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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, February 12, 2023, Vol. 27, No. 42

                            Headlines

5 BRYANT PARK: S&P Lowers Class F Certs Rating to 'CCC (sf)'
A10 BRIDGE: DBRS Confirms B(high) Rating on Class F Certs
ACHM TRUST 2023-HE1: DBRS Gives Prov. B(low) Rating on C Notes
ACREC 2023-FL2 LLC: DBRS Gives Prov. B(low) Rating on G Notes
AMERICAN CREDIT 2023-1: DBRS Gives Prov. BB Rating on E Notes

AMMC CLO 26: S&P Assigns Prelim B- (sf) Rating on Class F Notes
ANGEL OAK 2023-1: Fitch Assigns 'Bsf' Rating on Class B-2 Certs
APIDOS CLO XLIII: Moody's Assigns (P)B3 Rating to $1MM Cl. F Notes
AUDAX SENIOR 7: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
BALLYROCK CLO 23: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes

BENCHMARK 2020-B17: Fitch Affirms 'B-sf' Rating on Class G-RR Certs
BENCHMARK 2020-IG3: DBRS Confirms B(low) Rating on 825S-D Certs
BMO 2022-C1: DBRS Confirms B(low) Rating on Class 360E Certs
BRAVO RESIDENTIAL 2023-NQM1: DBRS Finalizes B Rating on B-2 Notes
BRYANT PARK 2023-19: S&P Assigns Prelim BB- (sf) Rating on D Notes

BSST 2022-1700: DBRS Confirms B(low) Rating on Class G Certs
BX COMMERCIAL 2019-XL: DBRS Confirms B(low) Rating on J Certs
BX COMMERCIAL 2022-AHP: DBRS Confirms B(low) Rating on F Certs
BX TRUST 2021-LBA: DBRS Confirms B(low) Rating on 2 Classes
CARVAL CLO VII-C: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes

CITIGROUP COMMERCIAL 2020-555: DBRS Confirms B Rating on G Certs
COMM 2014-CCRE20: DBRS Confirms C Rating on 3 Classes of Certs
COMM 2014-CCRE21: DBRS Confirms B(low) Rating on Class E Certs
CONNECTICUT AVENUE 2023-R02: DBRS Gives Prov. B Rating on 3 Classes
CPS AUTO 2023-A: DBRS Finalizes BB(high) Rating on Class E Notes

EFMT 2023-1: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs
FLAGSHIP CREDIT 2023-1: DBRS Gives Prov. BB Rating on E Notes
FLAGSHIP CREDIT 2023-1: S&P Assigns BB- (sf) Rating on Cl. E Notes
FORTRESS CREDIT XXI: S&P Assigns BB- (sf) Debt Rating on E Notes
GCAT 2023-NQM2: S&P Assigns B+ (sf) Rating on Class B-2 Certs

GCAT TRUST 2023-NQM1: Fitch Gives Bsf Rating on Class B-2 Notes
GS MORTGAGE 2010-C1: DBRS Confirms C Rating on Class D Certs
GS MORTGAGE 2013-G1: Fitch Lowers Rating on 2 Tranches to CCC
GS MORTGAGE 2013-GC10: DBRS Cuts Class F Certs Rating to C
GS MORTGAGE 2013-GC13: Moody's Lowers Rating on Cl. C Certs to B2

GS MORTGAGE 2014-GC20: Fitch Affirms 'Dsf' Rating on 2 Tranches
GS MORTGAGE 2015-GC32: Fitch Affirms 'Bsf' Rating on Class F Certs
GS MORTGAGE 2023-PJ1: Fitch Assigns 'B-sf' Rating on Cl. B-5 Certs
GSF 2021-1: DBRS Confirms BB(low) Rating on Class E Notes
IMPERIAL FUND: DBRS Gives Prov. B(low) Rating on Class B-2 Certs

JP MORGAN 2011-C3: DBRS Confirms C Rating on 4 Classes
JP MORGAN 2014-C22: Fitch Affirms 'CCsf' Rating on Two Tranches
JP MORGAN 2018-MINN: Moody's Lowers Rating on Cl. F Certs to Caa3
JP MORGAN 2020-MKST: Moody's Lowers Rating on Cl. E Certs to Ba3
JP MORGAN 2023-1: Fitch Assigns 'B-sf' Rating on Class B-5 Certs

LIBRA SOLUTIONS 2023-1: DBRS Gives Prov. BB Rating on B Notes
M360 2019-CRE2: DBRS Confirms B(low) Rating on Class G Notes
MFA 2023-INV1: S&P Assigns Prelim B(sf) Rating on Cl. B-2 Notes
MFA 2023-NQM1: DBRS Finalizes B(high) Rating on B-2 Certs
MORGAN STANLEY 2007-TOP25: DBRS Confirms C Rating on C Certs

MORGAN STANLEY 2016-PSQ: S&P Cuts Class D Notes Rating to 'B-(sf)'
OCP CLO 2023-26: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
PALMER SQUARE 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
PRPM 2023-NQM1: S&P Assigns B (sf) Rating on Class B-2 Certs
RENAISSANCE HOME 2002-4: Moody's Lowers Rating on M-1 Bonds to B2

SANTANDER BANK 2023-MTG1: Fitch Gives 'Bsf' Rating on Cl. M-5 Notes
SG COMMERCIAL 2016-C5: Fitch Affirms 'B-sf' Rating on Two Tranches
SG COMMERCIAL 2020-COVE: DBRS Confirms B(low) Rating on F Certs
SYCAMORE TREE 2023-2: S&P Assigns Prelim BB-(sf) Rating on E Notes
TIMES SQUARE 2018-20TS: DBRS Confirms B(low) Rating on 2 Classes

TOWD POINT 2023-1: DBRS Gives Prov. B(high) Rating on B2 Notes
TOWD POINT 2023-1: Fitch Assigns 'B-sf' Rating on Class B2 Notes
TRICOLOR AUTO 2023-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
UBS-BARCLAYS 2012-C4: DBRS Confirms B(low) Rating on E Certs
UNITED AUTO 2023-1: DBRS Finalizes BB Rating on Class E Notes

VERUS SECURITIZATION 2023–INV1: S&P Assigns (P) B-(sf) on B-2 Notes
WELLS FARGO 2017-RB1: Fitch Lowers Rating on Two Tranches to 'B-sf'
WELLS FARGO 2018-C43: Fitch Affirms 'B-sf' Rating on Class F Notes
WFRBS COMMERCIAL 2013-C11: Fitch Cuts Class F Debt Rating to CCC
WFRBS COMMERCIAL 2013-C15: Moody's Cuts Cl. PEX Certs Rating to B1

WP GLIMCHER 2015-WPG: DBRS Confirms B(low) Rating on SQ-3 Certs
[*] DBRS Reviews 137 Classes From 18 U.S. RMBS Transactions
[*] DBRS Reviews 172 Classes From 32 U.S. RMBS Transactions
[*] DBRS Reviews 238 Classes From 43 U.S. RMBS Transactions
[*] DBRS Reviews 355 Classes From Nine U.S. RMBS Transactions

[*] DBRS Reviews 60 Classes From 11 U.S. RMBS Transactions
[*] DBRS Reviews 72 Classes From 10 MB SFR Transactions
[*] Moody's Upgrades $174.7MM of US RMBS Issued 2004 to 2007

                            *********

5 BRYANT PARK: S&P Lowers Class F Certs Rating to 'CCC (sf)'
------------------------------------------------------------
S&P Global Ratings lowered its rating on the class F commercial
mortgage pass-through certificates from 5 Bryant Park 2018-5BP
Mortgage Trust, a U.S. CMBS transaction. At the same time, S&P
affirmed its ratings on five other classes from the transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in 5 Bryant Park, a class A office
property located at 1065 Avenue of the Americas in Manhattan's Penn
Plaza/Garment office submarket.

Rating Actions

The downgrade of class F and the affirmations of classes A, B, C,
D, and E reflect our reevaluation of the office property that
secures the sole loan in the transaction. S&P's current analysis
considers that the sponsor has successfully executed approximately
164,000 sq. ft., or 24.0% of the net rentable area (NRA) of new or
renewing leases, at the property since 2020, including the renewal
of the lease of the second-largest tenant (The TJX Companies Inc.;
10.9% of NRA) for an additional 11 years to January 2035. However,
according to the Sept. 30, 2022, rent roll, the property's
occupancy rate was 83.5%, which is below the 97.2% rate at
issuance. In addition, four tenants comprising approximately 14.3%
of NRA are currently subleasing or marketing to sublease their
space. Specifically, the downgrade on class F reflects our revised
net cash flow (NCF), which is lower than the NCF we derived at
issuance due primarily to higher vacancy and lower expense
reimbursement income assumptions.

S&P said, "Our property-level analysis also reflects the weakened
office submarket fundamentals from lower demand and longer
re-leasing time frames as companies continue to embrace a hybrid or
remote work arrangement. Therefore, we revised and lowered our
long-term sustainable NCF to $23.8 million (down 13.7% from our
issuance NCF of $27.6 million) using the property's in-place
occupancy and base rent, according to the September 2022 rent roll,
a 16.3% expense reimbursement income ratio, and a 41.1% operating
expense ratio (see below for additional details), which is 15.2%
higher than the trailing-12-months (TTM) ended Sept. 30, 2022,
servicer-reported NCF of $20.7 million but 3.6% lower than the 2021
NCF of $24.7 million. We attributed the lower TTM September 2022
NCF primarily to rent concessions given to some of the tenants that
recently signed or renewed, including The TJX Companies Inc. Using
a 6.25% S&P Global Ratings' capitalization rate, unchanged from
issuance, we arrived at an S&P Global Ratings' expected-case value
of $381.6 million, or $559 per sq. ft., 14.2% lower than that of
our issuance value of $444.8 million, or $651 per sq. ft. (see
"Presale: 5 Bryant Park 2018-5BP Mortgage Trust," published June 5,
2018). This yielded an S&P Global Ratings' loan-to-value ratio of
121.3% on the loan balance, up from 104.1% at issuance.

"Specifically, we lowered our rating on class F to 'CCC (sf)' from
'B- (sf)' to reflect our view of the increased susceptibility to
liquidity interruption and elevated risk of default and loss based
on our revised lower expected-case value."

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

-- The property's desirable location in proximity to Bryant Park
and Grand Central Station in the Penn Plaza/Garment office
submarket;

-- The potential that the property's operating performance could
improve above our revised expectations--in particular, the sponsor
is in discussions to potentially sign a new large tenant, according
to the master servicer, KeyBank Real Estate Capital;

-- The experience and financial strength of the sponsor, Savanna
Real Estate Fund, and the significant equity investment ($199.7
million) that it made in 2018 to acquire the property;

-- The May 2018 appraised land value of $245.0 million;

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

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

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

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

Property-Level Analysis

5 Bryant Park is a 34-story, 682,988-sq.-ft. class A office
building built in 1958 and extensively renovated in 2014 with
ground floor retail space. It is located on the southwest corner of
Bryant Park along Sixth Avenue on the corner of 40th Street in
Midtown Manhattan's Penn Plaza/Garment office submarket. The
property offers flexible floor plates that appeal to variously
sized tenants and has outdoor terrace space on the upper floors.
The property has unobstructed views of Midtown's Bryant Park, has
easy access to multiple subway lines, and is walking distance of
Times Square, the Theater District, Grand Central Terminal, and
other Midtown attractions. The property was acquired by the
sponsor, Savanna Real Estate Fund, in 2018 for $640.0 million.

At issuance, the office property was 97.2% leased. S&P said, "We
assumed an 8.0% vacancy rate based on market fundamentals at that
time and an average gross rent of $79.12 per sq. ft., as calculated
by S&P Global Ratings. Occupancy at the property declined during
the COVID-19 pandemic primarily because of tenants vacating or
downsizing upon or prior to their lease expiration dates and the
sponsor's inability to backfill the vacant space in a timely
manner, from 95.0% in 2019 and 92.9% in 2020 to 80.1% in 2021. As
of the September 2022 rent roll, the property was 83.5% leased and
had an assumed average gross rent of $79.24 per sq. ft., as
calculated by S&P Global Ratings. As we previously discussed, four
tenants comprising 14.3% of NRA are currently subleasing or
marketing their space for sublease: Movable Inc., Known Global LLC,
WageWorks Inc., and American Assoc. of Advertising Agencies."

The property's five largest tenants are:

-- GrubHub Holdings Inc. (11.9% of NRA; September 2029 lease
expiration; 13.7% of base rents as calculated by S&P Global
Ratings);

-- The TJX Companies Inc. (10.9%; January 2035, 12.8%). The tenant
recently renewed its lease for an additional 11 years;

-- Movable Inc. (8.0%; May 2027, 9.6%). The tenant has a
termination option effective May 2024, with 12 months' notice
requirement and, according to CoStar data, is currently marketing
27,391 sq. ft. of its 54,782 sq. ft. space for sublease;

-- CBIZ Accounting, Tax, & Advisory of NY LLC (7.6%; December
2027, 9.2%); and

-- Known Global LLC (6.0%; March 2028, 5.3%). According to CoStar
data, the tenant is currently marketing 12,726 sq. ft. of its
41,293 sq. ft. space for sublease.

The property's notable rollover risk is: 8.9% of NRA in 2023, 5.0%
in 2026, 17.9% in 2027, 11.2% in 2028, and 12.6% in 2029. The
rollover risk in 2023 is primarily attributed to Wageworks Inc.
(5.0% of NRA; February 2023 lease expiration) and StitcherMedia LLC
(3.6%; May 2023). According to KeyBank Real Estate Capital, Premier
Healthcare currently subleases Wageworks Inc.'s space and has
signed a new five-year lease.

According to CoStar, the Penn Plaza/Garment office submarket, in
which the property is situated, continues to be impacted by remote
work arrangements brought on by the pandemic. Both vacancy levels
and net absorption have been negatively impacted. As of January
2023, four- and five-star office properties in the submarket have a
market rent of $88.49 per sq. ft., vacancy rate of 14.8%, and
availability rate of 18.8%. The submarket's highest profile
attraction comes from the development of Hudson Yards, located at
the submarket's westernmost point. CoStar expects the submarket
vacancy to decrease slightly over the next five years but to remain
elevated due to approximately 2.6 million sq. ft. of office space
under construction, which is more than other established office
metro markets like San Francisco, Chicago, and Los Angeles. CoStar
concludes that overall weakened demand and stressed vacancies will
continue to make this a tenant-favorable submarket, with
significant concessions, such as free rent, needed to maintain
existing and attract new tenants.

S&P said, "As previously mentioned, we utilized the property's
in-place occupancy or 16.5% vacancy rate, which is in between the
submarket vacancy and availability rates, and in-place base rent in
determining our sustainable NCF. The property's assumed average
gross rent of $79.24 per sq. ft., as calculated by S&P Global
Ratings, is below the CoStar's submarket asking rent for four- and
five-star office properties of $88.49 per sq. ft. We assessed that
the overall submarket asking rent is likely driven upward by the
asking rents at the newly built towers in Hudson Yards, which are
well above $100 per sq. ft."

Transaction Summary

The IO mortgage loan has an initial and current balance of $463.0
million (according to the Jan. 17, 2023, trustee remittance report)
and pays an annual floating interest rate indexed to one-month
LIBOR plus 1.50% (initially, 1.35% at issuance, stepping up to
1.55% if the fourth extension is exercised). The loan has an
initial two-year term, with five one-year extension options. The
final extended maturity date is June 9, 2025. The loan's current
maturity date is June 9, 2023, with two one-year extension options
remaining. Exercising the extension option is subject to the
borrower obtaining a replacement interest rate cap agreement with a
strike price no more than 4.0% and from a provider with a minimum
rating of 'A+' by S&P Global Ratings, an increase in the loan's
spread by 15 basis points for the second extension option and five
basis points for the fourth extension option (an aggregate increase
of 20 basis points), and a debt yield of no less than 7.0% for the
fourth extension and 7.15% for the fifth extension. According to
the transaction documents, if the debt yield requirement is not
satisfied, the borrower can prepay the mortgage loan in an amount
that meets the debt yield test for the applicable extension term.
Using TTM ending September 2022 servicer-reported NCF, we
calculated a debt yield of 4.5%.

The loan has a current payment status and is not currently on the
master servicer's watchlist. The servicer reported a debt service
coverage of 2.02x as of TTM ending Sept. 30, 2022, and 3.44x for
year-end 2021. To date, the trust has not experienced any principal
losses. Class HRR (not rated by S&P Global Ratings) has a reported
$3,104 in accumulated interest shortfalls due to expenses
associated with LIBOR transition initiatives.

  Rating Lowered

  5 Bryant Park 2018-5BP Mortgage Trust
  Class F to 'CCC (sf)' from 'B- (sf)'

  Ratings Affirmed

  5 Bryant Park 2018-5BP Mortgage Trust

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



A10 BRIDGE: DBRS Confirms B(high) Rating on Class F Certs
---------------------------------------------------------
DBRS, Inc. upgraded its ratings on two classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-B issued by A10
Bridge Asset Financing 2019-B, LLC as follows:

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

DBRS Morningstar also confirmed the ratings on three as follows:

-- Class B at AAA (sf)
-- Class E at BB (high) (sf)
-- Class F at B (high) (sf)

All trends are Stable.

The rating upgrades reflect the increased credit support to the
bonds as successful loan repayments continue to insulate the
remaining rated bonds from potential adverse impacts from the
ultimate resolution of specially serviced loans. As of January 2023
reporting, the transaction had amortized 72.7% since issuance and
there were three loans, representing 42.6% of the current
outstanding trust balance, in special servicing. 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 pool consisted of 44 loans secured by
cash-flowing assets, many of which were in a period of transition
with plans to stabilize and improve the asset value. The
transaction included a 24-month reinvestment period that expired in
September 2021, at which point the bonds began to amortize
sequentially with loan repayment and scheduled loan amortization.
As of January 2023, the transaction consisted of 10 loans, secured
by 10 properties, with a cumulative trust balance of $87.5
million.

Six of the remaining loans, representing 52.2% of the current trust
balance, are secured by office properties while two loans,
representing 22.4% of the current trust balance, are secured by
multifamily properties. The remaining collateral include a
mixed-use property and an industrial property. In terms of property
location, three loans are in urban markets with a DBRS Morningstar
Market Rank of 7 and 8. While properties in urban markets have
historically benefited from greater liquidity and investor demand,
two of these loans, representing 34.7% of the current trust
balance, are currently in special servicing and have been
delinquent since May 2020. Most of the remaining collateralized
properties are in suburban markets (six loans, representing 43.5%
of the current trust balance).

Nine of the 10 remaining loans were structured with future funding
components totaling $17.4 million to assist the individual
borrowers in the respective business plans, which included funds
for property renovations, accretive leasing costs, and
performance-based earn-outs. Through YE2022, the lender had
advanced a total of $8.1 million to six individual borrowers. The
largest advance, $2.9 million, was provided to the borrower of the
New Utrecht loan, which is secured by a mixed-use property in
Brooklyn, New York. The property is now 100.0% leased to two
tenants on long-term leases with the first lease scheduled to
expire in 2027. While some of the initial loan future funding
dollars have been forfeited by individual borrowers, $6.5 million
of additional loan future funding allocated to six individual
borrowers remains outstanding. Out of the $6.5 million total, $4.5
million is available to the borrower of the 20 Waterview Blvd loan,
which is secured by an office property in Parsippany, New Jersey.
The funds are largely available to assist the borrower in its
leasing efforts; however, the borrower is behind in its business
plan as the occupancy rate of 44.9% as of September 2022 remained
largely unchanged from issuance.

As noted above, there are three loans in special servicing. The
largest such loan, Gowanus Assemblage (Prospectus ID#4, 18.7% of
the current pool balance), is secured by an office property in
Brooklyn. At issuance, the borrower planned to renovate the
multibuilding property and re-lease it at market rates. The loan
has been delinquent since May 2020 when the former coworking space
tenant ceased paying rent, and according to the servicer, it is
currently in the process of locating and summarizing the
guarantor's assets in an attempt to enforce guarantees on the loan.
The servicer noted the resolution process is expected to take up to
one year. The current exposure on the loan including outstanding
principal, debt service advances, property protection advances, and
default interest totals $31.7 million with the senior portion
totaling $26.0 million. The property received an updated appraisal
value of $21.1 million, suggesting that the trust is likely to
realize a loss upon ultimate resolution of the loan.

The second-largest loan in special servicing, 46-48 Lispenard
(Prospectus ID#5, 16.0% of the current pool balance), is secured by
a five-unit, luxury multifamily property in Manhattan, New York.
The loan has also been delinquent since May 2020 and as of May
2022, only one of the five units was rented. Similar to the Gowanus
Assemblage loan, the servicer expects the resolution of the loan to
take up to one year, and the current total exposure on the loan
totals $27.9 million with the senior portion totaling $24.5
million. The property received an updated appraisal value of $24.3
million, suggesting that the trust is likely to realize a loss upon
ultimate resolution of the loan.

As of January 2023, there were an additional two loans,
representing 4.1% of the current pool balance, on the servicer's
watchlist, which have been flagged for upcoming loan maturity;
however, an additional two loans, representing 32.9% of the current
pool balance, also have loan maturity dates through Q2 2023. The
New Utrecht loan (Prospectus ID#11, 14.6% of the current pool
balance) matures in May 2023 and appears to be approaching
stabilization as the property is now 100% leased. The servicer
noted the borrower prefers to obtain permanent take-out financing
but may exercise the one-year extension option if terms are
unfavorable. The borrower of the 20 Waterview Blvd loan (Prospectus
ID#10, 14.1% of the current trust balance) has requested to
exercise its last remaining one-year extension option; however, as
the borrower is struggling to improve occupancy and complete its
business plan, the lender and the borrower will likely need to
negotiate a modification to extend the loan. When the loan was
previously extended to its current April 2023 maturity date, the
borrower was required to make a principal curtailment on the trust
loan of $250,000.

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



ACHM TRUST 2023-HE1: DBRS Gives Prov. B(low) Rating on C Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2023-HE1 to be issued by ACHM Trust
2023-HE1:

-- $105.1 million Class A at AAA (sf)
-- $11.8 million Class B at BBB (low) (sf)
-- $14.4 million Class C at B (low) (sf)

The AAA (sf) rating on the Class A Notes reflects 31.15% of credit
enhancement provided by subordinate notes. The BBB (low) (sf) and B
(low) (sf) ratings reflect 23.45% and 14.00% of credit enhancement,
respectively.

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

This transaction is a securitization of first- and junior-lien
revolving home equity lines of credit (HELOCs) recently originated
mainly for debt consolidation and funded by the issuance of the
Notes. The Notes are backed by 2,556 HELOCs with a total unpaid
principal balance (UPB) of $152,662,297 and a total current credit
limit of $156,271,573 as of the Cut-Off Date (December 31, 2022).
The portfolio, on average, is five months seasoned, though
seasoning ranges from two to 32 months. Approximately 98.3% of the
HELOCs have been performing since origination.

Lendage, LLC, doing business as Achieve Home Loans (AHL), a real
estate finance company, is the Originator of all HELOCs in the
pool. Launched in 2019, AHL is a residential mortgage lender that
specializes in originating HELOCs to consumer borrowers. Lendage,
LLC became known as Achieve Home Loans in December 2022 in
connection with the rebranding by Freedom Financial Network
Funding, LLC (Freedom Financial), the parent of AHL, to the Achieve
brand. As of December 31, 2022, its HELOC portfolio consisted of
approximately 6,900 HELOCs with an original loan balance of
approximately $380 million.

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

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

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

The transaction includes mostly junior-liens (all second-liens) and
some first-lien HELOCs.

AHL offers two HELOC products: the Achieve Debt Consolidation
(Limited Cash-Out) HELOCs and the Achieve Expanded Use HELOCs. The
Debt Consolidation HELOCs are designed for borrowers with available
equity in their homes, but have secured or unsecured debts that
generate significant interest expenses and/or limit the borrowers'
cash flow. A minimum monthly payment savings of $200 is required
under the Achieve Debt Consolidation program. The Achieve Expanded
Use HELOCs (Cash-Out) are intended for borrowers with higher credit
scores looking to improve their homes or plan for additional
expenses and allows for less than $200 in payment savings. In this
transaction, most of the HELOCs were originated under the Achieve
Debt Consolidation program (91.6% of the pool) and the remaining
loans under Achieve Expanded Use Program (8.4% of the pool). AHL
uses income, employment, and asset verification (in certain
circumstances) methods to qualify borrowers for income.

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

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

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

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

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

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

If the aggregate draws exceed the principal collections (Net Draw),
then the Servicer is entitled to reimburse itself for draws funded
from amounts on deposit in the Reserve Account (including amounts
deposited into the Reserve Account on behalf of the Class FR
Certificates holder after the Closing Date).

The Reserve Account has an ongoing target amount according to a
schedule. The Reserve Account is partially funded at closing and
has an initial balance equal to the target amount of $2,289,934 (or
about 1.50% of the collateral balance as of the Cut-Off Date). The
target amount will gradually build to $3,282,239 or 2.15% of the
collateral balance as of the Cut-Off Date in March 2025 (26th
payment period after the closing date) according to a schedule that
prescribes the required reserve amount for each payment period and
is provided in the transaction documents. If the Reserve Account is
not at target, the Paying Agent will use the available funds
remaining after paying transaction parties' fees and expenses,
reimbursing the Servicer for any unpaid fees or Net Draws, and
paying the accrued and unpaid interest on the bonds to build it to
the target. The top-up of the account occurs before making any
principal payments to the Class FR Certificates holder or the
Notes. To the extent the Reserve Account is not funded up to its
required amount from the principal and interest collections, the
Class FR Certificates holder will be required to use its own funds
to reimburse the Servicer for any Net Draws.

Nevertheless, the servicer is still obligated to fund draws even if
the principal collections and the Reserve Account are insufficient
in a given month for full reimbursement. In such cases, the
Servicer will be reimbursed on subsequent payment dates first, from
amounts on deposit in the Reserve Account (subject to the deposited
funds), and, second, from the principal collections in subsequent
collection periods. Freedom Financial, as a holder of the Trust
Certificate/Class FR Certificates, will have an ultimate
responsibility to ensure draws are funded by remitting funds to the
Reserve Account to reimburse the Servicer for the draws made on the
loans, as long as all borrower conditions are met to warrant draw
funding. The Class FR Certificates' balance will be increased by
the amount of any Net Draws funded by the Class FR Certificates
holder. The Reserve Account required amount will become $0 on the
payment date in February 2028 (after the draw period ends for all
HELOCs), at which point the funds will be released through the
transaction waterfall.

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

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

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

The transaction employs a sequential-pay cash flow structure. The
excess interest remaining from covering the realized losses is used
to maintain overcollateralization (OC) at the target of 14.00% of
outstanding UPB after the Closing Date. The excess interest can be
released to the residual holder if the OC is built to the target so
long as the Credit Event, based on the cumulative loss and/or
delinquency thresholds, does not exist. Please see the Cash Flow
Structure and Features section of the related presale report for
more details.

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

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

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

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

The Servicer, at a direction of the Controlling Holder, may direct
the Issuer to sell eligible nonperforming loans (those 120 days or
more MBA delinquent) or REO properties (both Eligible
Non-Performing Loans (NPLs)) to third parties individually or in
bulk sales. The Controlling Holder will have a sole authority over
the decision to sell the Eligible NPLs, as described in the
transaction documents.

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



ACREC 2023-FL2 LLC: DBRS Gives Prov. B(low) Rating on G Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by ACREC 2023-FL2 LLC:

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

All trends are Stable.

The initial collateral consists of 15 floating-rate mortgage loans
secured by 18 mostly transitional properties with a cut-off date
balance of $534.2 million. The loans have an aggregate $63.5
million of pari passu debt and approximately $25.7 million of
unfunded future funding commitment of the future funding
participations as of the cut-off date. Of the 15 loans, one is a
delayed-close loan, unclosed as of January 31, 2023 (Waters Edge;
Prospectus ID #11), that represents 5.8% of the total initial pool
balance. If the loan does not close prior to the closing date, a
deposit will be made to the Unused Proceeds Account in an amount
equal to the expected initial principal balance of $31.2 million.
To the extent that any or all of the loans are not purchased within
90 days of securitization closing (target amortization date), the
unused proceeds will pay down the notes in sequential order in an
amount necessary to cause the credit enhancement of each class to
equal its targeted credit enhancement. DBRS Morningstar believes
subordination from the current levels to the adjusted levels
appropriately accounts for the possible deterioration in both
credit quality and diversity profile if the loan does not close
within 90 days of securitization.

The transaction will consist of a fully identified static pool of
assets with no ability to add unidentified assets after the closing
date. The transaction includes a replenishment period where the
Issuer may use available proceeds to acquire all or a portion of
any funded companion participation, subject to the satisfaction of
the Replenishment Criteria and the Acquisition and Disposition
Requirements, which includes a no-downgrade rating agency
confirmation by DBRS Morningstar for all funded companion
participations. The holder of the future funding companion
participations, ACREC Loan Seller I LLC, has full responsibility to
fund the future funding companion participations. The transaction
will have a sequential-pay structure.

The loans are mostly secured by cash-flowing assets, many of which
are in a period of transition with plans to stabilize and improve
the asset value. In total, nine loans, representing 59.6% of the
pool, have remaining future funding participations totaling $25.7
million, which the Issuer may acquire in the future. Nine loans,
representing 65.0% of the pool, have pari passu debt held outside
of the trust, totaling $63.5 million. Please see the chart below
for the participations that the Issuer will be allowed to acquire.

All of the loans in the pool have floating rates and, in its
analysis, DBRS Morningstar incorporates an interest rate stress
that is based on the lower of a DBRS Morningstar stressed rate that
corresponds to the remaining fully extended term of the loans or
the strike price of the interest rate cap with the respective
contractual loan spread added to determine a stressed interest rate
over the loan term. When the debt service payments were measured
against the DBRS Morningstar As-Is NCF, 14 of the15 loans,
representing 92.2% of the initial pool balance, had a DBRS
Morningstar As-Is DSCR of 1.00x or lower, a threshold indicative of
default risk. Additionally, the DBRS Morningstar Stabilized DSCR
for 11 loans, representing 72.0% of the initial pool balance, was
below 1.00x, which is indicative of elevated refinance risk. The
properties are often transitioning with potential upside in cash
flow; however, DBRS Morningstar does not give full credit to the
stabilization if there are no holdbacks or if other structural
features in place are insufficient to support such treatment.
Furthermore, even with the structure provided, DBRS Morningstar
generally does not assume the assets will stabilize above market
levels.

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




AMERICAN CREDIT 2023-1: DBRS Gives Prov. BB Rating on E Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes to be issued by American Credit Acceptance Receivables Trust
2023-1 (ACAR 2023-1 or the Issuer):

-- $129,710,000 Class A Notes at AAA (sf)
-- $29,750,000 Class B Notes at AA (sf)
-- $54,400,000 Class C Notes at A (low) (sf)
-- $49,130,000 Class D Notes at BBB (low) (sf)
-- $19,210,000 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, proposed ratings, and form and
sufficiency of available credit enhancement.

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

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

(2) ACAR 2023-1 provides for the Class A, B, C, and D coverage
multiples being slightly below the DBRS Morningstar range of
multiples set forth in the "Rating U.S. Retail Auto Loan
Securitizations" methodology for this asset class. DBRS Morningstar
believes that this is warranted, given the magnitude of expected
loss and structural features of the transaction.

(3) The DBRS Morningstar CNL assumption is 28.40% based on the
expected cut-off date pool composition and concentration limits for
the prefunding collateral.

(4) 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.

(5) The consistent operational history of American Credit
Acceptance, LLC (ACA or the Company) as well as the overall
strength of the Company and its management team.

-- The ACA senior management team has considerable experience,
with an approximate average of 18 years in banking, finance, and
auto finance companies as well as an average of approximately ten
years of Company tenure.

(6) ACA's operating history and its capabilities with regard to
originations, underwriting, and servicing.

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

-- ACA has completed 41 securitizations since 2011, including four
transactions in 2021 and four in 2022.

-- ACA maintains a strong corporate culture of compliance and a
robust compliance department.

(7) The credit quality of the collateral and the consistent
performance of ACA's auto loan portfolio.

-- Availability of considerable historical performance data and a
history of consistent performance of the ACA portfolio.

-- The statistical pool characteristics include the following: the
pool is seasoned by approximately three months and contains ACA
originations from Q2 2015 through Q1 2023, the weighted-average
(WA) remaining term of the collateral pool is approximately 68
months, and the WA FICO score of the pool is 542.

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

(9) The legal structure and presence of legal opinions that are
expected to address the true sale of the assets to the Issuer, the
nonconsolidation of each of the depositor and the Issuer with ACA,
that the Issuer has a valid first-priority security interest in the
assets, and the consistency with the DBRS Morningstar "Legal
Criteria for U.S. Structured Finance" methodology.

ACA 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 ACAR 2023-1 transaction will represent the 42nd securitization
completed by ACA since 2011 and will offer both senior and
subordinate rated securities. The receivables securitized in ACAR
2023-1 will be subprime automobile loan contracts secured primarily
by used automobiles, light-duty trucks, vans, motorcycles, and
minivans.

The rating on the Class A Notes reflects 62.85% of initial hard
credit enhancement provided by the subordinated notes in the pool,
the reserve fund (1.00% as a percentage of the initial collateral
balance), and OC (17.00% of the total pool balance). The ratings on
the Class B, C, D, and E Notes reflect 54.10%, 38.10%, 23.65%, and
18.00% 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.



AMMC CLO 26: S&P Assigns Prelim B- (sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to AMMC CLO 26
Ltd./AMMC CLO 26 LLC's fixed- and floating-rate notes.

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

The preliminary ratings are based on information as of Feb. 9,
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 diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade (rated 'BB+' and
lower) senior secured term loans.

-- 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.

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

  Preliminary Ratings Assigned

  AMMC CLO 26 Ltd./AMMC CLO 26 LLC

  Class A-1, $248.00 million: Not rated
  Class A-2, $8.00 million: Not rated
  Class B-1, $33.00 million: AA (sf)
  Class B-F, $15.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $23.60 million: BBB- (sf)
  Class E (deferrable), $10.40 million: BB- (sf)
  Class F (deferrable), $8.80 million: B- (sf)
  Subordinated A notes, $36.04 million: Not rated
  Subordinated B notes, $0: Not rated



ANGEL OAK 2023-1: Fitch Assigns 'Bsf' Rating on Class B-2 Certs
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Angel Oak Mortgage
Trust 2023-1 (AOMT 2023-1).

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

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

TRANSACTION SUMMARY

Fitch has assigned final ratings to the 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 cut-off 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 non-qualified 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.


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

Moody's rating action is as follows:

US$307,500,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

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

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

RATINGS RATIONALE

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

Apidos XLIII is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 96.0% of the portfolio must consist of
senior secured loans, cash, and eligible investments, and up to
4.0% of the portfolio may consist of second lien loans, unsecured
loans, first lien last Moody's loans and permitted non-loan assets.
Moody's expect the portfolio to be approximately 85% ramped as of
the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 46.8%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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


AUDAX SENIOR 7: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Audax Senior
Debt CLO 7 LLC's floating-rate notes. The transaction is managed by
Audax Management Company (NY) 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 Feb. 6,
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 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

  Audax Senior Debt CLO 7 LLC

  Class A, $345.00 million: AAA (sf)
  Class B, $23.00 million: AA (sf)
  Class B-L, $40.00 million: AA (sf)
  Class C (deferrable), $42.00 million: A (sf)
  Class D (deferrable), $36.00 million: BBB- (sf)
  Class E (deferrable), $33.00 million: BB- (sf)
  Subordinated notes, $92.35 million: Not rated


BALLYROCK CLO 23: S&P Assigns Prelim BB-(sf) Rating on Cl. D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Ballyrock
CLO 23 Ltd./Ballyrock CLO 23 LLC's floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Ballyrock Investment Advisors LLC, a
wholly owned subsidiary of Fidelity Management & Research Co. LLC.

The preliminary ratings are based on information as of Feb. 8,
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 diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Ballyrock CLO 23 Ltd./Ballyrock CLO 23 LLC

  Class A-1, $276.75 million: AAA (sf)
  Class A-2, $65.25 million: AA (sf)
  Class B (deferrable), $24.75 million: A (sf)
  Class C (deferrable), $27.00 million: BBB- (sf)
  Class D (deferrable), $13.50 million: BB- (sf)
  Subordinated notes, $41.00 million: Not rated



BENCHMARK 2020-B17: Fitch Affirms 'B-sf' Rating on Class G-RR Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 15 classes of Benchmark
2020-B17 Mortgage Trust, commercial mortgage pass-through
certificates, series 2020-B17.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Benchmark
2020-B17
  
   A-1 08162MAU2    LT AAAsf  Affirmed    AAAsf
   A-2 08162MAV0    LT AAAsf  Affirmed    AAAsf
   A-4 08162MAW8    LT AAAsf  Affirmed    AAAsf
   A-5 08162MAX6    LT AAAsf  Affirmed    AAAsf
   A-S 08162MBB3    LT AAAsf  Affirmed    AAAsf
   A-SB 08162MAY4   LT AAAsf  Affirmed    AAAsf
   B 08162MBC1      LT AA-sf  Affirmed    AA-sf
   C 08162MBD9      LT A-sf   Affirmed     A-sf
   D 08162MAC2      LT BBBsf  Affirmed    BBBsf
   E 08162MAE8      LT BBB-sf Affirmed   BBB-sf
   F-RR 08162MAG3   LT BB-sf  Affirmed    BB-sf
   G-RR 08162MAJ7   LT B-sf   Affirmed     B-sf
   X-A 08162MAZ1    LT AAAsf  Affirmed    AAAsf
   X-B 08162MBA5    LT A-sf   Affirmed     A-sf
   X-D 08162MAA6    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

Slight Increase to Loss Expectations: Loss expectations have
increased since issuance primarily due to higher expected losses on
Crenshaw Plaza (3.3%), the largest Fitch Loan of Concern (FLOC).
Two additional loans (5.8%) were flagged as FLOCs due to declining
performance following the loss of large tenant, including one loan
in special servicing (2%). Fitch's current ratings are based on a
base case loss for the pool of 3.5%.

The largest contributor to loss expectations, Crenshaw Plaza, is
secured by 137,794 sf shopping center located in Los Angeles, CA.
Top three tenants are: Ralph's Market (30.9% NRA and 22.6% base
rent; expires May 2024), Rite Aid Drug Store (14.6%; expired
December 2029) and Viva Bargain (8.9%; expires October 2027). The
loan was flagged as FLOC since Ralph's Market vacated in May 2021
but continues to pay rent. Performance remains a concern due to
upcoming tenant rollover: 10% (2023), 33% (2024 including vacant
Ralph's) and 13% (2025). Fitch applied a 25% stress to the YE 2021
NOI due to expected rollover through 2024, resulting in a base case
loss of 30%.

The second largest contributor to loss expectations, The Westin
Book Cadillac (3.4%), is secured by a 453-room full-service hotel
located in downtown Detroit, MI. The loan transferred to special
servicing in August 2020 and was returned to the master servicer in
March 2022 following a loan modification. As of September 2022,
occupancy and debt service coverage ratio (DSCR) were a reported
53% and 3.67x, respectively compared to 34% and 1.13x at YE 2021.
Fitch's base case loss of 8% reflects a stressed value of $144,000
per key based on a 11.25% cap rate and normalized NOI as of
September 2022.

25 Jay Street (2%) transferred to special servicing in October
2021. It is secured by an 47,165-sf mixed use property (32
apartment units and 12,285 sf of retail and office space) located
in Brooklyn, NY. The property was 90% occupied as of June 2022.
DSCR has remained below 1.0x since YE 2021 due to declining rents
and increasing operating expenses. The loan is current and the
borrower is in the process of curing the non-monetary defaults.
Fitch's base case loss of 20% reflects a stressed value of $315 psf
based on an 8% cap rate and stabilized cash flow accounting for
increased operating expenses since issuance.

Minimal Change to Credit Enhancement: As of the January 2023
distribution date, the pool's aggregate balance has been reduced by
0.3% to $940.8 million from $943.4million at issuance. Interest
shortfalls ($136K) are currently affecting non-rated class NR-RR.
27 loans (85.7% of the pool) are full-term interest-only, and six
loans, representing 12.3% of the pool, are partial interest-only
(two loans representing 4% have exited their interest only period).
There have been no realized losses to date.

Credit Opinion Loans: Seven loans representing 34.7% of the pool
received credit opinions at issuance. Moffett Towers Buildings A, B
& C (8.4% of the pool), 1633 Broadway (5.3%), CBM Portfolio (5.3%)
and Bellagio Hotel (4.2%) received stand-alone credit opinions of
'BBB-sf*'. 1501 Broadway (5.3%) and Stonemont Net Lease Portfolio
(2.7%) received a stand-alone credit opinion of 'A-sf*'. Kings
Plaza (3.4%) received a stand-alone credit opinion of 'BBBsf*'.

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 credit enhancement (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.


BENCHMARK 2020-IG3: DBRS Confirms B(low) Rating on 825S-D Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-IG3 issued by
Benchmark 2020-IG3 Mortgage Trust as follows:

-- Class A2 at AAA (sf)
-- Class A3 at AAA (sf)
-- Class A4 at AAA (sf)
-- Class ASB at AAA (sf)
-- Class AS at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class XA at AAA (sf)

-- Class 825S-A at A (low) (sf)
-- Class 825S-B at BBB (low) (sf)
-- Class 825S-C at BB (low) (sf)
-- Class 825S-D at B (low) (sf)

-- Class T333-A at AA (low) (sf)
-- Class T333-B at A (low) (sf)
-- Class T333-C at BBB (low) (sf)
-- Class T333-D at BB (high) (sf)

-- Class BX-A at A (low) (sf)
-- Class BX-B at BBB (low) (sf)
-- Class BX-C at BB (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since the last rating action. The transaction is a
pooled securitization of 21 fixed-rate, noncontrolling (with the
exception of 1501 Broadway) pari passu senior notes with an
aggregate cut-off pooled balance of $608.5 million. The collateral
consists of nine mortgage loans across 144 properties, with
significant concentrations in California (nine properties; 47.7% of
the pool), New York (four properties; 17.8% of the pool), and
Washington (one property; 13.1% of the pool). All of the loans in
the transaction, with the exception of 825 South Hill (Prospectus
ID#8; 9.3% of the pool), are interest only (IO) during their entire
loan terms and there has been 0.7% collateral reduction since
issuance.

Eleven classes are loan-specific certificates, or rake bonds.
Classes 825S-A, 825S-C, and 825S-D are loan-specific certificates
associated with the subordinate component of the 825 South Hill
loan. Classes T333-A, T333-B, T333-C, and T333-D are loan-specific
certificates associated with the subordinate component of the Tower
333 loan. Classes BX-A, BX-B, and BX-C are loan-specific
certificates associated with the subordinate component of the BX
Industrial Portfolio loan.

At issuance, DBRS Morningstar noted the pool's high concentration
of investment-grade assets. All nine loans that serve as the
collateral for the pooled component of the transaction are
shadow-rated investment grade and exhibit investment-grade credit
characteristics on a stand-alone basis. With this review, DBRS
Morningstar confirms that the performance of the all nine loans
remain consistent with investment-grade characteristics.

As of the January 2023 remittance report, three loans, representing
20.5% of the pool, are on the servicer's watchlist and have
remained there since DBRS Morningstar's previous rating action.
However, the servicer is monitoring all of these loans for
informational reasons rather than credit concerns. The previous
largest loan on the watchlist was the City National Plaza loan
(13.3% of the pool), secured by two Class A, LEED Platinum
certified, 52-story office towers totaling 2.5 million square feet
(sf) in Los Angeles. As of February 2022, the loan was being
monitored for a decline in the debt service coverage ratio (DSCR)
because of rent relief measures and abatement periods for tenants
that took occupancy toward the end of 2020, resulting in a YE2020
DSCR of 3.21 times (x), which was substantially lower than the
issuance figure of 4.59x. As of April 2022, the loan was removed
from the watchlist. Per the financials for the trailing 12 months
ended June 30, 2022, base rents had increased by approximately
13.3% from YE2020, resulting in a DSCR of 4.07x.

The largest loans on the servicer's watchlist are the Chase Center
Towers I/II loans (Prospectus IDs #6 and #7; 11.2% of the pool),
secured by two Class A office buildings totaling more than 586,000
sf in the Mission Bay district of San Francisco. As the components
of the whole mortgage loan are also securitized in another DBRS
Morningstar-rated transaction, Benchmark 2020-IG2 Mortgage Trust,
please see the press release titled "DBRS Morningstar Confirms
Ratings on All Classes of Benchmark 2020-IG2 Mortgage Trust"
published on January 24 2023, at www.dbrsmorningstar.com for a
detailed analysis of the subject collateral.

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




BMO 2022-C1: DBRS Confirms B(low) Rating on Class 360E Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of 360
Rosemary Loan-Specific Certificates issued by BMO 2022-C1 Mortgage
Trust:

-- Class 360A at AA (low) (sf)
-- Class 360X at AA (sf)
-- Class 360B at A (low) (sf)
-- Class 360C at BBB (low) (sf)
-- Class 360D at BB (low) (sf)
-- Class 360E at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
issuance expectations.

The transaction is secured by the fee-simple interest in 360
Rosemary, a newly constructed, Class-A office property in downtown
West Palm Beach, Florida. The property includes 291,298 square feet
(sf) of office space, 21,704 sf of retail space, and a parking
garage. The property offers amenities, including panoramic views of
Palm Beach Island, outdoor space, and an Equinox-designed fitness
center, and is near shopping and entertainment attractions. The
property benefits from close proximity to I-95 and U.S. Route 1,
providing access to coastal cities along the east coast of Florida
and Palm Beach International Airport. The sponsor, The Related
Companies, L.P., a global real estate firm, built the property in
2021 and owns more than 1.4 million sf of office space in West Palm
Beach.

The $210.0 million whole loan was used to acquire the property and
is composed of seven promissory notes: five senior A notes totaling
$85.0 million, a $100.8 million junior B note (the 360 Rosemary
Subordinate Companion Loan), and a $24.2 million junior C note. The
subject transaction consists of two senior A notes totaling $45.0
million, which are pari passu with the other three senior A notes
held by the originator. The fixed-rate loan has a 10-year loan term
with scheduled maturity in February 2032.

At closing, the property was 95.9% occupied and is primarily leased
to finance, real estate, and legal tenants. The largest tenants
include New Day USA (17.9% of net rentable area (NRA); expiring
December 2032), Goldman Sachs (12.7% of NRA; expiring September
2032), and Comvest Partners (12.5% of NRA; expiring March 2033).
Each of these three tenants have two, 60-month renewal options and
represent more than 40.0% of the NRA and annual base rent.
According to January 2023 Reis data, similar office properties
within a one-mile radius of the subject reported average vacancy
and rental rates of 9.0% and $70.33 per square foot (psf),
respectively. At issuance, DBRS Morningstar noted the subject
reported below-market rents, with an average rental rate of $41.70
psf. The property benefits from long-term tenancy and minimal
rollover risk throughout the loan term, with the first lease
expiration in 2026.

The derived DBRS Morningstar Net Cash Flow (NCF) at issuance was
$12.4 million, approximately 16.2% less than the Issuer's figure.
The DBRS Morningstar's concluded capitalization rate for the
property was 6.75%, which resulted in a value of $183.8 million
($587 psf).

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



BRAVO RESIDENTIAL 2023-NQM1: DBRS Finalizes B Rating on B-2 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on 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 32.06% of
credit enhancement provided by subordinate notes. The AA (sf), A
(sf), BBB (sf), BB (sf), and B (sf) ratings reflect 23.57%, 17.77%,
13.27%, 10.27%, and 7.47% 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 $365,488,955, as of
the Cut-Off Date (December 31, 2022). After issuing the provisional
ratings, DBRS Morningstar was provided with the updated current
principal balance for two loans to reflect the actual balance.
Unless specified otherwise, all the statistics regarding the
mortgage loans in this report are based on the Cut-Off Date balance
of $365,408,561.

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.



BRYANT PARK 2023-19: S&P Assigns Prelim BB- (sf) Rating on D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bryant Park
Funding 2023-19 Ltd./Bryant Park Funding 2023-19 LLC's floating-
and fixed-rate notes. The transaction is managed by Marathon Asset
Management L.P.

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 Feb. 6,
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 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

  Bryant Park Funding 2023-19 Ltd./Bryant Park Funding 2023-19 LLC

  Class A-1, $248 million: AAA (sf)
  Class A-2A, $40 million: AA (sf)
  Class A-2B, $13 million: AA (sf)
  Class B, $24 million: A (sf)
  Class C-1 (deferrable), $18 million: BBB- (sf)
  Class C-2 (deferrable), $5 million: BBB- (sf)
  Class D (deferrable), $13 million: BB- (sf)
  Subordinated notes, $36 million: Not rated



BSST 2022-1700: DBRS Confirms B(low) Rating on Class G Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2022-1700 issued by BSST
2022-1700 Mortgage Trust as follows:

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

All trends are Stable.

The transaction is collateralized by the borrower's fee-simple
interest in 1700 Market Street, a 32-story, 850,209-square-foot
(sf) Class A office building situated two blocks from City Hall and
Rittenhouse Square in the Market Street West/City Center submarket
of Philadelphia. The transaction sponsor, Shorenstein Realty
Investors Eleven L.P., acquired the collateral in January 2016 for
$195.0 million and used loan proceeds to refinance existing debt
and withdraw approximately $7.4 million in equity. The property's
two-year renovation project was complete in 2019, where the sponsor
spent more than $16.7 million in capital expenditures, tenant
improvements, and leasing commissions. Property upgrades included
improvements to the lobby and elevator, a new tenant-only fitness
center, and a new conference center. The loan has an initial term
of 24 months, with three one-year extension options, resulting in a
fully extended loan term of five years.

The sponsor backfilled space previously occupied by Independence
Blue Cross by executing a 10-year lease with Reliance Standard Life
Insurance Company (Reliance). Reliance took the entirety of the
former tenant's 150,000-sf space. Reliance, which has an
investment-grade rating, is now the largest tenant at the property
(17.9% of the net rentable area (NRA)), followed by Deloitte (10.9%
of the NRA), the second-largest tenant. The property benefits from
having moderate lease rollover of 24.6% during the fully extended
loan term, with leases representing approximately 5.6% of the NRA
set to roll within the next 12 months.

Although the property has performed well historically, leasing
velocity at the subject, and in the broader submarket, has slowed
in recent years. Since acquiring the property, the sponsor
temporarily increased occupancy to 87.7% from 81.6%; however, the
September 2022 rent roll indicates occupancy has dipped to 80.7%,
with an average rental rate of $36.59 per square foot (psf). An
additional 2.9% of the NRA was scheduled to roll by YE2022,
suggesting vacancy could have ticked up slightly higher by January
2023. According to Reis, the City Center submarket had a vacancy
rate of 11.9% as of Q3 2022, with average asking rental rates of
$32.98 psf. Reis expects vacancy rates within the submarket to stay
elevated above 10.0% through to 2025. The loan's debt service
coverage ratio (DSCR) declined to 1.2 times (x) as of September
2022, lower than the issuer's and DBRS Morningstar's DSCRs at
issuance of 1.9x and 1.6x, respectively. DBRS Morningstar believes
the coverage is lower because of the servicer's partial-year
reporting and expects cash flows to normalize with a full year
reporting period.

While there are leasing challenges in the weakening submarket and
the property's vacancy rate remains elevated, DBRS Morningstar
notes the collateral benefits from its desirable location, recent
capital improvements, solid historical operating performance, and
strong sponsorship. The DBRS Morningstar net cash flow (NCF) of
$12.1 million derived at issuance was 15.1% lower than the issuer's
NCF figure. DBRS Morningstar assumed a capitalization rate of 7.0%
that resulted in a DBRS Morningstar value of $173.3 million, a
variance of -29.1% from the as-is appraised value at issuance of
$244.5 million. The DBRS Morningstar value implies a loan-to-value
ratio of 108.5%.

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



BX COMMERCIAL 2019-XL: DBRS Confirms B(low) Rating on J Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-XL issued by BX
Commercial Mortgage Trust 2019-XL as follows:

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

All trends are Stable.

The rating confirmations reflect the transaction's overall stable
performance, which remains in line with DBRS Morningstar's
expectations at the last rating action.

At issuance, the collateral for the trust was a $5.6 billion
first-lien mortgage loan on 406 industrial properties totaling more
than 65 million square feet (sf) across 18 states. As of the
January 2023 remittance, 88 properties have been released,
including 19 since the last rating action, and the trust balance
has been paid down by $1.1 billion, representing a collateral
reduction of approximately 19.5% since issuance. Proceeds from the
first 15% of property releases were distributed pro rata through
the capital stack, and all subsequent principal has been applied
sequentially, reducing the total pool balance to $4.5 billion.

Original trust loan proceeds of $5.6 billion along with $1.0
billion of mezzanine financing, a $1.9 billion balance sheet loan,
$9.4 million of assumed debt, and $2.6 billion of borrower equity
facilitated the acquisition of the portfolio for approximately
$11.1 billion at issuance. The interest only (IO) loan had a
two-year initial term, and the borrower has exercised two of three
one-year extension options with a current scheduled maturity in
October 2023.

The loan remains on the servicer's watchlist for upcoming loan
maturity. The borrower has not indicated whether it will be
exercising its third and final one-year extension option. According
to the June 2022 rent roll, the property was 98.0% occupied,
remaining in line with issuance expectations. As of the September
2022 reporting, the property reported a net cash flow of $358.9
million for the trailing 12 months ended September 30, 2022, up
from $346.1 million at YE2021. The net cash flow increase is a
result of increased rental income and decreased expenses. The
portfolio benefits from geographic diversity and a granular tenant
profile.

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



BX COMMERCIAL 2022-AHP: DBRS Confirms B(low) Rating on F Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-AHP
issued by BX Commercial Mortgage Trust 2022-AHP:

-- Class A at AAA (sf)
-- Class A-S 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 consistent credit view of this
transaction given its stable performance since issuance in 2022.
The underlying loan is secured by the borrower's fee-simple
interest in 43 affordable housing multifamily properties totaling
10,965 units in eight Florida markets, including Miami, Fort
Lauderdale, Tampa, and Palm Beach. The floating-rate loan is
interest-only with an initial two-year term and three one-year
extension options. The sponsor is BREIT Operating Partnership L.P.,
an affiliate of The Blackstone Group. Inc. Loan proceeds of $1.5
billion along with $1.2 billion of sponsor equity facilitated the
acquisition of the portfolio at a price of $2.7 billion. The loan
is structured with a partial pro rata/sequential-pay structure that
allows for pro rata paydowns for the first 30.0% of the original
unpaid principal balance where individual properties can be
released at a prepayment premium of 105.0% of the allocated loan
amount (ALA). The prepayment premium increases to 110.0% of the ALA
thereafter. DBRS Morningstar penalizes this structure, given the
reduced paydown to senior bonds as properties are released.

According to the financials for the trailing nine months (T-9)
ended September 30, 2022, the portfolio reported a weighted-average
(WA) occupancy rate of 96.6%, which remains relatively in line with
the issuance occupancy rate of 98.5%. The portfolio reported a net
cash flow (NCF) of $64.1 million and a debt service coverage ratio
(DSCR) of 3.18 times (x) for the T-9 compared with the DBRS
Morningstar NCF of $89.3 million and DSCR of 3.44x at issuance. The
cash flow variance is notable but not worrisome, given the
transaction's recent vintage and partial year reporting period.
DBRS Morningstar expects cash flows will stabilize when the full
year-end is analyzed by the servicer.

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




BX TRUST 2021-LBA: DBRS Confirms B(low) Rating on 2 Classes
-----------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates issued by BX Trust
2021-LBA:

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

In addition, DBRS Morningstar discontinued the ratings on Classes
X-V-CP and X-JV-CP as the bonds have exceeded their stated maturity
date of February 2022 and are no longer receiving interest
payments.

All trends remain Stable.

The rating confirmations reflect the transaction's overall stable
performance, which remains in line with DBRS Morningstar's
expectations. There are no changes to either leverage or credit
support as the underlying loans are not amortizing, and all
collateral properties remain in their respective pools, with no
properties released to date. The transaction consists of two
separate, uncrossed portfolios of assets, Pool 1 (Fund V; 17
assets) and Pool 2 (Fund JV; 35 assets), each of which supports the
payments on its respective series of certificates. Generally, each
of the portfolios consists of functional bulk warehouse product
that exhibits strong functionality metrics and favorable locations
within major industrial markets. Each of the loans is structured
with a two-year initial term, with five one-year extension options.
Both loans are currently being monitored on the servicer's
watchlist for upcoming maturity in February 2023. Although not yet
confirmed, the sponsor is expected to exercise the first of its
five extension options and DBRS Morningstar expects the loans to be
removed from the watchlist once the maturity is extended.

According to the trailing 12 months ended June 30, 2022,
financials, both portfolios are performing roughly in line with
issuance expectations. DBRS Morningstar remains concerned with the
elevated rollover risk throughout the fully extended loan term for
both portfolios. Leases representing approximately 72.5% and 87.1%
of DBRS Morningstar's base rent are scheduled to roll through the
fully extended loan term across the Fund V and Fund JV portfolios,
respectively. The Fund V consists of 17 industrial properties,
totaling approximately 2.9 million square feet (sf) in four states
(Arizona, California, Oregon, and Washington) and reported an
occupancy rate of 85.8% with a net cash flow (NCF) of $25.9
million, compared with the DBRS Morningstar NCF of $24.9 million.
The Fund JV consists of 35 industrial properties, totaling about
6.6 million sf in six states (Washington, Nevada, California, Utah,
Texas, and Colorado) and reported an occupancy rate of 99.4% with a
NCF of $31.2 million, compared with the DBRS Morningstar NCF of
$34.1 million. The underlying properties consist mainly of
warehouse and distribution facilities with comparatively low
proportions of office square footage. These property types have
generally performed well given the continued dominance of
e-commerce and demand for industrial space. The pool is located
across several well-performing west coast markets, with a
geographic concentration in Southern California.

Both mortgage loans have a partial pro rata/sequential-pay
structure, which allows for pro rata paydowns for the first 30.0%
of the unpaid principal balance. DBRS Morningstar penalizes
transactions with this structure as it is considered to be credit
negative, particularly at the top of the capital stack. Under a
partial pro rata paydown structure, deleveraging of the senior
notes through the release of individual properties occurs at a
slower pace compared with a sequential-pay structure. The borrower
can also release individual properties across both portfolios with
customary requirements. However, in both cases, the prepayment
premium for the release of individual assets is 105% of the
allocated loan amount for the first 30% of the original principal
balance of the mortgage loan and 110% thereafter. As of the January
2023 remittance, no properties have been released and there has
been no paydown to the trust certificates.

The sponsors under the mortgage loans are joint venture
partnerships between Blackstone Real Estate Income Trust, Inc.
(BREIT) and LBA Logistics. BREIT is an affiliate of The Blackstone
Group, Inc. (Blackstone), whose real estate group was founded in
1991 and has nearly $175 billion in investor capital under
management. Blackstone is also one of the world's largest
industrial landlords. LBA Logistics is the industrial arm of LBA
Realty LLC, a full-service real estate investment and management
company with a portfolio of logistics properties that totals more
than 61 million sf throughout the United States.

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



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

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

The preliminary ratings are based on information as of Feb. 8,
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 diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  CarVal CLO VII-C Ltd./CarVal CLO VII-C LLC
  
  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $20.00 million: AAA (sf)
  Class B-1, $50.00 million: AA (sf)
  Class B-2, $10.00 million: AA (sf)
  Class C (deferrable), $27.50 million: A (sf)
  Class D (deferrable), $27.50 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $52.30 million: Not rated



CITIGROUP COMMERCIAL 2020-555: DBRS Confirms B Rating on G Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2020-555 issued by
Citigroup Commercial Mortgage Trust 2020-555 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the collateral, which remains in line with DBRS Morningstar's
expectations at issuance.

The loan is secured by the borrower's leasehold interest in 555
10th Avenue, a Class A luxury high-rise apartment in the Midtown
West submarket of Manhattan, New York. The property consists of 598
apartment units, of which 150 are affordable housing under section
421-A; a charter school occupying nearly 110,000 square feet across
eight floors; and ground-floor retail. The property features a
rooftop terrace, two fitness centers, a yoga studio, and a bowling
alley, among other high-end amenities. Units feature luxurious
finishes, including oversized windows, quartz countertops, and
stainless-steel appliances. The building sits just north of the
Hudson Yards development, with good proximity to the Port Authority
Bus Terminal and multiple subway lines.

The total financing package consists of a $400.0 million mortgage
loan and a nontrust mezzanine loan of $140.0 million. The trust
collateral consists of a $213.4 million senior trust note and a
$136.6 million junior trust note. In addition, there is $50.0
million of senior companion loan notes, which are pari passu with
GSMS 2020-GC47 (not rated by DBRS Morningstar). The 10-year loan
matures in December 2029 and pays interest only (IO) at a fixed
rate of 3.52% for its entire term. The mezzanine loan has an
interest rate of 5.60% with IO payments and a maturity date that is
co-terminus with the mortgage loan.

As of the November 2022 rent roll, the subject's market-rent units
were 91.8% occupied and the rent-stabilized units were 97.5%
occupied with average monthly rental rates of $5,737 per unit and
$1,183 per unit, respectively; relatively in line with DBRS
Morningstar's concluded monthly rental rates at issuance of $5,925
per unit and $1,127 per unit. In addition, the commercial space
remains 100% occupied with an average rental rate of $34.25 per
square foot. According to the trailing nine month period ended
September 30, 2022, the loan reported a debt service coverage ratio
(DSCR) of 1.77 times (x), compared with the YE2021 DSCR of 1.53x
and DBRS Morningstar DSCR at issuance of 1.76x. The collateral
continues to benefit from strong submarket fundamentals with Reis
reporting the Q3 2022 Midtown West submarket multifamily vacancy
and average effective rental rate at 5.1% and $5,260 per unit,
respectively. Vacancy rates within the Midtown West submarket are
expected to remain less than 5.0% through to 2027.

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



COMM 2014-CCRE20: DBRS Confirms C Rating on 3 Classes of Certs
--------------------------------------------------------------
DBRS Limited downgraded its ratings on two classes of the
Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20
issued by COMM 2014-CCRE20 Commercial Mortgage Trust as follows:

-- Class X-C to B (high) (sf) from BBB (low) (sf)
-- Class D to B (sf) from BB (high) (sf)

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

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Classes E, F, and G have ratings that typically do not carry
trends. All other trends are Stable.

The downgrades to Classes X-C and D reflect DBRS Morningstar's
deteriorating outlook on one of the three specially serviced loans,
Crowne Plaza Houston Katy Freeway (Prospectus ID#9, 3.2% of the
pool), further described below. The rating confirmations and Stable
trends reflect the otherwise overall performance of the
transaction, with the remaining loans in the pool having
experienced minimal changes since the last rating action.

As of the January 2023 remittance, 52 of the original 64 loans
remained in the pool, with an aggregate principal balance of $895.1
million, reflecting a collateral reduction of 24.3% since issuance
as a result loan repayments, scheduled amortization, and loan
liquidations. The pool benefits from defeasance, with 20 loans,
representing 23.7% of the pool, secured by collateral that has been
fully defeased. There are seven loans, representing 7.2% of the
pool, on the servicer's watchlist, and three loans, representing
14.1% of the pool, in special servicing.

All three of the loans in special servicing are in the top 10, with
two of these loans, representing a combined 9.3% of the pool,
having been owned by the trust since 2021. In its analysis for this
review, DBRS Morningstar liquidated both REO loans from the trust,
resulting in an implied loss of nearly $55.0 million. While the
treatment of the Harwood Center (Prospectus ID#4, 6.1% of the pool)
liquidation remained similar to the previous review, the
liquidation of Crowne Plaza Houston Katy Freeway resulted in a loss
severity near 100% based on updated information from the servicer
regarding the disposition of the asset. Based on these results, the
credit enhancement provided to Class D was significantly erroded
warranting the downgrade action, while continuing to suggest that
Classes E, F, G, and H are the most exposed to loss upon
resolution.

The Crowne Plaza Houston Katy Freeway is secured by a full-service
hotel in Houston, Texas, approximately five miles from Houston
Galleria mall. The hotel's cash flow struggles preceded the
Coronavirus Disease (COVID-19) pandemic, which compounded those
issues, and the borrower ultimately walked away from the property,
with the trust taking title in June 2021 via a deed in lieu of
foreclosure. The most recent June 2022 appraisal valued the
property at $25.7 million, reflecting a 53.4% decline from $48.1
million at issuance; however the servicer has indicated that the
lender is currently under contract to sell the asset to a
prospective buyer at a lower value, with resolution expected to
occur in Q2 2022.

The largest specially serviced loan, Harwood Center (Prospectus
ID#4, 6.1% of the pool), is secured by the leasehold interest in an
office building in downtown Dallas, Texas. The sponsor's troubles
with this loan followed the downsizing of a major tenant and the
loan transferred to special servicing in May 2020, with a
foreclosure ultimately filed and the title to the property
transferred to the trust in November 2021. According to the
servicer, the lender is working to lease up and stabilize the
asset, including renovating the property throughout 2023. The most
recent appraisal on file is dated June 2022, with an as-is value of
$75.9 million, a marginal increase from $78.0 million in July 2021,
but a 61.2% decline from $124.0 million at issuance. DBRS
Morningstar maintained its liquidation approach from last review,
resulting in a loss severity exceeding 45.0%.

The Beverly Connection pari passu loan (Prospectus ID#7, 4.9% of
the pool), is the second largest specially serviced loan, secured
by an anchored retail property in Los Angeles. The loan tranasfered
to special servicing in August 2020 and is delinquent; however, a
forbearance agreement has been reached and will include reinstating
the loan, pending the B note holders approval. The most recent
appraisal on file is dated October 2022, which provided an as-is
value of $239.0 million, less than a 10.0% decline from $260
million at issuance. Based on the updated workout of the loan
paired with the low loan to value ratio of 18.3%, DBRS Morningstar
did not consider this loan to pose a significant credit risk to the
trust.

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



COMM 2014-CCRE21: DBRS Confirms B(low) Rating on Class E Certs
--------------------------------------------------------------
DBRS, Inc. confirmed all ratings of the Commercial Mortgage
Pass-Through Certificates issued by COMM 2014-CCRE21 as follow:

-- Class A-3 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class X-C at BB (low) (sf)
-- Class D at B (high) (sf)
-- Class E at B (low) (sf)
-- Class F at C (sf)
-- Class G at C (sf)

All trends are Stable, with the exception of Class F and Class G,
which are assigned ratings which do not typically carry trends in
Commercial Mortgage Backed Securities (CMBS).

DBRS Morningstar's expectations for the pool remain in line with
the last rating action in November 2022. Since then, one
real-estate-owned (REO) asset was disposed from the pool with a
slightly better recovery than DBRS Morningstar previously
anticipated. The unrated Class J bond has been reduced by
approximately 76.2% to $14.1 million. Three loans have defeased,
bringing the total pool defeasance to 16 loans, representing 32.3%
of the total trust balance.

All of the outstanding loans are scheduled to mature by December
2024. Fifty loans/assets remain of the original 59. The pool has
paid down 26.7%, to $604.6 million from $824.8 million since
issuance. The weighted-average debt-service-coverage-ratio (DSCR)
and debt yield for the pool are reported to be 2.00x and 11.5%,
respectively. Given these metrics, it appears that the majority of
loans in the pool are well-positioned to repay at or ahead of
scheduled maturity.

Three loans remain in special servicing, representing 13.3% of the
pool, all of which were in special servicing at the time of the
last rating action. The largest of these is Kings' Shops
(Prospectus ID#3, 7.9% of the pool), which is secured by a
69,023-square-foot (sf) retail property in Waikoloa, Hawaii. Kings'
Shops is an upscale center located within walking distance of the
Waikoloa Beach Marriott Resort & Spa and the Hilton Waikoloa
Village. The loan transferred to special servicing in September
2020 for payment default and the property is now REO. The property
was previously anchored by Macy's, which has since closed; the last
reported occupancy was 78% as of June 2020, down from 91% at
year-end 2019 and 94% at issuance.

A May 2022 appraisal valued the property at $47.5 million, up
slightly from a previous appraisal of $45.8 million in August 2021,
but well below the issuance appraised value of $84.0 million. DBRS
Morningstar views the uptick in appraised value as evidence that
the outlook for economies with reliance on tourism is improving, as
mitigation efforts related to the pandemic ease and leisure
travelers return. Given the loan's exposure relative to the
expected value, DBRS Morningstar does not expect the loan amount to
be fully recovered at disposition.

The second-largest loan in special servicing is Marine Club
Apartments (Prospectus ID#9; 3.8% of the pool). The loan is secured
by a fractured condominium community, with 204 of the total 301
units serving as collateral, and the remaining 97 units owned by
individual owners. The loan was transferred to special servicing in
October 2020 for payment default. In April 2022, the borrower made
two settlement offers, both of which were rejected by the special
servicer. The preferred equity holder has since initiated a process
to replace the manager of the borrower, and the special servicer
continues to dual track foreclosure while discussing workout
alternatives. While the June 2022 appraised value of $37.8 million
is greater than the outstanding loan amount, DBRS Morningstar notes
increasing exposure as the loan remains delinquent. Outstanding
advances as of the January 2023 remittance total approximately $4.5
million.

The smallest loan in special servicing is Manhattan Place
(Prospectus ID#20; 1.6% of the pool), which is secured by a
137,315-sf community retail center in Harvey, Louisiana. The loan
was transferred to special servicing in January 2020 for default
after the borrower failed to pay off the loan at the November 2019
maturity. While the foreclosure sale was originally scheduled to
occur in January 2022, the borrower filed for bankruptcy, delaying
proceedings. A December 2022 appraisal valued the property at $15.0
million, down from a September 2021 appraised value of $16.9
million, and $19.0 million at issuance.

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



CONNECTICUT AVENUE 2023-R02: DBRS Gives Prov. B Rating on 3 Classes
-------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Connecticut Avenue Securities (CAS), Series 2023-R02 Notes (the
Notes) to be issued by Connecticut Avenue Securities Trust 2023-R02
(CAS 2023-R02):

-- $375.3 million Class 1M-1 at A (low) (sf)
-- $154.0 million Class 1M-2 at BBB (sf)
-- $114.0 million Class 1B-1 at BB (sf)
-- $65.8 million Class 1B-2 at B (sf)
-- $51.3 million Class 1M-2A at BBB (high) (sf)
-- $51.3 million Class 1M-2B at BBB (sf)
-- $51.3 million Class 1M-2C at BBB (sf)
-- $57.0 million Class 1B-1A at BBB (low) (sf)
-- $57.0 million Class 1B-1B at BB (sf)
-- $51.3 million Class 1E-A1 at BBB (high) (sf)
-- $51.3 million Class 1A-I1 at BBB (high) (sf)
-- $51.3 million Class 1E-A2 at BBB (high) (sf)
-- $51.3 million Class 1A-I2 at BBB (high) (sf)
-- $51.3 million Class 1E-A3 at BBB (high) (sf)
-- $51.3 million Class 1A-I3 at BBB (high) (sf)
-- $51.3 million Class 1E-A4 at BBB (high) (sf)
-- $51.3 million Class 1A-I4 at BBB (high) (sf)
-- $51.3 million Class 1E-B1 at BBB (sf)
-- $51.3 million Class 1B-I1 at BBB (sf)
-- $51.3 million Class 1E-B2 at BBB (sf)
-- $51.3 million Class 1B-I2 at BBB (sf)
-- $51.3 million Class 1E-B3 at BBB (sf)
-- $51.3 million Class 1B-I3 at BBB (sf)
-- $51.3 million Class 1E-B4 at BBB (sf)
-- $51.3 million Class 1B-I4 at BBB (sf)
-- $51.3 million Class 1E-C1 at BBB (sf)
-- $51.3 million Class 1C-I1 at BBB (sf)
-- $51.3 million Class 1E-C2 at BBB (sf)
-- $51.3 million Class 1C-I2 at BBB (sf)
-- $51.3 million Class 1E-C3 at BBB (sf)
-- $51.3 million Class 1C-I3 at BBB (sf)
-- $51.3 million Class 1E-C4 at BBB (sf)
-- $51.3 million Class 1C-I4 at BBB (sf)
-- $102.7 million Class 1E-D1 at BBB (sf)
-- $102.7 million Class 1E-D2 at BBB (sf)
-- $102.7 million Class 1E-D3 at BBB (sf)
-- $102.7 million Class 1E-D4 at BBB (sf)
-- $102.7 million Class 1E-D5 at BBB (sf)
-- $102.7 million Class 1E-F1 at BBB (sf)
-- $102.7 million Class 1E-F2 at BBB (sf)
-- $102.7 million Class 1E-F3 at BBB (sf)
-- $102.7 million Class 1E-F4 at BBB (sf)
-- $102.7 million Class 1E-F5 at BBB (sf)
-- $102.7 million Class 1-X1 at BBB (sf)
-- $102.7 million Class 1-X2 at BBB (sf)
-- $102.7 million Class 1-X3 at BBB (sf)
-- $102.7 million Class 1-X4 at BBB (sf)
-- $102.7 million Class 1-Y1 at BBB (sf)
-- $102.7 million Class 1-Y2 at BBB (sf)
-- $102.7 million Class 1-Y3 at BBB (sf)
-- $102.7 million Class 1-Y4 at BBB (sf)
-- $51.3 million Class 1-J1 at BBB (sf)
-- $51.3 million Class 1-J2 at BBB (sf)
-- $51.3 million Class 1-J3 at BBB (sf)
-- $51.3 million Class 1-J4 at BBB (sf)
-- $102.7 million Class 1-K1 at BBB (sf)
-- $102.7 million Class 1-K2 at BBB (sf)
-- $102.7 million Class 1-K3 at BBB (sf)
-- $102.7 million Class 1-K4 at BBB (sf)
-- $154.0 million Class 1M-2Y at BBB (sf)
-- $154.0 million Class 1M-2X at BBB (sf)
-- $114.0 million Class 1B-1Y at BB (sf)
-- $114.0 million Class 1B-1X at BB (sf)
-- $65.8 million Class 1B-2Y at B (sf)
-- $65.8 million Class 1B-2X at B (sf)

Classes 1M-2, 1E-A1, 1A-I1, 1E-A2, 1A-I2, 1E-A3, 1A-I3, 1E-A4,
1A-I4, 1E-C1, 1C-I1, 1E-C2, 1C-I2, 1E-C3, 1C-I3, 1E-C4, 1C-I4,
1E-D1, 1E-D2, 1E-D3, 1E-D4, 1E-D5, 1E-F1, 1E-F2, 1E-F3, 1E-F4,
1E-F5, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3, 1-Y4, 1-J1, 1-J2,
1-J3, 1-J4, 1-K1, 1-K2, 1-K3, 1-K4, 1M-2Y, 1M-2X, 1B-1, 1B-1Y,
1B-1X, 1B-2Y, and 1B-2X are Related Combinable and Recombinable
Notes (RCR Notes). Classes 1A-I1, 1A-I2, 1A-I3, 1A-I4, 1C-I1,
1C-I2, 1C-I3, 1C-I4, 1-X1, 1-X2, 1-X3, 1-X4, 1-Y1, 1-Y2, 1-Y3,
1-Y4, 1-J1, 1-J2, 1-J3, 1-J4, 1-K1, 1-K2, 1-K3, 1-K4, 1M-2X, 1B-1X,
and 1B-2X are interest-only RCR Notes.

The A (low) (sf), BBB (high) (sf), BBB (sf), BBB (low) (sf), BB
(sf), and B (sf) ratings reflect 2.80%, 2.53%, 2.00%, 1.63%, 1.25%,
and 0.60% of credit enhancement, respectively. Other than the
specified classes above, DBRS Morningstar does not rate any other
classes in this transaction.

CAS 2023-R02 is the 53rd benchmark transaction in the CAS series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Fannie Mae-guaranteed mortgage-backed
securities (MBS). As of the Cut-Off Date, the Reference Pool
consists of 64,306 greater-than-20-year term, fully amortizing,
first-lien, fixed-rate mortgage loans underwritten to a full
documentation standard, with original loan-to-value (LTV) ratios
greater than 60% and less than or equal to 80%. The mortgage loans
were estimated to be originated on or after May 2021 and were
securitized by Fannie Mae between February 1, 2022, and September
30, 2022.

On the Closing Date, the trust will enter into a Collateral
Administration Agreement (CAA) with Fannie Mae. Fannie Mae, as the
credit protection buyer, will be required to make transfer amount
payments. The trust is expected to use the aggregate proceeds
realized from the sale of the Notes to purchase certain eligible
investments to be held in a securities account. The eligible
investments are restricted to highly rated, short-term investments.
Cash flow from the Reference Pool will not be used to make any
payments; instead, a portion of the eligible investments held in
the securities account will be liquidated to make principal
payments to the Noteholders and return amount, if any, to Fannie
Mae upon the occurrence of certain specified credit events and
modification events.

The coupon rates for the Notes are based on the SOFR. There are
replacement provisions in place in the event that SOFR is no longer
available; please see the Offering Memorandum (OM) for more
details. DBRS Morningstar did not run interest rate stresses for
this transaction, as the interest is not linked to the performance
of the reference obligations. Instead, the trust will use the net
investment earnings on the eligible investments together with
Fannie Mae's transfer amount payments to pay interest to the
Noteholders.

In this transaction, approximately 21.9% of the loans were
originated using property values determined by using Fannie Mae's
Appraisal Waiver (AW) rather than a traditional full appraisal.
Loans where the AW is offered generally have better credit
attributes. Please see the OM for more details about the AW.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. The scheduled and
unscheduled principal will be combined and only be allocated pro
rata between the senior and nonsenior tranches if the performance
tests are satisfied. For CAS 2023-R02, the minimum credit
enhancement test is set to pass at the Closing Date. This allows
rated classes to receive principal payments from the First Payment
Date, provided the other two performance tests—delinquency test
and cumulative net loss test—are met. Additionally, the nonsenior
tranches will also be entitled to supplemental subordinate
reduction amount if the offered reference tranche percentage
increases above 5.50%.

The interest payments for these transactions are not linked to the
performance of the reference obligations except to the extent that
modification losses have occurred.

The Notes will be scheduled to mature on the payment date in
January 2043, but will be subject to mandatory redemption prior to
the scheduled maturity date upon the termination of the CAA.

The administrator and trustor of the transaction will be Fannie
Mae. Computershare Trust Company, N.A. will act as the Indenture
Trustee, Exchange Administrator, Custodian and Investment Agent.
U.S. Bank National Association (rated AA (high) with a Stable trend
and R-1 (high) with a Stable trend by DBRS Morningstar) will act as
the Delaware Trustee.

The Reference Pool consists of approximately 0.7% of loans
originated under the Home Ready® program. HomeReady® is Fannie
Mae's affordable mortgage product designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers.

If a reference obligation is refinanced under the High LTV
Refinance Program, then the resulting refinanced reference
obligation may be included in the Reference Pool as a replacement
of the original reference obligation. The High LTV Refinance
Program provides refinance opportunities to borrowers with existing
Fannie Mae mortgages who are current in their mortgage payments but
whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this program will not constitute a credit event.

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," dated 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.

CAS 2023-R02 is the 51st benchmark transaction in the CAS series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Fannie Mae-guaranteed MBS. As of the Cut-Off
Date, the Reference Pool consists of 95,749 greater-than-20-year,
fully amortizing, first-lien, fixed-rate mortgage loans
underwritten to a full documentation standard, with original LTVs
greater than 80%. The mortgage loans were estimated to be
originated on or after January 2021 and were securitized by Fannie
Mae between September 1, 2021, and June 30, 2022.

On the Closing Date, the trust will enter into a CAA with Fannie
Mae. Fannie Mae, as the credit protection buyer, will be required
to make transfer amount payments. The trust is expected to use the
aggregate proceeds realized from the sale of the Notes to purchase
certain eligible investments to be held in a securities account.
The eligible investments are restricted to highly rated, short-term
investments. Cash flow from the Reference Pool will not be used to
make any payments; instead, a portion of the eligible investments
held in the securities account will be liquidated to make principal
payments to the Noteholders and return amount, if any, to Fannie
Mae upon the occurrence of certain specified credit events and
modification events.

The coupon rates for the Notes are based on the SOFR. There are
replacement provisions in place in the event that SOFR is no longer
available; please see the Offering Memorandum for more details.
DBRS Morningstar did not run interest rate stresses for this
transaction, as the interest is not linked to the performance of
the reference obligations. Instead, the trust will use the net
investment earnings on the eligible investments together with
Fannie Mae's transfer amount payments to pay interest to the
Noteholders. In this transaction, approximately 2.4% of the loans
were originated using property values determined by using Fannie
Mae's Appraisal Waiver (AW) rather than a traditional full
appraisal. Loans where the AW is offered generally have better
credit attributes.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. The scheduled and
unscheduled principal will be combined and only be allocated pro
rata between the senior and nonsenior tranches if the performance
tests are satisfied. For CAS 2023-R02, the minimum credit
enhancement test is set to pass at the Closing Date. This allows
rated classes to receive principal payments from the First Payment
Date, provided the other two performance tests—delinquency test
and cumulative net loss test—are met. Additionally, the nonsenior
tranches will also be entitled to supplemental subordinate
reduction amount if the offered reference tranche percentage
increases above 5.50%. The interest payments for these transactions
are not linked to the performance of the reference obligations
except to the extent that modification losses have occurred.

The Notes will be scheduled to mature on the payment date in
September 2042, but will be subject to mandatory redemption prior
to the scheduled maturity date upon the termination of the CAA. The
administrator and trustor of the transaction will be Fannie Mae.
Computershare Trust Company, N.A. will act as the Indenture
Trustee, Exchange Administrator, Custodian and Investment Agent.
U.S. Bank National Association (rated AA (high) with a Stable trend
and R-1 (high) with a Stable trend by DBRS Morningstar) will act as
the Delaware Trustee.

The Reference Pool consists of approximately 10.7% of loans
originated under the Home Ready® program. HomeReady® is Fannie
Mae's affordable mortgage product designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers.

If a reference obligation is refinanced under the High LTV
Refinance Program, then the resulting refinanced reference
obligation may be included in the Reference Pool as a replacement
of the original reference obligation. The High LTV Refinance
Program provides refinance opportunities to borrowers with existing
Fannie Mae mortgages who are current in their mortgage payments but
whose LTV ratios exceed the maximum permitted for standard
refinance products. The refinancing and replacement of a reference
obligation under this program will not constitute a credit event.

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

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

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



CPS AUTO 2023-A: DBRS Finalizes BB(high) Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the classes of
notes to be issued by CPS Auto Receivables Trust 2023-A as
follows:

-- $154,582,000 Class A Notes at AAA (sf)
-- $44,080,000 Class B Notes at AA (high) (sf)
-- $57,161,000 Class C Notes at A (high) (sf)
-- $39,553,000 Class D Notes at BBB (sf)
-- $29,392,000 Class E Notes at BB (high) (sf)

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

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

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

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

-- The DBRS Morningstar CNL assumption is 15.80% based on the
expected pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: 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.

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

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

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

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

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

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

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

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

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

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

The rating on the Class A Notes reflects 58.40% of initial hard
credit enhancement provided by the subordinated notes in the pool
(46.90%), the reserve account (1.00%), and OC (10.50%). The ratings
on the Class B, C, D, and E Notes reflect 46.25%, 30.50%, 19.60%,
and 11.50% 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.



EFMT 2023-1: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings to EFMT 2023-1.

   Entity/Debt        Rating        Recovery   Prior
   -----------        ------        --------   -----
EFMT 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
   X              LT NR(EXP)sf  Expected Rating
   R              LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
to be issued by EFMT 2023-1, Mortgage Pass-Through Certificates,
Series 2023-1 (EFMT 2023-1), as indicated above. The certificates
are supported by 796 loans with a balance of $330.37 million as of
the cutoff date. This will be the eighth EFMT rated by Fitch and
the first EFMT transaction in 2023.

The certificates are secured mainly by non-qualified mortgages
(non-QM) as defined by the Ability to Repay (ATR) rule (the Rule).
Approximately 48.8% of the loans were originated by LendSure
Mortgage Corporation, a joint venture between LendSure Financial
Services, Inc. (LFS) and Ellington Financial, Inc. (EFC).
Approximately 23.8% of the loans were originated by American
Heritage Lending (AHL). The remaining 27.4% of the loans were
originated by various other third-party originators that
contributed no more than 10% each to the pool.

Of the pool, 57.75% of the loans are designated as non-QM, and the
remaining 42.25% are investment properties not subject to ATR.
Rushmore Loan Management Services LLC (Rushmore) will be the
servicer and Nationstar Mortgage LLC (Nationstar) will be the
master servicer for the transaction.

There is LIBOR exposure in this transaction. While the majority of
the loans in the collateral pool comprise fixed-rate mortgages,
0.16% of the pool comprises loans with an adjustable rate. These
two ARM loans are based on one-year LIBOR. The offered certificates
have the following coupon rates: classes A-1, A-2 and A-3 are fixed
rate with a step-up coupon at year four and capped at the net
weighted average coupon (WAC), while classes M-1, B-1, B-2 and B-3
pay the net WAC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.0% 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, 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.

Nonprime Credit Quality (Mixed): Collateral consists of 30-year
fully amortizing loans (71.34%), 40-year fully amortizing loans
with a 10-year IO period (25.91%), 30-year fully amortizing loans
with a 10-year IO period (2.46%), 30-year fully amortizing ARM
loans (0.16%) and 25-year fully amortizing loans (0.12%). The vast
majority of the pool is comprised of fixed-rate loans at 99.84% and
the remaining 0.16% are ARM loans based off of one-year LIBOR. The
pool is seasoned at about seven months in aggregate, as determined
by Fitch (five months per the transaction documents). The borrowers
in this pool have relatively strong credit profiles with a 725
weighted average (WA) FICO score (727 WA FICO per the transaction
documents) and a 44.2% debt-to-income ratio (DTI), both as
determined by Fitch, as well as moderate leverage, with an original
combined loan-to-value ratio (CLTV) as determined by Fitch of 70.7%
(70.8% per the transaction documents), translating to a
Fitch-calculated sustainable loan-to-value ratio (sLTV) of 77.9%.

Fitch considered 51.5% (51.53% per transaction documents) of the
pool to consist of loans where the borrower maintains a primary
residence, while 43.2% (42.25% per the transaction documents)
comprises investor property and 5.3% (6.22% per the transaction
documents) represents second homes. Fitch considers loans to
foreign nationals to be investor occupied, which explains the
difference in Fitch's percentages compared to the transaction's
documents.

There were 27 loans made to foreign nationals in the pool. If the
co-borrower is a U.S. citizen or permanent resident, Fitch does not
count those loans as loans to foreign nationals. Fitch does not
make adjustments for loans to nonpermanent residents since
historical performance has shown they perform the same or better
than those to U.S. citizens. For foreign nationals, Fitch treated
them as investor occupied, and made no documentation for income and
employment. If a FICO was not provided for the foreign national, a
FICO of 650 was assumed.

Approximately, 98% of the loans were originated through a nonretail
channel. Additionally, 57.75% of the loans are designated as
non-QM, while the remaining 42.25% are exempt from QM status.

The pool contains 58 loans over $1.0 million, with the largest loan
at $2.99 million. The largest loan in the pool is a purchase loan
for an owner occupied planned unit development home in Irvine, CA
and has the following collateral attributes: 741 borrower FICO and
40% LTV.

Fitch's analysis of the pool, determined that self-employed,
non-debt service coverage ratio (non-DSCR) borrowers make up 50.4%
of the pool; salaried non-DSCR borrowers make up 16.2%; and 33.4%
comprises investor cash flow DSCR loans. About 43.2% of the pool
comprises loans for investor properties (this include loans
underwritten to foreign nationals). Specifically, 9.8% underwritten
to borrowers' credit profiles (including all loans to foreign
nationals) and 33.4% comprising investor cash flow loans. There are
no second liens in the pool, no loans with a modification, and no
loans have subordinate financing.

Around 25% of the pool is concentrated in California with
relatively low MSA concentration. The largest MSA concentration is
in the Los Angeles MSA (8.3%), followed by the Miami MSA (7.1%) and
the San Diego MSA (4.3%). The top three MSAs account for 19.8% of
the pool. As a result, there was no adjustment for geographic
concentration.

As of Jan. 1, 2023, all but one loan was current (the one late
borrower made the payment after Jan. 1, 2023). Fitch considered
100% of the loans to be current in its analysis.

Overall, the pool characteristics resemble nonprime collateral;
therefore, the pool was analyzed using Fitch's nonprime model.

Loan Documentation: Bank Statement, Asset Depletion, DSCR Loans
(Negative): Fitch determined that about 80.2% of the pool was
underwritten to less than full documentation and 43.4% was
underwritten to a 12-month or 24-month bank statement program for
verifying income, which is not consistent with appendix Q standards
and Fitch's view of a full documentation program. A key distinction
between this pool and legacy Alt-A loans is these loans adhere to
underwriting and documentation standards required under the
Consumer Financial Protection Bureau's (CFPB) ATR Rule. This
reduces the risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to the rigor of the Rule's mandates with respect to
underwriting and documentation of the borrower's ATR. Additionally,
1.8% comprises an asset depletion product, 0.0% is a CPA or P&L
product and 33.4% is a DSCR product. Fitch increased the PD on the
non-full documentation loans to reflect the additional risk.

The pool does not contain 'No Ratio' loans, which Fitch viewed as a
positive feature of the collateral composition of the pool.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent principal and interest (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 additional stress on the
structure, as liquidity is limited in the event of large and
extended delinquencies.

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

The transaction has excess spread that will be available to
reimburse the certificates for losses or interest shortfalls. The
excess spread may be reduced on and after February 2027, since
classes A-1, A-2 and A-3 have a step-up coupon feature that goes
into effect on that distribution date. To mitigate the impact of
the step-up feature, interest payments are redirected from class
B-3 to pay any cap carryover interest for the A-1, A-2 and A-3
classes in and after February 2027.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 41.5% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category

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

Fitch 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
'AAAsf' ratings.

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 pool. The third-party due diligence was
generally consistent with Fitch's "U.S. RMBS Rating Criteria." AMC,
Canopy, Clayton, Evolve, Infinity, Opus, and Selene 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. Refer to the Third-Party Due
Diligence section for more detail.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. Fitch received
loan-level information based on the American Securitization Forum's
(ASF) data layout format, and the data are considered to be
comprehensive. 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 ASF layout data
tape were reviewed by the due diligence companies, and no material
discrepancies were noted.

ESG CONSIDERATIONS

EFMT 2023-1 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
in EFMT 2023-1, including strong transaction due diligence and the
use of a servicer rated 'RPS1-' by Fitch; this results in a
reduction in expected losses, which is relevant to the rating.

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

-- $49,250,000 Class A-1 Notes at R-1 (high) (sf)
-- $186,190,000 Class A-2 Notes at AAA (sf)
-- $55,080,000 Class A-3 Notes at AAA (sf)
-- $37,540,000 Class B Notes at AA (sf)
-- $49,140,000 Class C Notes at A (sf)
-- $35,030,000 Class D Notes at BBB (sf)
-- $34,810,000 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, proposed ratings, and form and
sufficiency of available credit enhancement.

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

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

(3) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: 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 consistent operational history of Flagship Credit
Acceptance, LLC (Flagship or the Company) and the strength of the
overall Company and its management team.

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

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

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

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

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

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

Initial credit enhancement for the Class A-1, Class A-2, and Class
A-3 Notes is expected to be 37.15% and will include a 1.00% reserve
account (funded at inception and nondeclining), initial OC of
1.75%, and subordination of 34.40% of the initial pool balance.
Initial Class B enhancement is expected to be 28.90% and will
include a 1.00% reserve account (funded at inception and
nondeclining), initial OC of 1.75%, and subordination of 26.15% of
the initial pool balance. Initial Class C enhancement is expected
to be 18.10% and will include a 1.00% reserve account (funded at
inception and nondeclining), initial OC of 1.75%, and subordination
of 15.35% of the initial pool balance. Initial Class D enhancement
is expected to be 10.40% and will include a 1.00% reserve account
(funded at inception and nondeclining), initial OC of 1.75%, and
subordination of 7.65% of the initial pool balance. Initial Class E
enhancement is expected to be 2.75% and will include a 1.00%
reserve account (funded at inception and nondeclining) and initial
OC of 1.75%.

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



FLAGSHIP CREDIT 2023-1: S&P Assigns BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The availability of approximately 44.09%, 38.13%, 29.77%,
23.31%, and 18.08% 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 S&P's expected net loss
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 '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
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 ratings.

-- S&P's operational risk assessment of Flagship Credit Acceptance
LLC as servicer, along with our 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 our sector benchmark.

-- The transaction's payment and legal structures.

  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)



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

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool, which consists
primarily of middle market speculative-grade (rated 'BB+' and
lower) senior secured term loans.

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

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

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

Relevant features of the transaction and S&P's ratings that differ
from a typical CLO include the following:

-- The rating on the class A-R loans addresses only the full and
timely payment of principal and the base interest amount, which
include the stated interest rate on the funded amounts and any
commitment fee due on the undrawn commitment. It does not include
any capped amounts.

-- The ratings do not reflect the payment of any class A-R loan
increased costs, which are additional payments based on changed in
law made to the lender. The costs may not be predictable or
quantifiable. Increased cost payments are subordinate to principal
and interest distributions on the rated notes in the payment
waterfall and, therefore, do not affect scheduled distributions to
the rated notes.

-- Class A-R is a variable-funding note that can be drawn on to
fund revolver or delayed draw obligations and to purchase new
collateral obligations during the reinvestment period. It can also
be repaid. If S&P's short-term issuer credit rating on the holder
of the class A-R loans falls below 'A-1', the loan holder must
fully fund its unfunded commitment for the CLO's benefit. S&P
modeled the revolver as both fully funded and fully unfunded.

-- There is no concentration limit on 'CCC' rated assets, but a
haircut is taken in the overcollateralization test if they exceed
30% of the pool. The transaction structure passed S&P's cash flow
analysis, assuming a sensitivity of 92.5% exposure to 'CCC' rated
assets.

  Ratings Assigned

  Fortress Credit Opportunities XXI CLO LLC

  Class A-R loans(i)(ii), $54.00 million: AAA (sf)
  Class A-T, $162.00 million: AAA (sf)
  Class B, $28.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $32.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $64.00 million: Not rated

(i)Revolving loan tranche.
(ii)The rating on the class A-R loans addresses only the full and
timely payment of principal and the base interest amount, and it
does not consider any capped amounts.



GCAT 2023-NQM2: S&P Assigns B+ (sf) Rating on Class B-2 Certs
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to GCAT 2023-NQM2 Trust's
mortgage pass-through certificates.

The certificate issuance is an RMBS securitization backed by
first-lien, fixed-, and adjustable-rate residential mortgage loans,
including mortgage loans with initial interest-only periods, to
prime and nonprime borrowers. The loans are secured by
single-family residential properties, planned-unit developments,
townhouses, condominiums, cooperatives, and two- to four-family
residential properties. The pool has 714 loans, which are either
non-QM (non-QM/ATR compliant), ATR-exempt mortgage loans, QM/HPML,
or QM/safe harbor.

The ratings reflect S&P's view of:

-- The pool's collateral composition (see the Collateral Summary
section);

-- The transaction's credit enhancement, associated structural
mechanics, geographic concentration, and representation and
warranty (R&W) framework;

-- The mortgage aggregator, Blue River Mortgage IV LLC (BRM IV)
and the mortgage originators; and

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

  Ratings Assigned

  GCAT 2023-NQM2 Trust(i)

  Class A-1, $268,281,000: AAA (sf)
  Class A-2, $32,747,000: AA (sf)
  Class A-3, $42,306,000: A (sf)
  Class M-1, $22,781,000: BBB (sf)
  Class B-1, $15,458,000: BB (sf)
  Class B-2, $6,102,000: B+ (sf)
  Class B-3, $19,119,609: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class X, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The ratings address our expectation for the ultimate payment of
interest and principal.
(ii)The notional amount equals the aggregate stated principal
balance of the loans.
N/A--Not applicable.



GCAT TRUST 2023-NQM1: Fitch Gives Bsf Rating on Class B-2 Notes
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed notes issued by GCAT 2023-NQM1 Trust (GCAT
2023-NQM1).

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

   A-1          LT AAAsf New Rating   AAA(EXP)sf
   A-2          LT AAsf  New Rating   AA(EXP)sf
   A-3          LT Asf   New Rating   A(EXP)sf
   A-IO-S       LT NRsf  New Rating   NR(EXP)sf
   B-1          LT BBsf  New Rating   BB(EXP)sf
   B-2          LT Bsf   New Rating   B(EXP)sf
   B-3          LT NRsf  New Rating   NR(EXP)sf
   M-1          LT BBBsf New Rating   BBB(EXP)sf
   X            LT NRsf  New Rating   NR(EXP)sf

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, Fitch views 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.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by multiple third-party review firms. The third-party due
diligence described in Form 15E focused on a credit, compliance and
property valuation review. Fitch considered this information in its
analysis and, as a result, Fitch made the following adjustment(s)
to its analysis:

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

  - Fitch lowered its loss expectations by approximately
    36bps as a result of the diligence review.

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 2010-C1: DBRS Confirms C Rating on Class D Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on all remaining classes of the
Commercial Mortgage Pass-Through Certificates, Series 2010-C1
issued by GS Mortgage Securities Trust, 2010-C1 as follows:

-- Class B at AAA (sf)
-- Class C at A (high) (sf)
-- Class D at C (sf)

Classes B and C are maintained with Stable trends, while Class D
has a rating that does not carry a trend.

The ratings reflect the stable performance outlook and
recoverability expectations for the transaction's remaining two
loans, Mall at Johnson City (Prospectus ID#6, 53.5% of current pool
balance) and Grand Central Mall (Prospectus ID#7, 46.5% of the
current pool balance). As of the January 2023 remittance, both
loans are current and performing; however, they are on the
servicer's watchlist for upcoming maturities in May 2023 and July
2023, respectively. The two outstanding loans have a cumulative
balance of $77.0 million, representing collateral reduction of
90.2% since issuance, and 1.3% since DBRS Morningstar's last rating
action in June 2022.

The sponsorship for both loans is provided by the Washington Prime
Group Inc. (WPG), a real estate investment trust that invests
primarily in retail properties. In June 2021, WPG had filed for
chapter 11 bankruptcy protection; however, the borrowing entities
for each of the trust loans were not included in any of the WPG
bankruptcy filings. At the time, both assets were considered tier 1
(core) assets, suggesting a longer-term commitment as compared with
those categorized in lower tiers. WPG emerged from bankruptcy in
October 2021.

Mall at Johnson City is a regional mall in Johnson City, Tennessee,
approximately 120 miles from Knoxville. The loan was modified in
December 2019 which extended the maturity to May 2023, with two
one-year extension options. The terms of the modification required
the borrower to make a $5.0 million principal curtailment that was
due in May 2020, deposit an additional $10.0 million into various
reserves, and remain in cash management. The servicer confirmed
that the borrower plans on exercising its first one-year extension
option, pushing the maturity date to May 2024. According to the
loan modification agreement, the borrower will be required to pass
a net operating income (NOI) debt yield test of 11.5%, in addition
to paying the special servicer a fee equal to 25 basis points for
each extension. As of the most recent financial reporting on file,
the loan meets the required threshold with a YE2021 and trailing
nine months (T-9) ended September 2022 (annualized) NOI debt yield
of 15.1% and 15.9%, respectively.

According to the September 2022 rent roll, the occupancy rate at
the property was 96.7%, unchanged from the last rent roll received
in March 2022. Sears, previously an anchor tenant, vacated in
January 2020. Remaining anchors include JCPenney, Belk Home Store,
Belk for Her, and Dick's Sporting Goods. Belk Home Store (80,000
square feet (sf); 15.3% of NRA) recently extended its lease from
January 2023 to June 2027, with one additional five-year extension
option. Scheduled lease rollover within the next 12 months is
moderate, with leases representing approximately 9.5% of the NRA
set to roll. The largest tenant with an upcoming lease expiration
is Forever 21 (222,229 sf; 4.3% of NRA; lease expiration in January
2023). DBRS Morningstar has reached out to the servicer to confirm
if the tenant renewed its lease; the store is still listed on the
mall's website. Sales of $192.59 per square foot (psf) for the
trailing 12-month (T-12) period ended August 2022 were lower than
the previously reported figure of $246 psf for the T-12 period
ended November 2021. However, the T-9 September 2022 debt service
coverage ratio (DSCR) was 1.85 times (x), an increase from the
YE2021 DSCR of 1.75x, primarily the result of a decrease in
operating expenses.

Grand Central Mall is a regional mall in Vienna, West Virginia,
which is located along the Ohio-West Virginia border. The loan was
modified in 2020, at which time the special servicer approved a
maturity date extension to July 2021. A second maturity extension
was subsequently negotiated in June 2021, pushing the maturity date
out to July 2023, with two additional one-year extension options,
pursuant to the subject meeting an 11.0% NOI debt yield. The
servicer has reached out to the borrower to confirm its plans for
the upcoming loan maturity. As of the most recent financial
reporting, the loan would meet the required NOI debt yield
threshold with YE2021 and T-9 ended September 2022 (annualized)
figures of 17.6% and 16.4%, respectively.

According to the September 2022 rent roll, the property was 97.0%
occupied, unchanged from the last rent roll received in March 2022.
The former Sears anchor box, which was demolished in March 2019,
was redeveloped for new tenants TJ Maxx, HomeGoods, and PetSmart,
which have all been open and operating since July 2021. Sales of
$209.84 psf for the T-12 period ended August 2022 was higher than
the last reported figure of $184 psf for the T-12 period ended
February 2022. Scheduled lease rollover within the next 12 months
is minimal, with leases representing approximately 5.5% of NRA set
to roll. The T-9 September 2022 debt service coverage ratio (DSCR)
was 2.05 times (x), an increase from the YE2021 DSCR of 1.59x.

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



GS MORTGAGE 2013-G1: Fitch Lowers Rating on 2 Tranches to CCC
-------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed one class
GS Mortgage Securities Trust (GSMS) 2013-G1. The Rating Outlook on
class B has been revised to Stable from Negative. A Negative
Outlook was assigned to class C following the downgrade. Classes
A-1, A-2 and the interest-only class X-A are paid in full.

   Entity/Debt         Rating                Prior
   -----------         ------                -----
GSMS 2013-G1
  
   A-2 36197QAC3   LT PIFsf  Paid In Full    AAAsf
   B 36197QAG4     LT AAsf   Affirmed        AAsf
   C 36197QAJ8     LT BB-sf  Downgrade       Asf
   D 36197QAL3     LT CCCsf  Downgrade       BBsf
   DM 36197QAN9    LT CCCsf  Downgrade       Bsf
   X-A 36197QAE9   LT PIFsf  Paid In Full    AAAsf

KEY RATING DRIVERS

Decline in Performance of Remaining Asset; Refinance Risk: The
downgrades and Negative Outlook are the result of a sustained
decline in performance of the remaining asset, Deptford Mall, over
the last two years, high upcoming tenant rollover and concerns
regarding refinance risk as the loan matures in April 2023. Given
the current performance and lack of refinancing prospects in the
current environment for large mall assets, an extension or default
at maturity is possible. The two other mall assets included in the
transaction, Great Lakes Crossing Outlets and Katy Mills, have paid
in full.

Fitch's net cash flow (NCF) was $13.4 million, a 21% decline from
pre-pandemic NCF due to lower rental income. The current Fitch NCF
assumes leases in place as of September 2022, with partial credit
given for holdover tenants that remain open. The decline is due to
lower base rents, leases rolling or restructured to lower rents or
percentage rent, in addition to the decline in collateral occupancy
which was 86% as of the September 2022 rent roll. This compares to
89% as of September 2021, 85% as of September 2020, 98% as of YE
2019, and 96.8% at issuance. Per the rent roll, there are several
tenants paying percentage in lieu of rent, including Forever 21,
H&M and Charlotte Russe. Approximately 112,400 sf of the non-anchor
space rolls over through YE 2023, including Forever 21 (5.9% of
NRA, expiry January 2023). Fitch requested a leasing update from
the servicer regarding rollover; however, none was received at this
time.

Fitch applied a 13% cap rate in its analysis, consistent with
comparable properties and given the outlook for regional malls, the
current performance and concerns with refinancing. The cap rate is
an increase from a 10% cap rate modeled in prior rating actions.
The Fitch debt service coverage ratio (DSCR) and loan to value
(LTV) for the remaining loan, inclusive of the B-note, is 0.65x and
144%, respectively.

The transaction collateral consists of one mortgage loan secured by
a 343,910-sf portion of the 1.04-million-sf Deptford Mall located
in Deptford, NJ, approximately 12 miles southeast of downtown
Philadelphia, PA. The sponsor is The Macerich Partnership, LP
(Macerich), one of the largest owner/operators of shopping centers
in the U.S.

Comparable in-line sales were $599 psf for the TTM period through
September 2022, compared with $636psf as of September 2021, $403
psf as of September 2020 (which includes a pandemic closure
period), $518psf as of June 2019, and $496 psf at issuance (YE
2012). The property has limited direct competition in the region.
The nearest mall is Cherry Hill Mall about nine miles to the north,
which serves a different trade area and market segment.

There are four non-collateral anchor tenants at the Deptford Mall,
Macy's, JC Penney, Boscov's, and Dick's Sporting Goods (which
opened in 2020 after taking over a portion of the former Sears
space). The sponsor added a location of Round1 Bowling and
Amusement at the mall in 2020 to former top floor Sears space. A
brewery is expected to open at the mall later in 2023. Sears
terminated its ground lease in January 2019, prior to its 2026
lease expiration. Crunch Fitness opened in late October 2021 in the
former Sear's Auto outparcel space.

The loan's scheduled maturity is in April 2023. The Negative
Outlook on class C the uncertainty around the ability to refinance
the mortgage by the loan's scheduled maturity date in April 2023.
The trust A-note and B-note have a fixed coupon of 3.73%.

Paydown and Amortization: The transaction has experienced
significant paydown due to the payoff of two of the three loans,
Great Lakes Crossing Outlets and Katy Mills. As of the January 2023
distribution date, the Deptford Mall loan has amortized 21.1% and
expected to amortize through the loan term. Class A-2 has paid in
full. The current pooled debt per square foot is $411 psf ($469 psf
inclusive of the B-note). The subordinate B-note $19.8 million
backs the class DM rake bond and is also secured by the mall
collateral.

RATING SENSITIVITIES

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

Factors that could lead to downgrades for the remaining classes
include if mall occupancy does not stabilize and cash flow
deteriorates and/or the loan is not able to refinance or extend
with favorable terms for recovery.

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

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

Upgrades are currently not expected given Fitch's concern with the
upcoming loan maturity but are possible with significant and
sustained occupancy and cash flow improvements. Classes would not
be upgraded above 'Asf' if there is likelihood for interest
shortfalls, which could occur if the remaining loan were to become
delinquent.

ESG CONSIDERATIONS

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


GS MORTGAGE 2013-GC10: DBRS Cuts Class F Certs Rating to C
----------------------------------------------------------
DBRS, Inc. downgraded the ratings on two classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-GC10 issued by GS
Mortgage Securities Trust 2013-GC10 as follows:

-- Class E to CCC (sf) from B (sf)
-- Class F to C (sf) from CCC (sf)

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

-- Class X-B at AA low (sf)
-- Class C at A high (sf)
-- Class D at BBB (sf)

The trends on Classes X-B, C and D are Stable. Classes E and F have
ratings which do not typically carry trends in Commercial Mortgage
Backed Securities (CMBS) ratings.

In addition, DBRS Morningstar discontinued the rating on Class B as
the bond fully repaid with the January 2023 remittance.

The rating confirmations reflect the increased credit support for
the transaction as a whole, as 50 loans were repaid from the trust
since the last review, representing a $517.2 million principal
paydown.

The transaction is in wind down, with all remaining loans
exhibiting increased risks because of performance declines and/or
recent defaults. The credit profile of the remaining bonds has
somewhat barbelled as a result. As of the January 2023 remittance,
three of the original 61 loans remain in the trust with an
outstanding trust balance of $127.3 million, reflecting a
collateral reduction of 85.2% since issuance. Two loans,
representing 20.1% of the pool balance, are in special servicing.
The rating downgrades reflect DBRS Morningstar's loss expectations
for the largest loan in the pool, Empire Hotel & Retail (Prospectus
ID #1; 79.9% of the pool balance), which received a loan
modification that resulted in interest shortfalls affecting Classes
E and F that are expected to persist through at least May 2023.

The Empire Hotel & Retail loan is secured by a full-service hotel
and ground-floor retail space in New York. The loan transferred to
special servicing in June 2021 for payment default after a history
of reporting declining performance metrics. The loan returned to
the master servicer in September 2022 after receiving a loan
modification that includes a conversion to interest-only payments
for the remainder of the term and a reduction in interest rate for
18 months, factors contributing to the previously mentioned shorted
interest for Classes E and F. The August 2021 appraisal value of
$137.0 million reflects a 65.1% decline from the issuance value of
$393.0 million and a loan-to-value (LTV) ratio of 118.7% based on
the outstanding whole-loan balance. When factoring in the
outstanding shortfalls, the implied LTV on the trust's total
exposure is 74.8%. According to the November 2022 STR report
provided for the property, revenue per available room (RevPAR) for
the trailing 12 month period ended November 30, 2022, was $168
compared with the pre-pandemic YE2019 RevPAR of $183 and YE2018
RevPAR of $196.

The One Technology Plaza loan (Prospectus ID#13; 9.9% of the pool
balance) is secured by an office property in Peoria, Illinois, and
was transferred to special servicing in December 2021 for imminent
monetary default. This loan also has a history of declining
performance metrics, the result of occupancy declines since
issuance. Occupancy declined to 59.0% as of YE2021 after the
scheduled departure of the former largest tenant, Robert Morris
University (20.6% of net rentable area (NRA)), which brought
occupancy down from 77% at YE2020 and 79% at YE2019. The Illinois
State Government Department (13.2% of NRA) also vacated upon lease
expiration in March 2022 and leases representing 25.9% of the NRA
were scheduled to expire by YE2022. The September 2022 appraisal
value of $9.0 million represents a value decline of 60% from the
issuance appraisal value of $22.7 million and reflects a LTV ratio
of 136.4% on the loan's remaining balance.

The 701 Technology Drive loan (Prospectus ID#15; 10.2% of the pool
balance) is secured by a flex industrial property in Canonsburg,
Pennsylvania, and was transferred to special servicing in November
2022 because of the borrower's inability to repay the loan balance
at its scheduled maturity date in December 2022. The property's
performance metrics have declined as a result of tenants vacating
at lease expiration. The servicer-reported occupancy rate as of
September 2022 declined to 66.8% from 73.4% at September 2021 and
the net operating income debt service coverage ratio as of the same
reporting period fell to 0.89 times. DBRS Morningstar considered a
hypothetical liquidation scenario based on a stressed value for
each of the collateral properties securing the three remaining
loans that suggested Class F would be the most exposed to reduced
credit support and/or losses in that scenario.

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




GS MORTGAGE 2013-GC13: Moody's Lowers Rating on Cl. C Certs to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on four
classes and affirmed the ratings on five classes in GS Mortgage
Securities Trust 2013-GC13, Commercial Mortgage Pass-Through
Certificates, Series 2013-GC13 as follows:  

Cl. A-3, Affirmed Aaa (sf); previously on Dec 21, 2021 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Dec 21, 2021 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Dec 21, 2021 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 21, 2021 Affirmed
Aaa (sf)

Cl. A-S, Downgraded to A1 (sf); previously on Dec 21, 2021
Downgraded to Aa2 (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Dec 21, 2021
Downgraded to Baa3 (sf)

Cl. C, Downgraded to B2 (sf); previously on Dec 21, 2021 Downgraded
to B1 (sf)

Cl. PEZ, Downgraded to Ba2 (sf); previously on Dec 21, 2021
Downgraded to Ba1 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Dec 21, 2021 Downgraded
to Aa1 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three P&I classes (Cl. A-S, Cl. B, Cl. C) were
downgraded due to higher anticipated losses from the specially
serviced and troubled loans as well as increased risk of potential
interest shortfalls from the exposure to refinance challenges for
certain specially serviced and poorly performing loans with
upcoming maturity dates. Two loans, representing 9% of the pool are
in special servicing. Additionally, the two largest non-specially
serviced loans, Mall St. Matthews (10.8%) and Plaza America Towers
III & IV (8.0%) that have experienced significant decline in net
operating income (NOI) since securitization. Furthermore, the Mall
St. Matthew loan has been previously modified and Plaza America
Tower II & IV has significant upcoming rollover risk in the next
two to three years and the loan matures in July 2023. Other than
the Mall St. Matthews loan, all the remaining loans mature by July
2023 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 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, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges.

The ratings on the IO class (Cl. X-A) was affirmed based on the
credit quality of the referenced classes.

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

Moody's rating action reflects a base expected loss of 13.9% of the
current pooled balance, compared to 13.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 11.1% 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. Additionally, significant
changes in the 5-year rolling average of 10-year US Treasury rates
will impact the magnitude of the interest rate adjustment and may
lead to future rating actions.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the January 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 20.1% to $1.1
billion from $1.3 billion at securitization. The certificates are
collateralized by 61 mortgage loans ranging in size from less than
1% to 14.1% of the pool, with the top ten loans (excluding
defeasance) constituting 57% of the pool. Thirty-two loans,
constituting 32.3% 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 9, compared to 11 at Moody's last review.

As of the January 2023 remittance report, loans representing 90.1%
were current or within their grace period on their debt service
payments, 0.6% were beyond their grace period but less than 30 days
delinquent, 7.8% were greater than 90 days delinquent and 1.5% were
in foreclosure.

Twenty-one loans, constituting 35.2% of the pool, are on the master
servicer's watchlist, of which two loans, representing 7.4% of the
pool, indicate the borrower has received loan modifications in
relation to the coronavirus impact on the property. The watchlist
includes loans that meet certain portfolio review guidelines
established as part of the CRE Finance Council (CREFC) monthly
reporting package. As part of Moody's ongoing monitoring of a
transaction, the agency reviews the watchlist to assess which loans
have material issues that could affect performance.

No loans have been liquidated from the pool, and two loans,
constituting 9.3% of the pool, are currently in special servicing,
all of which have transferred to special servicing since March
2020.

The largest specially serviced loan is the Crossroads Center loan
($83.5 million -- 7.8% of the pool), which is secured by a 766,000
square feet (SF) portion of an 895,000 SF regional mall located in
Saint Cloud, MN. The mall is anchored by JCPenney, Macy's and
Scheels All Sports. A non-collateral Sear's closed in 2018 and was
divided and backfilled by three new tenants. The loan transferred
to special servicing in October 2020 due to deliquent payments in
relation to the business disruptions as a result of the coronavirus
pandemic.  The servicer began dual tracking foreclosure and loan
modification. The borrower has been unwilling to contribute
additional capital into the property. A cash lock box has been
implemented and all excess cash flow is being collected and
applied. A formal notice of default was issued. The borrower
submitted a revised loan modification proposal, and the borrower
and special servicer have come to an agreement on the loan
modification terms. The formal approval is being documented and
outside counsel has been retained. Property performance has
deteriorated significantly since 2019. An updated appraisal from
October 2022 valued the property 70% below the value at
securitization and 40% below the outstanding loan balance.

The second largest specially serviced loan is 643-647 Ninth Avenue
loan ($16 million – 1.5% of the pool) which is secured by a
mixed-use property located in New York City. The property consists
of 24 multifamily units and approximately 9,300 SF of retail space.
The loan had an original maturity date in June 2020, but was unable
to refinance and transferred to the special servicer in May 2020.

Moody's has also assumed a high default probability for four poorly
performing loans, constituting 18.6% of the pool, and has estimated
an aggregate loss of $132 million (a 44.4% expected loss on
average) from these specially serviced and troubled loans. The
largest troubled loan is the Mall St. Matthews loan ($114.8 million
–10.8% of the pool), which represents a pari-passu portion of a
$163.2 million mortgage loan. The loan is secured by a 670,000 SF
portion of a 1.0 million SF regional mall located in Louisville,
KY. The property is anchored by Dillard's, Dillard's Men & Home,
and JCPenney, with JCPenney included as part of the collateral. The
property is also anchored by a Dave & Busters that replaced a
former Forever 21. The loan transferred to special servicing in
June 2020 as the borrower was unable to refinance the loan prior to
the loan maturity date in June 2020. The loan was modified in July
2022, extending the maturity date to 2025 and requiring the sponsor
to contribute an additional $7 million of equity. The loan
transferred back to the master servicer in August 2022. The second
largest troubled loan is the Holiday Inn – 6th Avenue loan ($72.8
million -- 6.8% of the pool), which is secured by a 226 key
limited-service hotel located in the Chelsea neighborhood of New
York City. The loan transferred to special servicing in January
2021 due to delinquent payments. The property was sold in 2022 and
the loan was assumed by the purchaser in June 2022 and recently
returned to the master servicer. The remaining troubled loans are
backed by mixed-use and retail properties that have had significant
performance deterioration due to the pandemic.

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 86% of the
pool, and partial year 2022 operating results for 93% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 104%, compared to 98% 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 11.5% to the most recently available net
operating income (NOI), excluding hotel properties that had
significantly depressed NOI in 2021. Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.70X and 1.04X,
respectively, compared to 1.75X and 1.13X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 24.8% of the pool balance.
The largest loan is the 11 West 42nd Street Loan ($150 million –
14.1% of the pool), which represents the pari passu portion of a
$300 million whole loan. The loan is secured by a 943,700 SF office
tower located in New York City. The largest tenant is Michael Kors
(25% of the net rentable area (NRA)) with a lease expiration in
March 2026. The second largest tenant, CIT Group (22% of NRA),
renewed the majority of its space through May 2034. As of September
2022, the property was 96% occupied, compared to 89% occupied in
December 2021. Moody's LTV and stressed DSCR are 96% and 0.95X,
respectively, same as at the last review.

The second largest loan is the Plaza America Towers III & IV Loan
($84.7 million -- 8% of the pool), which is secured by a 469,000 SF
office tower located in Reston, VA. The property is also encumbered
with a $15 million mezzanine loan. The largest tenant is science
Applications International (22% of the NRA) with a lease expiration
in July 2025. Property performance has declined since 2016 due to
lower occupancy. As of September 2022, the property was 85%
occupied, and has significant lease rollover in the next two years.
Moody's LTV and stressed DSCR are 134% and 0.83X, respectively,
compared to 124% and 0.89X at the last review.

The third largest loan is the Pinnacle in Kierland Phase IV Loan
($30 million – 2.8% of the pool), which is secured by a 199,300
SF office property in Scottsdale, AZ. The largest tenant is Morgan
Stanley (22% of the NRA) with a lease expiration in November 2027.
The remaining tenant roster includes a mix financial and legal
firms. Property performance has remained stable since
securitization. As of September 2022, the property was 90%
occupied, compared to 97% in June 2021.  Moody's LTV and stressed
DSCR are 122% and 0.86X, respectively, same as at the last review.


GS MORTGAGE 2014-GC20: Fitch Affirms 'Dsf' Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed 10 classes of GS
Mortgage Securities Trust Series 2014-GC20 commercial mortgage
pass-through certificates.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
GSMS 2014-GC20
  
   A-4 36252WAW8    LT AAAsf  Affirmed    AAAsf
   A-5 36252WAX6    LT AAAsf  Affirmed    AAAsf
   A-AB 36252WAY4   LT AAAsf  Affirmed    AAAsf
   A-S 36252WBB3    LT AAAsf  Upgrade     AAsf
   B 36252WBC1      LT A-sf   Affirmed    A-sf
   C 36252WBE7      LT BBB-sf Affirmed    BBB-sf
   D 36252WAE8      LT CCCsf  Affirmed    CCCsf
   E 36252WAG3      LT Dsf    Affirmed    Dsf
   PEZ 36252WBD9    LT BBB-sf Affirmed    BBB-sf
   X-A 36252WAZ1    LT AAAsf  Upgrade     AAsf
   X-B 36252WBA5    LT A-sf   Affirmed    A-sf
   X-C 36252WAA6    LT Dsf    Affirmed    Dsf

KEY RATING DRIVERS

Increased Credit Enhancement (CE) and Defeasance: The upgrades to
classes A-S and X-A reflect increased CE as a result of
amortization, loan payoffs and defeasance, as well as stable
overall pool performance. Twenty-one loans (29.3% of pool) are
fully defeased, up from 14 loans (22.6% of pool) at Fitch's prior
rating action. The upgrades also consider expected paydown to the
pool from maturing loans; 100% of the pool matures by April 2024.

As of the February 2022 distribution date, the pool's aggregate
principal balance has been reduced by 46.8% to $629.0 million from
$1.18 billion at issuance. To date, the trust has incurred $67.1
million in realized losses (5.7% of the original pool balance), all
from the liquidation of the Three Westlake Park asset in February
2022.

Stable Loss Expectations: Overall pool loss expectations are stable
since the prior rating action. There are six Fitch Loans of Concern
(FLOCs; 29.3% of pool), including one REO asset (5.5%). Fitch's
current ratings incorporate a base case loss of 8.8%.

The largest FLOC and largest contributor to expected losses is
Greene Town Center, which is an open-air, mixed-use lifestyle
center located in Beavercreek, OH. The collateral consists of
retail (566,634 sf), office (143,343 sf) and residential space (206
units totaling 199,248 sf). The property is anchored by Von Maur
(ground lease; 130,000 sf), Esporta Fitness (7.2% of NRA; lease
expiry in November 2026) and a non-collateral 14-screen Cinemark
movie theater.

In May 2020, the borrower requested forbearance, but an agreement
was never reached and the loan has remained current. Property
occupancy has remained stable, with tenants Books & Co (4.8% of
NRA) and Old Navy (2.5%) recently extending their leases for an
additional five years to January 2027 and September 2026,
respectively. The lease for Forever 21 (2.9%) expires in January
2024; the tenant has historically been executing short term,
one-year extensions. As of September 2022, the NOI debt service
coverage ratio (DSCR) and occupancy were reported at 1.31x and 89%,
respectively, compared to 1.25x and 90% in September 2021.

Fitch's expected loss of 17% reflects a 10% cap rate and a 20%
stress to the YE 2021 NOI to reflect upcoming lease rollover. Fitch
is concerned with the ability of the loan to refinance at its
upcoming December 2023 maturity given the property quality and
tenant composition, secondary market location and overall total
debt leverage (which includes mezzanine debt outside of the
trust).

The second largest FLOC is the REO Sheraton Suites Houston (5.5%)
asset, a 283-key, full-service hotel located near the Houston
Galleria. The loan transferred to the special servicer in May 2020,
and the asset became REO in February 2021 after the lender and
borrower executed a deed-in-lieu of foreclosure. A new franchise
agreement was executed and a rebranding effort has been recently
completed. The hotel has transitioned to a Hilton branded hotel
("The Chifley") after undergoing a $12.2 million (approximately
$43,000/key) property improvement plan (PIP).

The servicer will monitor performance before a disposition strategy
is determined. The ongoing PIP has negatively impacted the hotel's
performance with TTM September 2021 occupancy and RevPAR reported
at 35% and $34.92, respectively. Fitch's loss expectations of 52%
reflects a stressed value of approximately $129,000/key; the loss
amount incorporates the higher loan exposure, reflecting
significant trust expenses due to the PIP and an uncertainty on the
timing of when the property will be stabilized.

Two other FLOCs in the top 15 include the Prime Kurtell Medical
Office Building Portfolio (4% of pool; expected loss of 11%) and
Oklahoma Hotel Portfolio (3.6% of pool; expected loss of 49%).
Performance of the Kurtell Medical Office Building Portfolio
declined in 2020 due to the loss of a tenant that formerly occupied
11% of the portfolio NRA. Occupancy has recovered to 84% as of June
2022, but remains below the 91% reported at issuance. The Oklahoma
Hotel Portfolio transferred to special servicing in October 2019
due to franchise defaults at two of the hotels. The servicer
reported that the borrower has executed new franchise agreements
for these two hotels and PIPs are being completed.

Alternative Loss Considerations: Due to the remaining pool maturing
by April 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. This analysis
contributed to the upgrades of classes A-S and X-A, and the
affirmations of the remaining classes, which are reliant on FLOCs.

RATING SENSITIVITIES

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

- Downgrades to classes A-4 through A-S and the interest-only
classes X-A are not likely due to the position in the capital
structure and the expected paydown from maturing loans, but may
occur should interest shortfalls affect these classes.

- Downgrades to classes B, C and PEZ are possible should overall
loss expectations for the pool increase significantly, performance
of the FLOCs further decline and loans fail to repay at their
respective maturity dates and transfer to special servicing.

- Downgrades to distressed class D would occur as losses are
realized and/or become more certain.

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

- An upgrade of class B is considered unlikely and would be limited
based on the sensitivity to concentrations or the potential for
future concentrations; the class would not be upgraded above 'Asf'
if there is a likelihood of interest shortfalls.

- Upgrades to classes C and D are not likely, but would be possible
if pool performance improves significantly and/or the Sheraton
Suite Houston asset is resolved with losses that are much lower
than expected.

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 2015-GC32: Fitch Affirms 'Bsf' Rating on Class F Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of GS Mortgage Securities
Trust 2015-GC32 commercial mortgage pass-through certificates. The
Rating Outlooks for class B and X-B have been revised to Positive
from Stable.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
GSMS 2015-GC32

   A-3 36250PAC9    LT AAAsf Affirmed     AAAsf
   A-4 36250PAD7    LT AAAsf Affirmed     AAAsf
   A-AB 36250PAE5   LT AAAsf Affirmed     AAAsf
   A-S 36250PAH8    LT AAAsf Affirmed     AAAsf
   B 36250PAJ4      LT AA-sf Affirmed     AA-sf
   C 36250PAL9      LT A-sf  Affirmed      A-sf
   D 36250PAM7      LT BBB-sf Affirmed   BBB-sf
   E 36250PAP0      LT BBsf   Affirmed     BBsf
   F 36250PAR6      LT Bsf    Affirmed      Bsf
   PEZ 36250PAK1    LT A-sf   Affirmed     A-sf
   X-A 36250PAF2    LT AAAsf  Affirmed    AAAsf
   X-B 36250PAG0    LT AA-sf  Affirmed    AA-sf
   X-D 36250PAN5    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: The Positive Outlooks reflect improved
loss expectations since Fitch's prior rating action due to improved
performance of prior FLOCs previously impacted by the pandemic and
additional defeasance. In total, eight loans are defeased (20.6% of
pool balance). Seven loans (14.5% of the pool) are considered Fitch
Loans of Concern. Fitch's current ratings incorporate a base case
loss of 4.3%.

Largest Contributor to Loss: The largest contributor to loss is the
is the Hilton Garden Inn Pittsburgh/Southpointe loan (3.2%), which
is secured by a 175-key limited-service hotel located in Canonberg,
PA. The loan transferred to special servicing in June 2020, and a
modification of the loan closed in July 2021, and the loan was
returned to the master servicer. Performance began to stabilize in
2021. The servicer reported NOI DSCR for the TTM July 2022 period
was 1.26x, which is in line with pre-pandemic performance.
According to the September 2022 STR report, property occupancy,
ADR, and RevPAR was 56.2%, $110.31 and $62.04, respectively,
compared with 73%, $131 and $96 at issuance, respectively.

Fitch modelled a loss of approximately 21% which reflects a value
of 92,000 per key.

Largest Expected Loss Improvement: The largest improvement in loss
expectations from Fitch's prior rating action comes from the
Cypress Retail Center loan (2.2%), which is secured by a 74,289-sf
neighborhood retail center located in Cypress, CA. The loan is
still designated as a FLOC due a low DSCR and upcoming lease
rollover. The NOI DSCR has improved to 1.13x as of YE 2021,
compared with 0.86x at YE 2019. The largest tenant is 24 Hour
Fitness (50% NRA through June 2025).

Alternative Loss Consideration: Due to increasing CE and the stable
to improving performance of the overall pool, Fitch's analysis
included a scenario to test for positive rating actions on classes
B and X-B. This included higher cap rates and NOI stresses for the
entire pool. The affirmations at 'AA-sf' and Positive Outlooks of
these classes reflect this analysis. The Outlook indicates the
potential for future upgrades with continued increasing CE and
continued stable to improving pool performance of the pool.

Slight Increase to Credit Enhancement (CE): As of the December 2022
distribution date, the pool's aggregate principal balance was
reduced by 16.2% to $840.3 million from $1 billion at issuance.
There have been no realized losses to date.

Five loans (8.6%) are full-term interest-only (IO), and no loans
remain in their partial IO periods. One loan (1%) was scheduled to
mature in January 2023 with the remainder of the pool maturing
between April 2025 and July 2025.

RATING SENSITIVITIES

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

Downgrades to classes A-3 through A-S are not likely due to their
position in the capital structure and the high CE; however,
downgrades to these classes may occur should interest shortfalls
occur. Downgrades to class B and C would occur if loss expectations
increase significantly and/or should CE be eroded. Downgrades to
the classes D, E and F would occur if the performance of the FLOCs
continues to decline and/or fail to stabilize or additional loans
transfer to special servicing.

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

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

Upgrades of classes B and X-B would occur with continued
improvement in CE and/or defeasance and continued stable to
improving performance of the overall pool. Upgrades of classes C,
PEZ, D, X-D, E and F may occur with significant improvement in CE
and/or defeasance, but would be limited based on sensitivity to
concentrations or the potential for future concentration. Classes
would not be upgraded above 'Asf' if there is a likelihood for
interest shortfalls.

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 Assigns 'B-sf' Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings rates the residential mortgage-backed certificates
issued by GS Mortgage-Backed Securities Trust 2023-PJ1 (GSMBS
2023-PJ1).

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

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

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.

The A-4L class was withdrawn by the issuer and is therefore an
expected rating that is no longer expected to convert to a final
rating; therefore, Fitch is withdrawing the rating.

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.

CRITERIA VARIATION

The analysis includes a variation to Fitch's Global Structured
Finance and Covered Bonds Counterparty Criteria. Under the
criteria, liquidity providers are assessed as a primary risk and
are subject to ratings of A/F1 in order to support Structured
Finance Ratings of 'AAAsf'. The proposal for this transaction is to
view the liquidity provider as a secondary risk driver and have
ratings subject to 'BBB'/'F2' rating thresholds.

Rationale

The primary servicer for the transaction is responsible for making
advances of delinquent principal and interest (as long as deemed
recoverable) on a day to day basis as part of its normal course of
business. To the extent that the primary servicer is unable to
advance, the Master Servicer (Computershare) will be responsible
for providing the advances. Further, to the extent that the
servicer does not make required advances and does not cure the
situation they will be terminated and replaced by the Master
Servicer. Given this framework, the slightly weaker rating
threshold on the backstop liquidity provider is mitigated by the
small window in which both entities would need to default
simultaneously for there to be no advances made.

The structural waterfall provides additional mitigants for interest
payments to the senior bonds but to a lesser extent for the B1
bonds. Given the above, the liquidity provider is more in line with
a secondary risk than what the criteria defines as a primary risk.

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.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC Diligence LLC, Opus Capital Market Consultants,
Infinity, Covius, Clayton and Consolidated Analytics Inc. The
third-party due diligence described in Form 15E focused on a review
of credit, regulatory compliance and property valuation for each
loan and is consistent with Fitch criteria for RMBS loans. Fitch
considered this information in its analysis and, as a result, Fitch
made the following adjustment to its analysis: a 5% reduction to
each loan's probability of default. This adjustment resulted in a
23bps reduction to the 'AAAsf' expected loss.

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.


GSF 2021-1: DBRS Confirms BB(low) Rating on Class E Notes
---------------------------------------------------------
DBRS Limited (DBRS Morningstar) confirmed its ratings on the
following classes of notes issued by GSF 2021-1:

-- Class A-1 Notes at AAA (sf)
-- Class A-2 Notes at AAA (sf)
-- Class A-S Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class X Notes at A (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (low) (sf)
-- Class E Notes at BB (low) (sf)

All trends are Stable.

With this review, DBRS Morningstar removed all classes from Under
Review with Developing Implications, where they were placed on
November 4, 2022, as part of rating actions taken by DBRS
Morningstar in connection with the updates to the CMBS Insight
Model and "North American CMBS Multi-Borrower Rating Methodology."


The rating confirmations and Stable trends with this review reflect
the stable performance of the collateral, which remains in line
with issuance expectations.

As of the January 2023 remittance, the pool consisted of 19
performing loans, secured by traditional commercial real estate
properties with a combined balance of $424.3 million. There were no
loans on the servicer's watchlist or in special servicing. The
transaction documents require DBRS Morningstar to analyze newly
funded loans when the pool reaches 25%, 50%, and 75% of funding to
ensure the underlying collateral meets target credit enhancement
criteria. The 75% threshold was met in November 2022, when the
trust reached a balance of $378.2 million, representing 75.6% of
the future trust balance.

As part of this and prior reviews, DBRS Morningstar considered a
pool funded to the $500 million maximum trust balance, maintaining
the issuance approach in constructing a worst-case scenario as
allowed by the eligibility requirements for loans to be funded
while also considering the credit quality of loans contributed
since issuance. The transaction's funding has not been executed at
the pace anticipated at issuance, but it is noteworthy that the
transaction documents allow for an available six-month extension
for the 12-month funding guideline. In addition, DBRS Morningstar
notes that the pool's current top 10 loan concentration of 58.9% of
the maximum pool balance falls outside of the 50% guardrail as
defined in the indenture.

The 12 loans contributed since issuance have been backed by a mix
of property types, including multifamily, industrial, office,
mixed-use, and retail properties representing 32.1%, 20.1%, 7.4%,
4.8%, and 2.0% of the November 2022 funded balance, respectively.
Those same loans reported a weighted-average (WA) issuance
loan-to-value ratio (LTV) of 61.3% and a WA net cash flow (NCF)
haircut of -20.7%. All but one of the 12 contributed loans were
structured with interest-only (IO) provisions.

The largest loan funded in the trust to date, Strauss on Fifth
(representing 9.9% of the maximum allowable trust balance), is
secured by a newly constructed 141-unit Class A multifamily
property in San Diego, developed by the sponsor in 2019 at a cost
of $74.3 million. As of the September 2022 rent roll, the
collateral reported an occupancy rate of 97.2% and an average
rental rate of $2,945 per unit, compared with the May 2021 figures
of 97.9% and $2,674 per unit, respectively. The loan reported a
trailing 12 months ended September 30, 2022, NCF of $2.9 million,
compared with the DBRS Morningstar NCF of $2.5 million. The
sponsor, Strat Property Management, Inc., is a real estate
investment and management firm based in San Diego that is focused
primarily on ownership and management of multifamily and
self-storage properties. The sponsor has a vast amount of local
experience, with 28 of the 31 owned multifamily assets in San
Diego. The loan is IO for the full five-year term, but also
benefits from a moderate issuance LTV of only 58.2%.

The second-largest loan funded to date, 210 University
(representing 8.1% of the maximum allowable trust balance), is
secured by a 139,999 square-foot mixed-use property in Denver,
acquired by the sponsor at a purchase price of $67.7 million. The
property consists of a nine-story office building, two single-story
retail buildings totaling 14,110 square feet, and a six-story
parking structure with 437 spaces. At contribution, the property
was 89.9% occupied with an in-place average rental rate of $41.01
per square foot. The largest tenants at contribution included
Robert W. Baird (24.5% of the net rentable area (NRA), lease expiry
in October 2030), U.S. Bank (10.1% of the NRA, lease expiry in
November 2032), and Western Veterinary Partners (6.5% of the NRA,
lease expiry in July 2028). There is minimal rollover risk of less
than 5.0% of the NRA by year-end 2023. The sponsors for this loan
are Corum Real Estate Group (Corum) and Koch Real Estate
Investments (Koch). Corum is a Denver-based real estate firm
focused on multifamily and commercial development, and property
management services. Koch is a Dallas-based real estate firm with a
portfolio of $3.0 billion consisting of office, life sciences,
multifamily, hospitality, and mixed-use projects across North
America. Like the Strauss on Fifth loan, this loan is fully IO but
also benefits from a moderate issuance LTV of 58.0%.

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



IMPERIAL FUND: DBRS Gives Prov. B(low) Rating on Class B-2 Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2023-NQM1 (the Certificates) to
be issued by Imperial Fund Mortgage Trust 2023-NQM1 (the Trust):

-- $230.9 million Class A-1 at AAA (sf)
-- $37.4 million Class A-2 at AA (low) (sf)
-- $24.1 million Class A-3 at A (low) (sf)
-- $18.4 million Class M-1 at BBB (low) (sf)
-- $29.2 million Class B-1 at BB (low) (sf)
-- $13.5 million Class B-2 at B (low) (sf)

The AAA (sf) rating on the Class A-1 Certificates reflects 36.70%
of credit enhancement provided by subordinated Certificates. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B
(low) (sf) ratings reflect 26.45%, 19.85%, 14.80%, 6.80%, and 3.10%
of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of fixed-rate
and adjustable-rate prime and nonprime first-lien residential
mortgages funded by the issuance of the Certificates. The
Certificates are backed by 974 loans with a total principal balance
of approximately $364,838,861 as of the Cut-Off Date (January 1,
2023).

The originators for the mortgage pool are A&D Mortgage LLC (ADM;
93.8%) and others (6.2%). ADM originated the mortgages under the
following six programs:

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

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

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

Although the applicable mortgage loans were originated to satisfy
the Consumer Financial Protection Bureau (CFPB) ability-to-repay
(ATR) rules, they were made to borrowers who generally do not
qualify for the agency, government, or private-label nonagency
prime products for various reasons described above. In accordance
with the CFPB Qualified Mortgage (QM)/ATR rules, 43.2% of the loans
are designated as non-QM. Approximately 56.8% of the loans are made
to investors for business purposes and are thus not subject to the
QM/ATR rules. Also, one loan (0.1% of the pool) is a qualified
mortgage with a conclusive presumption of compliance with the ATR
rules and is designated as QM Safe Harbor.

The Servicer will generally fund advances of delinquent principal
and interest (P&I) on any mortgage until such loan becomes 90 days
delinquent under the Mortgage Bankers Association (MBA) method,
contingent upon recoverability determination. The Servicer is also
obligated to make advances in respect of taxes, insurance premiums,
and reasonable costs incurred in the course of servicing and
disposing of properties. If the Servicer fails in its obligation to
make P&I advances, Nationstar, as the Master Servicer, will be
obligated to fund such advances. In addition, if the Master
Servicer fails in its obligation to make P&I advances, Citibank,
N.A., as the Securities Administrator, will be obligated to fund
such advances. The Master Servicer and Securities Administrator are
only responsible for P&I advances; the Servicer is responsible for
P&I and advances with respect to taxes, insurance premiums, and
reasonable costs incurred in the course of servicing and disposing
of properties (Servicing Advances). If the Servicer fails to make
the Servicing Advances on a delinquent loan, the recovery amount
upon liquidation may be reduced.

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

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

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

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

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



JP MORGAN 2011-C3: DBRS Confirms C Rating on 4 Classes
-------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2011-C3
issued by JP Morgan Chase Commercial Mortgage Securities Trust
2011-C3:

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

DBRS Morningstar changed the trends on Classes D and E to Stable
from Negative, while the trends on Classes B and C remain Stable.
Classes F, G, H, and J have ratings that generally do not carry
trends.

The rating confirmations and Stable trends reflect the minimal
changes for the remaining loans in the pool since the last rating
action. The change in the trends reflects the loans' continued
performance—according to the terms of the loan modifications
since returning to the master servicer in 2021—and sufficient
credit support, relative to the ratings, as demonstrated by the
projected recoverable value of the remaining loans in the
hypothetical liquidation scenarios described below. As of the
January 2023 reporting, two of the original 45 loans remain in the
trust with an outstanding trust balance of $223.8 million,
reflecting a collateral reduction of 85.1% since issuance, as a
result of loan repayments, scheduled amortization, and loan
liquidations. The transaction is wind-down with both remaining
loans secured by regional malls, owned and operated by affiliates
of The Pyramid Companies, located in tertiary markets, that have
exhibited performance and value declines since issuance resulting
in a barbelled rating profile.

For this review, DBRS Morningstar used hypothetical liquidation
scenarios similar to the June 2022 review for both remaining loans,
in which an additional stress was applied to the most recent
appraisal values reported. The results continued to suggest that
Classes F, G, H, and J are the most exposed to loss should a
default or liquidation of these loans ultimately occur relative to
the DBRS Morningstar-concluded value for the remaining assets.

Holyoke Mall is secured by a 1.6 million-square-foot (sf) regional
mall in Holyoke, Massachusetts, anchored by collateral tenants
JCPenney, Target, and Burlington, as well as a vacant former Sears
space and noncollateral Macy's. The most recent appraisal, dated
August 2020, valued the property at $200 million, down from $400
million at issuance. The updated value reflects a trust debt
loan-to-value ratio (LTV) of 85.5% based on the outstanding senior
note and a whole-loan LTV of 103.0% when factoring in the $35
million mezzanine loan. The loan returned to the master servicer in
May 2021 after the servicer rejected the request for a second
modification. Occupancy has remained less than 80% since the 2018
departure of anchor tenant Sears, with servicer-reported occupancy
of 70.1% as of September 2022, relatively unchanged from 69.0% as
of December 2021 and 70.0% as of December 2020. Performance
improved throughout 2021 as the YE2021 net cash flow (NCF) was 9.0%
more than the YE2019 NCF, but remained 20% less than issuance
levels. As of the most recently reported financials, the loan
reported a September 2022 debt service coverage ratio (DSCR) of
1.22 times (x) compared with a YE2021 DSCR of 1.39x and a YE2020
DSCR of 1.15x. The loan will remain on the servicer's watchlist for
a servicing trigger event, which will remain in effect until all
amounts due on the loan have been paid in full. As of the January
2023 reserve report, the aggregate reserve balance of $6.3 million
consisted of approximately $24,000 in the repair reserve and $6.2
million in the other account. In its analysis for this review, DBRS
Morningstar assumed a hypothetical loss severity on the trust loan
of nearly 40%.

Sangertown Square is secured by an 894,127-sf regional mall in New
Hartford, New York, a tertiary market between Utica and Syracuse,
anchored by Dick's Sporting Goods, Target, and Boscov's, and has
two vacant anchor spaces formerly occupied by JCPenney and Macy's.
The loan transferred back to the master servicer in December 2021
following its second modification. Terms included the extension of
the interest-only period to September 2022 from August 2020 and the
deferral of any accrued amounts owed to be repaid over a 24-month
period, beginning January 2021. The most recent appraisal, dated
November 2021, valued the property at $19.1 million, representing
an 82% decline from the issuance value of $107.0 million. The
servicer-reported occupancy rate as of June 2022 remained unchanged
at 58.0% from the December 2021 rent roll, down significantly from
the 76.0% occupancy rate at YE2020 following JCPenney's departure.
Although the second loan modification provided the borrower
temporary relief, the decline in value indicates the trust will
likely realize a significant loss at resolution. In its analysis,
DBRS Morningstar maintained a hypothetical loss severity on the
trust loan of nearly 80%.

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



JP MORGAN 2014-C22: Fitch Affirms 'CCsf' Rating on Two Tranches
---------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust Commercial Mortgage
Pass-Through Certificates Series 2014-C22 (JPMBB 2014-C22). The
Rating Outlooks on two classes remain Negative.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
JPMBB 2014-C22
  
   A-3A1 46642NBC9   LT AAAsf  Affirmed    AAAsf
   A-3A2 46642NAA4   LT AAAsf  Affirmed    AAAsf
   A-4 46642NBD7     LT AAAsf  Affirmed    AAAsf
   A-S 46642NBH8     LT AA-sf  Affirmed    AA-sf
   A-SB 46642NBE5    LT AAAsf  Affirmed    AAAsf
   B 46642NBJ4       LT A-sf   Affirmed    A-sf
   C 46642NBK1       LT BBBsf  Affirmed    BBBsf
   D 46642NAJ5       LT CCCsf  Affirmed    CCCsf
   E 46642NAL0       LT CCsf   Affirmed    CCsf
   EC 46642NBL9      LT BBBsf  Affirmed    BBBsf
   X-A 46642NBF2     LT AA-sf  Affirmed    AA-sf
   X-C 46642NAC0     LT CCsf   Affirmed    CCsf

KEY RATING DRIVERS

Increased Loss Expectations: Overall loss expectations have
increased due to performance declines for several office properties
within the pool offset by better than expected recoveries of
disposed assets. Fourteen loans are considered Fitch Loans of
Concern (FLOCs; 34.7% of pool), including three specially serviced
loans (5.6%).

Fitch's current ratings incorporate a base case loss of 11.1%. The
Negative Outlooks on classes C and EC reflect the potential for
future downgrades should the performance of the Las Catalinas Mall,
Laurel Park Place and 120 Mountain View Blvd loans fail to
stabilize or decline further.

Specially Serviced Loans: The largest contributor to loss is Las
Catalinas Mall (8.3% of pool). The loan is secured by a 355,385-sf
regional mall located in Caguas, Puerto Rico. The loan has suffered
further declines in performance related to the pandemic and the
loss of tenants, Kmart in 2019 and a non-collateral Sears in 2021.
The loan was returned to the master servicer in March 2021 after
being modified.

The modification terms included an extension of the maturity date
by 18 months through February 2026, loan forgiveness and rate
relief. After August 2023, the borrower can pay off the whole loan
amount for a discounted payoff amount of $72.5 million without any
fees or prepayments. The modification also deferred all note rate
interest accrued between April 2020 and December 2020 until the
extended maturity date and converted the loan to interest-only
payments through maturity.

The borrower has re-tenanted the former Kmart space to Sector
Sixty6, an indoor arcade concept that is primarily located in
Puerto Rico. The tenant executed a 10-year lease. A portion of the
space has also been subleased to Golden Corral to create a food
concept for the space. The property's occupancy is expected to
increase to 88.6% from 50% once the tenants takes occupancy. Per
the master servicer, the buildout has not been completed as of
January 2023, with Sector Sixty6 not expected to commence paying
rent until December 2023 or upon completion of its buildout.

Fitch's base case loss reflects a 43.7% based on the forgiven loan
amount based on the discounted payoff amount.

The second largest contributor to loss is the specially serviced
loan, 10333 Richmond (3.7% of pool), which is secured by a
218,689-sf, 11-story suburban office building located in Houston,
Texas. The loan transferred to special servicing in May 2017 for
imminent default. The property's occupancy has continued to decline
to 44.5% as of September 2022 from 48.0% at YE 2021, 51.8% at YE
2020, 58.6% at YE 2018 and 63.2% at YE 2017. The declines in
occupancy are driven by multiple tenants vacating upon lease
expiration including former top tenants Williams Morgan, P.C. (9.2%
of NRA), Pape Dawson Consulting (5.3%), and RDM Inc. (4.9%).
Additionally, the majority of the tenants are heavily reliant on
the energy sector. Fitch's loss expectation of 69% reflects a
discount to the October 2022 appraisal which results in a stressed
value of $52 psf.

200 Newport Avenue (1.6% of the pool), which is secured by a
145,752-sf suburban office located in Wollaston, MA. The loan
transferred to special servicing in August 2022 due to imminent
monetary default after the property's sole tenant, State Street,
vacated its space at the property upon lease expiry in March 2021.
The property was formerly a single-tenanted office building and was
occupied by State Street. The property was 7.2% occupied as of the
June 2022 rent roll, Maximus, Inc. (7.2% of NRA/ June 2027) is the
tenant in occupancy. According to the special servicer, the
borrower notified the Lender of their intention to transition the
property over to lender. The lender is working with counsel to
dual-track foreclosure and receivership. Fitch's loss expectation
of 35% reflects a discount to the November 2022 appraisal which
results in a stressed value of $71 psf.

Fitch Loans of Concern: The Laurel Park Place loan (2.6% of the
pool) is secured by a 352,579-sf mixed-use property located in
Livonia, MI, approximately 25 miles northwest of downtown Detroit,
MI. The property's occupancy declined to 61.9% as of YE 2021 from
83.6% at YE 2020 as a result of Tower International (previously
21.8% of the NRA) vacating upon lease expiration in December 2020.
The loan is sponsored by CBL Properties.

The property's major tenants include AAA Life Insurance Co. (23.6%
of NRA; through December 2029), Livonia Movies LLC (12.2% of NRA;
December 2030),Schostak Brothers (7.3% of NRA; June 2027), and
Landmark Worldwide (2.6% of NRA; April 2028).

Fitch's loss expectation of 18.3% reflects a cap rate of 10.50% and
20% stress to the YE 2021 to account for property quality, weak
sponsorship and refinance concerns.

120 Mountain View Blvd (1.9% of the pool), which is secured by a
137,731-sf suburban office property located in Basking Ridge, NJ, a
suburban township approximately 25 miles west of Newark and 35
miles west of Manhattan. The loan is considered a FLOC due to
significant upcoming rollover of approximately 70% in 2023 which
includes the top tenant, Barnes & Noble (65.7% of the NRA). Should
the tenant fail to renew their lease, a cash flow sweep will
commence.

According to the master servicer, no updates were available on a
potential renewal, however the borrower is currently marketing the
space in the event the tenant does not renew. The property's major
tenants include Barnes & Noble (65.7% of NRA; October 2023),
Kennedy's CMK LLP (29.2% of NRA; June 2025), and Applied
Underwriters (4.2% of NRA; September 2023).

Fitch's loss expectation of 40.3% reflects a cap rate of 10.0% and
65% stress to the YE 2021 to account for the potential significant
upcoming lease rollover.

Increasing Credit Enhancement: Credit enhancement (CE) has
increased since the prior rating action due to amortization,
prepayment and defeasance. The pool balance has been reduced by
20.1% since issuance. Since the prior rating action, two loans
($11.6 million) have prepaid ahead of their scheduled maturity
dates. Two loans were disposed, the Charlottesville Fashion Square
and Holiday Inn Cape Cod, were disposed with better than expected
recoveries on the loans.

Twenty loans (14.7%) are defeased, this is up from 17 loans (12.5%)
being defeased at the last review. There are five loans (15.9%)
interest only loans and 60.5% of the pool comprises of partial
interest only loans. To date, the trust has incurred $12.9 million
in realized losses impacting the NR class.

Alternative Loss Considerations: The majority of the loans in the
pool mature in second half of 2024, with the exception of eight
loans that mature in the first half of 2024 and the U-Haul Self
Storage loan which matures in 2034. 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 Las
Catalinas Mall and specially serviced loans remain in the pool. The
ratings and Negative Outlooks reflect these scenarios.

Undercollateralization: The transaction is slightly
undercollateralized by approximately $1,230,900.50 due to a workout
delayed reimbursement advance on the Las Catalinas Mall loan, which
was first reflected in the March 2021 remittance.

RATING SENSITIVITIES

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

- Sensitivity factors that could lead to downgrades include an
increase in pool-level losses from underperforming or specially
serviced loans/assets. Downgrades to the super senior 'AAAsf' rated
classes are not likely due to the position in the capital
structure, but may occur should interest shortfalls affect these
classes. Downgrades to the junior 'AAAsf' and 'AA-sf' rated classes
are possible should expected losses for the pool increase
significantly, and/or there are additional transfers to special
servicing and the FLOCs fail to stabilize.

- Downgrades to the 'A-sf' and 'BBBsf' rated classes are possible
should loss expectations increase due to continued performance
declines and/or lack of stabilization on the FLOCs, additional
loans transfer to special servicing and/or the specially serviced
loans experience higher than expected losses upon resolution.
Further downgrades to the distressed rated classes D and E will
occur with further certainty of losses and/or actual losses are
incurred.

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
paydown and/or defeasance. Upgrades of the 'A-sf' and 'AA-sf'
categories would only occur with significant improvement in CE
and/or defeasance and with the stabilization of performance on the
FLOCs; however, adverse selection, increased concentrations and
further underperformance of the larger FLOCs could cause this trend
to reverse.

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

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.


JP MORGAN 2018-MINN: Moody's Lowers Rating on Cl. F Certs to Caa3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on six classes
in J.P. Morgan Chase Commercial Mortgage Securities Trust
2018-MINN, Commercial Mortgage Pass-Through Certificates, Series
2018-MINN as follows:

Cl. A, Downgraded to Aa2 (sf); previously on Aug 6, 2020 Affirmed
Aaa (sf)

Cl. B, Downgraded to A3 (sf); previously on Aug 6, 2020 Downgraded
to A1 (sf)

Cl. C, Downgraded to Ba1 (sf); previously on Aug 6, 2020 Downgraded
to Baa2 (sf)

Cl. D, Downgraded to B1 (sf); previously on Aug 6, 2020 Downgraded
to Ba2 (sf)

Cl. E, Downgraded to Caa1 (sf); previously on Aug 6, 2020
Downgraded to B2 (sf)

Cl. F, Downgraded to Caa3 (sf); previously on Aug 6, 2020
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The ratings on six P&I classes were downgraded due to an increase
in Moody's LTV as a result of the sustained decline in performance,
the loan's delinquent status and the uncertainty around property's
ability to recover to its financial performance prior to the
coronavirus pandemic. This floating rate loan has been in special
servicing since April 2020 as the subject property's demand is
heavily focused on group segment which has resulted in a delay of
recovery timing compared to those that cater to leisure and
individual corporate travelers.  As of the January 2023
distribution date, the loan is last paid through its May 2020
payment date and there are over $21 million of P&I advances
outstanding plus other expenses. Furthermore, a public foreclosure
auction has been rescheduled for March 2023.

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.

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 these ratings was "Large Loan and
Single Asset/Single Borrower Commercial Mortgage-Backed
Securitizations Methodology" published in July 2022.

DEAL PERFORMANCE

As of the January 17, 2023 distribution date, the transaction's
aggregate certificate balance remains unchanged at $180 million
from securitization. The 5-year (including three one-year
extensions with a final maturity date in November 2023), interest
only, floating rate loan is secured by leasehold interests in the
Hilton Minneapolis.  

The loan transferred to special servicing in April 2020 for
monetary default stemming from closure due to the coronavirus
pandemic. A receiver was appointed in November 2020 and a summary
judgement was granted in April 2021.  The Hilton managed property
is currently in receivership and was initially scheduled for a
Sheriff Sale (a public foreclosure auction), in early January but
the date was postponed to March 2023.  

The property is an AAA Four Diamond rated full-service hotel with
approximately 60,500 SF of meeting and event space with a 24,780 SF
grand ballroom, the largest ballroom in the state of Minnesota.
It's also the largest hotel in the Minneapolis-St. Paul area in
terms of room count (821 guestrooms) and meeting space.  The hotel
hosts events for large groups as well as accommodate spillover
needs and room demand for the Minneapolis Convention Center located
three blocks away. The Property was constructed in 1992 and is
subject to a 100- year ground lease with the City of Minneapolis
expiring in October 2091. However, starting in 2019 the property
was not obligated to pay any ground rent for the duration of the
ground lease.

The loan status is Nonperforming Matured Balloon as of the most
recent distribution date and has outstanding advances and ASER
amounts totaling almost $27 million resulting in a total loan
exposure of nearly $207 million.  The first mortgage balance of
$180 million represents a Moody's LTV of 184 %.  The most recent
appraisal value from August 2022 valued the property 24% below the
appraisal at securitization and just slightly above the outstanding
loan amount, but less than the total loan exposure (including
advances and ASER amounts).  As a result, there is outstanding
interest shortfalls totaling approximately $3.7 million affecting
Cl. G and Cl. HRR.


JP MORGAN 2020-MKST: Moody's Lowers Rating on Cl. E Certs to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded seven classes in J.P.
Morgan Chase Commercial Mortgage Securities Trust 2020-MKST,
Commercial Mortgage Pass-Through Certificates, Series 2020-MKST as
follows:

Cl. A, Downgraded to Aa2 (sf); previously on Feb 19, 2020
Definitive Rating Assigned Aaa (sf)

Cl. B, Downgraded to A1 (sf); previously on Feb 9, 2022 Upgraded to
Aa2 (sf)

Cl. C, Downgraded to A3 (sf); previously on Feb 9, 2022 Upgraded to
A1 (sf)

Cl. D, Downgraded to Baa3 (sf); previously on Feb 9, 2022 Upgraded
to Baa1 (sf)

Cl. E, Downgraded to Ba3 (sf); previously on Feb 9, 2022 Upgraded
to Ba1 (sf)

Cl. F, Downgraded to Caa1 (sf); previously on Feb 9, 2022 Upgraded
to B2 (sf)

Cl. X-CP*, Downgraded to A2 (sf); previously on Feb 9, 2022
Upgraded to A1 (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on six P&I classes were downgraded due to the decline
in loan performance and the loan's delinquent status after being
unable to payoff the loan at its initial maturity date in December
2022.  The property's net cash flow (NCF) and occupancy have
continued to decline since securitization and the NCF DSCR was well
below 1.00X as of June 2022.  As of the January 2023 distribution
date, the loan remains last paid through its December 2022 payment
date and special servicer commentary indicates they are evaluating
the borrower's request for a maturity extension.

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 rating on the interest only (IO) class, Cl. X-CP, was
downgraded due to decline in the credit quality of its referenced
classes.

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 $368 million, the same as at
securitization.  The interest only, floating rate loan had an
initial two-year term (initial maturity in December 2022) with
three one-year extension options at an interest rate of one-month
LIBOR plus an initial weighted average spread of around 3.75000%.
The loan is secured by a fee simple interest in 1500 Market Street,
a 1.8 million SF office building in downtown Philadelphia.

Nightingale Properties and Wafra Capital Partners (49% and 51%
ownership, respectively) are collectively the loan sponsor.

The mortgage loan (approximately $376 million) consists of the
trust loan of $368 million and approximately $7.6 million of
non-trust note for pari passu future funding commitment that was
funded.   The future advance loan is not an asset of the trust.
At securitization, non-trust note for pari passu future funding up
to $22 million was to be advanced in connection with
lender-approved capital spending and leasing expenses.  The future
funding has since expired.  Moody's has taken the additional
leverage of $7.6 million in Moody's analysis.

In August 2022, the borrower submitted a letter to the master
servicer requesting a transfer of the loan to special servicing due
to its inability to payoff the loan at maturity and to initiate
modification discussions.

The collateral for the loan was built in 1974 and primarily
comprises two towers — the East Tower and the West Tower. The
towers are connected by a three-story atrium.  1500 Market Street
occupies an entire city block at 15th and Market Streets in
Philadelphia's CBD, directly adjacent to City Hall.  The subject is
the only office complex in Philadelphia's CBD that features its own
on-site subterranean parking garage with access to Philadelphia's
SEPTA and New Jersey Transit's transportation networks.

At securitization the Philadelphia CBD submarket fundamentals were
strong and according to CBRE, the Class A, office vacancy rate in
Philadelphia's Downtown submarket was 6.6% in 2019. Furthermore,
approximately 15% of the NRA was scheduled to expire and vacate in
2020, and the borrower planned to lease up the space with higher
rents. However, the Philadelphia CBD market fundamentals have
weakened in recent years since the coronavirus pandemic and
according to CBRE the Class A vacancy rate was 15.9% in downtown
Philadelphia as of 4Q 2022.

The property's NCF for the trailing twelve month period ending June
2022 was $13.6 million compared to $20.6 million, $23.6 million and
$17.3 million achieved in full years 2019, 2020, and 2021,
respectively.  The total occupancy is 69% based on the September
2022 rent roll compared to 93% in October 2019.  

Adjusted Moody's LTV ratio for the first mortgage balance is 179%
based on Moody's Value using a cap rate adjusted for the current
interest rate environment. Moody's stressed debt service coverage
ratio (DSCR) is 0.50x.  There are outstanding advances totaling
approximately $2.6 million and interest shortfalls totaling
$522,581 affecting Cl. H and Cl. RR Interest as of the current
distribution date.


JP MORGAN 2023-1: Fitch Assigns 'B-sf' Rating on Class B-5 Certs
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-1 (JPMMT 2023-1).

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
JPMMT 2023-1
  
   A-1            LT AA+sf  New Rating    AA+(EXP)sf
   A-1-A          LT AA+sf  New Rating    AA+(EXP)sf
   A-1-B          LT AA+sf  New Rating    AA+(EXP)sf
   A-1-C          LT AA+sf  New Rating    AA+(EXP)sf
   A-1-X          LT AA+sf  New Rating    AA+(EXP)sf
   A-2            LT AAAsf  New Rating    AAA(EXP)sf
   A-3            LT AAAsf  New Rating    AAA(EXP)sf
   A-3-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-3-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-3-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-4            LT AAAsf  New Rating    AAA(EXP)sf
   A-4-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-4-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-4-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-4-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-5            LT AAAsf  New Rating    AAA(EXP)sf
   A-5-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-5-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-5-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-5-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-6            LT AAAsf  New Rating    AAA(EXP)sf
   A-6-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-6-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-6-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-6-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-7            LT AAAsf  New Rating    AAA(EXP)sf
   A-7-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-7-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-7-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-7-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-8            LT AAAsf  New Rating    AAA(EXP)sf
   A-8-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-8-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-8-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-8-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-9            LT AAAsf  New Rating    AAA(EXP)sf
   A-9-A          LT AAAsf  New Rating    AAA(EXP)sf
   A-9-B          LT AAAsf  New Rating    AAA(EXP)sf
   A-9-C          LT AAAsf  New Rating    AAA(EXP)sf
   A-9-X          LT AAAsf  New Rating    AAA(EXP)sf
   A-10           LT AAAsf  New Rating    AAA(EXP)sf
   A-10-A         LT AAAsf  New Rating    AAA(EXP)sf
   A-10-B         LT AAAsf  New Rating    AAA(EXP)sf
   A-10-C         LT AAAsf  New Rating    AAA(EXP)sf
   A-10-X         LT AAAsf  New Rating    AAA(EXP)sf
   A-11           LT AAAsf  New Rating    AAA(EXP)sf
   A-11-A         LT AAAsf  New Rating    AAA(EXP)sf
   A-11-B         LT AAAsf  New Rating    AAA(EXP)sf
   A-11-C         LT AAAsf  New Rating    AAA(EXP)sf
   A-11-X         LT AAAsf  New Rating    AAA(EXP)sf
   A-12           LT AAAsf  New Rating    AAA(EXP)sf
   A-12-A         LT AAAsf  New Rating    AAA(EXP)sf
   A-12-B         LT AAAsf  New Rating    AAA(EXP)sf
   A-12-C         LT AAAsf  New Rating    AAA(EXP)sf
   A-12-X         LT AAAsf  New Rating    AAA(EXP)sf
   A-13           LT AA+sf  New Rating    AA+(EXP)sf
   A-13-A         LT AA+sf  New Rating    AA+(EXP)sf
   A-13-B         LT AA+sf  New Rating    AA+(EXP)sf
   A-13-C         LT AA+sf  New Rating    AA+(EXP)sf
   A-13-X         LT AA+sf  New Rating    AA+(EXP)sf
   A-14           LT AA+sf  New Rating    AA+(EXP)sf
   A-14-A         LT AA+sf  New Rating    AA+(EXP)sf
   A-14-B         LT AA+sf  New Rating    AA+(EXP)sf
   A-14-C         LT AA+sf  New Rating    AA+(EXP)sf
   A-14-X         LT AA+sf  New Rating    AA+(EXP)sf
   A-15           LT AA+sf  New Rating    AA+(EXP)sf
   A-15-A         LT AA+sf  New Rating    AA+(EXP)sf
   A-15-B         LT AA+sf  New Rating    AA+(EXP)sf
   A-15-C         LT AA+sf  New Rating    AA+(EXP)sf
   A-15-X         LT AA+sf  New Rating    AA+(EXP)sf
   A-X-1          LT AA+sf  New Rating    AA+(EXP)sf
   A-X-2          LT AA+sf  New Rating    AA+(EXP)sf
   B-1            LT AA-sf  New Rating    AA-(EXP)sf
   B-2            LT A-sf   New Rating     A-(EXP)sf
   B-3            LT BBB-sf New Rating   BBB-(EXP)sf
   B-4            LT BB-sf  New Rating    BB-(EXP)sf
   B-5            LT B-sf   New Rating     B-(EXP)sf
   B-6            LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-1 (JPMMT
2023-1) as indicated above. The certificates are supported by 356
loans with a total balance of approximately $405.65 million as of
the cutoff date. The pool consists of prime-quality fixed-rate
mortgages from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (25.3%) with the remaining 74.7% of the loans
originated by various originators, each contributing less than 10%
to the pool. The loan-level representations and warranties are
provided by the various originators or Maxex (aggregator).

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 60.1% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
March 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase). Since Chase will service these loans after the transfer
date, Fitch performed its analysis assuming Chase is the servicer
for these loans.

Chase is also the servicer for 0.3% of the loans, which it is
currently servicing. The other servicers in the transaction are
United Wholesale Mortgage, LLC (servicing 25.3% of the loans),
loanDepot.com, LLC (servicing 9.7% of the loans), and PennyMac Loan
Services, LLC (servicing 4.6% of the loans). Nationstar Mortgage
LLC (Nationstar) will be the master servicer.

99.6% of the loans qualify as safe-harbor qualified mortgage
(SHQM), or QM safe-harbor (average prime offer rate [APOR]) and
0.4% of the loans were designated as rebuttable presumption QM.

There is no exposure to LIBOR in this transaction. The collateral
comprises 100% fixed-rate loans, and the certificates are
fixed-rate and capped at the net weighted average coupon (WAC) or
based on the net WAC.

After the presale report was published, the collateral was rolled
forward one month to reflect a Jan. 1, 2023 cutoff date and three
loans were dropped from the pool. The final pool now consists of
356 loans with a total outstanding balance of $405.65 million as of
the Jan. 1, 2023 cutoff date. In addition, the transaction was
re-structured to reflect the updated collateral pool and
certificate balances.

Fitch re-ran the loss and cash flow analysis based on the updated
pool and revised structure. The updates to the pool resulted in
immaterial changes to the expected losses that were published in
the presale report (all losses are lower than or equal to the
losses published in the presale report), and the credit enhancement
(CE) for B-4 was increased to 0.95% from 0.90%. Based on the
updated analysis of the collateral and the structure, Fitch
determined that the CE provided was sufficient to pass the assigned
rating stresses. As a result, the final ratings remain unchanged
from the expected ratings that were published in the presale
report. Fitch's revised expected losses and revised transaction CE
are listed below.

- Super Senior Class A rated 'AAAsf'; Fitch expected loss 8.00%;
transaction CE 15.00%;

- Senior/Senior Support Class A rated 'AA+sf'; Fitch expected loss
6.35%; transaction CE 7.20%;

- Class B-1 rated 'AA-sf'; Fitch expected loss 4.75%; transaction
CE 5.25%;

- Class B-2 rated 'A-sf'; Fitch expected loss 2.85%; transaction CE
3.20%;

- Class B-3 rated 'BBB-sf'; Fitch expected loss 1.65%; transaction
CE 1.70%;

- Class B-4 rated 'BB-sf'; Fitch expected loss 0.90%; transaction
CE 0.95%;

- Class B-5 rated 'B-sf'; Fitch expected loss 0.60%; transaction CE
0.65%.

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, 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.

High Quality Mortgage Pool (Positive): The pool consists of high
quality, fixed-rate, fully amortizing loans with maturities of up
to 30 years. 99.6% of the loans qualify as SHQM or QM safe-harbor
(APOR) and 0.4% of the loans were designated as rebuttable
presumption QM. The loans were made to borrowers with strong credit
profiles, relatively low leverage and large liquid reserves.

The loans are seasoned at an average of seven months, according to
Fitch (five months per the transaction documents). The pool has a
WA original FICO score of 759, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
64.5%, as determined by Fitch, of the loans have a borrower with an
original FICO score equal to or above 750. In addition, the
original WA combined loan-to-value (CLTV) ratio of 75.7%,
translating to a sustainable LTV (sLTV) ratio of 81.8%, represents
substantial borrower equity in the property and reduced default
risk.

A 97.4% portion of the pool comprises nonconforming loans, while
the remaining 2.6% represents conforming loans. All of the loans
are designated as QM loans, with 56.1% of the pool originated by a
retail and correspondent channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments, and single-family attached dwellings constitute 91.3%
of the pool; condominiums make up 4.8%; and multifamily homes make
up 3.9%. The pool consists of loans with the following loan
purposes: purchases (78.0%), cashout refinances (18.6%) and
rate-term refinances (3.4%).

A total of 194 loans in the pool are over $1.0 million, and the
largest loan is approximately $2.99 million. Fitch determined that
six of the loans were made to nonpermanent residents.

Of the pool, 33.7% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(12.5%), followed by the Miami-Fort Lauderdale-Miami Beach, FL MSA
(6.3%) and San Francisco-Oakland-Fremont, CA MSA (5.5%). The top
three MSAs account for 24% of the pool. As a result, there was no
probability of default (PD) penalty applied for geographic
concentration.

Shifting-Interest Structure with Full Advancing (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
transaction. The applicable credit support percentage feature
redirects subordinate principal to classes of higher seniority if
specified CE levels are not maintained.

The servicers will provide full advancing for the life of the
transaction; each servicer is expected to advance delinquent P&I on
loans that enter into a coronavirus pandemic-related forbearance
plan. Although full P&I advancing will provide liquidity to the
certificates, it will also increase the loan-level loss severity
(LS) since the servicer looks to recoup P&I advances from
liquidation proceeds, which results in less recoveries.

Nationstar is the master servicer and will advance if the servicer
is unable to do so. If the master servicer is unable to advance,
then the securities administrator (Citibank) will advance.

CE Floor (Positive): A CE or senior subordination floor of 2.60%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 1.60% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

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 40.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

Fitch 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.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC and Clayton. The third-party due diligence
described in Form 15E focused on four areas: compliance review,
credit review, valuation review and data integrity. Fitch
considered this information in its analysis and, as a result, Fitch
decreased its loss expectations by 0.35% at the 'AAAsf' stress due
to 100% due diligence with no material findings.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the pool. The third-party due diligence was
generally consistent with Fitch's "U.S. RMBS Rating Criteria."
SitusAMC, and Clayton 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. Refer to the "Third-Party Due Diligence" section for more
detail.

Fitch also utilized data files provided by the issuer on its SEC
Rule 17g-5 designated website. Fitch received loan level
information based on the ResiPLS data layout format, and the data
are considered comprehensive. The data contained in the ResiPLS
layout data tape were reviewed by the due diligence companies, and
no material discrepancies were noted.

ESG CONSIDERATIONS

JPMMT 2023-1 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in JPMMT 2023-1, including strong transaction due diligence, an
'Above Average' aggregator, the majority of the pool originated by
an 'Above Average' originator, and the majority of the pool being
serviced by an 'RPS1-' servicer. These attributes result in a
reduction in expected losses and are relevant to the ratings in
conjunction with other factors.

Although this transaction has loans that were purchased in
connection with the sponsor's Elevate Diversity and Inclusion
program or the sponsor's Clean Energy program, Fitch did not take
these programs into consideration when assigning an ESG Relevance
Score, as the programs did not directly impact the expected losses
assigned or were not relevant to the rating, in Fitch's view.

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.


LIBRA SOLUTIONS 2023-1: DBRS Gives Prov. BB Rating on B Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
notes (the Notes) to be issued by Libra Solutions 2023-1 LLC:

-- $102,265,000 Class A Fixed Rate Asset Backed Notes at A (low)
(sf)

-- $24,756,000 Class B Fixed Rate Asset Backed Notes at BB (sf)

RATING RATIONALE/DESCRIPTION

-- 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.

-- Overcollateralization, subordination, and a fully funded
reserve account provide credit enhancement levels that are
commensurate with the ratings on the Notes. Credit enhancement
levels are sufficient to support DBRS Morningstar-projected
expected cash collection assumptions 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. The ratings address the payment of timely
interest and ultimate principal of the Notes by the Legal Final
Payment Date.

-- The full-turbo feature included in the transaction provides
further protection for the Notes.

-- Libra Solutions Intermediate Holdco, LLC (Libra) is an
experienced originator in the litigation and medical receivable
business with an acceptable backup servicer.

-- Advances are most often repaid by insurance companies, many of
which carry strong ratings. To assess insurance carrier risk, DBRS
Morningstar used its proprietary model, the DBRS CLO Asset Model,
to estimate losses at different statistical confidence intervals
that correspond to a given rating level.

-- DBRS Morningstar applies stresses to the expected case cash
multiples to reflect the variability of cash collections. The
stresses are determined based on the originator's historical
variability in collections, which is measured by the coefficient of
variation, and translated into haircuts to be applied to the
expected case via a lognormal distribution.

-- The credit quality of the collateral is assessed and reflected
in the cash flow assumptions.

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

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




M360 2019-CRE2: DBRS Confirms B(low) Rating on Class G Notes
------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the floating-rate notes issued
by M360 2019-CRE2, Ltd. as follows:

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

With this review, DBRS Morningstar changed the trends on Classes F
and G to Stable from Negative.

The rating confirmations and trend changes reflect the increased
credit support to the bonds as successful loan repayments continue
to insulate the remaining rated bonds from potential adverse
impacts from the ultimate resolution of specially serviced loans.
As of January 2023 reporting, the transaction had amortized 59.5%
since issuance and there were five loans, representing 34.4% of the
current outstanding trust balance, in special servicing. 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 pool consisted of 32 floating-rate mortgages
secured by 32 mostly transitional properties with a maximum trust
balance totaling $360.0 million. The transaction included an
18-month reinvestment period that expired in April 2021, at which
point the bonds began to amortize sequentially with loan repayment
and scheduled loan amortization. As of January 2023, the
transaction consisted of 14 loans, secured by 14 properties, with a
cumulative trust balance of $141.5 million.

Four of the remaining loans, representing 30.9% of the current
trust balance, are secured by office properties while three loans,
representing 23.1% of the current trust balance, are secured by
multifamily properties. The remaining seven loans are secured by
hotel, retail, mixed-use, industrial, and student-housing
properties. In terms of property location, the transaction is
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 12 loans,
representing 86.4% of the cumulative loan balance, secured by
properties in suburban markets.

Eleven of the 14 remaining loans were structured with future
funding components totaling $41.5 million to assist individual
borrowers in the respective business plans, which included funds
for property renovations, accretive leasing costs, and
performance-based earn-outs. Through YE2022, the lender had
advanced a total of $30.9 million to all 11 individual borrowers.
The largest advance, $10.9 million, was provided to the borrower of
the University Residences loan (Prospectus ID#11, 14.0% of the
current pool balance), which is secured by two multifamily
buildings in West Philadelphia. Of the $10.9 million advanced, the
borrower has used $3.9 million to fund debt service payments, with
the remaining amount used for capital improvements. Coincidentally,
the loan also accounts for the largest loan with unfunded future
funding remaining. Overall, the deal has $10.6 million remaining
allocated to 10 individual borrowers with $4.3 million remaining
available for the University Residences Philadelphia loan to fund
additional capital expenditures to convert the property to
traditional multifamily from student housing.

As noted above, there are five loans in special servicing. The
largest of which, the aforementioned University Residences loan,
transferred to special servicing in April 2022 for maturity default
after the borrower's business plan stalled amid work stoppages
caused by the Coronavirus Disease (COVID-19) pandemic. According to
the collateral manager, construction is expected to resume shortly
and is scheduled to be completed by July 2023. While in special
servicing the loan was modified to extend the loan through October
2023, allowing the borrower additional time to complete the
construction of the renovation plan; however, the loan remains in
default after the borrower failed to fund the required financial
obligations of the modification. Despite these concerns, the
property securing the loan was recently appraised in April 2022 at
a value of $39.0 million, an increase from the as-is value of $14.5
million at issuance.

The second-largest loan in special servicing, Baytech Research
Center (Prospectus ID#7, 10.4% of the current pool balance), is
secured by a two-story suburban research and development office
building in San Jose, California. The loan has been in special
servicing since July 2021 as the loan originally matured in August
2021. Prior to maturity, the borrower and lender agreed to multiple
loan modifications, necessitated by the effects of the pandemic.
According to the servicer, the borrower has executed a short-term
maturity extension through April 2023 as it attempts to refinance
the property. The property is leased to a single tenant through
September 2026 and includes an average rental rate of $17.20/psf
through the term of the lease.

As of January 2023, there were an additional six loans,
representing 48.5% of the current pool balance, on the servicer's
watchlist, which have been flagged for upcoming loan maturity as
well as poor financial performance. The largest loan, Lafayette
University Place (Prospectus ID#15, 10.6% of the current pool
balance), is secured by a 342-bed, Class C student-housing property
located two blocks from the University of Louisiana Lafayette in
Lafeyette, Louisiana. The borrower exercised the first loan
extension option in May 2022, extending loan maturity to May 2023.
The loan continues to be monitored on the servicer's watchlist for
performance concerns after occupancy decreased to 66.1% as of the
September 2022 rent roll from 81.6% at issuance. As of September
2022, the property had an average rental rate of $514/bed, below
the average rental rate at issuance of $628/bed. In addition, the
property is reporting negative cash flow though the borrower has
accessed nearly 100% of the loan's future funding dollars. Given
the property has failed to reach stabilization, DBRS Morningstar
anticipates the borrower will need to exercise the final 12-month
extension option in May 2023 and will likely be required by the
lender to contribute additional equity to the transaction.

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



MFA 2023-INV1: S&P Assigns Prelim B(sf) Rating on Cl. B-2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to MFA
2023-INV1 Trust's mortgage pass-through certificates series
2023-INV1.

The certificates issuance is an RMBS transaction backed by
first-lien, fixed- and hybrid adjustable-rate, fully amortizing,
and interest-only residential mortgage loans secured by
single-family residences, condominiums, townhomes, and two- to
31-unit multi-family residential properties to both prime and
nonprime borrowers. The pool consists of 788 business-purpose
investor loans backed by 1,554 properties (including 186
cross-collateralized loans backed by 952 properties) that are
exempt from the qualified mortgage and ability-to-repay rules.

The preliminary ratings are based on information as of Feb. 6,
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 pool's collateral composition;

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

-- The mortgage aggregator and mortgage originator; 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."

  Preliminary Ratings Assigned

  MFA 2023-INV1 Trust

  Class A-1, $108,858,000: AAA (sf)(i)
  Class A-2, $21,914,000: AA (sf)(i)
  Class A-3, $23,239,000: A (sf)(i)
  Class M-1, $14,372,000: BBB (sf)(i)
  Class B-1, $12,231,000: BB (sf)(i)
  Class B-2, $8,970,000: B (sf)(i)
  Class B-3, $14,269,952: Not rated(i)
  Class XS, Notional(ii); Not rated(i)
  Class R: Not rated(i)

(i)The collateral and structural information in the presale report
reflect the preliminary private placement memorandum dated Feb. 6,
2023. The preliminary ratings address the ultimate payment of
interest and principal and do not address payment of the cap
carryover amounts.
(ii)The notional amount equals the loans' aggregate unpaid
principal balance.



MFA 2023-NQM1: DBRS Finalizes B(high) Rating on B-2 Certs
---------------------------------------------------------
DBRS, Inc. finalized provisional ratings on the following Mortgage
Pass-Through Certificates, Series 2023-NQM1 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).

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.



MORGAN STANLEY 2007-TOP25: DBRS Confirms C Rating on C Certs
------------------------------------------------------------
DBRS Limited confirmed the rating on the following class of
Commercial Mortgage Pass-Through Certificates, Series 2007-TOP25
issued by Morgan Stanley Capital I Trust, Series 2007-TOP25:

-- Class C at C (sf)

Class C has a rating that generally does not carry a trend in
commercial mortgage-backed securities (CMBS) ratings. Since DBRS
Morningstar's last rating actions for this deal in February 2022,
Classes A-J and B have repaid in full as a result of the repayment
of the Shoppes at Park Place loan (Prospectus ID#3; formerly 77.2%
of the pool). DBRS Morningstar had previously projected a loss
severity in excess of 25.0% for the loan; however, it repaid from
the trust in October 2022 with a higher-than-expected recovery. The
current rating confirmation reflects DBRS Morningstar's loss
expectations for the transaction, which is primarily driven by the
pool's largest loan, Romeoville Towne Center (Prospectus ID#16;
85.3% of the pool).

The loan is secured by a formerly grocery-anchored retail center in
the Chicago suburb of Romeoville, Illinois. The loan initially
transferred to the special servicer in March 2014 for imminent
default, and the property has been real estate owned since February
2019. The property, which has never backfilled the vacant grocery
space and is currently 26% occupied, was appraised at $9.3 million
as of October 2021, an increase from the August 2020 value of $7.2
million but well below the issuance value of $27.2 million. Given
the outstanding principal balance on Class C, a full repayment of
the bond is reliant on a recovery of at least $40 per square foot
for the asset, assuming the other two outstanding loans in the pool
repay. The remaining two loans have extended maturity profiles as
they are fully amortizing, and both are backed by retail properties
in tertiary markets. DBRS Morningstar believes the transaction's
credit risks, which include a high pool loan-to-value ratio,
below-average collateral quality of the underlying assets,
uncertain timeline of recovery, and propensity for interest
shortfalls, are accurately reflected in the current rating.

As of the January 2022 remittance, there has been a collateral
reduction of 98.7% since issuance, with realized losses of
approximately $101.6 million applied to date through Class D, which
has been reduced by 48.5%.

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



MORGAN STANLEY 2016-PSQ: S&P Cuts Class D Notes Rating to 'B-(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on four classes of
commercial mortgage pass-through certificates from Morgan Stanley
Capital I Trust 2016-PSQ, a U.S. commercial mortgage-backed
securities (CMBS) transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a 10-year, fixed-rate, interest-only (IO) mortgage
whole loan secured by the borrower's leasehold interest in Penn
Square Mall, a 1.06-million-sq.-ft. two-level super-regional mall
(777,281 sq. ft. of which serves as collateral) in Oklahoma City,
Okla.

Rating Actions

The downgrades of classes A, B, C, and D reflect S&P's reevaluation
of the Penn Square Mall that secures the sole loan in the
transaction. Its analysis included a review of the
servicer-provided financial performance data for the nine months
ended Sept. 30, 2022, and years ended Dec. 31, 2021, 2020, and
2019, and our assessment of the continued decline in reported
performance at the property since the onset of the COVID-19
pandemic. While the reported occupancy at the mall remained
relatively stable (ranging between 92.0% and 97.2% from 2019 to
Sept. 30, 2022), the servicer-reported net cash flow (NCF)
decreased 10.6% to $28.9 million in 2021 and 3.1% to $32.4 million
in 2020 from $33.4 million in 2019. The servicer-reported nine
months ended Sept. 30, 2022, NCF was $20.5 million.

S&P said, "We revised and lowered our long-term sustainable NCF by
12.9% to $26.2 million from $30.0 million in our last review in
December 2020 and at issuance, reflecting the continued challenges
that the retail mall sector faces and aligning our NCF closer to
the servicer-reported 2021 figures. Using an 8.00% S&P Global
Ratings' capitalization rate, which is up 50 basis points from our
last review in December 2020, we arrived at an expected-case
valuation of $327.2 million--a decline of 18.3% from our last
review value of $400.6 million, and 50.4% lower than the November
2015 appraisal value of $660.0 million. This yielded an S&P Global
Ratings' loan-to-value (LTV) ratio of 94.8% on the whole loan
balance."

Although the model-indicated ratings were lower than the revised
rating levels for classes A, B, and C, S&P tempered its downgrades
on these classes because we weighed qualitative considerations,
including:

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

-- The significant market value decline based on the 2015
appraisal value that would be needed before these classes
experience principal losses;

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

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

The loan has a reported current payment status through its January
2023 debt service payment date. S&P will continue to monitor for
further developments, and if the property's performance does not
improve or if there are reported negative changes in the
performance beyond what it has already considered, S&P may revisit
our analysis and adjust our ratings further, as necessary.

Property-Level Analysis

Penn Square Mall is a 1.06 million-sq.-ft. enclosed two-story
super-regional mall (of which 777,281 sq. ft. is owned collateral)
in Oklahoma City. The mall was originally developed in 1960 as an
outdoor retail center, converted to an indoor mall in 1982, and was
most recently renovated in 2013. The property is about five miles
north of the Oklahoma City central business district (CBD) and is
in proximity to Interstate 44. The mall is anchored by Macy's
(160,000 sq. ft., ground leased until September 2060), J.C. Penney
(125,000 sq. ft., ground leased until December 2025), Dillard's
Women (170,609 sq. ft.), and Dillard's Men (132,528 sq. ft.). Simon
Property Group L.P. owns the collateral property.

As previously discussed, S&P's property-level analysis considers
the declining performance since the COVID-19 pandemic. According to
the Nov. 30, 2022, tenant sales report, the inline tenant sales
(excluding Apple) and occupancy cost at the property were $521 per
sq. ft. and 16.6%, respectively, as calculated by S&P Global
Ratings. This compares with $609 per sq. ft. and 15.1%,
respectively, that S&P calculated at issuance. The servicer
reported an occupancy rate at the property of 97.2% in 2019, 93.9%
in 2020, and 92.0% in 2021. According to the Sept. 30, 2022, rent
roll, the collateral property was 89.2% occupied (per the servicer,
the mall was 92.1% occupied for the same period). The five-largest
tenants comprised 49.0% of the collateral net rentable area (NRA)
and include:

-- Dillard's Women (21.4% of NRA, 3.1% of in place gross rent as
calculated by S&P Global Ratings, January 2027 lease expiration);

-- Dillard's Men (16.6%, 0.9%, January 2027);

-- AMC Theatres (4.7%, 3.7%, January 2028);

-- Forever 21 (3.9%, pays percentage rent; January 2023)
(according to the servicer, the tenant is working on renewing its
lease for an additional three years); and

-- The Container Store (2.4%, 2.1%, February 2029).

The mall faces elevated tenant rollover risk in 2023 (14.5% of
in-place gross rent, as calculated by S&P Global Ratings), 2024
(22.4%), 2025 (17.3%), and 2027 (14.7%).

S&P said, "Due to the increasing trend of retail tenant
bankruptcies and store closures, where applicable, we increased our
lost rent assumptions and excluded income from those tenants no
longer listed on the mall directory website or those that have
filed for bankruptcy protection or announced store closures. As
such, our current analysis assumed a collateral occupancy rate of
88.8%, in-place gross rent of $41.16 per sq. ft., and operating
expense ratio of 23.3% to derive our long-term sustainable NCF of
$26.2 million.

"Using an 8.00% S&P Global Ratings' capitalization rate, which
reflects our view that this mall exhibits class B+/A- qualities, we
arrived at an expected-case value of $327.2 million."

Transaction Summary

The 10-year, IO mortgage whole loan had an initial and current
balance of $310.0 million, pays an annual fixed interest rate of
3.842%, and matures on Jan. 1, 2026. The whole loan is split into
three senior A notes totaling $206.5 million and a $103.5 million
junior note. The $173.4 million trust balance (according to the
Jan. 12, 2023, trustee remittance report), comprises a $69.9
million senior A note and the $103.5 million junior note. The other
two senior A notes totaling $136.6 million are in Morgan Stanley
Bank of America Merrill Lynch Trust 2016-C28 ($90.0 million) and
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 ($46.6
million), both U.S. CMBS transactions, and neither of which is
rated by S&P Global Ratings. The senior A notes are pari passu to
each other and senior to the subordinate junior note. The master
servicer, Wells Fargo Bank N.A., reported a 2.26x debt service
coverage on the whole loan balance for the nine months ended Sept.
30, 2022. According to the January 2023 trustee remittance report,
class D had accumulated interest shortfalls outstanding of $476,
which S&P deemed de minimis. To date, the trust has not incurred
any principal losses.

  Ratings Lowered

  Morgan Stanley Capital I Trust 2016-PSQ

  Class A to 'AA (sf)' from 'AAA (sf)'
  Class B to 'BBB- (sf)' from 'A- (sf)'
  Class C to 'BB- (sf)' from 'BBB- (sf)'
  Class D to 'B- (sf)' from 'BB (sf)'



OCP CLO 2023-26: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings today assigned its preliminary ratings to OCP
CLO 2023-26 Ltd./OCP CLO 2023-26 LLC's floating-rate notes (see
list).

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

The preliminary ratings are based on information as of Feb. 9,
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 diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade senior secured
term loans.

-- 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.

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

  Preliminary Ratings Assigned

  OCP CLO 2023-26 Ltd./OCP CLO 2023-26 LLC

  Class A, $252.00 million: Not rated
  Class B, $52.00 million: AA (sf)
  Class C (deferrable), $22.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $35.60 million: Not rated



PALMER SQUARE 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Palmer
Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC's floating-rate
notes. The transaction is managed by Palmer Square Capital
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 Feb. 6,
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 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

  Palmer Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC

  Class A, $256.0 million: AAA (sf)
  Class B, $48.0 million: AA (sf)
  Class C (deferrable), $22.0 million: A (sf)
  Class D (deferrable), $24.0 million: BBB- (sf)
  Class E (deferrable), $12.0 million: BB- (sf)
  Subordinated notes, $34.1 million: Not rated


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

The certificate issuance is an RMBS transaction backed by
first-lien fixed- and adjustable-rate residential mortgage loans,
including mortgage loans with initial interest-only periods, to
both prime and nonprime borrowers. The loans are secured by one- to
four-family residential properties, planned-unit developments,
townhouses, condominiums, condotels, manufactured housing, and
five- to 10-unit multifamily residential properties and mixed-use
properties. The pool consists of 736 loans (including 45
cross-collateralized loans) backed by 993 properties, which are
either non-QM (non-QM/ATR compliant) or ATR-exempt mortgage loans.

The preliminary ratings are based on information as of Feb. 8,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;

-- The transaction's credit enhancement, associated structural
mechanics, geographic concentration, and representation and
warranty (R&W) framework;

-- The mortgage aggregator, PRP Advisors LLC (PRP); and

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

  Preliminary Ratings(i) Assigned

  PRPM 2023-NQM1 Trust

  Class A-1, $149,017,000: AAA (sf)
  Class A-2, $25,362,000: AA (sf)
  Class A-3, $32,832,000: A (sf)
  Class M-1, $19,030,000: BBB (sf)
  Class B-1, $14,875,000: BB (sf)
  Class B-2, $11,792,000: B (sf)
  Class B-3, $15,009,749: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class P, $100: Not rated
  Class R, Not applicable: Not rated

(i)The preliminary ratings address the ultimate payment of
principal, interest, and interest carryover amounts.
(ii)The notional amount equals the loans' aggregate unpaid
principal balance.



RENAISSANCE HOME 2002-4: Moody's Lowers Rating on M-1 Bonds to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four bonds
from three US residential mortgage-backed transactions (RMBS),
backed by subprime mortgages issued by Renaissance Home Equity Loan
Trust.

Issuer: Renaissance Home Equity Loan Trust 2002-4

M-1, Downgraded to B2 (sf); previously on Feb 28, 2019 Downgraded
to Ba3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2003-1

M-1, Downgraded to B2 (sf); previously on Dec 28, 2017 Upgraded to
B1 (sf)

A, Currently Rated A1 (sf); previously on Mar 21, 2022 Upgraded to
A1 (sf)

A, Underlying Rating: Downgraded to Baa2 (sf); previously on Jun
10, 2013 Confirmed at Baa1 (sf)

Financial Guarantor: Assured Guaranty Municipal Corp (Upgraded to
A1, Outlook Stable on March 18, 2022)

Issuer: Renaissance Home Equity Loan Trust 2004-1

M-1, Downgraded to B2 (sf); previously on Apr 9, 2012 Downgraded 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 downgrades are primarily due to a deterioration in
collateral performance and/or decline in credit enhancement
available to the bonds due to the deals passing performance
triggers.

Principal Methodologies

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

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

Up

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

Down

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

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


SANTANDER BANK 2023-MTG1: Fitch Gives 'Bsf' Rating on Cl. M-5 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Santander Bank Mortgage
Credit-Linked Notes (CLNs), Series 2023-MTG1 (SBCLN 2023-MTG1).

   Entity/Debt       Rating                    Prior
   -----------       ------                    -----
SBCLN 2023-MTG1
  
   A-R1           LT NRsf   New Rating     NR(EXP)sf
   M-1            LT BBB+sf New Rating   BBB+(EXP)sf
   M-2            LT BBB+sf New Rating   BBB+(EXP)sf
   M-3            LT BBBsf  New Rating    BBB(EXP)sf
   M-4            LT BBsf   New Rating     BB(EXP)sf
   M-5            LT Bsf    New Rating      B(EXP)sf
   M-6            LT NRsf   New Rating     NR(EXP)sf
   B-R            LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates 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 held 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 Jan. 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 Issuer Default Rating (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 credit enhancement (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.

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.


SG COMMERCIAL 2016-C5: Fitch Affirms 'B-sf' Rating on Two Tranches
------------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of SG Commercial Mortgage
Securities Trust, commercial mortgage pass-through certificates,
series 2016-C5 (SGCMS 2016-C5). The Rating Outlook on class D has
been revised to Stable from Negative, and the Outlooks on classes E
and X-E remain Negative.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
SGCMS 2016-C5

   A-2 78419CAB0    LT AAAsf  Affirmed    AAAsf
   A-3 78419CAC8    LT AAAsf  Affirmed    AAAsf
   A-4 78419CAD6    LT AAAsf  Affirmed    AAAsf
   A-M 78419CAF1    LT AAAsf  Affirmed    AAAsf
   A-SB 78419CAE4   LT AAAsf  Affirmed    AAAsf
   B 78419CAK0      LT AA-sf  Affirmed    AA-sf
   C 78419CAL8      LT A-sf   Affirmed     A-sf
   D 78419CAV6      LT BBB-sf Affirmed   BBB-sf
   E 78419CAX2      LT B-sf   Affirmed     B-sf
   F 78419CAZ7      LT CCCsf  Affirmed    CCCsf
   X-A 78419CAG9    LT AAAsf  Affirmed    AAAsf
   X-B 78419CAH7    LT AA-sf  Affirmed    AA-sf
   X-E 78419CAP9    LT B-sf   Affirmed     B-sf
   X-F 78419CAR5    LT CCCsf  Affirmed    CCCsf

KEY RATING DRIVERS

Stable Loss Expectations: While Fitch's base case loss expectations
have remained relatively stable since Fitch's prior rating action,
the Outlook revision to Stable from Negative on class D reflects
sufficient credit enhancement (CE) and the better than expected
performance of loans affected by the pandemic.

This includes better than expected recoveries on one specially
serviced retail asset, Plaza Mexico - Los Angeles ($36.0 million
balance), which was disposed with no loss to the trust and Holiday
Inn Express Nashville - Downtown (4.9% of pool), which returned to
the master servicer after receiving forbearance. The hotel has
demonstrated performance recovery from the pandemic. Additionally,
South Pointe Apartments (3.7%), the largest decrease in losses
since Fitch's prior rating action, is no longer considered a Fitch
Loan of Concern (FLOC) due to improved performance in 2022 and
2021.

Fitch's current ratings reflect a base case loss of 6.80%. Ten
loans (25.4%), including six (9.8%) in special servicing, were
designated FLOCs. The Negative Outlooks on classes E and X-E were
maintained to reflect concerns with two regional mall FLOCs (9.6%)
and one suburban office, TEK Park (3.4%), in special servicing.

The largest specially serviced loan, TEK Park, is secured by a
514,033-sf office and technology park in Breinigsville, PA. The
loan, which is sponsored by Eli Sternbuch, transferred to special
servicing in January 2022 for imminent monetary default. The loan
is current and the servicer is monitoring property performance.

Buckeye Partners (previously 15.5% of the NRA) did not renew its
lease, triggering cash management. Buckeye accounted for
approximately 15% of underwritten rents at issuance. Additionally,
CyOptics, which leases 26.4% NRA, has leases for the majority of
its space expiring in October 2023. Occupancy declined to 61% at YE
2021 from 79% at YE 2020. Servicer-reported NOI debt service
coverage ratio (DSCR) for this amortizing loan was 1.46x at YE 2021
compared with 1.32x at YE 2020.

Fitch's base case loss of approximately 26% reflects a 12% cap rate
and 15% total haircut to the YE 2021 NOI.

Regional Mall FLOCs: The largest loan in the pool, The Mall at
Rockingham Park (6.4%), is secured by 540,867 sf of an approximate
one million sf regional mall in Salem, NH. The loan was designated
a FLOC due to low occupancy after departure of collateral anchor,
Lord and Taylor (29.3% NRA and 2.7% of base rents), which closed
this location in December 2020 after filing for Chapter 11
Bankruptcy. As a result, collateral occupancy has declined to 55%
as of September 2022 from 89% as of September 2020.
Servicer-reported NOI DSCR for this full-term IO loan was 1.80x as
of the YTD September 2022 compared with 1.87x at YE 2021, 1.98x at
YE 2020, 2.11x at YE 2019 and 2.31x at issuance.

Per the September 2022 rent roll, near-term rollover includes 12.2%
NRA by YE 2023 spread across 33 tenants. In-line tenant sales
continue to remain strong at $890 psf ($530 psf excluding Apple) as
of the TTM ended November 2022 compared with $1,361 psf ($518 psf
excluding Apple) as of the TTM ended November 2021.

The loan is sponsored by Mayflower Realty (joint venture of Simon
Property Group and the Canadian Pension Plan Investment Board) and
Institutional Mall Investors. The remaining anchors are Macy's and
JCPenney, which are both non-collateral. Dicks Sporting Goods
subleases a portion of a non-collateral (Seritage owned) former
Sears space. A 12-screen Cinemark theater opened on the Seritage
parcel in December 2019.

Fitch's base case loss of approximately 10% reflects a 15% cap rate
and 15% total haircut to the YE 2021 NOI.

Peachtree Mall (3.2%) is secured by 621,367 sf of an 822,443-sf
regional mall located in Columbus, GA and sponsored by Brookfield
Properties Retail Group. The loan was designated a FLOC due to
declining cash flow/DSCR since issuance given the secular consumer
shift away from traditional regional mall retail. The mall is
anchored by a non-collateral Dillard's and collateral tenants that
include JCPenney, At Home and Macy's. Per the September 2022 rent
roll, the collateral was 93% occupied. Servicer-reported NOI DSCR
for this amortizing loan was 1.66x as of the YTD June 2022 compared
with 1.58x at YE 2021, 1.56x at YE 2020 and 1.98x at issuance.

Comparable in-line tenant sales were $441 psf for the YE 2021, up
from $334 psf at YE 2020, $383 psf at YE 2019 and $409 psf at
issuance. Tenants comprising approximately 32% of the NRA have
leases scheduled to expire by YE 2023, including At Home, which
leases 13.8% NRA and has lease expiration in February 2023. Per
servicer updates, At Home is negotiating a short-term extension.

Fitch's base case loss of approximately 32% reflects a 20% cap rate
and 5% stress to the YE 2021 NOI. Fitch increased the loss
recognition to account for the likelihood of maturity default.

Increasing Credit Enhancement: As of the January 2023 distribution
date, the pool's aggregate balance has been reduced by 15.2% to
$624.6 million from $736.8 million at issuance. Since Fitch's prior
rating action, one loan in special servicing with a $36.0 million
balance paid in full post maturity. Eight loans (32.5%) are
full-term IO and 10 (24.0%) that were structured with a
partial-term IO component at issuance are in their amortization
periods. Two loans (5.2%) are fully defeased. Actual realized
losses of $1.9 million and cumulative interest shortfalls of $1.2
million are currently affecting the non-rated class G.

Pool Concentration: The top 10 loans comprise 47.2% of the pool.
Loan maturities are concentrated in 2026 (70.9%), with two loans
(5.8%) maturing in 2023 and 10 (23.2%) in 2025. Based on property
type, the largest concentrations are office at 34.3%, retail at
29.7% and hotel at 19.9%.

RATING SENSITIVITIES

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

Downgrades of classes rated in the 'AAAsf' and 'AAsf' categories
are not likely due to sufficient CE and the expected receipt of
continued amortization but could occur if interest shortfalls
affect the class. Classes C and D would be downgraded if additional
loans become FLOCs or if performance of the FLOCs deteriorates
further. Classes E, X-E, F and X-F would be downgraded if loss
expectations increase, primarily on the regional mall FLOCs and
specially serviced loans, additional loans transfer to special
servicing or if losses are realized.

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

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

Upgrades of classes B, X-B, C and D may occur with significant
improvement in CE and/or defeasance but would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is a likelihood for interest shortfalls. Upgrades of classes E,
X-E, F and X-F could occur if performance of the FLOCs improves
significantly and/or if there is sufficient CE, which would likely
occur if the non-rated classes are not eroded and the senior
classes pay-off.

ESG CONSIDERATIONS

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


SG COMMERCIAL 2020-COVE: DBRS Confirms B(low) Rating on F Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-COVE issued by SG
Commercial Mortgage Securities Trust 2020-COVE as follows:

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class X at BBB (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 and stable trends reflect the overall
stable performance of the transaction which remains relatively in
line with DBRS Morningstar's expectations at issuance. The property
benefits from its waterfront location, superior amenities, and
strong submarket fundamentals.

The transaction is secured by a 283-unit Class A luxury multifamily
property situated on 20 acres along the waterfront in Tiburon,
California, directly across the bay from downtown San Francisco.
The property received approximately $50.4 million ($178,041 per
unit) in renovations from 2012 to 2018 and offers extensive
water-focused activities for tenants, including a private beach and
an on-site marina. Additional amenities include three pools, two
spas, a playground, a clubhouse, and a fitness center. Tenant
services include on-site fitness classes and a personal trainer,
housekeeping, dry cleaning, firewood delivery, and package drop-off
and pick-up. The loan is sponsored by Maximus Real Estate Partners,
an established San Francisco Bay Area investor.

The trust debt of $160.0 million is a pari passu participation in a
whole loan totaling $210.0 million. The loan is interest only (IO)
throughout its five-year loan term with a scheduled maturity in
March 2025.

According to the most recent rent roll, dated June 2022, the
property was 91.9% occupied, a marginal increase from 89.4% at
YE2021 and below 96.0% at issuance. The June 2022 occupancy figure
does not include six units with future lease dates. The rent roll
indicated an average rental rate of $5,852, reflecting continued
rent growth at the property. The property benefits from its
location within the South Marin submarket, which offers a limited
supply of multifamily properties given the lack of vacant land and
environmental constraints on further development, resulting in
historically low submarket vacancy. According to Reis, the South
Marin submarket reported Q3 2022 vacancy and average rental rates
of 3.2% and $4,341 per month for Class A multifamily properties,
respectively.

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



SYCAMORE TREE 2023-2: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Sycamore
Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC's floating-rate
notes.

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

The preliminary ratings are based on information as of Feb. 6,
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 diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade senior secured
term loans.

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

  Preliminary Ratings Assigned

  Sycamore Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC

  Class A, $247.00 million: AAA (sf)
  Class B, $53.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $44.47 million: Not rated



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

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

All trends are Stable. The rating confirmations and Stable trends
reflect sufficient credit support, relative to the ratings, as
evidenced by the projected recoverable value of the asset, as
described below. Although revenues continue to sufficiently fund
debt service and there have been no delinquencies to date, the loan
transferred to special servicing in November 2022 because of a
nonmonetary event of default.

The loan represents a $600 million pari passu participation of a
$750 million whole first mortgage loan secured by the leased-fee
interest in 16,066 square feet (sf) of land under 20 Times Square.
The property's ground lease and the leased-fee financing are senior
to the leasehold interest and leasehold financing. The 99-year
ground lease expires in April 2117 and has no termination options.
The initial ground rent payment was $29.3 million, increasing 2.0%
annually during the first five years and then 2.75% per year
thereafter. As of September 2022, the annualized ground rent
payment reported by the servicer was $31.5 million, and there have
been no reported defaults on the ground lease or the leased-fee
mortgage to date. According to the January 2023 remittance, there
is approximately $1.4 million in reserves.

The noncollateral improvements consist of a mixed-use property
located at 20 Times Square, at the corner of Seventh Avenue and
West 47th Street. The property comprises a 452-key Marriott Edition
luxury hotel, 74,820 sf of retail space (5,500 sf of which is
non-revenue-generating storage space), and 18,000 sf of digital
billboards. The debt on the noncollateral leasehold interest went
into default in December 2019, with the lender citing numerous
undischarged mechanics liens against the property as well as a
missed deadline to lease up the retail space, and the property was
foreclosed in January 2022.

The subject loan has been transferred to special servicing in
relation to the aforementioned mechanics liens, which are a breach
under the terms of the ground lease. The loan remains current but
is currently in cash flow sweep given the event of default. The
loan is scheduled to mature in May 2023. The lender for the
leasehold debt plans to inject capital into the project to
stabilize operations at the hotel and lease up the vacant retail
space.

Updated performance metrics for the hotel were not provided, but
DBRS Morningstar notes rooms are available for booking at nightly
rates in excess of $500. Optimism surrounding the expected
resurgence of tourism and hospitality in the city's metropolitan
area is supported by data presented at the City Guide's Annual
Tourism Seminary in January 2023 indicating that New York City
welcomed approximately 56 million tourists in 2022 and domestic
tourism has mostly recovered from trough Coronavirus Disease
(COVID-19) pandemic levels. The largest retail tenant at issuance,
NFL Experience (formerly 43,130 sf), closed after only a few months
of operations in 2019. The servicer reported June 2022 occupancy
for the retail component was 11.3% with the only retail tenant in
place being the 8,440-sf Hershey's Chocolate World flagship store.

DBRS Morningstar's estimate of the leased-fee component value is
$758.6 million based on an analysis of the payments expected from
the in-place ground lease and applying a blended cap rate to the
ground rent payment at maturity. DBRS Morningstar's analysis
assumed an additional liquidation scenario for the noncollateral
improvements given the default on the leasehold financing. The
liquidation value is based on a look-through of the performance for
the improvements, including stressed estimates for retail rent and
hotel income, and a blended cap rate of 7.1%. The liquidation value
results in a loan-to-value ratio of approximately 75% for the
trust, slightly above 90% when considering the additional $150
million of debt collateralized in other conduit transactions, and
roughly 110% inclusive of the mezzanine note.

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



TOWD POINT 2023-1: DBRS Gives Prov. B(high) Rating on B2 Notes
--------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Asset-Backed Securities, Series 2023-1 to be issued by Towd Point
Mortgage Trust 2023-1 (the Trust):

-- $412.4 million Class A1 at AAA (sf)
-- $44.2 million Class A2 at AAA (sf)
-- $23.8 million Class M1 at A (high) (sf)
-- $17.1 million Class M2 at BBB (high) (sf)
-- $12.2 million Class B1 at BB (high) (sf)
-- $7.7 million Class B2 at B (high) (sf)
-- $412.4 million Class A1A at AAA (sf)
-- $412.4 million Class A1AX at AAA (sf)
-- $412.4 million Class A1B at AAA (sf)
-- $412.4 million Class A1BX at AAA (sf)
-- $44.2 million Class A2A at AAA (sf)
-- $44.2 million Class A2AX at AAA (sf)
-- $44.2 million Class A2B at AAA (sf)
-- $44.2 million Class A2BX at AAA (sf)
-- $44.2 million Class A2C at AAA (sf)
-- $44.2 million Class A2CX at AAA (sf)
-- $23.8 million Class M1A at A (high) (sf)
-- $23.8 million Class M1AX at A (high) (sf)
-- $23.8 million Class M1B at A (high) (sf)
-- $23.8 million Class M1BX at A (high) (sf)
-- $23.8 million Class M1C at A (high) (sf)
-- $23.8 million Class M1CX at A (high) (sf)
-- $17.1 million Class M2A at BBB (high) (sf)
-- $17.1 million Class M2AX at BBB (high) (sf)
-- $17.1 million Class M2B at BBB (high) (sf)
-- $17.1 million Class M2BX at BBB (high) (sf)
-- $17.1 million Class M2C at BBB (high) (sf)
-- $17.1 million Class M2CX at BBB (high) (sf)

Classes A1AX, A1BX, A2AX, A2BX, A2CX, M1AX, M1BX, M1CX, M2AX, M2BX,
and M2CX are interest-only notes. The class balances represent
notional amounts.

Classes A1A, A1AX, A1B, A1BX, A2A, A2AX, A2B, A2BX, A2C, A2CX, M1A,
M1AX, M1B, M1BX, M1C, M1CX, M2A, M2AX, M2B, M2BX, M2C, and M2CX are
exchangeable notes. These classes can be exchanged for combinations
of exchange notes as specified in the offering documents.

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

The AAA (sf) rating on the Notes reflects 25.40% and 17.40% of
credit enhancement provided by subordinated certificates. The A
(high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
ratings reflect 13.10%, 10.00%, 7.80%, and 6.40% of credit
enhancement, respectively.

This transaction is a securitization of a portfolio of
predominantly seasoned performing and reperforming first-lien
mortgages funded by the issuance of the Notes. The Notes are backed
by 4,700 mortgage loans with a total principal balance of
$552,839,306 as of the Cut-Off Date (December 31, 2022).

The portfolio is approximately 115 months seasoned, 68.4% of which
is greater than 24 months seasoned. The portfolio contains 37.7%
modified loans, and modifications happened more than two years ago
for 75.2% of the modified loans. Within the pool, 1,470 mortgages
have non-interest-bearing deferred amounts, equating to
approximately 3.9% of the total principal balance. There are no
Home Affordable Modification Program and proprietary principal
forgiveness amounts included in the deferred amounts.

As of the Cut-Off Date, 95.5% of the pool is current, and 3.9% is
30 days delinquent under the Mortgage Bankers Association (MBA)
delinquency method. Additionally, 0.6% of the pool is in bankruptcy
(all non-coronavirus bankruptcy loans are performing or 30 days
delinquent). Approximately 58.4% of the mortgage loans have been
zero times 30 days delinquent (0 x 30) for at least the past 24
months under the MBA delinquency method or since origination.

The majority of the pool (53.8%) is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules. The loans subject to the ATR rules are
designated as Temporary QM Safe Harbor or QM Safe Harbor (26.4%),
Non-QM (18.8%), and Rebuttable Presumption (1.0%).

FirstKey Mortgage, LLC (FirstKey) will acquire the loans from
various transferring trusts on the Closing Date. The transferring
trusts acquired the mortgage loans between July 2014 and December
2022 and are beneficially owned by funds managed by affiliates of
Cerberus Capital Management, L.P. (Cerberus). Upon acquiring the
loans from the transferring trusts, FirstKey, through a wholly
owned subsidiary, Towd Point Asset Funding, LLC (the Depositor),
will contribute loans to the Trust. As the Sponsor, FirstKey,
through one or more majority-owned affiliates, will acquire and
retain a 5% eligible vertical interest in each class of securities
to be issued (other than any residual certificates) to satisfy the
credit risk retention requirements. These loans were originated and
previously serviced by various entities through purchases in the
secondary market.

As of the related servicing transfer date (February 1, 2023), 93.0%
of the loans will be serviced by Select Portfolio Servicing, Inc.
(SPS), and 7.0% of the loans will be serviced by Specialized Loan
Servicing LLC (SLS). The SPS aggregate servicing fee rate for each
payment date is 0.15% per annum, and the SLS aggregate servicing
fee is 0.30% per annum.

There will not be any advancing of delinquent principal or interest
on any mortgages by the Servicers or any other party to the
transaction; however, the servicers are obligated to make certain
advances in respect of homeowner association fees, taxes, and
insurance, installment payments on energy improvement liens, and
reasonable costs and expenses incurred in the course of servicing
and disposing of properties.

FirstKey, as the Asset Manager, has the option to sell certain
nonperforming loans or real estate-owned (REO) properties to
unaffiliated third parties individually or in bulk sales. Such
sales require an asset sale price to at least equal a minimum
reserve amount of the product of (1) 70.41% and (2) the current
principal amount of the mortgage loans or REO properties as of the
sale date.

When the aggregate pool balance of the mortgage loans is reduced to
less than 30.0% of the Cut-Off Date balance, the Call Option Holder
(TPMT 2023-1 COH, LLC, an affiliate of the Sponsor, the Seller, the
Asset Manager, the Depositor, and the Risk Retention Holder) will
have the option to cause the Issuer to sell all of its remaining
property (other than amounts in the Breach Reserve Account) to one
or more third-party purchasers so long as the aggregate proceeds
meet a minimum price.

When the aggregate pool balance is reduced to less than 10% of the
balance as of the Cut-Off Date, the Call Option Holder may purchase
all of the mortgage loans, REO properties, and other properties
from the Issuer, as long as the aggregate proceeds meet a minimum
price.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds and excess interest can be used to cover
interest shortfalls on the Notes, but such shortfalls on Class M1
and more subordinate bonds will not be paid from principal proceeds
until the Class A1 and A2 Notes are retired.

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



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

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

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

TRANSACTION SUMMARY

Fitch has rated the residential mortgage-backed notes to be issued
by Towd Point Mortgage Trust 2023-1 (TPMT 2023-1) as indicated
above. 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 million, including $21.4 million, or 3.9%, of
the aggregate pool balance in non-interest-bearing deferred
principal amounts, as of the cutoff date.

Distributions of principal and interest (P&l) 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&l.

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 IH 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 cut-off 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&l Advances (Mixed): The servicers will not advance DQ
monthly payments of P&l, which reduces liquidity to the trust. P&l
advances made on behalf of loans that become DQ and eventually
liquidate reduce liquidation proceeds to the trust. Due to the lack
of P&l advancing, the loan-level loss severity (LS) is less for
this transaction than for those where the servicer is obligated to
advance P&l. 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'.

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.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by AMC, Clayton and Westcor. A third-party due diligence
was performed on approximately 66.8% (by loan count) of the pool by
AMC and Clayton, both assessed as 'Acceptable' third-party review
(TPR) firms by Fitch. The scope primarily focused on a regulatory
compliance review to ensure loans were originated in accordance
with predatory lending regulations. The results of the review
indicated moderate operational risk, with a 19.5% portion of the
pool assigned final compliance grades of 'C' or 'D'.

Of the loans graded 'C' or 'D', 2.5% by loan count (119 loans)
reflected missing final HUD-1 or estimated final HUD1 documents
that are subject to testing for compliance with predatory lending
regulations. Fitch adjusted its loss expectation at the 'AAAsf'
stress by approximately 105bps to reflect missing final HUD-1
files, modification agreements or assignment/endorsement and title
issues, as well as to address outstanding liens and taxes that
could take priority over the subject mortgage. Additionally, loss
multiples were extrapolated from the portion of loans provided due
diligence and applied at each rating category to estimate full due
diligence review findings and adjustments.

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.


TRICOLOR AUTO 2023-1: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Tricolor Auto Securitization Trust 2023-1
(TAST 2023-1). This is the first auto loan transaction of the year
and the first rated by Moody's for Tricolor Auto Acceptance, LLC
(Tricolor; unrated). The notes will be backed by a pool of retail
automobile loan contracts originated by affiliates of Tricolor, who
is also the servicer and administrator for the transaction.

The complete rating actions are as follows:

Issuer: Tricolor Auto Securitization Trust 2023-1

Class A Asset Backed Notes, Assigned (P)A1 (sf)

Class B Asset Backed Notes, Assigned (P)A1 (sf)

Class C Asset Backed Notes, Assigned (P)A1 (sf)

Class D Asset Backed Notes, Assigned (P)Baa1 (sf)

Class E Asset Backed Notes, Assigned (P)Ba2 (sf)

Class F Asset Backed Notes, Assigned (P)B2 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, the experience and expertise of Tricolor as the servicer
and administrator and the presence of Vervent, Inc. (unrated) as
named backup servicer. The governance risk for this transaction is
moderate, because of the financially weak sponsor and servicer with
limited securitization experience.

Moody's median cumulative net loss expectation for the 2023-1 pool
is 20.00% and the loss at a Aaa stress is 53.00%. Moody's based its
cumulative net loss expectation and loss at a Aaa stress on an
analysis of the credit quality of the underlying collateral; the
historical performance of similar collateral, including
securitization performance and managed portfolio performance; the
ability of Tricolor to perform the servicing functions; and current
expectations for the macroeconomic environment during the life of
the transaction.

At closing, the Class A notes, Class B notes, Class C notes, Class
D notes, Class E notes and Class F notes are expected to benefit
from 53.30%, 49.00%, 43.80%, 35.50%, 28.80% and 23.80% of hard
credit enhancement respectively. Hard credit enhancement for the
notes consists of a combination of overcollateralization, a
non-declining reserve account and subordination, except for the
Class F notes which do not benefit from subordination. The notes
may also benefit from excess spread.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

Moody's could downgrade the notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if 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
vehicles securing an obligor's promise of payment. Portfolio losses
also depend greatly on the US job market, the market for used
vehicles, and poor servicing. Other reasons for worse-than-expected
performance include error on the part of transaction parties,
inadequate transaction governance, and fraud.


UBS-BARCLAYS 2012-C4: DBRS Confirms B(low) Rating on E Certs
------------------------------------------------------------
DBRS Limited downgraded the rating on the following class of
Commercial Mortgage Pass-Through Certificates, Series 2012-C4
issued by UBS-Barclays Commercial Mortgage Trust 2012-C4 as
follows:

-- Class F to C (sf) from CCC (sf)

DBRS Morningstar also confirmed the rating on the following class:

-- Class E at B (low) (sf)

In addition, Class D was discontinued as this class was repaid with
the January 2023 remittance. DBRS Morningstar also revised the
trend on Class E to Stable from Negative. Class F has a rating that
generally does not carry a trend in Commercial Mortgage Backed
Securities (CMBS) ratings.

Since DBRS Morningstar's last rating actions for this deal in
November 2022, Classes B, C, and D have repaid in full following
the repayment of 26 loans, positioning Class E as the most senior
bond in the remaining capital stack. As of the January 2023
remittance, three loans remain in the pool, all of which are in
special servicing and past their respective maturity dates. The
ratings are reflective of DBRS Morningstar's recovery and loss
expectations for the remaining loans, the primary driver of which
is the Newgate Mall loan (Prospectus ID#6, 60.3% of the pool),
which DBRS Morningstar expects will incur significant losses at
disposition.

The Newgate Mall loan is secured by the in-line space and two
anchor spaces of a single-level regional mall in Ogden, Utah. The
loan transferred to the special servicer in March 2020, two months
prior to its May 2020 maturity date. Since issuance, the mall has
lost multiple anchors, which has negatively affected financial
performance in recent years. A foreclosure sale occurred in March
2021, and the title was obtained by the trust. According to the
special servicer, the receiver continues to work to stabilize the
asset, but it does not appear to currently be listed for sale. The
most recent appraisal, dated October 2022, valued the property at
$20.7 million, slightly below the January 2022 appraisal of $21.2
million, and well below the issuance appraised value of $83.0
million. Given the property's dated appearance, secondary/tertiary
location, declining revenues, challenges in backfilling the vacant
anchor boxes and the general lack of liquidity for this property
type, DBRS Morningstar assumed a stress to the most recent
appraisal, indicating a possible loss severity in excess of 80.0%,
which would erode nearly all of the $49.0 million currently
remaining in the unrated, first-loss Class G certificate.

The second largest loan, Evergreen Plaza (Prospectus ID#12, 24.5%
of the pool), is secured by an anchored retail center in Staten
Island, New York. The loan was transferred to special servicing in
August 2022 after its grocery store anchor tenant, previously 62.0%
of the property's net rentable area (NRA), vacated in July 2022.
The sponsor made an initial relief request in order to allow time
to find a backfill; however, no replacement tenant has been signed
to-date. The sponsor was unable to secure refinancing ahead of the
loan's December 2022 maturity, and the collateral is estimated to
be only 35.0% occupied as of January 2023. Loan performance has
struggled in recent years despite the property previously being
anchored by a grocery store, typically a more stable retail
performer during the pandemic. The loan reported a debt service
coverage ratio (DSCR) of 1.04 times (x) in 2020 and 0.73x in 2021.
For the year-to-date (YTD) June 30, 2022, reporting, the loan
reported a DSCR of 0.99x. According to the special servicer, a
workout strategy has not yet been determined. Given the vacant
anchor box and lack of leasing prospects, DBRS Morningstar believes
the value of the property is significantly impaired, with an
expected loss severity in excess of 25.0%.

The last loan in the pool, Fashion Square (Prospectus ID#23, 15.2%
of the pool), is secured by a mixed-use property in St. Louis,
Missouri, comprising 13,000 square feet (sf) of retail space,
75,000 sf of office space, and 72 multifamily units. The loan
transferred to special servicing in July 2022 for imminent default
and is now past its December 2022 maturity date after the sponsor
was unable to secure refinancing due to the upcoming lease expiry
for office tenant U.S. Bank. U.S. Bank, which comprises 43.0% of
the total NRA and represents 62.0% of the total base rent at the
property, is on a lease set to expire in April 2023. The lease is
reportedly structured with two, one-year extension options but has
not yet committed to staying at the property. The YTD June 30,
2022, financials reported a DSCR of 1.20x; however, if U.S. Bank
vacates, cash flow is expected to drop well below breakeven levels.
Special servicer commentary notes that the borrower has
communicated their intentions to transition title to the lender,
and the workout strategy is foreclosure. Given the borrower's lack
of commitment to the subject and the possibility of significantly
increased vacancy, DBRS Morningstar expects a loss severity in
excess of 50.0%.

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



UNITED AUTO 2023-1: DBRS Finalizes BB Rating on Class E Notes
-------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes 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 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
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
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 represents the 22nd asset-backed securities
transaction completed in UACC's history and offers both senior and
subordinate rated securities. The receivables securitized in UACST
2023-1 are 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.




VERUS SECURITIZATION 2023–INV1: S&P Assigns (P) B-(sf) on B-2 Notes
---------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Verus
Securitization Trust 2023-INV1's mortgage-backed notes, series
2023-INV1.

The note issuance is an RMBS securitization backed by first-lien,
fixed and adjustable rate (some with interest-only periods)
residential mortgage loans secured by single-family residences,
planned unit developments, two- to four-family residential
properties, condominiums, five– to 10-unit multi-family
properties, mixed-use properties, and condotels to both prime and
non-prime borrowers. The pool has 1,244 residential mortgage loans
where 23 are cross-collateralized loans backed by 125 properties
for a total property count of 1,346. The loans in the pool are
ability to repay-exempt loans.

The preliminary ratings are based on information as of Feb. 9,
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 pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners, and any S&P
Global Ratings reviewed originator; and

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

  Preliminary Ratings Assigned

  Verus Securitization Trust 2023–INV1

  Class A-1, $252,478,000: AAA (sf)(i)
  Class A-2, $54,996,000: AA (sf)(i)
  Class A-3, $66,494,000: A (sf)(i)
  Class M-1, $44,246,000: BBB- (sf)(i)
  Class B-1, $29,748,000: BB- (sf)(i)
  Class B-2, $24,248,000: B– (sf)(i)
  Class B-3, $27,748,069: Not rated(i)
  Class A-IO-S, $499,958,069(ii): Not rated(i)
  Class XS, $499,958,069(ii): Not rated(i)
  Class R, N/A: Not rated(i)

(i)The collateral and structural information reflect the term sheet
dated Feb. 6, 2023; the preliminary ratings address the ultimate
payment of interest and principal.
(ii)The notional amount equals the aggregate stated principal
balance of loans in the pool as of the cutoff date.



WELLS FARGO 2017-RB1: Fitch Lowers Rating on Two Tranches to 'B-sf'
-------------------------------------------------------------------
Fitch Ratings has downgraded four classes and affirmed 11 classes
of Wells Fargo Commercial Mortgage Trust 2017-RB1. The Rating
Outlook of three classes are revised to Negative from Stable and
two classes have Negative Outlooks as a result of downgrades of
those classes.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
WFCM 2017-RB1

   A-4 95000TBR6    LT AAAsf  Affirmed    AAAsf
   A-5 95000TBS4    LT AAAsf  Affirmed    AAAsf
   A-S 95000TBU9    LT AAAsf  Affirmed    AAAsf
   A-SB 95000TBT2   LT AAAsf  Affirmed    AAAsf
   B 95000TBX3      LT AA-sf  Affirmed    AA-sf
   C 95000TBY1      LT A-sf   Affirmed     A-sf
   D 95000TAC0      LT BBB-sf Affirmed   BBB-sf
   E 95000TBA3      LT B-sf   Downgrade   BB-sf
   E-1 95000TAE6    LT BB+sf  Affirmed    BB+sf
   E-2 95000TAG1    LT B-sf   Downgrade   BB-sf
   EF 95000TBE5     LT CCCsf  Downgrade    B-sf
   F 95000TBC9      LT CCCsf  Downgrade    B-sf
   X-A 95000TBV7    LT AAAsf  Affirmed    AAAsf
   X-B 95000TBW5    LT A-sf   Affirmed     A-sf
   X-D 95000TAA4    LT BBB-sf Affirmed   BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations; Office Performance Concerns: Overall
pool loss expectations have increased since Fitch's prior rating
action, which is primarily driven by deteriorating performance of
two office loans within the Top 15. Fitch's current ratings reflect
a base case loss of 5.9%. Fitch has identified five loans (19.6% of
the pool) as Fitch Loans of Concern (FLOCs), which includes two
loans (7.0%) in special servicing. The downgrades and the Outlook
revisions reflect the higher loss expectations for the Center West
and 340 Bryant loans. In addition, office loans account for the
largest concentration in the pool (15 loans or 53.4% of the pool),
two of which are the largest contributors to the loss.

Fitch Loans of Concern: The largest increase in loss since the
prior review is the Center West loan (7.3%), which is secured by a
leasehold interest on a 351,789-sf CBD office property located in
Los Angeles, CA.

Occupancy declined to 36.6% as of the November 2022 rent roll from
43% at YE2021. The decline in occupancy was attributed to two large
tenants Merrill Lynch (6.6% of the NRA) and Mar Vista, Inc. (4.7%)
vacating the property at their lease expirations in 2022.
Previously, occupancy declined to 43% at YE2021 from 52% in 2020 as
a result of the rollover of several tenants. Cash flow has been
declining with NOI DSCR of 1.13x as of September 2022, as compare
to 1.56x at YE2021 and 1.92x at YE2020.

Fitch's modeled loss of approximately 22% reflects a cap rate of
9.75% and a 15% stress to the YE2021 NOI.

The second largest increase in loss is the 340 Bryant loan (2.7%),
which is secured by a 62,270 sf, class B office building located in
the heart of the SOMA district of San Francisco, CA. The loan
transferred to special servicing in September 2022 due to monetary
default. The borrower has communicated their intention to
transition the title to the lender. The special servicer is
proceeding with foreclosure. Property occupancy declined from 100%
in 2020 to 23% as of year-end 2021 and into 2022 as a result of
WeWork (formerly 76.6% of the NRA) terminating their lease. WeWork
has not paid rent since December 2020 and paid a termination fee of
approximately $5 million. The sole remaining tenant Logitech
(23.4%) has a lease expiring in April 2023 that is not expected to
be renewed.

Fitch modeled a loss of 39% which reflects a recovery value of $308
psf.

The largest specially serviced loan is Anaheim Marriott Suites
(4.3%), a 351-key full-service hotel located in Garden Grove, CA
and is within three-miles of Disneyland and 1.5-miles of the
Anaheim Convention Center. The loan transferred to special
servicing in June 2020 due to imminent default as a result of the
pandemic impact.

Performance has been slowly improving since the pandemic lows.
Occupancy improved to 65.4% as of TTM June 2022 from 49% at YE 2021
and 34.7% at YE 2020 but remains well below the pre-pandemic levels
of 89.6% at YE 2019. NOI DSCR was reported at 0.41x for YE 2021
compared to -0.39x for YE 2020, and 2.20x at YE 2019.

Fitch's modeled loss of approximately 9% reflects a discount to a
recent appraisal, which results in a recovery value of $150,000 per
key.

Minimal Change in Credit Enhancement (CE): As of the January 2023
remittance reporting, the pool's aggregate balance has paid down by
14.3% to $546.2 million from $637.6 million at issuance. Three loan
(3.5% of pool) are fully defeased. Twelve loans (57.2%) are full
term interest only, and the remaining 21 loans (42.8%) are
amortizing. Loan maturities include one loan (7.3%) in 2026 and 32
loans (92.7%) in 2027.

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 classes A-2, A-3, A-4, A-5, A-SB, A-S, B, X-A and X-B
are not likely due to the position in the capital structure but may
occur should interest shortfalls affect these classes. Downgrades
to classes C, D and X-D are possible should expected losses for the
pool increase significantly and/or one or more large loans incur an
outsized loss, which would erode CE. Downgrades to classes E, E-1,
E-2 and EF are possible if performance of the FLOCs, including
specially serviced loans, fail to stabilize and/or additional loans
default or transfer to special servicing. Further downgrade to
class F and EF is possible if realized losses are realized.

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

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance, particularly on the FLOCs, coupled with
additional paydown and/or defeasance. Upgrades to classes B, C, X-B
and X-D would 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. An upgrade to class D would also take into
consideration of 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. Upgrades to classes E, F, E-1, E-2
and EF are not likely until the later years in the transaction and
only if the performance of the remaining pool is stable and if
there is sufficient CE.

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-C43: Fitch Affirms 'B-sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Wells Fargo Commercial Mortgage Trust
2018-C43.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
WFCM 2018-C43

   A-3 95001LAT9    LT AAAsf  Affirmed    AAAsf
   A-4 95001LAU6    LT AAAsf  Affirmed    AAAsf
   A-S 95001LAX0    LT AAAsf  Affirmed    AAAsf
   A-SB 95001LAS1   LT AAAsf  Affirmed    AAAsf
   B 95001LAY8      LT AA-sf  Affirmed    AA-sf
   C 95001LAZ5      LT A-sf   Affirmed    A-sf
   D 95001LAC6      LT BBB-sf Affirmed    BBB-sf
   E 95001LAE2      LT BB-sf  Affirmed    BB-sf
   F 95001LAG7      LT B-sf   Affirmed    B-sf
   X-A 95001LAV4    LT AAAsf  Affirmed    AAAsf
   X-B 95001LAW2    LT A-sf   Affirmed    A-sf
   X-D 95001LAA0    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the generally
stable loss expectations of the pool since Fitch's prior rating
action. Fitch has identified four Fitch Loans of Concern (FLOCs;
11.7%), including one loan (2.3%) in special servicing and three
loans (9.4%) flagged for high vacancy and refinance concerns.
Fitch's current ratings incorporate a base case loss of 4.2%.

The largest contributor to modelled losses is Southpoint Office
Center (FLOC, 5.5%), which is secured by a suburban office property
located in the Bloomington, MN. The subject's largest tenant, Wells
Fargo (NRA 18.2%), vacated at lease expiration in October 2020.
Subject September 2022 occupancy has fallen to 66% from 86% as of
YE 2020 and 90% at YE 2018. YTD September 2022 NOI DSCR has fallen
to 0.81x from underwritten NOI DSCR of 2.09x. The borrower stated
that they have had discussions with interested tenants for the
former Wells Fargo space. The loan includes a cash flow sweep
provision should Wells Fargo vacate, capped at $1.3 million or $20
psf to retenant space. Fitch's loss expectation of 32.2% assumes an
11% cap rate on YE 2021 NOI.

Galleria Oaks (2.3%, FLOC) is collateralized by a neighborhood
shopping center located in Austin, TX. This loan transferred to
special serving in April 2020 for non-monetary default due to three
prohibited mechanic liens against the collateral. After the special
servicer initially pursued foreclosure action, the parties are
pursuing a modification, anticipated to close in 1Q23. Fitch's
expected loss of 5% reflects a stressed value of approximately
$140/sf.

Minimal Change to Credit Enhancement: As of the January 2023
distribution date, the pool's aggregate principal balance has paid
down by 10.3% to $647.8 million from $722.4 million at issuance.
Seven loans comprising 8.3% of pool balance have been fully
defeased. Since Fitch's prior rating action in 2022, three loans
disposed without loss for approximately $43.1 million in pool
balance, including the specially serviced loan Fairfield Inn &
Suites - Willow Grove. Eleven loans comprising 36.0% of the pool
were classified as full interest-only through the term of the
loan.

ADDITIONAL CONSIDERATIONS

Investment-Grade Credit Opinion Loans: Two loans, representing
13.0% of the transaction, were credit assessed at issuance. The
largest loan, Moffett Towers II Building 2 (8.3%) was given a
standalone credit opinion at issuance of 'BBB-sf*'. The seventh
largest loan, Apple Campus 3 (8.8%) was given a standalone credit
opinion at issuance of 'BBB-sf*'.

RATING SENSITIVITIES

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

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

Downgrades to classes A-3 through A-S and the interest-only classes
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, X-B and X-D are possible should
performance of the FLOCs continue to decline; and/or should further
loans transfer to special servicing.

Class F could be downgraded should the specially serviced loan not
return to the master servicer and/or as there is more certainty of
loss expectations from other FLOCs.

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 and/or the stabilization to the properties impacted from
the coronavirus pandemic.

An upgrade of the 'BBB-sf' class is unlikely and would be limited
based on the sensitivity to concentrations or the potential for
future concentrations.

Classes would not be upgraded above 'Asf' if there were a
likelihood of interest shortfalls.

An upgrade to the 'BB-sf' and 'B-sf' rated classes is not likely
unless the performance of the remaining pool stabilizes and the
senior classes pay off.

ESG CONSIDERATIONS

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


WFRBS COMMERCIAL 2013-C11: Fitch Cuts Class F Debt Rating to CCC
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed five classes of WFRBS
Commercial Mortgage Trust 2013-C11 certificates. In addition, the
Rating Outlooks for two class were revised to Negative from
Stable.

   Entity/Debt         Rating                Prior
   -----------         ------                -----
WFRBS 2013-C11

   A-S 92937EAF1   LT PIFsf  Paid In Full    AAAsf
   B 92937EAG9     LT AAsf   Affirmed        AAsf
   C 92937EAH7     LT Asf    Affirmed        Asf
   D 92937EAJ3     LT BBB-sf Affirmed        BBB-sf
   E 92937EAL8     LT BBsf   Affirmed        BBsf
   F 92937EAN4     LT CCCsf  Downgrade       B-sf
   X-A 92937EAS3   LT PIFsf  Paid In Full    AAAsf
   X-B 92937EAU8   LT Asf    Affirmed        Asf

KEY RATING DRIVERS

Greater Certainty of Losses: The downgrade of class F and Negative
Outlook revisions on classes D and E reflect increased loss
expectations on the largest two loans, Republic Plaza and 515
Madison Avenue, combined 87.1% of the pool, both of which have
transferred to special servicing. These loans did not pay off at
their respective maturities in December 2022 and January 2023. Both
loans are secured by office properties that have suffered occupancy
and cash flow declines and performance has yet to stabilize
post-pandemic.

The Negative Outlooks reflect the potential for future downgrades
with further performance deterioration or lack of a viable workout
or extension of the Republic Plaza and 515 Madison Avenue loans.

Alternative Loss Considerations: The pool has become significantly
concentrated since Fitch's last rating action, with only 11 loans
remaining. Due to the concentrated nature of the pool and the
near-term loan maturities (all non-specially serviced loans matured
by February 2023), Fitch performed a sensitivity and liquidation
analysis, which grouped the remaining loans based on their current
status and collateral quality and ranked them by their perceived
likelihood of repayment and/or loss expectation.

The affirmation and Stable Outlooks on classes B, C and X-B reflect
expected additional paydown from loan maturities, defeasance and
recovery expectations from the Republic Plaza and 515 Madison
Avenue loans relative to these classes' outstanding balances.

Specially Serviced Loans: The largest contributor to overall loss
expectations is the 515 Madison Avenue loan (37.8% of the pool),
which is secured by a 324,265-sf office tower also known as the
DuMont Building located at 53rd & Madison in Manhattan. This loan
had already been flagged as a Fitch Loan of Concern (FLOC) and was
transferred to special servicing in November 2022 for imminent
maturity default. The loan did not pay off at its maturity in
January 2023. The special servicer is discussing a potential
maturity extension with the borrower.

The largest tenants are Jay Suites (Midtown East Suites LLC; 14%
NRA, lease expiry in January 2030), Memorial Sloan Kettering (7%;
June 2023), Sheldon A. Sinett D.C (2.8%; May 2029) and Brodan
Management Services, Inc. (1.9%; November 2032). As of December
2022, the property was 83.8% occupied, but will drop to 75% by
mid-2023 from tenants expected to vacate at their upcoming lease
expirations. There is upcoming rollover of 16% of the NRA in 2023
and 7.9% in 2024. The most recent servicer-reported YE 2021 NOI
fell 35% from YE 2020.

Fitch's base case loss expectation of 22% reflects a 9.50% cap rate
and 15% stress to YE 2019 NOI, which is deemed to be a more
sustainable cash flow; Fitch's stressed value equates to $249 psf.

The second largest contributor to overall loss expectations is the
specially serviced Republic Plaza loan (49.2%), which is secured by
a 56-story, 1.3 million-sf office tower and separate 12-story
parking garage (1,275 stalls) located in the CBD of Denver, CO. The
property has undergone a repositioning and capital improvement
project completed in March 2022 which included renovations to the
main lobby, lower-level concourse, and exterior plaza that leads to
the 16th Street Pedestrian Mall.

The loan had already been flagged as a FLOC and was transferred to
special servicing in November 2022 for imminent maturity default.
The loan did not pay off at its maturity in December 2022. The
special servicer is discussing a potential maturity extension with
the borrower. The loan is currently cash managed. The property was
80.9% occupied as of December 2022 with an average in-place rent of
$25 psf. There is upcoming rollover of approximately 20% of the NRA
in 2023.

The largest tenants include Ovintiv Inc. (formerly known as Encana;
24% of NRA; lease expiry in April 2026), Guild Education Inc (7%,
expiry May 2027), Wheeler Trigg O 'Donnell (9%; January 2023) and
Bank of America (5%; June 2027), all of whose spaces serves as
their respective company's headquarters.

Fitch's base case loss expectation of 14% reflects a 9.50% cap rate
and 15% stress to annualized YTD September 2022 NOI, which equates
to a stressed value of $160 psf.

Improved Credit Enhancement: While credit enhancement has improved
since Fitch's last rating action from multiple loan payoffs and
better than expected recoveries on the previous FLOC, Encana Oil
and Gas, which paid off in full, this was offset by higher loss
expectations on the two largest two loans in the pool, which are in
special servicing. As of the January 2023 remittance report, the
pool's aggregate principal balance has been reduced by 81% to
$273.4 million from $1.44 billion at issuance. All of the remaining
loans in the pool are amortizing. There are four loans (2.7% of
pool) which are fully defeased.

RATING SENSITIVITIES

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

Downgrades to classes B and C and the interest-only class X-B are
not likely due to the expected paydown from loan maturities,
defeasance and recovery expectations from the Republic Plaza and
515 Madison Avenue loans relative to these classes' outstanding
balances, but may occur should interest shortfalls occur.

Downgrades to classes D, E and F are possible should overall loss
expectations for the pool increase significantly, especially with
further performance deterioration of the Republic Plaza and 515
Madison Avenue loans, and if additional loans fail to repay at
their maturity dates and/or transfer to special servicing.

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

Upgrades to classes B, C, X-B, D, E and F are unlikely absent
substantially higher recoveries than expected on the specially
serviced loan Republic Plaza and 515 Madison Avenue loans.

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.



WFRBS COMMERCIAL 2013-C15: Moody's Cuts Cl. PEX Certs Rating to B1
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
and downgraded the ratings on five classes in WFRBS Commercial
Mortgage Trust 2013-C15, Commercial Mortgage Pass-Through
Certificates, Series 2013-C15 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Mar 10, 2022 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Mar 10, 2022 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Mar 10, 2022 Affirmed
Aaa (sf)

Cl. A-S, Downgraded to Aa2 (sf); previously on Mar 10, 2022
Affirmed Aaa (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Mar 10, 2022
Downgraded to Baa2 (sf)

Cl. C, Downgraded to Caa1 (sf); previously on Mar 10, 2022
Downgraded to B2 (sf)

Cl. PEX, Downgraded to B1 (sf); previously on Mar 10, 2022
Downgraded to Ba2 (sf)

Cl. X-A*, Downgraded to Aa1 (sf); previously on Mar 10, 2022
Affirmed Aaa (sf)

*  Reflects interest-only classes

RATINGS RATIONALE

The ratings on three P&I classes were affirmed because of their
credit support and the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges. Furthermore, defeasance now represents
35% of the pool balance.

The ratings on three P&I classes, Cl. A-S, Cl. B and Cl. C, were
downgraded primarily due to increased anticipated losses and
interest shortfall concerns from the pool's exposure to specially
serviced and troubled loans secured by regional malls with
declining performance. One specially serviced regional mall loan
(Kitsap Mall - 10.7% of the pool) is already REO and has recognized
an appraisal reduction of 56% of its remaining loan balance as of
the January 2023 remittance statement. Moody's has also identified
one troubled loan (Carolina Place - 10.9%) secured by a class B
regional mall with an upcoming maturity in June 2023 that may be at
heightened refinance risk due to its declining net operating income
(NOI). Additionally, the largest loan in the pool (Augusta Mall -
16.2%) is secured by a regional mall which is approaching its
maturity and may also face increased refinance risk due to its
sustained decline in NOI since securitization.

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

The rating on the exchangeable class, Cl. PEX, was downgraded based
on a decline in the credit quality of its referenced exchangeable
classes.

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

Moody's rating action reflects a base expected loss of 17.7% of the
current pooled balance, compared to 14.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.0% of the
original pooled balance, compared to 11.5% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the January 18, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 39% to $681.1
million from $1.1 billion at securitization. The certificates are
collateralized by 55 mortgage loans ranging in size from less than
1% to 16% of the pool, with the top ten loans (excluding
defeasance) constituting 55% of the pool. Twenty-seven loans,
constituting 35% of the pool, have defeased and are secured by US
government securities. The pool contains seven low leverage
cooperative loans, constituting 2.0% of the pool balance, that were
too small to credit assess; however, have Moody's leverage that is
consistent with other loans previously assigned an investment grade
Structured Credit Assessments.

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 eight, compared to 12 at Moody's last review.

As of the January 2023 remittance report, loans representing 89%
were current on their debt service payments and the two specially
serviced loans (11%) were real estate owned (REO).

Fifteen loans, constituting 32% 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.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $23.4 million (for an average loss
severity of 79%). Two loans, constituting 11% of the pool, are
currently in special servicing.

The largest specially serviced loan is the Kitsap Mall Loan ($72.7
million -- 10.7% of the pool), which is secured by a 580,000 square
feet (SF) component of a 762,000 SF enclosed regional mall located
on the Kitsap Peninsula in Silverdale, Washington, which is
approximately 18 miles west of Seattle, Washington. The property is
currently anchored by Kohl's (which is not part of the collateral),
JC Penney (on a ground lease expiring in January 2024) and Macy's
(lease expiration in August 2023). One non-collateral anchor space
was vacant following the October 2019 closure of Sears (105,600 SF)
but has recently been fully leased to grocery chain WinCo. Other
major tenants include Barnes & Noble (on a ground lease), Dick's
Sporting Goods and H&M. As of the September 2022 rent roll,
collateral and inline occupancy were 94% and 81%, respectively,
compared to 86% and 56% in September 2021. However, property
performance has generally declined since 2017 and the year-end 2021
net operating income (NOI) was nearly 38% lower than at
securitization. The property's revenue and NOI has declined further
in 2022 and the September 2022 NOI DSCR was 0.97X compared to 1.44X
in 2019 and 1.82X in 2018. The loan has been in special servicing
since May 2020 and a foreclosure sale subsequently occurred in
December 2021. The special servicer is working to renew existing
tenants and attempting to lease space to new tenants. The loan has
amortized 6% since securitization, however, the May 2022 appraisal
valued the property 71% below the value at securitization and 56%
below the outstanding loan balance. As of the January 2023
remittance statement, the master servicer has recognized a $40.7
million appraisal reduction (56% based on the loan's current
balance). Moody's expects a significant loss from this loan.

The second largest specially serviced loan is the former Babies R
Us Plaza Loan ($4.2 million -- 0.6% of the pool), which is secured
by a 67,450 SF anchored retail center located in North Olmsted,
Ohio, approximately 15 miles west of the Cleveland central business
district (CBD). Babies R Us, the former largest tenant (65% of
NRA), vacated in November 2018 after their lease was formally
rejected by bankruptcy court. Dollar Tree (8,000 SF, 12% of NRA)
vacated in December 2019 via their co-tenancy termination option.
The loan transferred to special servicing in December 2018 and
foreclosure occurred in September 2019. The former Babies R Us
space has recently been leased to Ashley Homestore, increasing
total occupancy to 75% from 10% and compared to 100% at
securitization. The special servicer plans to stabilize the
property prior to marketing it for sale. As of the January 2023
remittance statement, the master servicer has recognized a $2.4
million appraisal reduction.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 12% of the pool, and has estimated
an aggregate loss of $95.4 million (a 60% expected loss on average)
from these specially serviced and troubled loans. The largest
troubled loan is the Carolina Place loan, which is discussed in
detail further below. The second largest troubled loan is secured
by a hotel property located in Southfield, Michigan, which has low
occupancy and low DSCR.

As of the January 2023 remittance statement cumulative interest
shortfalls were $6.3 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

The 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 83% of the
pool, and full or partial year 2022 operating results for 94% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 106%, compared to 98% 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 25% 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 1.66X and 1.20X,
respectively, compared to 1.64X and 1.22X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three performing loans represent 31.9% of the pool balance.
The largest loan is the Augusta Mall Loan ($110 million -- 16.2% of
the pool), which represents a pari-passu portion of a $170 million
mortgage loan. The loan is secured by a 500,000 SF portion of a 1.1
million SF super regional mall in Augusta, Georgia. The property is
the only regional mall within a 25-mile radius. The mall's
non-collateral anchors include Dillard's, Macy's, and JC Penney. A
former non-collateral anchor, Sears, vacated in the spring of 2020.
As of November 2022, inline occupancy was 88% compared to 91% in
September 2021 and 93% in June 2020. The loan is interest-only loan
for the entire loan term and matures in August 2023. The property's
NOI historically improved from securitization through 2018,
however, the NOI has generally declined since 2018 and the 2021 NOI
was 7% lower than in 2013. The loan's interest only NOI DSCR was
3.23X as of September 2022 compared to 3.29X in 2021 and 4.11X at
year-end 2018. The loan may face difficulty refinancing at its
maturity in August 2023 due to the current interest rate
environment and declining property NOI trends. Moody's LTV and
stressed DSCR are 135% and 0.80X, respectively, compared to 113%
and 0.91X at the last review.

The second largest loan is the Carolina Place Loan ($74.0 million
-- 10.9% of the pool), which represents a pari-passu portion of a
$152.4 million mortgage loan. The loan is secured by a 693,000 SF
component of a 1.2 million SF super-regional mall located in
Pineville, North Carolina. The mall is anchored by Dillard's, Belk,
Dick's Sporting Goods, and JCPenney. JCPenney is the only current
anchor that is part of the collateral. A former collateral anchor,
Sears, had vacated the property in early 2019. As of November 2022,
collateral and inline occupancy were 71% and 89%, respectively,
compared to 67% and 85% in September 2021. Total mall occupancy
declined to 83% largely due to the departure of Sears in January
2019. The loan is on the master servicer's watchlist due to lower
occupancy. After an initial three-year IO period, the loan has
amortized 13% since securitization, however, the property's revenue
and NOI have declined significantly since 2019. The 2021 NOI was
22% lower than in 2013 and the September 2022 NOI DSCR was 1.38X
compared to 1.48X in 2020 and 1.84X in 2019. Additionally, the
property faces significant lease rollover over the next two years
including JCPenney in May 2023. Due to significant declines in
performance and the upcoming refinance risk in approximately five
months, Moody's considers this as a troubled loan.

The third largest loan is the SecureCare Self Storage Portfolio
Loan ($33.5 million -- 4.9% of the pool), which is secured by 24
self-storage facilities containing 8,047 units located across seven
states. The portfolio was collectively 92% occupied as of September
2022 compared to 83% at securitization. Performance has improved
from securitization with a NOI DSCR of 2.85X as of September 2022
compared to 1.52X at securitization. Additionally, the loan has
amortized by 18.5%. Moody's LTV and stressed DSCR are 63% and
1.72X, respectively, compared to 65% and 1.67X at the last review.


WP GLIMCHER 2015-WPG: DBRS Confirms B(low) Rating on SQ-3 Certs
---------------------------------------------------------------
DBRS Limited confirmed the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-WPG
issued by WP Glimcher Mall Trust 2015-WPG:

-- Class PR-1 at BBB (low) (sf)
-- Class SQ-1 at BBB (low) (sf)
-- Class PR-2 at BB (sf)
-- Class SQ-2 at BB (low) (sf)
-- Class SQ-3 at B (low) (sf)

These classes are collateralized by the subordinate debt on the two
assets in this transaction, Scottsdale Quarter (the SQ classes) and
Pearlridge Center (the PR classes). For this review, DBRS
Morningstar changed the trends on all five classes to Stable from
Negative.

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

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X at A (sf)
-- Class C at A (low) (sf)

DBRS Morningstar changed the trends on Classes B, X, and C to
Stable from Negative. The trend on Class A remains Stable. The
rating confirmations and Stable trends reflect the overall improved
performance of the underlying properties as revenues rebound to
issuance levels, according to the most recent financials.

This transaction is backed by portions of the senior debt and all
of the subordinate debt secured by Scottsdale Quarter, a
541,386-square-foot (sf) mixed-use retail center in Scottsdale,
Arizona, and Pearlridge Center, a 1.14 million-sf super-regional
mall in Aiea, Hawaii, the state's largest enclosed shopping center.
Both properties are managed by Washington Prime Group (WPG).

The previous Negative trends had reflected DBRS Morningstar's
concerns with the performance challenges faced by regional malls in
general as a result of the lingering effects of the Coronavirus
Disease (COVID-19) pandemic, as well as concerns with the sponsor,
WPG, which reported revenue declines for several years leading to
its Chapter 11 bankruptcy in June 2021. In October 2021, WPG
emerged from bankruptcy following significant debt reductions and a
corporate restructuring, which included the majority stake in its
ownership being transferred to Strategic Value Partners
(Strategic). These updates, in addition to positive leasing
momentum at Scottsdale Quarter and stable-to-improving performance
for both underlying properties, formed the basis for the change to
Stable trends.

The Pearlridge Center is an enclosed center, originally built in
1972 and located just north of Pearl Harbor. The mall is anchored
by Macy's (18.4% of the net rentable area (NRA)), lease expiration
in February 2027). A vacant anchor pad was formerly occupied by
Sears, which closed in April 2021. As a result of Sears' closure,
occupancy at the subject property declined to 76.1% according to
the September 2022 rent roll, down from 91.5% at YE2020. Strategic
has assumed the Sears lease and continues to work with WPG to
evaluate opportunities for the space. Other large tenants include
Bed Bath & Beyond (5.7% of NRA, lease expiration in January 2026)
and Consolidated Theatres Pearlridge (4.7% of NRA, lease expiration
in December 2022). DBRS Morningstar has asked for an update on the
theater's lease.

Although revenues have improved 13.3% since YE2021, net cash flow
(NCF) is down because of increasing expenses. Annualized NCF for
the year-to-date September 2022 period was reported to be $17.4
million (with a debt service coverage ratio (DSCR) of 2.16 times
(x)), down from $22.7 million (2.81x) at YE2021 and $21.7 million
(2.68x) at issuance. DBRS Morningstar believes the property's
increased operating expenses may be partially attributable to WPG's
bankruptcy filing and emergence in 2021. The sponsor previously
requested but was denied coronavirus-related relief. The loan is
interest only (IO) and has never been delinquent.

The Scottsdale Quarter is a Class A, mixed-use, open-air lifestyle
center with office space, 17 miles northeast of Phoenix in the
affluent Kierland neighborhood of north Scottsdale. Major tenants
include Landmark Theatres, Restoration Hardware, and Forever 21.
Occupancy declined to 74.4% as of September 2021 following the
departure of several tenants. However, since YE2021, approximately
nine retail tenants (14.1% of the NRA) commenced leases at the
property at rental rates that are in line or above the average
rental rate of the earlier-leased tenants at the property and in
line with market rates as reported by Reis. Landmark Theatres
backfilled the anchor space that was formerly occupied by IPIC
Theaters (8.2% of NRA) in 2021. As such, occupancy increased to
88.0% according to the September 2022 rent roll, and NCF increased
to $17.9 million (reflecting a DSCR of 3.03x) as of the trailing 12
months ended September 2022, from the YE2020 figure of $12.2
million (reflecting a DSCR of 2.04x). The NCF at issuance was $13.6
million.

DBRS Morningstar's analysis included several stressed value
scenarios to determine the durability of the ratings, indicating
that the capital structure provides sufficient support relative to
the current ratings.

The loans are not cross-collateralized or cross-defaulted. Of the
$165.0 million whole loan secured by Scottsdale Quarter, $95.0
million is senior A note debt, with a total of $13.0 million in
subordinate B note debt and $57.0 million in subordinate C note
debt. Of the senior A note debt for Scottsdale Quarter, $25.0
million in pari passu proceeds were contributed to this trust, with
the remaining A note debt split pari passu across two conduit
transactions in JPMBB Commercial Mortgage Securities Trust 2015-C30
and COMM 2015-CCRE25 Mortgage Trust, the latter of which is not
rated by DBRS Morningstar. The $25.0 million in pari passu A note
debt and the $13.0 million B note back the pooled classes, and the
$57.0 million in C note debt backs the rake SQ classes in the
subject transaction. Of the senior A note debt for Pearlridge
Center, $10.4 million in pari passu proceeds were contributed to
this trust, with the remaining A note debt split pari passu across
the same two conduit transactions mentioned above. The $10.4
million in pari passu A note debt and the $48.6 million B note back
the pooled classes, and the $46.0 million in C note debt backs the
rake PR classes in the subject transaction.

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



[*] DBRS Reviews 137 Classes From 18 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 137 classes from 18 U.S. single-family rental
transactions. Of the 137 classes reviewed, DBRS Morningstar
confirmed all 137 ratings as follows:

New Residential Mortgage Loan Trust 2022-SFR1

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

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

-- Single-Family Rental Pass-Through Certificates, Class C at AAA
(sf)

-- Single-Family Rental Pass-Through Certificates, Class D at AAA
(sf)

-- Single-Family Rental Pass-Through Certificates, Class E-1 at
BBB (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-2 at
BBB (low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class F at BB
(low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class G at B
(low) (sf)

AMSR 2021-SFR3 Trust

-- Single-Family Rental Pass-Through Certificate A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate C at AAA (sf)
-- Single-Family Rental Pass-Through Certificate D at AA (high)
(sf)

-- Single-Family Rental Pass-Through Certificate E-1 at A (low)
(sf)

-- Single-Family Rental Pass-Through Certificate E-2 at BBB (low)
(sf)

-- Single-Family Rental Pass-Through Certificate F at BB (low)
(sf)

-- Single-Family Rental Pass-Through Certificate G at B (low)
(sf)

AMSR 2019-SFR1 Trust

-- AMSR 2019-SFR1 Trust, Class A at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class B at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class C at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class D at AA (sf)
-- AMSR 2019-SFR1 Trust, Class E at BBB (low) (sf)
-- AMSR 2019-SFR1 Trust, Class F at BB (sf)
-- AMSR 2019-SFR1 Trust, Class G at B (high) (sf)

AMSR 2020-SFR1 Trust

-- AMSR 2020-SFR1 Trust, Class A at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class B at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class C at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class D at AA (high) (sf)
-- AMSR 2020-SFR1 Trust, Class E at BBB (low) (sf)
-- AMSR 2020-SFR1 Trust, Class F at BB (sf)
-- AMSR 2020-SFR1 Trust, Class G at B (sf)

AMSR 2020-SFR2 Trust

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class D at AA
(sf)

-- Single-Family Rental Pass-Through Certificate, Class E1 at A
(sf)

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

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

-- Single-Family Rental Pass-Through Certificate, Class G at BB
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class H at B
(low) (sf)

AMSR 2020-SFR3 Trust

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class D at AA
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB
(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB
(low) (sf)

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

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

AMSR 2020-SFR4 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB

(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB
(low) (sf)

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

-- Single-Family Rental Pass-Through Certificate, Class G-1 at BB
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class G-2 at B
(sf)

AMSR 2020-SFR5 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB
(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB
(low) (sf)

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

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

AMSR 2021-SFR2 Trust

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

-- Single Family Rental Pass Through Certificates, Class B at AA
(low) (sf)

-- Single Family Rental Pass Through Certificates, Class C at A
(low) (sf)

-- Single Family Rental Pass Through Certificates, Class D at BBB
(high) (sf)

-- Single Family Rental Pass Through Certificates, Class E-1 at
BBB (sf)

-- Single Family Rental Pass Through Certificates, Class E-2 at
BBB (low) (sf)

-- Single Family Rental Pass Through Certificates, Class F-1 at BB
(high) (sf)

-- Single Family Rental Pass Through Certificates, Class F-2 at BB
(low) (sf)

AMSR 2021-SFR4 Trust

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

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

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

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

-- Single Family Rental Pass Through Certificate, Class E-1 at BBB
(sf)

-- Single Family Rental Pass Through Certificate, Class E-2 at BBB
(low) (sf)

-- Single Family Rental Pass Through Certificate, Class F-1 at BB
(high) (sf)

-- Single Family Rental Pass Through Certificate, Class F-2 at BB
(low) (sf)

AMSR 2022-SFR2 Trust

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

-- Single-Family Rental Pass-Through Certificate, Class B at AA
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class C at BBB
(sf)

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

-- Single-Family Rental Pass-Through Certificate, Class E at BB
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class F at B
(low) (sf)

AMSR 2022-SFR3 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB
(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB
(low) (sf)

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

FirstKey Homes 2020-SFR2 Trust

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

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class F1 at BB
(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class F2 at BB
(sf)

-- Single-Family Rental Pass-Through Certificate, Class F3 at BB
(low) (sf)

-- Single-Family Rental Pass-Through Certificate, Class G1 at B
(high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class G2 at B
(high) (sf)

FRTKL 2021-SFR1 Trust

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

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

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

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

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

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

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

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

Home Partners of America 2019-1 Trust

-- HPA 2019-1, Class A at AAA (sf)
-- HPA 2019-1, Class B at AA (high) (sf)
-- HPA 2019-1, Class C at AA (low) (sf)
-- HPA 2019-1, Class D at A (low) (sf)
-- HPA 2019-1, Class E at BBB (sf)
-- HPA 2019-1, Class F at BBB (low) (sf)

Home Partners of America 2019-2 Trust

-- HPA 2019-2, Class A at AAA (sf)
-- HPA 2019-2, Class B at AAA (sf)
-- HPA 2019-2, Class C at AA (sf)
-- HPA 2019-2, Class D at A (low) (sf)
-- HPA 2019-2, Class E at BBB (low) (sf)
-- HPA 2019-2, Class F at BB (sf)

Home Partners of America 2021-1 Trust
-- Single-Family Rental Pass-Through Certificate A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B at AA (low)
(sf)
-- Single-Family Rental Pass-Through Certificate C at A (low)
(sf)
-- Single-Family Rental Pass-Through Certificate D at BBB (sf)
-- Single-Family Rental Pass-Through Certificate E at BBB (low)
(sf)
-- Single-Family Rental Pass-Through Certificate F at BB (sf)

Home Partners of America 2021-2 Trust

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

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

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

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

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

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

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

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

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

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

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

Notes: The principal methodology applicable to the ratings is
Rating and Monitoring U.S. Single-Family Rental Securitizations.



[*] DBRS Reviews 172 Classes From 32 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 172 classes from 32 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 172 classes
reviewed, DBRS Morningstar upgraded 35 ratings and confirmed 137.

Brean Asset-Backed Securities Trust 2021-RM2

-- Mortgage-Backed Notes, Series 2021-RM2, Class A confirmed at
AAA (sf)

-- Mortgage-Backed Notes, Series 2021-RM2, Class M1 confirmed at
AA (sf)

-- Mortgage-Backed Notes, Series 2021-RM2, Class M2 confirmed at A
(sf)

-- Mortgage-Backed Notes, Series 2021-RM2, Class M3 confirmed at
BBB (sf)

-- Mortgage-Backed Notes, Series 2021-RM2, Class M4 confirmed at
BB (sf)

-- Mortgage-Backed Notes, Series 2021-RM2, Class M5 confirmed at B
(sf)

Brean Asset-Backed Securities Trust 2022-RM3

-- Mortgage-Backed Notes, Series 2022-RM3, Class A confirmed at
AAA (sf)

-- Mortgage-Backed Notes, Series 2022-RM3, Class M1 confirmed at
AA (sf)

-- Mortgage-Backed Notes, Series 2022-RM3, Class M2 confirmed at A
(sf)

-- Mortgage-Backed Notes, Series 2022-RM3, Class M3 confirmed at
BBB (sf)

-- Mortgage-Backed Notes, Series 2022-RM3, Class M4 confirmed at
BB (sf)

-- Mortgage-Backed Notes, Series 2022-RM3, Class M5 confirmed at B
(sf)

Brean Asset-Backed Securities Trust 2022-RM4

-- Mortgage-Backed Notes, Series 2022-RM4, Class A1 confirmed at
AAA (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class A2 confirmed at
AAA (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class AM confirmed at
AAA (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class M1 confirmed at
AA (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class M2 confirmed at A
(sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class M3 confirmed at
BBB (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class M4 confirmed at
BB (sf)

-- Mortgage-Backed Notes, Series 2022-RM4, Class M5 confirmed at B
(sf)

Brean Asset-Backed Securities Trust 2022-RM5

-- Mortgage-backed Notes, Series 2022-RM5, Class A confirmed at
AAA (sf)

-- Mortgage-backed Notes, Series 2022-RM5, Class M1 confirmed at
AA (sf)

-- Mortgage-backed Notes, Series 2022-RM5, Class M2 confirmed at A
(sf)

-- Mortgage-backed Notes, Series 2022-RM5, Class M3 confirmed at
BBB (sf)

-- Mortgage-backed Notes, Series 2022-RM5, Class M4 confirmed at
BB (sf)

-- Mortgage-backed Notes, Series 2022-RM5, Class M5 confirmed at B
(sf)

Cascade Funding Mortgage Trust 2018-RM2

-- Mortgage-Backed Securities, Series 2018-RM2, Class A confirmed
at AAA (sf)

-- Mortgage-Backed Securities, Series 2018-RM2, Class B confirmed
at AAA (sf)

-- Mortgage-Backed Securities, Series 2018-RM2, Class C confirmed
at AAA (sf)

-- Mortgage-Backed Securities, Series 2018-RM2, Class D upgraded
to A (high) (sf) from A (low) (sf)

-- Mortgage-Backed Securities, Series 2018-RM2, Class E upgraded
to A (low) (sf) from BBB (sf)

-- Mortgage-Backed Securities, Series 2018-RM2, Class F upgraded
to BB (sf) from B (high) (sf)

Cascade Funding Mortgage Trust 2019-RM3

-- Mortgage Backed Notes, Series 2019-RM3, Class A confirmed at
AAA (sf)

-- Mortgage Backed Notes, Series 2019-RM3, Class B confirmed at
AAA (sf)

-- Mortgage Backed Notes, Series 2019-RM3, Class C confirmed at
AAA (sf)

-- Mortgage Backed Notes, Series 2019-RM3, Class D upgraded to AA
(high) (sf) from AA (low) (sf)

-- Mortgage Backed Notes, Series 2019-RM3, Class E upgraded to A
(high) (sf) from A (low) (sf)

-- Mortgage Backed Notes, Series 2019-RM3, Class F upgraded to A
(sf) from BBB (low) (sf)

CFMT 2021-HB6, LLC

-- Asset-Backed Notes, Series 2021-2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-2, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2021-2, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2021-2, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2021-2, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2021-2, Class M5 confirmed at B
(high) (sf)

CFMT 2021-HB5, LLC:

-- Asset-Backed Notes, Series 2021-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-1, Class M1 upgraded to AAA
(sf) from AA (low) (sf)

-- Asset-Backed Notes, Series 2021-1, Class M2 upgraded to AA (sf)
from A (low) (sf)

-- Asset-Backed Notes, Series 2021-1, Class M3 upgraded to BBB
(sf) from BBB (low) (sf)

-- Asset-Backed Notes, Series 2021-1, Class M4 upgraded to BB
(high) (sf) from BB (sf)

CFMT 2020-AB1, LLC

-- Asset-Backed Notes, Series 2020-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-1, Class M1 confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-1, Class M2 confirmed at AA
(high) (sf)

-- Asset-Backed Notes, Series 2020-1, Class M3 confirmed at A
(sf)

-- Asset-Backed Notes, Series 2020-1, Class M4 upgraded to BBB
(sf) from BBB (low) (sf)

CFMT 2020-HB4, LLC

-- Asset-Backed Notes, Series 2020-3, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-3, Class M1 confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-3, Class M2 upgraded to AAA
(sf) from AA (sf)

-- Asset-Backed Notes, Series 2020-3, Class M3 upgraded to AAA
(sf) from A (sf)

-- Asset-Backed Notes, Series 2020-3, Class M4 upgraded to AA (sf)
from BBB (sf)

-- Asset-Backed Notes, Series 2020-3, Class M5 upgraded to AA
(low) (sf) from BBB (low) (sf)

CFMT 2021-HB7, LLC

-- Asset-Backed Notes, Series 2021-3, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-3, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2021-3, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2021-3, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2021-3, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2021-3, Class M5 confirmed at B
(sf)

CFMT 2022-HB9, LLC

-- Asset-Backed Notes, Series 2022-2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-2, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M5 confirmed at B
(sf)

CFMT 2022-HB8, LLC

-- Asset-Backed Notes, Series 2022-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M4 confirmed at BB
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M5 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M6 confirmed at B
(sf)

Cascade Funding Mortgage Trust 2022-AB2

-- Asset-Backed Notes, Series 2022-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M1 confirmed at AA
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M2 confirmed at A
(high) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M3 confirmed at A
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M4 confirmed at BBB
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M5 confirmed at BB
(low) (sf)

Cascade Funding Mortgage Trust 2022-RM4

-- Asset-Backed Notes, Series 2022-RM4, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-RM4, Class M-1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-RM4, Class M-2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-RM4, Class M-3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-RM4, Class M-4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-RM4, Class M-5 confirmed at B
(sf)

Boston Lending Trust 2021-1

-- Asset-Backed Notes, Series 2021-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-1, Class M-1 confirmed at AA
(sf)

-- Asset-Backed Notes, Series 2021-1, Class M-2 confirmed at A
(sf)

-- Asset-Backed Notes, Series 2021-1, Class M-3 confirmed at BBB
(sf)

Boston Lending Trust 2022-1

-- Asset-Backed Note, Series 2022-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Note, Series 2022-1, Class M-1 confirmed at AA
(sf)

-- Asset-Backed Note, Series 2022-1, Class M-2 confirmed at A
(sf)

-- Asset-Backed Note, Series 2022-1, Class M-3 confirmed at BBB
(sf)

Boston Lending Trust 2022-2

-- Asset-Backed Notes, Series 2022-2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-2, Class M-1 confirmed at AA
(sf)

-- Asset-Backed Notes, Series 2022-2, Class M-2 confirmed at A
(sf)

-- Asset-Backed Notes, Series 2022-2, Class M-3 confirmed at BBB
(sf)

Boston Lending Trust 2022-3

-- Asset-Backed Notes, Series 2022-3, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-3, Class M-1 confirmed at AA
(sf)

-- Asset-Backed Notes, Series 2022-3, Class M-2 confirmed at A
(sf)

-- Asset-Backed Notes, Series 2022-3, Class M-3 confirmed at BBB
(sf)

Finance of America HECM Buyout 2020-HB2

-- Asset-Backed Notes, Series 2020-HB2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-HB2, Class M1 confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-HB2, Class M2 confirmed at AA
(high) (sf)

-- Asset-Backed Notes, Series 2020-HB2, Class M3 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2020-HB2, Class M4 upgraded to A
(high) (sf) from A (sf)

-- Asset-Backed Notes, Series 2020-HB2, Class M5 upgraded to A
(sf) from A (low) (sf)

Finance of America HECM Buyout 2022-HB1

-- Asset-Backed Notes, Series 2022-HB1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M5 confirmed at B
(sf)

Finance of America HECM Buyout 2022-HB2

-- Asset-Backed Notes, Series 2022-HB2, Class A1A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-HB2, Class A1B confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-HB2, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB2, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB2, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB2, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB2, Class M5 confirmed at B
(sf)

RMF Proprietary Issuance Trust 2019-1

-- Asset-Backed Notes, Series 2019-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2019-1, Class M-1 upgraded to AAA
(sf) from AA (high) (sf)

-- Asset-Backed Notes, Series 2019-1, Class M-2 confirmed at AA
(low) (sf)

RMF Proprietary Issuance Trust 2020-1

-- Asset-Backed Notes, Series 2020-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-1, Class M-1 upgraded to AAA
(sf) from AA (high) (sf)

-- Asset-Backed Notes, Series 2020-1, Class M-2 upgraded to AAA
(sf) from AA (sf)

-- Asset-Backed Notes, Series 2020-1, Class M-3 upgraded to A
(low) (sf) from BBB (sf)

RMF Proprietary Issuance Trust 2021-1

-- Asset-Backed Notes, Series 2021-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-1, Class M-1 upgraded to AA
(high) (sf) from AA (sf)

-- Asset-Backed Notes, Series 2021-1, Class M-2 upgraded to AA
(sf) from A (sf)

-- Asset-Backed Notes, Series 2021-1, Class M-3 upgraded to BBB
(high) (sf) from BBB (sf)

RMF Proprietary Issuance Trust 2021-2

-- Asset-Backed Notes, Series 2021-2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-2, Class M-1 upgraded to AA
(high) (sf) from AA (sf)

-- Asset-Backed Notes, Series 2021-2, Class M-2 upgraded to A
(high) (sf) from A (sf)

-- Asset-Backed Notes, Series 2021-2, Class M-3 confirmed at BBB
(sf)

RMF Proprietary Issuance Trust 2022-1

-- Asset-Backed Notes, Series 2022-1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M-1 confirmed at AA
(sf)

-- Asset-Backed Notes, Series 2022-1, Class M-2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-1, Class M-3 confirmed at BB
(low) (sf)

RMF Proprietary Issuance Trust 2022-2

-- Asset-Backed Notes, Series 2022-2, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-2, Class M-1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M-2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-2, Class M-3 confirmed at BBB
(low) (sf)

RMF Proprietary Issuance Trust 2022-3

-- Asset-Backed Notes, Series 2022-3, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-3, Class M-1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-3, Class M-2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-3, Class M-3 confirmed at BBB
(low) (sf)

RMF Buyout Issuance Trust 2020-HB1

-- Asset-Backed Notes, Series 2020-HB1, Class A1 confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-HB1, Class A2 confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-HB1, Class AB confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2020-HB1, Class M1 upgraded to AA
(high) (sf) from AA (sf)

-- Asset-Backed Notes, Series 2020-HB1, Class M2 upgraded to AA
(low) (sf) from A (sf)

-- Asset-Backed Notes, Series 2020-HB1, Class M3 upgraded to A
(low) (sf) from BBB (sf)

-- Asset-Backed Notes, Series 2020-HB1, Class M4 upgraded to BBB
(sf) from BB (high) (sf)

RMF Buyout Issuance Trust 2021-HB1

-- Asset-Backed Notes, Series 2021-HB1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2021-HB1, Class M1 upgraded to AAA
(sf) from AA (low) (sf)

-- Asset-Backed Notes, Series 2021-HB1, Class M2 upgraded to AA
(low) (sf) from A (low) (sf)

-- Asset-Backed Notes, Series 2021-HB1, Class M3 upgraded to A
(low) (sf) from BBB (low) (sf)

-- Asset-Backed Notes, Series 2021-HB1, Class M4 upgraded to BBB
(low) (sf) from BB (low) (sf)

-- Asset-Backed Notes, Series 2021-HB1, Class M5 upgraded to BB
(low) (sf) from B (sf)

RMF Buyout Issuance Trust 2022-HB1

-- Asset-Backed Notes, Series 2022-HB1, Class A confirmed at AAA
(sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M1 confirmed at AA
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M2 confirmed at A
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M3 confirmed at BBB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M4 confirmed at BB
(low) (sf)

-- Asset-Backed Notes, Series 2022-HB1, Class M5 confirmed at B
(sf)

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

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

-- Key performance measures, as reflected in credit enhancement
increases since deal inception, and running total cumulative loss
percentages.

-- The pools backing the reviewed RMBS transactions consist of RM
collateral.

DBRS Morningstar notes that Reverse Mortgage Funding, LLC (RMF)
filed for Chapter 11 bankruptcy protection on November 30, 2022.
Subsequently, RMF obtained court approvals and funding to allow it
to continue its servicing operations, including collecting
servicing fees and making advances.

In accordance with the analysis outlined in the above press
release, DBRS Morningstar made adjustments to its surveillance
reviews of the rated RMF securitizations to account for a potential
servicing transfer. The adjustments pertain to 1) increases in
servicing fees and 2) to the extent applicable, such fees and
reimbursement of servicing advances being moved to the top of the
waterfall, ahead of any payments to the notes. The resulting rating
actions reflect the incorporation of the above adjustments.

DBRS Morningstar recognizes the uncertainties surrounding RMF's
bankruptcy proceedings and the potential challenges it may have on
the rated securitizations as described above. DBRS Morningstar will
continue to monitor the ongoing developments in the bankruptcy
proceedings and transaction performance, conduct pool-level credit
analysis, and take appropriate rating actions as warranted.

RM LOANS

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

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



[*] DBRS Reviews 238 Classes From 43 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 238 classes from 43 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 238 classes
reviewed, DBRS Morningstar upgraded 42 ratings, confirmed 46
ratings, and discontinued 150 ratings.

The Affected Ratings Are Available at https://bit.ly/3DCC4MU

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

The pools backing the reviewed RMBS transactions consist of
subprime, Alt-A, prime, and seasoned re-performing collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class M-1

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class M-2

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class B-1

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class B-2

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class A-4

-- GS Mortgage-Backed Securities Trust 2021-RPL1, Mortgage-Backed
Securities Trust 2021-RPL1, Class A-5

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class A3

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class A4

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class M2

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class M3A

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class M3B

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class M3

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B1A

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B1B

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B1

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B2A

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B2B

-- Mill City Mortgage Loan Trust 2021-NMR1, Mortgage-Backed
Securities, Series 2021-NMR1, Class B2

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class A-4

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class A-5

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class M-1

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class M-2

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class B-1

-- BRAVO Residential Funding Trust 2022-RPL1, Mortgage-Backed
Notes, Series 2022-RPL1, Class B-2

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class A-4

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class A-5

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class M-1

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class M-2

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class B-1

-- GS Mortgage-Backed Securities Trust 2022-RPL1, Mortgage-Backed
Securities, Series 2022-RPL1, Class B-2

-- CIM Trust 2022-R1, Mortgage-Backed Notes, Series 2022-R1, Class
B2

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class M2

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class B1

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class B2

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class M2A

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class M2AX

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class M2B

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class M2BX

-- Towd Point Mortgage Trust 2020-2, Asset-Backed Securities,
Series 2020-2, Class A5

Notes: The principal methodology applicable to the ratings is the
U.S. RMBS Surveillance Methodology.




[*] DBRS Reviews 355 Classes From Nine U.S. RMBS Transactions
-------------------------------------------------------------
DBRS, Inc. reviewed 355 classes from nine U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 355 classes
reviewed, DBRS Morningstar upgraded 12 ratings and confirmed 343
ratings.

The Affected Ratings Are Available at https://bit.ly/3HDHMPM

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings.

The pools backing the reviewed RMBS transactions consist of prime
mortgage collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- GS Mortgage-Backed Securities Trust 2021-PJ3, Mortgage
Pass-Through Certificates, Series 2021-PJ3, Class B-5

-- GS Mortgage-Backed Securities Trust 2022-MM1, Mortgage
Pass-Through Certificates, Series 2022-MM1, Class B-4

-- GS Mortgage-Backed Securities Trust 2022-MM1, Mortgage
Pass-Through Certificates, Series 2022-MM1, Class B-5

-- Mello Mortgage Capital Acceptance 2021-INV3, Mortgage
Pass-Through Certificates, Series 2021-INV3, Class B-5

-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage
Pass-Through Certificates, Series 2021-MTG1, Class B4

-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage
Pass-Through Certificates, Series 2021-MTG1, Class B5

Notes: The principal methodology applicable to the ratings is the
U.S. RMBS Surveillance Methodology.



[*] DBRS Reviews 60 Classes From 11 U.S. RMBS Transactions
----------------------------------------------------------
DBRS, Inc. reviewed 60 classes from 11 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 60 classes
reviewed, DBRS Morningstar upgraded 14 ratings and confirmed 46
ratings.

The Affected Ratings Are Available at https://bit.ly/3XZhluU

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings.

The pools backing the reviewed RMBS transactions consist of
Non-Qualified Mortgage collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- Arroyo Mortgage Trust 2021-1R, Mortgage-Backed Notes, Series
2021-1R, Class B-1

-- Arroyo Mortgage Trust 2021-1R, Mortgage-Backed Notes, Series
2021-1R, Class B-2

-- BRAVO Residential Funding Trust 2022-NQM1, Mortgage-Backed
Notes, Series 2022-NQM1, Class B-2

-- CHNGE Mortgage Trust 2022-1, Mortgage Pass-Through
Certificates, Series 2022-1, Class A-1

-- CHNGE Mortgage Trust 2022-1, Mortgage Pass-Through
Certificates, Series 2022-1, Class M-1

-- Homeward Opportunities Fund Trust 2020-2, Class B-1
-- Homeward Opportunities Fund Trust 2020-2, Class B-2
-- Homeward Opportunities Fund Trust 2020-2, Class M-1
-- Imperial Fund Mortgage Trust 2022-NQM1, Mortgage Pass-Through
Certificates, Series 2022-NQM1, Class A-2

-- MFA 2021-INV1 Trust, Mortgage Pass-Through Certificates, Series
2021-INV1, Class A-3

-- MFA 2021-INV1 Trust, Mortgage Pass-Through Certificates, Series
2021-INV1, Class B-1

-- MFA 2021-INV1 Trust, Mortgage Pass-Through Certificates, Series
2021-INV1, Class B-2

-- MFA 2021-INV1 Trust, Mortgage Pass-Through Certificates, Series
2021-INV1, Class M-1

-- MFA 2022-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2022-NQM1, Class B-1

-- MFA 2022-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2022-NQM1, Class B-2

-- MFA 2022-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2022-NQM1, Class M-1

Notes: The principal methodology applicable to the ratings is U.S.
RMBS Surveillance Methodology.




[*] DBRS Reviews 72 Classes From 10 MB SFR Transactions
-------------------------------------------------------
DBRS, Inc. reviewed 72 classes in 10 multi-borrower single-family
rental (MB SFR) transactions following the update of the Rating and
Monitoring U.S. Single-Family Rental Securtization Methodology. As
noted in the Methodology, DBRS Morningstar typically uses the North
American CMBS Multi-Borrower Rating Methodology (CMBS MB
Methodology) to rate MB SFR transactions.

The Affected Ratings Are Available at https://bit.ly/3JHnMye

Of the 72 classes, DBSR Morningstar confirmed its ratings on 48
classes, upgraded its ratings on 17 classes, and discontinued two
classes because of repayment. In addition, DBRS Morningstar placed
five classes in one transaction Under Review with Negative
Implications (Under Review-Negative), as outlined below. As DBRS
Morningstar ratings for commercial mortgage-backed securities
(CMBS) typically include trends for classes rated B (sf) and above,
DBRS Morningstar assigned trends to classes not placed Under
Review-Negative. In all cases, the assigned trends were Stable.

MB SFR transactions are conduit-style securitizations
collateralized by multiple mortgage loans (typically around 75 to
125 loans) made to small institutional investors and/or wealthy
individuals. Each of the mortgage loans is secured by a first lien
on one or more mortgaged properties (usually between 20 and 100
properties) which generally include single-family residential
properties along with multifamily properties in increasing
concentration in recent vintages, and mixed-use properties. The MB
SFR transactions contemplated herein present issuer underwriting,
servicing, operations, and legal document standards that are
substantially in accordance with CMBS market standards.

The transition to the CMBS MB Methodology for MB SFR transactions
is supported by the similarity of MB SFR collateral property
portfolios to multifamily properties and property portfolios
currently included and contemplated within the CMBS MB Methodology,
such as loans secured by multifamily properties in CMBS conduit
collateral pools, small balance commercial real estate collateral
pools, and pools predominantly backed by loans secured by
multifamily properties, including agency multifamily CMBS
transactions, such as the Freddie Mac K series.

Key credit risks are substantially similar to the key risk factors
in CMBS transactions rated using the CMBS MB Methodology. Among
those risk factors, collateral quality, sponsor strength and
concentration, and the composition of operating cash flows may pose
relatively elevated risks in MB SFR transactions that are addressed
using the inputs provided for within the CMBS MB Methodology.

Collateral quality can be, on average, lower than typical for CMBS
transactions. The CMBS MB Methodology contemplates a collateral
quality assessment as part of the property analysis, which is
applied as needed in loan-level inputs to the DBRS Morningstar CMBS
Insight Model (CMBS Insight Model).

Sponsors in the MB SFR transactions are typically of lower credit
quality than sponsors in CMBS transactions. Sponsor strength
assessment is part of the loan analysis and is applied, as needed,
in loan-level inputs to the CMBS Insight Model. Inputs to the
sponsor strength assessment include sponsor net worth and credit
score information, which are typically part of the data tape
provided by the issuer.

Sponsor concentration can be higher than typical for CMBS
transactions. Loan-level roll-ups by sponsor/guarantor are applied
as needed to account for any increased sponsor concentration.

The DBRS Morningstar North American Commercial Real Estate Property
Analysis Criteria (Property Cash Flow Criteria) serves as the basis
for deriving a property's net cash flow (NCF) and the corresponding
NCF haircut used in the CMBS MB Methodology. DBRS Morningstar uses
the multifamily property analysis in the Property Cash Flow
Criteria as the basis for MB SFR property portfolio analysis.
Generally, the cash flow analysis in the MB SFR origination process
has been similar to CMBS lenders' cash flow analysis, focusing on
gross potential rent, deductions for vacancy, standard expense line
items, and an allowance for capital expenditures. Individual line
items for MB SFR property-level cash flow analysis may be weighted
differently when compared with the corresponding cash flow analysis
for CMBS multifamily properties; for example, capital expenditures
on MB SFR properties are generally elevated compared with typical
CMBS multifamily properties. Such differences in the property level
cash flow analysis line items are taken into consideration when
assessing MB SFR property cash flow.

DBRS Morningstar used the CMBS MB Methodology, Rating North
American CMBS Interest-Only Certificates Methodology (NA CMBS IO
Methodology), Property Cash Flow Criteria, and the North American
CMBS Surveillance Methodology (Surveillance Methodology) in its
analysis of the MB SFR transactions. DBRS Morningstar reviewed a
sample of each transaction's issuance data and applied a minimum
NCF haircut of 18% to each of the unsampled loans in the MB SFR
transactions. No credit was given to seasoning of the collateral
where cash flows may have been reported to have improved. The loans
were assigned the multifamily property type considering they are
secured by portfolios of SFR homes. Property quality was derived
based on average property condition and age within each property
portfolio. DBRS Morningstar determined the sponsor strength to be
generally Weak, based on the sponsor's management tenure, net
worth, liquidity, financial flexibility, and transparency
associated with disclosure of financial condition. Where
identifiable, loans with related borrower groups were consolidated
to address obligor concentrations. DBRS Morningstar used the
Surveillance Methodology in its review of each transaction's
current performance as of the January 2023 remittance reports,
taking into consideration delinquencies, updated valuations, and/or
commentaries from the servicer, in addition to watchlist details.

In the case of larger loans that were exhibiting performance
declines from issuance and/or were reporting payment or maturity
defaults, probability of default (PoD) adjustments were made on a
sliding scale, with the severity of the PoD penalty increasing
based on the specifics of the increased risks. In some cases, loss
given default (LGD) adjustments were also made, reflecting DBRS
Morningstar's concerns surrounding potential value declines from
the issuance figures. In the case of one transaction, B2R 2016-1, a
liquidation scenario was assumed for one small loan in default as
the servicer's comments suggested a full loss could be realized at
resolution.

The January 2023 remittance reports showed servicer's watchlist
concentrations between 10.2% and 48.6%, with concentrations of
delinquent loans between 0% and 26.1%. Realized losses to date
across all 10 transactions have been generally minimal, ranging
between 0% and 1.7% of the original pool balances. Historically,
liquidations across these pools have shown somewhat binary
outcomes, with many loans reporting no or very small losses at
disposition, while other loans report high loss severities that can
sometimes even exceed 100%. Weighted-average loss severities across
the 10 transactions ranged between 0% and 52.8%.

The CAFL 2017-1 transaction reported the highest delinquency rate
across the 10 transactions. The delinquency rate of 26.1% is fully
contained to three matured nonperforming loans, all of which are
with the special server in various stages of workout. Two of the
loans, representing 20.4% of the pool balance, are expected to be
resolved via foreclosure. DBRS Morningstar notes that both of those
loans reflect low leverage financing with going-in loan-to-value
ratios (LTVs) between 45.4% and 51.0%, reducing the likelihood of
loss at disposition. While the third loan in special servicing has
had an appraisal reduction since issuance, with the implied value
in that analysis suggesting an LTV of nearly 90%, DBRS Morningstar
expects any loss associated with the workout of the loan to be
contained to the nonrated Class H. All three loans were analyzed
with adjustments to increase the PoD and stress the expected loss
in the CMBS Insight Model.

DBRS Morningstar placed five classes in the CAF 2018-2 transaction
Under Review-Negative. This transaction reported the highest
watchlist concentration across the 10 pools (29 loans totaling
48.6% of the outstanding pool balance), with watchlist reasons
including cash flow declines, late financial reporting, and
significant deferred maintenance problems observed at the
servicer's site inspections. In addition to the high watchlist
concentration, the pool reports the second-highest delinquency rate
of the 10 transactions reviewed, at 6.8%. To date, the trust has
experienced a net loss of only 0.53%; however, DBRS Morningstar is
concerned the large number of watchlist loans and relatively high
delinquency rate could translate to increased losses over the near
to moderate term. Consequently, DBRS Morningstar intends to monitor
the collateral over the next several reporting periods to better
evaluate the possible outcomes.

For the interest-only classes (IO classes) in each of these
transactions (with the exception of the CAF 2018-2 transaction),
the rating upgrades reflect DBRS Morningstar's use of the Rating
North American CMBS Interest Only Certificates Methodology, which
contemplates a rating for the IO classes that is, typically, a
pass-through of the rating of the applicable reference
obligation(s), possibly adjusted upward by one notch. In the case
of the CAF 2018-2 transaction, the IO Class X-B rating was placed
Under Review-Negative as the lowest rated applicable reference
obligation, the Class D certificate, was also placed Under
Review-Negative.

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




[*] Moody's Upgrades $174.7MM of US RMBS Issued 2004 to 2007
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 13 bonds from
eight US residential mortgage-backed transactions (RMBS), backed by
Alt-A and subprime mortgages issued by multiple issuers.

Issuer: Ameriquest Mortgage Securities Inc., Series 2006-R2

Cl. M-3, Upgraded to Caa3 (sf); previously on Apr 14, 2010
Downgraded to C (sf)

Issuer: BCAP LLC Trust 2007-AA3

Cl. I-A-1A, Upgraded to B3 (sf); previously on Nov 11, 2010
Downgraded to Caa2 (sf)

Cl. I-A-1B, Upgraded to B3 (sf); previously on Nov 11, 2010
Downgraded to Caa2 (sf)

Issuer: Bear Stearns ALT-A Trust 2004-12

Cl. I-M-2, Upgraded to Caa2 (sf); previously on Apr 20, 2018
Upgraded to Ca (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-TC1

Cl. M-6, Upgraded to B2 (sf); previously on Nov 20, 2018 Upgraded
to Caa1 (sf)

Cl. M-7, Upgraded to Caa1 (sf); previously on Mar 11, 2020 Upgraded
to Caa3 (sf)

Cl. M-8, Upgraded to Caa3 (sf); previously on May 21, 2010
Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Cl. MF-3, Upgraded to Ca (sf); previously on Mar 12, 2013 Affirmed
C (sf)

Cl. MV-7, Upgraded to Caa1 (sf); previously on Jun 21, 2019
Upgraded to Caa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH2

Cl. M3, Upgraded to Ba2 (sf); previously on Jan 31, 2018 Upgraded
to B1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF10

Cl. A1, Upgraded to Ba1 (sf); previously on Feb 24, 2020 Upgraded
to Ba2 (sf)

Cl. A5, Upgraded to Baa1 (sf); previously on Feb 24, 2020 Upgraded
to Baa3 (sf)

Issuer: Long Beach Mortgage Loan Trust 2006-WL2

Cl. I-A, Upgraded to Ba2 (sf); previously on Jun 21, 2019 Upgraded
to B1 (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 the improving performance of the
related pools, and/or 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.


                            *********

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