---

         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 29, 2023, Vol. 27, No. 28

                            Headlines

AMERICAN CREDIT 2022-1: S&P Stays BB+ E Notes Rating on Watch Neg
AMERICAN CREDIT 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
AMUR EQUIPMENT 2022-1: Moody's Hikes Rating on Class F Notes to B2
ANGEL OAK 2023-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. B-2 Certs
ARBOR REALTY 2019-FL2: DBRS Confirms B(low) Rating on G Notes

AVERY POINT IV: S&P Assigns B- (sf) Rating on Class E Notes
BENEFIT STREET XXX: S&P Assigns Prelim BB- (sf) Rating on E Notes
BRAVO RESIDENTIAL 2023-NQM1: DBRS Gives Prov. B Rating on B2 Notes
BRAVO RESIDENTIAL 2023-NQM1: Fitch Gives B(EXP) Rating on B-2 Notes
CANYON CLO 2022-2: Fitch Assigns 'BB-sf' Rating on Class E Notes

CASCADE MH 2021-MH1: Fitch Affirms 'B-sf' Rating on Class B-2 Notes
CIFC FUNDING 2015-I: Moody's Cuts Rating Cl. F-RR Notes to Caa2
CITIGROUP COMMERCIAL 2006-C5: Fitch Withdraws Rating on 13 Classes
CITIGROUP COMMERCIAL 2015-GC29: Fitch Affirms B- Rating on F Certs
CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms BB- Rating on 4 Classes

COMM 2012-LTRT: S&P Affirms 'BB (sf)' Rating on Class B Notes
CPS AUTO 2023-A: S&P Assigns BB (sf) Rating on Class E Notes
CSAIL 2019-C15: Fitch Lowers Rating on Class G-RR Notes to 'CCCsf'
FLAGSHIP CREDIT 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
GCAT TRUST 2023-NQM1: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes

GOODLEAP 2023-1: S&P Assigns Prelim BB(sf) Rating on Class C Notes
GS MORTGAGE 2011-GC5: DBRS Confirms C Rating on 4 Classes of Certs
GS MORTGAGE 2012-BWTR: Moody's Cuts Rating on Cl. D Certs to B2
GS MORTGAGE 2014-GC24: Moody's Lowers Rating on Cl. C Certs to Ba2
GS MORTGAGE 2018-GS9: Fitch Affirms 'B-sf' Rating on Cl. F-RR Certs

GS MORTGAGE 2023-PJ1: Fitch Gives B-(EXP)sf Rating on Cl. B-5 Certs
IMSCI 2013-3: DBRS Confirms C Rating on Class F Cert
INVESCO US 2023-1: Fitch Assigns 'BB(EXP)sf' Rating on Cl. E Notes
INVESCO US 2023-1: Moody's Assigns (P)B3 Rating to $1.2MM F Notes
JP MORGAN 2021-1440: DBRS Confirms B(low) Rating on Class F Certs

JPMBB COMMERCIAL 2014-C19: Fitch Affirms B-sf Rating on Cl. E Notes
JPMCC 2012-CIBX: DBRS Confirms C Rating on 3 Classes of Certs
MFA 2023-NQM1: DBRS Gives Prov. B(high) Rating on Class B2 Certs
MFA 2023-NQM1: S&P Assigns B (sf) Rating on Class B-2 Certs
POPULAR ABS 2005-5: Moody's Ups Rating on Cl. AF-5 Bonds to Ba1

PREFERRED TERM VIII: Fitch Affirms 'Csf' Rating on Three Tranches
RCMF 2023-FL11: Fitch Assigns 'B-(EXP)sf' Rating on Class G Certs
SANTANDER BANK 2023-MTG1: Fitch Puts 'B(EXP)sf' Rating on M-5 Notes
TOWD POINT 2023-1: Fitch Assigns 'B-(EXP)sf' Rating on Cl. B2 Notes
UBS COMMERCIAL 2017-C1: Fitch Lowers Rating on D-RR Notes to B-sf

UNITED AUTO 2023-1: DBRS Gives Prov. BB Rating on Class E Notes
VELOCITY COMMERCIAL 2023-1: DBRS Finalizes B Rating on 3 Classes
WELLS FARGO 2014-C24: Fitch Affirms 'Dsf' Rating on Four Tranches
WELLS FARGO 2018-C44: Fitch Lowers Rating on Cl. F-RR Certs to CCC
WELLS FARGO 2020-C55: Fitch Affirms 'B-sf' Rating on Two Tranches

WESTLAKE AUTOMOBILE 2023-1: DBRS Finalizes BB Rating on E Notes
WESTLAKE AUTOMOBILE 2023-1: S&P Assigns 'BB+ (sf)' on Class E Notes
[*] S&P Lowers 50 Ratings from 40 U.S. RMBS Transactions

                            *********

AMERICAN CREDIT 2022-1: S&P Stays BB+ E Notes Rating on Watch Neg
-----------------------------------------------------------------
S&P Global Ratings stated that its 'BB+ (sf)' and 'BB- (sf)'
ratings on the class E and F notes, respectively, of American
Credit Acceptance Receivables Trust 2022-1 and 'BB- (sf)' and 'B
(sf)' ratings on the class E and F notes, respectively, of American
Credit Acceptance Receivables Trust 2022-2 remain on CreditWatch
with negative implication.

S&P said, "On Oct. 25, 2022, we placed these ratings on CreditWatch
negative due to each transaction's collateral performance trending
worse than our original cumulative net loss (CNL) expectations.
Cumulative gross losses were significantly higher, which, coupled
with lower cumulative recoveries, resulted in elevated CNLs.
Additionally, delinquencies and extensions were relatively high for
these transactions. Due to the higher net losses, excess spread
after covering net losses was not sufficient to build
overcollateralization, and the transactions' overcollateralization
amounts were declining rather than building towards their required
targets."

Since the CreditWatch placement, monthly gross charge-offs for both
series have declined from their elevated levels, which, along with
improving recovery rates, has yielded lower monthly net losses. In
addition, the servicer has forgone its servicing fee on both
transactions since the November 2022 collection period and has
communicated that it intends to continue this course of action to
the extent the overcollateralization amounts are below their
targets. As a result, series 2022-1, with 11 months of performance,
attained its overcollateralization target as of the December 2022
collection period. Series 2022-2's overcollateralization, at month
eight, has reversed its decline and is now building towards its
target.

Notwithstanding the improving loss performance, delinquencies have
continued to rise and are at relatively high levels for these
transactions. S&P said, "We believe the evolving economic headwinds
and potential negative impact on consumers could result in a
greater proportion of delinquent accounts ultimately defaulting,
which are risks to excess spread and overcollateralization
maintenance and build. We acknowledge that the current high
delinquencies could be reflecting the industry-wide seasonality
phenomenon that generally self corrects after tax refund period."

S&P said, "As such, given the relative early stage in the lifecycle
of these series and the current period of seasonality, we believe
that extending our negative CreditWatch placement on the ratings
will afford more insight to future collateral performance, which
will help us to more accurately project future losses. This in turn
will allow us to test whether credit enhancement (including the
availability of future excess spread and overcollateralization
sustainability) is sufficient to cover these losses at multiples
that are commensurate with the current ratings."



AMERICAN CREDIT 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to American
Credit Acceptance Receivables Trust 2023-1's automobile
receivables-backed notes.

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

The preliminary ratings are based on information as of Jan. 23,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 64.2%, 57.4%, 46.4%, 37.6%,
and 33.59% credit support (hard credit enhancement and haircut to
excess spread) for the class A, B, C, D, and E notes, respectively,
based on stressed cash flow scenarios. These credit support levels
provide at least 2.35x, 2.10x, 1.70x, 1.37x, and 1.20x coverage of
S&P's expected cumulative net loss of 27.25% for the class A, B, C,
D, and E notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.37x our expected loss level), all else being equal, S&P's
preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB-
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
are within its credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios, which S&P believes are appropriate for the assigned
preliminary ratings.

-- The collateral characteristics of the series' subprime
automobile loans, S&P's view of the credit risk of the collateral,
and our updated macroeconomic forecast and forward-looking view of
the auto finance sector.

-- The series' bank accounts at Wells Fargo Bank N.A., which do
not constrain the preliminary ratings.

-- S&P's operational risk assessment of American Credit Acceptance
LLC as servicer, and its view of the company's underwriting and the
backup servicing arrangement with Computershare Trust Co. N.A.

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors, that are in
line with our sector benchmark.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  American Credit Acceptance Receivables Trust 2023-1

  Class A, $129.71 million: AAA (sf)
  Class B, $29.75 million: AA (sf)
  Class C, $54.40 million: A (sf)
  Class D, $49.13 million: BBB (sf)
  Class E, $19.21 million: BB- (sf)



AMUR EQUIPMENT 2022-1: Moody's Hikes Rating on Class F Notes to B2
------------------------------------------------------------------
Moody's Investors Service has upgraded two classes of notes issued
by Amur Equipment Finance Receivables IX LLC, Series 2021-1 and
five classes of notes issued by Amur Equipment Finance Receivables
X LLC, Series 2022-1. The notes are backed by a pool of fixed-rate
loans and leases secured primarily by trucking, transportation and
construction equipment.

The complete rating actions are as follows:

Issuer: Amur Equipment Finance Receivables IX LLC, Series 2021-1

Class C Notes, Upgraded to Aaa (sf); previously on May 4, 2022
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on May 4, 2022
Upgraded to A1 (sf)

Issuer: Amur Equipment Finance Receivables X LLC, Series 2022-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jan 26, 2022
Definitive Rating Assigned Aa3 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Jan 26, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Jan 26, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Jan 26, 2022
Definitive Rating Assigned Ba3 (sf)

Class F Notes, Upgraded to B2 (sf); previously on Jan 26, 2022
Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rating actions were primarily driven by the continuous buildup
of credit enhancement including overcollateralization and a
non-declining reserve account. The notes feature sequential payment
structure with the higher priority notes benefitting from the
subordination of notes with lower payment priority.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.

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

Up

Moody's could upgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. In sequential pay structures, such as the one in
this transaction, credit enhancement grows as a percentage of the
collateral balance as collections pay down senior notes.
Prepayments and interest collections directed toward note principal
payments will accelerate this build of enhancement. Moody's
expectation of pool losses could decline as a result of a lower
number of obligor defaults. Portfolio losses also depend greatly on
the US macroeconomy, the equipment markets, and changes in
servicing practices.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if excess spread is
not sufficient to cover losses in a given month. 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
equipment securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US macroeconomy, the equipment
markets, and poor servicer performance. Other reasons for
worse-than-expected performance include error on the part of
transaction parties, inadequate transaction governance, and fraud.


ANGEL OAK 2023-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. B-2 Certs
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Angel Oak Mortgage
Trust 2023-1 (AOMT 2023-1).

   Entity/Debt      Rating        
   -----------      ------        
AOMT 2023-1

   A-1          LT AAA(EXP)sf  Expected Rating
   A-2          LT AA(EXP)sf   Expected Rating
   A-3          LT A(EXP)sf    Expected Rating
   M-1          LT BBB-(EXP)sf Expected Rating
   B-1          LT BB(EXP)sf   Expected Rating
   B-2          LT B(EXP)sf    Expected Rating
   B-3          LT NR(EXP)sf   Expected Rating
   A-IO-S       LT NR(EXP)sf   Expected Rating
   XS           LT NR(EXP)sf   Expected Rating
   R            LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the RMBS to be issued by Angel Oak Mortgage
Trust 2023-1, Series 2023-1 (AOMT 2023-1), as indicated above. The
certificates are supported by 1,073 loans with a balance of $580.47
million as of the cutoff date. This represents the 27th Fitch-rated
AOMT transaction and the first Fitch-rated AOMT transaction in
2023.

The certificates are secured by mortgage loans mainly originated by
Angel Oak Mortgage Solutions LLC (AOMS) and Angel Oak Home Loans
LLC (AOHL). All other originators make up less than 10% of the loan
pool. Of the loans, 67.4% are designated as nonqualified mortgage
(non-QM) loans, and 32.6% are investment properties not subject to
the Ability to Repay (ATR) Rule.

There is Libor exposure in this transaction, as there are three ARM
loans that reference Libor, although the bonds do not have Libor
exposure. Class A-1, A-2 and A-3 certificates are fixed rate,
capped at the net weighted average coupon (WAC), and have a step-up
feature. Class M-1, B-1 and B-3 certificates are based on the net
WAC; class B-2 certificates are based on the net WAC but have a
stepdown feature whereby the class becomes a principal-only bond at
the point the class A-1, A-2 and A-3 step-up coupons take place. In
addition, at the point the class A-1, A-2, and A-3 step-up coupons
take place, the waterfall will prioritize the payment to the A-1,
A-2, and/or A-3 cap carryover amounts prior to paying B-3.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.1% above a long-term sustainable level (vs. 10.5%
on a national level as of January 2023, down 1.7% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates, and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 9.2% YoY
nationally as of October 2022.

Non-QM Credit Quality (Mixed): The collateral consists of 1,073
loans totaling $580.47 million and seasoned at approximately 12
months in aggregate, according to Fitch, and 10 months, per the
transaction documents.

The borrowers have a strong credit profile (736 FICO and 40.3%
debt-to-income [DTI] ratio, as determined by Fitch), along with
relatively moderate leverage, with an original combined loan to
value (CLTV) ratio of 71.2%, as determined by Fitch, which
translates to a Fitch-calculated sustainable LTV (sLTV) of 71.5%.

Of the pool, 65.8% represents loans whereby the borrower maintains
a primary or secondary residence, while the remaining 34.2%
comprises investor properties based on Fitch's analysis. Fitch
determined that 18.4% of the loans were originated through a retail
channel.

Additionally, 67.4% are designated as non-QM, while the remaining
32.6% are exempt from QM status since they are investor loans.

The pool contains 128 loans over $1.0 million, with the largest
amounting to $3.5 million.

Loans on investor properties (11.0% underwritten to the borrower's
credit profile and 23.2% comprising investor cash flow and no ratio
loans) represent 34.2% of the pool, as determined by Fitch. There
are no second lien loans, and 2.1% of the borrowers were viewed by
Fitch as having a prior credit event in the past seven years. Per
the transaction documents, two of the loans have subordinate
financing. In Fitch's analysis, Fitch also considered loans with
deferred balances to have subordinate financing. In this
transaction, there were no loans with deferred balances; therefore,
Fitch performed its analysis considering two of the loans to have
subordinate financing.

Fitch determined that 37 of the loans in the pool are to foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, coded as ASF1 (no documentation) for employment and
income documentation and removed the liquid reserves. If a credit
score is not available, Fitch uses a credit score of 650 for these
borrowers.

Of the loans in the pool, 38 are agency-eligible loans underwritten
to DU/LP with an "Approved/Eligible" status.

Although the borrowers' credit quality is higher than that of AOMT
transactions securitized in 2022 and 2021, the pool's
characteristics resemble those of nonprime collateral, and,
therefore, the pool was analyzed using Fitch's nonprime model.

Geographic Concentration (Negative): The largest concentration of
loans is in California (42.5%), followed by Florida (16.4%) and
Texas (8.7%). The largest MSA is Los Angeles (23.0%), followed by
Miami (7.9%) and Riverside (5.3%). The top three MSAs account for
36.1% of the pool. As a result, there was a 1.02x penalty for
geographic concentration, which increased the 'AAAsf' loss
expectation by 23 basis points (bps).

Loan Documentation (Negative): Fitch determined that 89.7% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Per the transaction documents, 90.5% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan based on its review of the loan program and
the documentation details provided in the loan tape, which may
explain any discrepancy between Fitch's percentage and the
transaction documents.

Of the loans underwritten to borrowers with less than full
documentation, Fitch determined that 59.4% were underwritten to a
12-month or 24-month business or personal bank statement program
for verifying income, which is not consistent with Appendix Q
standards and Fitch's view of a full documentation program. To
reflect the additional risk, Fitch increases the probability of
default (PD) by 1.5x on bank statement loans. In addition to loans
underwritten to a bank statement program, 23.1% comprise a debt
service coverage ratio (DSCR) product, 0.1% comprise a no ratio
product, 1.2% are an asset depletion product and 3.4% are third
party-prepared 12 month-24 month P&L statements, with some of these
loans having two months of bank statements for additional
documentation.

Three loans in the pool are no ratio DSCR loans; for these loans,
employment and income were considered to be no documentation in
Fitch's analysis; as such, Fitch assumed a DTI ratio of 100%. This
is in addition to the loans being treated as investor occupied.

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

The ultimate advancing party in the transaction is the master
servicer, Computershare. Computershare does not hold a rating from
Fitch of at least 'A' or 'F1' and, as a result, does not meet
Fitch's counterparty criteria for advancing delinquent P&I payments
for classes rated 'AAA' and 'AA'. Fitch ran additional analysis to
determine if there was any impact to the structure if it assumed no
advancing of delinquent P&I for the losses and cash flows for the
classes that would be rated higher than Computershare's rating.
This is in addition to running the loss and cash flow analysis
assuming six months of delinquent P&I servicer advancing, per the
transaction documents. Assuming six months of delinquent P&I
advancing was the most conservative, so Fitch's analysis is based
off of this scenario.

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

There is excess spread in the transaction available to reimburse
for losses or interest shortfalls should they occur. However,
excess spread will be reduced on and after February 2027, since
class A certificates have a step-up coupon feature whereby the
coupon rate will be the lesser of (i) the applicable fixed rate
plus 1.000% and (ii) the net WAC rate. To offset the impact of the
class A certificates' step-up coupon feature, class B-2 has a
stepdown coupon feature that will become effective in February
2027, which will change the B-2 coupon to 0.0%. In addition, the
transaction was structured so that, on and after February 2027,
classes A-1, A-2 and A-3 would receive unpaid cap carryover amounts
prior to class B-3 being paid interest or principal payments. Both
of these features are supportive of classes A-1 and A-2 being paid
timely interest at the step-up coupon rate and class A-3 being paid
ultimate interest at the step-up coupon rate.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.3% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category

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

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

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

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

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged SitusAMC, Canopy, Clayton, Consolidated Analytics, Covius,
Evolve, Infinity, Inglet Blair, Maxwell Recovco, and Selene to
perform the review. Loans reviewed under these engagements were
given compliance, credit and valuation grades and assigned initial
grades for each subcategory.

An exception and waiver report was provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than guideline
requirement. Therefore, no adjustments were needed to compensate
for these occurrences.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's (ASF) data layout format.

The ASF data tape layout was established with input from various
industry participants, including rating agencies, issuers,
originators, investors and others, to produce an industry standard
for the pool-level data in support of the U.S. RMBS securitization
market. The data contained in the data tape layout were populated
by the due diligence company and no material discrepancies were
noted.

ESG CONSIDERATIONS

AOMT 2023-1 has an ESG Relevance Score of '4' [+] for Transaction
Parties & Operational Risk due to strong due diligence results on
100% of the pool and a 'RPS1-' Fitch-rated servicer, which has a
positive impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


ARBOR REALTY 2019-FL2: DBRS Confirms B(low) Rating on G Notes
-------------------------------------------------------------
DBRS, Inc. upgraded its ratings on the following five classes of
floating-rate notes issued by Arbor Realty Commercial Real Estate
Notes 2019-FL2, Ltd. as follows:

-- Class B Secured Floating Rate Notes to AAA (sf) from AA (low)
(sf)

-- Class C Secured Floating Rate Notes to A (high) (sf) from A
(low) (sf)

-- Class D Secured Floating Rate Notes to A (low) (sf) from BBB
(high) (sf)

-- Class E Secured Floating Rate Notes to BBB (sf) from BBB (low)
(sf)

-- Class F Floating Rate Notes to BB (sf) from BB (low) (sf)

DBRS Morningstar also confirmed the following ratings on three
classes:

-- Class A Senior Secured Floating Rate Notes at AAA (sf)
-- Class A-S Senior Secured Floating Rate Notes at AAA (sf)
-- Class G Floating Rate Notes at B (low) (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as a result of successful loan repayment, as there has been
collateral reduction of 34.6% since issuance. In addition, the
borrowers on the remaining loans are generally progressing with
their respective business plans, which DBRS Morningstar expects to
ultimately lead to property stabilization and value growth. In
conjunction with this press release, DBRS Morningstar has published
a Surveillance Performance Update report with in-depth analysis and
credit metrics for the transaction and with business plan updates
on select loans.

The initial collateral consisted of 27 floating-rate loans with a
cutoff balance totaling $510.9 million, which was subsequently
ramped up to the maximum deal balance of $635.0 million. The
transaction had a 36-month reinvestment period that expired with
the November 2022 Payment Date.

As of the January 2023 remittance, the pool comprised 28 loans
secured by 28 properties with a cumulative trust balance of $415.6
million. Since issuance, 52 loans have been repaid from the pool,
including six loans with a former trust balance of $101.9 million,
which have been repaid since the previous DBRS Morningstar rating
action in November 2022. Only two of the original 27 loans, which
represent 15.2% of the current trust balance, remain in the
transaction.

The transaction is concentrated by multifamily properties as 27
loans, representing 95.2% of the current pool balance, are secured
by multifamily properties while the remaining loan is secured by a
student-housing property. Through September 2023, the collateral
manager advanced $29.4 million in loan future funding to 26
individual borrowers to aid in property stabilization efforts. The
majority of this funding ($15.0 million) has been advanced to the
borrowers of The Park at Carlyle ($6.7 million) and The Park at
Callington ($8.3 million) loans, which share sponsorship and are
secured by adjacent multifamily properties in Birmingham, Alabama.
The borrower has used the funds to perform capital improvements
across the properties in order to increase rental rates to market.

An additional $37.1 million of unadvanced loan future funding
allocated to all remaining 28 individual borrowers remains
outstanding. The largest portion of unadvanced future funding
dollars is allocated to the borrower of the Meadow Crossings loan,
which is secured by a 178-unit garden-style property in Dallas. The
borrower's business plan is to institute a capital renovation
program across the property to increase rental rates.

Beyond a property type concentration, the transaction is also
concentrated by properties in suburban markets, which DBRS
Morningstar defines as markets with a DBRS Morningstar Market Rank
of 3, 4, or 5. As of January 2023, there were 19 loans,
representing 70.4% of the cumulative loan balance, secured by
properties in suburban markets. An additional two loans,
representing 6.9% of the cumulative loan balance, are secured by
properties in urban markets, which historically have shown greater
liquidity and demand. In comparison with the pool composition as of
July 2022 reporting, there were 26 loans, representing 68.0% of the
cumulative loan balance, in suburban markets and five loans,
representing 15.9% of the cumulative loan balance, in urban
markets.

The collateral pool exhibits similar leverage from issuance with a
current weighted-average (WA) appraised loan-to-value ratio (LTV)
of 79.3% and WA stabilized LTV of 62.2%. In comparison, these
figures were 82.6% and 71.8%, respectively, at closing. As the
majority of these appraisals were conducted prior to transaction
issuance in 2019, there is the possibility that select property
values may have decreased given the current interest rate and
capitalization rate environment.

As of January 2023, there are three loans in special servicing,
representing 17.3% of the pool balance. The Park at Carlyle
(Prospectus ID#3; 8.2% of the pool balance) and The Park at
Callington (Prospectus ID#6; 7.0% of the pool balance) are the two
largest loans in special servicing and are sister multifamily
properties. The loans transferred to special servicing in August
2022, as the servicer identified the loans as credit risks for
potential maturity default because the borrower requested multiple
short-term loan extensions while attempting to secure takeout
financing. According to the servicer, the sponsor is in the process
of securing takeout financing for both loans with a third-party
lender; however, if the transaction does not close, the servicer
will likely extend the loan maturity further with potential terms
unknown at this time. There are no loans on the servicer's
watchlist.

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



AVERY POINT IV: S&P Assigns B- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings took various rating actions on four classes of
notes from Avery Point IV CLO Ltd., a U.S. cash flow CLO
transaction managed by Bain Capital Credit L.P. S&P raised its
rating on the class D notes and lowered its rating on the class F
notes. At the same time, S&P affirmed its ratings on the class C-R
and E notes.

The rating actions follow its review of the transaction's
performance data from the December 2022 trustee report.

Since S&P's July 2021 rating actions, the transaction witnessed a
total paydown of $99.63 million. These paydowns resulted in
improved reported overcollateralization (O/C) ratios since the May
2021 trustee report, which S&P used for its previous rating
actions:

-- The class C O/C ratio improved to 28,407.64% from 185.33%.

-- The class D O/C ratio improved to 211.10% from 133.06%.

-- The class E O/C ratio improved to 108.56% from 105.27%.

-- The amount of 'CCC' assets held in the portfolio has decreased

to $9.14 million as of the December 2022 trustee report from $23.89
million as of the May 2021 trustee report that S&P used in our last
rating actions. However, the trustee reported an increase in
defaulted assets to $7.03 million from $3.38 million over the same
time period.

S&P said, "Our upgrade of the class D notes reflects the
significantly improved credit support, owing to continued paydown
of the senior notes. On a standalone basis, the results of the cash
flow analysis indicated a higher rating on the class D notes;
however, because of a slightly higher concentration of 'CCC' and
default rated collateral obligations and an increased concentration
risk in the pool, we limited the upgrade to offset future potential
credit migration in the underlying collateral.

"We lowered our rating on the class F notes to 'CC (sf)' in line
with our cash flow analysis and 'CC (sf)' rating definition, as
there is now a virtual certainty of default for this class. Based
on our analysis, the class F note is deferring interest, and we
believe that the total value of the assets that are currently held
in the deal is not sufficient to cover the principal and deferred
interest balance for this class.

"Our application of the largest-obligor default test, which is a
supplemental test included as part of our corporate collateralized
debt obligation criteria, pointed to a lower rating for the class E
note. But based on the tranches' credit enhancement level, we
affirmed the class at the current rating level, as we believe that
class E note can withstand a steady-state scenario without being
dependent on favorable conditions to meet its financial commitments
and thus does not currently fit out CCC definition."

The affirmed ratings reflect adequate credit support at the current
rating levels, though any further deterioration in the credit
support available to the notes could results in ratings changes.

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

S&P Global Ratings will continue to review whether, in its view,
the ratings assigned to the notes remain consistent with the credit
enhancement available to support them and take rating actions as it
deems necessary.

  Rating Raised

  Avery Point IV CLO Ltd.

  Class D to 'AA- (sf)' from 'A+ (sf)'

  Rating Lowered

  Avery Point IV CLO Ltd.

  Class F to 'CC (sf)' from 'CCC (sf)'

  Ratings Affirmed

  Avery Point IV CLO Ltd.

  Class C-R: AAA (sf)

  Class E: B- (sf)



BENEFIT STREET XXX: S&P Assigns Prelim BB- (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Benefit
Street Partners CLO XXX Ltd./Benefit Street Partners CLO XXX LLC's
fixed- and floating-rate notes. The transaction is managed by BSP
CLO Management LLC.

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

The preliminary ratings are based on information as of Jan. 24,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

  Preliminary Ratings Assigned

  Benefit Street Partners CLO XXX Ltd./Benefit Street Partners CLO
XXX LLC

  Class A, $263.500 million: AAA (sf)
  Class B-1, $38.250 million: AA (sf)
  Class B-2, $21.250 million: AA (sf)
  Class C (deferrable), $23.375 million: A (sf)
  Class D (deferrable), $23.375 million: BBB- (sf)
  Class E (deferrable), $13.800 million: BB- (sf)
  Subordinated notes, $36.500 million: Not rated



BRAVO RESIDENTIAL 2023-NQM1: DBRS Gives Prov. B Rating on B2 Notes
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2023-NQM1 (the Notes) to be issued by
BRAVO Residential Funding Trust 2023-NQM1:

-- $248.3 million Class A-1 at AAA (sf)
-- $31.1 million Class A-2 at AA (sf)
-- $21.2 million Class A-3 at A (sf)
-- $16.4 million Class M-1 at BBB (sf)
-- $11.0 million Class B-1 at BB (sf)
-- $10.2 million Class B-2 at B (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 32.05% of
credit enhancement provided by subordinate notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 23.55%, 17.75%,
13.25%, 10.25%, and 7.45% of credit enhancement, respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate prime and non-prime first-lien residential
mortgages funded by the issuance of the Mortgage-Backed Notes,
Series 2023-NQM1 (the Notes). The Notes are backed by 788 loans
with a total principal balance of approximately $365,408,561, as of
the Cut-Off Date (December 31, 2022).

The pool is, on average, eight months seasoned with loan age
ranging from one to 105 months. The top originators for the
mortgage pool are Citadel Servicing Corporation doing business as
Acra Lending (Acra; 48.9%), and OCMBC, Inc. doing business as
LoanStream Mortgage (LoanStream; 44.7%). The remaining originators
each comprise less than 5.0% of the mortgage loans. The Servicers
of the loans are Rushmore Loan Management Services LLC (Rushmore;
51.1%) and Acra Lending, formerly known as Citadel Servicing
Corporation (CSC; 48.9%). The CSC-serviced mortgage loans will be
subserviced by ServiceMac, LLC (ServiceMac), under a subservicing
agreement dated September 18, 2020.

Nationstar Mortgage LLC (Nationstar) will act as a Master Servicer.
Citibank, N.A. (rated AA (low) with a Stable trend by DBRS
Morningstar), will act as Indenture Trustee, Paying Agent, and
Owner Trustee. Computershare Trust Company, N.A. (rated BBB with a
Stable trend by DBRS Morningstar) will act as Custodian.

Except for 16 loans (1.6% of the pool) that were 30 to 59 days
delinquent, according to the Mortgage Bankers Association (MBA)
delinquency calculation method, as of the Cut-Off Date, the loans
have been performing since origination.

In accordance with the Consumer Financial Protection Bureau (CFPB)
Qualified Mortgage (QM) rules, 57.3% of the loans by balance are
designated as non-QM and 1.0% as QM Rebuttable Presumption.
Approximately 41.5% of the loans in the pool made to investors for
business purposes are exempt from the CFPB Ability-to-Repay (ATR)
and QM rules. No loan has a loan application date before January
10, 2014, and, therefore, each loan is subject to the QM/ATR Rules
issued by the CFPB as part of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.

There will be no advancing of delinquent principal or interest on
any mortgage loan by the servicers or any other party to the
transaction; however, each servicer is obligated to make advances
in respect of taxes and insurance, the cost of preservation,
restoration, and protection of mortgaged properties and any
enforcement or judicial proceedings, including foreclosures and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

The Sponsor or a majority-owned affiliate of the Sponsor will
acquire and intends to retain an eligible horizontal residual
interest in the Issuer in the amount of not less than 5.0% of the
aggregate fair value of the Notes (other than the Class SA, Class
FB, and Class R Notes) to satisfy the credit risk-retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder.

The holder of the Trust Certificates may, at its option, on or
after the earlier of (1) the payment date in January 2026 or (2)
the date on which the balance of mortgage loans and real estate
owned (REO) properties falls to or below 30% 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 delinquent under the Mortgage Bankers
Association (MBA) method (or in the case of any loan that has been
subject to a Coronavirus Disease (COVID-19) pandemic-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
Date balance.

The transaction's cash flow structure is similar to that of other
non-QM securitizations. 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 Notes (IIPP)
before being applied sequentially to amortize the balances of the
senior and subordinated notes. For the Class A-3 Notes (only after
a Credit Event) and for the mezzanine and subordinate classes of
notes (both before and after a Credit Event), principal proceeds
will be available to cover interest shortfalls only after the more
senior notes 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 down to Class
A-3.

Of note, the Class A-1, A-2, and A-3 Notes coupon rates step up by
100 basis points on and after the payment date in February 2027.
Also, the interest and principal otherwise payable to the Class B-3
Notes as accrued and unpaid interest may be used to pay the Class
A-1, A-2, and A-3 Notes Cap Carryover Amounts before and after the
Class A coupons step up.

On January 15th, FEMA announced that Federal Disaster Assistance
was made available to the State of California related to several
winter storms, flooding, landslides, and mudslides that began on
December 27, 2022. At this time, the sponsor has informed DBRS
Morningstar that it was not aware of Mortgage Loans secured by
Mortgaged Properties that are located in a FEMA disaster area that
have suffered any disaster-related damage. The transaction
documents include representations and warranties regarding the
property conditions, which state that the properties have not
suffered damage that would have a material and adverse impact on
the values of the properties (including events such as windstorm,
flood, earth movement, and hurricane). In a sensitivity analysis,
DBRS Morningstar ran an additional scenario applying reduction of
property values in certain areas of California that may have been
impacted.

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



BRAVO RESIDENTIAL 2023-NQM1: Fitch Gives B(EXP) Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by BRAVO Residential Funding Trust 2023-NQM1 (BRAVO
2023-NQM1).

   Entity/Debt        Rating        
   -----------        ------        
BRAVO 2023-NQM1

   A-1            LT AAA(EXP)sf Expected Rating
   A-2            LT AA(EXP)sf  Expected Rating
   A-3            LT A(EXP)sf   Expected Rating
   M-1            LT BBB(EXP)sf Expected Rating
   B-1            LT BB(EXP)sf  Expected Rating
   B-2            LT B(EXP)sf   Expected Rating
   B-3            LT NR(EXP)sf  Expected Rating
   AIOS           LT NR(EXP)sf  Expected Rating
   FB             LT NR(EXP)sf  Expected Rating
   R              LT NR(EXP)sf  Expected Rating
   SA             LT NR(EXP)sf  Expected Rating
   XS             LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The notes are supported by 788 loans with a total interest-bearing
balance of approximately $365 million as of the cutoff date. There
is also roughly 80,393 of non-interest-bearing deferred amounts
whose payments or losses will be used solely to pay down or write
off the class FB notes.

Loans in the pool were originated primarily by Acra Lending (Acra)
and LoanStream Mortgage (Loanstream) with the remainder coming from
multiple originators. The loans are serviced by Acra and Rushmore
Loan Management Services LLC (Rushmore).

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.6% above a long-term sustainable level (versus
10.5% on a national level as of January 2023, down 1.7% since last
quarter). The rapid gain in home prices through the pandemic has
shown signs of moderating with a decline in 3Q22. Home prices rose
9.2% YoY nationally as of October 2022 due to the strong gains in
1H22.

Non-Qualified Mortgage (QM) Credit Quality (Negative): The
collateral consists of 788 loans totaling $365 million and seasoned
approximately 11 months in aggregate, calculated as the difference
between the origination date and the cutoff date. The borrowers
have a moderate credit profile — a 725 model FICO and a 47%
debt-to-income ratio (DTI), which includes mapping for debt service
coverage ratio (DSCR) loans — and leverage, as evidenced by a 74%
sustainable loan-to-value ratio (sLTV). The pool comprises 53% of
loans treated as owner-occupied, while 47% were treated as an
investor property or second home, which includes loans to foreign
nationals or loans where the residency status was not provided
(five foreign nationals and 35 loans where residency was not
available). Of the loans, 57.3% are designated as a non-QM loan,
while the Ability to Repay Rule (ATR) does not apply for 42%.
Lastly, 1.6% of the loans are 30 days' delinquent as of the cutoff
date, while 3.7% are current but have experienced a delinquency or
had missing pay string data within the past 24 months.

Loan Documentation (Negative): Approximately 91% of the pool loans
were underwritten to less than full documentation, and 49% were
underwritten to a 12- or 24-month bank statement program for
verifying income, which is not consistent with Appendix Q standards
and Fitch's view of a full documentation program. A key distinction
between this pool and legacy Alt-A loans is that these loans adhere
to underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB) ATR, which reduces
the risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigors
of the ATR mandates regarding the underwriting and documentation of
the borrower's ability to repay.

Additionally, 33% of loans comprise a DSCR or property cash
flow-focused product, 3.2% are a CPA or Profit and Loss (PnL)
product and the remaining is a mix of other alternative
documentation products. Separately, five loans were originated to
foreign nationals and 35 were unable to confirm residency.

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

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

Excess Cash Flow (Positive): The transaction benefits from excess
cash flow to the rated notes before being paid out to class XS
notes, although to a much smaller extent than in prior vintages.
The excess is available to pay timely interest and protect against
realized losses. While the excess cash flow is a positive
structural feature, the impact on the bonds is minimal given its
magnitude and is expected to be reduced to zero after the 48th
payment date if A1 through A3 notes are still outstanding.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 39.9% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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.


CANYON CLO 2022-2: Fitch Assigns 'BB-sf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Canyon
CLO 2022-2, Ltd.

   Entity/Debt             Rating                    Prior
   -----------             ------                    -----
Canyon CLO
2022-2, Ltd

   A                    LT NRsf   New Rating     NR(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

Canyon CLO 2022-2, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) managed by Canyon CLO Advisors
LP. Net proceeds from the issuance of the secured and subordinated
notes will provide financing on a portfolio of approximately $400.0
million of primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
98.7% first-lien senior secured loans and has a weighted average
recovery assumption of 74.3%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

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

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

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the class B, C, D and E
notes can withstand default rates of up to 50.3%, 45.3%, 35.4% and
31.3%, respectively, assuming portfolio recovery rates of 45.4%,
54.8%, 64.0% and 69.2% in Fitch's 'AAsf', 'Asf', 'BBB-sf', and
'BB-sf' scenarios, respectively.

RATING SENSITIVITIES

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

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

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

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


CASCADE MH 2021-MH1: Fitch Affirms 'B-sf' Rating on Class B-2 Notes
-------------------------------------------------------------------
Fitch Ratings has reviewed 68 classes from Towd Point Mortgage
Trust 2019-MH1, Towd Point Mortgage Trust 2020-MH1 and Cascade MH
Asset Trust 2021-MH1 RMBS transactions. 46 classes have been
upgraded, and 22 classes have been affirmed.

   Entity/Debt        Rating             Prior
   -----------        ------             -----
Cascade MH Asset
Trust 2021-MH1
  
   A-1 14731QAA7   LT AAAsf  Affirmed    AAAsf
   A-2 14731QAB5   LT AA-sf  Affirmed    AA-sf
   B-1 14731QAE9   LT BB-sf  Affirmed    BB-sf
   B-2 14731QAF6   LT B-sf   Affirmed     B-sf
   M-1 14731QAC3   LT A-sf   Affirmed     A-sf
   M-2 14731QAD1   LT BBB-sf Affirmed   BBB-sf

TPMT 2020-MH1

   A1 89178YAA2    LT AAAsf  Affirmed    AAAsf
   A1A 89178YAH7   LT AAAsf  Affirmed    AAAsf
   A1AX 89178YAJ3  LT AAAsf  Affirmed    AAAsf
   A2 89178YAB0    LT AAAsf  Upgrade      AAsf
   A2A 89178YAK0   LT AAAsf  Upgrade      AAsf
   A2AX 89178YAL8  LT AAAsf  Upgrade      AAsf
   A2B 89178YAM6   LT AAAsf  Upgrade      AAsf
   A2BX 89178YAN4  LT AAAsf  Upgrade      AAsf
   A3 89178YAP9    LT AAAsf  Upgrade      AAsf
   A4 89178YAQ7    LT AAsf   Upgrade       Asf
   A5 89178YAR5    LT Asf    Upgrade     BBBsf
   B1 89178YAE4    LT BBBsf  Upgrade      BBsf
   B1A 89178YAY0   LT BBBsf  Upgrade      BBsf
   B1AX 89178YAZ7  LT BBBsf  Upgrade      BBsf
   B1B 89178YBA1   LT BBBsf  Upgrade      BBsf
   B1BX 89178YBB9  LT BBBsf  Upgrade      BBsf
   B2 89178YAF1    LT BBsf   Upgrade       Bsf
   B2A 89178YBC7   LT BBsf   Upgrade       Bsf
   B2AX 89178YBD5  LT BBsf   Upgrade       Bsf
   B2B 89178YBE3   LT BBsf   Upgrade       Bsf
   B2BX 89178YBF0  LT BBsf   Upgrade       Bsf
   M1 89178YAC8    LT AAsf   Upgrade       Asf
   M1A 89178YAS3   LT AAsf   Upgrade       Asf
   M1AX 89178YAT1  LT AAsf   Upgrade       Asf
   M1B 89178YAU8   LT AAsf   Upgrade       Asf
   M1BX 89178YAV6  LT AAsf   Upgrade       Asf
   M2 89178YAD6    LT Asf    Upgrade     BBBsf
   M2A 89178YBX1   LT Asf    Upgrade     BBBsf
   M2AX 89178YBY9  LT Asf    Upgrade     BBBsf
   M2B 89178YAW4   LT Asf    Upgrade     BBBsf
   M2BX 89178YAX2  LT Asf    Upgrade     BBBsf

TPMT 2019-MH1

   A1 89177WAA7    LT AAAsf  Affirmed    AAAsf
   A1A 89177WAT6   LT AAAsf  Affirmed    AAAsf
   A1AX 89177WAU3  LT AAAsf  Affirmed    AAAsf
   A2 89177WAB5    LT AAAsf  Upgrade      AAsf
   A2A 89177WAV1   LT AAAsf  Upgrade      AAsf
   A2AX 89177WAX7  LT AAAsf  Upgrade      AAsf
   A2B 89177WAW9   LT AAAsf  Upgrade      AAsf
   A2BX 89177WAY5  LT AAAsf  Upgrade      AAsf
   A3 89177WAK5    LT AAAsf  Upgrade      AAsf
   A4 89177WAL3    LT AAsf   Upgrade       Asf
   A5 89177WAM1    LT Asf    Upgrade     BBBsf
   B1 89177WAE9    LT BBsf   Affirmed     BBsf
   B1A 89177WBH1   LT BBsf   Affirmed     BBsf
   B1AX 89177WBK4  LT BBsf   Affirmed     BBsf
   B1B 89177WBJ7   LT BBsf   Affirmed     BBsf
   B1BX 89177WBL2  LT BBsf   Affirmed     BBsf
   B2 89177WAF6    LT Bsf    Affirmed      Bsf
   B2A 89177WBM0   LT Bsf    Affirmed      Bsf
   B2AX 89177WBP3  LT Bsf    Affirmed      Bsf
   B2B 89177WBN8   LT Bsf    Affirmed      Bsf
   B2BX 89177WBQ1  LT Bsf    Affirmed      Bsf
   M1 89177WAC3    LT AAsf   Upgrade       Asf
   M1A 89177WAZ2   LT AAsf   Upgrade       Asf
   M1AX 89177WBB4  LT AAsf   Upgrade       Asf
   M1B 89177WBA6   LT AAsf   Upgrade       Asf
   M1BX 89177WBC2  LT AAsf   Upgrade       Asf
   M2 89177WAD1    LT Asf    Upgrade     BBBsf
   M2A 89177WBD0   LT Asf    Upgrade     BBBsf
   M2AX 89177WBF5  LT Asf    Upgrade     BBBsf
   M2B 89177WBE8   LT Asf    Upgrade     BBBsf
   M2BX 89177WBG3  LT Asf    Upgrade     BBBsf

TRANSACTION SUMMARY

Overall rating changes and Rating Outlooks are driven by the
varying cashflow structures, recent structural performance, and the
relationship of the structures relative to changes in Fitch's
expected losses.

The classes that were upgraded (TPMT) had a significant increase in
credit enhancement (CE) versus change in expected losses as a
percentage of the remaining balance. Whereas the classes that are
affirmed and moved to Outlook Negative (CMHAT), had an increase in
expected losses in the lower stresses and smaller amount of
increase in CE.

- 44 classes upgraded;

- 22 classes affirmed;

- 44 classes have a Positive Outlook; 21 classes have a Stable
Outlook; and three classes have a Negative Outlook.

KEY RATING DRIVERS

Deal Structure (Positive): All three transactions feature a cash
flow waterfall based on a sequential-pay structure. The subordinate
classes do not receive principal until the senior classes are
repaid in full. Losses are allocated in reverse-sequential order.

All transactions feature a significant amount of excess spread, and
use excess spread to absorb periodic losses in a given period.
However, there is a significant difference in the way excess spread
is allocated when not used to protect against losses.

The TPMT MH transactions use the monthly excess cash flow to pay
principal on the bonds, which is a significantly more supportive
structure, especially for the senior notes. The use of excess cash
flow to pay principal results in the senior bonds paying down
faster, and the bonds to de-lever faster, thus increasing the CE as
a percentage of the remaining balance. Since the prior review and
issuance, the CE has increased significantly.

- TPMT 2019-MH1 A1 bond CE increased to 75.3 from 60.7% (37.7% at
issuance);

- TPMT 2020-MH1 A1 bond CE increased to 30.8 from 23.8% (12.8% at
issuance);

- TPMT 2019-MH1 B2 bond CE increased to 24.2 from 19.9% (12.6% at
issuance);

- TPMT 2020-MH1 B2 bond CE increased to 9.1 from 5.7% (0.25% at
issuance).

The monthly excess cash flow for the CMHAT transaction is
distributed to the class X holder. This results in a slower pay
down of the bonds and slower build of CE as a percentage of the
remaining balance. However, as a result of the excess spread being
used to absorb losses, none of the CMHAT bonds have taken any
writedowns.

Since the prior review and issuance the CE has increased less than
the TPMT transactions.

- CMHAT 2021-MH1 A1 bond CE increased to 42.7 from 39.4% (36.6% at
issuance);

- CMHAT 2021-MH1 B2 bond CE increased to 8.0 from 7.4% (6.85% at
issuance).

Collateral Performance (Mixed): The 30, 60 and 90-day delinquency
data for the three transactions have fluctuated over the course of
the past 12 months.

- TPMT 2019-MH1 30+ DQ is 2.95% - Up 230 bps since last year;

- TPMT 2020-MH1 30+ DQ is 1.07% - Up 10 bps since last year;

- CMHAT 2021-MH1 30+ DQ is 3.68% - Up 148 bps since last year.

Fitch's default model for MH is largely driven by borrower payment
and delinquency performance. Based on the historical default rate
of MH loans, Fitch assumes that when a borrower is not performing,
there is a 100% PD. Additionally, based on the historical default
rate of MH loans, Fitch increases the expected default rate on
loans with a recent delinquency, generally above 70% in the base
case.

Over 15% of the CMHAT loans are either non-performing or have had a
recent delinquency, which results in a significantly higher
expected loss on just these loans given Fitch's Loss Severity
assumptions. This is meaningfully higher than a pool that was newly
originated and performing at issuance.

The MH collateral continues to sustain losses. However, the excess
spread and subordination are absorbing losses to protect the rated
classes. To date, only the unrated TPMT 2019-MH1 B5 class has taken
any writedowns.

- TPMT 2019-MH1 has an accumulative net loss of 4.0% and an average
lifetime severity of 91%;

- TPMT 2020-MH1 has an accumulative net loss of 2.8% and an average
lifetime severity of 99%;

- CMHAT 2021-MH1 has an accumulative net loss of 0.4% and an
average lifetime severity of 45%.

Manufactured Housing Loans (Negative): The two TPMT transactions
are backed by 100% seasoned MH loans while the Cascade transaction
is back by 100% newly originated MH loans.

MH loans typically experience higher default rates and lower
recoveries than site-built residential homes. Modest changes in
borrower expenses could impair their ability to make MH payments
thus affecting the cash flow to the transaction. Fitch applied a
loan-level loss model developed specifically for MH loans based on
the historical observations of more than one million MH loans
originated from 1993-2002, with performance tracked through 2018.

Fitch applies elevated loss severities for MH transactions due to
the collateral underperforming site-built residential homes. Due to
the transactions' high loss severities, which are near 100%, even
small changes to the delinquencies can have a significant effect on
the transactions' expected losses.

Pool Expected Losses (Mixed): Since February 2022, the expected
losses are generally higher. The transactions that have de-levered
slower, are more at risk for downgrades as a result of an increase
in expected losses.

- TPMT 2019-MH1 AAA xLoss is 39.6% - up 287 bps since last year;

- TPMT 2020-MH1 AAA xLoss is 23.9% - down 114 bps since last year;

- CMHAT 2021-MH1 AAA xLoss is 55.3% up 198 bps since last year;

- TPMT 2019-MH1 Base-Case xLoss is 14.4% - down 56 bps since last
year;

- TPMT 2020-MH1 Base-Case xLoss is 8.8% - up 301 bps since last
year;

- CMHAT 2021-MH1 Base-Case xLoss is 27.0% - up 137 bps since last
year.

RATING SENSITIVITIES

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

Fitch's analysis incorporates sensitivity analyses to demonstrate
how the ratings would react to additional losses. The implied
rating sensitivities are only an indication of some of the
potential outcomes and do not consider other risk factors that the
transaction may become exposed to or that may be considered in the
surveillance of the transaction.

- Fitch conducted a sensitivity analysis determining how the
ratings would react to additional losses of 5%, 10% and 15%. The
analysis indicates there is some potential rating migration with an
increase in loss.

- Fitch also conducted a sensitivity analysis to determine what
increase in losses would reduce a rating by one full category, to
non-investment grade, and to 'CCCsf'.

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

- Fitch conducted a sensitivity analysis determining how the
ratings would react to lower losses of 5%, 10% and 15%. The
analysis indicates there is some potential rating migration with a
decrease in loss.


CIFC FUNDING 2015-I: Moody's Cuts Rating Cl. F-RR Notes to Caa2
---------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by CIFC Funding 2015-I, Ltd.:

US$66,000,000 Class B-RR Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on December 22, 2017
Assigned Aa2 (sf)

Moody's has also downgraded the rating on the following notes:

US$10,500,000 Class F-RR Mezzanine Secured Deferrable Floating Rate
Notes due 2031, Downgraded to Caa2 (sf); previously on December 22,
2017 Assigned B3 (sf)

CIFC Funding 2015-I, Ltd., originally issued in March 2015 and most
recently refinanced in December 2017, 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 ends in January 2023.

RATINGS RATIONALE

The upgrade rating action reflects the benefit of the end of the
deal's reinvestment period in January 2023. In light of the
reinvestment restrictions during the amortization period which
limit the ability of the manager to effect significant changes to
the current collateral pool, Moody's analyzed the deal assuming a
higher likelihood that the collateral pool characteristics will be
maintained. In particular, Moody's assumed that the deal will
benefit from a lower weighted average rating factor (WARF) and
higher weighted average spread (WAS) compared to their respective
covenant levels.  Moody's modeled a WARF of 2813 compared to its
current covenant level of 2954 and WAS of 3.46% compared to its
covenant level of 3.38%.

The downgrade rating action on the Class F notes primarily reflects
the specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
trustee's December 2022 report[1], the over-collateralization (OC)
ratio for the Class F notes is reported at 104.3% versus December
2021 trustee reported level[2] of 105.11%.

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: $584,200,355

Defaulted par: $5,725,203

Diversity Score: 86

Weighted Average Rating Factor (WARF): 2813

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.46%

Weighted Average Recovery Rate (WARR): 47.70%

Weighted Average Life (WAL): 4.5 years

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, near term defaults by
companies facing liquidity pressure, deterioration in credit
quality of the underlying portfolio, decrease in overall WAS and
lower recoveries on defaulted assets.

Methodology Used for the Ratings 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.


CITIGROUP COMMERCIAL 2006-C5: Fitch Withdraws Rating on 13 Classes
------------------------------------------------------------------
Fitch Ratings has downgraded one class of Citigroup Commercial
Mortgage Trust 2006-C5 and affirmed and withdrawn the ratings of
the remaining 13 classes. In addition, Fitch has affirmed each of
the remaining classes of WFRBS Commercial Mortgage Trust 2012-C7
and Credit Suisse First Boston Mortgage Securities Corporation
2004-C3 at their current ratings.

   Entity/Debt      Rating          Prior
   -----------      ------          -----
WFRBS 2012-C7

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

Citigroup
Commercial
Mortgage Trust
2006-C5
  
   B 17310MAJ9   LT Dsf  Downgrade    Csf
   B 17310MAJ9   LT WDsf Withdrawn    Dsf
   C 17310MAK6   LT Dsf  Affirmed     Dsf
   C 17310MAK6   LT WDsf Withdrawn    Dsf
   D 17310MAL4   LT Dsf  Affirmed     Dsf
   D 17310MAL4   LT WDsf Withdrawn    Dsf
   E 17310MAQ3   LT Dsf  Affirmed     Dsf
   E 17310MAQ3   LT WDsf Withdrawn    Dsf
   F 17310MAS9   LT Dsf  Affirmed     Dsf
   F 17310MAS9   LT WDsf Withdrawn    Dsf
   G 17310MAU4   LT Dsf  Affirmed     Dsf
   G 17310MAU4   LT WDsf Withdrawn    Dsf
   H 17310MAW0   LT Dsf  Affirmed     Dsf
   H 17310MAW0   LT WDsf Withdrawn    Dsf
   J 17310MAY6   LT Dsf  Affirmed     Dsf
   J 17310MAY6   LT WDsf Withdrawn    Dsf
   K 17310MBA7   LT Dsf  Affirmed     Dsf
   K 17310MBA7   LT WDsf Withdrawn    Dsf
   L 17310MBC3   LT Dsf  Affirmed     Dsf
   L 17310MBC3   LT WDsf Withdrawn    Dsf
   M 17310MBE9   LT Dsf  Affirmed     Dsf
   M 17310MBE9   LT WDsf Withdrawn    Dsf
   N 17310MBG4   LT Dsf  Affirmed     Dsf
   N 17310MBG4   LT WDsf Withdrawn    Dsf
   O 17310MBJ8   LT Dsf  Affirmed     Dsf
   O 17310MBJ8   LT WDsf Withdrawn    Dsf

Credit Suisse
First Boston
Mortgage
Securities Corp.
2004-C3
  
   E 22541SWQ7   LT Dsf  Affirmed     Dsf
   F 22541SWR5   LT Dsf  Affirmed     Dsf
   G 22541SWS3   LT Dsf  Affirmed     Dsf
   H 22541SWT1   LT Dsf  Affirmed     Dsf
   J 22541SWU8   LT Dsf  Affirmed     Dsf
   K 22541SWV6   LT Dsf  Affirmed     Dsf
   L 22541SWW4   LT Dsf  Affirmed     Dsf
   M 22541SWX2   LT Dsf  Affirmed     Dsf
   O 22541SWZ7   LT Dsf  Affirmed     Dsf

Fitch has withdrawn the ratings from all remaining classes of
Citigroup Commercial Mortgage Trust 2006-C5 as there is no
remaining collateral and the trust balances have been reduced to
zero.

KEY RATING DRIVERS

Fitch has downgraded and withdrawn one class of Citigroup
Commercial Mortgage Trust 2006-C5 to 'Dsf' as the class has
realized its first dollar loss. Per the November 2022 remittance
report, class B received $6.7 in principal paydown and $35.7
million in losses. Class B was previously rated 'Csf,' which
indicated default was inevitable.

Fitch has also withdrawn all classes of Citigroup Commercial
Mortgage Trust 2006-C5 at 'Dsf' as there is no remaining collateral
and the trust balances have been reduced to zero.

Fitch has affirmed all classes of WFRBS Commercial Mortgage Trust
2012-C7. Three other 'Dsf' rated classes were affirmed at their
current ratings, as a result of previously incurred losses. Class F
incurred a principal loss following the disposition of the Fashion
Square asset, which resulted in net proceeds to the trust totaling
$8.3 million ($19 psf). Class G experienced full principal losses
as a result of the disposition of the Florence Mall asset, net
proceeds from the sale totaled $42.4 million ($110 psf).

Fitch Ratings has affirmed all classes of Credit Suisse First
Boston Mortgage Securities Corporation commercial mortgage
pass-through certificates, series 2004-C3. The remaining loan in
the pool is fully defeased. The affirmation of Class E reflects the
previously incurred principal losses following the disposal of the
Counsel Square asset in October 2019.

RATING SENSITIVITIES

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

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

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

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

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.


CITIGROUP COMMERCIAL 2015-GC29: Fitch Affirms B- Rating on F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust series 2015-GC29 commercial mortgage pass-through
certificates.

   Entity/Debt          Rating              Prior
   -----------          ------              -----
CGCMT 2015-GC29

   A-3 17323VAY1     LT AAAsf  Affirmed     AAAsf
   A-4 17323VAZ8     LT AAAsf  Affirmed     AAAsf
   A-AB 17323VBB0    LT AAAsf  Affirmed     AAAsf
   A-S 17323VBC8     LT AAAsf  Affirmed     AAAsf
   B 17323VBD6       LT AA-sf  Affirmed     AA-sf
   C 17323VBE4       LT A-sf   Affirmed     A-sf
   D 17323VAA3       LT BBB-sf Affirmed     BBB-sf
   E 17323VAC9       LT BBsf   Affirmed     BBsf
   F 17323VAE5       LT B-sf   Affirmed     B-sf
   PEZ 17323VBH7     LT A-sf   Affirmed     A-sf
   X-A 17323VBF1     LT AAAsf  Affirmed     AAAsf
   X-B 17323VBG9     LT AA-sf  Affirmed     AA-sf
   X-D 17323VAL9     LT BBB-sf Affirmed     BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall pool loss expectations have
increased slightly since the last rating action primarily due to
higher losses on the Parkchester Commercial and Papago Arroyo
loans. While the majority of the pool has exhibited stable
performance and have recovered from pandemic lows, Fitch has
identified six loans (13.8% of the pool) as Fitch Loans of Concern
(FLOCs). There are no delinquent or specially serviced loans.
Fitch's current ratings incorporate a base case loss of 5.9%.

The largest increase in loss since Fitch's last review is
Parkchester Commercial (6.5%), collateralized by a 541,232-sf,
retail/office mixed-use property located in the Bronx, NY. The
largest tenant Macy's (31.5%), has a lease expiration in March
2024. Servicer reported YE 2021 NOI has declined by 36% compared to
YE 2020 and 56% compared to issuance, mainly due to increasing
expenses, particularly real estate taxes and repairs and
maintenance. The NOI DSCR as of September 2022 was .71x compared to
.84x at YE 2021, 1.31x at YE 2020, 1.14x at YE 2019, 1.14x at YE
2018, 1.61x at YE 2017 and 1.92x at issuance.

Occupancy has remained relatively stable at the property and is 90%
as of September 2022 compared to 89% as of December 2021, 93% as of
December 2020, 94% as of December 2019 and 93% at issuance. Fitch's
analysis included an 8.75% cap rate and 10% stress to the June 2022
annualized NOI due to the upcoming tenant rollover and Macy's lease
expiration before the loan maturity, which resulted in a 29% loss
severity.

The second largest increase in loss since Fitch's last review is
Papago Arroyo (3.1%), collateralized by a 279,504 sf, suburban
office property in Tempe, AZ. The former largest tenant, Sonora
Quest Laboratories (55% of NRA), vacated the majority of their
space in July 2020 before the lease expiration in December 2023.
Sonora Quest provided the required termination fee of $976,000
after exercising an early termination option. Additionally, the
previous borrower provided a LOC of $1 million to prevent a trigger
event from occurring.

In July 2021 the loan was assumed by Southwest Value Partners Fund,
who is expected to invest additional capital to attract new tenants
and stabilize the property. Occupancy as of Sept. 2022 is 35% down
from 46% as of December 2020, and 96% as of December 2019. The NOI
DSCR declined to .42x at September 2022 from .66x at YE 2021, 1.60x
at YE 2020, and 2.56x at YE 2019. Fitch's analysis included a 10.5%
cap rate and 35% stress to the YE 2020 NOI to account for declining
occupancy and rental rates at the property which resulted in a 31%
loss severity.

Improved Credit Enhancement (CE): CE has increased since issuance
due to loan payoffs and scheduled amortization. As of the January
2023 distribution date, the pool's aggregate principal balance has
been reduced by 20.1% to $893.2 million from $1.12 billion at
issuance. Eight loans have paid off since issuance, including the
fourth largest loan, Apollo Education Group Headquarters, formerly
$91.5 million. Four loans, approximately 38.5% of the pool, are
full-term interest only (IO), including the two largest loans in
the pool. All of the partial-term, IO loans (46.5%) are now
amortizing. Twenty loans (25.6%) are fully defeased, up from
fourteen loans (20.2%) at the prior review. All remaining loans
mature from March 2024 through April 2025. There has been $3.31
million of realized losses from two loans liquidating since
issuance.

Property Type Concentration: Approximately 34.8% of the loans in
the pool are secured by office properties, 19.4% retail properties,
19.4% mixed use, and 16.1% multifamily.

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 'AA-sf' and 'AAAsf' categories are not expected
given their high CE relative to expected losses and continued
amortization, but may occur if interest shortfalls occur or if a
high proportion of the pool defaults and expected losses increase
considerably.

Downgrades to the 'A-sf' and 'BBB-sf' categories 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 'BBsf' and 'B-sf' categories would occur should loss
expectations increase and if performance of the FLOCs or loans
vulnerable to the pandemic 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 to the 'A-sf' and 'AA-sf' categories would likely occur
with significant improvement in CE and/or defeasance; however,
adverse selection, increased concentrations and/or further
underperformance of the FLOCs could cause this trend to reverse.

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

Classes would not be upgraded above 'Asf' if there were likelihood
for interest shortfalls. Upgrades to the 'BBsf' and 'B-sf' category
are not likely until the later years in a transaction and only if
the performance of the remaining pool is stable and there is
sufficient CE to the classes.

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.


CITIGROUP COMMERCIAL 2017-P7: Fitch Affirms BB- Rating on 4 Classes
-------------------------------------------------------------------
Fitch Ratings has affirmed 20 classes and revised the Rating
Outlooks to Stable from Negative on 15 classes of Citigroup
Commercial Mortgage Trust 2017-P7, commercial mortgage pass-through
certificates, series 2017-P7.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
CGCMT 2017-P7

   A-3 17325HBN3    LT AAAsf  Affirmed   AAAsf
   A-4 17325HBP8    LT AAAsf  Affirmed   AAAsf
   A-AB 17325HBQ6   LT AAAsf  Affirmed   AAAsf
   A-S 17325HBR4    LT AAAsf  Affirmed   AAAsf
   B 17325HBS2      LT AA-sf  Affirmed   AA-sf
   C 17325HBT0      LT A-sf   Affirmed    A-sf
   D 17325HAA2      LT BB-sf  Affirmed   BB-sf
   E 17325HAC8      LT CCCsf  Affirmed   CCCsf
   F 17325HAE4      LT CCsf   Affirmed    CCsf
   V-2A 17325HAN4   LT AAAsf  Affirmed   AAAsf
   V-2B 17325HAQ7   LT AA-sf  Affirmed   AA-sf
   V-2C 17325HAS3   LT A-sf   Affirmed    A-sf
   V-2D 17325HAU8   LT BB-sf  Affirmed   BB-sf
   V-3AB 17325HAY0  LT AA-sf  Affirmed   AA-sf
   V-3C 17325HBA1   LT A-sf   Affirmed   A-sf
   V-3D 17325HBC7   LT BB-sf  Affirmed   BB-sf
   X-A 17325HBU7    LT AAAsf  Affirmed   AAAsf
   X-B 17325HBV5    LT AA-sf  Affirmed   AA-sf
   X-C 17325HBW3    LT A-sf   Affirmed   A-sf
   X-D 17325HAJ3    LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

Stable Performance and Loss Expectations: Overall pool performance
and base case loss expectations have remained relatively stable
since Fitch's prior rating action. Fitch has identified 13 Fitch
Loans of Concern (FLOCs; 37.0% of the pool balance), including
seven (16.6%) specially serviced loans.

Fitch's current ratings incorporate a base case loss of 8.9%. The
Outlook revisions to Stable from Negative reflect the
better-than-expected recoveries from disposed specially serviced
loans and recovering performance of loans impacted by the pandemic,
combined with increased credit enhancement (CE).

The largest contributor to Fitch's overall loss expectations is the
229 West 43rd Street Retail Condo loan (3.4% of the pool), which
represents nearly one-third of Fitch's total expected loss for the
pool. The loan is secured by a 245,132-sf retail condominium
located in Manhattan's Time Square district. The loan transferred
to special servicing in December 2019 for imminent monetary
default.

The property had already been experiencing tenancy issues prior to
the pandemic. With tenants operating in the entertainment and
tourism industries, the property sustained further declines due to
the onset of the pandemic. A receiver was appointed in March 2021
and foreclosure has been filed; per the servicer, due to delays in
the New York City courts, the foreclosure timing is unclear. Fitch
has requested an update from the servicer regarding the foreclosure
status, but was not provided a response.

Multiple lease sweep periods have occurred related to the majority
of the tenants triggering a cash flow sweep since December 2017.
Additionally, the OHM food hall concept contemplated at issuance
failed to open at the property. Three tenants, National Geographic,
Gulliver's Gate and Guitar Center (combined, 54% of the NRA), have
vacated the property; as a result, occupancy has declined to 40.9%
as of the July 2022 rent roll.

Per the special servicer, Los Tacos and Bacall's (formerly The
Ribbon) are currently paying reduced rents under recently approved
lease modifications. A lease modification for Haru is also
forthcoming, while one for Bowlmor is currently being negotiated.
Per media reports, BuzzFeed has recently announced it will relocate
its headquarters to the property and is expected to lease
approximately 110,000 sf (44% of the NRA). The property had been
benefiting from an Industrial Commercial Incentive Program (ICIP)
tax abatement, which began to burn off in the 2017-2018 tax year by
20% per year.

Fitch's base case loss of approximately 77% reflects a stressed
value of $395 psf and is based on a discount to the most recent
appraisal of the property. The loan exposure continues to increase
due to servicer advances.

The second largest contributor to loss expectations is The Tower at
OPOP loan (2.2%), which is secured by a 128-unit luxury high-rise
multifamily property located in the Post Office Square submarket of
Downtown St. Louis, MO. Property performance has not returned to
pre-pandemic levels. Per the servicer, the Downtown submarket has
been slow to recover and the borrower is also selective with the
property's tenants. Occupancy fell to 78.4% as of September 2022
from 86.5% at YE 2021, 90% at YE 2020 and 97% at YE 2019. As of
September 2021, the NOI DSCR declined further to 0.70x from 0.91x
at YE 2021, 1.18x at YE 2020, 1.12x at YE 2019 and 1.30x at YE
2018. The loan began amortizing in 2022. Fitch's base case loss of
37% reflects an 8.75% cap rate and 5% stress to the YE 2020 NOI.

The third largest contributor to overall losses is the specially
serviced Hamilton Crossing loan (3.6%), which is secured by a
590,917-sf office complex located in Carmel, IN. The loan
transferred to the special servicer in July 2019 for imminent
default after the property's top tenant, ADESA, which leased 30% of
the NRA, vacated at its July 2019 lease expiry. Occupancy has since
been recovering slowly. As of the September 2022 rent roll,
occupancy was reported at 72.6%, compared with 67.7% at YE 2021,
53.8% at YE 2020 and 56.5% at YE 2019.

However, per the special servicer, Byrider Franchising LLC, (11.8%
of NRA), is expected to downsize its space to 4.6% of NRA, which
will result in overall property occupancy declining to
approximately 65%. Fitch's loss expectation of 19% reflects a
stressed value of $68 psf, factoring in a 10% stress to the
annualized YTD June 2022 NOI to account for the anticipated
downsizing of Byrider.

Increased Credit Enhancement (CE): As of the January 2023
distribution date, the pool's aggregate balance has been paid down
by 11.8% to $884.1 million from $1.024 billion at issuance. Two
loans ($49.2 million) prepaid in full at their scheduled maturities
while an additional loan ($18.0 million) repaid early with a
premium. Three loans (11.2%) are now fully defeased, compared with
one loan (7.8%) at the last rating action. There are 16 (45.3%)
full-term interest only loans and 17 (40.4%) partial interest only
loans in the pool. There have been no realized losses to date.

High Retail and Office Concentrations: Loans secured by office
properties represent 50.7% of the pool, including 10 loans (46.8%)
in the top 15. Loans backed by retail properties represent 21% of
the pool, including three loans (12.4%) in the top 15.

RATING SENSITIVITIES

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

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

- Downgrades to the 'AAAsf' and 'AA-sf' classes are not likely due
to the continued expected amortization and sufficient CE relative
to loss expectations, but may occur should interest shortfalls
affect these classes;

- Downgrades to the 'A-sf' classes would occur should expected
losses for the pool increase substantially, with continued
underperformance of the FLOCs, and/or the transfer of loans to
special servicing;

- Downgrades to the 'BB-sf' classes would occur should loss
expectations increase as FLOC performance declines or fails to
stabilize;

- Downgrades to the distressed classes E and F would occur with
additional realized losses or greater certainty of loss on the
specially serviced loans.

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

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

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

- Upgrades to the 'AA-sf' and 'A-sf' classes may occur with
significant improvement in CE and/or defeasance, and with the
stabilization of performance on the FLOCs; however, adverse
selection and increased concentrations could cause this trend to
reverse;

- Upgrades to 'BB-sf' classes are not likely until the later years
in the transaction and only if the performance of the remaining
pool is stable, FLOCs stabilize, and/or there is sufficient CE to
the bonds;

- Upgrades to the distressed classes are unlikely, but possible
should the specially serviced loans experience better than expected
recoveries and/or the Fitch Loans of Concern have improved
performance.

ESG CONSIDERATIONS

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


COMM 2012-LTRT: S&P Affirms 'BB (sf)' Rating on Class B Notes
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from COMM 2012-LTRT,
a U.S. CMBS transaction. At the same time, S&P affirmed its ratings
on three other classes from the same transaction.

This U.S. CMBS transaction is backed by two uncrossed fixed-rate
amortizing mortgage loans, which are each secured by the borrower's
fee simple interest in a regional mall property.

Rating Actions

S&P said, "The downgrades of classes C, D, and E, and affirmations
of classes A-2 and B reflect our re-evaluation of Westroads Mall
($108.1 million; 53.2% of the pooled trust balance) and The Oaks
Mall ($95.1 million; 46.8%), which secure the two uncrossed
mortgage loans in the transaction. Our analysis includes a review
of the two malls' revised September 2022 appraisal values released
by the servicer in January 2023, the performance data for the nine
months ended Sept. 30, 2022, and our assessment that the borrowers
were not able to refinance the loans by their October 2022 maturity
dates. According to the servicer, KeyBank Real Estate Capital
(KeyBank), both loans were recently modified and extended to
October 2024.

"In our last review in May 2022, we revised and lowered our overall
long-term sustainable net cash flow (NCF) for the two malls to
$18.5 million, which generally aligned to the 2020
servicer-reported figures. Using a 9.00% S&P Global Ratings
capitalization rate, we arrived at an expected-case valuation, in
aggregate, of $205.1 million. Our current analysis considers the
servicer reported NCF totaling $21.0 million for the nine months
ended Sept. 30, 2022, and $24.1 million as of year-end 2021. As a
result, we maintained our NCF from the last review. However, we
increased the S&P Global Ratings capitalization rates to 9.50% for
Westroads Mall and 9.75% for The Oaks Mall, which follow the high
implied market capitalization rates based on the September 2022
appraisal values totaling $234.0 million. Our current revised
combined expected case value of $192.4 million represents a 6.2%
decline from our last review.

"We lowered our ratings on classes D and E to 'CCC (sf)' and 'CCC-
(sf)' from 'B- (sf)' and 'CCC (sf)', respectively, to reflect on
our view of the increased susceptibility to liquidity interruption
and elevated risk of default and loss based on our revised lower
expected-case values and the lower appraisal values totaling $234.0
million (down from $469.0 million at issuance)."

Although the model-indicated rating on class A-2 was lower than the
class's current rating, S&P affirmed its rating because S&P weighed
certain qualitative considerations, including:

-- The expected paydown of the class's balance from amortization
of the loans through their extended maturity dates in October
2024;

-- The significant market value decline based on the revised
September 2022 appraisal values that would be needed before this
class experiences principal losses;

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

-- The senior position of the class in the payment waterfall.

S&P lowered its rating on the class X-B interest-only (IO)
certificates and affirmed our rating on the class X-A IO
certificates based on our criteria for rating IO securities, in
which the ratings on the IO securities would not be higher than
that of the lowest-rated referenced class. The class X-A's notional
balance references classes A-1 and A-2, while class X-B references
classes B, C, D, and E.

Transaction Summary

As of the Jan. 9, 2023, trustee remittance report, the trust
consists of two loans (the Westroads Mall loan and the Oaks Mall
loan, the same as at issuance) with a balance of $203.2 million,
down from $259.0 million at issuance. The trust has not incurred
any principal losses to date. Details on the two loans are below.

Westroads Mall loan

The Westroads Mall loan, the larger of the two loans, has a trust
balance of $108.1 million (53.2% of the pool balance), down from
$140.7 million at issuance. The loan amortizes on a 30-year
schedule, pays annual fixed interest of 4.295%, and matured on Oct.
1, 2022. In addition, the borrower's equity interest secures a
$13.2 million mezzanine loan. The sponsor, Brookfield Properties,
was not able to secure refinancing proceeds to pay off the loan at
maturity. KeyBank, in consultation with the special servicer, also
KeyBank, subsequently modified the loan. The modification terms
included, among other items:

-- Extending the loan's maturity date to Oct. 1, 2024;

-- The borrower contributing $5.0 million of capital to pay down
the principal balance;

-- Triggering cash management;

-- Sweeping excess cash flow into an excess cash flow reserve
account, which would be used to pay down the loan balance on a
quarterly basis; and

-- The borrower paying all fees and costs incurred.

S&P's current analysis yielded an S&P Global Ratings loan-to-value
(LTV) ratio of 88.9% on the trust balance. KeyBank reported a 91.6%
occupancy rate and 1.62x debt service coverage (DSC) on the trust
balance for the nine months ended Sept. 30, 2022, compared with
91.6% and 1.54x as of year-end 2021.

The Oaks Mall loan

The Oaks Mall loan, the smallest loan in the pool, has a $95.1
million trust balance, down from $118.3 million at issuance. The
loan amortizes on a 30-year schedule, pays a 4.121% annual fixed
interest rate, and matured on Oct. 1, 2022. The borrower's equity
interest secures a $16.8 million mezzanine loan. The sponsors,
Brookfield Properties and Ivanhoe Cambridge were not able to pay
off the loan at maturity. KeyBank, working with the special
servicer, subsequently modified the loan. The modification term
included, among other items:

-- Extending the loan's maturity date to Oct. 1, 2024;

-- Cash management remaining in place;

-- Sweeping excess cash flow into an excess cash flow reserve
account, for which the funds will be used to pay down the loan
balance on a quarterly basis;

-- Utilizing $4.9 million in the Dillard's escrow account to fund
the replacement and rollover reserves; and

-- The borrowers paying all fees and costs incurred.

S&P's current analysis yielded an S&P Global Ratings LTV ratio of
134.4% on the trust balance. KeyBank reported a 93.0% occupancy
rate and 1.07x DSC on the trust balance as of the nine months ended
Sept. 30, 2022, compared with 94.3% and 1.17x as of year-end 2021.

Property-Level Analysis

S&P's property-level analysis included a re-evaluation of the
Westroads Mall and The Oaks Mall, which back the two uncrossed
mortgage loans in the pool, using servicer-provided operating
statements from 2018 through the nine months ended Sept. 30, 2022,
the September 2022 rent rolls, and the September 2022 tenant sales
reports.

Details on the two properties are as follows:

-- Westroads Mall ($108.1 million pooled trust; 53.2% of pooled
trust balance)

-- Westroads Mall is a 1.1 million-sq.-ft. (of which 540,304 sq.
ft. serves as collateral) enclosed regional mall, in Omaha, Neb. It
was built in 1967 and renovated multiple times, most recently in
2013-2014. The mall is the largest in Nebraska, is anchored by AMC
Westroads (73,252 sq. ft.), Dick's Sporting Goods (84,000 sq. ft.),
JCPenney (177,223 sq. ft.; noncollateral) and Von-Maur (179,114 sq.
ft.; noncollateral). In addition, there is a vacant 172,699 sq. ft.
noncollateral anchor box formerly occupied by Younkers (closed in
2018).

S&P's property-level analysis considered the decline and subsequent
increase in servicer-reported NCF from 2018 through 2021: down 5.3%
to $15.7 million in 2019 from $16.6 million in 2018; down 20.1% to
$12.5 million in 2020; and then up 13.4% to $14.2 million in 2021;
however, it is still below pre-COVID-19 pandemic levels.
Servicer-reported NCF for the nine months ended Sept. 30, 2022, is
$11.7 million. The steep decline in 2020 is due primarily to
decreasing base rent revenue and other income mainly because of the
COVID-19 pandemic. According to the September 2022 tenant sales
report, the in-line tenant sales was approximately $496 per sq. ft.
(about $16 per sq. ft. higher than the September 2021 tenant sales
figures), and occupancy cost was 13.3%, as calculated by S&P Global
Ratings.

As of the Sept. 25, 2022, rent roll, the property was 95.9%
occupied. The five largest collateral tenants comprised 43.1% of
the net rentable area (NRA) and included:

-- Dick's Sporting Goods (15.6% of NRA; January 2024 lease
expiration; 4.5% of base rent, as calculated by S&P Global
Ratings);

-- AMC Westroads (13.6%; November 2023; 13.4%);

-- Forever 21 (5.7%; January 2023, considered vacant in S&P's
analysis because we attributed no rental income for this tenant);

-- The Container Store (4.7%; February 2027; pays percentage
rent); and

-- H&M (3.4%; January 2025; 4.1%).

-- The mall faces elevated tenant rollover in the next two years:

27.4% of NRA rolls in 2023, and 23.3% of NRA rolls in 2024.

S&P said, "Our current analysis considered tenant bankruptcies and
store closures, and excluded income from tenants that are no longer
listed on the mall directory website, that have announced store
closures, or reported weak sales with upcoming maturities, which
resulted in our assumed collateral occupancy rate of 89.5%. We
derived our sustainable NCF of $11.6 million, which is the same as
our last review and 18.2% lower than the 2021 servicer-reported
NCF. We then divided our NCF by an S&P Global Ratings'
capitalization rate of 9.50% (50 basis points higher than the last
review), arriving at our expected-case value of $121.6 million,
down 5.3% from our last review, and 18.4% lower than the September
2022 appraisal value of $149.0 million. The property was appraised
at $242.0 million at issuance."

The Oaks Mall ($95.1 million; 46.8%)

The Oaks Mall is a 906,349-sq.-ft. (of which 581,849 sq. ft. serves
as collateral) enclosed regional mall, in Gainesville, Fla., which
opened in 1978. The mall is anchored by JCPenney (133,561 sq. ft.),
Belk (99,806 sq. ft.), University of Florida Health (136,000 sq.
ft.; noncollateral), Macy's (103,500 sq. ft.; noncollateral), and
Dillard's (85,000 sq. ft.; noncollateral). The property is in
proximity to the University of Florida and Santa Fe College.

S&P said, "Our property-level analysis considered the material
year-over-year decline in servicer-reported NCF in 2019 (down 18.4%
to $10.1 million from $12.4 million in 2018) and 2020 (down 27.2%
to $7.3 million in 2020). While the servicer-reported NCF rebounded
in 2021 by 35.0% to $9.9 million, it is still below pre-COVID-19
pandemic levels. Servicer-reported NCF for the nine months ended
Sept. 30, 2022, is $6.8 million. We attributed the sharp decline in
2019 and 2020 performance primarily to lower base rent, expense
reimbursements, and other income. According to the September 2022
tenant sales report, the in-line sales figure was $343 per sq. ft.
(similar to the September 2021 tenant sales figures) and occupancy
cost was 14.5%, as calculated by S&P Global Ratings."

As of the Sept. 25, 2022, rent roll, the property was 93.0%
occupied. The five largest collateral tenants comprise 50.0% of the
NRA and included:

-- J.C. Penney (22.7% of NRA; January 2028 lease expiration after
the tenant recently exercised its five-year extension option;
considered vacant in our analysis because we attributed no rental
income for this tenant);

-- Belk (17.0%; February 2028, after tenant recently exercised its
five-year extension option; 3.4% of base rent, as calculated by S&P
Global Ratings);

-- Forever 21 (4.8%; January 2024; pays percentage rent;
considered vacant in our analysis because we attributed no rental
income for this tenant);

-- H&M (3.9%; January 2026; pays percentage rent); and

-- Shoe Carnival (1.7%; January 2027; 1.5%).

-- The mall faces staggered tenant rollover (under 10.0% of NRA)
until 2028, when 17.7% of NRA rolls.

S&P said, "Our current analysis considered tenant bankruptcies and
store closures, and excluded income from tenants that are no longer
listed on the mall directory website, that have announced store
closures, or reported weak sales with upcoming maturities, such as
JCPenney. This resulted in our assumed collateral occupancy rate of
61.4%. We derived our sustainable NCF of $6.9 million, the same as
at our last review and down 30.4% from the servicer-reported 2021
NCF. Using an S&P Global Ratings capitalization rate of 9.75% (up
75 basis points from last review), we arrived at our expected-case
value of $70.8 million, down 7.7% from our last review, and 16.8%
lower than the September 2022 appraisal value of $85.0 million. The
property was appraised at $227.0 million at issuance.

"We will continue to monitor and the malls' reported performance
and the borrowers' ability to pay off the loans by their extended
maturity dates. We may take additional rating actions if either the
malls' performance further deteriorates and/or the borrowers fail
to refinance the loans next year."

  Ratings Lowered

  COMM 2012-LTRT

  Class C: to 'B- (sf)' from 'B (sf)'
  Class D: to 'CCC (sf)' from 'B- (sf)'
  Class E: to 'CCC- (sf)' from 'CCC (sf)'
  Class X-B: to 'CCC- (sf)' from 'CCC (sf)'

  Ratings Affirmed

  COMM 2012-LTRT

  Class A-2: A (sf)
  Class B: BB (sf)
  Class X-A: A (sf)



CPS AUTO 2023-A: S&P Assigns BB (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to CPS Auto Receivables
Trust 2023-A's asset-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 59.91%, 52.55%, 41.10%,
32.68%, and 26.05% of credit support (hard credit enhancement and
haircut to excess spread) for the class A, B, C, D, and E notes,
respectively, based on stressed cash flow scenarios. These credit
support levels provide coverage of approximately 3.00x, 2.60x,
2.00x, 1.55x, and 1.30x our 19.75% expected cumulative net loss
range for the class A, B, C, D, and E notes, respectively.

-- The expectations that under a moderate ('BBB') stress scenario
(1.55x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB (sf)' ratings on
the class A, B, C, D, and E notes, respectively, are within its
credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under its stressed cash flow modeling
scenarios, which S&P believes are appropriate for the assigned
ratings.

-- The collateral characteristics of the series' subprime
automobile loans, S&P's view of the credit risk of the collateral,
and its updated macroeconomic forecast and forward-looking view of
the auto finance sector.

-- The series' bank accounts at Wells Fargo Bank N.A., which do
not constrain the ratings.

-- S&P's operational risk assessment of Consumer Portfolio
Services Inc. as servicer, and its view of the company's
underwriting and backup servicing arrangement with Computershare
Trust Co. N.A.

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors that are in
line with its sector benchmark.

-- The transaction's payment and legal structures, which includes
an incurable performance trigger.

  Ratings Assigned

  CPS Auto Receivables Trust 2023-A

  Class A, $154.582 million: AAA (sf)
  Class B, $44.080 million: AA (sf)
  Class C, $57.161 million: A (sf)
  Class D, $39.553 million: BBB (sf)
  Class E, $29.392 million: BB (sf)



CSAIL 2019-C15: Fitch Lowers Rating on Class G-RR Notes to 'CCCsf'
------------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed 13 classes of
CSAIL 2019-C15 Commercial Mortgage Trust. The Rating Outlook on
class F-RR remains Negative.

   Entity/Debt         Rating               Prior
   -----------         ------               -----
CSAIL 2019-C15

   A-2 22945DAC7    LT AAAsf   Affirmed     AAAsf
   A-3 22945DAE3    LT AAAsf   Affirmed     AAAsf
   A-4 22945DAG8    LT AAAsf   Affirmed     AAAsf
   A-S 22945DAQ6    LT AAAsf   Affirmed     AAAsf
   A-SB 22945DAJ2   LT AAAsf   Affirmed     AAAsf
   B 22945DAS2      LT AA-sf   Affirmed     AA-sf
   C 22945DAU7      LT A-sf    Affirmed     A-sf
   D 22945DAY9      LT BBB-sf  Affirmed     BBB-sf
   E-RR 22945DBA0   LT BBB-sf  Affirmed     BBB-sf
   F-RR 22945DBC6   LT BB-sf   Affirmed     BB-sf
   G-RR 22945DBE2   LT CCCsf   Downgrade    B-sf
   X-A 22945DAL7    LT AAAsf   Affirmed     AAAsf
   X-B 22945DAN3    LT AA-sf   Affirmed     AA-sf
   X-D 22945DAW3    LT BBB-sf  Affirmed     BBB-sf

KEY RATING DRIVERS

Increase in Loss Expectations: Fitch's base case loss remains
elevated and slightly above previous rating actions. Seven loans
(22.1%) have been flagged as Fitch Loans of Concern (FLOCs)
including two loans that are in special servicing (4.6%) and loans
with high vacancy, low NOI debt service coverage ratio (DSCR),
and/or pandemic-related underperformance. Fitch's current ratings
reflect a base case loss of 5.3%. The Rating Outlook on class F-RR
remains Negative due to underperformance of certain office, hotel
and retail properties.

The largest contributor to modeled losses is the Continental Towers
loan (FLOC, 3.1%), which is secured by suburban office property
located in Rolling Meadows, IL. The loan remains a FLOC due to
occupancy decline, rollover concerns and weakening submarket
fundamentals. Occupancy has continued to decline since issuance,
dropping to approximately 63% as of June 2022 from 74% at YE 2020,
86% at YE 2019, and 93% at issuance. Fitch's base case loss of
approximately 41% reflects a 10% cap rate and a 10% stress to the
YE 2021 NOI. The loan remains current, and as of the December 2022
reporting period, there were over $5 million in reserves.

The second largest contributor is Embassy Suites Portland
Washington Square (FLOC, 6.9%), which is secured by a full-service
hotel property located approximately eight miles southwest of
downtown Portland. This loan is on the servicer's watchlist for
underperformance due to the coronavirus pandemic. As of June 2022,
subject NOI DSCR was 0.82x, compared to -0.23x at YE 2020 and 1.95x
at YE 2019.

According to the subject's June 2022 STR report, RevPAR was $71
compared with $115 as of June 2019; occupancy was 43.5% compared to
20% in March 2021 and June 2019 TTM occupancy of 74.1%. Fitch's
base case loss of 12% reflects a 10% haircut and 11.25% cap rate on
YE 2019 NOI.

The third largest contributor is the Saint Louis Galleria (FLOC,
4.1%), which is secured by a 466,000 sf portion of a 1.18 million
sf regional mall located in Saint Louis, MO. The non-collateral
anchors are Dillard's, Macy's and Nordstrom. The largest collateral
tenants are Galleria-6 Cinemas (4.2% NRA) and H&M (2.8% NRA).
Property NOI has declined since issuance, with YE 2021 NOI
approximately 29% below the issuers underwritten NOI and 12% below
YE 2020. The NOI declines are mainly attributed to lower revenues
since the pandemic, with YE 2021 revenue 19.5% below YE 2019. The
partial IO loan (60-months) NOI DSCR reported at 1.68x as of YE
2021. Based on fully amortizing payments and YE 2021 NOI, DSCR
equates to 1.22x compared to 1.72x per the issuers underwritten
NOI.

As of June 2022, reported TTM in-line comp tenant sales reported
were $686 psf (approximately $513 psf excluding Apple). This is an
improvement from the servicer provided tenant sales reported for
TTM ended September 2021 at $523psf ($401 psf excluding Apple) and
$364psf ($294psf excluding Apple) at YE 2020. Fitch's base case
loss of 17% reflects an 11.50% cap rate and a 5% stress to the YE
2021 NOI.

Specially Serviced Loans: Nebraska Crossing (2.9%) is a retail
outlet center located in Gretna, NE. The loan transferred to
special servicing in May 2020 after the borrower requested relief
due to COVID-19. The loan is current as of the December 2022 report
date and negotiations between the borrower and special servicer
remain ongoing. The property was 91.5% occupied as of March 2022,
up from 87.5% YE 2021 and in line with 92.8% as of March 2020. The
only REI in the state of Nebraska recently opened at the property.

Brooklyn Multifamily Portfolio (1.7%) is a multifamily portfolio
comprising of three properties all of which are located in
Brooklyn, NY. This loan transferred to special servicing in October
2020 for payment default. The borrower has filed for bankruptcy.
Negotiations between the borrower and special servicer remain
ongoing.

Minimal Paydown and Change to Credit Enhancement (CE): As of the
December 2022 distribution date, the pool's aggregate principal
balance has been paid down by 2.4% to $809.7 million from $829.3
million at issuance. One loan has defeased (0.6%). One loan is
scheduled to mature in 2024 (6.2%). There are 14 IO loans
comprising 47% of the pool. There are no realized losses to date.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to classes A-2 through A-S and the IO
class X-A are not likely due to the position in the capital
structure, but may occur should interest shortfalls occur.

Downgrades to classes B, C, D, E-RR, X-B and X-D are possible
should performance of the FLOCs continue to decline; loans
susceptible to the coronavirus pandemic not stabilize; and/or
additional loans transfer to special servicing. Classes F-RR and
G-RR could be downgraded should the specially serviced loans not
return to the master servicer and/or as there is more certainty of
loss expectations from other FLOCs. The Rating Outlooks may be
revised back to Stable if performance of the FLOCs improves and/or
properties vulnerable to the coronavirus stabilize.

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

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

Sensitivity factors that could lead to upgrades would include
stable to improved asset performance, coupled with additional
paydown and/or defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated
classes are not expected but would likely occur with significant
improvement in CE and/or defeasance.

Upgrade of the 'BBB-sf' class is considered unlikely and would be
limited based on the sensitivity to concentrations or the potential
for future concentrations. Classes would not be upgraded above
'Asf' if there is a likelihood of interest shortfalls. An upgrade
to classes rated 'BB-sf' and below are not likely unless the
performance of the remaining pool stabilizes, recoveries on
distressed and underperforming assets are higher than expected
and/or 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.


FLAGSHIP CREDIT 2023-1: S&P Assigns Prelim 'BB-' Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Flagship
Credit Auto Trust 2023-1's automobile receivables-backed notes.

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

The preliminary ratings are based on information as of Jan. 25,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 43.67%, 37.61%, 29.12%,
22.68%, and 17.74% credit support--hard credit enhancement and
haircut to excess spread--for the class A (A-1, A-2, and A-3), B,
C, D, and E notes, respectively, based on stressed cash flow
scenarios. These credit support levels provide at least 3.50x,
3.00x, 2.30x, 1.75x, and 1.40x coverage of our expected net loss
(ENCL) of 12.25% for the class A, B, C, D, and E notes,
respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.75x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB-
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
are within the credit stability limits.

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

-- The collateral characteristics of the subprime automobile loans
in this transaction, S&P's view of the credit risk of the
collateral, and its updated macroeconomic forecast, and
forward-looking view of the auto finance sector.

-- The series' bank accounts at UMB Bank N.A. (UMB Bank), which do
not constrain the preliminary ratings.

-- S&P's operational risk assessment of Flagship Credit Acceptance
LLC (Flagship) as servicer, along with its view of the company's
underwriting and the backup servicing arrangement with UMB Bank.

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Flagship Credit Auto Trust 2023-1

  Class A-1, $49.25 million: A-1+ (sf)
  Class A-2, $186.19 million: AAA (sf)
  Class A-3, $55.08 million: AAA (sf)
  Class B, $37.54 million: AA (sf)
  Class C, $49.14 million: A (sf)
  Class D, $35.03 million: BBB (sf)
  Class E, $34.81 million: BB- (sf)



GCAT TRUST 2023-NQM1: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes
----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued GCAT 2023-NQM1 Trust (GCAT 2023-NQM1).

   Entity/Debt       Rating        
   -----------       ------        
GCAT 2023-NQM1

   A-1           LT AAA(EXP)sf Expected Rating
   A-2           LT AA(EXP)sf  Expected Rating
   A-3           LT A(EXP)sf   Expected Rating
   M-1           LT BBB(EXP)sf Expected Rating
   B-1           LT BB(EXP)sf  Expected Rating
   B-2           LT B(EXP)sf   Expected Rating
   B-3           LT NR(EXP)sf  Expected Rating
   A-IO-S        LT NR(EXP)sf  Expected Rating
   X             LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The certificates are supported by 437 loans with a total balance of
approximately $271 million as of the cutoff date.

A majority of the loans were originated by Arc Home LLC (Arc),
Quontic Bank (Quontic) and loanDepot, Inc., with all other
originators contributing less than 10%. All loans are currently, or
will be on or before Feb. 15, 2023, serviced by NewRez LLC, d/b/a
Shellpoint Mortgage Servicing (SMS).

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, we view the home price values of
this pool as 10.8% above a long-term sustainable level (versus
10.5% on a national level as of January 2023, down 1.7% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating with a decline observed in 3Q22. Home
prices rose 9.2% YOY nationally as of October 2022 due to the
strong gains seen in 1H22.

Non-QM Credit Quality (Negative): The collateral consists of 437
loans, totaling $271 million, and seasoned approximately 13 months
in aggregate, calculated as the difference between the origination
date and the cutoff date. The borrowers have a strong credit
profile (742 FICO and 36% debt to income [DTI] ratio) and moderate
leverage (74% sustainable loan to value [sLTV] ratio).

The pool consists of 79.4% of loans where the borrower maintains a
primary residence, while 20.6% comprise an investor property or
second home including foreign nationals or borrowers with an
unknown residency that are treated as investor loans. Additionally,
53% are designated as a safe harbor qualified mortgage (SHQM) loan,
while 2.4% are higher-price QM (HPQM) and 7.2% are non-QM. For the
remaining loans, the Ability to Repay Rule (ATR Rule) does not
apply, either due to the loan being an investor property or having
been originated through a Community Development Financial
Institution (CDFI).

Loan Documentation (Negative): Approximately 41.6% of the pool
according to Fitch's treatment were underwritten to less than full
documentation. Of the pool, 12.2% were underwritten to a 12- or
24-month bank statement program for verifying income, which is not
consistent with Appendix Q standards and Fitch's view of a full
documentation program. A key distinction between this pool and
legacy Alt-A loans is that the pool loans adhere to underwriting
and documentation standards required under the CFPB's ATR Rule,
which reduces the risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to rigor of the Rule's mandates with respect to the
underwriting and documentation of the borrower's ability to repay.
Additionally, 0.1% of the pool are an asset depletion product,
22.1% are a CPA or PnL product, and 0.7% are a DSCR product.

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

Modified Sequential-Payment Structure (Mixed): The structure
distributes principal pro rata among the senior certificates while
shutting out the subordinate bonds from principal until all senior
classes are reduced to zero. If a cumulative loss trigger event or
delinquency trigger event occurs in a given period, principal will
be distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero. Furthermore, the provision to
re-allocate principal to pay interest on the 'AAAsf' and 'AAsf'
rated notes prior to other principal distributions is highly
supportive of timely interest payments to those class with limited
advancing.

A difference from other recently rated non-QM (or NQM) transactions
is that this deal does not incorporate a step-up coupon on the
senior bonds.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 42.0% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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.


GOODLEAP 2023-1: S&P Assigns Prelim BB(sf) Rating on Class C Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GoodLeap
Sustainable Home Solutions Trust 2023-1's sustainable home
improvement loan-backed series 2023-1 notes.

The note issuance is an ABS securitization backed by an underlying
trust certificate representing an ownership interest in the trust,
whose assets consist of 96.67% residential solar loans and 3.33%
other types of sustainable home improvement loans.

The preliminary ratings are based on information as of Jan. 24,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The credit enhancement available in the form of
overcollateralization, a yield supplement overcollateralization
amount, subordination for classes A and B, and a fully funded cash
reserve account;

-- The servicer's operational, management, and servicing
abilities;

-- The obligor base's initial credit quality;

-- The projected cash flows supporting the notes; and

-- The transaction's structure.

  Preliminary Ratings Assigned

  GoodLeap Sustainable Home Solutions Trust 2023-1

  Class A, $240.830 million: A (sf)
  Class B, $17.759 million: BBB (sf)
  Class C, $12.994 million: BB (sf)



GS MORTGAGE 2011-GC5: DBRS Confirms C Rating on 4 Classes of Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2011-GC5 issued by GS
Mortgage Securities Trust 2011-GC5 as follows:

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

The trends on Classes A-S, X-A, and B are Stable, while Classes C,
D, E, and F have ratings that generally do not carry trends. The
rating confirmations reflect minimal changes to DBRS Morningstar's
expectations for the pool since the previous rating action. Five
loans remain outstanding. Since the last rating action, one loan
(14.0% of the pool) has returned to the master servicer from
special servicing and another loan (7.3% of the pool) is pending
return. The barbelled rating profile for the transaction is largely
the result of the concentration of loans secured by regional malls
in secondary and tertiary markets that have shown performance
declines from issuance.

For this review, DBRS Morningstar utilized a recoverability
analysis given the increasing concentration in the pool. The
results continue to suggest that Classes C, D, E, and F are likely
to experience losses relative to DBRS Morningstar's concluded value
for the remaining assets.

As of the January 2023 remittance, there are five loans remaining
in the pool, four (86.0% of the pool balance) of which are in
special servicing, with one loan pending return to the master
servicer. Since issuance, the pool's collateral has reduced by
approximately 74.2%. The transaction has been relatively insulated
from losses to date. The unrated Class G certificate's principal
balance has declined by approximately 13.1% because of realized
losses, with $43.6 million of unpaid principal remaining.

The largest loan, 1551 Broadway (Prospectus ID#2, 37.3% of the
pool), is secured by a retail property in Times Square in midtown
Manhattan, which is one of the world's most visited tourist
attractions. The property includes a 25-story LED sign and is fully
occupied by sole tenant American Eagle Outfitters, with a scheduled
lease expiration in February 2024. The loan transferred to special
servicing in November 2021 for maturity default and is currently
flagged as a nonperforming matured balloon loan. According to the
latest servicer update, the borrower is currently making efforts to
secure financing and/or sell the property to pay off the senior and
mezzanine loans, the former of which is in the trust. The current
workout strategy is listed as full payoff per the latest reporting.
The property was most recently appraised in January 2022 at a value
of $442.0 million, representing a 22.8% increase from the issuance
value of $360.0 million, citing the growing prospects for the
midtown Manhattan area as the economy rebounds to pre-pandemic
levels in the next few years. The resulting loan-to-value ratio
(LTV) is less than 40.0%, suggesting that even in the event of an
adverse liquidation scenario, a loss to the trust loan is unlikely.
In addition to the low LTV, DBRS Morningstar believes the loan's
credit metrics, including a strong debt yield and debt service
coverage ratio (DSCR), lend to favorable refinance prospects.

All of the remaining assets (63.0% of the pool) are secured by
regional malls. The second-largest loan, Park Place Mall
(Prospectus ID#1, 35.1% of the pool), is secured by a portion of a
regional mall in Tucson. The loan transferred to special servicing
in September 2020 and is a nonperforming matured balloon loan. The
loan sponsor, Brookfield Properties, previously advised the
servicer that no further capital will be contributed to support the
property or loan; however, according to the December 2022
reporting, the servicer is working with the borrower on a revised
loan modification proposal. Per the September 2022 rent roll, the
property was 81.1% occupied, in line with the YE2021 figure of
79.9%. The loan reported a DSCR of 1.05 times (x) as of June 2022,
also in line with the YE2021 figure. A comparable mall is the
Tucson Mall, which is secured in the DBRS Morningstar-rated BB-UBS
Trust 2012-TFT transaction, and it's approximately 11 miles from
the subject and also sponsored by Brookfield Properties. While both
malls have struggled throughout the pandemic, the Tucson Mall is
the superior asset based on performance, tenancy, and sponsor
support. A June 2022 appraisal valued Park Place Mall at $86.0
million, a further decline from the July 2021 value of $88.0
million and a significant drop from the issuance value of $313.0
million. Given the outstanding loan amount, DBRS Morningstar
believes a loss above 70.0% is likely.

The third-largest loan, Parkdale Mall & Crossing (Prospectus ID#5,
14.0% of the pool), is secured by a regional mall and adjacent
strip mall in Beaumont, Texas. The loan has been in special
servicing since February 2021. The loan sponsor, CBL Properties,
filed for bankruptcy in November 2020 and emerged from bankruptcy
in November 2021. The sponsor requested and received a maturity
extension to March 2026, which was finalized in a modification
dated September 2022. The loan returned to the master servicer in
October 2022. According to the September 2022 rent roll, the
property was 93.3% occupied, and the loan reported a DSCR of 0.94x,
with performance generally flat year over year. Despite the
sponsor's commitment to the property, and the loan's return to the
master servicer, the February 2022 appraised value of $42.1 million
is well below the current outstanding loan balance of $63.1
million, and considering the sustained performance declines since
issuance, DBRS Morningstar believes there is continued significant
term and refinance risk associated with this loan.

The Ashland Town Center loan (Prospectus ID#9, 7.3% of the pool) is
secured by a regional mall in Ashland, Kentucky, and was
transferred to special serving in July 2021 for imminent default
having failed to repay ahead of its original maturity. The sponsor,
Washington Prime Group, secured a loan modification, which was
executed in November 2022, extending the loan maturity to July 2023
with two additional one-year extension options. The loan status is
current and it is pending return to the master servicer. The
property was reappraised in September 2022, at a value of $42.9
million; although this is a significant drop from the issuance
value, it represents a slight increase from the September 2021
figure. Per the year to date (YTD) ended June 2022 financials, the
property reported an occupancy rate of 99.5%, with a DSCR of 2.37x.
Given these factors, DBRS Morningstar believes the near-term
performance outlook is stable, but this does not rule out the
likelihood for potential losses should the borrower fail to pay off
the loan at the extended maturity date.

The Champlain Centre loan (Prospectus ID#13, 6.2% of the pool) is
secured by a regional mall in Plattsburgh, New York. It was
transferred to special serving in April 2021 for imminent default
and is flagged as a nonperforming matured balloon loan. According
to the latest servicer update, the loan modification discussions
have reached an impasse regarding the borrower's issue with the
recourse guaranty. As such, the special servicer will continue to
advance foreclosure proceedings and dual track workout discussions.
The DSCR for the YTD period ended September 2022 was 0.91x. The
property was reappraised in May 2022, at a value of $17.6 million,
a sharp decline from the issuance value of $61.0 million. The
resulting LTV exceeds 150%, and DBRS Morningstar believes a loss
above 60.0% is likely.

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



GS MORTGAGE 2012-BWTR: Moody's Cuts Rating on Cl. D Certs to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded six classes and placed six
classes on review for possible downgrade in GS Mortgage Securities
Corporation Trust 2012-BWTR, Commercial Pass-Through Certificates,
Series 2012-BWTR as follows:

Cl. A, Downgraded to Aa2 (sf) and Placed Under Review for Possible
Downgrade; previously on Apr 5, 2019 Affirmed Aaa (sf)

Cl. B, Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade; previously on Nov 18, 2022 Downgraded to Baa1 (sf)

Cl. C, Downgraded to Ba3 (sf) and Placed Under Review for Possible
Downgrade; previously on Nov 18, 2022 Downgraded to Ba1 (sf)

Cl. D, Downgraded to B2 (sf) and Placed Under Review for Possible
Downgrade; previously on Nov 18, 2022 Downgraded to Ba3 (sf)

Cl. X-A*, Downgraded to Aa2 (sf) and Placed Under Review for
Possible Downgrade; previously on Apr 5, 2019 Affirmed Aaa (sf)

Cl. X-B*, Downgraded to Baa3 (sf) and Placed Under Review for
Possible Downgrade; previously on Nov 18, 2022 Downgraded to Baa1
(sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes were downgraded due to the decline
in loan performance and the loan's delinquent status after being
unable to refinance at its scheduled maturity date in November
2022.  As of the January 2023 distribution date, the loan remains
last paid through its October 2022 payment date and special
servicer commentary indicates they are working with the borrower on
a potential Deed in Lieu foreclosure after the borrower indicated
they are no longer willing to provide additional equity to support
the property and believe the current value is insufficient to cover
the loan. As a result, the outstanding classes are at an increased
risk of interest shortfalls if the loan continues to be
delinquent.

The ratings on the four P&I classes were placed on review for the
increased risk of interest shortfalls due to the uncertainty around
the potential loan resolution or modification as well as the
property's ability to recover to its historical financial
performance.  As of the January 2023 distribution no updated
appraisal value has been reported and the trust has not experienced
any interest shortfalls, however, interest shortfalls may increase
if an updated appraisal value were to be near or below the
outstanding loan balance.

In this credit rating action Moody's considered qualitative and
quantitative factors in relation to the senior-sequential structure
and trophy/dominant nature of the asset, and Moody's analyzed
multiple scenarios to reflect various levels of stress in property
values could impact loan proceeds at each rating level.

The ratings on two interest-only (IO) classes, Cl. X-A and Cl. X-B,
were downgraded due to decline in the credit quality of their
respective referenced classes. The ratings on the IO classes were
placed on review for possible downgrade due their referenced
classes being placed on review for possible downgrade.

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.

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 or a
significant improvement in the loan's performance.

Factors that could lead to a downgrade of the ratings include a
further decline in actual or expected performance of the loan 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.

DEAL PERFORMANCE

As of the January 9, 2023 distribution date the transaction's
certificate balance was $300 million, the same as at
securitization.  The 10-year, fixed rate loan is secured by fee
simple interest in Bridgewater Commons Mall and matured on November
1, 2022.  The sponsor of the borrower is Four State Properties,
LLC; a joint venture between Fourmall Acquisition, LLC (65%) and
NYSTRS and JP Morgan & Chase Co. (35%).  Fourmall Acquisition, LLC
is a joint venture between the New York State Teachers' Retirement
System (NYSTRS) and the Commingled Pension Trust Fund of JPMorgan
Chase Bank, National Association, which is managed by JPMorgan
Asset Management – Global Real Estate Assets.

The loan was transferred to special servicer in August 2022 due to
an imminent default at the upcoming balloon maturity date. Special
servicer commentary indicates the borrower believes the property's
current value is insufficient to cover the loan and is no longer
willing to provide additional equity to support the asset. As a
result the special servicer is working on a potential deed-on-lieu
foreclosure on the asset

The collateral for the loan is 546,511 square feet (SF) portion
within Bridgewater Commons Mall, an 898,762 SF super-regional mall
and an adjacent 93,799 SF lifestyle center (The Village at
Bridgewater Commons), located in Bridgewater, New Jersey. The
property was originally constructed in 1988 and renovated and
expanded between 2005 and 2010. The current mall anchors include
Macy's and Bloomingdales. Lord & Taylor closed its store at this
location in January 2022 and the space remains vacant.  Macy's and
the former Lord & Taylor's improvements are not collateral for the
loan.  As of the June 2022 rent roll the collateral (excluding
Macy's and former Lord & Taylor space) was 90% leased.

The property's NCF for the first nine months of 2022 was $18.3
million compared to $25.3 million achieved in full year 2021. This
showed a marked decline from the 2020 NCF of $30.9 million. Prior
to 2020, the performance for the loan has been very stable since
securitization with NCF having ranged between a low of $31.1MM (in
2014) and a high of $36.0 million (in 2017) between 2012 and 2019
period. Moody's stressed NCF is $25.0 million.

Moody's stressed loan to value (LTV) ratio is 114%, and Moody's
stressed debt service coverage ratio (DSCR) is 0.90x.  The current
IO fixed rate loan has a coupon of 3.339% and the reported NCF DSCR
through September 2022 was 2.40X.  There are outstanding advances
totaling approximately $1.7 million and no interest shortfalls
outstanding as of the current distribution date.


GS MORTGAGE 2014-GC24: Moody's Lowers Rating on Cl. C Certs to Ba2
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on four classes in GS Mortgage
Securities Trust 2014-GC24, Commercial Mortgage Pass-Through
Certificates, Series 2014-GC24 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on May 25, 2021 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on May 25, 2021 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on May 25, 2021 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on May 25, 2021 Affirmed Aaa
(sf)

Cl. B, Downgraded to A3 (sf); previously on May 25, 2021 Downgraded
to A2 (sf)

Cl. C, Downgraded to Ba2 (sf); previously on May 25, 2021
Downgraded to Ba1 (sf)

Cl. PEZ, Downgraded to Baa2 (sf); previously on May 25, 2021
Downgraded to Baa1 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on May 25, 2021 Affirmed
Aaa (sf)

Cl. X-B*, Downgraded to A3 (sf); previously on May 25, 2021
Downgraded to A2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four 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 two P&I classes were downgraded due to the potential
for higher losses and increased interest shortfall risk from the
exposure to refinance challenges for certain specially serviced and
poorly performing loans with upcoming maturity dates. Two loans,
representing 11% of the pool are in special servicing.
Additionally, the two largest non-specially serviced loans,
Stamford Plaza Portfolio (15%) and Costal Grand Mall (12%), have
experienced declining performance and net operating income in
recent years and mature in August 2024. The Stamford Plaza
Portfolio has had an NOI DSCR below 1.00X since 2019 and the
revenue has continued to decline annually. All the remaining loans
mature by September 2024 and if certain loans are unable to pay off
at their maturity date, the outstanding classes may face increased
interest shortfall risk.

The ratings on one interest only class, Cl. X-A, was affirmed based
on the credit quality of its referenced classes.

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

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

Moody's rating action reflects a base expected loss of 12.3% of the
current pooled balance, compared to 13.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 11.0% of the
original pooled balance, compared to 11.2% 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, 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 January 12, 2023, distribution date, the transaction's
aggregate certificate balance has decreased by 19.4% to $865.8
million from $1.07 billion at securitization. The certificates are
collateralized by 62 mortgage loans ranging in size from less than
1% to 15.3% of the pool, with the top ten loans (excluding
defeasance) constituting 51.1% of the pool. Eighteen loans,
constituting 28.0% 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 10, compared to 15 at Moody's last review.

Twelve loans, constituting 25.5% 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 January 2023 remittance report, loans representing 89.0%
were current or within their grace period on their debt service
payments, 10.1% were 90+ days delinquent and 0.9% were reported
REO.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $11.4 million (for an average loss
severity of 37%).  Two loans, constituting 11.0% of the pool, are
currently in special servicing. The largest specially serviced loan
is the Beverly Connection Loan ($87.5 million – 10.1% of the
pool), which represents a pari passu portion of a $175.0 million
senior mortgage loan. The property is also encumbered by a $35.0
million B-note and $21.0 million mezzanine financing. The loan is
secured by an approximately 334,600 square feet (SF), two-level,
power center located on the border of Beverly Hills and West
Hollywood in Los Angeles, California. The collateral is comprised
of a fee simple interest in approximately 270,700 SF of retail
space and a leasehold interest in the remaining portion with a
ground lease expiration in December 2085. The largest tenant,
Target, accounts for 30% of net rentable area (NRA) with a lease
expiration in 2029. Other national tenants at the property include
Marshalls (10% of NRA), Ross Dress for Less (9% of NRA), Nordstrom
Rack (9% of NRA), and Saks Fifth Avenue Off Fifth (8% of NRA). The
loan has been in special servicing since August 2020 due to the
delinquent payments. The loan is interest-only throughout its term
and is last paid through May 2020 and remains more than 90 days
delinquent. The loan is cash managed with all property cash flow
being controlled by the lender. Discussions remain ongoing between
the borrower, junior and mezzanine note holders and the lenders.
Forbearance terms which include reinstatement of the A and B Notes
was negotiated with the Borrower and in the process of being
approved by Note-B Holder. As of June 2022, NOI DSCR was 2.72X,
compared to 2.49X at year-end 2021 and 1.51X at securitization. An
updated appraisal from October 2022 values the collateral at a
value which exceeds the loan amount.

The second specially serviced loan is the MHG Hotel Portfolio Loan
($7.8 million – 0.9% of the pool), which was originally secured
by two hotel properties totaling 141 keys located in Aurora,
Illinois and in Noblesville, Indiana. The loan was transferred to
the special servicer in June 2020 due to delinquent payments. The
remaining property, Holiday Inn Chicago/Aurora, is now REO and the
other property, Fairfield Inn & Suites Noblesville, was already
sold.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 15.9% of the pool, and has estimated
an aggregate loss of $88.9 million (a 38% expected loss on average)
from these specially serviced and troubled loans. The largest
troubled loan is the Stamford Plaza Portfolio (15.3% of the pool),
which is discussed in detail further below.

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 100% of the
pool, and partial year 2022 operating results for 80% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 106%, compared to 99% 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 19% to the most recently available net operating
income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.3%.

Moody's actual and stressed conduit DSCRs are 1.52X and 1.09X,
respectively, compared to 1.66X 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 performing conduit loans represent 30.3% of the pool
balance. The largest loan is the Stamford Plaza Portfolio Loan
($132.3 million – 15.3% of the pool), which represents a pari
passu portion of a $255.4 million senior mortgage loan. The
property is also encumbered by $227.2 million of mezzanine
financing. The loan is secured by an four-building office complex
representing approximately 982,500 SF and located in Stamford,
Connecticut. The loan has been on the watchlist since October 2018
due to several tenants vacating and exercising their early
termination options resulting in a decline in the portfolio
occupancy. As of September 2022, the portfolio was 66% leased,
compared to 64% as of December 2021, 68% in December 2020 and 88%
at securitization. As a result of lower occupancy, the year-end
2021 NOI had declined over 50% since securitization and the loan's
actual reported NOI DSCR has been below 1.00X since 2019. The NOI
for the trailing twelve-month period ending September 2022 has
further declined and was 19% lower than in 2021. Furthermore,
according to CBRE the Stamford office market vacancy rate as of Q3
2022 was 15.7%.  After an initial 60-month interest-only period,
the loan has amortized by 5.5% since securitization, however, due
to the significant decrease in NOI and depressed occupancy level
this loan may be at heightened refinance risk at its maturity date
in August 2024. As a result Moody's considers this loan troubled
loan.

The second largest loan is the Coastal Grand Mall Loan ($104.5
million – 12.1% of the pool), which is secured by an
approximately 631,200 SF component of a 1.1 million SF enclosed
super-regional mall located in Myrtle Beach, South Carolina. The
non-collateral anchors include Dillard's and Belk and the
collateral anchor, J.C. Penney is a ground lease tenant. The
collateral is occupied by several national tenants including Dick's
Sporting Goods (8% of NRA), Cinemark (8% of NRA), and Bed, Bath,
and Beyond (4% of NRA. The loan previously transferred to special
servicing in March 2020 due to the coronavirus outbreak but
returned to the master servicer in May 2020 after temporary payment
relief was granted. As of September 2022, the property was 88%
occupied with a reported NOI DSCR of 1.62X, compared 1.75X and 89%,
respectively as of December 2021. The property's NOI has declined
annually since 2018 and the 2021 NOI was 16% lower than in 2014 and
the annualized NOI through September 2022 has declined further. The
loan has amortized almost 17% since securitization, however, due to
the declining NOI trends the loan may face increased refinance risk
at its August 2024 maturity date.  Moody's LTV and stressed DSCR
are 113% and 1.08X, compared to 101% and 1.15X at the last review.

The third largest loan is the Clusters Loan ($25.3 million – 2.9%
of the pool), which is secured by a 352-unit multifamily apartment
property located in Midland, Texas. The property is in an area with
a high concentration of oil job and as of June 2022, the occupancy
was 93%, compared to 77% in December 2020. Despite the high
occupancy rental revenues were significantly lower than at
securitization and the June 2022 NOI was 1.06X, compared 0.94X in
December 2021 and 1.56X in December 2020. The loan is on the
servicer's watchlist, and cash trap being activated due to DSCR
falling below the required 1.25X. The loan has amortized nearly 10%
since securitization and matures in July 2024. Moody's LTV and
stressed DSCR are 133% and 0.77X, compared to 99% and 1.01X at the
last review.     


GS MORTGAGE 2018-GS9: Fitch Affirms 'B-sf' Rating on Cl. F-RR Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of GS Mortgage Securities
Trust 2018-GS9 commercial mortgage pass-through certificates (GSMS
2018-GS9).

   Entity/Debt          Rating            Prior
   -----------          ------            -----
GSMS 2018-GS9

   A-2 36255NAR6    LT AAAsf  Affirmed    AAAsf
   A-3 36255NAS4    LT AAAsf  Affirmed    AAAsf  
   A-4 36255NAT2    LT AAAsf  Affirmed    AAAsf
   A-AB 36255NAU9   LT AAAsf  Affirmed    AAAsf
   A-S 36255NAX3    LT AAAsf  Affirmed    AAAsf
   B 36255NAY1      LT AA-sf  Affirmed    AA-sf
   C 36255NAZ8      LT A-sf   Affirmed     A-sf
   D 36255NAA3      LT BBB-sf Affirmed   BBB-sf
   E 36255NAE5      LT BB-sf  Affirmed    BB-sf
   F-RR 36255NAG0   LT B-sf   Affirmed     B-sf
   X-A 36255NAV7    LT AAAsf  Affirmed    AAAsf
   X-B 36255NAW5    LT AA-sf  Affirmed    AA-sf
   X-D 36255NAC9    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

Stable Loss Expectations: Overall pool performance and loss
expectations remain relatively stable since Fitch's prior rating
action. Fitch's current ratings reflect a base case loss of 3.60%.
Fitch has identified six loans (9.7% of the pool) as Fitch Loans of
Concern (FLOCs), including one loan (1.2%) in special servicing.

Loss expectations have declined on loans secured by retail and
multifamily due to improved property performance for several top 15
FLOCs that were negatively affected by the pandemic. The decline
was offset by increased loss expectations on several loans secured
by office properties with increased vacancy, low debt service
coverage ratio (DSCR), and/or near-term rollover risks.

The largest decrease in loss expectations is the Twelve Oaks Mall
loan (7.24% of the pool), which is secured by a 549,771-sf regional
mall located in Novi, MI. Property performance has significantly
improved, with YE 2021 NOI 36.8% above YE 2020 and NOI DSCR
improving to 2.40x as of YTD September 2022 and 2.41x as of YE
2021, compared to 1.76x at YE 2020. The decline in 2020 was due to
lower rental revenue as a result of the pandemic.

Occupancy has remained relatively stable since issuance, reporting
at 95% as of September 2022. The mall is anchored by a
non-collateral Nordstrom, with collateral tenants including Crate
and Barrell (5.1% of the NRA; lease expire January 2031), H&M
(4.5%; January 2029) and Forever 21 (4.2%; January 2023). Near term
rollover risks are significant with leases for 35.8% of the NRA
expiring in 2023, 17% in 2024, and 17.6% in 2025. Tenant sales have
rebounded, reporting at $418 psf ($347 psf excluding Apple) as of
YTD September 2022 and $592 psf ($498 psf excluding Apple) as of YE
2021.

Fitch's current analysis is based off a 12% cap rate and a 15%
stress to the YE 2021 NOI to account for near term rollover risks,
which resulted in no loss being modeled for the loan.

Fitch Loans of Concern: The largest FLOC is the Pin Oak North
Medical Office (6.5% of the pool), which is secured by a 352,050-sf
medical office building located in Bellaire, TX. The property has
experienced year-over-year occupancy declines falling to 70% as of
September 2022 from 77% at YE 2021, 86.7% at YE 2020, and 90% at YE
2019. In 2022 the largest tenant, UT Physicians (8.0% of the NRA),
vacated at their May 2022 lease expiration.

The sponsor was able to backfill approximately 2.0% of the NRA in
2022 with two tenants as well as renew the lease of Frost National
Bank (7.1% of the NRA) through November 2028 and Methodist Primary
Care (6.0%) through July 2026. The property faces near term
rollover risks, with 17 leases for 8.6% of the NRA set to expire in
2023.

NOI DSCR has declined to 1.17x as of YTD September 2022 from 1.69x
at YE 2021 and 2.15x at YE 2020. In addition to the occupancy
declines, the DSCR was impacted by the loan's amortization period
beginning in January 2021.

Fitch's loss expectations of 8.5% incorporated a 10% cap rate and a
20% stress to the YE 2021 NOI to account for recent tenant
departures and near-term rollover risks.

The second largest FLOC is the Starwood Lodging Hotel portfolio
(1.2%), which at issuance was secured by 138 hotels across 27
states and 10,576 guest rooms. The loan transferred to special
servicing in October 2022 for maturity default. Per servicer
commentary, the borrower had initiated discussions with the lender
in June 2022 regarding a loan modification request to allow for the
near-term sale of certain underperforming assets in the portfolio
in order to pay down the loan balance, improve the debt yield and
refinance.

A modification agreement was executed in November 2022, which
allowed a loan extension through February 2024 with one 12-month
option. Under the terms of the agreement, all net proceeds along
with associated FF&E/PIP reserves will be applied to loan principal
and any shortfalls between the allocated loan amounts (ALA) for
sold properties and net proceeds shall be paid from borrower
equity. The borrower was also required to make a $15.0 million
equity contribution by January 1, 2023, and continue to pay
contractual monthly payments plus additional principal payments
equal to 90bps of the unpaid principal balance.

The borrower identified 48 properties for immediate sale, with nine
properties sold in October 2022, 32 sold in November 2022, and an
additional seven were under contract to be sold in December 2022.
As of January 2023, the total A-note balance has been reduced by
58% to $138.7 million from $332.7 at issuance, with the portion
contributed to the pool reduced to $10.4 million from $25.0
million.

Fitch has requested details on the released properties, and is
awaiting a response from the servicer. Fitch modeled a minimum loss
of 2.5% to account for potential special servicing fees.

Minimal Changes to Credit Enhancement: As of the January 2022
remittance report, the transactions balance has been reduced by
4.1% to $850.5 million from $887.1 million at issuance. One loan
(0.6% of the original pool balance) has prepaid with yield
maintenance. Thirteen loans (60.5% of the pool) are full-term
interest-only (IO); Nine loans (14.8%) are currently amortizing;
and twelve loans (35.3%) have partial IO payments. Four loans (3.9%
of the pool balance) are fully defeased.

RATING SENSITIVITIES

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

- Factors that could lead to downgrades include an increase in
pool-level losses from loans that transfer to special servicing or
higher modeled losses on FLOCs;

- Downgrades to classes A-2, A-3, A-4, A-AB, A-S and X-A are
unlikely due to their position in the capital structure, but may
occur should performance of the underlying pool significantly
decline and/or should interest shortfalls affect these classes;

- Downgrades to classes B, C, D, X-B and X-D are possible should
expected losses for the pool increase one or more large loans have
an outsized loss, which would erode credit enhancement (CE);

- Downgrades to classes E and F-RR would occur should loss
expectations increase from continued performance declines of the
FLOCs, additional loans begin to underperform and/or transfer to
special servicing.

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

- Factors that could lead to upgrades would include stable to
improved asset performance, particularly on loans in the Top 15 and
specially serviced loans, coupled with additional paydown and/or
defeasance;

- Upgrades to classes B, C, D, X-B and X-D are not expected, but
may occur with significant improvement in CE and/or defeasance, in
addition to the stabilization of FLOCs. Classes would not be
upgraded above 'Asf' if there were likelihood of interest
shortfalls;

- Upgrades to classes E and F-RR are not likely unless the
performance of the remaining pool is stable, the senior classes
payoff 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 2023-PJ1: Fitch Gives B-(EXP)sf Rating on Cl. B-5 Certs
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by GS Mortgage-Backed Securities Trust 2023-PJ1
(GSMBS 2023-PJ1).

   Entity/Debt         Rating        
   -----------         ------        
GSMBS 2023-PJ1

   A-1             LT AA+(EXP)sf  Expected Rating
   A-1-X           LT AA+(EXP)sf  Expected Rating
   A-10            LT AAA(EXP)sf  Expected Rating
   A-11            LT AAA(EXP)sf  Expected Rating
   A-11-X          LT AAA(EXP)sf  Expected Rating
   A-12            LT AAA(EXP)sf  Expected Rating
   A-13            LT AAA(EXP)sf  Expected Rating
   A-13-X          LT AAA(EXP)sf  Expected Rating
   A-14            LT AAA(EXP)sf  Expected Rating
   A-15            LT AAA(EXP)sf  Expected Rating
   A-15-X          LT AAA(EXP)sf  Expected Rating
   A-16            LT AAA(EXP)sf  Expected Rating
   A-17            LT AAA(EXP)sf  Expected Rating
   A-17-X          LT AAA(EXP)sf  Expected Rating
   A-18            LT AAA(EXP)sf  Expected Rating
   A-19            LT AAA(EXP)sf  Expected Rating
   A-19-X          LT AAA(EXP)sf  Expected Rating
   A-2             LT AA+(EXP)sf  Expected Rating
   A-20            LT AAA(EXP)sf  Expected Rating
   A-21            LT AAA(EXP)sf  Expected Rating
   A-21-X          LT AAA(EXP)sf  Expected Rating
   A-22            LT AAA(EXP)sf  Expected Rating
   A-23            LT AA+(EXP)sf  Expected Rating
   A-23-X          LT AA+(EXP)sf  Expected Rating
   A-24            LT AA+(EXP)sf  Expected Rating
   A-3             LT AAA(EXP)sf  Expected Rating
   A-3-A           LT AAA(EXP)sf  Expected Rating
   A-3-X           LT AAA(EXP)sf  Expected Rating
   A-4             LT AAA(EXP)sf  Expected Rating
   A-4-A           LT AAA(EXP)sf  Expected Rating
   A-4L            LT AAA(EXP)sf  Expected Rating
   A-5             LT AAA(EXP)sf  Expected Rating
   A-5-X           LT AAA(EXP)sf  Expected Rating
   A-6             LT AAA(EXP)sf  Expected Rating
   A-7             LT AAA(EXP)sf  Expected Rating
   A-7-X           LT AAA(EXP)sf  Expected Rating
   A-8             LT AAA(EXP)sf  Expected Rating
   A-9             LT AAA(EXP)sf  Expected Rating
   A-9-X           LT AAA(EXP)sf  Expected Rating
   A-R             LT NR(EXP)sf   Expected Rating
   A-X             LT AA+(EXP)sf  Expected Rating
   B-1             LT AA-(EXP)sf  Expected Rating
   B-2             LT A-(EXP)sf   Expected Rating
   B-3             LT BBB-(EXP)sf Expected Rating
   B-4             LT BB-(EXP)sf  Expected Rating
   B-5             LT B-(EXP)sf   Expected Rating
   B-6             LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The certificates are supported by 354 prime-jumbo and agency
conforming loans with a total balance of approximately $402
million, as of the cut-off date. The transaction is expected to
close on Jan. 31, 2023.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.9% above a long-term sustainable level (versus
10.5% on a national level as of January 2023, down 1.7% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices. These trends have led to significant home price
increases over the past year, with home prices rising 9.2% YOY
nationally as of October 2022.

High Quality Mortgage Pool (Positive): The collateral consists of
mostly 30-year, fixed-rate mortgage (FRM) fully amortizing loans
seasoned at approximately 11 months in aggregate based on the
origination date.

The collateral comprises primarily prime-jumbo loans and around 1%
agency conforming loans. The borrowers in this pool have strong
credit profiles (a 754 model FICO) but lower than what Fitch has
observed for other prime-jumbo securitizations. The sustainable
loan-to-value ratio (sLTV) is 71.9% and the mark-to-market (MTM)
combined LTV ratio (CLTV) is 65.1%. Fitch treated 100% of the loans
as full documentation collateral and all of the loans are qualified
mortgages (QMs). Of the pool, 88.7% are loans for which the
borrower maintains a primary residence, while 11.3% are for second
homes. Additionally, 46.6% of the loans were originated through a
reviewed retail channel or a correspondent's retail channel (while
6.4% were originated through an unreviewed retail channel).

Shifting-Interest Deal Structure (Mixed): The mortgage cash flow
and loss allocation are based on a senior subordinate,
shifting-interest structure whereby the subordinate classes receive
only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps to maintain subordination for a longer period should
losses occur later in the life of the deal.

The applicable credit support percentage feature redirects
subordinate principal to classes of higher seniority if specified
credit enhancement (CE) levels are not maintained. Due to the
leakage to the subordinate bonds, the shifting-interest structure
requires more CE. While there is only minimal leakage to the
subordinate bonds early in the life of the transaction, the
structure is more vulnerable to defaults occurring at a later stage
compared to a sequential or modified-sequential structure.

To help mitigate tail risk, which arises as the pool seasons and
fewer loans are outstanding, a subordination floor of 2.20% of the
original balance will be maintained for the senior notes, and a
subordination floor of 1.7% of the original balance will be
maintained for the subordinate notes.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model projected 40.8% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

SUMMARY OF FINANCIAL ADJUSTMENTS

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years.

The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and
worst-case scenario credit ratings are based on historical
performance.

DATA ADEQUACY

Fitch relied in its analysis on an independent third-party due
diligence review performed on 100% of the pool. The third-party due
diligence was consistent with Fitch's "U.S. RMBS Rating Criteria."
AMC Diligence LLC, Opus Capital Market Consultants, Infinity,
Covius, Clayton and Consolidated Analytics Inc. were engaged to
perform the review. Loans reviewed under this engagement were given
compliance, credit and valuation grades and assigned initial grades
for each subcategory. Minimal exceptions and waivers were noted in
the due diligence reports.

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.


IMSCI 2013-3: DBRS Confirms C Rating on Class F Cert
----------------------------------------------------
DBRS, Inc. upgraded the ratings on two classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-3 issued by
Institutional Mortgage Securities Canada, Inc. (IMSCI) 2013-3 as
follows:

-- Class C to AAA (sf) from A (sf)
-- Class D to A (sf) from BBB (sf)

In addition, DBRS Morningstar confirmed the ratings on two classes
as follows:

-- Class E at BB (sf)
-- Class F at C (sf)

The trends on all classes are Stable, with the exception of Class F
as it has a rating that does not carry a trend.

DBRS Morningstar discontinued the rating on Class B as the bond
fully repaid as of the January 2023 remittance.

The rating upgrades reflect the significantly increased credit
support of the bonds as 16 loans repaid from the trust since the
last review, representing a $54.6 million of principal paydown.

As of the January 2023 remittance, four of the original 38 loans
remain in the trust with an outstanding trust balance of $17.3
million, reflecting a collateral reduction of 93.1% since
issuance.

The remaining loans are on the servicer's watchlist for upcoming
loan maturity and/or reported low debt service coverage ratios
(DSCRs). The largest loan, Marche Terrebone (Prospectus ID#8; 41.9%
of the pool) has an anticipated repayment date of February 2023 and
will likely repay, considering its strong YE2021 DSCR of 1.45 times
(x).

The rating confirmations on Classes E and F are tied to the
sustained concerns about the three loans secured by multifamily
properties in Fort McMurray, Alberta, collectively representing
58.1% of the pool balance. These loans are being monitored for low
DSCRs and all have received several loan modifications. The Lunar
and Whimbrel Apartments (Prospectus ID#10; 21.2% of the pool),
Snowbird and Skyview Apartments (Prospectus ID#11; 20.0% of the
pool), and Parkland and Gannet Apartments (Prospectus ID#17;16.8%
of the pool) have had performance declines since the downturn in
the oil and gas industry that began in late 2014, with DSCRs
reported well below 1.0x for the last several years. Based on the
servicer's commentary, the properties reported October 2022
occupancy rates ranging from 75% to 97%. The sponsor for all three
loans, Lanesborough REIT, has worked with the servicer several
times to paper loan modifications that allowed for various forms of
payment relief and extensions to the maturity date, with the most
recent maturity extensions running through February 2024. With each
extension, the borrower was required to make principal curtailment
payments and, according to the servicer, $4.7 million in
curtailment payments have been made since 2018. An additional $1.2
million is expected to be paid by August 2023 as part of the most
recent maturity extension, with $600,000 of the amount expected to
be paid by February 2023. Once the August 2023 payment is made, the
aggregate principal balance across these three loans is scheduled
to be reduced to approximately $9.0 million from $10.1 million.

Although the borrower's commitment to the loans is apparent and has
been frequently demonstrated with principal curtailments and debt
service funded despite significant shortfalls at the collateral
properties, the sustained cash flows well below issuance levels
will continue to present significantly increased risks for these
loans, particularly given the lack of meaningful recovery in the
area markets since the downturn began in 2014. DBRS Morningstar
maintained its hypothetical liquidation scenario based on a
stressed value for each of the collateral properties, which
suggested Classes F and G would be the most exposed to reduced
credit support and/or losses should a default and liquidation
ultimately occur within the near to moderate term.

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



INVESCO US 2023-1: Fitch Assigns 'BB(EXP)sf' Rating on Cl. E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Invesco U.S. CLO 2023-1, Ltd.

   Entity/Debt             Rating        
   -----------             ------     
Invesco U.S. CLO
2023-1, Ltd.

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

TRANSACTION SUMMARY

Invesco U.S. CLO 2023-1, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Invesco CLO Equity Fund 3 L.P. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $600 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
99.9% first-lien senior secured loans and has a weighted average
recovery assumption of 76.7%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 11.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 3.2-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default rates and recovery assumptions consistent with
other recent Fitch-rated CLO notes.

RATING SENSITIVITIES

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

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

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

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

At other rating levels, variability in key model assumptions, such
as increases in recovery rates and decreases in default rates,
could result in an upgrade. Fitch evaluated the notes' sensitivity
to potential changes in such metrics; results under these
sensitivity scenarios are 'AAAsf' for class B notes, between 'A+sf'
and 'AAsf' for class C notes, 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, Fitch's assessment of the asset pool information relied
upon for its rating analysis according to its applicable rating
methodologies indicates that is adequately reliable.


INVESCO US 2023-1: Moody's Assigns (P)B3 Rating to $1.2MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to four
classes of notes to be issued and one class of loans to be incurred
by Invesco U.S. CLO 2023-1, Ltd. (the "Issuer" or "Invesco CLO
2023-1").

Moody's rating action is as follows:

US$332,000,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

US$40,000,000 Class A-1 Loans maturing 2035, Assigned (P)Aaa (sf)

Up to US$40,000,000 Class A-1C Senior Secured Floating Rate Notes
due 2035, Assigned (P)Aaa (sf)

US$18,000,000 Class A-2 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

US$1,200,000 Class F Deferrable Junior Secured Floating Rate Notes
due 2035, Assigned (P)B3 (sf)

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

The outstanding principal amount of Class A-1C Notes will be zero
on the closing date and may be increased up to $40,000,000 upon the
exercise of the conversion option. Upon the conversion of Class A-1
Loans into the Class A-1C Notes, the aggregate outstanding amount
of Class A-1C Notes will be increased by the amount of the Class
A-1 Loans so converted and the outstanding amount of the Class A-1
Loans will be decreased accordingly.

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.

Invesco CLO 2023-1 is a managed cash flow CLO. The issued debt will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans, and up to 10.0% of the portfolio may consist
of senior unsecured loans, second lien loans, first-lien last-out
loans and permitted debt securities. Moody's expect the portfolio
to be fully ramped as of the closing date.

Invesco CLO Equity Fund 3 L.P. (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's three-year
reinvestment period. Thereafter, subject to certain restrictions,
the Manager may reinvest unscheduled principal payments and
proceeds from sales of credit risk assets.

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

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt 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: $600,000,000

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2940

Weighted Average Spread (WAS): SOFR + 3.40%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

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

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

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


JP MORGAN 2021-1440: DBRS Confirms B(low) Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates issued by J.P. Morgan Chase
Commercial Mortgage Securities Trust 2021-1440 as follows:

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

All trends are Stable.

The rating confirmations reflect the underlying collateral's stable
performance, which has been in line with DBRS Morningstar's
expectations since issuance. The $399.0 million loan is secured by
the borrower's fee-simple interest in a 25-storey,
740,387-square-foot office property in Midtown Manhattan. The
floating-rate loan is interest only through its initial three-year
term and has two 12-month extension options for a fully extended
maturity in March 2026. The loan is sponsored by CIM Group, a fully
integrated real estate private equity firm, and QSuper Board, an
Australian super fund.

The loan has been on the servicer's watchlist since issuance
because of a cash sweep that will remain in effect until $20.0
million is collected. The servicer reported a balance of $8.4
million in the cash management account as of December 2022. At
issuance, the loan was structured with $30.0 million in upfront
reserves, $27.3 million of which funded a rollover reserve, and the
remaining amount funded a capital expenditure reserve. The sponsor
was also required to provide $20.6 million in new equity, supported
by an equity contribution guarantee, of which $15.3 million was to
be allocated toward accretive tenant improvement and leasing costs.
A $16.8 million portion of the equity contribution is required to
be funded on a pro rata basis with the disbursement of the $30.0
million upfront reserve. According to the December 2022 loan-level
reserve report, $41.1 million is held across all reserves, with
$26.4 million held in a rollover reserve and $12.6 million held in
the Macy's rent reserve.

Macy's is the second-largest tenant, representing 26.6% of the net
rentable area (NRA) with a lease expiring in January 2024. Macy's
operates its online sales operations at the subject; however, at
issuance it was known that the tenant was marketing its space for
sublease. At that time, Macy's prepaid all remaining rent
obligations at the subject into a reserve account that continues to
be drawn upon in accordance with the tenant's remaining lease
obligations.

The largest tenant is WeWork, representing 44.7% of NRA with a
lease expiring in 2035. Since taking possession of its space in
2019, WeWork provided $76.6 million of credit support in the form
of an approximately $65.7 million guaranty from its parent entity
and a $10.9 million letter of credit and surety bond. WeWork's free
rent period burned off in June 2021, and the tenant is now making
full rental payments.

As of the September 2022 rent roll, the property was 90.6%
occupied, relatively in line with 94.0% at issuance, with the
office portion 96.7% occupied and the retail portion 49.3%
occupied. According to the financial statement for the trailing
nine months ended September 30, 2022, the loan reported a debt
service coverage ratio (DSCR) of 0.63 times (x), compared with a
YE2021 DSCR of 1.47x and a DBRS Morningstar DSCR of 1.42x at
issuance. The drop in DSCR appears mainly driven by a decrease in
expense reimbursements and an increase in real estate taxes. Given
the triple net nature of the leases, DBRS Morningstar expects that
the year-end statement will indicate a stabilized expense ratio.

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



JPMBB COMMERCIAL 2014-C19: Fitch Affirms B-sf Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of JPMBB Commercial Mortgage
Securities Trust 2014-C19 (JPMBB 2014-C19). Fitch has maintained a
Negative Outlook on classes D and E.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
JPMBB 2014-C19

   A-3 46641WAU1    LT AAAsf  Affirmed    AAAsf
   A-4 46641WAV9    LT AAAsf  Affirmed    AAAsf
   A-S 46641WAZ0    LT AAAsf  Affirmed    AAAsf
   A-SB 46641WAW7   LT AAAsf  Affirmed    AAAsf
   B 46641WBA4      LT AA-sf  Affirmed    AA-sf
   C 46641WBB2      LT A-sf   Affirmed     A-sf
   D 46641WAG2      LT BBB-sf Affirmed   BBB-sf
   E 46641WAJ6      LT B-sf   Affirmed     B-sf
   EC 46641WBC0     LT A-sf   Affirmed     A-sf
   F 46641WAL1      LT CCCsf  Affirmed    CCCsf
   X-A 46641WAX5    LT AAAsf  Affirmed    AAAsf
   X-B 46641WAY3    LT AA-sf  Affirmed    AA-sf

KEY RATING DRIVERS

Increase in Loss Expectations: Fitch's pool loss expectations have
increased slightly from the prior rating action. Fourteen loans
(49.8% of pool) have been designated Fitch Loans of Concern
(FLOCs), including four specially serviced loans (7.2%) and loans
flagged due to high vacancy, upcoming rollover concerns and/or
pandemic-related underperformance. The Outlooks remain Negative on
classes D and E due to the high FLOC exposure and concerns with
upcoming maturities of retail and office loans. Fitch's ratings
incorporate a base case loss of 8.9%.

The largest contributor to losses and largest specially serviced
loan is Muncie Mall (4.2% of the pool). Losses for this loan have
increased since Fitch's last rating action due to growing exposure.
Muncie Mall, secured by a 581,492-sf portion of a regional mall
located in Muncie, IN, transferred to special servicing in February
2020 due to imminent default. The mall has lost several of its
original anchor tenants including Sears (formerly 24.7% of
collateral NRA), Carsons (15.2%), which closed in August 2018; the
non-collateral Macy's, which closed in February 2020; and, JC
Penney, which closed in June 2020. Fitch is modeling a full loss on
the asset.

Three other loans are specially serviced loans (3% of the pool),
including two hotel backed loans. Fitch's analysis used recent
servicer provided valuations in its analysis; total modeled losses
on these three loans is marginally lower than prior rating actions.
The largest specially serviced hotel loan is Holiday Inn Rock Hill
(1.1%), located in Rock Hill, SC. The borrower filed for bankruptcy
and the workout is ongoing.

Retail/Mall Exposure: Of the remaining pool, retail properties back
68.7% of the loans remain. The largest remaining loan in the pool
is The Outlets at Orange (FLOC, 16.8%). Overall performance has
been stable with recent occupancy reported at 98%. Anchor tenants
include AMC Theatres (13% of NRA, lease expires YE 2024), Dave and
Busters (6.9%, January 2024), Esporta (LA Fitness 4.4%, October
2024) and Nordstrom Rack (4.1%, renewed to 2027). The Van's Skate
Park (4.9% of NRA) had a 2022 lease expiration. Fitch requested a
leasing update. Fitch applied a total 10% haircut to YE 2021 NOI
due to high concentration of experiential tenancy and near-term
lease rollover.

The second largest loan in the pool is Arundel Mills & Marketplace
(FLOC, 12.1%) is secured by a super-regional mall, and an adjacent
one-story, anchored shopping center located in Hanover, MD. Major
anchor tenants at the Arundel Mills property include Bass Pro Shops
Outdoor (9.9% of NRA, lease expires October 2026), Cinemark
Theatres (8.3%, December 2025), Burlington (6.3%, January 2026) and
T.J. Maxx (2.6%, January 2026). Anchor tenants at the Marketplace
property include Aldi (32.6%, 2033), Michael's (23.5%, March 2023).
Fitch has requested a leasing update. Fitch's loss expectation of
approximately 6% reflects a total 10% haircut to YE 2021 NOI and a
12.5% cap rate to reflect regional mall nature of the collateral,
near-term lease rollover and volatility associated with the casino
component/gaming revenue.

Increased Credit Enhancement/Concentrated Maturities: As of the
December 2022 distribution date, the pool's aggregate balance has
been paid down by 48.9% to $720.6 million from $1.43 billion at
issuance. The pool has incurred $9.5 million (0.7% of original pool
balance) as of December. Seven loans (8.5% of the pool) are covered
by fully defeased collateral. Of the non-specially serviced loans,
six single-tenant retail loans (4.2% of the pool) have an
anticipated repayment date (ARD) in late 2023, 44 loans (83.1% of
the pool) mature in 2024 (two loans are ARD, representing 5% of the
pool), and one fully amortizing loan (2.7%) matures in 2034.

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-3 through A-S and class X-A are not likely due to the position in
the capital structure, but may occur should interest shortfalls
affect these classes. Downgrades to classes B, C, X-B and EC are
possible should expected losses for the pool increase
significantly. A downgrade to classes D and E is possible should
performance of the FLOCs continue to decline, should additional
loans transfer to special servicing, loans do not payoff at
maturity and/or should FLOCs not stabilize. Further downgrades to
classes F would occur as losses are realized and/or greater
certainty of loss.

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

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

Upgrades to classes B, C, X-B and EC could occur with significant
improvement in CE due to loan payoffs, amortization and/or
defeasance; however, adverse selection, increased concentrations
and/or further underperformance of the FLOCs could offset the
improvement in CE. Classes would not be upgraded above 'Asf' if
interest shortfalls are likely. An upgrade to class D would be
limited based on sensitivity to concentrations or the potential for
future concentration. Classes E and F are unlikely to be upgraded
absent significant performance improvement on the FLOCs,
substantially higher recoveries than expected on the specially
serviced loans/assets and 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.


JPMCC 2012-CIBX: DBRS Confirms C Rating on 3 Classes of Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2012-CIBX
issued by JPMCC 2012-CIBX Mortgage Trust:

-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

These classes have ratings that do not typically carry trends for
commercial mortgage backed securities (CMBS) ratings.

These rating actions reflect DBRS Morningstar's loss expectations
for the remaining loans in the transaction, which is currently in
wind-down. Two loans remain in the pool, Jefferson Mall (Prospectus
ID#4; 50.8% of the pool balance) and Southpark Mall (Prospectus
ID#5; 49.2% of the pool balance), both of which are current but
remain with the special servicer and are expected to be returned to
the master servicer in the near term. The pool has incurred losses
of $18.3 million to date, all of which were contained to the
nonrated Class NR. Interest shortfalls totaled $1.7 million as of
the December 2022 remittance. Based on the most recent appraisals
for both remaining collateral properties, DBRS Morningstar believes
losses could ultimately be contained to Classes F and G, but
relatively minor stress tests on those values suggest Class E
remains exposed to the possibility of loss at ultimate resolution,
supporting the maintenance of a C (sf) rating for that class.

The Jefferson Mall loan is secured by 281,020 square feet (sf) of a
957,000 sf regional mall in Louisville, Kentucky. The loan has been
in special servicing since February 2021, with the special servicer
initially working with the sponsor, CBL & Associates Properties,
Inc. (CBL), which filed for bankruptcy in November 2020. The
sponsor ultimately emerged from bankruptcy and the loan was
reinstated. The special servicer also approved a maturity extension
through June 2026. The mall is in a tertiary market that is
somewhat saturated with malls as there are two competing properties
located within 12 miles of the subject. The subject is the third
best of those three malls in Louisiville and noncollateral anchor
tenants include JCPenney, Dillard's, Overstock Furniture (temporary
resident in the former Sears space), and Round1 (permanent tenant
in the former Macy's space). The largest collateral tenants include
H&M (8.12% of the net rentable area (NRA), lease expiry in January
2026), Old Navy (5.90% of the NRA, lease expiry in January 2024),
and Shoe Depot (5.69% of the NRA, lease expiry in July 2026).

The most recent appraisal reported by the servicer, dated February
2021, valued the property at $34.7 million, down 66% from the
appraised value of $101.7 million at issuance. Despite the sharp
value decline, the mall's performance remains relatively stable,
with an occupancy rate of 99.2% as of the September 2022 rent roll
and a debt service coverage ratio (DSCR) for the trailing 12 months
(T-12) ended June 30, 2022, of 1.29 times (x), compared with the
year-end (YE) 2021, YE2020, and YE2019 DSCRs of 1.11x, 1.73x, and
1.41x, respectively. Based on the 2021 appraised value, DBRS
Morningstar expects the loan will be resolved with a significant
loss, with a loss severity that could be in excess of 65%.

The Southpark Mall loan is secured by a regional mall in Colonial
Heights, Virginia. The loan is also sponsored by CBL and has an
extended loan maturity through June 2026. The noncollateral anchor
tenants include JCPenney and Macy's, and collateral anchors and
junior anchors include Regal Cinemas (17.3% of the NRA, lease
expiry in July 2032), H&M (5.1% of the NRA, lease expiry in
November 2029), and Planet Fitness (4.9% of the NRA, lease expiry
in December 2026). It is noteworthy that Cineworld, Regal Cinemas'
chain owner, filed for bankruptcy as of November 2022, but no
closure of the subject location has been announced to date.


The most recent appraisal reported by the servicer, dated February
2021, valued the property at $40.0 million, down 61% from the
appraised value of $103.0 million at issuance. Recent occupancy and
cash flow declines have been more pronounced for this property,
with the September 2022 rent roll showing an occupancy rate of
80.8%, with approximately 12.8% of the NRA scheduled to rollover by
YE2023. The large vacancy is comprised largely of the dark
collateral Sears box (18.7% of the NRA). The T-6 ended June 30,
2022, DSCR was reported at 1.13x, compared with the YE2021, YE2020,
and YE2019 DSCRs of 1.44x, 1.55x, and 1.42x, respectively.
According to an article published by Richmond BizSense in January
2022, CBL plans to gut the Sears space to allow for the
construction of two apartment buildings that will house a total of
280 multifamily units. DBRS Morningstar has requested confirmation
of these plans from the special servicer and a response is pending.
Based on the most recent appraised value, DBRS Morningstar expects
a loss severity in excess of 55% will be realized at the final
resolution for this loan.

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



MFA 2023-NQM1: DBRS Gives Prov. B(high) Rating on Class B2 Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2023-NQM1 (the Certificates) to
be issued by MFA 2023-NQM1 Trust (MFA 2023-NQM1):

-- $189.6 million Class A-1 at AAA (sf)
-- $26.4 million Class A-2 at AA (high) (sf)
-- $37.0 million Class A-3 at A (high) (sf)
-- $19.1 million Class M-1 at BBB (high) (sf)
-- $14.6 million Class B-1 at BB (high) (sf)
-- $11.9 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 certificates reflects 39.55%
of credit enhancement provided by subordinate certificates. The AA
(high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B
(high) (sf) ratings reflect 31.15%, 19.35%, 13.25%, 8.60%, and
4.80% of credit enhancement, respectively.

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime and nonprime primarily (99%)
first-lien residential mortgages funded by the issuance of the
Certificates. The Certificates are backed by 586 mortgage loans
with a total principal balance of $313,653,110 as of the Cut-Off
Date (December 31, 2022).

The pool is, on average, 10 months seasoned with loan age ranges
from one month to 94 months. The top originators are Citadel
Servicing Corporation (67.2% of the pool), FundLoans Capital, Inc.
(16.0% of the pool), and Castle Mortgage Corporation d/b/a
Excelerate Capital (12.9% of the pool). The Servicers are Citadel
Servicing Corporation (CSC; 67.2% of the pool), Planet Home
Lending, LLC (30.4% of the pool), and Select Portfolio Servicing
(2.3% of the pool). ServiceMac, LLC (ServiceMac) will subservice
all but one of the CSC-serviced mortgage loans under a subservicing
agreement dated September 18, 2020.

Although the applicable mortgage loans were originated to satisfy
the CFPB Ability-to-Repay (ATR) rules, they were made to borrowers
who generally do not qualify for agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the qualified mortgage (QM)/ATR rules, 47.0% of
the loans are designated as non-QM. Approximately 47.2% and 5.4% of
the loans are made to investors for business purposes and foreign
nationals, respectively, which are not subject to the QM/ATR
rules.

In addition, second-lien mortgage loans make up 1% of the pool.
These seven closed-end second-lien loans were originated by Fund
Loans and have lower CLTV (57.7%) and higher average FICO (739)
than the pool weighted average CLTV and FICO..

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain the Class XS and an eligible horizontal
interest consisting of the Class B3 and some portion of the B-2
certificates representing at least 5% of the aggregate fair value
of the Certificates to satisfy the credit risk-retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder.

On or after the earlier of (1) three years after the Closing Date
or (2) the date when the aggregate unpaid principal balance (UPB)
of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Depositor, at its option, may redeem all of the
outstanding certificates at a price equal to the class balances of
the related certificates plus accrued and unpaid interest,
including any Cap Carryover Amounts, any pre-closing deferred
amounts due to the Class XS certificates, and other amounts
described in the transaction documents (optional redemption). After
such purchase, the Depositor must complete a qualified liquidation,
which requires (1) a complete liquidation of assets within the
trust and (2) proceeds to be distributed to the appropriate holders
of regular or residual interests.

On any date following the date on which the aggregate UPB of the
mortgage loans is less than or equal to 10% of the Cut-Off Date
balance, the Servicing Administrator will have the option to
terminate the transaction by purchasing all of the mortgage loans
and any real estate owned (REO) property from the issuer at a price
equal to the sum of the aggregate UPB of the mortgage loans (other
than any REO property) plus accrued interest thereon, the lesser of
the fair market value of any REO property and the stated principal
balance of the related loan, and any outstanding and unreimbursed
servicing advances, accrued and unpaid fees, and expenses that are
payable or reimbursable to the transaction parties, as described in
the transaction documents (optional termination). An optional
termination is conducted as a qualified liquidation.

For this transaction, the Servicers will not fund advances of
delinquent principal and interest (P&I) on any mortgage. However,
the Servicers are 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).

Of note, if a Servicer defers or capitalizes the repayment of any
amounts owed by a borrower in connection with the borrower's loan
modification, the Servicer is entitled to reimburse itself from the
excess servicing fee (applicable to the loans serviced by such
Servicer), first, and from principal collections, second, for any
previously made and unreimbursed servicing advances related to the
capitalized amount at the time of such modification.

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 (Trigger Event).
Principal proceeds can be used to cover interest shortfalls on the
Class A-1, A-2, and A-3 certificates before being applied
sequentially to senior and subordinate certificates. For the Class
A-3 certificates (only after a Trigger Event) and more subordinate
certificates, principal proceeds can be used to cover interest
shortfalls after the more senior certificates are paid in full.
Also, the excess spread can be used to cover realized losses by
reducing the balance of the Class A certificates and then,
sequentially, of the other certificates, before being allocated to
unpaid Cap Carryover Amounts due to Class A-1 down to Class A-3.

On January 15th, FEMA announced that Federal Disaster Assistance
was made available to the State of California related to several
winter storms, flooding, landslides, and mudslides that began on
December 27, 2022. At this time, the sponsor has informed DBRS
Morningstar that it was not aware of Mortgage Loans secured by
Mortgaged Properties that are located in a FEMA disaster area that
have suffered any disaster-related damage. The transaction
documents include representations and warranties regarding the
property conditions, which state that the properties have not
suffered damage that would have a material and adverse impact on
the values of the properties (including events such as windstorm,
flood, earth movement, and hurricane).

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



MFA 2023-NQM1: S&P Assigns B (sf) Rating on Class B-2 Certs
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to MFA 2023-NQM1 Trust's
mortgage pass-through certificates series 2023-NQM1.

The certificate issuance is an RMBS transaction backed by first- or
second-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans, including some loans with interest-only
periods, primarily secured by single-family residences, planned
unit developments, condominiums, condotels, two- to four-family
homes, five- to 10-unit multi-family properties, one 11- to 20-unit
multi-family property, one 34-unit multi-family property, one
mixed-use property, and manufactured housing properties to both
prime and nonprime borrowers. The pool has 586 loans, which are
primarily non-qualified mortgage loans and ability-to-pay exempt.

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 mortgage aggregator and mortgage originators;
-- The pool's geographic concentration; 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 COVID-19
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

  MFA 2023-NQM1 Trust(i)

  Class A-1, $189,600,000: AAA (sf)
  Class A-2, $26,350,000: AA (sf)
  Class A-3, $37,010,000: A (sf)
  Class M-1, $19,130,000: BBB (sf)
  Class B-1, $14,580,000: BB (sf)
  Class B-2, $11,920,000: B (sf)
  Class B-3, $15,063,110: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R: Not rated

(i)The collateral and structural information in this report
reflects the private placement memorandum received on Jan. 17,
2023. 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.



POPULAR ABS 2005-5: Moody's Ups Rating on Cl. AF-5 Bonds to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two bonds
issued by Popular ABS Mortgage Pass-Through Trust 2005-5. The
collateral backing this deal consists of subprime mortgages.

A list of Affected Credit Ratings is available at
https://bit.ly/3XMr6Mc

Complete rating actions are as follows:

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-5

Cl. AF-4, Upgraded to Baa1 (sf); previously on Sep 2, 2021 Upgraded
to Ba2 (sf)

Cl. AF-5, Upgraded to Ba1 (sf); previously on Sep 2, 2021 Upgraded
to Ba3 (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.

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.


PREFERRED TERM VIII: Fitch Affirms 'Csf' Rating on Three Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 19 classes from five
collateralized debt obligations (CDOs). The Rating Outlooks for
nine of the classes remain Stable. Rating actions and performance
metrics for each CDO are reported in the accompanying rating action
report.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Preferred Term
Securities VIII,
Ltd./Inc.

   A-2 74041PAB6      LT AAsf  Affirmed    AAsf
   B-1 74041PAC4      LT Csf   Affirmed     Csf
   B-2 74041PAD2      LT Csf   Affirmed     Csf
   B-3 74041PAE0      LT Csf   Affirmed     Csf

U.S. Capital
Funding I, Ltd./
Corp.

   A-2 903329AC4      LT AAsf  Affirmed    AAsf
   B-1 903329AE0      LT B+sf  Affirmed    B+sf
   B-2 903329AG5      LT B+sf  Affirmed    B+sf

U.S. Capital
Funding II, Ltd./
Corp.

   A-2 90390KAB0      LT AAsf  Affirmed    AAsf
   B-1 90390KAC8      LT CCCsf Affirmed   CCCsf
   B-2 90390KAD6      LT CCCsf Affirmed   CCCsf

ALESCO Preferred
Funding III, Ltd./
Inc.

   A-2 01448MAB5      LT AAsf  Affirmed    AAsf
   B-1 01448MAC3      LT Csf   Affirmed     Csf
   B-2 01448MAD1      LT Csf   Affirmed     Csf

Soloso CDO 2007-1
Ltd./Corp.

   A-1LA 83438JAA4    LT AA-sf Affirmed   AA-sf
   A-1LB 83438JAC0    LT A-sf  Affirmed    A-sf
   A-2L 83438JAE6     LT B+sf  Affirmed    B+sf
   A-3F 83438JAJ5     LT Csf   Affirmed     Csf
   A-3L 83438JAG1     LT Csf   Affirmed     Csf
   B-1L 83438JAL0     LT Csf   Affirmed     Csf

TRANSACTION SUMMARY

The CDOs are collateralized primarily by trust preferred securities
(TruPS) issued by banks.

KEY RATING DRIVERS

All but one of the transactions delevered from collateral
redemptions and/or excess spread, which led to the senior classes
of notes receiving paydowns ranging from 3% to 58% of their last
review note balances. The remaining deal did not have any paydowns.
The magnitude of the deleveraging for each CDO is reported in the
accompanying rating action report.

For three transactions, the credit quality of the collateral
portfolios, as measured by a combination of Fitch's bank scores and
public ratings, deteriorated, with the other two exhibiting
positive credit migration. No new cures, deferrals or defaults have
been reported since last review.

The ratings for the class B-1 and B-2 notes in U.S. Capital Funding
II, Ltd./Corp. (US Cap II) were capped by the outcome of the
interest shortfall risk analysis, where an additional sensitivity
analysis was performed due to the outstanding outsized interest
rate hedge agreement.

The ratings for the class B-1 and B-2 notes in U.S. Capital Funding
I, Ltd./Corp. (US Cap I) were capped by the outcome of the WAN
Overlay, which led to a rating one notch lower than their
model-implied rating (MIR).

For the class A-1LA notes in Soloso CDO 2007-1 Ltd./Corp., the
rating is one notch lower than the MIR, given modest cushions at
the MIR and the expectation that future interest and principal
proceeds could be diverted away from deleveraging this class of
notes.

The Stable Outlooks on nine tranches in this review reflect Fitch's
expectation that the classes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolios in stress scenarios commensurate with the
classes' ratings.

Fitch considered the rating of the issuer account bank in the
ratings for the class A-2 notes in Alesco Preferred Funding III,
Ltd./Inc., the class A-2 notes in Preferred Term Securities VIII,
Ltd./Inc., the class A-2 notes in US Cap I, and the class A-2 notes
in US Cap II due to the transaction documents not conforming to
Fitch's "Structured Finance and Covered Bonds Counterparty Rating
Criteria." These transactions are allowed to hold cash, and their
transaction account bank (TAB) does not collateralize cash.
Therefore, these classes of notes are capped at the same rating as
that of its TAB.

RATING SENSITIVITIES

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

Downgrades to the rated notes may occur if a significant share of
the portfolio issuers default and/or experience negative credit
migration, which would cause a deterioration in rating default
rates.

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

Future upgrades to the rated notes may occur if a transaction
experiences improvement in credit enhancement through deleveraging
from collateral redemptions and/or interest proceeds being used for
principal repayment.


RCMF 2023-FL11: Fitch Assigns 'B-(EXP)sf' Rating on Class G Certs
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
RCMF 2023-FL11 Commercial Mortgage Pass-Through Certificates,
Series 2023-FL11.

   Entity/Debt       Rating        
   -----------       ------        
RCMF 2023-FL11

   A              LT AAA(EXP)sf  Expected Rating
   A-S            LT AAA(EXP)sf  Expected Rating
   B              LT AA-(EXP)sf  Expected Rating
   C              LT A-(EXP)sf   Expected Rating
   D              LT BBB(EXP)sf  Expected Rating
   E              LT BBB-(EXP)sf Expected Rating
   F              LT BB-(EXP)sf  Expected Rating
   G              LT B-(EXP)sf   Expected Rating
   H              LT NR(EXP)sf   Expected Rating

Fitch expects to rate the transaction and assign Rating Outlooks as
follows:

- $316,457,000 class A 'AAAsf'; Outlook Stable;

- $60,801,000 class A-S 'AAAsf'; Outlook Stable;

- $41,022,000 class B 'AA-sf'; Outlook Stable;

- $33,697,000 class C 'A-sf'; Outlook Stable;

- $20,511,000 class D; 'BBBsf'; Outlook Stable;

- $10,988,000 class E; 'BBB-sf'; Outlook Stable;

- $21,243,000 class F; 'BB-sf'; Outlook Stable;

- $13,919,000 class G; 'B-sf'; Outlook Stable.

The approximate collateral interest balance as of the cutoff date
is $586,031,864 and does not include future funding.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 38 loans secured by 65
commercial properties with an aggregate principal balance of
$586,031,864 as of the cut-off date. The loans were contributed to
the trust by RCMF 2023-FL11. The servicer and special servicer are
expected to be KeyBank National Association (A-/Stable).

KEY RATING DRIVERS

Collateral Attributes: In general, the pool is secured by
properties that have not yet completely stabilized or will undergo
renovation. The associated risks, including cash flow interruption
during renovation, lease-up and completion, are mitigated by
experienced sponsorship, credible business plans and loan
structural features that include guaranties, reserves, cash
management and performance triggers, and additional funding
mechanisms. See the individual loan discussions for specific
details.

Higher Leverage Compared to Recent Transactions: The pool has
higher leverage compared to recent multiborrower transactions rated
by Fitch Ratings. The pool's Fitch loan to value ratio (LTV) of
225.7% is higher than the YTD 2022 average of 100.3% and higher
than the 2021 average of 103.3%. Additionally, the pool's Fitch
debt service coverage ratio (DSCR) of 0.46x is lower than the YTD
2022 and 2021 averages of 1.31x and 1.38x, respectively.

Mortgage Coupons: The pool's WA mortgage coupon is 4.094%, in-line
the 2022 YTD and 2021 averages of 4.29% and 3.48%, respectively.
All of the loans in the pool with be floating rates with rate caps
in place, except for four loans Garden View Apartments, Willow Bend
Apartments, Robin Hood Apartments, and Country Home Mobile
Village.

Business Plan Risk: The pool features 35 loans that have future
fundings amounting to what would be 12.6% of the pool balance.
These future fundings are to complete sponsor business plans that
include capital expenditures. Fitch assessed each business plan and
graded low, medium, or high risk and modeled accordingly.

Pool Concentration: The pool concentration is in-line with the
recently rated Fitch transactions. The top 10 loans in the pool
make up 49.0% of the pool, is lower than the 2022 and 2021 levels
of 55.2% and 51.2%, respectively. The pool's Loan Concentration
Index (LCI) is 370, lower than the 2022 and 2021 averages of 422,
and 381, respectively.

Loan Structure: The loans in the pool are typically structured with
initial terms ranging from 2 to 4 years. Most loans have extension
options that make their fully extended loan terms 4 or 5 years.
Fitch's historical loan performance analysis shows loans with terms
less than 10 years have modestly lower default risk, all else
equal. This is mainly attributed to the shorter window of exposure
to potential adverse economic conditions.

RATING SENSITIVITIES

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

- Declining cash flow decreases property value and capacity to meet
debt service obligations. The table below indicates the model
implied rating sensitivity to changes in one variable,
Fitch-calculated net cash flow (NCF):

Original Rating:
'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'B-sf';

10% NCF Decline: 'AA+sf'/'AA+sf'/'A+sf'/
'BBB+sf'/'BBB-sf'/'BBsf'/'Bsf'/'CCCsf';

20% NCF Decline:
'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'A-sf'/'BBB+sf'/'BBB-sf'/'BBsf';

30% NCF Decline:
'AA+sf'/'AA+sf'/Asf'/'BBB-sf'/'B+sf'/'CCCsf'/'CCCsf'/'CCCsf'.

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

Improved cash flow increases property value and capacity to meet
debt service obligations. The table below indicates the model
implied rating sensitivity to changes to the same one variable,
Fitch-calculated NCF:

Original Rating:
'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'B-sf';

20% NCF Increase:
'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'A-sf'/'BBB+sf'/'BBB-sf'/'BBsf'

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.


SANTANDER BANK 2023-MTG1: Fitch Puts 'B(EXP)sf' Rating on M-5 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Santander Bank
Mortgage Credit-Linked Notes (CLNs), Series 2023-MTG1 (SBCLN
2023-MTG1).

   Entity/Debt         Rating        
   -----------         ------        
SBCLN 2023-MTG1

   A-R1            LT NR(EXP)sf   Expected Rating
   M-1             LT BBB+(EXP)sf Expected Rating
   M-2             LT BBB+(EXP)sf Expected Rating
   M-3             LT BBB(EXP)sf  Expected Rating
   M-4             LT BB(EXP)sf   Expected Rating
   M-5             LT B(EXP)sf    Expected Rating
   M-6             LT NR(EXP)sf   Expected Rating
   B-R             LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch Ratings expects to rate the class M-1, M-2, M-3, M-4 and M-5
notes of Santander Bank's (Santander) first mortgage CLN
transaction, Santander Bank Mortgage CLNs, Series 2023-MTG1, as
indicated above. The notes are general debt obligations of
Santander (BBB+/F2/Stable); therefore, the ratings are directly
linked to those of Santander.

The objective of the transaction is to transfer credit risk to
noteholders by referencing a hypothetical financial guarantee
transaction. Principal payments on the notes are based on the
actual payments received and performance of a guaranteed portfolio
consisting of 9,275 seasoned prime quality residential mortgage
loans with a total balance of $2.53 billion as of the cutoff date.

The loans in the guaranteed portfolio are one- to four-family
residential mortgage loans that are owned by Santander Bank N.A.
(SBNA) or an affiliate. All the loans were originated by SBNA and
various third-party originators. All loans in the guaranteed
portfolio are serviced by SBNA with Dovenmuehle Mortgage, Inc as
the subservicer, and are expected to remain in the portfolio.

The notes are uncapped SOFR floaters, and Santander will be solely
responsible for the payment of interest to class M noteholders.
SBNA will deposit funds in an eligible account at Citibank N.A.
(A+/F1). At all times, SBNA is required to have the balance of
funds in the collateral account not be less than the aggregate note
balance. Principal payments on the notes will be paid directly from
the collateral account or by SBNA based on the performance of the
underlying loans in the guaranteed portfolio. The collateral
account will be held in an eligible account at Citibank N.A..

Given the structure and dependence on Santander for the payment of
interest and either SBNA or the collateral account held at Citibank
for the payment of principal, Fitch's ratings on class M-1, M-2,
M-3, M-4 and M-5 notes are capped at the lowest of: 1) the quality
of the mortgage loan guaranteed portfolio and credit enhancement
(CE) available through subordination; 2) Fitch's Issuer Default
Rating (IDR) of SBNA; and 3) Fitch's IDR of Citibank N.A. or the
counterparty holding the collateral account.

Some loans in the guaranteed portfolio have adjustable-rate coupons
where the index is based off of Libor. The notes are floating rate
based off of SOFR. Since Santander is responsible for making the
interest payments based on the SOFR index, there is no impact from
Libor exposure for the bondholders.

Fitch was only asked to rate the class M-1, M-2, M-3, M-4 and M-5
notes.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 12.4% above a long-term sustainable level (vs.
10.5% on a national level as of January 2023, down 1.7% since last
quarter). Underlying fundamentals are not keeping pace with the
growth in prices, resulting from a supply/demand imbalance driven
by low inventory, favorable mortgage rates, and new buyers entering
the market. These trends have led to significant home price
increases over the past year, with home prices rising 9.2% yoy
nationally as of October 2022.

Strong Prime Credit Quality Seasoned Loans (Positive): The
collateral consists of 9,275 loans totaling $2.53 billion and
seasoned at approximately 76 months on average, according to Fitch,
and 73 months per the transaction documents. The borrowers have a
strong credit profile (772 FICO and 35.6% debt-to-income [DTI]
ratio, as determined by Fitch), along with relatively moderate
leverage, with an original combined loan-to-value (CLTV) ratio of
72.3%, as determined by Fitch, which translates to a
Fitch-calculated sustainable LTV (sLTV) of 54.3%. The updated LTV
based on the transaction documents is 44.1%, which translates into
a Fitch MTM CLTV of 47.6%.

Of the pool, 98.6% represent loans where the borrower maintains a
primary or secondary residence, while the remaining 1.4% comprise
investor properties based on Fitch's analysis. Fitch determined
that 68.6% of the loans were originated through a retail channel.

The eligibility criteria does not require that a loan be a
qualified mortgage, however the loans need to document the ability
to repay if they were originated post January 10, 2014. No credit
was given to loans if they were determined to be a qualified
mortgage in Fitch's loss analysis.

The pool contains 141 loans with a current balance of over $1.0
million, with the largest amounting to $2.6 million. The top 10
loans that have the highest current balances have very strong
collateral attributes with an average FICO (as determined by Fitch)
of 800 and an original CLTV of 61%. 100% of these loans are single
family homes that are either second homes or owner occupied.

Loans on investor properties comprise only 1.4% of the pool. There
are no second lien loans, and none of borrowers were viewed by
Fitch as having a prior credit event in the past seven years. Of
the loans in the pool, none are to foreign nationals (or
non-resident aliens) Fitch viewed the low investor concentration
and no foreign nationals in the pool as a positive

Due to the age of the loans in the pool and the collateral
characteristics of the prime loans in the pool, Fitch ran the
analysis using Fitch's seasoned prime loan loss model.

Geographic Concentration (Negative): The largest concentration of
loans is in Massachusetts (27.7%), followed by New Jersey and New
York. The largest MSA is New York (39.5%), followed by Boston
(21.9%) and Philadelphia (11.6%). The top three MSAs account for
73.0% of the pool. As a result, there was a 1.26x penalty for
geographic concentration, which increased the 'AAAsf' loss
expectation by 82bps.

Counterparty Risk (Negative): Ratings on the notes are directly
linked to the IDR of the counterparty, SBNA (BBB+/F2/Stable). There
is no transfer or sale of assets, and SBNA or an affiliate of SBNA
will continue to own the referenced collateral.

Interest payments on the notes are debt obligations of Santander.

SBNA will deposit funds in an eligible account at Citibank. At all
times, SBNA is required to have the balance of funds in the
collateral account not be less than the aggregate note balance.
Principal payments on the notes will be paid from this account or
by SBNA based on the performance of the underlying guaranteed
portfolio.

Funds in this account can be invested in eligible investments that
are consistent with Fitch's criteria and mature prior to the
payment date of the notes. Funds in the distribution account are
held for two business days. As a result, there is counterparty risk
to both Santander and Citibank, and the expected ratings will be
capped at the rating of the lowest rated counterparty, which
currently is Santander.

Eligibility Criteria Framework (Positive): Santander has outlined
loan-level eligibility criteria with respect to the guaranteed
portfolio. The construct is viewed by Fitch as a Tier 2 due to
inclusion of knowledge qualifiers without a clawback provision and
the narrow testing construct, which limits the reviewer's ability
to identify or respond to issues not fully anticipated at closing.
The framework, together with the financial strength of Santander as
eligibility criteria provider, resulted in no adjustment to Fitch's
expected loss.

Loans identified by the reviewer as having a material test failure
with respect to the eligibility criteria and those the reviewer
determined as not eligible (subject to results of any arbitration
proceeding related to such determination) will be deemed
"ineligible guaranteed obligations" and will be removed from the
pool at par, subject to the removal price limitations as described
in the transaction documents. Arbitration expenses will be paid out
of interest payable on the notes if Santander prevails in
arbitration proceedings; otherwise, Santander will be responsible
for all expenses.

Pro-Rata Pay Structure (Negative): The mortgage cash flows are
allocated based on a pro-rata pay structure. Scheduled and
unscheduled principal is allocated pro rata based on the respective
senior (class A-R1) and subordinate (classes M and B-R)
percentages. Distributions to the subordinated M and B classes are
subject to certain performance and CE tests; if the tests are not
satisfied, the senior class A-R1 certificate is allocated 100% of
all principal.

In addition, lower-rated subordinated classes will be locked out of
principal entirely if the current CE for such class is less than
the sum of the original CE plus 25% of the balance of loans that
are deemed non-performing (i.e. 90+ days past due, in foreclosure
or bankruptcy, or real estate owned).The lockout feature helps
maintain subordination for a longer period should losses occur
later in the life of the deal. This feature redirects subordinate
principal to classes of higher seniority if specified CE levels are
not maintained.

Further, the transaction structure does lock out the B-R class from
receiving principal until all the more senior classes are paid,
which does help to maintain subordination and protects the M
classes from losses and is viewed positively by Fitch.

Losses are allocated reverse sequentially with the unrated B -R
class absorbing losses first.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 43.1% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 14.5% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged AMC to perform the review. Loans reviewed under these
engagements were given initial and final compliance grades (credit
and valuation grades were not assigned).

An exception and waiver report were provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than guideline
requirement. In addition, Fitch took into consideration that 1)
loans being outside statute of limitations for some exceptions
cited; 2) the borrowers have a proven track record of ability to
repay the debt as they have been paying and showed they had the
ability to pay even through the COVID-19 pandemic; and 3) the
eligibility criteria is provided by an investment grade
counterparty. Therefore, no adjustments were needed to compensate
for these occurrences.

Fitch also utilized data files that were made available by the
issuer on a SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's (ASF) data layout format.

The ASF data tape layout was established with input from various
industry participants, including rating agencies, issuers,
originators, investors and others, to produce an industry standard
for the pool-level data in support of the U.S. RMBS securitization
market. The data contained in the data tape layout were populated
by the due diligence company and no material discrepancies were
noted.

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.


TOWD POINT 2023-1: Fitch Assigns 'B-(EXP)sf' Rating on Cl. B2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Towd Point Mortgage
Trust 2023-1 (TPMT 2023-1).

   Entity/Debt         Rating        
   -----------         ------        
TPMT 2023-1

   A1             LT AAA(EXP)sf  Expected Rating
   A2             LT AA-(EXP)sf  Expected Rating
   M1             LT A-(EXP)sf   Expected Rating
   M2             LT BBB-(EXP)sf Expected Rating
   B1             LT BB-(EXP)sf  Expected Rating
   B2             LT B-(EXP)sf   Expected Rating
   B3             LT NR(EXP)sf   Expected Rating
   B4             LT NR(EXP)sf   Expected Rating
   B5             LT NR(EXP)sf   Expected Rating
   A1A            LT AAA(EXP)sf  Expected Rating
   A1AX           LT AAA(EXP)sf  Expected Rating
   A1B            LT AAA(EXP)sf  Expected Rating
   A1BX           LT AAA(EXP)sf  Expected Rating
   A2A            LT AA-(EXP)sf  Expected Rating
   A2AX           LT AA-(EXP)sf  Expected Rating
   A2B            LT AA-(EXP)sf  Expected Rating
   A2BX           LT AA-(EXP)sf  Expected Rating
   A2C            LT AA-(EXP)sf  Expected Rating
   A2CX           LT AA-(EXP)sf  Expected Rating
   M1A            LT A-(EXP)sf   Expected Rating
   M1AX           LT A-(EXP)sf   Expected Rating
   M1B            LT A-(EXP)sf   Expected Rating
   M1BX           LT A-(EXP)sf   Expected Rating
   M1C            LT A-(EXP)sf   Expected Rating
   M1CX           LT A-(EXP)sf   Expected Rating
   M2A            LT BBB-(EXP)sf Expected Rating
   M2AX           LT BBB-(EXP)sf Expected Rating
   M2B            LT BBB-(EXP)sf Expected Rating
   M2BX           LT BBB-(EXP)sf Expected Rating
   M2C            LT BBB-(EXP)sf Expected Rating
   M2CX           LT BBB-(EXP)sf Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by Towd Point Mortgage Trust 2023-1 (TPMT 2023-1) as
indicated. The transaction is expected to close on Jan. 31, 2023.
The notes are supported by one collateral group that consists of
4,700 seasoned performing loans (SPLs), reperforming loans (RPLs)
and newly-originated loans with a total balance of approximately
$552.8 billion, including $21.4 million, or 3.9%, of the aggregate
pool balance in noninterest-bearing deferred principal amounts, as
of the cutoff date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, it views the home price values of
this pool as 11.7% above a long-term sustainable level (versus
10.5% on a national level as of January 2023, down 1.7% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating with a decline observed in 3Q 2022. Home
prices rose 9.2% yoy nationally as of October 2022 due to the
strong gains seen in 1H 2022.

SPL and RPL Collateral (Mixed): The collateral pool consists
primarily of peak-vintage SPLs and RPLs, as defined by Fitch, which
includes both first and second lien loans. As of the cutoff date,
the pool is approximately 4.0% delinquent. 36.7% have had clean pay
histories for 24 months or more (defined by Fitch as clean
current), 21.5% are newly originated loans with clean pay histories
since origination and the remaining 37.9% are current but have had
recent delinquencies or incomplete 24-month pay strings. Fitch
applied a probability of default (PD) credit to account for the
pool's large concentration of clean current loans. Roughly 37.7%
have been modified.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined loan-to-value ratio (CLTV) of 78.9%.
All loans received updated property values, translating to a WA
current (mark-to-market) CLTV ratio of 54.1% and a sustainable LTV
(sLTV) of 61.6% at the base case. This reflects low leverage
borrowers and is stronger than in comparable SPL/RPL transactions.

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

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

RATING SENSITIVITIES

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 42.6% at 'AAAsf'. The analysis indicates there is
some potential rating migration with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

CRITERIA VARIATION

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

The first variation is that a tax and title review was not
completed on 100% of seasoned first lien loans. Of the seasoned
first liens, 0.6% by loan count (22 loans) did not receive an
updated tax and title search. This was viewed as an immaterial
amount relative to the overall pool. Additionally, FirstKey
confirmed that the servicers are monitoring the tax and title
status as part of standard practice and that the servicers will
advance where deemed necessary to keep the first lien position. Of
the junior liens, 67.9% by loan count (574 loans) did not receive
an updated tax and title review. Fitch applies 100% LS to junior
liens, which mitigates the absence of tax and title review. For all
loans, FirstKey confirmed it will complete a clear chain of
assignment within 18 months of the transaction or will repurchase
the loan. Given this, the variation had no rating impact.

The second variation is that a due diligence compliance and data
integrity review was not completed on 100% of RPLs and SPLs from
unknown originators. Approximately 38.8% by loan count (14.7% by
UPB) of the seasoned loans did not receive a due diligence
compliance and data integrity review and the transferring trusts
and securitization trust seller originally acquired the mortgage
loans from various unrelated third-party sellers. The due diligence
results from the portion of seasoned loans that received a due
diligence review were extrapolated based on its expected losses and
applied to the portion of seasoned loans that did not receive a
review to estimate full due diligence findings. As a result, the
loss expectations were increased by approximately 3bps at 'AAAsf'.
This variation had no rating impact.

The third variation relates to the pay history review. Fitch
expects a pay history review to be completed on 100% of RPLs and
expects the review to reflect the past 24 months. The pay history
sample completed on SPLs meets Fitch's criteria, which looks for a
20% sample. A pay history review either was not completed, was
outdated or a pay string was not received from the servicer for
approximately 53.2% of the RPLs by loan count (26.0% by UPB). For
the loans where a pay history review was conducted, the results
verified what was provided on the loan tape. Additionally, the pay
strings on the loan tape were provided to FirstKey by the current
servicer. This variation had no rating impact.

The fourth variation is that a full new origination due diligence
review, including credit, compliance and property valuation, was
not completed on the loans seasoned less than 24 months.
Approximately 14.4% of the loans by loan count (31.4% by UPB) are
seasoned less than 24 months as of the cutoff date and are
considered newly originated by Fitch. These loans received only a
compliance review. All of these loans were acquired from a single
source. While a full credit review was not completed, the
Ability-to-Repay status was confirmed and updated FICOs were
provided. Additionally, updated property values were received in
lieu of property valuation review, and for loans that had a
negative variance of greater than 10% versus the original
appraisal, the lower value was assumed and used for original
LTV/CLTV calculation in Fitch's analysis. Although these loans did
not receive credit and valuation grades, credit exceptions and
property exceptions were noted and provided by AMC Diligence, LLC
(AMC). This variation had no rating impact.

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.


UBS COMMERCIAL 2017-C1: Fitch Lowers Rating on D-RR Notes to B-sf
-----------------------------------------------------------------
Fitch Ratings has downgraded one class and affirmed eleven classes
of UBS Commercial Mortgage Trust 2017-C1. In addition, the Rating
Outlooks on two classes remains Negative.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
UBS 2017-C1
  
   A3 90276EAD9     LT AAAsf  Affirmed    AAAsf
   A4 90276EAE7     LT AAAsf  Affirmed    AAAsf
   AS 90276EAH0     LT AAAsf  Affirmed    AAAsf
   ASB 90276EAC1    LT AAAsf  Affirmed    AAAsf
   B 90276EAJ6      LT AA-sf  Affirmed    AA-sf
   C 90276EAK3      LT A-sf   Affirmed     A-sf
   D 90276EAN7      LT BBB+sf Affirmed   BBB+sf
   D-RR 90276EAQ0   LT B-sf   Downgrade     Bsf
   E-RR 90276EAS6   LT CCsf   Affirmed     CCsf
   F-RR 90276EAU1   LT Csf    Affirmed      Csf
   X-A 90276EAF4    LT AAAsf  Affirmed    AAAsf
   X-B 90276EAG2    LT A-sf   Affirmed     A-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall pool loss expectations have
increased slightly since the last rating action primarily due to
higher losses on the specially serviced loans, specifically the REO
asset, Hilton Woodcliff Lake. While the majority of the pool has
exhibited stable performance and have recovered from pandemic lows,
Fitch has identified thirteen loans (20% of the pool) as Fitch
Loans of Concern (FLOCs). Fitch's current ratings incorporate a
base case loss of 6.5%.

The largest contributor to overall loss expectations is the One
West 34th Street loan (6.9% of pool), which is secured by a
210,358-sf office property located at the corner of West 34th
Street and Fifth Avenue in Manhattan, across the street from the
Empire State Building. The current largest tenants are CVS (7.0% of
NRA; through January 2034), Olivia Miller (6.1%; July 2024),
International Inspiration (4.0%; November 2026), Amazon.com
Services (3.4%; October 2026), and Global Coverage (3.0%; May
2030). Upcoming rollover includes 8.6% of the NRA (10 leases) in
2023, 20.7% (13 leases) in 2024 and 10.7% (10 leases) in 2025.

Recent performance improved slightly with the September 2022 NOI
DSCR at 0.93x, compared with 0.82x at YE 2021 and 0.80x at YE 2020.
The property was 85% occupied as of September 2022, up from 80% at
YE 2021 and 83% at YE 2020. Fitch's base case loss of 28% reflects
an 8.25% cap on the YE 2021 NOI, factoring in the property's strong
Manhattan location and excellent access to public and mass
transit.

The next largest contributor to overall loss expectations is the
Hilton Woodcliff Lake asset (2.5%), a full-service hotel located in
Woodcliff Lake, NJ. This asset transferred to special servicing in
July 2020 for imminent monetary default. The property reopened in
March 2021 after being closed since July 2020. A receiver was
appointed in November 2020. The trust was the winning bidder at the
March 2022 foreclosure sale and Title was received in April 2022.
Cash flow remains challenged with a reported September 2022 NOI
DSCR of -0.17x which has increased from -0.55x at YE 2021 and
-0.79x at YE 2020. Fitch's base case loss of 35% reflects a value
per key of $57,000.

Increased Credit Enhancement (CE): As of the January 2023
distribution date, the pool's aggregate balance has been paid down
by 20.6% to $761.4 million from $959 million at issuance. One loan,
Gerber Village ($10.6 million), was prepaid in January 2022. Eleven
loans (8.2% of current pool) are fully defeased. Nine full-term
interest-only loans comprise 25.4% of the pool. Seventeen loans
representing 29.3% of the pool had a partial interest-only
component, and thirty-five loans (45.3%) are balloon loans.

RATING SENSITIVITIES

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

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

- Downgrades to the 'AAAsf' and 'AA-sf' classes are not likely due
to the continued expected amortization and sufficient CE relative
to loss expectations, but may occur should interest shortfalls
affect these classes;

- Downgrades to the 'A-sf' and 'BBB+sf' classes would occur should
expected losses for the pool increase substantially, with continued
underperformance of the FLOCs, especially One West 34th Street,
and/or the transfer of loans to special servicing;

- Downgrades to the 'B-sf', 'CCsf', and 'Csf' classes would occur
should loss expectations increase as FLOC performance declines or
fails to stabilize or should losses be realized or become more
certain.

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

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

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

- Upgrades to the 'AA-sf' and 'A-sf' classes may occur with
significant improvement in CE and/or defeasance, and with the
stabilization of performance on the FLOCs; however, adverse
selection and increased concentrations could cause this trend to
reverse;

- Upgrades to class 'BBB+sf' may occur as the number of FLOCs are
reduced, and there is sufficient CE to the classes. Classes would
not be upgraded above 'Asf' if there were any likelihood of
interest shortfalls;

- Upgrades to classes 'B-sf', 'CCsf', and 'Csf' are not likely
until the later years in the transaction and only if the
performance of the remaining pool is stable, FLOCs stabilize,
and/or there is sufficient CE to the bonds.

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.


UNITED AUTO 2023-1: DBRS Gives Prov. BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by United Auto Credit Securitization Trust
2023-1 (UACST 2023-1 or the Issuer):

-- $124,840,000 Class A Notes at AAA (sf)
-- $53,850,000 Class B Notes at AA (sf)
-- $35,080,000 Class C Notes at A (sf)
-- $37,530,000 Class D Notes at BBB (sf)
-- $24,480,000 Class E Notes at BB (sf)

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

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

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

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

(2) The DBRS Morningstar CNL assumption is 19.50% based on the
expected Cut-Off Date pool composition.

(3) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: December 2022 Update," published on December 21,
2022. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

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

-- DBRS Morningstar has performed an operational risk review of
United Auto Credit Corporation (UACC) and considers the entity an
acceptable originator and servicer of subprime automobile loan
contracts. Additionally, the transaction has an acceptable backup
servicer.

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

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

-- UACC originates collateral which generally has shorter terms,
higher down payments, lower book values, and higher borrower income
requirements than some other subprime auto loan originators.
However, as Vroom originations are incorporated into UACC's
portfolio, the original term has gradually increased.

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

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

UACST 2023-1 will represent the 22nd asset-backed securities
transaction completed in UACC's history and will offer both senior
and subordinate rated securities. The receivables securitized in
UACST 2023-1 will be subprime automobile loan contracts secured
primarily by used automobiles, light-duty trucks, and vans.

The rating on the Class A Notes reflects 63.25% of initial hard
credit enhancement provided by the subordinated notes in the pool
(46.25%), the reserve fund (1.50% as a percentage of the initial
collateral balance), and OC (15.50% of the total pool balance). The
ratings on the Class B, C, D, and E Notes reflect 46.75%, 36.00%,
24.50%, and 17.00% of initial hard credit enhancement,
respectively. Additional credit support may be provided from excess
spread available in the structure.

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



VELOCITY COMMERCIAL 2023-1: DBRS Finalizes B Rating on 3 Classes
----------------------------------------------------------------
DBRS, Inc. finalized provisional ratings on the Mortgage-Backed
Certificates, Series 2023-1 (the Certificates) issued by Velocity
Commercial Capital Loan Trust 2023-1 (VCC 2023-1 or the Issuer) as
follows:

-- $146.3 million Class A at AAA (sf)
-- $146.3 million Class A-S at AAA (sf)
-- $146.3 million Class A-IO at AAA (sf)
-- $5.9 million Class M-1 at AA (sf)
-- $5.9 million Class M1-A at AA (sf)
-- $5.9 million Class M1-IO at AA (sf)
-- $17.4 million Class M-2 at A (low) (sf)
-- $17.4 million Class M2-A at A (low) (sf)
-- $17.4 million Class M2-IO at A (low) (sf)
-- $14.1 million Class M-3 at BBB (sf)
-- $14.1 million Class M3-A at BBB (sf)
-- $14.1 million Class M3-IO at BBB (sf)
-- $30.0 million Class M-4 at BB (sf)
-- $30.0 million Class M4-A at BB (sf)
-- $30.0 million Class M4-IO at BB (sf)
-- $17.4 million Class M-5 at B (sf)
-- $17.4 million Class M5-A at B (sf)
-- $17.4 million Class M5-IO at B (sf)

Classes A-IO, M1-IO, M2-IO, M3-IO, M4-IO, and M5-IO are
interest-only (IO) certificates. The class balances represent
notional amounts.

Classes A, M-1, M-2, M-3, M-4, and M-5 are exchangeable
certificates. These classes can be exchanged for combinations of
initial exchangeable certificates as specified in the offering
documents.

The AAA (sf) ratings on the Certificates reflect 39.10% of credit
enhancement (CE) provided by subordinated certificates. The AA
(sf), A (low) (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
36.65%, 29.40%, 23.55%, 11.05%, and 3.80% of CE, respectively.

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

VCC 2023-1 is a securitization of a portfolio of newly originated
and seasoned fixed-rate, first-lien residential mortgages
collateralized by investor properties with one to four units
(residential investor loans) and small-balance commercial mortgages
(SBC) collateralized by various types of commercial, multifamily
rental, and mixed-use properties. The securitization is funded by
the issuance of the Certificates, which are backed by 695 mortgage
loans with a total principal balance of $240,308,194 as of the
Cut-Off Date (December 1, 2022).

Approximately 60.2% of the pool comprises residential investor
loans and about 39.8% are SBC loans. All loans in this
securitization were originated by Velocity Commercial Capital, LLC
(Velocity or VCC). The loans were underwritten to program
guidelines for business-purpose loans where the lender generally
expects the property (or its value) to be the primary source of
repayment (No Ratio). The lender reviews the mortgagor's credit
profile, though it does not rely on the borrower's income to make
its credit decision. However, the lender considers the
property-level cash flow or minimum debt service coverage ratio
(DSCR) when underwriting SBC loans with balances over $750,000 for
purchase transactions and over $500,000 for refinance transactions.
Because the loans were made to investors for business purposes,
they are exempt from the Consumer Financial Protection Bureau's
Ability-to-Repay rules and TILA-RESPA Integrated Disclosure rule.

PHH Mortgage Corporation (PMC) will service all loans within the
pool for a fee of 0.30% per annum. In addition, Velocity will act
as a Special Servicer for loans that defaulted or became 60 or more
days delinquent under the Mortgage Bankers Association (MBA) method
and other loans, as defined in the transaction documents (Specially
Serviced Loans). The Special Servicer will be entitled to receive
compensation, including an annual fee of 0.75% and the balance of
Specially Serviced Loans. Also, the Special Servicer is entitled to
a liquidation fee equal to 2.00% of the net proceeds from the
liquidation of a Specially Serviced Loan, as described in the
transaction documents.

The Servicer will fund advances of delinquent principal and
interest (P&I) until the advances deemed unrecoverable. Also, the
Servicer is obligated to make advances with respect to taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing properties.

U.S. Bank National Association (U.S. Bank; rated AA (high) with a
Stable trend by DBRS Morningstar) will act as the Custodian. U.S.
Bank Trust Company, National Association will act as the Trustee.

The Seller, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of the Class P, Class XS, and Class M-7
Certificates, collectively representing at least 5% of the fair
value of all Certificates, to satisfy the credit risk-retention
requirements under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder. Such retention
aligns Sponsor and investor interest in the capital structure.

On or after the later of (1) the three-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Closing Date
balance, the Depositor may purchase all outstanding Certificates
(Optional Purchase) at a price equal to the sum of the remaining
aggregate balance of the Certificates plus accrued and unpaid
interest, and any fees, expenses, and indemnity payments due and
unpaid to the transaction parties, including any unreimbursed P&I
and servicing advances, and other amounts due as applicable. The
Optional Purchase will be conducted concurrently with a qualified
liquidation of the Issuer.

Additionally, if on any date on which the unpaid mortgage loan
balance and the value of REO properties has declined to less than
10% of the initial mortgage loan balance as of the Cut-Off Date,
the Directing Holder, the Special Servicer, or the Servicer, in
that order of priority, may purchase all of the mortgages, REO
properties, and any other properties from the Issuer (Optional
Termination) at a price specified in the transaction documents. The
Optional Termination will be conducted as a qualified liquidation
of the Issuer. The Directing Holder (initially, the Seller) is the
representative selected by the holders of more than 50% of the
Class XS certificates (the Controlling Class).

The transaction uses a structure sometimes referred to as a
modified pro rata structure. Prior to the Class A CE falling below
10.0% of the loan balance as of the Cut-Off Date (Class A Minimum
CE Event), the principal distributions allow for amortization of
all senior and subordinate bonds based on CE targets set at
different levels for performing (same CE as at issuance) and
nonperforming (higher CE than at issuance) loans. Each class'
target principal balance is determined based on the CE targets and
the performing and nonperforming (those that are 90 or more days
MBA delinquent, in foreclosure and REO, and subject to a servicing
modification within the prior 12 months) loan amounts. As such, the
principal payments are paid on a pro rata basis, up to each class'
target principal balance, so long as no loans in the pool are
nonperforming. If the share of nonperforming loans grows, the
corresponding CE target increases. Thus, the principal payment
amount increases for the senior and senior subordinate classes and
falls for the more subordinate bonds. The goal is to distribute the
appropriate amount of principal to the senior and subordinate bonds
each month, to always maintain the desired level of CE, based on
the performing and nonperforming pool percentages. After the Class
A Minimum CE Event, the principal distributions are made
sequentially.

Relative to the sequential pay structure, the modified pro rata
structure is more sensitive to the timing of the projected defaults
and losses as the losses may be applied at a time when the amount
of credit support is reduced as the bonds' principal balances
amortize over a life of the transaction. That said, the excess
spread can be used to cover realized losses after being allocated
to the unpaid net weighted average coupon shortfalls (Net WAC Rate
Carryover Amounts). Please see the Cash Flow Structure and Features
section of the related report for details.

COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) METHODOLOGY

The collateral for the SBC portion of the pool consists of 223
individual loans secured by 223 commercial and multifamily
properties with an average Cut-Off Date loan balance of $429,364.
None of the mortgage loans are cross-collateralized or
cross-defaulted with each other. Given the complexity of the
structure and granularity of the pool, DBRS Morningstar applied its
North American CMBS Multi-Borrower Rating Methodology (the CMBS
Methodology).

The loans have a fixed interest rate with a weighted average (WA)
of 9.25%. This is nearly 100 basis points (bps) higher than the VCC
2022-4 transaction and about 245 bps higher than the interest rates
of the VCC 2022-3, VCC 2022-2, and VCC 2022-1 transactions,
highlighting the recent increase in interest rates. Most of the
loans have original loan term lengths of 30 years and fully
amortize over 30-year schedules. However, 10 loans, which represent
11.1% of the SBC pool, have an initial IO period ranging from 24
months to 120 months and then fully amortize over shortened 20- to
28-year schedules.

The CMBS loans have a WA fixed interest rate of 10.53%. This is
approximately 127 bps higher than the VCC 2022-5 transaction, 221
bps higher than the VCC 2022-4 transaction, and more than 360 bps
higher than the interest rates of the VCC 2022-3, VCC 2022-2, and
VCC 2022-1 transactions, highlighting the recent increase in
interest rates. Most of the loans have original loan term lengths
of 30 years and fully amortize over 30-year schedules. However, 13
loans, which represent 9.3% of the SBC pool, have an initial IO
period ranging from 60 months to 120 months and then fully amortize
over shortened 20- to 25-year schedules.

Most SBC loans were originated between August 2022 and November
2022 (99.7% of cut-off pool balance), with one loan originated in
September 2019 (0.3% of cut-off pool balance), resulting in a WA
seasoning of 0.5 months. The SBC pool has a WA original term length
of 360 months, or 30 years. Based on the current loan amount, which
reflects approximately 5 bps of amortization, and the current
appraised values, the SBC pool has a WA LTV of 63.2%. However, DBRS
Morningstar made LTV adjustments to 29 loans that had an implied
capitalization rate more than 200 bps lower than a set of minimal
capitalization rates established by the DBRS Morningstar Market
Rank. The DBRS Morningstar minimum capitalization rates range from
5.0% for properties in DBRS Morningstar Market Rank 8 to 8.0% for
properties in DBRS Morningstar Market Rank 1. This resulted in a
higher DBRS Morningstar LTV of 67.4%. Lastly, all loans fully
amortize over their respective remaining terms, resulting in 100%
expected amortization; this amount of amortization is greater than
what is typical for CMBS conduit pools. DBRS Morningstar's research
indicates that, for CMBS conduit transactions securitized between
2000 and 2021, average amortization by year has ranged between 6.5%
and 22.0%, with a median rate of 16.5%.

As contemplated and explained in DBRS Morningstar's Rating North
American CMBS Interest-Only Certificates methodology, the most
significant risk to an IO cash flow stream is term default risk. As
DBRS Morningstar noted in the methodology, for a pool of
approximately 63,000 CMBS loans that had fully cycled through to
their maturity defaults, the average total default rate across all
property types was approximately 17%, the refinance default rate
was 6% (approximately one third of the total default rate), and the
term default rate was approximately 11%. DBRS Morningstar
recognizes the muted impact of refinance risk on IO certificates by
notching the IO rating up by one notch from the Reference
Obligation rating. When using the 10-year Idealized Default Table
default probability to derive a probability of default (POD) for a
CMBS bond from its rating, DBRS Morningstar estimates that, in
general, a one-third reduction in the CMBS Reference Obligation POD
maps to a tranche rating that is approximately one notch higher
than the Reference Obligation or the Applicable Reference
Obligation, whichever is appropriate. Therefore, similar logic
regarding term default risk supported the rationale for DBRS
Morningstar to reduce the POD in the CMBS Insight Model by one
notch because refinance risk is largely absent for this SBC pool of
loans.

The DBRS Morningstar CMBS Insight Model does not contemplate the
ability to prepay loans, which is generally seen as credit positive
because a prepaid loan cannot default. The CMBS predictive model
was calibrated using loans that have prepayment lockout features.
Those loans' historical prepayment performance is close to a 0%
conditional prepayment rate (CPR). If the CMBS predictive model had
an expectation of prepayments, DBRS Morningstar would expect the
default levels to be reduced. Any loan that prepays is removed from
the pool and can no longer default. This collateral pool does not
have any prepayment lockout features, and DBRS Morningstar expects
this pool will have prepayments over the remainder of the
transaction. To calculate a default rate prepayment haircut, DBRS
Morningstar used Intex DealMaker to calculate a lifetime constant
default rate (CDR) that approximated the default rate for each
rating category. While applying the same lifetime CDR, DBRS
Morningstar applied a 2.0% CPR. When holding the CDR constant and
applying a 2.0% CPR, the cumulative default amount declined. The
percentage change in the cumulative default before and after
applying the prepayments, subject to a 10.0% maximum reduction, was
then applied to the cumulative default assumption to calculate a
fully adjusted cumulative default assumption. For the VCC 2023-1
transaction, DBRS Morningstar capped the reduction to 5%,
reflecting DBRS Morningstar's opinion that, in a
rising-interest-rate environment, fewer borrowers may elect to
prepay their loan.

As a result of higher interest rates and lending spreads, the SBC
pool has a significant increase in interest rates compared with
prior VCC transactions. Consequently, more than two thirds of the
deal has less than a 1.0x Issuer net operating income DSCR, which
is a larger composition than previous VCC transactions in 2022.
Additionally, although the DBRS Morningstar CMBS Insight Model does
not contemplate FICO scores, it is important to point out that the
WA FICO score for the SBC loans of 708 is lower than prior
transactions. With regard to the aforementioned concerns, DBRS
Morningstar applied a 5% penalty to the fully adjusted cumulative
default assumption to account for risks given these factors. A
comparison of the subject deal with previous VCC securitizations is
shown on page 10 of the related report.

RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) METHODOLOGY

The collateral pool consists of 472 mortgage loans with a total
balance of approximately $144.6 million collateralized by one- to
four-unit investment properties. Velocity underwrote the mortgage
loans to No Ratio program guidelines for business-purpose loans.

The transaction assumptions consider DBRS Morningstar's baseline
macroeconomic scenarios for rated sovereign economics, available in
its commentary: Baseline Macroeconomic Scenarios for Rated
Sovereigns: December 2022 Update, dated December 21, 2022. These
baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse coronavirus pandemic scenarios, which were
first published in April 2020.

The ratings reflect transactional strengths that, for residential
investor loans, include the following:

-- Improved underwriting standards,
-- Robust loan attributes and pool composition, and
-- Satisfactory third-party due-diligence review.

The transaction also includes the following challenges:

-- Residential investor loans underwritten to No Ratio lending
programs, and

-- Representations and warranties framework.

DBRS Morningstar incorporates a dynamic cash flow analysis in its
rating process. A baseline of four prepayment scenarios and two
default timing curves were applied to test the resilience of the
rated classes. DBRS Morningstar ran a total of 8 cash flow
scenarios at each rating level for this transaction. Additionally,
WA coupon deterioration stresses were incorporated in the runs.

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



WELLS FARGO 2014-C24: Fitch Affirms 'Dsf' Rating on Four Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of Wells Fargo Commercial
Mortgage Securities, Inc.'s WFRBS Commercial Mortgage Trust Series
2014-C24 commercial mortgage pass-through certificates. In
addition, the Rating Outlooks on five classes were revised to
Stable from Negative.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
WFRBS 2014-C24

   A-3 92939KAC2    LT AAAsf  Affirmed   AAAsf
   A-4 92939KAD0    LT AAAsf  Affirmed   AAAsf
   A-5 92939KAE8    LT AAAsf  Affirmed   AAAsf
   A-S 92939KAG3    LT AAsf   Affirmed   AAsf
   A-SB 92939KAF5   LT AAAsf  Affirmed   AAAsf
   B 92939KBR8      LT Asf    Affirmed   Asf
   C 92939KAK4      LT BBBsf  Affirmed   BBBsf
   D 92939KAT5      LT Csf    Affirmed   Csf
   E 92939KAV0      LT Dsf    Affirmed   Dsf
   F 92939KAX6      LT Dsf    Affirmed   Dsf
   PEX 92939KAL2    LT BBBsf  Affirmed   BBBsf
   X-A 92939KAH1    LT AAsf   Affirmed   AAsf
   X-C 92939KAM0    LT Dsf    Affirmed   Dsf
   X-D 92939KAP3    LT Dsf    Affirmed   Dsf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations and Outlook revisions to
Stable from Negative reflect overall loss expectations for the pool
remaining relatively stable since Fitch's last rating action and
the performance stabilization of loans that were previously
negatively impacted by the pandemic. Thirteen loans (22.6% of the
pool) are considered Fitch Loans of Concern (FLOCs), four (6.2%) of
which are currently in special servicing.

Fitch's current ratings reflect a base case loss of 6.4%. 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.

The largest increase in loss since the last rating action and
largest contributor to overall loss expectations is the Crossings
at Corona loan (7.6%), which is secured by an 834,075-sf anchored
retail center located in Corona, CA. The loan has been a FLOC; the
property has suffered declines in occupancy since issuance due to
several tenants vacating either due to bankruptcy or at their
scheduled lease expirations in 2019 and 2020. Additionally, several
in-place tenants have also received pandemic-related rent
abatements in 2020 and early 2021.

Although occupancy improved to 78.1% as of September 2022 from
74.6% in September 2021, it remains well below the 94% reported
around the time of issuance. The current largest tenants include
Kohl's (10.4% of NRA; leased through January 2024), Regal Cinemas
(9.6%; November 2024), Best Buy (5.4%; March 2024), Jerome's
Furniture (5.1%; October 2025) and Ross (3.6%; January 2025).
Upcoming rollover includes 4.6% of the NRA in 2023 and 36.8% in
2024. While NOI remained relatively flat between 2020 and 2021, it
has fallen 26% from underwritten figures at issuance. Fitch's base
case loss of 33% reflects a cap rate of 9.50% and a 5% stress to
the YE 2021 NOI for upcoming rollover concerns.

The second largest contributor to overall loss expectations is the
specially serviced Orlando Plaza Retail Center loan (2.2%), which
is secured by 101,330-sf of retail space on the first and second
floor of a two-tower office and condominium building. The loan was
transferred to the special servicer in April 2020 due to imminent
monetary default as a result of the pandemic.

The property's occupancy has increased to 92.2% as of September
2022 from 85% in September 2021. Near-term tenant rollover consists
of 3.4% of the NRA in 2023, 6.2% in 2024 and 59.4% in 2026, which
includes the largest tenant, CB Theater Experience, LLC, operating
as CMX Cinemas Plaza 12 Café, which had filed for Chapter 11
bankruptcy in 2020. The bankruptcy court had rejected the original
lease; however, as the borrower was unable to find a replacement
tenant and the movie theater tenant approached to reinstate the
lease in exchange for a rent reduction, a lease amendment was
executed whereby the tenant re-occupied the space in November 2020
after approval by the bankruptcy court.

Per the special servicer, the loan is being dual-tracked while the
borrower's proposal for relief is being evaluated. Fitch's base
case loss of 23% reflects a haircut to the most recent appraisal,
equating to a stressed value of $163 psf.

Loss expectations for the Gateway Center Phase II and Hilton
Biltmore Park loans have improved since the last rating actions as
a result of stabilizing post-pandemic performance. The Gateway
Center Phase II property was 100% leased as March 2022 and prior
pandemic-related rent relief provided to tenants have since burned
off. For the Hilton Biltmore Park and as of the TTM September 2022
STR report, occupancy, ADR and RevPAR improved to 71.8%, $184 and
$132, respectively, with a RevPAR penetration ratio of 107.5%.

Improved Credit Enhancement; Increased Defeasance: As of the
December 2022 remittance, the pool's aggregate principal balance
has been reduced by 23.4% to $832.6 million from $1.087 billion at
issuance. Twenty-two loans (17.6% of the pool) have been defeased,
up from 10 loans (7.7%) at the last rating action. Of the current
pool, 47.5% are full term interest-only and the remainder is
amortizing.

Alternative Loss Considerations: All loans in the pool mature
between July and November 2024. Due to the large concentration of
loan maturities in 2024, 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 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. Fitch also considered a scenario whereby only the
specially serviced loans remain in the pool. The ratings and
Outlooks reflect these scenarios.

Credit Opinion Loan: At issuance, the largest loan, St. Johns Town
Center, representing 12.4% of the pool, was assigned a credit
opinion of 'AA−sf*' on a stand-alone basis. Overall performance
has been stable to improving since issuance and the loan still has
characteristics consistent with a credit opinion loan.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool level losses from underperforming or specially serviced loans.
Downgrades of classes A-3, A-4, A-5 and A-SB are not likely due to
increasing credit enhancement (CE) and expected continued
amortization, but may occur should interest shortfalls affect these
classes. Downgrades to classes A-S, B and X-A 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 classes C and PEX would occur if loss expectations
increase, performance of the FLOCs further deteriorate or fail to
stabilize and/or additional loans default or transfer to the
special servicer. Downgrades to class D would occur as losses are
realized. Downgrades to classes E, F, X-C and X-D are not possible
as they are already rated 'Dsf' due to incurred losses.

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, particularly on the FLOCs, coupled with
additional paydown and/or defeasance. Upgrades to classes A-S, B
and X-A may occur with significant improvement in CE and/or
defeasance; however, adverse selection, increased concentrations
and/or further underperformance of the FLOCs or loans negatively
affected by the coronavirus pandemic could cause this trend to
reverse.

Upgrades to the classes C and PEX would also consider these
factors, but would be limited based on sensitivity to
concentrations or the potential for future concentration. Classes
would not be upgraded above 'Asf' if interest shortfalls are
likely.

An upgrade to class D is not likely absent significant performance
improvement on the FLOCs and substantially higher recoveries than
expected on the specially serviced loans. Upgrades are not possible
on classes E, F, X-C and X-D due to losses incurred.

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.


WELLS FARGO 2018-C44: Fitch Lowers Rating on Cl. F-RR Certs to CCC
------------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed 13 classes
from Wells Fargo Commercial Mortgage Trust pass-through
certificates, series 2018-C44.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
WFCM 2018-C44

   A-2 95001JAT4     LT AAAsf  Affirmed    AAAsf
   A-3 95001JAU1     LT AAAsf  Affirmed    AAAsf
   A-4 95001JAW7     LT AAAsf  Affirmed    AAAsf
   A-5 95001JAX5     LT AAAsf  Affirmed    AAAsf
   A-S 95001JBA4     LT AAAsf  Affirmed    AAAsf
   A-SB 95001JAV9    LT AAAsf  Affirmed    AAAsf
   B 95001JBB2       LT AA-sf  Affirmed    AA-sf
   C 95001JBC0       LT A-sf   Affirmed    A-sf
   D 95001JAC1       LT BBB-sf Affirmed    BBB-sf
   E-RR 95001JAE7    LT BBB-sf Affirmed    BBB-sf
   F-RR 95001JAG2    LT B-sf   Downgrade   BB-sf
   G-RR 95001JAJ6    LT CCCsf  Downgrade   B-sf
   X-A 95001JAY3     LT AAAsf  Affirmed    AAAsf
   X-B 95001JAZ0     LT AA-sf  Affirmed    AA-sf
   X-D 95001JAA5     LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased
expected loss expectations since Fitch's prior rating action due to
declining performance of office loans within the top 15 including
the Dulaney Center and 3200 North First Street. Fitch has
designated six loans (18.2% of the pool) as Fitch loans of concern
(FLOCs), including two loans (5.6%) in special servicing. Fitch's
current ratings incorporate a base case loss of 6.9%.

Fitch Loans of Concern: The largest contributor to the loss is
Prince and Spring Street Portfolio (4.1%). The collateral is a
portfolio of three mixed-use retail/multifamily properties located
in the NoLita neighborhood of Manhattan, just east of SoHo The
properties consist of 48 multifamily units, with three
rent-stabilized units, three rent-controlled units and eight retail
tenants totaling 8,000 square feet.

The loan transferred to special servicing in December 2020 due to
pandemic-related hardship. The special servicer intends to file a
Motion for Summary Judgment and is pursuing a foreclosure strategy.
As of the September 2022 rent roll, the portfolio occupancy was 95%
with average in-place rents of $3,559 (update with current rents if
available) for the market rate multifamily units. The rent
stabilized units reflect average in-place rents of $753 and the
rent-controlled units are $244. YE 2021 debt service coverage ratio
(DSCR) reflects a substantially lower figure due to several retail
tenants shorting or paying abated rent. Additionally, total
operating expenses have increased significantly from the prior
year, primarily due to higher real estate taxes.

Fitch's expected loss of 29% factors a stress to a recent
appraisal, reflecting a recovery of approximately $744,000 per
unit.

1442 Lexington Avenue loan (1.6%), which is secured by a 16-unit
multifamily property located on the Upper East Side of Manhattan.
Four of the units are rent-stabilized. The loan transferred to
special servicing in May 2020 due to imminent default as a result
of the pandemic. The special servicer is pursuing a foreclosure
strategy. As of June 2022, NOI DSCR was 0.02x, a further decline
from 0.20x as of September 2021 and 0.32x at YE 2020. The decline
in NOI was driven by the combination of declined rent revenue and
increased operating expenses.

Fitch's expected loss of 53% factors a stress to a recent
appraisal, reflecting a recovery of approximately $485,000 per
unit.

The largest performing FLOC is the Dulaney Center loan (6.2%), a
class B suburban office property located in Towson, MD,
approximately eight miles north of the Baltimore Central Business
District (CBD). Occupancy has been steadily declining since 2019
with several tenants vacating at lease expiration. As of September
2022, the property was 63% occupied, as compare with 67% in 2021
and 86% in 2020.

Fitch used a cap rate of 12% and applied a 15% stress to the YE
2021 NOI, resulting in a modeled loss of 14%.

Minimal Change in Credit Enhancement (CE): As of the December 2022
distribution date, the pool's aggregate principal balance has been
paid down by 3.78% to $752.9 million from $766.7 million at
issuance. Two loans (4.2%) are fully defeased. Seventeen loans
(45.5%) are IO for the full term; 12 loans (34.2%) are structured
with partial IO periods.

Credit Opinion Loan: At issuance, the seventh largest loan, 181
Fremont Street (4.1%), received an investment-grade credit opinion
of 'BBB-sf' on a stand-alone basis. The loan remains consistent
with a credit opinion loan given the tenant's investment grade
credit rating and guarantee of the lease.

RATING SENSITIVITIES

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

Downgrades to the classes rated 'AAAsf' and 'AA-sf' are not likely
due to the high CE relative to expected losses and amortization,
but could occur if there are interest shortfalls. Classes C, D and
E-RR may be downgraded if additional loans transfer to special
servicing or the loans currently in special servicing do not
resolve in a timely manner. Classes F-RR may be downgraded if
performance of the FLOCs continues to decline. Class G-RR may be
further downgraded if outsized losses are realized on the specially
serviced loans.

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

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

Upgrades of classes B and C could occur with significant
improvement in CE and/or defeasance; however, adverse selection and
increased concentrations could cause this trend to reverse.
Upgrades to classes D and E-RR 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 classes F-RR and
G-RR are unlikely absent significant performance improvement and
stabilization of the FLOCs.

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.


WELLS FARGO 2020-C55: Fitch Affirms 'B-sf' Rating on Two Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed 18 classes of Wells Fargo Commercial
Mortgage Trust Pass-Through Certificates, series 2020-C55 (WFCM
2020-C55). The Rating Outlook on classes G and X-G were revised to
Negative from Stable.

   Entity/Debt         Rating              Prior
   -----------         ------              -----
WFCM 2020-C55

   A-1 95002EAW7    LT AAAsf   Affirmed    AAAsf
   A-2 95002EAX5    LT AAAsf   Affirmed    AAAsf
   A-3 95002EAY3    LT AAAsf   Affirmed    AAAsf
   A-4 95002EBA4    LT AAAsf   Affirmed    AAAsf
   A-5 95002EBB2    LT AAAsf   Affirmed    AAAsf
   A-S 95002EBC0    LT AAAsf   Affirmed    AAAsf
   A-SB 95002EAZ0   LT AAAsf   Affirmed    AAAsf
   B 95002EBD8      LT AA-sf   Affirmed    AA-sf
   C 95002EBE6      LT A-sf    Affirmed    A-sf
   D 95002EAA5      LT BBBsf   Affirmed    BBBsf
   E 95002EAC1      LT BBB-sf  Affirmed    BBB-sf
   F 95002EAE7      LT BB-sf   Affirmed    BB-sf
   G 95002EAG2      LT B-sf    Affirmed    B-sf
   X-A 95002EBF3    LT AAAsf   Affirmed    AAAsf
   X-B 95002EBG1    LT A-sf    Affirmed    A-sf
   X-D 95002EAL1    LT BBB-sf  Affirmed    BBB-sf
   X-F 95002EAN7    LT BB-sf   Affirmed    BB-sf
   X-G 95002EAQ0    LT B-sf    Affirmed    B-sf

KEY RATING DRIVERS

Increased Loss Expectations: Loss expectations have increased since
issuance primarily due to higher expected losses on Delta Hotels by
Marriott - Detroit Metro Airport (2.1%), the 14th largest loan in
the pool. The Negative Outlooks reflect the uncertainty of losses
surrounding the specially serviced loans, significant and
increasing servicer advance sand potential for downgrades should
expected losses on these assets increase. The majority of the
pool's performance remains in line with issuance expectations.
Fitch's current ratings are based on a base case loss for the pool
of 4.4%.

The Delta Hotels by Marriott - Detroit Metro loan transferred to
special servicing in June 2020 for imminent monetary default at the
borrower's request as a result of the coronavirus pandemic. It is
secured by a 271- room full service hotel located in Romulus, MI.
Due to the borrower's bankruptcy filing, updated financials were
unavailable. A receiver is in place. Fitch's base case loss of 72%
reflects a stressed value of $45,000 per key based on a stress to
the most recent appraised value.

Three additional loans were flagged as Fitch Loans of Concern
(FLOCs), representing 3.5% of the pool, including another specially
serviced loan (1.4%), due to declining performance. Aloft
Bolingbrook transferred to special servicing in May 2020 for
imminent monetary default at the borrower's request as a result of
the coronavirus pandemic. It is secured by a 155-room limited
service hotel located in Bolingbrook, IL. Fitch's base case loss of
13% reflects a stressed value of $97,000 per key based on a haircut
to the most recent appraised value.

Minimal Change to Credit Enhancement (CE): As of the December 2022
distribution date, the pool's aggregate balance has been paid down
by 1% to $952.2 million from $962 million at issuance. Interest
shortfalls (approximately $846,000) are currently affecting the
non-rated class H-RR. 29 loans (64.4% of the pool) are full-term,
IO, and 17 loans, representing 16.6% of the pool, are partial-term
IO (seven loans representing 6.1% have exited their IO period).
There have been no realized losses to date.

Credit Opinion Loans: Four loans representing 24.5% of the pool
received credit opinions at issuance. Kings Plaza (8.7%) received a
standalone credit opinion of 'BBBsf'. 1633 Broadway (7.4%), 650
Madison Avenue (4.2%) and F5 Tower (4.2%) each received standalone
credit opinions of 'BBB-sf'.

RATING SENSITIVITIES

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

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

- Downgrades to 'AAAsf' and 'AA-sf' rated classes are not likely
given their sufficient CE relative to expected losses and continued
amortization, but may occur should interest shortfalls affect these
classes or loss expectations increase considerably.

- Downgrades to 'A-sf', 'BBBsf', and 'BBB-sf' rated classes would
occur should expected losses for the pool increase significantly
and/or if FLOCs experience further performance declines, which
would erode CE.

- Downgrades to 'BB-sf' and 'B-' rated classes would occur with
increased certainty of losses on specially serviced loans,
continued underperformance of the FLOCs, and/or additional loans
transfer to special servicing.

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

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

- Upgrades to 'AA-sf' and 'A-sf' rated classes may occur with
significant improvement in CE and/or defeasance, and with the
stabilization of performance on the FLOCs; however, adverse
selection and increased concentrations could cause this trend to
reverse. Classes would not be upgraded above 'Asf' if there were
any likelihood of interest shortfalls.

- Upgrades to classes 'BBBsf' and 'BBB-sf' rated classes may occur
as the number of FLOCs are reduced, and/or loss expectations for
specially-serviced loans improve.

- Upgrades to classes 'BB-sf' and 'B-sf' rated classes are not
likely until the later years in the transaction and only if the
performance of the remaining pool is stable and/or there is
sufficient CE to the bonds.

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.


WESTLAKE AUTOMOBILE 2023-1: DBRS Finalizes BB Rating on E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Westlake Automobile Receivables Trust
2023-1 (Westlake 2023-1 or the Issuer):

-- $314,700,000 Class A-1 Notes at R-1 (high) (sf)
-- $435,000,000 Class A-2-A Notes at AAA (sf)
-- $90,000,000 Class A-2-B Notes at AAA (sf)
-- $157,000,000 Class A-3 Notes at AAA (sf)
-- $107,970,000 Class B Notes at AA (high) (sf)
-- $172,750,000 Class C Notes at A (high) (sf)
-- $141,190,000 Class D Notes at BBB (high) (sf)
-- $81,390,000 Class E Notes at BB (sf)

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

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

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

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

(2) The DBRS Morningstar CNL assumption is 10.60% based on the pool
composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: December 2022 Update," published on December 21,
2022. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

(3) The Westlake 2023-1 Notes are exposed to interest risk because
of the fixed-rate collateral and the variable interest rate borne
by the Class A-2-B Notes.

-- DBRS Morningstar ran interest rate stress scenarios to assess
the effect on the transaction's performance and its ability to pay
noteholders per the transaction's legal documents.

-- DBRS Morningstar assumed two stressed interest rate
environments for each rating category, which consist of increasing
and declining forward interest rate paths for a 30-day average
Secured Overnight Financing Rate based on the DBRS Morningstar
Unified Interest Rate Tool.

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

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

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

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

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

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

(7) The Company indicated that it is subject to various consumer
claims and litigation seeking damages and statutory penalties. Some
litigation against Westlake could take the form of class action
complaints by consumers; however, the Company believes that it has
taken prudent steps to address and mitigate the litigation risks
associated with its business activities.

(8) Computershare Trust Company, N.A. (rated BBB and R-2 (middle)
with Stable trends by DBRS Morningstar) has served as a backup
servicer for Westlake.

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

The collateral securing the notes consists entirely of a pool of
retail automobile contracts secured by predominantly used vehicles
that typically have high mileage. The loans are primarily made to
obligors who are categorized as subprime, largely because of their
credit history and credit scores.

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

The ratings on the Class A-1, A-2-A, A-2-B, and A-3 Notes reflect
41.00% of initial hard credit enhancement provided by subordinated
notes in the pool (30.30%), the reserve account (1.00%), and OC
(9.70%). The ratings on the Class B, Class C, Class D, and Class E
Notes reflect 34.50%, 24.10%, 15.60%, and 10.70% of initial hard
credit enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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




WESTLAKE AUTOMOBILE 2023-1: S&P Assigns 'BB+ (sf)' on Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Westlake Automobile
Receivables Trust 2023-1's automobile receivables-backed notes
series 2023-1.

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

The ratings reflect:

-- The availability of approximately 44.94%, 38.88%, 30.36%,
23.72%, and 20.44% credit support (hard credit enhancement and
haircut to excess spread) for the class A (A-1, A-2-A, A-2-B, and
A-3), B, C, D, and E notes, respectively, based on stressed cash
flow scenarios. These credit support levels provide at least 3.50x,
3.00x, 2.30x, 1.75x, and 1.58x coverage of S&P's expected
cumulative net loss of 12.50% for the class A, B, C, D, and E
notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.75x S&P's expected loss level), all else being equal, its 'AAA
(sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB+ (sf)' ratings on
the class A, B, C, D, and E notes, respectively, are within its
credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios, which S&P believes are appropriate for the assigned
ratings.

-- The collateral characteristics of the securitized pool of
subprime automobile loans, S&P's view of the credit risk of the
collateral, and our updated macroeconomic forecast and
forward-looking view of the auto finance sector.

-- The series' bank accounts at Wells Fargo Bank N.A., which do
not constrain the ratings.

-- S&P's operational risk assessment of Westlake Services LLC as
servicer, and its view of the company's underwriting and the backup
servicing arrangement with Computershare Trust Co. N.A.

-- S&P's assessment of the transaction's potential exposure to
Environmental, Social, And Governance credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

  Ratings Assigned

  Westlake Automobile Receivables Trust 2023-1

  Class A-1, $314.70 million: A-1+ (sf)
  Class A-2-A, $435.00 million: AAA (sf)
  Class A-2-B, $90.00 million: AAA (sf)
  Class A-3, $157.00 million: AAA (sf)
  Class B, $107.97 million: AA (sf)
  Class C, $172.75 million: A (sf)
  Class D, $141.19 million: BBB (sf)
  Class E, $81.39 million: BB+ (sf)



[*] S&P Lowers 50 Ratings from 40 U.S. RMBS Transactions
--------------------------------------------------------
S&P Global Ratings completed its review of 50 classes from 40 U.S.
RMBS transactions. The review yielded 50 downgrades due to its
assessment of observed interest shortfalls/missed interest payments
on the affected classes during recent remittance periods.

A list of Affected Ratings can be viewed at:

          https://bit.ly/3H101yd

At the same time, the rating actions resolve the CreditWatch
placements made on Oct. 25, 2022. The CreditWatch placements with
negative implications reflected our ongoing review and verification
of missed interest payments incurred on the classes. Based on our
assessment, the impact of missed interest payments and their
ability to be reimbursed under various rating scenarios negatively
affects our ratings on these classes.

S&P will continue to monitor its ratings on securities that
experience interest shortfalls/missed interest payments, and S&P
will further adjust its ratings as we consider appropriate.

Rating Action Rationale

S&P said, "The lowered ratings due to interest shortfalls are
consistent with our "S&P Global Ratings Definitions," published
Nov. 10, 2021, which imposes a maximum rating threshold on classes
that have incurred missed interest payments resulting from credit
or liquidity erosion. In applying our ratings definitions, we
looked to see if the applicable class received additional
compensation beyond the imputed interest due as direct economic
compensation for the delay in interest payments (e.g., interest on
interest) and if the missed interest payments will be repaid by the
maturity date.

"In instances where the class does receive additional compensation
for outstanding interest shortfalls, our analysis considers the
likelihood that the missed interest payments, including the
capitalized interest, would be reimbursed under our various rating
scenarios. Forty-nine classes from 39 transactions were affected in
this review.

"In instances where the class does not receive additional
compensation for outstanding interest shortfalls, our analysis
focuses on our expectations regarding the length of the interest
payment interruptions to assign the rating on the class. One class
from one transaction was affected in this review."

The Oct. 25, 2022, the CreditWatch negative placements on class M-3
from Park Place Securities Inc. series 2005-WHQ2 and class M-1 from
GSAMP Trust 2004-WF reflected the recent missed interest payments
and our expectations of future reimbursement. Both of these classes
receive additional compensation for outstanding missed interest
payments and have delayed reimbursement provisions. As such, the
lowered ratings were derived by applying our cash flow projections
used to determine the likelihood that the missed interest payments
will be reimbursed under various rating scenarios. The resulting
ratings reflect those projections as these classes did not receive
their reimbursement at any of the higher rating scenarios.



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***