walgreens Chicago loan (2.1%), which is secured by a 41,113-sf
single tenant retail property located in Chicago, IL. Walgreens
vacated in 2019, prior to its October 2088 lease expiration.
However, the tenant continues to pay rent. Fitch applied a 20%
stress to the YE 2021 NOI due to the dark tenancy, resulting in a
base case loss of 17%.

The third largest contributor to overall loss expectations is the
Fairbridge Office Portfolio loan (3.7%), which is secured by two
office properties totaling 385,525 sf located in Oak Brook and
Warrenville, Illinois. The loan was flagged as a FLOC due to
continued declining performance. AECOM (6.9% NRA) vacated upon its
Feb. 28, 2021 lease expiration. As a result, occupancy declined
from 73.6% at YE 2020 to 65.5% as of September 2021. Occupancy
remains low at 64.6% as of September 2022. Fitch modeled a base
case loss of 10% based on a 10.50% cap rate due to the portfolio's
suburban location and a 5% stress to the YE 2021 NOI.

Specially Serviced Loan: The 735 Bedford Avenue loan transferred to
special servicing in March 2022 for imminent monetary default and
is currently reported as in foreclosure. The loan is secured by a
18,000-sf mixed-use property in Brooklyn, NY. The building contains
office space on the upper floors and retail on the ground floor. As
of June 2022, the property was 88% occupied, down from 100% at YE
2021, due to Apartment Developers, an affiliate of the sponsor at
issuance, vacating prior to its 2033 lease expiration. Fitch's base
case loss of 30% reflects a stressed value of $320 psf based on a
haircut to the most recent appraised value.

Minimal Change to Credit Enhancement (CE): As of the November 2022
distribution date, the pool's aggregate balance has been paid down
by 1.3% to $871.9 million from $883.5 million at issuance. Interest
shortfalls (approximately $172,000) are currently affecting the
non-rated class J. Nineteen loans (54% of the pool) are full-term,
interest-only (IO), and 18 loans, representing 33.3% of the pool,
are partial-term IO, with 13 of these loans (22.5%) having exited
their IO period. There have been no realized losses to date.

Property Concentrations: The pool's largest property type is office
at 40.7%, including seven loans (35.2%) in the top 15. Retail and
industrial represent the second and third largest property types at
20% and 10.2%, respectively. Lodging represents 10% of the pool. No
other property type represents more than 8.8% of the pool balance.
The 22nd largest loan, Aventura Mall (1.7%), is the only regional
mall and was assigned a credit opinion of 'Asf' at issuance.

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 to the 'AAAsf' and 'AA-sf' rated classes are not
expected given the overall stable performance of the pool, expected
continued amortization and sufficient CE, but may occur if interest
shortfalls affect these classes or losses increase considerably.

Downgrades to classes C, D, E, X-B and X-D would occur should
expected pool losses significantly increase and/or several larger
FLOCs transfer to special servicing and/or incur outsized losses.

Downgrades to classes F, G, X-F and X-G would occur should the
performance of the FLOCs, primarily 3 Park Avenue and Fairbridge
Office Portfolio, continue to deteriorate or not stabilize,
additional loans transfer to special servicing and/or with greater
certainty of losses.

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

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

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

Upgrades to classes B, C and X-B would likely occur with
significant improvement in CE and/or defeasance. However, adverse
selection, increased concentrations or the underperformance of a
particular loan(s) may limit the potential for future upgrades.

An upgrade to classes D, E and X-D would be limited based on the
sensitivity to concentrations or the potential for future
concentrations. Classes would not be upgraded above 'Asf' if there
were a likelihood for interest shortfalls.

Upgrades to classes F, G, X-F and X-G are not likely until the
later years of the transaction, and only if the performance of the
FLOCs improve significantly, and/or if there is sufficient CE,
which would likely occur if the non- rated class is not eroded and
the senior classes pay off.

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.


BINOM 2022-INV1: S&P Assigns 'B (sf)' Rating on Class B-2 Certs
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to BINOM Securitization
Trust 2022-INV1's mortgage pass-through certificates series
2022-INV1.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans secured by non-owner-occupied investment
properties consisting of single-family residential, condominiums,
townhouses, two- to four-family residential properties, one
six-unit property, and one 11-unit property to both prime and
nonprime borrowers. The pool consists of investor loans that were
underwritten based on a property's debt service coverage ratio,
which are exempt from qualified mortgage/ability-to-repay rules.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The representation and warranty framework;

-- The mortgage aggregator and mortgage originators; and

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

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

  Ratings Assigned

  BINOM Securitization Trust 2022-INV1(i)

  Class A-1, $283,702,000: AAA (sf)
  Class A-2, $31,423,000: AA (sf)
  Class A-3, $52,521,000: A (sf)
  Class M-1, $28,504,000: BBB (sf)
  Class B-1, $21,099,000: BB (sf)
  Class B-2, $15,487,000: B (sf)
  Class B-3, $16,159,300: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class C, Notional(ii): Not rated
  Class P, $1,000: Not rated
  Class R: Not rated

(i)The collateral and structural information in the report reflect
the private placement memorandum dated Dec. 22, 2022. The 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.



BLACK DIAMOND 2022-1: S&P Assigns BB+ (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Black Diamond CLO 2022-1
Ltd./Black Diamond CLO 2022-1 LLC'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 Black Diamond CLO 2022-1 Adviser LLC,
which is a special purpose investment management affiliate of Black
Diamond Capital Management LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Black Diamond CLO 2022-1 Ltd./Black Diamond CLO 2022-1 LLC

  Class X, $2.01 million: Not rated
  Class A-1a, $135.00 million: AAA (sf)
  Class A-1b, $95.00 million: AAA (sf)
  Class B, $51.25 million: AA (sf)
  Class C (deferrable), $22.50 million: A- (sf)
  Class D-1a (deferrable), $3.00 million: BBB+ (sf)
  Class D-1b (deferrable), $5.00 million: BBB+ (sf)
  Class D-2 (deferrable), $8.75 million: BBB- (sf)
  Class E (deferrable), $7.00 million: BB+ (sf)
  Subordinated notes, $42.50 million: Not rated



CANADIAN COMMERCIAL: DBRS Assigns Prov. B Rating on Class G Certs
-----------------------------------------------------------------
DBRS Limited assigned provisional ratings to the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2022-5 to
be issued by Canadian Commercial Mortgage Origination Trust 5
(CCMOT5):

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

All trends are Stable.

Classes A-J, X, B, C, D, E, F, and G will be privately placed.

The collateral consists of 35 fixed-rate loans, including five pari
passu pooled interests, secured by 52 commercial properties. The
transaction is a sequential-pay pass-through structure. DBRS
Morningstar modelled five pari passu hotel pooled interest loans,
namely Vancouver Hotel Pooled Interest, Ottawa Hotel Pooled
Interest, Edmonton DoubleTree Hotel Pooled Interest, Bessborough
Hotel Pooled Interest, and Edmonton Home2Suites Hotel Pooled
Interest (collectively Silverbirch Hotel Portfolio Pooled
Interests) as one loan (representing 11.1% of the pool) and
Synergy—Trail South, and Synergy—Parkdale Trail as one loan
(representing 2.8% of the pool) because these two groups of loans
are each cross-collateralized and cross-defaulted. Throughout the
related presale report, the pool will be referred to as a 30-loan
pool. 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
loan balances were measured against the DBRS Morningstar Stabilized
net cash flow (NCF) and their respective actual constants, the
initial DBRS Morningstar weighted-average (WA) debt service
coverage ratio (DSCR) for the pool was 1.48 times (x). The WA DBRS
Morningstar loan-to-value ratio (LTV) of the pool at issuance was
58.3%, and the pool is scheduled to amortize down to a DBRS
Morningstar WA LTV of 54.4% at maturity. Five DBRS Morningstar
modelled loans or nine issuer counted loans, representing 29.1% of
the allocated pool balance, that exhibit a DBRS Morningstar
Issuance LTV ratio in excess of 67.1%, a threshold generally
indicative of above-average default frequency. These credit metrics
are based on the A-note balances.

Twenty two DBRS Morningstar modelled loans or 26 issuer counted
loans, representing 85.3% of the pool, have been given full or
partial recourse credit in the DBRS Morningstar CMBS Insight model
because of some form of recourse to individuals and real estate
investment trusts or established corporations. Recourse generally
results in lower probability of default (POD) over the term of the
loan. While it is generally difficult to quantify the impact of
recourse, all else being equal, there is a small shift lowering the
loan's POD for warm-body or corporate sponsors that give recourse.
Recourse can also serve as a mitigating factor to other risks, such
as single-tenant risk, by providing an extra incentive for the loan
sponsor to make debt service payments if the sole tenant vacates.
Additionally, five DBRS Morningstar modelled loans, representing
16.2% of the pool, were considered by DBRS Morningstar to have
Strong sponsor strength.

The DBRS Morningstar sample included 16 of the 30 DBRS Morningstar
modelled loans or 21 of 35 issuer counted loans in the pool. Site
inspections were performed on 34 of the 52 properties in the
portfolio (67.3% of the pool by allocated loan balance). The DBRS
Morningstar sample had an average NCF variance of -4.4% and ranged
from -23.0% (100 Dundas, London) to +14.8% (Olymbec Industrial
Portfolio).

DBRS Morningstar notes that Royal Bank of Canada who serves as
Fiscal Agent and provides backup P&I advancing, is only being held
to a gross negligence standard with regard its obligations under
the Pooling and Servicing Agreement.

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



CFMT 2022-HB10: DBRS Finalizes B Rating on Class M5 Notes
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Asset-Backed Notes, Series 2022-3 issued by CFMT 2022-HB10, LLC:

-- $266.1 million Class A at AAA (sf)
-- $35.2 million Class M1 at AA (low) (sf)
-- $24.5 million Class M2 at A (low) (sf)
-- $20.3 million Class M3 at BBB (low) (sf)
-- $20.4 million Class M4 at BB (low) (sf)
-- $12.3 million Class M5 at B (sf)

The AAA (sf) rating reflects 26.6% of credit enhancement. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (sf)
ratings reflect 16.9%, 10.2%, 4.6%, -1.0%, and -4.4% of credit
enhancement, respectively.

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

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

As of the September 30, 2022, Cut-Off Date, the collateral has
approximately $362.7 million in unpaid principal balance from 1,295
performing and nonperforming home equity conversion mortgage
reverse mortgage loans and real estate owned assets secured by
first liens typically on single-family residential properties,
condominiums, multifamily (two- to four-family) properties,
manufactured homes, planned unit developments, and townhouses. The
mortgage assets were originated between 1999 and 2016. Of the total
assets, 493 have a fixed interest rate (46.45% of the balance),
with a 5.206% weighted-average coupon (WAC). The remaining 802
assets have floating-rate interest (53.55% of the balance) with a
4.641% WAC, bringing the entire collateral pool to a 4.904% WAC.

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

Classes M1, M2, M3, M4, and M5 (together, the Class M Notes) have
principal lockout terms insofar as they are not entitled to
principal payments until after the expected final payment of the
upstream notes. The Class M5 Notes are not entitled to any payments
of principal prior to a Redemption Date, unless an Acceleration
Event or Auction Failure Event occurs. Available cash will be
trapped until these dates, at which stage the notes will start to
receive payments. Note that the DBRS Morningstar cash flow as it
pertains to each note models the first payment being received after
these dates for each of the respective notes; hence, at the time of
issuance, these rules are not likely to affect the natural cash
flow waterfall.

A failure to pay the Notes in full on the Mandatory Call Date
(November 2025) will trigger a mandatory auction of all assets. If
the auction fails to elicit sufficient proceeds to pay off the
notes, another auction will follow every three months, for up to a
year after the Mandatory Call Date. If these have failed to pay off
the notes, this is deemed an Auction Failure, and subsequent
auctions will proceed every six months.

If the Class M5 Notes have not been redeemed or paid in full by the
Mandatory Call Date, these notes will accrue Additional Accrued
Amounts. DBRS Morningstar does not rate these Additional Accrued
Amounts.

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


CITIGROUP 2016-C1: Fitch Affirms B- Rating on Class F Debt
----------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust, commercial mortgage pass-through certificates
series 2016-C1 (CGCMT 2016-C1). In addition, Fitch has revised the
Rating Outlooks on five classes.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
CGCMT 2016-C1
  
   A-2 17290YAP3    LT AAAsf  Affirmed    AAAsf
   A-3 17290YAQ1    LT AAAsf  Affirmed    AAAsf
   A-4 17290YAR9    LT AAAsf  Affirmed    AAAsf
   A-AB 17290YAS7   LT AAAsf  Affirmed    AAAsf
   A-S 17290YAT5    LT AAAsf  Affirmed    AAAsf
   B 17290YAU2      LT AA-sf  Affirmed    AA-sf
   C 17290YAV0      LT A-sf   Affirmed     A-sf
   D 17290YAA6      LT BBB-sf Affirmed   BBB-sf
   E 17290YAC2      LT BB-sf  Affirmed    BB-sf
   EC 17290YAY4     LT A-sf   Affirmed     A-sf
   F 17290YAE8      LT B-sf   Affirmed     B-sf
   X-A 17290YAW8    LT AAAsf  Affirmed    AAAsf
   X-B 17290YAX6    LT AA-sf  Affirmed    AA-sf

KEY RATING DRIVERS

Improved Loss Expectations: The Outlook revisions on classes B, C,
X-B and EC to Positive from Stable and on class F to Stable from
Negative are primarily driven by the improved performance of
several Fitch Loans of Concern (FLOCs) in the top 15 that were
previously negatively affected by the pandemic, most notably The
Strip and One Harbor Point Square loans.

Ten loans (15.5% of the pool) are considered FLOCs. There are
currently no specially serviced loans. Fitch's current ratings
reflect a base case loss of 3.80%.

The Positive Outlook also addresses possible future upgrades with
continued performance improvement of the FLOCs, primarily 46 Geary
Street, which is the largest contributor to overall loss
expectations. The 18,002-sf mixed use property located in San
Francisco, CA was flagged as a FLOC due to significant declines in
occupancy after multiple top tenants vacated after going dark or at
lease expiration.

The largest decrease in loss since Fitch's last rating action is
the largest loan in the pool, The Strip (13.2%), which is secured
by a 786,928-sf anchored retail center located in North Canton, OH,
nearby downtown Canton, Kent State University at Stark and the Pro
Football Hall of Fame. Major tenants include Walmart (19% of NRA;
lease expiry in October 2026), Lowe's (16.6%; October 2026), Giant
Eagle (11.5%; January 2027), Cinemark (8.4%; December 2025) and
Bob's Discount Furniture (5.4%; July 2030). YE 2021 NOI is up 10%
from YE 2020. The property was 100% occupied as of September 2022
with minimal near-term lease rollover until 2025 when 11% of the
NRA rolls.

Some of the property's largest tenants have reported improved
sales. Giant Eagle sales were $526 psf as of TTM September 2021, up
from $508 psf as of TTM September 2020, $495 psf as of TTM
September 2019 and $415 psf as of TTM September 2018. Although
Cinemark reported improved average sales per screen of $402,963 as
of TTM September 2022, up from $170,183 per screen as of TTM
September 2021, it remains below pre-pandemic levels of $781,85 per
screen as of the TTM September 2020 and $755,543 per screen as of
TTM September 2019. Walmart, Lowe's and Best Buy did not report
sales.

Fitch's analysis is based on a 10% cap rate and 5% stress to the YE
2021 NOI.

Fitch Loans of Concerns: The One Harbour Point Square loan (5.4%)
is secured by a 251,295-sf office building located in the South End
district of Stamford, CT. The property was built in 2011 and
includes indoor/outdoor waterfront dining, a fitness facility and
428 parking spaces. The property's top tenants include Castleton
Commodities (26.3% of NRA; lease expiry in May 2027), Altus Power
America (13.1%; April 2032), Braidwell LLP (13.1%; June 2033),
NewEdge Capital Group, LLC (7.5%; June 2032) and Oak HC/FT
Management (7.0%; June 2032).

Occupancy at the property had declined in 2021 when the top tenant
Bridgewater Associates (previously 54% of the NRA), exercised an
early termination right and vacated ahead of its scheduled 2032
lease expiration. The tenant paid a $17.8 million lease termination
fee. However, the property's occupancy has significantly improved
to 100% as of August 2022 from 78% at YE 2021. All of the space
previously vacated by Bridgewater Associates has been backfilled
across seven leases. The weighted average in-place rental rate of
the new leases is $40 psf compared with the $45 psf that
Bridgewater Associates was previously paying.

According to CoStar And as of 3Q22, the average asking rental rate
and vacancy for the Stamford office submarket were $38.69 psf and
20.8%, respectively. As of the August 2022 rent roll, the
property's in-place average rent was slightly below the submarket
at $36.92 psf.

Fitch's analysis is based on a 9% cap rate and 5% stress to the YE
2021 NOI.

The 46 Geary Street loan (1.9%), the largest contributor to overall
losses expectations, is secured by an 18,002-sf mixed-use property
located in downtown San Francisco, CA. The property's occupancy
declined further to 52.3% as of September 2022 from 73% at
September 2021 and 100% at YE 2020. Occupancy declined in 2021
after TapFwd (previously 27.1% of NRA) vacated at its 2021 lease
expiration after going dark in 2020. In addition, Haus Services
(previously 21.7% of NRA) vacated the property in January 2022 at
its lease expiration. As a result, NOI DSCR declined to 0.69x as of
June 2022 from 1.31x at YE 2020 and 1.63x at YE 2019. Per the
servicer, the vacant spaces are currently being marketed; however,
there are no prospects. Fitch's analysis is based on an 8.75% cap
rate and 25% haircut to the YE 2020 NOI.

Increased Credit Enhancement (CE): CE has increased since Fitch's
prior rating action due to continued amortization and more loans
that have been defeased. As of the November 2022 remittance, the
pool's aggregate principal balance has been reduced by 9.2% to
$686.5 million from $755.7 million at issuance. Nine loans (13.6%)
are defeased, up from three loans (3.2%) at the prior rating
action. All, but two loans, are scheduled to mature in the first
half of 2026.

RATING SENSITIVITIES

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

- Downgrades to the 'AAAsf' and 'AA-sf' rated classes are not
likely due to increasing CE and expected continued amortization,
but may occur if losses increase substantially or if interest
shortfalls affect these classes. Downgrades to the 'A-sf' and
'BBB-sf' rated classes could occur if expected losses for the pool
increase significantly and one or more larger FLOCs incur an
outsized loss.

- Downgrades to the 'BB-sf' and 'B-sf' rated classes would occur
should loss expectations increase from further performance declines
of the FLOCs and/or with additional loans transferring to special
servicing.

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

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

- Sensitivity factors that could lead to upgrades to 'Asf' and
'AAsf' categories include additional paydowns and/or defeasance, as
well as performance stabilization of the FLOCs.

- Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded to 'Asf' if there is a
likelihood for interest shortfalls. Upgrades to the 'Bsf' and
'BBsf' categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and/or FLOCs such as 46 Geary Street improve and stabilize,
and there is sufficient CE to the classes.

ESG CONSIDERATIONS

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


CSAIL 2016-C5: Fitch Affirms CCC Rating on 2 Tranches
-----------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed 11 classes of
CSAIL 2016-C5 Commercial Mortgage Trust commercial mortgage
pass-through certificates. Fitch has also revised the Rating
Outlooks for two classes to Positive from Stable and assigned
Positive Outlooks to two classes.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
CSAIL 2016-C5
  
   A-4 12636LAX8    LT AAAsf  Affirmed    AAAsf
   A-5 12636LAY6    LT AAAsf  Affirmed    AAAsf
   A-S 12636LBC3    LT AAAsf  Affirmed    AAAsf
   A-SB 12636LAZ3   LT AAAsf  Affirmed    AAAsf
   B 12636LBD1      LT AAsf   Upgrade     AA-sf
   C 12636LBE9      LT Asf    Upgrade      A-sf
   D 12636LAG5      LT BBB-sf Affirmed   BBB-sf
   E 12636LAL4      LT B-sf   Affirmed     B-sf
   F 12636LAN0      LT CCCsf  Affirmed    CCCsf
   X-A 12636LBA7    LT AAAsf  Affirmed    AAAsf
   X-B 12636LBB5    LT AAsf   Upgrade     AA-sf
   X-D 12636LAJ9    LT BBB-sf Affirmed   BBB-sf
   X-E 12636LAA8    LT B-sf   Affirmed     B-sf
   X-F 12636LAC4    LT CCCsf  Affirmed    CCCsf

KEY RATING DRIVERS

Decreased Loss Expectations; Better than Expected Recoveries: The
upgrades and Positive Outlooks reflect improved loss expectations
since Fitch's prior rating action due to better than expected
recoveries on two previously specially serviced loans (University
Plains and Avalon Apartments), improved performance of prior FLOCs
previously impacted by the pandemic and additional defeasance. In
total, 25.3% of the pool is defeased, including 13 loans (20.7%)
that defeased since the prior rating action and three loans in the
top 15. Seven loans (14.5% of the pool) are considered Fitch loans
of concern. Fitch's current ratings incorporate a base case loss of
5.50%.

The largest decreases in loss since Fitch's last rating action are
the sixth and 12th largest loans in the pool, Rosecraft Mews
Apartments and Stone Gable Apartments. The loans were fully
defeased since Fitch's prior rating action when a total of $5.2
million in losses was modeled.

Specially Serviced Loans: The largest increase in loss and largest
driver of expected losses is the Sheraton Lincoln Harbor Hotel loan
(3.2%), which is secured by a 358-key hotel in Weehawken, NJ and
was transferred to special servicing in January 2021 due to
imminent default. The sponsor was no longer willing to support the
hotel and cooperated in a friendly foreclosure process. A
consensual foreclosure action was filed in March 2021, and a
receiver was appointed in April 2021.

The property ended 2021 with 65.9% occupancy. A 2021 tax appeal is
pending response from the City of Weehawken. Per the special
servicer, the receiver has listed the property for sale in June
2022. Offers have been received, and the special servicer is
currently awaiting final offers from the top bidders.

Fitch's expected loss of 40% is based on a discount to the most
recent appraisal value and reflects a stressed value per key of
approximately $159,000.

The next largest driver of loss is Frisco Plaza (1.9% of the pool),
which is secured by a 61,453-sf retail property in Frisco, TX. The
loan was transferred to special servicing in April 2019 for
imminent non-monetary default due to ongoing litigation with the
former property manager and a tax reimbursement dispute with LA
Fitness. Those issues have since been resolved, and a new property
manager was approved. A payment default occurred in March 2019, but
the loan was brought current shortly thereafter with funds
available in cash management. However, shortly thereafter, LA
Fitness, which occupied73% of the NRA, vacated its space in 3Q 2021
after their lease expiration. As a result, occupancy declined to
16.5% from 89.7%. LA Fitness accounted for 65% of rents at the
property.

Subsequently, in September 2021, the borrower failed to make its
debt service payment and the property was foreclosed in February
2022. The special servicer is working on filling vacancies
including the 45,000 sf standalone building formerly occupied by LA
Fitness. They are attempting to separate the collateral parcels,
which would allow the inline multi-tenanted building and standalone
building to be sold separately. Per the special servicer, there has
been some interest in the former LA Fitness space, both for the
entire building and a portion of it; however, no lease is imminent.
They are evaluating the property and anticipate the sale of the
property in Q4 2024.

The current largest tenants are Verizon (5.9%), expiry 11/2027;
Great Outdoors Sub Shop (3.3%), expiry May 2024 and Unbelievabowl
(3.3%), expiry February 2027. Additional tenants at the property
include Frisco Gold & Silver Exchange, Wingstop and DFW Vapor with
five vacant suites. Per the October 2022 rent roll, there are
currently seven tenants ranging in size from 1,400 to 3,622 sf
under leases with remaining terms ranging from 27 to 69 months and
contract rent ranging from $27 to $38 psf. The property is 22.5%
occupied as of the October 2022 rent roll.

Fitch's expected loss of 53% is based on a discount to the most
recent appraisal value and reflects a stressed value psf of $105.

Improved CE/Additional Defeasance: As of the November 2022
distribution date, the pool's aggregate principal balance has been
reduced by 33% to $627.3 million from $936.4 million at issuance.
Seventeen loans (25.3%) are fully defeased including three in the
top 15 that were defeased since Fitch's prior review. Three loans,
representing 25.2% of the pool, are full-term, interest-only loans;
23 loans (44.8%) are partial interest-only and 22 loans (30%) have
a balloon payment. Only one loan (3%) matures in 2022 and the
remaining 50 loans (94.6%) mature in 2025.

ADDITIONAL CONSIDERATIONS

Additional Sensitivity: To test for upgrades, Fitch applied a
higher cap rate and NOI scenario to the overall pool as an
additional sensitivity and the upgrades to classes B, C and X-B and
Positive Outlooks on classes B, X-B, E and X-E reflect this
analysis.

Maturity Concentration: All the remaining loans mature in 2025.

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-4, A-5, A-SB, A-S, B, X-A and X-B are not likely due to the
position in the capital structure but may occur should interest
shortfalls affect these classes.

Downgrades to classes C, D and X-D may occur should expected pool
losses increase significantly and/or the FLOCs and/or loans
susceptible to the pandemic all suffer losses.

Downgrades to classes E and X-E are possible should loss
expectations increase from continued performance decline of the
FLOCs, loans susceptible to the pandemic not stabilize and/or
deteriorate further, additional loans default or transfer to
special servicing and/or higher realized losses than expected on
the specially serviced loans.

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

Upgrades would occur with stable to improved asset performance,
particularly on the 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 and there is sufficient CE to the classes.

Upgrades to classes E, F, X-E and X-F are unlikely absent
significant performance improvement on the FLOCs and substantially
higher recoveries than expected on the specially serviced loans,
and there is sufficient CE to the classes.

ESG CONSIDERATIONS

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


CSMC 2022-ATH1: S&P Affirms B- (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings completed its review of eight classes from CSMC
2022-ATH1 Trust. The review yielded eight affirmations.

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

CSMC 2022-ATH1 closed in February 2022 with 0% of the mortgage pool
delinquent on their payments. In May 2022, after three months of
performance, 7.06% of the mortgage pool was 30-plus days
delinquent. Given the unusual increase in delinquency levels, S&P
reached out to the sponsor to better understand the cause of such
increase and were informed that a portion of the delinquencies were
a result of servicing transfers that have since been completed.

Since May 2022, the 30-plus days delinquency level has decreased to
5.01% (November 2022). In addition, approximately 8.00% of the pool
has paid down and no losses have accumulated to date, which has
increased the credit support percentage for each rated class.

S&P said, "The rating affirmations reflect our view that our
projected credit support and collateral performance have remained
relatively consistent with our prior projections. However, we will
continue to monitor performance trends and if they deviate from our
current expectations; rating actions may be warranted."

Analytical Considerations

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

-- Collateral performance or delinquency trends,
-- Priority of principal payments,
-- Priority of loss allocation, and
-- Available subordination and excess spread.

  Ratings Affirmed

  CSMC 2022-ATH1 Trust

  Class A-1A: AAA (sf)
  Class A-1B: AAA (sf)
  Class A-1: AAA (sf)
  Class A-2: AA (sf)
  Class A-3: A (sf)
  Class M-1: BBB (sf)
  Class B-1: BB (sf)
  Class B-2: B- (sf)



CSMC 2022-NQM6: S&P Assigns B- (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to CSMC 2022-NQM6 Trust's
mortgage-backed notes.

The note issuance is an RMBS securitization backed by first-lien,
fixed- and adjustable-rate residential mortgage loans, including
mortgage loans with initial interest-only periods, to both prime
and nonprime borrowers. The loans are secured by single-family
residential properties, planned-unit developments, condominiums,
and two- to four-family residential properties.

S&P said, "Since we assigned our preliminary ratings, the aggregate
servicing fee rate was lowered to five basis points (bps) from 25
bps as per the transaction documents. We believe this fee is
relatively low for non-qualified mortgage loans, and in our view,
might not be adequate to attract quality servicers should the
servicing function need to be transferred. In situations where the
successive servicer charges a fee higher than five bps, it will
reduce the funds available to distribute to the notes (i.e., reduce
the excess spread that acts as soft credit enhancement when
available). Therefore, in our cash flow stresses, we used an
aggregate servicing fee of 50 bps at each rating level to stress
excess spread, which is the same as our cashflow stresses applied
for preliminary ratings."

The 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 transaction's geographic concentration;

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

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "Per our latest macroeconomic update, we
continue to expect that the U.S. will fall into recession in 2023.
Recent indicators support our view, as rising prices and interest
rates eat away at private-sector purchasing power. Indeed, of the
leading indicators we track in our Business Cycle Barometer, only
one of the nine indicators was in positive territory through
October--seven were negative and one was neutral. Although our
10-year/three-month term spread indicator remained neutral in
September, daily readings have been inverted since Oct. 25, 2022.
Moreover, both the 10-year/one-year and 10-year/two-year have been
inverted, on average, for three straight months, which signals a
recession. The average 10-year/three-month is headed for an
inversion in November, with the average through Nov. 22, 2022 at
(0.35)%. If it 'is inverted for the second straight month, that
would also be a recession signal. While economic momentum has
protected the U.S. economy this year, what's around the bend in
2023 is the bigger worry. Extremely high prices and aggressive rate
hikes will weigh on affordability and aggregate demand. With the
Russia-Ukraine conflict ongoing, tensions over Taiwan escalating,
and the China slowdown exacerbating supply-chain and pricing
pressures, the U.S. economy appears to be teetering toward
recession. As a result, we continue to maintain the revised outlook
per the April 2020 update to the guidance to our RMBS criteria
(which increased the archetypal 'B' projected foreclosure frequency
to 3.25% from 2.50%)."

  Ratings Assigned

  CSMC 2022-NQM6 Trust

  Class A-1A, $36,868,000: AAA (sf)
  Class A-1B, $9,416,000: AAA (sf)
  Class A-1, $46,284,000: AAA (sf)
  Class A-2, $9,417,000: AA (sf)
  Class A-3, $13,419,000: A (sf)
  Class M-1, $6,309,000: BBB (sf)
  Class B-1, $5,980,000: BB (sf)
  Class B-2, $6,686,000: B- (sf)
  Class B-3, $6,074,388: NR
  Class A-IO-S, Notional(i): NR
  Class XS, Notional(i)(ii): NR
  
(i)The notional amount will equal the aggregate balance of the
mortgage loans as of the first day of the related due period.
(ii)This class will receive certain excess amounts, including
prepayment premiums.
NR--Not rated.
N/A--Not applicable.



DBUBS MORTGAGE 2011-LC3: Moody's Cuts Rating on Cl. D Debt to B2
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and downgraded the ratings on two classes in DBUBS 2011-LC3
Mortgage Trust as follows:

Cl. D, Downgraded to B2 (sf); previously on Apr 23, 2021 Downgraded
to B1 (sf)

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

Cl. F, Affirmed C (sf); previously on Apr 23, 2021 Downgraded to C
(sf)

Cl. X-B*, Downgraded to Ca (sf); previously on Apr 23, 2021
Downgraded to Caa1 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on Cl. D was downgraded due to the potential for higher
losses from the pool's exposure to regional mall properties that
have experienced declining cash flow. The remaining loans are all
secured by regional malls, of which two performing loans (83.6% of
the pool) have been previously extended after failing to pay off at
their initial maturity dates and one loan (16.4% of the pool) is
REO.

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

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

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 47.2% of the
current pooled balance, compared to 18.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.9% of the
original pooled balance, compared to 5.3% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "Large Loan and Single Asset/Single
Borrower Commercial Mortgage-Backed Securitizations Methodology"
published in July 2022.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 16.4% of the pool is in
special servicing and Moody's has identified an additional troubled
loan representing 55.1% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior class(es) and the recovery as a pay down of principal
to the most senior class.

DEAL PERFORMANCE

As of the December 12, 2022 distribution date, the transaction's
aggregate pooled certificate balance has decreased by 90% to $143.9
million from $1.40 billion at securitization. The certificates are
collateralized by three remaining loan exposures that have either
been previously modified or are currently in special servicing.

The specially serviced loan, Albany Mall Loan ($23.6 million –
16.4% of the pool), which is secured by a 447,900 square foot (SF)
component of a 756,300 SF regional mall in Albany, Georgia.
Non-collateral anchor tenants at the property include Dillard's,
J.C. Penney and Belk. One former anchor, Sears (95,000 SF), closed
its store at this location in March 2017 and the space remains
vacant. As of September 2022, the total property was 79% leased,
compared to 70% at year-end 2019 and 71% in 2018.  The inline space
was 65% leased as of September 2022, down from 67% as of December
2018 and 90% in 2017. Performance has deteriorated since
securitization as revenue has declined annually since 2016 and the
annualized 2022 NOI was 65% below the NOI in 2011. In addition to
the reduced occupancy, renewing tenants have generally signed
leases at the similar or lower rents due to a lack of sales growth
at the property. The asset is REO and Moody's has assumed a
significant loss on this loan.

The largest performing loan is the Dover Mall and Commons Loan
($79.2 million – 55.1% of the pool), which is secured by an
approximately 554,000 SF component of an 886,000 SF single-level
enclosed super-regional mall located in Dover, Delaware. Mall
anchors include Macy's, Boscov's (non-collateral), and JC Penney
(non-collateral). The mall has one vacant anchor box, a former
Sears (111,000 SF) which vacated this location in August 2018. The
total collateral and inline space (


EXETER 2022-1: S&P Places BB (sf) Rating on E Notes on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB (sf)' ratings on the class E
notes of Exeter Automobile Receivables Trust (EART) 2022-1, 2022-2,
2022-3, and 2022-4 on CreditWatch with negative implications.

S&P said, "The CreditWatch placements reflect each transaction's
collateral performance to date and our expectations regarding each
transaction's future collateral performance, structure, and credit
enhancement. Additionally, we incorporated our most recent
macroeconomic outlook that incorporates a baseline forecast for
U.S. GDP and unemployment.

"Each transaction's performance is trending worse than our original
cumulative net loss (CNL) expectations. Cumulative gross losses are
in some cases significantly higher than prior vintages, which,
coupled with lower cumulative recoveries, are resulting in elevated
CNLs. As a result, we observe that excess spread after covering net
losses is insufficient to build each transaction's
overcollateralization (O/C) amounts, and that the build in O/C as a
percent of the current balance has stagnated for series 2022-1 and
has declined for series 2022-2, 2022-3, and 2022-4. This is
uncharacteristic of EART transactions. Generally, EART transactions
with a similar A-E capital structure reach their target O/C
percentage by around month eight to 14.

  Table 1

  EART 2022-1 Collateral Performance (%)
             Pool                        60+ day
  Mo.      factor    CGL    CRR    CNL   delinq.   Ext.

  Feb-22    97.02   0.00     --   0.00      0.35   0.15
  Mar-22    94.55   0.04  46.73   0.02      1.94   0.11
  Apr-22    92.06   0.31  35.38   0.20      3.81   0.20
  May-22    89.25   1.02  27.29   0.74      5.24   1.27
  Jun-22    85.93   2.19  26.13   1.62      6.36   2.61
  Jul-22    82.64   3.34  26.51   2.45      6.85   4.64
  Aug-22    79.24   4.65  29.14   3.30      6.82   5.81
  Sep-22    76.41   5.77  30.80   3.99      7.14   5.01
  Oct-22    73.69   6.89  32.36   4.66      7.36   5.29
  Nov-22    71.13   8.10  31.97   5.51      8.56   3.74
  
  Mo.--as of the monthly collection period.
  Delinq.—Delinquencies.
  CGL—Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Ext.--Extensions.


  Table 2

  EART 2022-2 Collateral Performance (%)
             Pool                        60+ day
  Mo.      factor    CGL    CRR    CNL   delinq.   Ext.

  Apr-22    97.58   0.01   2.04   0.01     0.20    0.09
  May-22    95.64   0.05   44.19  0.03     1.92    0.28
  Jun-22    93.47   0.25   38.11  0.15     5.10    0.72
  Jly-22    90.58   1.13   22.33  0.87     7.06    1.47
  Aug-22    86.88   2.91   21.89  2.27     7.96    2.50
  Sep-22    83.50   4.54   25.56  3.38     7.93    4.16
  Oct-22    80.34   6.18   26.92  4.51     7.58    6.21
  Nov-22    77.61   7.56   28.32  5.42     8.27    5.05
  
  Mo.--as of the monthly collection period.
  Delinq.—Delinquencies.
  CGL—Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Ext.--Extensions.


  Table 3

  EART 2022-3 Collateral Performance (%)
             Pool                        60+ day
  Mo.      factor    CGL    CRR    CNL   delinq.   Ext.
  Jun-22    98.39   0.00     --   0.00      0.08   0.05
  Jly-22    96.79   0.02  40.57   0.01      2.56   0.05
  Aug-22    94.64   0.36  29.67   0.25      5.75   0.16
  Sep-22    91.80   1.57  21.46   1.23      7.23   0.82
  Oct-22    88.37   3.46  22.78   2.68      7.82   2.89
  Nov-22    85.05   5.33  24.03   4.05      8.30   3.65
  
  Mo.--as of the monthly collection period.
  Delinq.—Delinquencies.
  CGL—Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Ext.--Extensions.


  Table 4

  EART 2022-4 Collateral Performance (%)
             Pool                        60+ day
  Mo.      factor    CGL    CRR    CNL   delinq.   Ext.

  Aug-22    97.30   0.01     --   0.01      0.98   0.20
  Sep-22    95.41   0.08   22.42  0.06      3.64   0.27
  Oct-22    93.18   0.74   25.86  0.55      5.94   0.97
  Nov-22    90.00   2.30   20.21  1.83      7.68   0.78
  
  Mo.--as of the monthly collection period.
  Delinq.—Delinquencies.
  CGL—Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Ext.--Extensions.


  Table 5

  Current overcollateralization (%)(i)

               EART         EART    EART       EART
  Mo.    2022-1(ii)       2022-2   2022-3    2022-4

  Feb-22       4.03           --       --        --
  Mar-22       5.28           --       --        --
  Apr-22       6.32         5.91       --        --
  May-22       6.93         6.97       --        --
  Jun-22       7.21         7.96     6.54        --
  Jul-22       7.52         8.41     7.62        --
  Aug-22       7.78         8.13     8.49      8.94
  Sep-22       8.19         8.13     8.66     10.16
  Oct-22       8.57         7.92     8.24     10.86
  Nov-22       8.63         7.88     7.75     10.73

  (i)As a percentage of the current collateral pool balance. As a
percent of the current pool balance, the target
overcollateralization amount on any distribution date for EART
2022-1 is 16.00%, 17.50% for 2022-2 and 2022-3, and 18.95% for
2022-4.
  Mo.-- as of the monthly collection period.
  (ii)While overcollateralization increased to 8.63% in November
2022 from 8.57% in October 2022 for EART 2022-1 as a percent of the
current balance, the dollar amount of overcollateralization
declined by $1.56 million.     


Notwithstanding the decrease in O/C, the transactions' sequential
principal payment structures have led to an increase in t
he other components of hard credit enhancement--subordination and
non-amortizing reserve amounts as a percentage of the current
collateral pool balance--which benefit the senior notes as their
collateral pools amortize.

S&P said, "Although hard credit enhancement for class E of each
transaction has increased since issuance, each class remains highly
dependent upon excess spread and is vulnerable to continued losses
which can exacerbate the decline in O/C.

"While we have not taken any action on the class A, B, C, and D
notes of each series at this time, unless remedied, continued
performance deterioration and O/C erosion could cause us to revisit
our stance on the aforementioned classes of notes at a later date.

"Looking forward, we believe the evolving economic headwinds and
potential negative impact on consumers could result in a greater
proportion of delinquencies and extensions ultimately defaulting,
which are risks to excess spread and O/C. As such, we have placed
our ratings on the class E notes from the affected series on
CreditWatch negative."  

  Table 6

  Hard Credit Enhancement(i)


                               Total hard     Current total
                 Current            CE at           hard CE
  Series  Class  rating      issuance (%)    (% of current)

  2022-1  A-2    AAA (sf)           53.90             80.88
  2022-1  A-3    AAA (sf)           53.90             80.88
  2022-1  B      AA (sf)            39.30             60.36
  2022-1  C      A  (sf)            25.80             41.38
  2022-1  D      BBB(sf)            12.70             22.96
  2022-1  E      BB (sf)(ii)         3.50             10.03

  2022-2  A-2    AAA (sf)           53.45             70.95
  2022-2  A-3    AAA (sf)           53.45             70.95
  2022-2  B      AA (sf)            39.80             53.36
  2022-2  C      A  (sf)            27.10             37.00
  2022-2  D      BBB(sf)            14.75             21.09
  2022-2  E      BB (sf)(ii)         5.50              9.17

  2022-3  A-2    AAA (sf)           56.05             67.30
  2022-3  A-3    AAA (sf)           56.05             67.30
  2022-3  B      AA  (sf)           42.30             51.13
  2022-3  C      A   (sf)           29.50             36.08
  2022-3  D      BBB (sf)           17.05             21.44
  2022-3  E      BB  (sf)(ii)        7.30              9.98

  2022-4  A-2    AAA (sf)           56.50             65.56
  2022-4  A-3    AAA (sf)           56.50             65.56
  2022-4  B      AA (sf)            42.80             50.34
  2022-4  C      A  (sf)            30.30             36.45
  2022-4  D      BBB(sf)            18.15             22.95
  2022-4  E      BB (sf)(ii)         8.15             11.84

  (i)As of the December 2022 distribution date.
  (ii)Being placed on CreditWatch with negative implications.
  CE--Credit enhancement.

S&P will continue to monitor these transactions and plan to resolve
the CreditWatch after it has gathered sufficient data to more
accurately project future losses, develop a loss-timing forecast,
and conduct cash flow analysis.



FREED MORTGAGE 2022-HE1: DBRS Finalizes B(low) Rating on C Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage-Backed
Notes, Series 2022-HE1 (the Notes) issued by FREED Mortgage Trust
2022-HE1 (FREED 2022-HE1 or the Trust) as follows:

-- $126.0 million Class A at AAA (sf)
-- $14.2 million Class B at BBB (low) (sf)
-- $17.0 million Class C at B (low) (sf)

The AAA (sf) rating on the Class A Notes reflects 27.90% of credit
enhancement provided by subordinated certificates. The BBB (low)
(sf) and B (low) (sf) ratings reflect 19.75% and 10.00% of credit
enhancement, respectively.

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

This a securitization of first- and junior-lien revolving home
equity lines of credit (HELOCs) recently originated mainly for debt
consolidation and funded by the issuance of mortgage-backed notes
(the Notes). The Notes are backed by 3,292 HELOCs with a total
unpaid principal balance (UPB) of $174,776,710 and a total current
credit limit of $179,870,451 as of the Cut-Off Date (September 30,
2022). The portfolio, on average, is seven months seasoned, though
seasoning ranges from two to 33 months. Approximately 98.8% of the
HELOCs have been performing since origination.

Lendage, LLC (Lendage), a real estate finance company, is the
Originator of all HELOCs in the pool. Launched in 2019, Lendage is
a residential mortgage lender that specializes in originating
HELOCs to consumer borrowers. As of June 30, 2022, its HELOC
portfolio consisted of 4,150 loans with an original loan balance of
more than $230 million, of which approximately 90% consisted of the
Debt Consolidation product.

Lendage is a subsidiary of Freedom Financial Network Funding, LLC
(Freedom Financial) and Lendage Holding, LLC, both of which are
subsidiaries of Pantheon Freedom, Inc., Lendage's ultimate parent
company. Within Freedom Financial, Lendage is an affiliate of
Freedom Financial Network, LLC (FFN). FFN was founded in 2002 in
Silicon Valley to provide debt settlement services to consumers.
Operating entities within FFN include Freedom Debt Relief; Freedom
Financial Asset Management, LLC; bills.com; and Lendage. These
subsidiaries combined have settled more than $15.6 billion on
behalf of consumers and have more than $7.0 billion of consumer
debt under management as of June 30, 2022.

The transaction's Sponsor is Series B, a series of Freedom Consumer
Credit Fund, LLC (the Sponsor or the Fund), an affiliate of Freedom
Financial Asset Management, LLC (FFAM). FFAM is an operating entity
of FFN and a general partner in the Fund, acting as an advisor to
the Fund. The Fund was set up to acquire the consumer loans from
FFN and Lendage, sponsor securitizations, and manage a portfolio of
loans and securities, including the securities retained after the
securitization issuance.

The transaction is the first securitization of HELOCs by the
Sponsor. Previously, the Fund sponsored 14 DBRS Morningstar-rated
securitizations of the fixed-rate unsecured fully amortizing
consumer installment loans originated by various originators under
FFN debt consolidation programs. All of these asset-backed security
transactions were issued under the FREED shelf.

Lendage offers two HELOC products: the Lendage Debt Consolidation
(Limited Cash-Out) HELOCs and the Lendage Expanded Use HELOCs. The
Debt Consolidation HELOCs are designed for borrowers with available
equity in their homes, but have secured or unsecured debts that
generate significant interest expenses and/or limit the borrowers'
cash flow. A minimum monthly payment savings of $200 is required
under the Debt Consolidation program. The Expanded Use HELOCs
(Cash-Out) are intended for borrowers with higher credit scores
looking to improve their homes or plan for additional expenses and
allows for less than $200 in payment savings. In this transaction,
most of the HELOCs were originated under the Debt Consolidation
program (93.6% of the pool) and the remaining loans under Expanded
Use Program (6.4% of the pool). Lendage uses income, employment,
and asset verification (in certain circumstances) methods to
qualify borrowers for income.

Lendage is the Servicer of all loans in the pool. The initial
annual servicing fee is 1.25% per annum. Specialized Loan Servicing
LLC (SLS) will subservice 100% of the loans. Wilmington Trust
National Association (rated AA (low) with a Stable trend by DBRS
Morningstar) will serve as Indenture Trustee, Custodian, Paying
Agent, Note Registrar, Certificate Registrar, and REMIC
Administrator. Wilmington Savings Fund Society, FSB will serve as
the Owner Trustee.

The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain an eligible vertical interest
consisting of the required percentage of the Class A, B, C, and CE
Note amounts and Class FR Certificate to satisfy the credit
risk-retention requirements under Section 15G of the Securities
Exchange Act of 1934 and the regulations promulgated thereunder.
The Sponsor or a majority-owned affiliate of the Sponsor will be
required to hold the required credit risk until the later of (1)
the fifth anniversary of the Closing Date and (2) the date on which
the aggregate loan balance has been reduced to 25% of the loan
balance as of the Cut-Off Date, but in any event no longer than the
seventh anniversary of the Closing Date.

Similar to other transactions backed by junior-lien mortgage loans
or HELOCs, in this transaction, any HELOCs, including first and
junior liens, that are 180 days delinquent under the Mortgage
Bankers Association (MBA) delinquency method will be charged-off.

In this transaction, all loans are open-HELOCs that have a draw
period of five years during which borrowers may make draws up to a
credit limit, though such right to make draws may be temporarily
frozen in certain circumstances. At the end of the draw term, the
HELOC mortgagors have a repayment period of either five or 10
years. During the repayment period, borrowers are no longer allowed
to draw and their monthly principal payments will equal an amount
that allows the outstanding loan balance to evenly amortize down.
The HELOCs in this transaction have no interest-only payment
period, so borrowers are required to make both interest and
principal payments during the draw and repayment periods. No loans
require a balloon payment.

Relative to other types of HELOCs backing DBRS Morningstar-rated
deals, the loans in the pool are all fully amortizing, have a
shorter term, shorter draw period, and are made mainly for debt
consolidation to lower borrowers' monthly payments.

This transaction uses a structural mechanism similar to other HELOC
transactions to fund future draw requests. The Servicer will be
required to fund draws and will be entitled to reimburse itself for
such draws from the principal collections prior to any payments on
the Notes and the Class FR Certificates.

If the aggregate draws exceed the principal collections (Net Draw),
then the Servicer is entitled to reimburse itself for draws funded,
from amounts on deposit in the Reserve Account (including amounts
deposited into the Reserve Account on behalf of the Class FR
Certificates holder after the Closing Date). The Reserve Account is
fully funded at closing and has an initial balance equal to the
target amount of $3,427,500 (or about 2.0% of collateral balance as
of the Cut-Off Date). If the Reserve Account is not at target, the
Paying Agent will use the available funds remaining after paying
transaction parties' fees and expenses, reimbursing the Servicer
for any unpaid fees or Net Draws, and paying the accrued and unpaid
interest on the bonds to build it to the target. The top-up of the
account occurs before making any principal payments to the Class FR
Certificates holder or the Notes. To the extent the Reserve Account
is not funded up to its required amount from the principal and
interest collections, the Class FR Certificates holder will be
required to use its own funds to reimburse the Servicer for any Net
Draws.

Nevertheless, the servicer is still obligated to fund draws even if
the principal collections and the Reserve Account are insufficient
in a given month for full reimbursement. In such cases, the
Servicer will be reimbursed on subsequent payment dates first, from
amounts on deposit in the Reserve Account (subject to the deposited
funds), and, second, from the principal collections in subsequent
collection periods. Freedom Financial, as a holder of the Trust
Certificate/Class FR Certificates, will have an ultimate
responsibility to ensure draws are funded by remitting funds to the
Reserve Account to reimburse the Servicer for the draws made on the
loans, as long as all borrower conditions are met to warrant draw
funding. The Class FR Certificates' balance will be increased by
the amount of any Net Draws funded by the Class FR Certificates
holder. The Reserve Account Required Amount will become $0 on the
payment date in November 2027 (after the draw period ends for all
HELOCs), at which point the funds will be released through the
transaction waterfall.

In its analysis of the proposed transaction structure, DBRS
Morningstar does not rely on the creditworthiness of either the
Servicer or Freedom Financial. Rather, the analysis relies on the
assets' ability to generate sufficient cash flows, as well as the
Reserve Account, to fund draws and make interest and principal
payments.

DBRS Morningstar performs a traditional cash flow analysis to
stress prepayments, loss timing, and interest rates. In HELOC
transactions, because prepayments (and scheduled principal
payments, if applicable) are primary sources from which to fund
draws, DBRS Morningstar also tests a combination of high draw and
low prepayment scenarios to stress the transaction.

Because most of the borrowers in this pool have drawn a significant
amount of the available credit lines at closing, to test any high
draw and low prepay combinations, DBRS Morningstar considers that
the borrowers must first repay the credit line in order to draw any
meaningful new funds again. Please see Cash Flow Analysis section
of the related report for more details of such scenarios.

The transaction employs a sequential-pay cash flow structure. The
excess interest remaining from covering the realized losses is used
to build overcollateralization (OC) to the target of 15.7% from
10.0% as of the Closing Date. The excess interest can be released
to the residual holder once the OC is built to the target so long
as the Credit Event, based on the cumulative loss and/or
delinquency thresholds, does not exist.

For this transaction, other than the Servicer's obligation to fund
any monthly Net Draws, described above, neither the Servicer nor
any other transaction party will fund any monthly advances of
principal and interest (P&I) on any HELOC. However, the Servicer is
obligated to make advances in respect of taxes, insurance premiums,
and reasonable costs incurred in the course of servicing and
disposing of properties (servicing advances) to the extent such
advances are deemed recoverable or as directed by the Controlling
Holder (the holder of more than a 50% percentage interest of the
Class CE Notes; initially, the Sponsor's affiliate). For the
junior-lien HELOCs, the Servicer will make servicing advances only
if such advances are deemed recoverable or if the associate
first-lien mortgage has been paid off and such HELOC has become a
senior-lien mortgage loan.

All of the loans in the pool are exempt from the Consumer Financial
Protection Bureau (CFPB) Ability-to-Repay (ATR)/Qualified Mortgage
(QM) rules because HELOCs are not subject to the ATR/QM rules.

The Depositor may, at its option, on or after the earlier of (1)
the payment date on which the balance of the Class A Notes is
reduced to zero or (2) the date on which the total loans' and real
estate owned (REO) properties' balance falls to or below 25% of the
loan balance as of the Cut-Off Date (Optional Termination Date),
purchase all of the loans and REO properties at the optional
termination price described in the transaction documents.

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

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


GENERAL ELECTRIC 2003-1: Fitch Affirms Dsf Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has upgraded one class and affirmed four classes of
General Electric Capital Assurance Company (GFCM) commercial
mortgage pass-through certificates series 2003-1. Following the
upgrade, the Outlook on class F is Positive.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
General Electric
Capital Assurance
Company,
GFCM 2003-1

   E 36161RAZ2      LT AAAsf  Affirmed   AAAsf
   F 36161RBA6      LT BBBsf  Upgrade     BBsf
   G 36161RBB4      LT B-sf   Affirmed    B-sf
   H 36161RBC2      LT Dsf    Affirmed     Dsf
   J 36161RBD0      LT Dsf    Affirmed     Dsf

KEY RATING DRIVERS

Increased Credit Enhancement (CE): The upgrade of class F reflects
increased CE since Fitch's last rating action from three loan
payoffs and continued scheduled amortization. The Positive Outlook
reflects potential further upgrade with additional paydowns and
stabilization of performance of the Fitch Loans of Concern
(FLOCs).

All of the remaining loans in the pool are fully amortizing, with
the following maturity schedule: eight loans (4.4% of pool) in
2023, one loan (4.4%) in 2024, one loan (10.7%) in 2025, one loan
(4.9%) in 2026, two loans (32.0%) in 2027, five loans (20.8%) in
2028 and one loan (22.7%) in 2033. As of the December 2022
distribution date, the pool's aggregate principal balance has been
reduced by 97.4% to $21.6 million from $822.6 million at issuance.
The transaction has experienced losses of $2.9 million (0.4% of the
original pool balance) since issuance.

Stable Loss Expectations: Fitch expects minimal to no losses to the
pool as overall pool performance has been stable and the
Fitch-stressed loan-to-value of the remaining loans are low. Six
loans were identified as FLOCs due to underperformance, tenant
rollover concerns and/or a lack of updated information on expiring
leases.

To support the upgrade and to account for concentration and adverse
selection concerns, Fitch's analysis included additional stresses
to the probability of default, cap rates and NOI haircuts to the
remaining loans in the pool, and also applied a full loss to the
FLOCs.

The largest FLOCs include the Windhaven Plaza Retail loan (10.7%),
secured by a retail center in Plano, TX with its two largest
tenants, Kroger (34.7% of NRA) and Academy Sports + Outdoors
(28.9%) rolling in 2024, ahead of the loan's March 2025 maturity
date; both the Valley Business Park Portfolio loan (4.9%), secured
by a portfolio of four single-tenant industrial buildings located
in Fountain Valley, CA and the California Avenue I & II industrial
loan, secured by two industrial buildings in Salt Lake City, UT,
are considered FLOCs due to rollover concerns and continued lack of
updated information on expired leases. The other three FLOCs
(combined, 7.7%) were flagged due to upcoming lease rollover
concerns.

Pool and Property Concentrations: The deal remains concentrated
with only 19 (including one group of two crossed loans) of the
original 171 loans remaining. The top five loans account for 71.6%
of the remaining pool balance. Additionally, multifamily and retail
property types comprise 49.0% and 18.8% of the pool, respectively.

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
FLOCs or underperforming loans.

A downgrade to the 'AAAsf' rated class is not likely due to the
high CE, expected paydown and overall stable performance, but may
occur should interest shortfalls affect these classes.

Downgrades to classes F and G are not likely due to the increasing
CE, expected paydown and overall stable performance, but may occur
should loans fail to pay off at their respective loan maturities
and/or pool loss expectations increase significantly.

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:

An upgrade to the 'BBBsf' rated class would occur with continued
stable to improved asset performance coupled with further paydowns
from loan maturities. An upgrade to the 'B-sf' rated class is not
expected without payoffs from maturing loans and stabilization of
FLOCs. Classes would not be upgraded above 'Asf' if there were
likelihood of interest shortfalls. Upgrades of the 'Dsf' rated
classes is not possible as they have incurred principal losses.

ESG CONSIDERATIONS

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


GS MORTGAGE 2013-GCJ12: Fitch Affirms CCC Rating on Class F Debt
----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed nine classes of GS
Mortgage Securities Trust 2013-GCJ12 commercial mortgage pass
through certificates, series 2013-GCJ12 (GSMS 2013-GCJ12). Fitch
maintains one class on Negative Rating Outlook and assigns one
class a Positive Outlook.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
GS Mortgage
Securities Trust
2013-GCJ12

   A-3 36197XAJ3    LT AAAsf  Affirmed    AAAsf
   A-4 36197XAK0    LT AAAsf  Affirmed    AAAsf
   A-S 36197XAP9    LT AAAsf  Affirmed    AAAsf
   B 36197XAQ7      LT AAsf   Upgrade     AA-sf
   C 36197XAR5      LT A-sf   Affirmed     A-sf
   D 36197XAB0      LT BBB-sf Affirmed   BBB-sf
   E 36197XAC8      LT BBsf   Affirmed     BBsf
   F 36197XAD6      LT CCCsf  Affirmed    CCCsf
   X-A 36197XAM6    LT AAAsf  Affirmed    AAAsf
   X-B 36197XAN4    LT A-sf   Affirmed     A-sf

KEY RATING DRIVERS

Stable Loss Expectations: Fitch's loss expectations remain in line
with the prior rating action with continued stable performance of
the pool. While pool performance remains stable, refinance concerns
remain given the uncertain capital markets environment as loans
approach maturity. Fitch has identified eight loans (32.8%) as
Fitch loans of concern (FLOCs), including four (31.1%) loans among
the top 15 loans and two loans (5.9%) in special servicing.

Fitch's current ratings incorporate a base case loss of 5.90%. The
analysis incorporated a full recognition of losses on loans in the
pool flagged as maturity defaults to reflect imminent refinance
risk as loans approach maturity.

Fitch Loans of Concern: The largest contributor to Fitch's overall
loss expectations is the Eagle Ridge Village loan (6.8% of the
pool), which is secured by a 648-unit multifamily property located
in Evan Mills, NY. The property is located one mile west of Fort
Drum, and has been affected by military cutbacks, reduced
subsidies, on-base housing requirements and deployments.

Military tenants have historically accounted for the majority of
residents on the property. The property continues to underperform
with deteriorated cash flow from issuance and NOI struggling to
cover debt service. As of June 2022, occupancy and NOI DSCR was 90%
and 1.01x, respectively, slightly above YE 2021 figures of 88% and
0.88x.

The loan had previously transferred to special servicing in January
2018 for underperformance and imminent default and subsequently
returned to the master in May 2020 after being modified. As of
December 2022, reserve balances totaled $2.18 million.

The second largest contributor to Fitch's overall loss expectations
is the Queens Crossing loan (7.9% of the pool balance), which is
secured by a 424,747-sf, mixed-use commercial condominium property
located in Flushing, NY. Occupancy has improved to 100% as of
September 2022 with NOI DSCR of 1.27x which is an improvement from
1.03x at YE 2020.

The loan had previously transferred to special servicing in July
2018 for non-monetary defaults including misrepresentations by the
borrower at issuance, which have contributed to the decline in NOI
from issuance. The loan returned to the master servicer in December
2019 after a resolution was executed in June 2019 which included
$6.0 million in credit enhancements (CE). A $2.0 million LOC
expiring in June 2023 and $6.0 million in other reserves are
reflected on the reserves report as of Dec 2022. The loan has
remained current for the life of the loan.

The largest loan in the pool, Friendly Center (11.0%), is secured
by an open-air retail center in Greensboro, NC anchored by Sears
(partially occupied by Whole Foods), Macy's, Belk and Regal Grande
Cinemas. Property occupancy has been stable since issuance,
reflecting an occupancy of 95% as of March 2022 as compared to
occupancy of 97% in June 2020.

The trailing-12 NOI as of March 2022 reflected a 28% decline from
peak NOI level reported as of June 2020, but remains in-line with
issuance. NOI DSCR as of March 2022 was 2.77x, a slight decline
from 2.90x as of June 2020. The loan has a scheduled maturity in
April 2023 and the servicer has requested an update with respect to
refinance.

Fitch's analysis reflects a 15% cap rate to the TTM March 2022 NOI
accounting for near-term refinance risk with upcoming maturity
early next year. Fitch's analysis considered the likelihood of
maturity default given the size of the outstanding debt and lack of
liquidity for mall and large retail collateral.

Specially Serviced Loan: The specially serviced loan is the W
Minneapolis (5.50% of the pool), secured by a 32-story, 229-room,
full service luxury hotel located in downtown Minneapolis,
Minnesota. While the hotel has outperformed its competitive set in
2022, the hotel struggles to generate sufficient cash flow to cover
debt service. As of YTD June 2022, occupancy was 48% with NOI DSCR
of 0.49x. The hotel had also encountered performance challenges
prior to the pandemic with NOI declining from issuance.

Ownership of the hotel has transferred to the mezzanine lender as
of September 2020, which has brought the loan current and continues
to make loan payments since takeover without modification.

Fitch's analysis includes a stress of 10% on YE 2019 NOI to reflect
ongoing underperformance and declines from peak market valuations
of recent sales in the submarket. Fitch's stressed valuation
reflects a recovery of $169,300 per key.

Alternative Loss Considerations: Due to the large concentration of
loan maturities in 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.

Fitch considered scenarios where only the specially serviced loans
and the Friendly Center loan remain in the pool. Fitch assumed
expected paydown from defeased loans, as well as loans with
sufficient cash flow for assumed ability to refinance in a higher
interest rate environment using Fitch's stressed refinance
constants. The ratings and Outlooks reflect these scenarios.

Improved Credit Enhancement and Defeasance: As of the December 2022
distribution, the pool's aggregate principal balance has been paid
down by 34.6% to $783.8 million from $1.20 billion at issuance.
Twenty-two loans (34.5% of current pool) are fully defeased. All of
the loans in the pool mature in 2023.

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 'CCCsf' and 'BBsf' categories would occur should loss
expectations increase and if performance of the FLOCs fail to
stabilize or additional loans default and/or transfer to the
special servicer.

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

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with 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 and greater
certainty of refinanceability of the largest loans in the pool;
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 the 'CCCsf' is
not likely until the later years in a transaction and only if the
performance of the remaining pool is stable and there is sufficient
CE to the classes.

ESG CONSIDERATIONS

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


GS MORTGAGE 2013-GCJ16: Moody's Affirms Caa1 Rating on Cl. G Certs
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on thirteen
classes in GS Mortgage Securities Trust 2013-GCJ16, Commercial
Mortgage Pass-Through Certificates, Series 2013-GCJ16 as follows:

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

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

Cl. A-AB, Affirmed Aaa (sf); previously on Sep 9, 2020 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Sep 9, 2020 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 9, 2020 Affirmed Aa1
(sf)

Cl. C, Affirmed A1 (sf); previously on Sep 9, 2020 Affirmed A1
(sf)

Cl. D, Affirmed Baa2 (sf); previously on Sep 9, 2020 Affirmed Baa2
(sf)

Cl. E, Affirmed Ba1 (sf); previously on Sep 9, 2020 Affirmed Ba1
(sf)

Cl. F, Affirmed Ba3 (sf); previously on Sep 9, 2020 Affirmed Ba3
(sf)

Cl. G, Affirmed Caa1 (sf); previously on Sep 9, 2020 Downgraded to
Caa1 (sf)

Cl. PEZ, Affirmed Aa2 (sf); previously on Sep 9, 2020 Affirmed Aa2
(sf)

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

Cl. X-B*, Affirmed Aa1 (sf); previously on Sep 9, 2020 Affirmed Aa1
(sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

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

The ratings on three P&I classes were affirmed because their credit
support and the ratings being consistent with Moody's expected
loss.

The ratings on two interest only (IO) classes were affirmed based
on the credit quality of the referenced classes.

The ratings on one exchangeable class, Cl. PEZ, was affirmed based
on the credit quality of the referenced exchangeable classes.

Moody's rating action reflects a base expected loss of 3.1% of the
current pooled balance, compared to 3.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 2.1% of the
original pooled balance, compared to 2.6% 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 December 12, 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 32.5% to $733.0
million from $1.09 billion at securitization. The certificates are
collateralized by 62 mortgage loans ranging in size from less than
1% to 8.5% of the pool, with the top ten loans (excluding
defeasance) constituting 44.1% of the pool. Thirty-five loans,
constituting 41.8% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 19 at Moody's last review.

Eight loans, constituting 19.0% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

As of the December 2022 remittance report, loans representing 96.5%
were current or within their grace period on their debt service
payments, 1.4% were 30+ days delinquent and 2.1% were in
foreclosure.

No loans have been liquidated since securitization. There are
currently two loans in special servicing, constituting 2.1% of the
pool balance. The largest specially serviced loan is the Sheraton
Four Points Hotel O'Hare Loan ($9.2 million – 1.3% of the pool),
which is secured by a 295-room full-service hotel located in
Schiller Park, IL. The loan transferred to the special servicing
for monetary default in relation to business disruptions as a
result of the Covid-19 pandemic. The loan is reported 90+ days
delinquent and is last paid through its May 2022 payment date.

The second specially serviced loan is the Fairfield Inn, Ann Arbor
Loan ($6.3 million – 0.9% of the pool), which is secured by a
109-room limited-service hotel, located in Ann Arbor, MI.  The loan
transferred to special servicing due to a borrower declared
imminent monetary default in relation to business disruptions as a
result of the Covid-19 pandemic. The loan is last paid through its
May 2021 payment date.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 2.3% of the pool, and has estimated
an aggregate loss of $13.7 million (a 42% expected loss on average)
from these specially serviced and troubled loans. The largest
troubled loan is The Portland Paramount Hotel Loan ($13.5 million
– 1.8% of the pooled balance), which is secured by a 154-room
lodging property located in Portland, OR.  Property performance had
declined from 2016 through 2019, and was further impacted by the
coronavirus outbreak. The other troubled loan is secured by an
13,168 square feet (SF) retail property located in New York, NY. BP
Fitness LLC, the sole tenant occupying 100% of the space, vacated
the property in January 2019.

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 99% of the
pool, and partial year 2022 operating results for 65% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 99%, compared to 95% at Moody's last review.
Moody's conduit component excludes loans with structured credit
assessments, defeased and CTL loans, and specially serviced and
troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 22% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.32X and 1.07X,
respectively, compared to 1.46X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 24.2% of the pool balance.
The largest loan is the Miracle Mile Shops Loan ($65.7 million –
9.0% of the pool), which represents a pari passu portion of a
$544.4 million first mortgage loan. The loan is secured by a
450,000 SF regional mall located on the Las Vegas Strip in Las
Vegas, Nevada. The collateral property is located at the base of
the Planet Hollywood Hotel and draws from non-traditional anchors,
three performing arts theaters and the Las Vegas Strip itself. The
collateral was 93% leased as of June 2022, compared to 98% leased
as of December 2019. Property performance declined in 2020 as a
result of the coronavirus pandemic, but has rebounded significantly
and the June 2022 NOI was above NOI levels at securitization. The
loan has amortized 6% since securitization and Moody's LTV and
stressed DSCR are 90% and 0.93X, respectively, compared to 93% and
0.90X at the last review.

The second largest loan is The Windsor Court New Orleans Loan
($62.0 million -- 8.5% of the pool), which is secured by a 316-key
hotel located in the central business district (CBD) of New
Orleans, Louisiana (less than one mile from the French Quarter).
For the trailing twelve-month (TTM) period ending June 2022, the
hotel was 52% occupied and had a revenue per available room
(RevPAR) of $222, compared to an occupancy and RevPAR of 70% and
$250, respectively, for the TTM period ending December 2019.
Property performance declined in 2020 as a result of the
coronavirus pandemic, but has rebounded significantly and the June
2022 NOI was above NOI levels at securitization. The loan has
amortized 15% since securitization and Moody's LTV and stressed
DSCR are 94% and 1.29X, respectively, compared to 99% and 1.23X at
the last review.

The third largest loan is The Gates at Manhasset Loan ($49.6
million -- 6.8% of the pool), which is secured by a 106,000 SF open
air retail property located on Northern Boulevard in Manhasset, New
York. The property was 89% leased as of June 2022, compared to 90%
leased in December 2020, and 100% leased at securitization. As of
June 2022, the NOI DSCR was 1.05x at 89% occupancy, compared to
year-end 2021 NOI DSCR of 1.59x at 85% occupancy. The loan is on
the servicer's watchlist due to low DSCR. However, property
performance is expected to stabilize as the borrower has been able
to backfill a portion of the vacant space. The loan has amortized
17% since securitization and Moody's LTV and stressed DSCR are 95%
and 0.94X, respectively, compared to 82% and 1.08X at the last
review.


IMPERIAL FUND: DBRS Finalizes B(low) Rating on Class B-2 Certs
--------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2022-NQM7 (the
Certificates) issued by Imperial Fund Mortgage Trust 2022-NQM7 (the
Trust):

-- $198.4 million Class A-1 at AAA (sf)
-- $41.6 million Class A-2 at AA (low) (sf)
-- $24.5 million Class A-3 at A (low) (sf)
-- $16.8 million Class M-1 at BBB (low) (sf)
-- $19.5 million Class B-1 at BB (low) (sf)
-- $12.1 million Class B-2 at B (low) (sf)

The AAA (sf) rating on the Class A-1 Certificates reflects 38.55%
of credit enhancement provided by subordinated Certificates. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B
(low) (sf) ratings reflect 25.65%, 18.05%, 12.85%, 6.80%, and 3.05%
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-rate and
adjustable-rate prime and nonprime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 742 loans with a total principal balance of approximately
$322,849,606 as of the Cut-Off Date (November 1, 2022).

The originators for the mortgage pool are A&D Mortgage LLC (ADM;
94.7%) and others (5.3%). ADM originated the mortgages primarily
under the following five programs:

-- Super Prime
-- Prime
-- Debt Service Coverage Ratio (DSCR)
-- Foreign National – Full Doc
-- Foreign National – DSCR

A&D Mortgage LLC (ADM) will act as the Sponsor and the Servicer for
all loans. Nationstar Mortgage LLC (Nationstar) will act as the
Master Servicer. Citibank, N.A. (rated AA (low) with a Stable trend
by DBRS Morningstar) will act as the Securities Administrator and
Certificate Registrar. Wilmington Trust National Association (rated
AA (low) with a Stable trend by DBRS Morningstar) will serve as the
Custodian, and Wilmington Savings Fund Society, FSB will act as the
Trustee.

In accordance with U.S. credit risk retention requirements, ADM as
the Sponsor, either directly or through a Majority-Owned Affiliate,
will retain an eligible horizontal residual interest consisting of
the Class B-3 and Class X Certificates and the required portion of
the Class B-2 Certificates (together, the Risk Retained
Certificates), representing not less than 5% economic interest in
the transaction, to satisfy the requirements under Section 15G of
the Securities and Exchange Act of 1934 and the regulations
promulgated thereunder. Such retention aligns Sponsor and investor
interest in the capital structure.

Although the applicable mortgage loans were originated to satisfy
the Consumer Financial Protection Bureau (CFPB) ability-to-repay
(ATR) rules, they were made to borrowers who generally do not
qualify for the agency, government, or private-label nonagency
prime products for various reasons. In accordance with the CFPB
Qualified Mortgage (QM)/ATR rules, 43.4% of the loans are
designated as non-QM. Approximately 56.5% of the loans are made to
investors for business purposes and are thus not subject to the
QM/ATR rules. Also, one loan (0.2% of the pool) is a QM with a
conclusive presumption of compliance with the ATR rules and is
designated as QM Safe Harbor.

The Servicer will generally fund advances of delinquent principal
and interest (P&I) on any mortgage until such loan becomes 90 days
delinquent under the Mortgage Bankers Association (MBA) method,
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. If the Servicer fails in its obligation to
make P&I advances, Nationstar, as the Master Servicer, will be
obligated to fund such advances. In addition, if the Master
Servicer fails in its obligation to make P&I advances, Citibank,
N.A., as the Securities Administrator, will be obligated to fund
such advances.

The Sponsor (ADM) will have the option, but not the obligation, to
repurchase any mortgage loan that is 90 or more days delinquent
under the MBA method (or, in the case of any Coronavirus Disease
(COVID-19) forbearance loan, such mortgage loan becomes 90 or more
days delinquent under the MBA method after the related forbearance
period ends) at the Repurchase Price, provided that such
repurchases in aggregate do not exceed 7.5% of the total principal
balance as of the Cut-Off Date.

The Depositor (A&D Mortgage Depositor LLC) may, at its option, on
any date which is the later of (1) the two year anniversary of the
Closing Date, and (2) the earlier of (A) the three year anniversary
of the Closing Date and (B) the date on which the total loan
balance is less than or equal to 30% of the loan balance as of the
Cut-off Date, 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). An Optional Redemption will be followed by a qualified
liquidation, which requires a complete liquidation of assets within
the Trust and the distribution of proceeds to the appropriate
holders of regular or residual interests.

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

Of note, the Class A-1, Class A-2, and Class A-3 Certificates'
coupon rates step up by 100 basis points on and after the payment
date in December 2026. Also, the interest and principal otherwise
payable to the Class B-3 Certificates as accrued and unpaid
interest may be used to pay the Class A-1, Class A-2, and Class A-3
Certificates' Cap Carryover Amounts after the Class A coupons step
up.

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


MADISON PARK LX: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Madison Park Funding LX
Ltd.'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 Credit Suisse Asset Management LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Madison Park Funding LX Ltd./Madison Park Funding LX LLC

  Class A-1, $315.00 million: Not rated
  Class A-2, $5.00 million: Not rated
  Class B, $51.50 million: AA (sf)
  Class C (deferrable), $29.75 million: A (sf)
  Class D (deferrable), $29.50 million: BBB- (sf)
  Class E (deferrable), $17.00 million: BB- (sf)
  Subordinated notes, $39.30 million: Not rated



NEUBERGER BERMAN 52: Fitch Gives 'BB+sf' Rating on Cl. E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Neuberger Berman Loan Advisers NBLA CLO 52, Ltd.

   Entity/Debt             Rating                    Prior
   -----------             ------                    -----
Neuberger Berman
Loan Advisers
NBLA CLO 52, Ltd.
  
   A-1A                 LT NRsf   New Rating     NR(EXP)sf
   A-1B                 LT NRsf   New Rating     NR(EXP)sf
   A-2                  LT AAAsf  New Rating    AAA(EXP)sf
   B                    LT AAsf   New Rating     AA(EXP)sf
   C                    LT Asf    New Rating      A(EXP)sf
   D                    LT BBB-sf New Rating   BBB-(EXP)sf
   E                    LT BB+sf  New Rating    BB+(EXP)sf
   F                    LT NRsf   New Rating     NR(EXP)sf
   Subordinated Notes   LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. is an arbitrage
cash flow collateralized loan obligation (CLO) that will be managed
by Neuberger Berman Loan Advisers II LLC. Net proceeds from the
issuance of secured and subordinated notes will provide financing
on a portfolio of approximately $485 million of primarily first
lien senior secured loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
96.2% first-lien senior secured loans and has a weighted average
recovery assumption of 73.72%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

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

Portfolio Management (Neutral): The transaction has a 4.8-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the class A-2, B, C, D,
and E notes can withstand default rates of up to 56.6%, 50.4%,
45.4%, 36.2%, and 34.4%, respectively, assuming portfolio recovery
rates of 37.1%, 46.0%, 55.4%, 64.7%, and 70.2% in Fitch's 'AAAsf',
'AAsf', 'Asf', 'BBB-sf', and 'BB+sf' scenarios, respectively.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.


NEUBERGER BERMAN 52: Moody's Assigns B3 Rating to $600,000 F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned ratings to three classes of
notes issued by Neuberger Berman Loan Advisers NBLA CLO 52, Ltd.
(the "Issuer" or "NBLA CLO 52").

Moody's rating action is as follows:

US$285,700,000 Class A-1A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

US$15,000,000 Class A-1B Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

US$600,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned B3 (sf)

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

RATINGS RATIONALE

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

NBLA CLO 52 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first-lien senior secured loans, cash and eligible investments, and
up to 10.0% of the portfolio may consist of second lien loans,
unsecured loans and bonds. The portfolio is approximately 97%
ramped as of the closing date.

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

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

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

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

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

Par amount: $485,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 3045

Weighted Average Spread (WAS): SOFR+3.60%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.10 years

Methodology Underlying the Rating Action:

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

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

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


PARALLEL LTD 2015-1: Moody's Cuts Rating on Class F Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following note issued by Parallel 2015-1 Ltd.:

US$8,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2027 (current outstanding balance of $8,098,890) (the "Class F
Notes"), Downgraded to Caa3 (sf); previously on August 10, 2020
Downgraded to Caa2 (sf)

Parallel 2015-1 Ltd., originally issued in July 2015 and partially
refinanced in January 2018 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in October 2019.

RATINGS RATIONALE

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's November 2022
report[1], the overcollateralization (OC) ratio for the Class F
notes is reported at 97.99% versus February 2022 level[2] of
103.78%.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions:

Performing par and principal proceeds balance: $92,513,703

Defaulted par:  $3,271,135

Diversity Score: 36

Weighted Average Rating Factor (WARF): 3235

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.65%

Weighted Average Recovery Rate (WARR): 45.77%

Weighted Average Life (WAL): 2.47 years

Par haircut in OC tests and interest diversion test: 2.95%

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. These
additional scenarios include, among others, deterioration in credit
quality of the underlying portfolio, decrease in overall WAS and
lower recoveries on defaulted assets.

Methodology Used for the Rating Action

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

Factors that Would Lead to an Upgrade or Downgrade of the Rating:

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


PPM CLO 6: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to PPM CLO 6
Ltd.

   Entity/Debt       Rating        
   -----------       ------        
PPM CLO 6 Ltd.

   A              LT AAAsf   New Rating
   B              LT AA+sf   New Rating
   C              LT A+sf    New Rating
   D              LT BBB+sf  New Rating
   E              LT BB-sf   New Rating
   Subordinated   LT NRsf    New Rating

TRANSACTION SUMMARY

PPM CLO 6 Ltd. (the issuer) is a static arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by PPM
Loan Management Company 2, LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $300.0 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
100.0% first lien senior secured loans and has a weighted average
recovery assumption of 76.06%.

Portfolio Composition (Positive): The largest three industries
constitute 26.2% of the portfolio balance in aggregate while the
top five obligors represent 2.8% 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 does not have a
reinvestment period; however, the issuer has the ability to extend
the weighted average life of the portfolio as a result of maturity
amendments. Fitch's analysis was based on a stressed portfolio
incorporating potential maturity amendments on the underlying loans
as well as a one-notch downgrade on the Fitch Issuer Default Rating
Equivalency Rating for assets with a Negative Outlook on the
driving rating of the obligor. The shorter risk horizon means the
transaction is less vulnerable to underlying price movements,
economic conditions and asset performance.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In the agency's stress scenarios, each class of notes
was able to withstand default rates in excess of the respective
rating hurdles.

RATING SENSITIVITIES

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

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

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

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

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


SANTANDER BANK 2022-C: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Santander Bank Auto Credit Linked Notes, Series 2022-C (SBCLN
2022-C) notes issued by Santander Bank, N.A (SBNA).

SBCLN 2022-C is the third credit linked notes transaction issued by
SBNA in 2022 to transfer credit risk to noteholders through a
hypothetical tranched financial guaranty on a reference pool of
auto loans.

The complete rating actions are as follows:

Issuer/Deal name: Santander Bank, N.A./Santander Bank Auto
Credit-Linked Notes, Series 2022-C

$18,150,000, 6.024%, Class A-2 Notes, Definitive Rating Assigned
Aaa (sf)

$139,755,000, 6.451%, Class B Notes, Definitive Rating Assigned Aa2
(sf)

$61,710,000, 6.986%, Class C Notes, Definitive Rating Assigned A2
(sf)

$59,895,000, 8.197%, Class D Notes, Definitive Rating Assigned Baa2
(sf)

$29,040,000, 11.366%, Class E Notes, Definitive Rating Assigned Ba2
(sf)

$52,635,000, 14.592%, Class F Notes, Definitive Rating Assigned B2
(sf)

RATINGS RATIONALE

The rated notes are fixed-rate obligations secured by a cash
collateral account. There is also a letter of credit in place to
cover up to five months of interest in case of a failure to pay by
Santander Bank, N.A. or as a result of a FDIC conservator or
receivership.  This deal is similar to SBCLN 2022-B but differs
from many other bank sponsored credit linked note transactions in
that the source of principal payments for the notes will be a cash
collateral account held by a depository institution with a rating
of A2 or P-1 by Moody's, initially Citibank, N.A.  SBNA will pay
principal in the unlikely event that the cash collateral account
does not have enough funds.  The transaction also benefits from a
Letter of Credit provided by a depository institution with a rating
of A2 or P-1 by Moody's, initially Banco Santander S.A., New York
Branch.  As a result, the rated notes are not capped by the senior
unsecured rating of Santander Bank, N.A. (Baa1).

The credit risk exposure of the notes depends on the actual
realized losses incurred by the reference pool. This transaction
has a modified pro-rata structure, which is more beneficial to the
subordinate bondholders than the typical sequential-pay structure
for US auto loan transactions. However, the subordinate bondholders
will not receive any principal unless performance tests are
satisfied.

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of Santander Consumer
USA Inc. as the servicer.

Moody's median cumulative net loss expectation for the 2022-C
reference pool is 2.00% and a loss at a Aaa stress of 8.00%, the
same as the prior transaction. Moody's based its cumulative net
loss expectation on an analysis of the credit quality of the
underlying collateral; the historical performance of similar
collateral, including securitization performance and managed
portfolio performance; the ability of Santander Consumer USA Inc.
to perform the servicing functions; and current expectations for
the macroeconomic environment during the life of the transaction.

At closing, the Class A-2, B notes, Class C notes, Class D notes,
Class E notes and Class F notes benefit 12.00%, 8.15%, 6.45%,
4.80%, 4.00%, and 2.55% of hard credit enhancement, respectively.
Hard credit enhancement for the notes consists of subordination.

PRINCIPAL METHODOLOGY

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

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

Up

Moody's could upgrade the Class B, Class C, Class D, Class E, and
Class F notes if levels of credit enhancement are higher than
necessary to protect investors against current expectations of
portfolio losses. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market and the market for used vehicles. Other reasons for
better-than-expected performance include changes to servicing
practices that enhance collections or refinancing opportunities
that result in prepayments.

Down

Moody's could downgrade the notes if given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if realized losses
reduce available subordination. Moody's expectation of pool losses
could rise as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market, the market for used vehicles, and poor servicing. Other
reasons for worse-than-expected performance include error on the
part of transaction parties, inadequate transaction governance, and
fraud.


SLM STUDENT 2008-2: S&P Lowers Class B Debts Rating to 'CCC (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes from SLM
Student Loan Trust series 2008-2, 2008-8, and 2008-9 to 'CCC'. Each
transaction is a student loan ABS transaction backed by a pool of
student loans originated through the U.S. Department of Education's
(ED) Federal Family Education Loan Program (FFELP).

In determining the ratings, S&P considered its criteria for
assigning 'CCC' and 'CC' ratings.

The criteria state that:

-- An obligation rated 'CCC' is currently vulnerable to
nonpayment, and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial
commitment on the obligation. In the event of adverse business,
financial, or economic conditions, the obligor is not likely to
have the capacity to meet its financial commitment on the
obligation.

-- As a general rule, issuers and issues that face at least a
one-in-two likelihood of default will be rated in the 'CCC'
category. The 'CCC' category may also be appropriate--even at a
lower likelihood of default threshold of approximately
one-in-three--if S&P expects a default within the next 12 months.

-- S&P reviews considered the transactions' collateral performance
and liquidity position, credit enhancement, and capital and payment
structures. S&P also considered secondary credit factors, such as
credit stability, peer comparisons, issuer-specific analyses, and
the current macroeconomic environment.

RATIONALE

All of the senior classes have maturity dates on April 25, 2023.
S&P believes the collateral amortization's current pace is not
adequate to repay the senior notes by their respective legal final
maturity date. As such, the likelihood that the senior classes will
be repaid on their legal final maturity date is reliant on the
ability of the collateral to be purchased through the clean-up
call.

The following table sets out the current senior class bond balance,
the remaining number of payment dates, and the transactions'
average quarterly pay down over the last year.


Transaction   Senior class    No. of remaining  Avg quarterly
                balance        quarterly         payment amount
                (mil. $)       payments          ($ mil)

  SLM 2008-2        385.1          2                11.5
  SLM 2008-8         76.4          2                3.1     
  SLM 2008-9        318.3          2                14.6    


The collateral pool factors range from 11% to 20% as of the
transactions' most recent servicer reports. The transactions have
features that allow the servicer to purchase up to an additional
2.00% or 10.00% of the initial collateral pool (the additional
collateral purchase), which can be used to provide liquidity and
lower the pool factor to below 10.00%. When the pool factor is
below 10.00%, the collateral may be sold to the servicer or through
an auction (the clean-up call), with the proceeds used to repay the
notes. S&P expects the collateral pool to amortize to levels such
that the additional collateral purchase can occur and the clean-up
call be exercised.

Historically, the servicer has executed the clean-up call in
similar deals. In the case the servicer does not execute it, the
clean-up call could be executed through an auction. The FFELP loans
benefit from a common set of servicing guidelines and an
expectation of low levels of net losses, as FFELP loans benefit
from an ED guarantee that reimburses at least 97% of the principal
and interest on properly serviced defaulted loans. In the past,
sales of FFELP loan pools have been common.

If the senior classes are not repaid on their legal final maturity
date, an event of default (EOD) under the transactions' documents
will occur. An EOD allows noteholders and/or the trustee to take
actions that could negatively affect the repayment of the class A
or class B notes. As such, the likelihood that the class B notes
might be affected is tied to the likelihood that the senior notes
might not be repaid by their legal final maturity dates.

S&P said, "We have lowered the ratings to 'CCC', as we believe the
possible execution of the clean-up call has weakened over the near
term, as funding costs have risen (and are expected to continue to
rise), which might affect the number of participants willing to
purchase the pool. While we believe that the likelihood of the
execution of the clean-up call has deteriorated, we do not believe
it is a virtual certainty that it will not occur.

"We will continue to monitor the macroeconomic environment and the
transactions' performance (including the student loan receivables),
available credit enhancement, and liquidity, and take further
rating actions as we deem appropriate."

  RATINGS LOWERED

  SLM Student Loan Trust 2008-2

  Class A-3: to 'CCC (sf)' from 'B (sf)'
  Class B: to 'CCC (sf)' from 'B (sf)'

  SLM Student Loan Trust 2008-8

  Class A-4 to 'CCC (sf)' from 'B- (sf')
  Class B to 'CCC (sf)' from 'B- (sf)'
  
  SLM Student Loan Trust 2008-9

  Class A to 'CCC (sf)' from 'B- (sf)'
  Class B to 'CCC (sf)' from 'B- (sf)'



UBS-BARCLAYS 2012-C2: Moody's Lowers 2 Tranches to Ba2
------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on five classes in UBS-Barclays
Commercial Mortgage Trust 2012-C2, Commercial Mortgage Pass-Through
Certificates, Series 2012-C2:

Cl. A-S-EC, Downgraded to Ba2 (sf); previously on Oct 11, 2022
Downgraded to Baa3 (sf)

Cl. B-EC, Downgraded to Caa2 (sf); previously on Oct 11, 2022
Downgraded to Caa1 (sf)

Cl. C-EC, Affirmed Caa3 (sf); previously on Oct 11, 2022 Downgraded
to Caa3 (sf)

Cl. D, Affirmed C (sf); previously on Oct 11, 2022 Downgraded to C
(sf)

Cl. E, Affirmed C (sf); previously on Oct 11, 2022 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Oct 11, 2022 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Oct 11, 2022 Affirmed C (sf)

Cl. EC, Downgraded to Caa1 (sf); previously on Oct 11, 2022
Downgraded to B3 (sf)

Cl. X-A*, Downgraded to Ba2 (sf); previously on Oct 11, 2022
Downgraded to Baa3 (sf)

Cl. X-B*, Downgraded to C (sf); previously on Oct 11, 2022 Affirmed
Ca (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on two P&I classes were downgraded due to interest
shortfall risks and the potential for higher losses as a result of
all of the remaining loans being in special servicing. As of the
December 2022 remittance, three specially serviced loan exposures,
53% of the pool, have been deemed non-recoverable and two
additional specially serviced loans, 29% of the pool, have recently
recognized appraisal reduction amounts due to recent appraisals
valuing the properties near or below the outstanding loan balances.
As a result, interest shortfalls have impacted up to Cl. B-EC and
may increase if the remaining loans continue to be delinquent on
their debt service payments. Furthermore, four of the specially
serviced loan exposures (80% of the remaining pool) are secured by
regional malls that have exhibited declining performance since
2019.

The ratings on five P&I classes were affirmed due to the ratings
being consistent with Moody's expected loss.

The ratings on one IO class, Cl. X-A, was downgraded due to
paydowns of highly rated classes and a decline in the credit
quality of its referenced classes

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

The ratings on one exchangeable class, Cl. EC, was downgraded due
to the decline in credit quality of its referenced exchangeable
classes.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 49.5% of the
current pooled balance, compared to 49.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 16.6% of the
original pooled balance, compared to 16.2% at the last review.

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

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

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization or a
significant improvement in pool performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except the
interest-only classes was "Large Loan and Single Asset/Single
Borrower Commercial Mortgage-Backed Securitizations Methodology"
published in July 2022.

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for particular specially serviced loans that
it expects will generate a loss and estimates a loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer, available market data
and Moody's internal data. The loss given default for each loan
also takes into consideration repayment of servicer advances to
date, estimated future advances and closing costs. Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced to the most junior classes and the recovery as a pay down
of principal to the most senior classes.

DEAL PERFORMANCE

As of the December 2022 distribution date, the transaction's
aggregate certificate balance has decreased by 73.5% to $322
million from $1.216 billion at securitization. The certificates are
collateralized by seven mortgage loans (including two
cross-collateralized loans) that are currently in special servicing
and have passed their initial scheduled maturity dates.

An aggregate realized loss of $42.4 million has been applied to the
pool. Of the remaining specially serviced loans, four loan
exposures, 53% of the pool, are already REO and have been deemed
non-recoverable by the master servicer and two loans, 29% of the
pool, have recently recognized appraisal reduction amounts based on
their most recent appraisal values.

As of the December 2022 remittance statement cumulative interest
shortfalls were $10.7 million and impact up to Cl. B-EC. Moody's
anticipates interest shortfalls will continue and likely increase
due to the exposure to specially serviced loans. Interest
shortfalls are caused by special servicing fees, including workout
and liquidation fees, appraisal entitlement reductions (ASERs),
loan modifications, extraordinary trust expenses and
non-recoverable determinations.

The largest specially serviced exposure is the Louis Joliet Mall
Loan ($85.0 million – 26.4% of the pool), which is secured by a
359,000 square foot (SF) portion of a 975,000 SF regional mall
located in Joliet, Illinois. At securitization the mall was
anchored by Macy's, Sears, JC Penney and Carson Pirie Scott & Co
(all non-collateral). However, both Sears and Carson Pirie Scott &
Co. closed their stores at this location in 2018. Two major
collateral tenants, MC Sport and Toys R Us, also closed their
stores in 2017 and 2018, respectively. The property performance has
declined significantly in recent years due to lower revenues and
the 2020 NOI declined 25% year over year and was 48% lower than in
2012.  The loan transferred to special servicing in May 2020 and
became REO in January 2022. The loan was interest-only for the
entire term and had an original loan maturity in July 2022. The
most recent appraisal value was 43% below the outstanding loan
balance and as of the December 2022 remittance statement the loan
has been declared non-recoverable by the master servicer. Moody's
anticipates a significant loss on this loan.

The second largest specially serviced loan is the Crystal Mall Loan
($81.0 million – 25.2% of the pool), which is secured by a
518,500 SF portion of a 783,300 SF super-regional mall located in
Waterford, Connecticut. At securitization the mall contained three
anchors: Macy's, Sears, and JC Penney (Macy's and Sears were
non-collateral anchors). Sears closed its store at this location in
2018 and the space remains vacant. Property performance had
declined significantly since securitization and the year-end 2021
NOI was 60% lower than 2012. The property's reported 2021 NOI DSCR
was 0.80X, compared to 0.81X in December 2020 and 1.37X in December
2018. The loan transferred to special servicing in July 2020 and
became REO in November 2022.  The most recent appraisal value was
78% below the outstanding loan balance and as of the December 2022
remittance statement the loan has been declared non-recoverable by
the master servicer. Moody's anticipates a significant loss on this
loan.

The third largest loan in special servicing the Southland Center
Mall Loan ($64.2 million – 19.9% of the pool), which is secured
by a 611,000 SF portion of a 903,500 SF super-regional mall located
in Taylor, Michigan. The mall is currently anchored by Macy's
(non-collateral) and JC Penney. Other major tenants include Best
Buy and a 12-screen, all-digital, Cinemark multiplex theater. As of
December 2021, total mall occupancy was 91%, compared to 94% in
December 2019 and 83% at securitization.  For the trailing twelve
month period ending September 2021 period, comparable in-line
tenants occupying less than 10,000 sf, generated sales of $526 PSF,
compared to $424 PSF for the FY 2019 and $374 PSF at
securitization. The property's net operating income (NOI) has
declined annually since 2019 but remains above levels at
securitization. The full-year 2021 NOI was 9% higher than 2012
performance and the 2021 NOI DSCR was 1.79X. The loan sponsor is
Brookfield Properties. The loan transferred to special servicing in
June 2022 and has now passed its original maturity date of July
2022. The loan has amortized 18% since securitization and was last
paid through September 2022. As of the December 2022 a recent
appraisal value was 42% below the value at securitization and
slightly above the outstanding loan balance. As a result, the
master servicer recognized a minimal appraisal reduction of
$736,500. Special servicer commentary indicates potential
resolutions discussions between the special servicer and the
borrower are ongoing.

The fourth largest specially serviced loan is the Trenton Office
Portfolio Loan ($59.6 million – 18.5% of the pool), which is
secured by two Class-A midrise office buildings containing an
aggregate 473,658 SF located in downtown Trenton, New Jersey. As of
June 2022, the buildings were approximately 96% leased, unchanged
since 2013. The largest tenant, the State of New Jersey, currently
leases 86% of the portfolio's NRA. The loan transferred to special
servicing in May and failed to payoff at its June 2022 maturity
date and was subsequently extended to January 2023. The loan has
amortized 19% since securitization and was last paid through
November 2022.

The fifth specially serviced loan is the Westgate Mall ($29.0
million – 9.0% of the pool), which is secured by a 453,544 SF
portion of a regional mall. The mall's anchors include
non-collateral Dillard's and Belk, as well as JC Penney. A former
anchor, Sears (193,000 SF), vacated in September 2018 and the space
remains vacant. Major collateral tenants include: Bed Bath & Beyond
(36,000 SF; lease expiration in January 2026) and Dick's Sporting
Goods (lease expiration January 2030). As of June 2022, total
occupancy was 94%, compared to 90% in December 2019, and 95% at
closing. The property's performance has declined since 2012 due
lower rental revenues, and 2021 NOI was 34% lower than in 2012. The
December 2021 NOI DSCR was 1.41X, compared to 2.12X in 2012. The
loan has amortized nearly 27% since securitization and has
continued to be current on its monthly debt service payment after
it failed to payoff at its July 2022 maturity date. The loan
transferred to special servicing in July 2022 and special servicer
commentary indicates the loan Sponsor, CBL & Associates Properties,
Inc. ("CBL"), has expressed interest in transitioning the property
to the borrower. Based on the recent appraisal value reported as of
the December 2022 remittance report, the master servicer has
already recognized $9 million appraisal reduction, which represents
31% of the outstanding loan balance.

The remaining specially serviced loan is the Neuro Care Medical
Office ($3.3 million – 1.0% of the pool). The loan is secured by
a two story medical building located in Canton, Ohio.  The property
is vacant due to a tenant bankruptcy and became REO earlier in
2022. The special servicer indicated a sale is anticipated within
the next nine to twelve months.


WFRBS COMMERCIAL 2012-C9: DBRS Confirms B(high) Rating on F Certs
-----------------------------------------------------------------
DBRS Limited upgraded its ratings on the following two classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-C9
issued by WFRBS Commercial Mortgage Trust 2012-C9:

-- Class D to AAA (sf) from BBB (sf)
-- Class E to AA (low) (sf) from BB (sf)

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

-- Class F at B (high) (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds, resulting from the repayment of 60 loans since DBRS
Morningstar's last rating action in November 2021. According to the
November 2022 remittance, only two loans with a cumulative balance
of $102.2 million, remain in the trust, representing collateral
reduction of 90.3% since issuance and 85.6% since the last review.
There have been minimal losses to date, with the unrated Class G
reporting an outstanding balance of $36.9 million as of the
November 2022 remittance.

The largest loan in the pool, Chesterfield Towne Centre (Prospectus
ID#1; 90.0% of the current trust balance), is secured by a 1.01
million square foot (sf) regional mall in North Chesterfield,
Virginia. The loan is sponsored by Brookfield Properties Group. The
loan transferred to the special servicer in September 2022 after
the borrower notified the lender that they would not be able to
repay the loan upon maturity in October 2022. The borrower has
requested a maturity extension and the special servicer is
dual-tracking legal remedies as workout discussions are ongoing.
The two largest tenants at the property account for 28.0% of the
net rentable area (NRA): JCPenney (14.0% of NRA and operating on a
ground lease through October 2050) and Macy's (14.0% of NRA with a
lease through January 2026). According to the August 2022 rent
roll, the property was 96.8% occupied; however, the physical
occupancy rate is lower given that the former Sears anchor, which
previously represented 14.0% of the NRA on an in-place ground lease
through April 2046, closed in 2019. The space currently remains
dark. The servicer reported net cash flow (NCF) and debt service
coverage ratio (DSCR) for the trailing six month (T-6) period ended
June 30, 2022 was $6.4 million ($12.7 million when annualized) and
1.85 times (x). This compares favorably with the YE2021, YE2020,
and issuance DSCRs of 1.66x, 1.62x, and 1.52x, respectively. In
addition, property performance has rebounded close to pre-pandemic
levels when compared with the YE2019 DSCR of 1.89x . According to
the tenant sales report for the T-12 period ended July 31, 2022,
the property reported sales of $223 per square foot (psf), an
increase from the YE2021 sales of $210 psf. The property is well
located within a commercial corridor that includes prominent
retailers such as Costco, Target, and Sam's Club. Given the
relatively strong performance of the underlying collateral as well
as its good location, DBRS Morningstar believes this loan is well
positioned to be resolved with minimal risk of loss to the rated
bonds.

The Homewood Suites loan (Prospectus ID#21; 10.0% of the current
trust balance) is secured by a 123-room extended-stay hotel in
Houston that opened in 2009. The loan transferred to the special
servicer in October 2020 and the asset has been real estate owned
since August 2021. According to the April 2022 appraisal, the
subject was valued at $10.5 million, an improvement from the April
2021 value of $9.0 million and slightly above the outstanding loan
balance of $10.3 million, but still below the issuance value of
$18.9 million. Based on the servicer's updates, the property was
scheduled to be auctioned in October 2022 and is expected to be
resolved in the near term.

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


[*] Moody's Takes Action on $89MM of US RMBS Issued 2005-2006
-------------------------------------------------------------
Moody's Investors Service has taken action on the ratings of four
bonds from four US residential mortgage-backed transaction (RMBS),
backed by subprime and Alt-A mortgages issued by multiple issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/3vtW8g5

Complete rating actions are as follows:

Issuer: FBR Securitization Trust 2005-4, Mortgage-Backed Notes,
Series 2005-4

Cl. M-1, Upgraded to A3 (sf); previously on Sep 2, 2021 Upgraded to
Baa2 (sf)

Issuer: Fremont Home Loan Trust 2005-B

Cl. M5, Upgraded to A2 (sf); previously on Dec 28, 2016 Upgraded to
Baa1 (sf)

Issuer: GSAMP Trust 2006-HE3

Cl. A-2D, Upgraded to A3 (sf); previously on Feb 7, 2019 Upgraded
to Baa2 (sf)

Issuer: Lehman Mortgage Trust 2006-9

Cl. 1-A13, Downgraded to Ca (sf); previously on Dec 22, 2010
Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating upgrades are a result of an increase in credit enhancement
available to the bonds. The rating downgrade is primarily due to
the decline in the credit enhancement available, and the losses
incurred by the bond.

Principal Methodology

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

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

Up

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

Down

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

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


[*] Moody's Upgrades Rating on $49MM of US RMBS Issued 2005
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four bonds
from three US residential mortgage-backed transaction (RMBS),
backed by subprime and Alt-A mortgages issued by multiple issuers.

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

Complete rating actions are as follows:

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A6

Cl. M-1, Upgraded to B3 (sf); previously on Jun 4, 2018 Upgraded to
Caa2 (sf)

Issuer: MortgageIT Trust 2005-1

Cl. 1-A-1, Upgraded to Aa1 (sf); previously on May 7, 2019 Upgraded
to Aa3 (sf)

Cl. 1-A-2, Upgraded to Aa2 (sf); previously on May 7, 2019 Upgraded
to A1 (sf)

Issuer: RASC Series 2005-EMX3 Trust

Cl. M-5, Upgraded to Caa1 (sf); previously on Mar 28, 2017 Upgraded
to Caa3 (sf)

RATINGS RATIONALE

The rating upgrades are a result of an increase in credit
enhancement available to the bonds. The rating actions also reflect
the recent performance as well as Moody's updated loss expectations
on the underlying pools.

Principal Methodologies

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

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

Up

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

Down

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

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


[*] S&P Takes Various Actions on 80 Classes From 29 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 80 ratings from 29 U.S.
RMBS transactions issued between 2002 and 2007. The review yielded
nine upgrades, 58 affirmations, six downgrades, six withdrawals,
and one CreditWatch negative placement.

A list of Affected Ratings can be viewed at:

             https://bit.ly/3GjI6Uk

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.
These considerations may include:

-- Collateral performance or delinquency trends,

-- Increase or decrease in available credit support, and

-- Historical missed interest payments or interest shortfalls.

Rating Actions

S&P said, "The rating changes reflect our view regarding the
associated transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes.

"The affirmations reflect our view that our projected credit
support, the collateral performance, and the credit-related
reductions in interest on these classes have remained relatively
consistent with our prior projections.

"We placed our rating on the class A-1 certificates from Home
Equity Asset Trust 2004-4 on CreditWatch with negative implications
due to observed missed interest payments. The class has had no
interest payments since September 2022. The CreditWatch placement
reflects the risk that the missed interest payments will continue
and will not be reimbursed at the class's current rating level of
'AAA (sf)'. We will continue to monitor the transaction, including
the amount and reimbursement of missed interest payments, and
adjust our ratings as we consider appropriate according to our
criteria.

"We withdrew our ratings on six 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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