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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, March 5, 2023, Vol. 27, No. 63

                            Headlines

A10 SINGLE 2023-GTWY: DBRS Finalizes B(low) Rating on F Certs
ABPCI DIRECT XIV: S&P Assigns BB- (sf) Rating on Class E Notes
AMERICREDIT AUTOMOBILE 2023-1: Moody's Assigns (P)Ba2 to E Notes
AMSR 2023-SFR1: DBRS Gives Prov. BB Rating on Class F Certs
AUDAX SENIOR 7: S&P Assigns BB- (sf) Rating on Class E Notes

BALLYROCK CLO 23: S&P Assigns BB- (sf) Rating on Class D Notes
BANK 2023-BNK45: Fitch Assigns 'B-sf' Final Rating on Two Tranches
BBCMS TRUST 2015-SRCH: Fitch Affirms 'BB+sf' Rating on Cl. E Certs
BENCHMARK 2018-B3: Fitch Affirms 'B-sf' Rating on Class H-RR Certs
BENEFIT STREET XXX: S&P Assigns BB- (sf) Rating on Class E Notes

BLP COMMERCIAL 2023-IND: DBRS Gives Prov. B(low) on G Certs
BREAN ASSET 2023-RM6: DBRS Finalizes B Rating on Class M5 Notes
BSST 2021-1818: DBRS Confirms B(low) Rating on Class F Certs
CARVAL CLO VII-C: S&P Assigns BB- (sf) Rating on Class E Notes
CHNGE MORTGAGE 2023-1: DBRS Gives Prov. B Rating on B-2 Certs

CITIGROUP COMMERCIAL 2015-P1: Fitch Affirms 'Bsf' Rating on F Certs
CITIGROUP COMMERCIAL 2016-P3: Fitch Cuts Rating on D Certs to CCsf
CITIGROUP COMMERCIAL 2019-C7: Moody's Cuts 805B Certs Rating to B2
CITIGROUP MORTGAGE 2023-RP1: Fitch Gives 'B' Rating on B-2 Notes
COMM 2018-COR3: Fitch Lowers Rating on Class E-RR Certs to 'Bsf'

CONNECTICUT AVENUE 2023-R02: DBRS Finalizes B Rating on 3 Classes
CORNHUSKER FUNDING 1A: DBRS Finalizes B Rating on Class C Notes
CORNHUSKER FUNDING 1B: DBRS Finalizes B Rating on Class C Notes
CRSNT TRUST 2021-MOON: DBRS Confirms B(low) Rating on F Certs
DT AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes

EXETER AUTOMOBILE 2023-1: Fitch Gives Final BBsf Rating on E Notes
EXETER AUTOMOBILE 2023-1: S&P Assigns BB(sf) Rating on Cl. E Notes
FIVE 2023-V1: Fitch Assigns 'B-sf' Final Rating on Two Tranches
GENERATE CLO 11: S&P Assigns BB- (sf) Rating on Class E Notes
GOODLEAP 2023-1: S&P Assigns 'BB (sf)' Rating on Class C Notes

GS MORTGAGE 2020-UPTN: DBRS Confirms B Rating on Class HRR Certs
GS MORTGAGE 2023-PJ2: Fitch Gives Final B-sf Rating on Cl. B5 Certs
HALCYON LOAN 2012-1: S&P Lowers Class D Notes Rating to 'D (sf)'
HERTZ VEHICLE 2023-1: DBRS Gives Prov. BB Rating on Class D Notes
HERTZ VEHICLE III: Moody's Gives Ba2 Rating to 2023-1 Cl. D Notes

HILDENE TRUPS 5: Moody's Assigns Ba3 Rating to $12.75MM D Notes
HOMES TRUST 2023-NQM1: DBRS Gives Prov. B(high) Rating on B2 Certs
HOMES TRUST 2023-NQM1: Fitch Assigns 'B' Rating on Class B2 Certs
IMSCI 2012-2: Fitch Affirms CCC Rating on Class G Debt
INVESCO US 2023-1: Fitch Assigns 'BBsf' Rating on Class E Notes

INVESCO US 2023-2: Moody's Assigns (P)B3 Rating to $1MM F Notes
JP MORGAN 2010-C2: Fitch Affirms Csf Rating on 2 Tranches
JP MORGAN 2023-2: Fitch Gives 'B-sf' Final Rating on Cl. B-5 Certs
JPMBB 2015-C29: Fitch Lowers Rating on Class D Certs to 'CCCsf'
JPMDB COMMERCIAL 2016-C2: Fitch Cuts Rating on Two Tranches to B-sf

KEYCORP STUDENT 2005-A: Fitch Hikes Rating on Cl. II-C Notes to BB
KKR CLO 46: Fitch Assigns 'BB-(EXP)' Rating on Class E Notes
KNDL 2019-KNSQ: DBRS Confirms BB(low) Rating on Class F Certs
LIBRA SOLUTIONS 2023-1: DBRS Finalizes BB Rating on Class B Notes
LIFE 2021-BMR: DBRS Confirms B(low) Rating on Class G Certs

MAGNETITE LTD XXXIV: Fitch Assigns 'BBsf' Rating on Class E Notes
MAGNETITE LTD XXXIV: Moody's Gives B3 Rating to $410,000 F Notes
MFA 2023-INV1: DBRS Finalizes B(high) Rating on Class B-2 Certs
MILL CITY 2023-NQM1: Fitch Assigns 'Bsf' Rating on Cl. B-2 Notes
MKT 2020-525M: DBRS Confirms BB(low) Rating on Class F Certs

MORGAN STANLEY 2004-3: S&P Lowers Class B-2 Debt Rating to 'D(sf)'
MORGAN STANLEY 2013-C11: DBRS Confirms C Rating on 6 Classes
MORGAN STANLEY 2019-NUGS: Moody's Cuts Rating on Cl. E Certs to B2
OBX TRUST 2023-J1: Moody's Assigns B2 Rating to Cl. B-5 Notes
OBX TRUST 2023-NQM2: Fitch Gives Bsf Rating on B-2 Notes

OHA CREDIT 14: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
ONEMAIN FINANCIAL 2018-2: DBRS Confirms BB Rating on E Trusts
PRKCM 2023-AFC1: S&P Assigns Prelim B (sf) Rating on Cl.B-2 Notes
READY CAPITAL 2018-4: DBRS Confirms B(low) Rating on Class G Certs
REALT 2018-1: Fitch Affirms Bsf Rating on Cl. G Certificates

SLM STUDENT 2003-1: Fitch Affirms 'Bsf' Rating on 4 Tranches
STAR 2021-SFR1: DBRS Confirms B(low) Rating on Class G Trusts
SUMMIT ISSUER 2023-1: Fitch Assigns 'BB-sf' Final Rating on C Notes
SYCAMORE TREE 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
SYMPHONY CLO 38: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes

TOWD POINT 2023-1: Fitch Assigns 'B-(EXP)sf' Rating on Cl. B2 Notes
UBS COMMERCIAL 2019-C16: Fitch Affirms 'B-sf' Rating on H-RR Notes
UBS-BMALL TRUST 2012-WRM: Fitch Cuts Rating on Cl. B Certs to 'Bsf'
UBS-CITIGROUP 2011-C1: DBRS Confirms C Rating on 3 Classes
VERUS SECURITIZATION 2023-INV1: S&P Assigns B- (sf) on B-2 Notes

VNDO TRUST 2016-350P: DBRS Confirms BB(low) Rating on E Certs
WELLS FARGO 2014-LC16: DBRS Confirms C Rating on 4 Classes
WFRBS COMMERCIAL 2013-C18: DBRS Confirms C Rating on 2 Classes
WFRBS COMMERCIAL 2014-C20: DBRS Confirms C Rating on 3 Classes
[*] DBRS Reviews 246 Classes From 23 U.S. RMBS Transactions

[*] DBRS Reviews 308 Classes From 19 U.S. RMBS Transactions
[*] DBRS Reviews 92 Classes From 19 U.S. RMBS Transactions
[*] Fitch Affirms Ratings on 23 Classes From 3 CDO Transactions
[*] Moody's Upgrades $50MM of US RMBS Issued 2004 to 2006
[*] Moody's Upgrades $99MM of US RMBS Issued 2004-2007

[*] S&P Takes Various Actions on 100 iShares Fixed-Income ETFs
[*] S&P Takes Various Actions on 101 Classes From 25 US RMBS Deals
[*] S&P Takes Various Actions on 34 Classes From 13 US RMBS Deals

                            *********

A10 SINGLE 2023-GTWY: DBRS Finalizes B(low) Rating on F Certs
-------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2023-GTWY (the Certificates) issued by A10 Single Asset Commercial
Mortgage 2023-GTWY (A10 SACM 2023-GTWY):

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

All trends are Stable.

The A10 SACM 2022-GTWY single-asset/single-borrower transaction is
collateralized by the borrower's fee simple interest in The Gateway
at Wynwood (Gateway), a 219,532-sf office building, and an adjacent
5,348-sf retail building (2830 N Miami) in the Miami neighborhood
of Wynwood. The Gateway was developed by the sponsor, R&B Realty,
and delivered in December 2021 while the 2830 N Miami building was
built in 1936 and acquired by the sponsor in 2015. As of loan
closing, the collateral was 66.1% leased. Of the $92.0 million
A-note, $80.5 million will be contributed to the trust; the
remaining $11.5 million represents future funding for accretive
leasing. The loan is structured with a three-year initial term and
two one-year extension options that are exercisable subject to the
lender's discretion with no performance metric thresholds stated
within the loan documents. As a result, this allows for ambiguity
on expectations on loan performance and metrics throughout the
fully extended loan term; however, for the extension options to be
granted, the lender needs approval from 100% of the bondholders,
per the transaction documents. The floating-rate loan is IO
throughout the fully extended term and includes a step-up spread
mechanism where once the loan is fully-funded the spread increases
from 5.765% to 5.91%.

The Gateway at Wynwood comprises 24,078 sf of ground-floor retail,
195,454 sf of Class A office space, and a rooftop. The rooftop is
leased to a restaurant tenant that will also have operations in a
portion of the ground-floor retail. As of loan closing, 19.4% of
the space was physically occupied and the remaining 106,007-sf of
leased space is in varying stages of construction. The largest
tenant is OpenStore, an e-commerce company focused on acquiring and
managing Shopify stores. The tenant currently occupies 14,914 sf
(6.6% of the NRA), and its expansion space is under construction,
which will increase its footprint to 41,896 sf (18.6% of the NRA).
Mindspace, a coworking space, is the second largest tenant,
accounting for 30,272 sf (13.5% of NRA). The third-largest tenant,
Thoma Bravo, a software private equity firm, recently signed a
short-term 18 month lease for 20,930 sf (9.3% of NRA). The firm has
a long-term lease signed at a neighboring property in Miami, but
construction for that space is delayed and they are in need of
office space in the area. The other office tenants include a
commercial real estate company, a biotechnology company, and a
cryptocurrency company, and no other tenant represents more than
5.4% of the NRA. The collective collateral is 19.4% physically
occupied and 66.1 % leased; however, the sponsor has been unable to
execute a new long-term lease since July 2022, which is partially
due to the sponsor having insufficient funds for tenant
improvements. Thoma Bravo is taking over the previously vacant
spec-suites and the sponsor plans to build-out the eighth floor to
a spec level. The diversity of industry at the property is seen as
a positive, as it insulates the collateral from industry-specific
downturns; however, the general lack of occupancy and the inability
to execute a lease over the past six months are concerns,
particularly given the rejuvenation and interest in the Wynwood
submarket in addition to the current economic environment.

The Wynwood neighborhood is an up-and-coming office market and
emerging tech hub that was previously known as an industrial
district. Per the appraisal, office inventory has nearly doubled
over the past 10 years, and four new construction projects,
totaling 223,729 sf of office space or 10.3% of current inventory,
will be added in the near term. While The Gateway at Wynwood is a
recently delivered property, the neighborhood is experiencing a
significant increase in inventory, which could limit the upside
typically associated with a newly constructed building. The subject
is claiming competitive rents, with a WA rental rate of $66.18 psf
compared with the appraiser's competitive set adjusted rent of
$71.38. However, the property could struggle to be attractive and
retain tenants as new product continues to enter the market unless
above market concessions are granted. The substantial impact of
inventory on vacancy has already been observed as seen by the
10-year average vacancy rate of 11.5% compared with 24.4% in Q2
2022, per the appraisal, or 31.2% in Q3 2022, per Reis. The
sponsor's primary goal is to increase occupancy at the property and
$14.8 million ($11.5 million of future funding for future leases
and $3.3 million from the sponsor for spec suite build-out) will be
collected at closing.

The sponsor for this transaction is a family-owned, fully
integrated real estate management firm based in New York. The
sponsor's real estate portfolio comprises over one million sf of
commercial real estate and includes three office buildings in New
York, four commercial buildings in varying locations, and the
subject collateral. The sponsor is inexperienced in the Miami
office market as the only other commercial building the sponsor
owns in Miami was fully leased to a restaurant that closed per the
restaurant's website. The loan collateral represents the sponsor's
largest project to-date and represents 45.5% of the sponsor's total
portfolio value of $290.9 million. The principal was involved in
family-centered lawsuits regarding the family's real estate assets.
The cases were settled in September 2022 and include a general
release of all claims known and unknown between the named family
members. Additionally, the sponsor is in litigation that started in
September 2021 with a subcontractor who alleged nonpayment in
relation to the construction of the asset. The subcontractor's
original claim was settled when the contractor paid such amount to
the subcontractor; however, the contractor's cross-claim against
the sponsor of $1.2 million in relation to design revisions,
traffic issues, and adverse weather conditions remains unsettled.
The sponsor is considering making a claim against the contractor in
a separate incident related to a $3.2 million construction payment
made by the sponsor in 2020. The sponsor received an email with
wire instructions to an account that was not the contractor's. It
has been alleged that the contractor's system had been hacked and
when the theft was discovered the contractor demanded a second $3.2
million payment or construction would be stopped. In order to
mitigate damages and complete construction, the sponsor paid under
protest and is now seeking to recover the duplicate payment.

The sponsor's net worth and liquidity are lower than the metrics
DBRS Morningstar typically sees for a transaction of this size. The
sponsor's inexperience and low net worth and liquidity ratios
resulted in a downward adjustment of the LTV thresholds. DBRS
Morningstar applied an additional downward adjustment to the LTV
thresholds in relation to the lack of disclosure of the
aforementioned litigation by the sponsor during initial due
diligence.

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


ABPCI DIRECT XIV: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to ABPCI Direct Lending
Fund CLO XIV LLC's floating-rate notes.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  ABPCI Direct Lending Fund CLO XIV LLC

  Class A, $196.00 million: AAA (sf)
  Class B, $33.25 million: AA (sf)
  Class C (deferrable), $31.50 million: A (sf)
  Class D (deferrable), $17.50 million: BBB- (sf)
  Class E (deferrable), $21.00 million: BB- (sf)
  Subordinated notes, $51.25 million: Not rated



AMERICREDIT AUTOMOBILE 2023-1: Moody's Assigns (P)Ba2 to E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by AmeriCredit Automobile Receivables Trust
2023-1 (AMCAR 2023-1). This is the first AMCAR auto loan
transaction of the year for AmeriCredit Financial Services, Inc.
(AFS; unrated), wholly owned subsidiary of General Motors Financial
Company, Inc. (Baa3, stable). The notes will be backed by a pool of
retail automobile loan contracts originated by AFS, who is also the
servicer and administrator for the transaction.

The complete rating actions are as follows:

Issuer: AmeriCredit Automobile Receivables Trust 2023-1

Class A-1 Notes, Assigned (P)P-1 (sf)

Class A-2-A Notes, Assigned (P)Aaa (sf)

Class A-2-B Notes, Assigned (P)Aaa (sf)

Class A-3 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aaa (sf)

Class C Notes, Assigned (P)Aa2 (sf)

Class D Notes, Assigned (P)Baa2 (sf)

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

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of AFS as the servicer
and administrator.

Moody's median cumulative net loss expectation for the 2023-1 pool
is 9.0% and the loss at a Aaa stress is 33.0%. 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 AFS 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, and Class E notes are expected to benefit from 33.10%, 26.60%,
18.45%, 10.60%, and 7.75% 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 Class E 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 subordinate notes if, given current
expectations of portfolio losses, levels of credit enhancement are
consistent with higher ratings. In sequential pay structures, such
as the one in this transaction, credit enhancement grows as a
percentage of the collateral balance as collections pay down senior
notes. Prepayments and interest collections directed toward note
principal payments will accelerate this build of enhancement.
Moody's expectation of pool losses could decline as a result of a
lower number of obligor defaults 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, the market for
used vehicles, and changes in servicing practices.

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. Additionally, Moody's
could downgrade the Class A-1 short-term rating following a
significant slowdown in principal collections that could result
from, among other things, high delinquencies or a servicer
disruption that impacts obligor's payments.


AMSR 2023-SFR1: DBRS Gives Prov. BB Rating on Class F Certs
-----------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates (the Certificates)
to be issued by AMSR 2023-SFR1 Trust (AMSR 2023-SFR1):

-- $185.1 million Class A at AAA (sf)
-- $48.1 million Class B at AA (high) (sf)
-- $23.4 million Class C at AA (low) (sf)
-- $32.1 million Class D at A (low) (sf)
-- $24.7 million Class E-1 at BBB (high) (sf)
-- $24.7 million Class E-2 at BBB (low) (sf)
-- $40.7 million Class F at BB (sf)

The AAA (sf) rating on the Class A Certificate reflects 55.09% of
credit enhancement provided by subordinated notes in the pool. The
AA (high) (sf), AA (low) (sf), A (low) (sf), BBB (high) (sf), BBB
(low) (sf), and BB (sf) ratings reflect 43.41%, 37.72%, 29.94%,
23.95%,17.96%, and 8.08% credit enhancement, respectively.

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

The Certificates are supported by the income streams and values
from 1,655 rental properties. The properties are distributed across
14 states and 31 metropolitan statistical areas (MSAs) in the U.S.
DBRS Morningstar maps an MSA based on the ZIP code provided in the
data tape, which may result in different MSA stratifications than
those provided in offering documents. As measured by BPO value,
45.0% of the portfolio is concentrated in three states: Florida
(19.8%), Georgia (12.9%), and Texas (12.3%). The average value is
$298,234. The average age of the properties is roughly 37 years.
The majority of the properties have three or more bedrooms. The
Certificates represent a beneficial ownership in an approximately
five-year, fixed-rate, interest-only loan with an initial aggregate
principal balance of approximately $412.1 million.

The Sponsor intends to satisfy its risk-retention obligations under
the U.S. Risk Retention Rules, EU Risk Retention Requirements, and
UK Risk Retention Requirements by Class G, which is 6.8% of the
initial total issuance balance, either directly or through a
majority-owned affiliate.

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

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




AUDAX SENIOR 7: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to Audax Senior Debt CLO 7
LLC's floating-rate debt (see list). The transaction is managed by
Audax Management Co. (NY) LLC.

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

The ratings reflect:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  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 BB- (sf) Rating on Class D Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  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



BANK 2023-BNK45: Fitch Assigns 'B-sf' Final Rating on Two Tranches
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
BANK 2023-BNK45, commercial mortgage pass-through certificates,
series 2023-BNK45, as follows:

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
BANK 2023-BNK45

   A-1            LT AAAsf  New Rating    AAA(EXP)sf
   A-2            LT AAAsf  New Rating    AAA(EXP)sf
   A-3            LT AAAsf  New Rating    AAA(EXP)sf
   A-4            LT AAAsf  New Rating    AAA(EXP)sf
   A-4-1          LT AAAsf  New Rating    AAA(EXP)sf
   A-4-2          LT AAAsf  New Rating    AAA(EXP)sf
   A-4-X1         LT AAAsf  New Rating    AAA(EXP)sf
   A-4-X2         LT AAAsf  New Rating    AAA(EXP)sf
   A-5            LT AAAsf  New Rating    AAA(EXP)sf
   A-5-1          LT AAAsf  New Rating    AAA(EXP)sf
   A-5-2          LT AAAsf  New Rating    AAA(EXP)sf
   A-5-X1         LT AAAsf  New Rating    AAA(EXP)sf
   A-5-X2         LT AAAsf  New Rating    AAA(EXP)sf
   A-S            LT AAAsf  New Rating    AAA(EXP)sf
   A-S-1          LT AAAsf  New Rating    AAA(EXP)sf
   A-S-2          LT AAAsf  New Rating    AAA(EXP)sf
   A-S-X1         LT AAAsf  New Rating    AAA(EXP)sf
   A-S-X2         LT AAAsf  New Rating    AAA(EXP)sf
   A-SB           LT AAAsf  New Rating    AAA(EXP)sf
   B              LT AA-sf  New Rating    AA-(EXP)sf
   B-1            LT AA-sf  New Rating    AA-(EXP)sf
   B-2            LT AA-sf  New Rating    AA-(EXP)sf
   B-X1           LT AA-sf  New Rating    AA-(EXP)sf
   B-X2           LT AA-sf  New Rating    AA-(EXP)sf
   C              LT A-sf   New Rating    A-(EXP)sf
   C-1            LT A-sf   New Rating    A-(EXP)sf
   C-2            LT A-sf   New Rating    A-(EXP)sf
   C-X1           LT A-sf   New Rating    A-(EXP)sf
   C-X2           LT A-sf   New Rating    A-(EXP)sf
   D              LT BBBsf  New Rating    BBB(EXP)sf
   E              LT BBB-sf New Rating    BBB-(EXP)sf
   F              LT BB-sf  New Rating    BB-(EXP)sf
   G              LT B-sf   New Rating    B-(EXP)sf
   H              LT NRsf   New Rating    NR(EXP)sf
   RR Interest    LT NRsf   New Rating    NR(EXP)sf
   X-A            LT AAAsf  New Rating    AAA(EXP)sf
   X-B            LT AA-sf  New Rating    A-(EXP)sf
   X-D            LT BBB-sf New Rating    BBB(EXP)sf
   X-F            LT BB-sf  New Rating    BB-(EXP)sf
   X-G            LT B-sf   New Rating    B-(EXP)sf
   X-H            LT NRsf   New Rating    NR(EXP)sf

- $12,454,000 class A-1 'AAAsf'; Outlook Stable;

- $128,509,000 class A-2 'AAAsf'; Outlook Stable;

- $15,769,000 class A-SB 'AAAsf'; Outlook Stable;

- $3,008,000 class A-3 'AAAsf'; Outlook Stable;

- $100,000,000 class A-4 'AAAsf'; Outlook Stable;

- $0b class A-4-1 'AAAsf'; Outlook Stable;

- $0b class A-4-2 'AAAsf'; Outlook Stable;

- $0bc class A-4-X1 'AAAsf'; Outlook Stable;

- $0bc class A-4-X2 'AAAsf'; Outlook Stable;

- $209,226,000 class A-5 'AAAsf'; Outlook Stable;

- $0b class A-5-1 'AAAsf'; Outlook Stable;

- $0b class A-5-2 'AAAsf'; Outlook Stable;

- $0bc class A-5-X1 'AAAsf'; Outlook Stable;

- $0bc class A-5-X2 'AAAsf'; Outlook Stable;

- $468,966,000 class X-A 'AAAsf'; Outlook Stable;

- $130,640,000 class X-B 'AA-sf'; Outlook Stable;

- $71,182,000 class A-S 'AAAsf'; Outlook Stable;

- $0b class A-S-1 'AAAsf'; Outlook Stable;

- $0b class A-S-2 'AAAsf'; Outlook Stable;

- $0bc class A-S-X1 'AAAsf'; Outlook Stable;

- $0bc class A-S-X2 'AAAsf'; Outlook Stable;

- $34,335,000 class B 'AA-sf'; Outlook Stable;

- $0b class B-1 'AA-sf'; Outlook Stable;

- $0b class B-2 'AA-sf'; Outlook Stable;

- $0bc class B-X1 'AA-sf'; Outlook Stable;

- $0bc class B-X2 'AA-sf'; Outlook Stable;

- $25,123,000 class C 'A-sf'; Outlook Stable;

- $0b class C-1 'A-sf'; Outlook Stable;

- $0b class C-2 'A-sf'; Outlook Stable;

- $0bc class C-X1 'A-sf'; Outlook Stable;

- $0bc class C-X2 'A-sf'; Outlook Stable;

- $15,074,000 class D 'BBBsf'; Outlook Stable;

- $22,611,000 class X-D 'BBB-sf'; Outlook Stable;

- $7,537,000 class E 'BBB-sf'; Outlook Stable;

- $14,237,000 class F 'BB-sf'; Outlook Stable;

- $14,237,000 class X-F 'BB-sf'; Outlook Stable;

- $10,049,000 class G 'B-sf'; Outlook Stable;

- $10,049,000 class X-G 'B-sf'; Outlook Stable.

Fitch is not expected to rate the following classes

- $23,448,666d class H;

- $23,448,666d class X-H;

- $35,260,614 class RR interest.

a. Since Fitch published its expected ratings on Feb. 7, 2023, the
balances for classes A-4 and A-5 were finalized. At the time the
expected ratings were published, the initial certificate balances
of classes A-4 and A-5 were expected to be $309,226,000 in the
aggregate, subject to a 5% variance. Additionally, class X-B was
updated to 'AA-sf', reflecting the rating of class B, the lowest
class referenced tranche whose payable interest has an effect on
the IO payments. Additionally, class X-D was updated to 'BBB-sf',
reflecting the rating of class E, the lowest class referenced
tranche whose payable interest has an effect on the IO payments.
The classes above reflect the final ratings and deal structure.

b. Exchangeable Certificates. Class A-4, A-5, A-S, B and C
certificates are exchangeable certificates. Each class of
exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the corresponding
classes of exchangeable certificates. Class A-4 may be surrendered
(or received) for the received (or surrendered) classes A-4-1 and
A-4-X1. Class A-4 may be surrendered (or received) for the received
(or surrendered) classes A-4-2 and A-4-X2. Class A-5 may be
surrendered (or received) for the received (or surrendered) classes
A-5-1 and A-5-X1. Class A-5 may be surrendered (or received) for
the received (or surrendered) classes A-5-2 and A-5-X2. Class A-S
may be surrendered (or received) for the received (or surrendered)
classes A-S-1 and A-S-X1. Class A-S may be surrendered (or
received) for the received (or surrendered) classes A-S-2 and
A-S-X2. Class B may be surrendered (or received) for the received
(or surrendered) classes B-1 and B-X1. Class B may be surrendered
(or received) for the received (or surrendered) classes B-2 and
B-X2. Class C may be surrendered (or received) for the received (or
surrendered) classes C-1 and C-X1. Class C may be surrendered (or
received) for the received (or surrendered) classes C-2 and C-X2.

c. Notional amount and IO.

d. Privately placed and pursuant to Rule 144A.

e. Represents the "eligible vertical interest" comprising 5.0% of
the pool.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 24 loans secured by 35
commercial properties with an aggregate principal balance of
$705,212,280 as of the cut-off date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, Morgan Stanley
Mortgage Capital Holdings LLC, and Bank of America, National
Association. The Master Servicers are expected to be Wells Fargo
Bank, National Association, and the Special Servicers are expected
to be LNR Partners, LLC

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 67.6% of the properties
by balance, cash flow analyses of 98.3% of the pool and asset
summary reviews on 100% of the pool.

KEY RATING DRIVERS

Lower Leverage than Recent Transactions: The pool has lower
leverage compared with recent multiborrower transactions rated by
Fitch. The pool's Fitch loan-to-value ratio (LTV) of 89.0% is
significantly lower than the 2022 and 2021 averages of 99.3% and
103.3%, respectively. However, the pool's Fitch debt service
coverage ratio (DSCR) of 1.24x is lower than the 2022 and 2021
averages of 1.31x and 1.38x, respectively. Excluding credit opinion
loans, the pool's Fitch LTV and DSCR are 91.6% and 1.24x,
respectively.

High Pool Concentration: The pool's 10 largest loan represent 75.2%
of its cutoff balance, which is significantly more concentrated
than the 2022 and 2021 averages of 55.2% and 51.2%, respectively.
The pool's Loan Concentration Index (LCI) is 652, significantly
higher than the 2022 and 2021 averages of 422 and 381,
respectively.

Investment Grade Credit Opinion Loans: Two loans representing 14.9%
of the pool received an investment-grade credit opinion. CX - 250
Water Street (7.8%) received a standalone credit opinion of
'BBBsf*' and Brandywine Strategic Office Portfolio (7.1%) received
a standalone credit opinion of 'BBB-sf*'. The pool's total credit
opinion percentage of 14.9% is below the 2022 average of 14.4% and
the 2021 average of 13.3%.

RATING SENSITIVITIES

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

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

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

- Original Rating:
'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BBsf'/'Bsf';

- 10% NCF Decline:
'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'CCCsf';

- 20% NCF Decline:
'A-sf'/'BBB-sf'/'BB-sf'/'BB-sf'/'CCCsf'/'CCCsf';

- 30% NCF Decline:
'BBBsf'/'BB+sf'/'CCCsf'/'CCCsf'/'CCCsf'/'CCCsf'.

Fitch's 2023 asset performance outlook for U.S. CMBS is
deteriorating. The agency expects overall U.S. CMBS property
performance to deteriorate as net cash flows (NCFs) decline from
2022 levels due to slowing revenue growth and increased expenses.
Fitch projects loan delinquencies will increase to between 4.0% and
4.5% by year-end 2023 from 1.8% as of year-end 2022 as growing
macroeconomic headwinds and higher interest rates contribute to an
increase in maturity defaults.

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

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

Improvement in cash flow increases property value and capacity to
meet its debt service obligations.

The list below indicates the model implied rating sensitivity to
changes in one variable, Fitch NCF:

- Original Rating:
'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BBsf'/'Bsf';

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

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 Ernst & Young LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

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.


BBCMS TRUST 2015-SRCH: Fitch Affirms 'BB+sf' Rating on Cl. E Certs
------------------------------------------------------------------
Fitch Ratings has affirmed eight classes of BBCMS Trust 2015-SRCH
Mortgage Trust commercial mortgage pass-through certificates.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
BBCMS 2015-SRCH
  
   A-1 05547HAA9   LT  AAAsf   Affirmed    AAAsf
   A-2 05547HAC5   LT  AAAsf   Affirmed    AAAsf
   B 05547HAJ0     LT  AAsf    Affirmed    AAsf
   C 05547HAL5     LT  Asf     Affirmed    Asf
   D 05547HAN1     LT  BBB-sf  Affirmed    BBB-sf
   E 05547HAQ4     LT  BB+sf   Affirmed    BB+sf
   X-A 05547HAE1   LT  AAAsf   Affirmed    AAAsf
   X-B 05547HAG6   LT  Asf     Affirmed    Asf

KEY RATING DRIVERS

Stable Performance and Improved Cash Flow: The affirmations reflect
stable net cash flow and performance since the prior rating action.
Fitch's NCF has increased 9.4% since issuance primarily due to
scheduled rent steps. Overall property level performance remains in
line with issuance expectations. The most recent servicer-reported
NCF debt service coverage ratio (DSCR) as of September 2022 was
1.75x.

Amortization: The loan is interest-only (IO) for the first four
years and eight months and then amortizes on a 30-year schedule,
resulting in seven years of amortization. The loan is no longer in
the IO period and began to amortize in August 2020, resulting in
4.3% paydown since issuance. At maturity, the trust balloon balance
is estimated to be $372.1 million ($395/sf), resulting in an
approximate 13.5% reduction to the initial loan amount.

Superior Collateral Quality in Strong Location: The loan is secured
by the fee simple interest in three newly constructed,
single-tenant office buildings, totaling 943,056 sf, leased to
Google, Inc. in Sunnyvale, CA. The three buildings hold a LEED-Gold
designation are some of the most technologically advanced in the
area and hold a LEED-Gold designation, which has positive impact on
the ESG score for Waste & Hazardous Materials Management;
Ecological Impacts. The complex also includes a 52,500-sf amenities
building (non-collateral) for the sole use of tenants, which
includes fitness and weight equipment, studios for classes, full
locker rooms and an outdoor pool.

Single-Tenant Lease Exposure: The three buildings are leased by
Google through August 2027 (co-terminus with the loan maturity).
Google has no outs in its lease and has invested approximately
$188.6 million ($200 psf) in its buildout. Alphabet Inc., Google's
parent company, is one of the world's largest technology companies
with an estimated market capitalization of $1.73 trillion as of
April 2022. It is also one of the largest landlords and occupiers
of space in the Silicon Valley market. The company has leased three
other office buildings in the development (Phase II).

Reserves: Up-front reserves of approximately $71 million were
funded to address all outstanding landlord obligations, including
tenant improvements, leasing costs and free rent periods. Nearly
all of the reserves have been used, and only a small amount
remains. The loan includes a cash flow sweep to be used to build
reserves to $25 psf during the final two years of the lease term if
Google does not give notice to renew.

RATING SENSITIVITIES

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

Fitch rates the classes A-1 and A-2 'AAAsf', therefore, upgrades
are not possible. Upgrades to classes B through E are possible with
continued transaction paydown and sustained cash flow improvement.
The Stable Rating Outlooks for all classes reflect the relatively
stable performance that is consistent with issuance.

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

Downgrades are possible with a significant decline in asset
occupancy and/or a significant deterioration in property cash
flow.

However, these factors are not expected to materialize due to the
long-term nature of the lease to a creditworthy tenant.

ESG CONSIDERATIONS

BBCMS 2015-SRCH has an ESG Relevance Score of '4' for Environmental
due to the sustainable building practices including Green building
certificate credentials, 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.


BENCHMARK 2018-B3: Fitch Affirms 'B-sf' Rating on Class H-RR Certs
------------------------------------------------------------------
Fitch Ratings has affirmed 16 classes of Benchmark 2018-B3
commercial mortgage pass-through certificates. The Rating Outlooks
on classes G-RR and H-RR remain Negative.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BENCHMARK 2018-B3
  
   A-2 08161BAV5    LT AAAsf  Affirmed    AAAsf
   A-3 08161BAW3    LT AAAsf  Affirmed    AAAsf
   A-4 08161BAX1    LT AAAsf  Affirmed    AAAsf
   A-5 08161BAY9    LT AAAsf  Affirmed    AAAsf
   A-AB 08161BAZ6   LT AAAsf  Affirmed    AAAsf
   A-S 08161BBA0    LT AAAsf  Affirmed    AAAsf
   B 08161BBB8      LT AA-sf  Affirmed    AA-sf
   C 08161BBC6      LT A-sf   Affirmed    A-sf
   D 08161BAA1      LT BBB-sf Affirmed    BBB-sf
   E-RR 08161BAC7   LT BBB-sf Affirmed    BBB-sf
   F-RR 08161BAE3   LT BB+sf  Affirmed    BB+sf
   G-RR 08161BAG8   LT BB-sf  Affirmed    BB-sf
   H-RR 08161BAJ2   LT B-sf   Affirmed    B-sf
   X-A 08161BBD4    LT AAAsf  Affirmed    AAAsf
   X-B 08161BBE2    LT AA-sf  Affirmed    AA-sf
   X-D 08161BAN3    LT BBB-sf Affirmed    BBB-sf

Classes X-A, X-B and X-D are interest only.

KEY RATING DRIVERS

Increase in Loss Expectations: Overall loss expectations for the
pool have slightly increased since Fitch's prior rating action.
Fitch's current ratings incorporate a base case loss of 5.6%. Fitch
has designated 10 loans (28% of pool) as Fitch Loans of Concern
(FLOCs), including one specially serviced loan (0.4%). The Negative
Outlooks reflect the concerns with exposure to office properties
with substantial declines in occupancy and potential difficulty in
re-tenanting vacant space.

Loans of Concern/Largest Contributors to Base Case Loss: The
largest contributor to overall loss expectation is the 6420
Wilshire loan (6.5% of the pool), which is secured by a 204,035-sf
office building located in the Miracle Mile section of Los Angeles,
CA. The property was built in 1972 and renovated in 2010. The
property is two blocks from the future Wilshire/Fairfax Metro
Purple Line station which has had its completion date delayed
according to media reports.

Property occupancy has trended down since issuance. Per the
September 2022 rent roll, the property was 58.5% leased, compared
with 68.4% as of September 2021, 78.2% in September 2020, 83.2%
leased in September 2019 and 92.2% at issuance. Average in-place
rent is generally in line with the submarket of approximately
$45psf. The rent roll is granular, with 20 office tenants and a
cafe as of the September 2022 rent roll. Fitch's modeled loss of
22% is based on a 9% cap rate to the YE 2021 NOI, reflecting a
reduced occupancy with consideration for the borrower's re-leasing
efforts.

The next largest contributor to loss is the 315 West 36th Street
loan (3.2% of the pool), which is secured by a 143,479-sf office
building with some retail located in Midtown Manhattan, proximate
to Penn Station and the Port Authority Bus Terminal. Floors 11 and
above of the building are residential and not part of the
collateral. WeWork leases all the office space (93% of NRA) under
two separate leases, which expire in February 2032 and May 2031.
Fitch's base case loss of 22% reflects a 9.25% cap rate and 25%
haircut to the YE 2020 NOI to account for WeWork exposure,
resulting in a stressed value of $297 psf.

The third largest contributor to overall loss expectation is the
Greystone Park and The Meridian at Deerwood Park loan (4.0% of the
pool). The overall occupancy was 68.4% as of September 2022 rent
roll, but will decline as Deutsche Bank has vacated a portion of
its space at The Meridian at Deerwood Park property. Deutsche Bank
remains in approximately 84,200 sf with a 2025 lease expiration.
Crawford & Company (12.1% of NRA) downsized, but has extended its
lease at the Greystone Park property through 2029. The servicer has
indicated the borrower is working to renew leases and increase
occupancy at the two properties.

The loan has a scheduled upcoming maturity in April 2023 and Fitch
expects it will have difficulty refinancing due to the lower
occupancy from Deutsche Bank downsizing its space. As of February
2023, loan reserves included $2.3 million related to space vacated
by Deutsche Bank. Fitch's analysis applied a 10% cap rate and a 15%
haircut to the annualized September 2022 NOI to account for
upcoming roll offset by leasing activity, which results in a base
loss of 16%.

Increase in Credit Enhancement: As of the February 2023
distribution date, the pool's aggregate principal balance paid down
by 13.2% to $947.9 million from $1.09 billion at issuance. Since
Fitch's prior rating action, two loans have paid in full ($64.5
million) at or prior to their scheduled loan maturity. Twelve loans
(44.9% of pool) are full-term interest-only and three loans (9.6%)
remain in their partial interest-only periods which end in first
quarter of 2023. There are four defeased loans (5.8%). The majority
of the pool matures in 2028 (80.5%), with 4.3% maturing in 2023,
6.3% in 2024, 0.7% in 2025, and 8.2% in 2027.

High Office Exposure: Loans secured by office properties represent
37.3% of the pool, including four of the top 10 loans (20.1%).

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 classes A-2 through B are not
likely due to the position in the capital structure, but may occur
should interest shortfalls affect these classes or with a
significant deterioration in pool performance. Downgrades to
classes C through E-RR are possible should expected losses for the
pool increase significantly. Downgrades to classes F-RR through
H-RR would occur if performance of the FLOCs do not continue to
stabilize and/or additional loans default and/or 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:

Sensitivity factors that could 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 and C may occur with significant improvement in CE and/or
defeasance and with the stabilization of performance on the FLOCs
and/or the properties affected by the coronavirus pandemic;
however, adverse selection and increased concentrations could cause
this trend to reverse.

Upgrades to classes D and E-RR would also consider these factors,
but would be limited based on sensitivity to concentrations or the
potential for future concentration. Classes would not be upgraded
above 'Asf' if interest shortfalls are likely. Upgrades to classes
F-RR through H-RR re not likely until the later years in the
transaction and only if the performance of the remaining pool is
stable and 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.


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

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

The ratings reflect:

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

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

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

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

  Ratings Assigned

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

  Class A, $263.50 million: AAA (sf)
  Class B-1, $38.25 million: AA (sf)
  Class B-2, $21.25 million: AA (sf)
  Class C (deferrable), $23.38 million: A (sf)
  Class D (deferrable), $23.38 million: BBB- (sf)
  Class E (deferrable), $13.80 million: BB- (sf)
  Subordinated notes, $36.50 million: Not rated



BLP COMMERCIAL 2023-IND: DBRS Gives Prov. B(low) on G Certs
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-IND to
be issued by BLP Commercial Mortgage Trust 2023-IND:

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

All trends are Stable.

The underlying Mortgage Loan had not closed as of the date of the
publication of this presale report and Mortgage Loan terms are
subject to change.

The BLP Commercial Mortgage Trust 2023-IND transaction is
collateralized by the borrower's fee-simple or leasehold interests
in a portfolio of 30 cross-collateralized properties totaling 4.4
million square feet (sf), of which 28 are industrial properties and
two are office properties. The portfolio is spread across 12
states, including California, New Jersey, and Maryland, and 14
markets, including Inland Empire, California; Washington, D.C.; and
New York City. The properties themselves are a mix of
distribution/warehouse and logistics properties. Overall, the
subject markets have solid fundamentals with positive annual growth
in rents while absorbing new supply. DBRS Morningstar continues to
take a favorable view on the long-term growth and stability of the
warehouse and logistics sector.

The portfolio is primarily composed of warehouse/distribution and
light industrial properties, with good weighted-average (WA) clear
heights of 31.6 feet and a relatively new WA year build of 2003.
The portfolio also has a comparatively low percentage of office
space by net rentable area (NRA) at just 7.9%. DBRS Morningstar
made an upward adjustment of 2.00% to the loan-to-value ratio
hurdles to account for the superior property quality.

The sponsor is Brookfield Strategic Real Estate Partners IV (BSREP
IV), which is a private real estate fund controlled by Brookfield
Asset Management Inc. (Brookfield). BSREP IV is the fourth private
real estate fund sponsored by Brookfield and has approximately than
$15.3 billion in committed capital. The real estate arm of
Brookfield has more than $260 billion in assets under management
and more than 500 million sf of commercial real estate. Brookfield
is involved in the ownership, operation, and development of all
property types in most major markets around the globe. Its global
portfolio of logistics properties, similar to the collateral
included in the subject transaction, includes more than 200
properties that total more than 38 million sf.

Across the entire portfolio, the in-place tenants are paying
relatively lower rental rates compared with the market rental
rates. Specifically, in-place rental rates based on the rent roll
provided are 12.6% below the WA market rent determined by
third-party reports provided by the Issuer. Thus, if market
conditions don't deteriorate, it is possible for the sponsor to
increase rental rates as tenants expire and increase the
portfolio's cash flow.

Several of the markets within the portfolio are relatively urban
and in-fill in nature. In-fill markets with less available land
tend to boast higher valuations because of high barriers of entry
and higher land valuations. This is particularly true for the
markets that have significant population centers, which most of the
markets within the subject portfolio have. Furthermore, the
aggregate land value of the properties within the portfolio is
approximately $523.1 million, which is 95.1% of the total mortgage
loan amount, according to the appraisals.

According to the loan documents, the borrower must acquire a line
of credit (LOC) in the amount of $6.5 million or may deposit cash
into a lender-controlled account. The funds from the LOC or deposit
will be used to cover tenant leasing costs related to new leases at
the properties in the collateral. Given the relatively low
occupancy compared with the national industrial average, as
discussed below, an LOC to assist with leasing costs will assist
the sponsor in increasing occupancy and improving cash flow. As of
the closing of the loan, Bank of America will provide the LOC.

The mortgage loan has a partial pro rata/sequential-pay structure,
which allows for pro rata paydowns for the first 20.0% of the
unpaid principal balance. DBRS Morningstar considers this structure
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.
DBRS Morningstar applied a penalty to the transaction's capital
structure to account for the pro rata nature of certain
prepayments.

One tenant, Shein, accounts for 41.8% of the NRA for the portfolio
and 51.2% of the DBRS Morningstar base rent. However, Shein is one
of the largest fast-fashion retailers in the world, shipping to
over 150 countries. Further, Shein reportedly had revenues of over
$24 billion in 2022 and was valued at over $100 billion pursuant to
an approximately $1.5 billion Series F funding in August 2022,
according to various news reports. Additionally, despite the length
of its lease, 10 years, with one five-year renewal option,
extending well beyond the fully extended loan term, DBRS
Morningstar views the concentration in revenue stemming from Shein
is material, and as such did not give it long-term credit tenant
treatment.

As of the cut-off date, 7.0% of the portfolio is unleased, which is
significantly above the nationwide availability rate of 4.8% and
nationwide vacancy rate of 3.0% as of Q4 2022, according to a
report published by CBRE. While this does give the sponsor some
room to improve cash flow and revenue, there are several properties
that are 100% vacant. These properties include 6300 Park of
Commerce Boulevard, 1827 West Hubbard Street, and 733 Massman
Drive.

By the year the fully extended loan matures, in 2028, 39.8% of the
DBRS Morningstar gross rent and 44.7% of the NRA will expire. It
will require significant efforts and capital to re-tenant that
space if those tenants decide to depart their respective property.
There are no performance requirements or hurdles in order for the
sponsor to execute an extension option, other than no ongoing event
of default. As a result, portfolio performance could be
deteriorating at the same time the sponsor is attempting to execute
an extension option on the mortgage.

ESG CONSIDERATIONS

There was one Environmental factor that had a relevant, but not
significant, effect on the credit analysis.

There are four properties (6030 Commerce Boulevard, 74-106 Kenny
Place, 125-127 Kingsland Avenue, and 1880 Riverview Drive) that
have recognized environmental conditions (RECs) and are outlined in
more detail in the offering document. One property in particular,
74-106 Kenny Place, has significant environmental conditions that
are under investigation from various parties. The property is
currently being investigated by a licensed site remediation
professional (LSRP) for soil contamination and, at a different
time, there was a green and brown film discovered on a brook
nearby. The police, fire department, and a hazmat team investigated
the spill in the brook and the investigation is active. As a
mitigant, the sponsor has $10 million environmental insurance in
place to cover any potential issues arising from the RECs.

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



BREAN ASSET 2023-RM6: DBRS Finalizes B Rating on Class M5 Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2023-RM6 issued by Brean Asset-Backed
Securities Trust 2023-RM6 (the Issuer):

-- $129.8 million Class A1 at AAA (sf)
-- $20.0 million Class A2 at AAA (sf)
-- $149.8 million Class AM at AAA (sf)
-- $2.7 million Class M1 at AA (sf)
-- $2.7 million Class M2 at A (sf)
-- $2.1 million Class M3 at BBB (sf)
-- $2.0 million Class M4 at BB (sf)
-- $2.1 million Class M5 at B (sf)

The AAA (sf) rating reflects 109.95% of the cumulative advance
rate. The AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings
reflect 111.93%, 113.91%, 115.45%, 116.92%, and 118.46%, of
cumulative advance rates, respectively.

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

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

As of the January 10, 2023, cut-off date, the collateral has
approximately $136.2 million in current unpaid principal balance
from 236 active and two Called Due: Death fixed-rate jumbo reverse
mortgage loans secured by first liens on single-family residential
properties, condominiums, townhomes, multifamily (two- to
four-family) properties, and one manufactured home. The loans were
all originated in 2022. All loans in this pool have a fixed
interest rate with a 9.222% weighted average coupon.

The note rate for Class A Notes will reduce to 0.25% if the Home
Price Percentage (as measured using the Standard and Poor (S&P)
CoreLogic Case-Shiller National Index) declines by 30% or more
compared with the value on the cut-off date.

If the notes are not paid in full or redeemed by the issuer on
January 2028, the Expected Repayment Date, the issuer will be
required to conduct an auction within 180 calendar days of the
Expected Repayment Date to offer all the mortgage assets and use
the proceeds, net of fees and expenses due to auction, to be
applied to payments to all amounts owed. If the proceeds of the
auction are not sufficient to cover all the amounts owed, the
issuer will be required to conduct an auction within six months of
the previous auction.

If, on any Payment Date (1) the average one-month conditional
prepayment rate over the immediately preceding six month period is
equal to or greater than 25%, or (2) if the average per annum
increase in the Case-Shiller Index, or, to the extent the
Case-Shiller is no longer published, the HPI Index, over the
immediately preceding 12-month period is less than or equal to 2%
then on such date, 50% of available funds remaining after payment
of fees and expenses and interest to the Class A Notes will be
deposited into the Refunding Account, which may be used to purchase
additional mortgage loans.

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



BSST 2021-1818: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2021-1818 issued by BSST
2021-1818 Mortgage Trust as follows:

-- Class A at AAA (sf)
-- Class X-EXT at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (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 in line with
DBRS Morningstar's issuance expectations.

The transaction is secured by the borrower's fee-simple and
leasehold interest in 1818 Market Street, a 999,828-square-foot
(sf) Class A office building in Philadelphia, on the corner of
Market Street and 19th Street. The property is in Market Street
West, one of Philadelphia's most desirable submarkets, and in close
proximity to Dilworth Plaza, which offers commuter and subway
access to City Center. The sponsor, Shorenstein Realty Investors
Eleven L.P, has spent more than $94.1 million renovating and
upgrading the property since acquisition in 2015, including lobby
upgrades and a tenant-only fitness center and conference room.

The $222.9 million floating-rate mortgage loan was used to pay off
existing debt of $174.1 million, return $43.9 million in equity,
and fund ground rent reserves. The loan pays interest only (IO)
throughout the fully extended loan term. The loan is structured
with an initial two-year term maturing in March 2023, plus three
one-year extension options. The servicer reports the borrower has
requested a maturity extension. DBRS Morningstar has inquired about
the loan's maturity but has not yet received information on whether
an extension has been executed or whether the loan conditions have
been met.

According to the September 2022 rent roll, the property was 80.5%
occupied, down from 84.2% at issuance. The largest tenants include
WSFS Financial Corporation (9.7% of net rentable area (NRA)),
expiring December 2028); eResearch Technology, Inc (5.9% of NRA,
expiring February 2032); and McCormick Taylor (5.8% of NRA,
expiring December 2033). Within the next 12 months, leases
representing 6.4% of NRA are scheduled to roll. Two tenants, Martin
Law, LLC (2.1% of NRA) and Bank of America (less than 1.0% of NRA)
have renewed their leases at the property at consistent rental
rates, with new lease expirations in July 2026 and January 2028,
respectively. Additionally, several prospective tenants have been
touring the property, and discussions remain ongoing. As of
September 2022, the trailing nine-month annualized net cash flow
was $13.6 million, up from $11.8 million at YE2021. The increase
was due to rent commencements for a number of tenants following the
end of free rent periods. According to Reis, Class A office
properties within a one-mile radius of the subject reported average
vacancy and rental rates of 10.0% and $39.24 per sf (psf),
respectively. The property currently achieves an average rental
rate of $38.57 psf. Despite the below-market rates, occupancy has
declined slightly since issuance; however, DBRS Morningstar
believes recent renewals and continued property tours indicate
healthy leasing activity for the asset and point to stable ongoing
performance.

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




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

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  CarVal CLO VII-C Ltd./CarVal CLO VII-C LLC

  Class A-1, $300.0 million: AAA (sf)
  Class A-2, $20.0 million: AAA (sf)
  Class B-1, $50.0 million: AA (sf)
  Class B-2, $10.0 million: AA (sf)
  Class C (deferrable), $27.5 million: A (sf)
  Class D (deferrable), $27.5 million: BBB- (sf)
  Class E (deferrable), $14.0 million: BB- (sf)
  Subordinated notes, $52.3 million: Not rated



CHNGE MORTGAGE 2023-1: DBRS Gives Prov. B Rating on B-2 Certs
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2023-1 (the Certificates) to be
issued by CHNGE Mortgage Trust 2023-1 (CHNGE 2023-1 or the Trust):

-- $175.0 million Class A-1 at A (sf)
-- $13.4 million Class M-1 at BBB (sf)
-- $11.7 million Class B-1 at BB (sf)
-- $12.3 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 A (sf) rating on the Class A-1 certificates reflects 22.90% of
credit enhancement provided by subordinated certificates. The BBB
(sf), BB (sf), and B (sf) ratings reflect 17.00%, 11.85%, and 6.45%
of credit enhancement, respectively.

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 419 mortgage loans with a total principal balance of $
227,022,631 as of the Cut-Off Date (February 1, 2023).

CHNGE 2023-1 represents the sixth securitization issued by the
Sponsor, Change Lending, LLC (Change) entirely of loans from their
Community Mortgage and EZ-Prime programs. All the loans in the pool
were originated by Change, which is certified by the U.S.
Department of the Treasury as a Community Development Financial
Institution (CDFI). As a CDFI, Change is required to lend at least
60% of its production to certain target markets, which include
low-income borrowers or other underserved communities.

While loans originated by a CDFI are not required to comply with
the Consumer Financial Protection Bureau's (CFPB) Qualified
Mortgage (QM) and Ability-to-Repay (ATR) rules, the mortgages
included in this pool were made to generally creditworthy borrowers
with near-prime credit scores, low loan-to-value ratios (LTVs), and
robust reserves.

The loans in the pool were underwritten through Change's Community
Mortgage (99.1%) and E-Z Prime (0.9%) programs, both of which are
considered weaker than other origination programs because income
documentation verification is not required. Generally, underwriting
practices of these programs focus on borrower credit, borrower
equity contribution, housing payment history, and liquid reserves
relative to monthly mortgage payments. Because post-2008 crisis
historical performance is limited on these products, DBRS
Morningstar applied additional assumptions to increase the expected
losses for the loans.

On or after the earlier of (1) the distribution date occurring in
February 2026 and (2) the date on which the aggregate stated
principal balance of the loans falls to 30% or less of the Cut-Off
Date balance, at its option, the Depositor may redeem all the
outstanding certificates at the redemption price (par plus
interest). Such optional redemption may be followed by a qualified
liquidation, which requires (1) a complete liquidation of assets
within the Trust and (2) the proceeds to be distributed to the
appropriate holders of regular or residual interests.

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

Change is the Servicer for the transaction. NewRez LLC doing
business as (dba) Shellpoint Mortgage Servicing (91.6 %) and
LoanCare, LLC (8.4 %) are the Subservicers. The Servicer will fund
advances of delinquent principal and interest (P&I) on any mortgage
until such loan becomes 90 days delinquent, contingent upon
recoverability determination. The Servicer is also obligated to
make advances in respect of taxes, insurance premiums, and
reasonable costs incurred while servicing and disposing of
properties.

This transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on
certificates, but such shortfalls on the Class M-1 certificates and
more subordinate bonds will not be paid from principal proceeds
until the more senior classes are retired. Of note, the Class A-1
fixed rate step up by 100 basis points after the payment date in
February 2027, and P&I otherwise payable to the Class B-3 as
accrued and unpaid interest may also be used to pay Cap Carryover
Amounts. Furthermore, excess spread can be used to cover realized
losses and prior period bond writedown amounts first before being
allocated to unpaid cap carryover amounts to Class A-1.

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

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




CITIGROUP COMMERCIAL 2015-P1: Fitch Affirms 'Bsf' Rating on F Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust commercial mortgage pass-through certificates,
series 2015-P1. The Rating Outlooks for four classes have been
revised to Positive from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CGCMT 2015-P1

   A-4 17324DAT1    LT AAAsf  Affirmed    AAAsf
   A-5 17324DAU8    LT AAAsf  Affirmed    AAAsf
   A-AB 17324DAV6   LT AAAsf  Affirmed    AAAsf
   A-S 17324DAW4    LT AAAsf  Affirmed    AAAsf
   B 17324DAX2      LT AA-sf  Affirmed    AA-sf
   C 17324DAY0      LT A-sf   Affirmed    A-sf
   D 17324DAA2      LT BBB-sf Affirmed    BBB-sf
   E 17324DAE4      LT BBsf   Affirmed    BBsf
   F 17324DAG9      LT Bsf    Affirmed    Bsf
   PEZ 17324DAZ7    LT A-sf   Affirmed    A-sf
   X-A 17324DBA1    LT AAAsf  Affirmed    AAAsf
   X-B 17324DBB9    LT AA-sf  Affirmed    AA-sf
   X-D 17324DAL8    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: The affirmations and Outlook revisions
to Positive reflect improved base case losses and continued
performance stabilization of the majority of pandemic affected
loans since Fitch's prior rating action. Fitch's current ratings
incorporate a base case loss of 3.90%. Fitch has identified four
Fitch Loans of Concern (FLOCs) (11% of the pool balance), including
two which are in the top 15.

The largest decrease in expected loss since Fitch's prior rating
action is Eden Roc (9.8% of the pool), the second largest loan in
the pool, which is secured by a 631-room full service hotel located
in Miami Beach, FL. The hotel is comprised of two towers -- the
Ocean Tower (282 rooms) & the Legendary Tower (349 rooms). NOI DSCR
has increased considerably from the pandemic lows, climbing to
5.17x as of YTD Sept. 2022 and 2.82x as of YE 2021 from 0.89x as of
YE 2020. As of September 2022, occupancy, ADR and RevPAR were 65%,
$351 and $227 compared to 75%, $261 and $196 at issuance,
respectively. Fitch's current analysis is based off 10.75% cap rate
and a 5% stress to the YE 2021 NOI, which resulted in no loss.

Largest Contributors to Loss: The largest contributor to expected
loss is the Weston Portfolio loan (6%), which is secured by a
portfolio of one retail and two office properties in Weston, FL.
The loan has been identified as a FLOC due to occupancy
fluctuations and near-term rollover risks for the office
properties.

The portfolio was 91% occupied as of September 2022 compared with
85.6% occupied as of September 2021, 90.2% in December 2020 and
98.8% in February 2019. Ultimate Software, which previously
occupied 100% of the two office properties, vacated the 1760 Bell
Tower Lane property in March 2021 which has since been partially
backfilled (40%) by a new tenant. Ultimate Software is also
expected to vacate the 2000 Main Street office property upon lease
expiration in March 2023. The retail property is anchored by Publix
(19.9% of NRA; 7% of total base rents), which extended their lease
until December 2026.

Fitch's analysis included a 5% stress to YE 2021 NOI and a 9.01%
cap rate which resulted in an expected loss of approximately 12%.

The second largest contributor to expected loss is The Decoration &
Design Building loan (10%), which is secured by the leasehold
interest in an office/design center property in Midtown Manhattan.
The loan became 60 days delinquent in June 2020 due to the borrower
experiencing coronavirus-related hardships, but was brought current
by the sponsor in November 2020; the loan remains current.

The YE 2021 NOI increased 9.5% from YE 2020 due primarily to a
decline in real estate taxes. The property was 77.2% occupied as of
September 2022, in line with 77.1% at December 2021, but down from
82.6% at December 2020, 91.8% in March 2019 and 92.9% in December
2018. Based on the September 2022 rent roll, lease rollover
includes 9.5% in 2023; 19.4% in 2024; 7.4% in 2025

The property is also subject to a ground lease that expires in
December 2023, with two extension options for 25 and then 15 years.
The ground rent resets in January 2024 to the greater of the prior
year's payment or 6% of the unencumbered land value. Based on the
appraiser's estimate of unencumbered land value at issuance, the
ground lease payment is expected to increase to $13.8 million upon
reset from its current amount of $3.825 million. Fitch applied a
11.5% cap rate and a 10% stress to the YE 2021 NOI to reflect the
upcoming ground rent reset, as well as to account for upcoming
lease rollover resulting in an approximate 6% loss.

Increased Credit Enhancement (CE): As of the February 2023
distribution date, the pool's aggregate principal balance was paid
down by 11.9% to $965 million from $1.1 billion at issuance. There
are nine loans (19.3% of the pool) that have fully defeased which
includes three of the top 15 loans (Kaiser Center, 9.2%; Ascentia
MHC Portfolio, 4%; and Le Meridien Dallas by the Galleria, 3%).
Since issuance, three loans paid off including US StorageMart
Portfolio ($43.7 million) in January 2020, Best Plaza ($9.1
million) in August 2020 and one smaller loan since the prior
review. Four loans (17.7%) are full-term interest-only and no loans
have a partial interest-only period remaining. Scheduled loan
maturities include 41 loans (89.9%) in 2025 and one loan (10.1%) in
2026.

Loan Concentration: The pool is concentrated with a total of 42
loans. The largest 10 loans comprise 64.5% of the pool. The largest
property-type concentration is retail at 29.1% of the pool,
followed by office at 24.8% and hotel at 22.5%.

RATING SENSITIVITIES

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

- Downgrades would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to classes
A-2 through A-AB, A-S and X-A are not likely due to their high CE
and continued amortization, but may occur should interest
shortfalls occur;

- Downgrades to classes B, X-B, C, and PEZ are possible should
expected losses for the pool increase significantly, performance of
the FLOCs decline further and/or loans susceptible to the pandemic
do not continue to stabilize and incur outsized losses;

- Downgrades to classes D, X-D, and E would occur should loss
expectations increase from continued performance decline of the
FLOCs or loans default and/or transfer to the special servicer;

- Downgrades to class F would occur if losses are realized and/or
become more certain.

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

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

- Upgrades would occur with stable to improved asset performance,
particularly on the FLOCs, coupled with additional paydown and/or
defeasance.

- Upgrades to classes B, X-B, C and PEZ would occur with continued
improvement in CE and/or defeasance and with performance
stabilization on the FLOCs. Classes would not be upgraded above
'Asf' if there is a likelihood of interest shortfalls;

- An upgrade to class D and X-D are not likely until the later
years in the transaction, and only if the performance of the
remaining pool is stable and/or properties vulnerable to the
pandemic return to pre-pandemic levels, and there is sufficient
CE;

- Classes E and F are unlikely to be upgraded absent significant
performance improvement on the FLOCs;

Deutsche Bank is the trustee for the transaction and also serves as
the backup advancing agent. Fitch's Issuer Default Rating for
Deutsche Bank is currently 'BBB+'/'F2'/Positive. Fitch relies on
the Master Servicer, Wells Fargo Bank, N.A., a division of Wells
Fargo & Company (A+/F1/Stable), which is currently the primary
advancing agent, as a direct counterparty.

ESG CONSIDERATIONS

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


CITIGROUP COMMERCIAL 2016-P3: Fitch Cuts Rating on D Certs to CCsf
------------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed 12 classes of
Citigroup Commercial Mortgage Trust CGCMT 2016-P3 commercial
mortgage pass-through certificates.
  
   Entity/Debt          Rating            Prior
   -----------          ------            -----
CGCMT 2016-P3

   A-2 29429CAB1    LT AAAsf  Affirmed    AAAsf
   A-3 29429CAC9    LT AAAsf  Affirmed    AAAsf
   A-4 29429CAD7    LT AAAsf  Affirmed    AAAsf
   A-AB 29429CAE5   LT AAAsf  Affirmed    AAAsf
   A-S 29429CAF2    LT AAAsf  Affirmed    AAAsf
   B 29429CAG0      LT AA-sf  Affirmed    AA-sf
   C 29429CAH8      LT A-sf   Affirmed    A-sf
   D 29429CAM7      LT BB-sf  Affirmed    BB-sf
   E 29429CAP0      LT CCCsf  Downgrade   Bsf
   EC 29429CAL9     LT A-sf   Affirmed    A-sf
   F 29429CAR6      LT CCsf   Downgrade   CCCsf
   X-A 29429CAJ4    LT AAAsf  Affirmed    AAAsf
   X-B 29429CAK1    LT AA-sf  Affirmed    AA-sf
   X-D 29429CAV7    LT BB-sf  Affirmed    BB-sf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased
modeled losses since Fitch's last rating action primarily driven by
the Empire Mall (9.2%) and The Round (3.2%) loans. Four loans
within the top 15 (27.8%) were flagged as Fitch Loans of Concern
(FLOCs) due to declining occupancy following the loss of large
tenants or as a result of the pandemic. Fitch's current ratings
reflect a base case loss of 8.9%.

The largest contributor to expected losses and largest loan in the
pool is the Empire Mall (9.3%). The loan is secured by a
1,124,178-sf superregional mall located in Sioux Falls, SD. The
largest tenants include JCPenney (12% of NRA, lease expires in
April 2026), Macy's (ground leased; 9%, March 2024), Hy-Vee Food
Stores (7.7%, December 2026), Dick's Sporting Goods (4.5%, January
2024), and The District (restaurant; 3.6%, January 2024).
Collateral occupancy for the mall has rebounded to 76% as of YE
2021 from 68% at YE 2020 but remains below occupancy prior to the
pandemic and from issuance. As of YE 2021, NOI debt service
coverage ratio (DSCR) declined to 1.42x from 1.59x at YE 2020 and
is well below the DSCR of 2.46x at YE 2018.

In-line sales as of YE 2021 have improved to $441 psf, a rebound
from trough sales of $327 psf in 2020 and higher than historical
levels and from issuance. Sales for the anchors are mixed, with
JCPenney reporting declining sales of $77 psf at YE 2021 compared
to $123 psf at YE 2020 and $134 psf prior to the pandemic at YE
2019. Macy's sales have recovered to $122 psf as of YE 2021 from
$90 psf at YE 2020 but remains below sales of $143 psf prior to the
pandemic. Dick's sales have improved to $169 psf as of YE 2021,
well above sales of $96 psf at YE 2020 and higher than sales of
$130 psf at YE 2019. TTM 2022 tenant sales were requested, but were
not provided.

Fitch's base case loss of approximately 43% reflects a 20% cap rate
and 5% stress on the YE 2021 NOI. Fitch's high loss expectations
reflect refinance concerns related to the tertiary location, low
sales, low coverage (DSCR reported to be 1.42x as of YE 2021) and
the large outstanding total debt of $177 million, of which $60
million was contributed to this transaction.

The second largest contributor to expected losses, The Round (3.2%
of pool), is secured by 146,027 sf mixed use property (92%
office/8% retail by sf) located in Beaverton, OR. The largest
tenants are Workday (16%: 11% and 5% expire in November 2028 and
February 2023, respectively), Exterro (14% NRA and 18% base rent;
expires Feb. 28, 2023) and RGN-Beaverton III LLC (7.8%; expires
November 2026). Performance has been slow to rebound following
large tenants vacating in 2020 prior to their original lease
expirations: 24 Hour Fitness (25% NRA and 34% rent; 2023 original
lease exp) and Pioneer Pacific College (11% NRA; 2025 original
lease exp). Occupancy declined to 64% at YE 2020 from 96% at YE
2019. It has since increased to 72% as of September 2022, however,
rents declined during the same period. Additionally, 18.4% NRA and
24% base rent expires in 2023 including a portion of the largest
tenant and the second largest tenant. Details regarding leasing and
rent abatements were requested but not provided. Fitch's base case
loss of approximately 53% reflects a 10% cap rate and 5% stress on
the YE 2021 NOI.

The third largest contributor to expected losses, Marriott Midwest
Portfolio (8.4% of pool), is secured by a portfolio of 10 hotels
(1,103 rooms) located across the midwestern U.S., including three
properties in Michigan (36% loan balance, 338 rooms), six
properties in Minnesota (54%, 653 rooms) and one property in
Wisconsin (10%, 112 rooms). Three of the hotels operate as
SpringHill Suites and seven operate as TownePlace Suites. Each of
the hotels is in a 15-year franchise agreement with Marriott that
expires February 2031, nearly 10 years past the loan's maturity.

The loan was transferred to special servicing in June 2020 due to
coronavirus-related hardships. It was returned to master May 2022
after loan modification, which extended the maturity from March
2021 to November 2024 and brought the loan current. Fitch's base
case loss of approximately 9% reflects a value per key of
approximately $60,778.

Increased Credit Enhancement/Defeasance: As of the January 2023
distribution date, the pool's aggregate principal balance has been
reduced by 15.4% to $652.2 million from $771.0 million at issuance.
Five loans (9.8%) are fully defeased, of which the 28th largest
loan in the pool (0.7%) was defeased since Fitch's last rating
action. Ten loans (42%) are full-term IO and 13 loans (46.4) have a
partial-term, IO component of which all have begun to amortize. The
remaining 11 loans (11.7%) are amortizing balloon loans.

Investment-Grade Credit Opinion Loan: One loan, 225 Liberty Street
(6.2% of the pool), received an investment-grade credit opinion of
'BBBsf' on a stand-alone basis at issuance.

Maturity Concentration: One loan (8.4%) matures in 2024; five loans
(18.6%) in 2025 and 28 loans (73%) in 2026.

RATING SENSITIVITIES

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

Downgrades to classes A-2, A-3, A-4, A-AB, A-S and X-A are not
likely due to their position in the capital structure and the high
credit enhancement (CE); however, downgrades to these classes may
occur should interest shortfalls occur. Downgrades to class B, X-B,
C and EC would occur if loss expectations increase significantly
and/or should CE be eroded. Downgrades to the classes D, X-D, E and
F would occur if the performance of the FLOCs continues to decline
and/or fail to stabilize or 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, X-B, C and EC would occur with continued
improvement in CE and/or defeasance and continued stable to
improving performance of the overall pool. Upgrades of classes 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.


CITIGROUP COMMERCIAL 2019-C7: Moody's Cuts 805B Certs Rating to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on three
loan-specific ("rake") CMBS securities, issued by Citigroup
Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through
Certificates, Series 2019-C7 as follows:

Cl. 805A, Downgraded to Ba2 (sf); previously on Feb 9, 2022
Confirmed at Baa3 (sf)

Cl. 805B, Downgraded to B2 (sf); previously on Feb 9, 2022
Confirmed at Ba3 (sf)

Cl. 805C, Downgraded to Caa1 (sf); previously on Feb 9, 2022
Confirmed at B3 (sf)

RATINGS RATIONALE

The ratings on the three loan-specific classes were downgraded due
to an increase in Moody's LTV as a result of the declines in the
revenue and occupancy of the office property at 805 Third Avenue,
New York, New York.

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

The rake certificates are backed by a $125 million, non-pooled
B-note, which is a junior portion of a $275 million, fixed-rate,
10-year mortgage loan collateralized by the fee simple interest in
an office property at 805 Third Avenue in New York, New York. As of
the February 15, 2023 distribution date, the whole loan's balance
remains unchanged at $275 million from securitization. The loan has
a term of 10-year interest only term at a fixed rate of 4.04%,
which is allocated such that the A-note has an interest rate of
4.24% and the B-note has an interest rate of 3.80%.

The collateral under the mortgage loan is a 29-story office
building located on the east side of Third Avenue between 49th and
50th Streets. The Cohen Brothers developed 805 Third Avenue in 1982
and have owned the property since. The property contains
approximately 596,100 square feet (SF) of net rentable area (NRA)
consisting of: (i) 564,329 SF of office space (94.7% of NRA); (ii)
30,659 SF of retail space (5.1% of NRA); and (iii) 1,112 SF of
storage and other space (0.2% of NRA). The property is well located
in Midtown Manhattan, eight blocks north of Grand Central and two
blocks from the Lexington Avenue/51st Street subway station.

The property's occupancy rate has deteriorated significantly since
securitization and as of September 2022, the property's office
portion was 67% leased, compared to 92% leased at securitization.
The largest tenant Meredith Corporation (212,594 SF, 35.7% of NRA;
lease expiration in December 2026) subleases the majority of its
space to multiple tenants including KBRA, Gen II Fund, and NewMax.
The lower occupancy has caused the property's annualized September
2022 net cash flow (NCF) to decline to $8.8 million, which is 20%
lower than the NCF in 2021 and 48% lower than in 2020. As a result
of the decline in NCF the total mortgage debt DSCR was below 1.00X
as of September 2022.

The Manhattan office market vacancies have also increased since
securitization. According to CBRE, the property's East Side
submarket in Manhattan included 19.3 million SF of Class A office
space in Q4 2022 with a vacancy of 20.7%, compared to a vacancy
rate of 8.4% in 2019. The vacancy of the Manhattan Class A office
market as a whole, according to CBRE, reported an increase from
7.6% in 2019 to 15.0% in Q4 2022.

The mortgage loan balance of $275.0 million represents a Moody's
LTV of 168.9% based on Moody's Value and an Adjusted Moody's LTV of
148.1% based on Moody's Value using a cap rate adjusted for the
current interest rate environment. The loan is current on its debt
service payments through the February 2023 remittance date.


CITIGROUP MORTGAGE 2023-RP1: Fitch Gives 'B' Rating on B-2 Notes
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Citigroup Mortgage Loan
Trust 2023-RP1 (CMLTI 2023-RP1).

   Entity/Debt        Rating        
   -----------        ------        
CMLTI 2023-RP1

   A-1            LT  AAAsf New Rating
   A-2            LT  AAsf  New Rating
   A-3            LT  AAsf  New Rating
   A-4            LT  Asf   New Rating
   A-5            LT  BBBsf New Rating
   M-1            LT  Asf   New Rating
   M-2            LT  BBBsf New Rating
   B-1            LT  BBsf  New Rating
   B-2            LT  Bsf   New Rating
   B-3            LT  NRsf  New Rating
   B-4            LT  NRsf  New Rating
   B-5            LT  NRsf  New Rating
   B              LT  NRsf  New Rating
   A-IO-S         LT  NRsf  New Rating
   X              LT  NRsf  New Rating
   SA             LT  NRsf  New Rating
   PT             LT  NRsf  New Rating
   PT-1           LT  NRsf  New Rating
   R              LT  NRsf  New Rating

TRANSACTION SUMMARY

Fitch Ratings has rated the residential mortgage-backed notes to be
issued by Citigroup Mortgage Loan Trust 2023-RP1 (CMLTI 2023-RP1),
as indicated. The transaction closed on Feb. 24, 2023. The notes
are supported by 6,826 seasoned performing loans (SPLs) and
reperforming loans (RPLs), with a total balance of approximately
$1.32 billion, including $84.8 million, or 6.4%, of the aggregate
pool balance in noninterest-bearing deferred principal amounts as
of the cutoff date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.5% above a long-term sustainable level (versus
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. Driven by
the strong gains seen in 1H22, home prices rose 9.2% yoy nationally
as of October 2022.

Distressed Performance History and RPL Credit Quality (Negative):
The collateral pool consists primarily of peak-vintage SPLs and
RPLs. Of the pool, 2.9% was 30 days delinquent as of the cutoff
date and 77.8% of the loans are current but have had delinquencies
within the past 24 months. Additionally, 96.5% of the loans have a
prior modification. Fitch increased its loss expectations to
account for the delinquent loans and loans with prior
delinquencies. The borrowers have a moderate credit profile (683
FICO and 44% DTI). See the Asset Analysis section for additional
information.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined loan to value (CLTV) ratio of 83.1%.
All loans seasoned over 24 months received updated property values,
translating to a WA current (MtM) CLTV ratio of 53.1% and
sustainable LTV (sLTV) of 59.6% at the base case. This reflects low
leverage borrowers and is stronger than in recently rated SPL/RPL
transactions.

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

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

RATING SENSITIVITIES

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

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

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

The defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10.0% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
for positive rating migration for all of the rated classes.
Specifically, a 10.0% gain in home prices would result in a full
category upgrade for the rated classes excluding those being
assigned ratings of 'AAAsf'.

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. The third-party due diligence review was
completed on 100% of the loans in this transaction. The scope of
the due diligence review was consistent with Fitch criteria for
seasoned collateral. All but two loans are seasoned at 24 months or
more and are subject to a due diligence scope that primarily tests
for compliance with lending regulations. However, 1,682 loans
received a credit and property valuation review in additional to a
regulatory compliance review. All loans received an updated tax and
title search and review of servicing comments.

Fitch considered this information in its analysis and, as a result,
Fitch made the following adjustments: increased the LS due to HUD-1
issues, missing modification agreements, material TRID exceptions,
as well as delinquent taxes and outstanding liens. These
adjustments resulted in an increase in the 'AAAsf' expected loss of
approximately 39bps.

ESG CONSIDERATIONS

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


COMM 2018-COR3: Fitch Lowers Rating on Class E-RR Certs to 'Bsf'
----------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed nine classes of COMM
2018-COR3 Mortgage Trust, commercial mortgage pass-through
certificates. The Rating Outlooks remain Negative for classes A-M,
X-A, B, X-B and C. Classes D, X-D and E-RR were assigned a Negative
Outlook following their downgrade.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
COMM 2018-COR3
  
   A-1 12595VAA5   LT  AAAsf  Affirmed     AAAsf
   A-2 12595VAC1   LT  AAAsf  Affirmed     AAAsf
   A-3 12595VAD9   LT  AAAsf  Affirmed     AAAsf
   A-M 12595VAF4   LT  AAAsf  Affirmed     AAAsf
   A-SB 12595VAB3  LT  AAAsf  Affirmed     AAAsf
   B 12595VAG2     LT  AA-sf  Affirmed     AA-sf
   C 12595VAH0     LT  A-sf   Affirmed     A-sf
   D 12595VAN7     LT  BBsf   Downgrade    BBB-sf
   E-RR 12595VAQ0  LT  Bsf    Downgrade    BBsf
   F-RR 12595VAS6  LT  CCCsf  Downgrade    B-sf
   G-RR 12595VAU1  LT  CCsf   Downgrade    CCCsf
   X-A 12595VAE7   LT  AAAsf  Affirmed     AAAsf
   X-B 12595VAJ6   LT  AA-sf  Affirmed     AA-sf
   X-D 12595VAL1   LT  BBsf   Downgrade    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased loss
expectations for the pool since Fitch's last rating action, driven
primarily by the specially serviced 644 Broadway and Kingswood
Center loans. Fitch's current ratings incorporate a base case loss
of 8.40%. Fitch has identified 17 Fitch Loans of Concerns (56% of
the pool balance), including four loans in special servicing
(10.7%).

The Negative Outlooks reflect the potential for downgrade should
performance of the FLOCs, including the two Seattle hotels (Hyatt @
Olive 8 and Grand Hyatt Seattle), fail to stabilize or deteriorate
further, with prolonged workouts on the specially serviced loans
and/or additional loans transfer to special servicing.

The largest increase in loss since Fitch's last rating action is
the specially serviced 644 Broadway loan (2.1% of the pool). The
loan is secured by a 47,436-sf mixed-use property located at the
northern edge of the Chinatown neighborhood of San Francisco, CA.
The collateral consists of two buildings which includes primarily
retail restaurant space, nine residential rent-controlled units and
an office component.

The loan transferred to special servicing in July 2020 due to
payment default. The largest tenant, China Live (58% of NRA) had
previously withheld rent to negotiate terms of the lease. However,
since the expiration of the eviction moratorium, the tenant began
paying rent and as a result a forbearance agreement was executed by
the borrower and lender. China Live has since discontinued rent
payments and the borrower has defaulted on the forbearance
agreement. The servicer is pursuing foreclosure.

Fitch's expected loss of 33% factors a discount to a recent
appraisal value resulting in a stressed value of approximately $331
psf.

The next largest increase in loss since the last rating action is
the Kingswood Center loan (6.6%), which is secured by a 130,218-sf
mixed use (office/retail/parking) property located in an infill
location of Brooklyn, NY. The largest tenant, Visiting Nurse
Service (44.8% of the NRA), had a lease maturity in June 2022,
which was extended for an additional 6-months through the end of
2022 while the tenant negotiated a downsize and longer-term
extension. The loan is structured with a $1.6 million earnout
related to this lease expiration. Fitch requested a leasing update
from the servicer, but it was not provided.

Property occupancy had previously declined in 2020 due to the loss
of New York Sports Club (15.5% of NRA), which vacated well before
its 2032 lease maturity due to the bankruptcy of its parent
company. In addition to the departure of New York Sports Club in
2020, revenue declined further due to the loss of a substantial
portion of the transient parking income. As of September 2022,
occupancy was 83% with a NOI debt service coverage ratio (DSCR) of
0.83x. Expenses continue to increase as the ICIP tax abatement has
burned off in 2022.

Fitch's analysis reflects a cap rate of 9.0% with the YE 2021 NOI
resulting in a stressed value of $287 psf.

The largest contributor to overall loss expectations is the
specially serviced 240 East 54th Street loan (4.2%), which is
secured by a 29,950-sf retail property located in Midtown
Manhattan. The property is fully leased to five tenants with only
one (5% of NRA) scheduled to roll during the loan term in 2027.
Three of the tenants, Blink Fitness, Soul Cycle and Clean Market
(93.8% of NRA), are subsidiaries of Equinox Holding, Inc. The
majority of the subject's fitness and wellness related tenants were
closed and ceased paying rent during the pandemic. The loan
transferred to special servicing in June 2020 due to delinquency.
The servicer is moving forward with foreclosure. Fitch's expected
loss of 32% factors a discount to a recent appraisal value
resulting in a stressed value of approximately $1,200 psf.

A top loan loss contributor, 315 West 36th Street (4.7%), is
secured by a 143,479-sf office building with some retail located in
Midtown Manhattan, proximate to Penn Station and the Port Authority
Bus Terminal. Floors 11 and above of the building are residential
and not part of the collateral. WeWork leases all the office space
(93% of NRA) under two separate leases, which expire in February
2032 and May 2031. Fitch's base case loss of 22% reflects a 9.25%
cap rate and 25% haircut to the YE 2020 NOI to account for WeWork
exposure, resulting in a stressed value of $297 psf.

Two additional significant contributors to loss in the pool are
secured by hotel properties located in Seattle with the same
sponsorship.

The Hyatt @ Olive 8 loan (7.8%) is secured by a 346-room
full-service hotel located in Seattle, WA, near the theater
district of the Seattle CBD. As of June 2022, occupancy was 57%
with NOI DSCR of 0.73x, representing an improvement from occupancy
of 27% and NOI DSCR of -0.39x at YE 2021. Performance had been
declining prior to the onset of the pandemic, having new
competition coming online in the market at that time, with a 28%
decrease in the servicer reported NOI between YE 2018 and YE 2019.
The hotel reported TTM June 2022 occupancy, ADR and RevPAR of 53%,
$195 and $102, respectively, up from 29%, $178 and $51 at TTM June
2021 but still well below pre-pandemic figures of 85%, $225 and
$190 at TTM December 2019.

The Grand Hyatt Seattle loan (5.0%) is secured by a 457-room
full-service hotel in downtown Seattle, WA and is located across
the street from the Washington State Convention Center. As of
September 2022, occupancy was 56% with NOI DSCR of 1.20x an
improvement from occupancy of 23% and NOI DSCR of -0.36x at YE
2021. Similar to the other hotel, performance was down prior to the
onset of the pandemic with a 24% decline in NOI between YE 2018 and
YE 2019. The hotel reported TTM September 2022 occupancy, ADR and
RevPAR of 48%, $240 and $116, respectively, up from 23%, $204 and
$46 at TTM December 2021, but still well below figures of 85%, $230
and $205 at issuance.

Minimal Change to Credit Enhancement, Limited Amortization: As of
the February 2023 distribution date, the pool's aggregate principal
balance has paid down by 1.1% to $995.3 million from $1.01 billion
at issuance. The transaction has limited amortization with 2.9% pay
down expected for the life of the transaction based on scheduled
loan maturity balances. Twenty-five loans (81.2% of pool) are
full-term, interest-only, while 16 loans (18.8%) are amortizing.
One loan (0.8%) has defeased. No loans mature or have an ARD date
prior to 2027 (23.9%) or 2028 (76.1%).

Major Metro Property Concentration: Six of the top 15 loans and
37.5% of the pool are located within the New York City metro area.
In addition, two of the top 10 loans (12.9%) are located within
downtown Seattle, two of the top 10 loans (10.3%) are located
within the San Francisco/Silicon Valley market and two loans (6.3%)
in the top 15 are located in the Los Angeles metro area.

High Hotel Exposure: Hotel exposure consists of 19.2% of the pool,
including two of the top 10 loans.

Single-Tenant Concentration: Approximately 36% of the pool is
backed by properties with either a single tenant or a large tenant
comprising more than 75% of the property's NRA, including four of
the top 10 loans.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool level losses from
underperforming or specially serviced loans. Downgrades to the
'AA-sf' and 'AAAsf' categories are less likely due to the position
in the capital structure, but may occur should interest shortfalls
affect the classes.

Downgrades to the A-sf' category would occur should overall pool
losses increase significantly and/or one or more large loans have
an outsized loss, which would erode CE. Downgrades to the 'Bsf' and
'BBsf' categories would occur should loss expectations increase and
if performance of the FLOCs fail to stabilize or additional loans
default and/or transfer to the special servicer. The distressed
categories may be downgraded with increased and/or greater
certainty of loss.

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

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

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

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.


CONNECTICUT AVENUE 2023-R02: DBRS Finalizes B Rating on 3 Classes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings to the Connecticut
Avenue Securities (CAS), Series 2023-R02 Notes 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.

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


CORNHUSKER FUNDING 1A: DBRS Finalizes B Rating on Class C Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Class A Notes,
the Class B Notes, and the Class C Notes (collectively, the Notes)
issued by Cornhusker Funding 1A LLC (the Issuer), pursuant to the
terms of the Indenture, dated as of April 22, 2022, between the
Issuer and U.S. Bank Trust Company, National Association as
follows:

-- Class A Notes at BBB (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)

The ratings on the Class A Notes, the Class B Notes, and the Class
C Notes address the ultimate payment of interest and ultimate
payment of principal on or before the Stated Maturity (as defined
in the Indenture).

DBRS Morningstar also discontinued and withdrew the provisional
rating on the Class X Notes. The discontinuation follows the
Issuer's rating withdrawal request, as the Class X Notes have not
been funded to date and DBRS Morningstar expects to no longer
finalize the provisional rating.

The Notes are collateralized primarily by a portfolio of U.S.
middle-market corporate loans. The Issuer is managed by Mount Logan
Management, LLC (Mount Logan), which is a subsidiary of Mount Logan
Capital Inc. DBRS Morningstar considers Mount Logan to be an
acceptable collateralized loan obligation (CLO) manager.

RATING RATIONALE

The rating action is a result of the rating finalization review of
the transaction. DBRS Morningstar finalized the provisional ratings
on the Notes as the current transaction meets the Effective Date
conditions, satisfying each of the Coverage Tests, Concentration
Limitations, and the Collateral Quality Tests as per Section 7.18
of the Indenture. The Stated Maturity is September 15, 2036. The
Reinvestment Period ends on April 8, 2030.

In its analysis, DBRS Morningstar considered the following aspects
of the transaction:

(1) The transaction's capital structure and the form and
sufficiency of available credit enhancement.

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The ability of the Notes to withstand projected collateral loss
rates under various cash flow stress scenarios.

(4) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(5) DBRS Morningstar's assessment of the origination, servicing,
and CLO management capabilities of Mount Logan as the Collateral
Manager.

The transaction has a dynamic structural configuration that is used
to determine which of the row/column combinations (each, a Matrix
Case) are applicable for the purpose of determining compliance with
the matrix, as set forth in the Indenture. Depending on a given
Diversity Score, DBRS Morningstar selects the following metrics
accordingly from the applicable row of the Collateral Quality
Matrix: DBRS Morningstar Risk Score and Weighted Average Spread
Level. DBRS Morningstar analyzed each structural configuration as a
unique transaction, and all Matrix Cases passed the applicable DBRS
Morningstar rating stress levels. The Coverage Tests and triggers
as well as the Collateral Quality Tests that DBRS Morningstar
modeled in its base-case analysis are presented below.

Coverage Tests:

Class A Overcollateralization (OC) Ratio: 124.50%
Class B OC Ratio: 116.80%
Class C OC Ratio: 113.40%
Class A Interest Coverage (IC) Ratio: 115.00%
Class B IC Ratio: 110.00%
Class C IC Ratio: 105.00%

Collateral Quality Tests:

Maximum Weighted Average Life: 8 years
Maximum Diversity Score: 25
Maximum DBRS Risk Score: 32.40%
Minimum Weighted Average Spread: 4.70%

Some particular strengths of the transaction are (1) collateral
quality that consists of at least 95% senior-secured middle-market
loans and (2) the expected adequate diversification of the
portfolio of collateral obligations (matrix-driven Diversity
Score). Some challenges are (1) up to 5% of the portfolio pool may
consist of long-dated assets and (2) the underlying collateral
portfolio may be insufficient to redeem the Notes in an Event of
Default.

The transaction is performing according to the parameters of the
Indenture. As of December 30, 2022, the Borrower is in compliance
with all Coverage and Collateral Quality Tests, as well as the
Concentration Limitation tests. There were no defaulted obligations
registered in the underlying portfolio since the closing date of
April 8, 2022.

DBRS Morningstar modeled the transaction using the DBRS Morningstar
CLO Asset model and its proprietary cash flow engine, which
incorporated assumptions regarding principal amortization, the
amount of interest generated, default timings, and recovery rates,
among other credit considerations referenced in the DBRS
Morningstar rating methodology "Cash Flow Assumptions for Corporate
Credit Securitizations." Model-based analysis produced satisfactory
results, which supported the finalization of the provisional
ratings on the Notes.

To assess portfolio credit quality, DBRS Morningstar may provide a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio that is not rated by DBRS
Morningstar. Credit estimates are not ratings; rather, they
represent an abbreviated analysis, including model-driven or
statistical components of default probability for each obligor that
is used in assigning a rating to a facility sufficient to assess
portfolio credit quality.

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




CORNHUSKER FUNDING 1B: DBRS Finalizes B Rating on Class C Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Class A Notes,
the Class B Notes, and the Class C Notes (collectively, the Notes)
issued by Cornhusker Funding 1B LLC (the Issuer), pursuant to the
terms of the Indenture, dated as of April 22, 2022, between the
Issuer and U.S. Bank Trust Company, National Association as
follows:

-- Class A Notes at BBB (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)

The ratings on the Class A Notes, the Class B Notes, and the Class
C Notes address the ultimate payment of interest and ultimate
payment of principal on or before the Stated Maturity (as defined
in the Indenture).

DBRS Morningstar also discontinued and withdrew the provisional
rating on the Class X Notes. The discontinuation follows the
Issuer's rating withdrawal request, as the Class X Notes have not
been funded to date and DBRS Morningstar expects to no longer
finalize the provisional rating.

The Notes are collateralized primarily by a portfolio of U.S.
middle-market corporate loans. The Issuer is managed by Mount Logan
Management, LLC (Mount Logan), which is a subsidiary of Mount Logan
Capital Inc. DBRS Morningstar considers Mount Logan to be an
acceptable collateralized loan obligation (CLO) manager.

RATING RATIONALE

The rating action is a result of the rating finalization review of
the transaction. DBRS Morningstar finalized the provisional ratings
on the Notes as the current transaction meets the Effective Date
conditions, satisfying each of the Coverage Tests, Concentration
Limitations, and the Collateral Quality Tests as per Section 7.18
of the Indenture. The Stated Maturity is September 15, 2036. The
Reinvestment Period ends on April 8, 2030.

In its analysis, DBRS Morningstar considered the following aspects
of the transaction:

(1) The transaction's capital structure and the form and
sufficiency of available credit enhancement.

(2) Relevant credit enhancement in the form of subordination and
excess spread.

(3) The ability of the Notes to withstand projected collateral loss
rates under various cash flow stress scenarios.

(4) The credit quality of the underlying collateral and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.

(5) DBRS Morningstar's assessment of the origination, servicing,
and CLO management capabilities of Mount Logan as the Collateral
Manager.

The transaction has a dynamic structural configuration that is used
to determine which of the row/column combinations (each, a Matrix
Case) are applicable for the purpose of determining compliance with
the matrix, as set forth in the Indenture. Depending on a given
Diversity Score, DBRS Morningstar selects the following metrics
accordingly from the applicable row of the Collateral Quality
Matrix: DBRS Morningstar Risk Score and Weighted Average Spread
Level. DBRS Morningstar analyzed each structural configuration as a
unique transaction, and all Matrix Cases passed the applicable DBRS
Morningstar rating stress levels. The Coverage Tests and triggers
as well as the Collateral Quality Tests that DBRS Morningstar
modeled in its base-case analysis are presented below.

Coverage Tests:

Class A Overcollateralization (OC) Ratio: 124.50%
Class B OC Ratio: 116.80%
Class C OC Ratio: 113.40%
Class A Interest Coverage (IC) Ratio: 115.00%
Class B IC Ratio: 110.00%
Class C IC Ratio: 105.00%

Collateral Quality Tests:

Maximum Weighted Average Life: 8 years
Maximum Diversity Score: 25
Maximum DBRS Risk Score: 32.40%
Minimum Weighted Average Spread: 4.70%

Some particular strengths of the transaction are (1) collateral
quality that consists of at least 95% senior-secured middle-market
loans and (2) the expected adequate diversification of the
portfolio of collateral obligations (matrix-driven Diversity
Score). Some challenges are (1) up to 5% of the portfolio pool may
consist of long-dated assets and (2) the underlying collateral
portfolio may be insufficient to redeem the Notes in an Event of
Default.

The transaction is performing according to the parameters of the
Indenture. As of December 30, 2022, the Borrower is in compliance
with all Coverage and Collateral Quality Tests, as well as the
Concentration Limitation tests. There were no defaulted obligations
registered in the underlying portfolio since the closing date of
April 8, 2022.

DBRS Morningstar modeled the transaction using the DBRS Morningstar
CLO Asset model and its proprietary cash flow engine, which
incorporated assumptions regarding principal amortization, the
amount of interest generated, default timings, and recovery rates,
among other credit considerations referenced in the DBRS
Morningstar rating methodology "Cash Flow Assumptions for Corporate
Credit Securitizations." Model-based analysis produced satisfactory
results, which supported the finalization of the provisional
ratings on the Notes.

To assess portfolio credit quality, DBRS Morningstar may provide a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio that is not rated by DBRS
Morningstar. Credit estimates are not ratings; rather, they
represent an abbreviated analysis, including model-driven or
statistical components of default probability for each obligor that
is used in assigning a rating to a facility sufficient to assess
portfolio credit quality.

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



CRSNT TRUST 2021-MOON: DBRS Confirms B(low) Rating on F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of the
Commercial Mortgage Pass-Through Certificates, Series 2021-MOON
issued by CRSNT Trust 2021-MOON:

-- Class A at AAA (sf)
-- Class A-Y at AAA (sf)
-- Class A-Z at AAA (sf)
-- Class A-IO at AAA (sf)
-- Class X-NCP 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)

In addition, DBRS Morningstar discontinued the rating on Class X-CP
as the bond has exceeded its stated maturity date of October 2022
and is no longer receiving interest payments. All trends are
Stable.

The rating confirmations and Stable trends reflect the overall
performance of the underlying collateral, which has reported
increased occupancy and improved financials over DBRS Morningstar's
assumptions at issuance.

The $465.0 million trust loan, which is accompanied by a $60.0
million mezzanine loan (held outside of the trust), is secured by
the borrower's fee-simple interest in a 1.3 million-square-foot
(sf) Class A+ office/retail building known as the Crescent in the
Uptown/Turtle Creek submarket of Dallas. Building amenities include
on-site restaurants, a deli, a fitness center, a conference center,
garage parking, concierge services, on-site security, and an
outdoor terrace. The property is part of a larger mixed-use
development project that includes The Crescent Hotel, a 226-key
luxury hotel, which is not a part of the collateral. In between
2015 and 2021, the property received $48.0 million in capital
improvements including restroom renovations, a corridor
refurbishment, a management office remodel, fitness center
upgrades, and lobby updates to modernize the collateral. Per the
November 2022 site inspection, there are no deferred maintenance or
capital improvements planned within the next 12 months.

The loan is interest only (IO) through its initial three-year term
with two one-year extension options. Total loan proceeds of $525.0
million, in addition to $172.3 million of fresh equity, went toward
financing the $655.0 million acquisition of the collateral, funding
$25.0 million of upfront tenant improvement/leasing commission
(TI/LC) reserves, funding $5.4 million in outstanding TI/LC
obligations, and covering closing costs. The loan sponsor is
Crescent Real Estate LLC, a real estate operating company and
investment advisor, which had more than $8.5 billion in assets
under management, development, and investment capacity at issuance.
Based on the DBRS Morningstar value of $438.0 million, the DBRS
Morningstar loan-to-value ratio (LTV) was 106.1% and 119.8%, based
on the trust debt and total debt, respectively, including the $60.0
million mezzanine loan, compared with the appraised value of $675.0
million, reflecting LTVs of 68.9% and 77.8%, respectively.

The property benefits from its granular tenancy, with the largest
tenant, Weil, Gotshal & Manges LLC, occupying 5.7% of the net
rentable area (NRA) (lease expiry in October 2022), followed by
McKool Smith, PC (5.5% of the NRA, lease expiry in June 2030),
which downsized its space to 5.5% as of YE2021 from 5.8% at
issuance, and Stanley Korshak LP (4.2% of the NRA, lease expiry in
November 2022). According to the September 2022 rent roll, the
property was 91.8% occupied, with an average rental rate of $30.07
per sf (psf), compared with the issuance figures of 84.7% and of
$27.30 psf, respectively. According to Reis, Class A office
properties within a one-mile radius of the subject reported an
average vacancy and rental rate of 24.0% and $33.17 psf,
respectively. Despite the submarket's high vacancy, Reis projects
nonagricultural job growth to average 1.5% annually during 2023 and
2024, which will result in absorption averaging 471,000 sf per
year.

At issuance, DBRS Morningstar noted the property's concentrated
rollover risk in 2022 for 18.5% of the NRA; that rollover risk
increased in the year following issuance as the September 2022 rent
roll showed 28 tenants representing 24.1% of the NRA that had
scheduled lease expirations in the next 12 months. Of those, 14
tenants, representing 14.7% of the NRA, had lease expirations dated
prior to YE2022, including the largest- and third-largest tenants.
Rollover risk at this property is generally relatively high in any
given year, despite the granularity of the rent roll, because most
tenants have shorter-term leases. According to the property's
website, however, only 5.6% of the NRA is currently listed as
available for lease. Based on an update from the servicer, Stanley
Korshak LP will remain at the property. The leasing update also
noted the seven tenants (approximately 6.1% of the NRA) with lease
expirations prior to September 2023 are working on renewing their
leases.

The loan reported an annualized net cash flow of $40.1 million for
the trailing nine months ended September 30, 2022, above the DBRS
Morningstar figure of $30.7 million at issuance thanks to increased
revenue (including parking income and percentage rent) and lower
realized capital expenses. At issuance, DBRS Morningstar applied an
economic vacancy rate of 15.1% and estimated capital expenses of
$4.6 million, with higher TIs/LCs for new tenants predominantly
based on recent leasing activity. According to the January 2023
loan-level reserve, the borrower had $14.4 million remaining in the
TI/LC reserve for speculative leasing costs and another $0.6
million to cover outstanding TI/LC obligations, indicating that
approximately $15.4 million has been allocated toward speculative
and obligated capital expenses since issuance.

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


DT AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes
--------------------------------------------------------
DBRS, Inc. upgraded nine ratings, confirmed 15 ratings, and
discontinued three ratings as a result of repayment from seven DT
Auto Owner Trust transactions.

DT Auto Owner Trust 2021-1

-- Class B Notes AAA (sf)     Confirmed
-- Class C Notes AAA (sf)     Upgraded
-- Class D Notes BBB (sf)     Confirmed
-- Class E Notes BB (sf)      Confirmed
-- Class A Notes Discontinued Disc.-Repaid

The rating actions are based on the following analytical
considerations:

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

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

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

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


EXETER AUTOMOBILE 2023-1: Fitch Gives Final BBsf Rating on E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Outlooks to Exeter
Automobile Receivables Trust (EART) 2023-1.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Exeter Automobile
Receivables
Trust 2023-1
  
   A-1              ST F1+sf  New Rating   F1+(EXP)sf
   A-2              LT AAAsf  New Rating   AAA(EXP)sf
   A-3              LT AAAsf  New Rating   AAA(EXP)sf
   B                LT AAsf   New Rating   AA(EXP)sf
   C                LT Asf    New Rating   A(EXP)sf
   D                LT BBBsf  New Rating   BBB(EXP)sf
   E                LT BBsf   New Rating   BB(EXP)sf

KEY RATING DRIVERS

Collateral Performance — Subprime Credit Quality: EART 2023-1 is
backed by collateral with subprime credit attributes, including a
weighted-average (WA) FICO score of 574, WA loan to value (LTV)
ratio of 113.72% and WA annual percentage rate (APR) of 21.83%. In
addition, 97.98% of the loans are backed by used cars, and the WA
payment to income (PTI) ratio is 12.14%.

Forward-Looking Approach to Derive Base Case Proxy: Fitch
considered economic conditions and future expectations by assessing
key macroeconomic and wholesale market conditions to derive the
series loss proxy. Although recessionary performance data from
Exeter are not available, the initial base case cumulative net loss
(CNL) proxy was derived utilizing 2006-2010 data from Santander
Consumer -- as proxy recessionary static-managed portfolio data --
and 2016-2017 vintage data from Exeter to arrive at a
forward-looking base case CNL proxy of 19.00%.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) totals 60.05%, 47.65%, 34.75%, 21.60% and
10.65% for classes A, B, C, D and E, respectively. The class E CE
is in line with that of 2022-6, and the class A, B, C and D CE
levels are all higher than those of recent transactions. Excess
spread is expected to be 11.02% per annum. Loss coverage for each
class of notes is sufficient to cover the respective multiples of
Fitch's base case CNL proxy of 19%.

Seller/Servicer Operational Review — Adequate
Origination/Underwriting/Servicing: Exeter demonstrates adequate
abilities as the originator, underwriter and servicer, as evidenced
by historical portfolio and securitization performance. Fitch does
not rate Exeter, but deems the company as capable to service this
transaction. In addition, Citibank, N.A., which Fitch rates
'A+'/Stable/'F1', has been contracted as backup servicer for this
transaction.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults could produce
CNL levels that are higher than the base case and would likely
result in declines of CE and remaining net loss coverage levels
available to the notes. Additionally, unanticipated declines in
recoveries could also result in lower net loss coverage, which may
make certain note ratings susceptible to potential negative rating
actions, depending on the extent of the decline in coverage.

Therefore, Fitch conducts sensitivity analyses by stressing both a
transaction's initial base case CNL and recovery rate assumptions,
as well as by examining the rating implications on all classes of
issued notes. The CNL sensitivity stresses the CNL proxy to the
level necessary to reduce each rating by one full category, to
non-investment grade (BBsf) and to 'CCCsf' based on the break-even
loss coverage provided by the CE structure.

Additionally, Fitch conducts 1.5x and 2.0x increases to the CNL
proxy, representing both moderate and severe stresses. Fitch also
evaluates the impact of stressed recovery rates on an auto loan ABS
structure and rating impact with a 50% haircut. These analyses are
intended to provide an indication of the rating sensitivity of the
notes to unexpected deterioration of a trust's performance.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to rising CE levels and consideration for
potential upgrades. If CNL is 20% less than the projected proxy,
the expected subordinate note ratings could be upgraded by up to
one category.

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 Ernst & Young LLP.. The third-party due diligence
described in Form 15E focused on comparing or recomputing certain
information with respect to 150 loans from the statistical data
file. Fitch considered this information in its analysis and it did
not have an effect on Fitch's analysis or conclusions.

ESG CONSIDERATIONS

The concentration of electric and hybrid vehicles in the pool is
low and did not have an impact on Fitch's ratings analysis or
conclusion of this transaction and has no impact on Fitch's ESG
relevance score.

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.


EXETER AUTOMOBILE 2023-1: S&P Assigns BB(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Exeter Automobile
Receivables Trust 2023-1's automobile receivables-backed notes.

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

The ratings reflect:

-- The availability of approximately 60.23%, 52.86%, 43.46%,
32.83% and 26.92% credit support--hard credit enhancement and
haircut to excess spread--for the class A (collectively, classes
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 2.85x, 2.50x, 2.05x, 1.55x, and 1.27x coverage of S&P's
expected cumulative net loss of 21.00% for classes A, B, C, D, and
E, respectively.

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

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

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

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

-- S&P's operational risk assessment of Exeter Finance LLC as
servicer, along with our view of the company's underwriting and the
backup servicing arrangement with Citibank.

-- 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

  Exeter Automobile Receivables Trust 2023-1

  Class A-1, $63.00 million: A-1+ (sf)
  Class A-2, $135.00 million: AAA (sf)
  Class A-3, $52.02 million: AAA (sf)
  Class B, $75.72 million: AA (sf)
  Class C, $78.76 million: A (sf)
  Class D, $80.30 million: BBB (sf)
  Class E, $66.85 million: BB (sf)



FIVE 2023-V1: Fitch Assigns 'B-sf' Final Rating on Two Tranches
---------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
FIVE 2023-V1 Mortgage Trust commercial mortgage pass-through
certificates, series 2023-V1, as follows:

   Entity/Debt       Rating                   Prior
   -----------       ------                   -----
FIVE 2023-V1

   A-1           LT AAAsf  New Rating    AAA(EXP)sf
   A-2           LT AAAsf  New Rating    AAA(EXP)sf
   A-3           LT AAAsf  New Rating    AAA(EXP)sf
   A-M           LT AAAsf  New Rating    AAA(EXP)sf
   B             LT AA-sf  New Rating    AA-(EXP)sf
   C             LT A-sf   New Rating    A-(EXP)sf
   D             LT BBBsf  New Rating    BBB(EXP)sf
   E             LT BBB-sf New Rating    BBB-(EXP)sf
   F             LT BB-sf  New Rating    BB-(EXP)sf
   G             LT B-sf   New Rating    B-(EXP)sf
   H             LT NRsf   New Rating    NR(EXP)sf
   VRR Interest  LT NRsf   New Rating    NR(EXP)sf
   X-A           LT AAAsf  New Rating    AA-(EXP)sf
   X-F           LT BB-sf  New Rating    BB-(EXP)sf
   X-G           LT B-sf   New Rating    B-(EXP)sf
   X-H           LT NRsf   New Rating    NR(EXP)sf

- $7,356,000 class A-1 'AAAsf'; Outlook Stable;

- $200,000,000 class A-2 'AAAsf'; Outlook Stable;

- $301,700,000 class A-3 'AAAsf'; Outlook Stable;

- $79,994,000 class A-M 'AAAsf'; Outlook Stable;

- $589,050,000a class X-A 'AAAsf'; Outlook Stable;

- $40,906,000 class B 'AA-sf'; Outlook Stable;

- $27,271,000 class C 'A-sf'; Outlook Stable;

- $14,545,000b class D 'BBBsf'; Outlook Stable;

- $7,272,000b class E 'BBB-sf'; Outlook Stable;

- $14,544,000b class F 'BB-sf'; Outlook Stable;

- $14,544,000ab class X-F 'BB-sf'; Outlook Stable;

- $10,909,000b class G 'B-sf'; Outlook Stable;

- $10,909,000ab class X-G 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

- $22,726,047b class H;

- $22,726,047ab class X-H;

- $38,274,898bc class VRR Interest.

a) Notional amount and interest only (IO).

b) Privately placed and pursuant to Rule 144A.

c) Vertical risk retention interest.

Since Fitch published its expected ratings on Feb. 6, 2023, the
following changes have occurred. The balances for classes A-2 and
A-3 were finalized. At the time the expected ratings were
published, the initial aggregate certificate balance of classes A-2
and A-3 was expected to be approximately $501,700,000, subject to a
variance of plus or minus 5%. The final class balances for classes
A-2 and A-3 are $200,000,000 and $301,700,000, respectively.
Additionally, Class X-A now references only classes A-1 through
A-M. At the time Fitch published its expected ratings, class X-A
referenced classes A-1 through B. The balance of class X-A was
updated from $629,956,000 to $589,050,000 and Fitch's rating on
class X-A was updated from its expected rating of 'AA-sf' to
'AAAsf', reflecting the rating of class A-M, the lowest class
referenced tranche whose payable interest has an effect on the
interest-only payments. The classes above reflect the final ratings
and deal structure.

The ratings are based on information provided by the issuer as of
Feb. 28, 2023.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 26 loans secured by 43
commercial properties having an aggregate principal balance of
$765,497,945 as of the cut-off date. The loans were contributed to
the trust by German American Capital Corporation, Citi Real Estate
Funding Inc., Barclays Capital Real Estate Inc., Bank of Montreal
and Goldman Sachs Mortgage Company. The Master Servicer is Midland
Loan Services, A Division of PNC Bank, National Association and the
Special Servicer is Greystone Servicing Company LLC.

KEY RATING DRIVERS

Lower Leverage Compared With Recent Transactions: The pool has
significantly lower leverage compared with recent multiborrower
transactions rated by Fitch. The pool's Fitch loan to value ratio
(LTV) of 90.0% is lower than both the 2022 and 2021 averages of
99.3% and 103.3%, respectively. However, the pool's Fitch trust
debt service coverage ratio (DSCR) of 1.16x is below the 2022 and
2021 averages of 1.31x and 1.38x, respectively, driven in large
part by a higher average mortgage rate. Excluding credit opinion
loans, the pool's Fitch LTV and DSCR are 95.6% and 1.13x,
respectively.

Highly Concentrated Pool by Loan Size: The pool's 10 largest loans
represent 68.9% of its cutoff balance, which is well above the 2022
and 2021 averages of 55.2% and 51.2%, respectively. This results in
a Loan Concentration Index (LCI) score of 595, which is higher than
the 2022 and 2021 averages of 422 and 381, respectively.

Investment-Grade Credit Opinion Loans: The pool includes four
loans, representing 21.1% of the cutoff balance, that received an
investment-grade credit opinion. Brandywine Strategic Office
Portfolio received a standalone credit opinion of 'BBB-sf*',
428-430 North Rodeo received a standalone credit opinion of
'BBB+sf*', Gilardian NYC Portfolio received a standalone credit
opinion of 'Asf*' and Park West Village received a standalone
credit opinion of 'BBB-sf*'. This pool's total credit opinion
percentage is higher than the 2022 and 2021 averages of 14.4% and
13.3%, respectively.

Shorter Duration Loans: The pool is 100% comprised of loans with
five-year terms, whereas standard conduit transactions have
historically included mostly loans with 10-year terms. Fitch's
historical loan performance analysis shows that five-year loans
have a modestly lower probability of default than 10-year loans,
all else equal. This is mainly attributed to the shorter window of
exposure to potential adverse economic conditions. Fitch considered
its loan performance regression in its analysis of the pool.

RATING SENSITIVITIES

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

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

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

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

- 20% NCF Decline: 'BBB+sf' / 'BBB-sf' / 'BBsf' / 'B-sf' / 'CCCsf'
/ 'CCCsf' / 'CCCsf';

- 30% NCF Decline: 'BBB-sf' / 'BB-sf' / 'CCCsf' / 'CCCsf' / 'CCCsf'
/ 'CCCsf' / 'CCCsf'.

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

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

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

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

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 Ernst & Young LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

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.


GENERATE CLO 11: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Generate CLO 11
Ltd./Generate CLO 11 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 Generate Advisors LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Generate CLO 11 Ltd./Generate CLO 11 LLC

  Class A, $186.00 million: Not rated
  Class B, $40.35 million: AA (sf)
  Class C (deferrable), $17.85 million: A (sf)
  Class D (deferrable), $16.65 million: BBB- (sf)
  Class E (deferrable), $8.70 million: BB- (sf)
  Subordinated notes, $27.00 million: Not rated



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

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

The ratings reflect S&P's view of:

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

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

-- The obligor base's initial credit quality;

-- The projected cash flows supporting the notes; and

-- The transaction's structure.

  Ratings Assigned

  GoodLeap Sustainable Home Solutions Trust 2023-1

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



GS MORTGAGE 2020-UPTN: DBRS Confirms B Rating on Class HRR Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-UPTN issued by GS Mortgage
Securities Corporation Trust 2020-UPTN as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the underlying collateral. The collateral is nearly fully occupied
with the three largest tenants—Salesforce, Inc. (Salesforce),
Akin Gump Strauss Hauer & Feld LLP, and Weaver and Tidwell
LLP—representing approximately 50.5% of the property's base rent,
and no other tenant represents more than 11.5% of base rent. In
addition, the lease rollover is minimal, with 1.8% of the net
rentable area (NRA) rolling before the end of the loan term.

The underlying loan is secured by the fee-simple interest in
portions of The Union, a mixed-use complex in the Uptown/Turtle
Creek submarket of Dallas, built in 2018. The overall development
consists of four components—office, retail, parking, and
apartments—all of which are individually structured as
condominium units. The collateral for the loan consists of three
condominium units including the 21-story LEED Gold-certified office
building, a retail and restaurant cluster of three buildings
surrounding an open courtyard, and a parking structure with three
subterranean levels and six above-ground levels. The fourth,
noncollateral, condominium unit is The Christopher, a 309-unit
apartment building.

The five-year $222.0 million loan is interest only (IO) through the
entire term, and there is no additional pari passu or subordinate
debt. The sponsor, KB Asset Management Co., Ltd,. used the
transaction to fund the collateral property's acquisition and
inject $163.5 million of cash equity. The property manager is the
developer, RED Development.

According to the September 2022 rent roll, the property reported a
total occupancy rate of 99.4%, with the office portion reporting an
occupancy and average contractual rental rate of 99.2% and $37.63
per square foot (psf), respectively, and 100.0% and $47.50 psf,
respectively, for the retail portion. At issuance, the office and
retail portion was 95.2% and 100% occupied, with average
contractual rental rates of $36.39 psf and $47.99 psf,
respectively. The increase in contractual office rent is due to
rent steps and the addition of several smaller tenants that have
commenced leases at the property since issuance. The subject
continues to operate above the Uptown submarket in terms of vacancy
and rental rates. According to Reis, offices within the Uptown
submarket reported average vacancy and rental rates of 25.2% and
$32.80 psf, respectively, as of Q4 2022. Despite the submarket's
high vacancy, nonagricultural job growth will average 1.5% annually
during 2023 and 2024, which will result in absorption averaging
471,000 sf per year, according to Reis. Retail properties within
the submarket reported average vacancy and rental rates of 9.0% and
$29.90 psf, respectively, as of Q4 2022.

The largest office tenant is Salesforce, which occupies 23.1% of
the total NRA, paying a gross rental rate of $54.57 psf on a lease
expiring in May 2025. The loan has a full cash sweep if Salesforce
does not execute its first of two five-year extension options one
year in advance of its May 2025 lease expiration, allowing for a
reserve to be built above $6.0 million as of issuance. Salesforce
reportedly spent more than $200 psf of its own capital to customize
the space, a significant investment that would suggest a
longer-term commitment to the property. According to a February 2,
2023, article from SFGate, Salesforce is moving forward in its plan
to lay off approximately 10% of its workforce. Although the company
had reportedly cut thousands of employees at its San Francisco and
Ireland offices since the start of 2023, there have been no
announcements to date that would materially affect the company's
workforce in Dallas. Three other large office tenants include Akin
Gump Strauss Hauer & Feld LLP (14.6% of total NRA; lease expiring
in September 2034), Weaver and Tidwell LLP (11.6% of total NRA;
lease expiring in October 2030), and HBK Services LLC (8.6% of
total NRA; lease expiring in November 2028).

Based on the year-to-date annualized net cash flow (NCF) ended
September 2022, the NCF increased to $19.9 million (reflecting a
debt service coverage ratio of 2.70 times), above the YE2021 and
DBRS Morningstar NCF figures of $18.3 million and $17.1 million,
respectively. The continued increase in cash flow growth during
2022 was primarily driven by increased rental revenue, increased
parking income and expense reimbursements, and a decrease in
utility costs. Given the long-term leases in place, the property's
above-average quality and desirable location, in addition to
commitment from an institutional level sponsor, DBRS Morningstar
expects loan performance to remain stable.

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


GS MORTGAGE 2023-PJ2: Fitch Gives Final B-sf Rating on Cl. B5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings for the residential
mortgage-backed certificates issued by GS Mortgage-Backed
Securities Trust 2023-PJ2 (GSMBS 2023-PJ2).

   Entity/Debt       Rating                  Prior
   -----------       ------                  -----
GSMBS 2023-PJ2
  
   A1            LT AA+sf  New Rating   AA+(EXP)sf
   A10           LT AAAsf  New Rating   AAA(EXP)sf
   A11           LT AAAsf  New Rating   AAA(EXP)sf
   A11X          LT AAAsf  New Rating   AAA(EXP)sf
   A12           LT AAAsf  New Rating   AAA(EXP)sf
   A13           LT AAAsf  New Rating   AAA(EXP)sf
   A13X          LT AAAsf  New Rating   AAA(EXP)sf
   A14           LT AAAsf  New Rating   AAA(EXP)sf
   A15           LT AAAsf  New Rating   AAA(EXP)sf
   A15X          LT AAAsf  New Rating   AAA(EXP)sf
   A16           LT AAAsf  New Rating   AAA(EXP)sf
   A16L          LT WDsf   Withdrawn    AAA(EXP)sf
   A17           LT AAAsf  New Rating   AAA(EXP)sf
   A17X          LT AAAsf  New Rating   AAA(EXP)sf
   A18           LT AAAsf  New Rating   AAA(EXP)sf
   A19           LT AAAsf  New Rating   AAA(EXP)sf
   A19X          LT AAAsf  New Rating   AAA(EXP)sf
   A1X           LT AA+sf  New Rating   AA+(EXP)sf
   A2            LT AA+sf  New Rating   AA+(EXP)sf
   A20           LT AAAsf  New Rating   AAA(EXP)sf
   A21           LT AAAsf  New Rating   AAA(EXP)sf
   A21X          LT AAAsf  New Rating   AAA(EXP)sf
   A22           LT AAAsf  New Rating   AAA(EXP)sf
   A22L          LT WDsf   Withdrawn    AAA(EXP)sf
   A23           LT AA+sf  New Rating   AA+(EXP)sf
   A23X          LT AA+sf  New Rating   AA+(EXP)sf
   A24           LT AA+sf  New Rating   AA+(EXP)sf
   A3            LT AAAsf  New Rating   AAA(EXP)sf
   A3A           LT AAAsf  New Rating   AAA(EXP)sf
   A3L           LT WDsf   Withdrawn    AAA(EXP)sf
   A3X           LT AAAsf  New Rating   AAA(EXP)sf
   A4            LT AAAs   New Rating   AAA(EXP)sf
   A4A           LT AAAsf  New Rating   AAA(EXP)sf
   A4L           LT WDsf   Withdrawn    AAA(EXP)sf
   A5            LT AAAsf  New Rating   AAA(EXP)sf
   A5X           LT AAAsf  New Rating   AAA(EXP)sf
   A6            LT AAAsf  New Rating   AAA(EXP)sf
   A7            LT AAAsf  New Rating   AAA(EXP)sf
   A7X           LT AAAsf  New Rating   AAA(EXP)sf
   A8            LT AAAsf  New Rating   AAA(EXP)sf
   A9            LT AAAsf  New Rating   AAA(EXP)sf
   A9X           LT AAAsf  New Rating   AAA(EXP)sf
   AX            LT AA+sf  New Rating   AA+(EXP)sf
   B1            LT AA-sf  New Rating   AA-(EXP)sf
   B2            LT A-sf   New Rating   A-(EXP)sf
   B3            LT BBB-sf New Rating   BBB-(EXP)sf
   B4            LT BB-sf  New Rating   BB-(EXP)sf
   B5            LT B-sf   New Rating   B-(EXP)sf
   B6            LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The certificates are supported by 366 prime-jumbo and agency
conforming loans with a total balance of approximately $405.5
million, as of the cut-off date. The transaction is expected to
close on Feb. 28, 2023.

The A-3L, A-4L, A-16L, and A-22L classes were withdrawn by the
issuer and are therefore an expected rating that is no longer
expected to convert to a final rating; therefore, Fitch is
withdrawing the ratings.

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 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
30-year, fixed-rate mortgage (FRM) fully amortizing loans seasoned
at approximately seven months in aggregate.

The collateral comprises primarily prime-jumbo loans and less than
1% agency conforming loans. Borrowers in this pool have moderate
credit profiles (a 758 model FICO) but lower than what Fitch has
observed for other prime-jumbo securitizations. The sustainable
loan to value ratio (sLTV) is 82% and the mark-to-market (MTM)
combined LTV ratio (CLTV) is 74%.

Fitch treated 100% of the loans as full documentation collateral,
and all the loans are qualified mortgages (QMs). Of the pool, 86%
are loans for which the borrower maintains a primary residence,
while 14% are for second homes. Additionally, 46% of the loans were
originated through a retail channel or a correspondent's retail
channel. The expected losses in the 'AAA' stress is 8.0%. This is
higher than in prior issuances and other prime-jumbo shelves due to
the higher sLTV and lower FICO.

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 2.55% of the
original balance will be maintained for the senior notes, and a
subordination floor of 1.75% 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' 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

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

DATA ADEQUACY

Fitch relied in its analysis on an independent third-party due
diligence review performed on 100% of the pool. The third-party due
diligence was consistent with Fitch's "U.S. RMBS Rating Criteria."
AMC Diligence LLC 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.


HALCYON LOAN 2012-1: S&P Lowers Class D Notes Rating to 'D (sf)'
----------------------------------------------------------------
S&P Global Ratings took various rating actions on four classes of
notes from Halcyon Loan Advisors Funding 2012-1 Ltd. (Halcyon
2012-1) and Halcyon Loan Advisors Funding 2013-1 Ltd. (Halcyon
2013-1).

The transactions are U.S. CLO transactions managed by Bardin Hill
Investment Partners.

The rating actions follow its review of the transactions'
performance using data from the January 2023 trustee reports.

Halcyon 2012-1 Ltd.

S&P said, "Since our May 2021 rating actions on Halcyon 2012-1, the
class B notes have received full payment of principal and interest,
class C notes received paydowns totaling $14.4 million, and class D
continues to defer interest and maintains a deferred interest
balance. With these paydowns, there are no remaining obligors in
the portfolio and par losses have contributed to the decrease in
the class C and D overcollateralization (O/C) ratios according to
the Jan. 5, 2023, trustee report. The class C and D O/C ratios are
significantly below their trigger levels. Due to the lack of
remaining assets, the trustee O/C ratios only consider the cash
available to the transaction and no additional assets outside of
the principal balance."

The changes to the Halcyon 2012-1 O/C ratios since May 2021
include:

-- The class C O/C ratio declined to 11.90% from 99.38%, and

-- The class D O/C ratio declined to 0.47% from 50.21%.

However, if the existing equity-like positions that the transaction
holds (which are not considered as part of the principal balance,
based on the terms of the transaction) are monetized, their
projected value along with the existing assets could cover the
class C remaining principal balance, despite the 11.90% trustee O/C
ratio as of January 2023.

S&P said, "We considered this qualitative factor and believe the
class C notes are in line with 'CCC' credit risk because they
depend on favorable market conditions to pay interest and ultimate
principal. As a result, we lowered our rating on the class C notes
two notches to 'CCC- (sf)'. We also lowered our rating on the class
D note rating to 'D (sf)' (default), given the current credit
enhancement levels on the notes, the insufficient coverage--even
when considering equity-like positions, and our view that there is
a virtual certainty of nonpayment."

Halcyon 2013-1

Since S&P's May 2021 rating actions on Halcyon 2013-1, the class B
notes have received full payment of principal and interest, and the
class C notes received paydowns totaling $24.9 million. As a
result, the class C O/C ratio test increased to 264.25% as of the
January 2023, trustee report from 111.25% in the April 2021 trustee
report.

However, the portfolio became concentrated and experienced par loss
during this period, and its overall credit quality has
deteriorated. 'CCC' rated collateral obligations increased to
41.44% as of the January 2023, trustee report, compared with 24.4%
as of the April 2021 trustee report. Meanwhile, defaulted
collateral obligations remain elevated at 24.68% compared to
30.56%. The class D notes continue to defer interest and maintain a
deferred interest balance. Due to par losses and credit
deterioration, the class D O/C ratio is significantly below the
trigger level, and it fell to 24.37% from 71.42%. The class D
interest coverage test also continues to fail.

S&P said, "Although the results of our top obligor test indicated a
higher rating on the class C notes, we affirmed our rating on the
notes after considering the elevated portion of 'CCC' and defaulted
obligors in the portfolio, as well as the increased concentration
risk. We also lowered our rating on the class D notes to 'D (sf)'
due to the class' current credit enhancement levels and
insufficient coverage (even when considering the projected value of
existing equity-like positions the transaction holds are
considered). The downgrade also reflects our view that there is a
virtual certainty of nonpayment of principal, accrued interest, and
deferred interest due on the stated maturity date.

"Both transactions' current portfolios are now highly concentrated
because they have been paid down with zero performing obligors
remaining for Halcyon 2012-1 and only four remaining for Halcyon
2013-1. Given the lack of diversification, we did not generate cash
flows for either transaction. Instead, our analysis and rating
decisions examined other metrics such as the credit quality of the
remaining assets that support the rated notes, the remaining life
of the transaction, the paydown history, and, on a qualitative
basis, the possibility of the collateral manager monetizing the
existing equity positions that the transaction holds (those that
are not included in the principal balance).

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

  Ratings Lowered

  Halcyon Loan Advisors Funding 2012-1 Ltd.

  Class C to 'CCC- (sf)' from 'CCC+ (sf)'
  Class D to 'D (sf)' from 'CC (sf)'

  Halcyon Loan Advisors Funding 2013-1 Ltd.

  Class D to 'D (sf)' from 'CC (sf)'

  Rating Affirmed

  Halcyon Loan Advisors Funding 2013-1 Ltd.

  Class C: 'B+ (sf)'



HERTZ VEHICLE 2023-1: DBRS Gives Prov. BB Rating on Class D Notes
-----------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the notes
to be issued by Hertz Vehicle Financing III LLC (HVF III):

-- $202,500,000 Series 2023-1, Class A Notes at AAA (sf)
-- $31,500,000 Series 2023-1, Class B Notes at A (sf)
-- $27,000,000 Series 2023-1, Class C Notes at BBB (sf)
-- $39,000,000 Series 2023-1, Class D Notes at BB (sf)
-- $202,500,000 Series 2023-2, Class A Notes at AAA (sf)
-- $31,500,000 Series 2023-2, Class B Notes at A (sf)
-- $27,000,000 Series 2023-2, Class C Notes at BBB (sf)
-- $39,000,000 Series 2023-2, Class D 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 in the form of subordination,
overcollateralization, letters of credit (LOCs), and any amounts
held in the reserve account support the DBRS Morningstar
stress-case liquidation analysis with bankruptcy and liquidation
period assumptions that vary by rating category and vehicle type
(program versus non-program) as well as residual value stresses
that vary by rating category for non-program vehicles and program
vehicles from non-investment-grade-rated manufacturers.

-- Liquid credit enhancement will be provided in the form of a
reserve account and/or an LOC sufficient to cover interest on the
Notes, consistent with DBRS Morningstar criteria for this asset
class.

(2) Credit enhancement in the transaction is dynamic, depending on
the composition of the vehicles in the fleet and certain market
value tests.

-- The enhancement in the transaction depends on whether the
vehicles are program or non-program and whether the manufacturer is
investment grade or below investment grade.

-- For non-program vehicles, the enhancement levels may increase
as a result of two market value tests: (1) a marked-to- market test
that compares the market value of the vehicles with the net book
value (NBV) of these vehicles and (2) a disposition proceeds test
that compares the actual disposition proceeds of vehicles sold with
the NBV of those vehicles.

-- If the credit enhancement required in the transaction increases
and HVF III is unable to meet the increased enhancement levels,
then an Amortization Event may occur that will result in a Rapid
Amortization of the Notes.

-- The required credit enhancement is subject to a floor of 11.05%
of the assets.

(3) Amortization Events include, but are not limited to, default in
the payment of amounts due after five consecutive business days,
default in the payments of amounts due by the expected final
payment date, deficiency of amounts available in the liquidity
reserve account, payment default under the master lease, the
required asset amount exceeding the aggregate asset amount,
servicer default, and administrator default.

(4) The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
documents. The ratings address the timely payment of interest to
the Class A, Class B, Class C, and Class D noteholders at their
respective note rates as well as ultimate payment of principal on
the notes, in each case by the legal final payment date.

(5) The intention of each party to the master lease to treat the
lease as a single indivisible lease.

(6) The transaction allows vehicles, for which the Collateral Agent
has not yet been noted on the Certificates of Title as lienholder,
to remain as eligible assets for up to 45 days for new vehicles and
60 days for used vehicles (Lien Holidays). All vehicles benefit
from a negative pledge.

(7) Inclusion of box trucks that are subject to a limit of 5% and a
required credit enhancement of 35%.

(8) 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 COVID-19 pandemic scenarios,
which were first published in April 2020.

(9) The transaction parties' capabilities to effectively manage
rental car operations and dispose of the fleet to the extent
necessary.

-- DBRS Morningstar has performed an operational review of Hertz
and considers the entity to be a capable rental fleet operator and
manager.

-- Lord Securities Corporation is the backup administrator for
this transaction, and defi AUTO, LLC is the backup disposition
agent.

(10) The legal structure and its consistency with DBRS
Morningstar's "Legal Criteria for U.S. Structured Finance"
methodology, the provision of legal opinions that address the
treatment of the operating lease as a true lease, the
nonconsolidation of the special-purpose vehicles with Hertz and its
affiliates, and that the trust has a valid first-priority security
interest in the assets.

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




HERTZ VEHICLE III: Moody's Gives Ba2 Rating to 2023-1 Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Series 2023-1 and Series 2023-2 Rental Car Asset-Backed Notes
issued by Hertz Vehicle Financing III LLC (the Issuer), Hertz's
rental car ABS facility.

The Series 2023-1 Notes and the Series 2023-2 Notes have an
expected final payment date in 3 and 5 years, respectively. Hertz
Vehicle Financing III LLC (HVFIII) is a Delaware limited liability
company, which is a bankruptcy-remote special purpose entity (SPE)
and a direct subsidiary of The Hertz Corporation (Hertz). The
collateral backing the notes is a fleet of vehicles and a single
operating lease of the fleet to Hertz for use in its rental car
business, as well as certain manufacturer and incentive rebate
receivables owed to the SPE by the original equipment manufacturers
(OEMs).

Moody's also announced that the issuance of the Series 2023-1 and
Series 2023-2 Notes, in and of themselves and at this time, will
not result in a reduction, withdrawal, or placement under review
for possible downgrade of any of the ratings currently assigned to
the outstanding series of notes issued by the Issuer.

The complete rating actions are as follows:

Issuer: Hertz Vehicle Financing III LLC

Series 2023-1 Rental Car Asset Backed Notes, Class A, Definitive
Rating Assigned Aaa (sf)

Series 2023-1 Rental Car Asset Backed Notes, Class B, Definitive
Rating Assigned A1 (sf)

Series 2023-1 Rental Car Asset Backed Notes, Class C, Definitive
Rating Assigned Baa2 (sf)

Series 2023-1 Rental Car Asset Backed Notes, Class D, Definitive
Rating Assigned Ba2 (sf)

Series 2023-2 Rental Car Asset Backed Notes, Class A, Definitive
Rating Assigned Aaa (sf)

Series 2023-2 Rental Car Asset Backed Notes, Class B, Definitive
Rating Assigned A1 (sf)

Series 2023-2 Rental Car Asset Backed Notes, Class C, Definitive
Rating Assigned Baa2 (sf)

Series 2023-2 Rental Car Asset Backed Notes, Class D, Definitive
Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The ratings are based on (1) the credit quality of the collateral
in the form of rental fleet vehicles, which The Hertz Corporation
(Hertz) uses in its rental car business, (2) the credit quality of
Hertz, Corporate Family Rating of B2, as the primary lessee and as
guarantor under the operating lease, (3) the experience and
expertise of Hertz as sponsor and administrator, (4) the level of
credit enhancement, which consists of subordination and
over-collateralization, (5) minimum liquidity in the form of cash
and/or a letter of credit, (6) the transaction's legal structure
including standard bankruptcy remoteness provisions and legal
opinions, and (7) stable rental car market conditions bolstered by
recovering travel demand and still tight vehicle supply.

The Series 2023-1 and Series 2023-2 Class A, Class B, and Class C
Notes benefit from subordination of 32.5%, 22.0% and 13.0% of the
outstanding balance of the series 2023-1 and series 2023-2 Notes
respectively. The proposed liquid enhancement is 3.75% of the
outstanding note balance for Series 2023-1 and Series 2023-2, sized
to cover six months of interest plus 50 basis points. Consistent
with prior transactions, the series are subject to a credit
enhancement floor of 11.05% in the form of overcollateralization,
regardless of fleet composition.

As in prior issuances, the transaction documents stipulate that the
required credit enhancement for the Series 2023-1 and Series 2023-2
Notes, sized as a percentage of the total assets, will be a blended
rate, which is a function of Moody's ratings on the vehicle
manufacturers and defined asset categories as described below:

5.00% for eligible program vehicle and receivable amount from
investment grade manufacturers (any manufacturer that has Moody's
long-term rating or senior unsecured rating or long-term corporate
family rating (together, relevant Moody's ratings) of at least
"Baa3" and any manufacturer that does not have a relevant Moody's
rating and has a senior unsecured debt rating from Moody's of at
least "Ba1")

8.00% for eligible program vehicle amount from non-investment
grade manufacturers

15.00% for eligible non-program vehicle amount from investment
grade manufacturers

15.00% for eligible non-program vehicle amount from non-investment
grade manufacturers

8.00% for eligible program receivable amount from non-investment
grade (high) manufacturers (any manufacturer that (i) is not an
investment grade manufacturer and (ii) has a relevant Moody's
rating of at least "Ba3")

100.00% for eligible program receivable amount from non-investment
grade (low) manufacturers (any manufacturer that has a relevant
Moody's rating of less than "Ba3")

35.0% for medium-duty truck amount

0.00% for cash amount

100% for remainder Aaa amount

Consequently, the actual required amount of credit enhancement will
fluctuate based on the mix of vehicles and receivables in the
securitized fleet. Furthermore, the transaction documents dictate
that the total enhancement should include a minimum portion which
is liquid (in cash and/or letter of credit), sized as a percentage
of the aggregate Class A / B / C / D principal amount, net of
cash.

The assumptions Moody's applied in the analysis of this
transaction:

Risk of sponsor default: Moody's assumed a 60% decrease in the
probability of default (from Moody's idealized default probability
tables) implied by the B2 rating of the sponsor. This reflects
Moody's view that, in the event of a bankruptcy, Hertz would be
more likely to reorganize under a Chapter 11 bankruptcy filing, as
it would likely realize more value as an ongoing business concern
than it would if it were to liquidate its assets under a Chapter 7
filing. Furthermore, given the sponsor's competitive position
within the industry and the size of its securitized fleet relative
to its overall fleet, the sponsor is likely to affirm its lease
payment obligations in order to retain the use of the fleet and
stay in business. Moody's arrive at the 60% decrease assuming a 80%
probability Hertz would reorganize under a Chapter 11 bankruptcy
and a 75% probability Hertz would affirm its lease payment
obligations in the event of Chapter 11.

Disposal value of the fleet: Moody's assumed the following haircuts
to the net book value (NBV) of the vehicle fleet:

Non-Program Haircut upon Sponsor Default (Car): Mean: 19%

Non-Program Haircut upon Sponsor Default (Car): Standard Deviation:
6%

Non-Program Haircut upon Sponsor Default (Truck): Mean: 35%

Non-Program Haircut upon Sponsor Default (Truck): Standard
Deviation: 8%

Non-Program Haircut upon Sponsor Default (Tesla): Mean: 21%

Non-Program Haircut upon Sponsor Default (Tesla): Standard
Deviation: 10%

Fixed Program Haircut upon Sponsor Default: 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Car): 10%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Truck): 20%

Additional Fixed Non-Program Haircut upon Manufacturer Default
(Tesla): 50%

Fleet composition -- Moody's assumed the following fleet
composition (based on NBV of vehicle fleet):

Non-Program Vehicles (Car, Tesla & EVs): 90.25%

Non-Program Vehicles (Trucks): 5%

Program Vehicles (Car, Tesla & EVs): 4.75%

Non-program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 10.0%, 2, A3

Baa Profile: 45.0%, 2, Baa3

Ba/B Profile: 20.0%, 1, Ba3; 25.0%, 1, Ba1

Program Manufacturer Concentration (percentage, number of
manufacturers, assumed rating):

Aa/A Profile: 0.0%, 0, A3

Baa Profile: 50.0%, 1, Baa3

Ba/B Profile: 50.0%, 1, Ba3

Manufacturer Receivables: 10%; receivables distributed in the same
proportion as the program fleet (Program Manufacturer Concentration
and Manufacturer Receivables together should add up to 100%)

Correlation: Moody's applied the following correlation
assumptions:

Correlation among the sponsor and the vehicle manufacturers: 10%

Correlation among all vehicle manufacturers: 25%

Default risk horizon -- Moody's assumed the following default risk
horizon:

Sponsor: 5 years

Manufacturers: 1 year

A fixed set of time horizon assumptions, regardless of the
remaining term of the transaction, is used when considering sponsor
and manufacturer default probabilities and the expected loss of the
related liabilities, which simplifies Moody's modeling approach
using a standard set of benchmark horizons.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Rental Vehicle
Securitizations Methodology" published in October 2021.

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

Up

Moody's could upgrade the ratings of the Series 2023-1 and 2023-2
Subordinated Notes if (1) the credit quality of the lessee
improves, (2) assumptions of the credit quality of the pool of
vehicles collateralizing the transaction were to improve, as
reflected by a stronger mix of program and non-program vehicles and
stronger credit quality of vehicle manufacturers, (3) the residual
values of the non-program vehicles collateralizing the transaction
were to increase materially relative to Moody's expectations.

Down

Moody's could downgrade the ratings of the Series 2023-1 and 2023-2
Notes if (1) the credit quality of the lessee deteriorates or a
corporate liquidation of the lessee were to occur and introduce
operational complexity in the liquidation of the fleet, (2)
assumptions of the credit quality of the pool of vehicles
collateralizing the transaction were to weaken, as reflected by a
weaker mix of program and non-program vehicles and weaker credit
quality of vehicle manufacturers, (3) reduced demand for used
vehicles results in lower sales volumes and sharp declines in used
vehicle prices above Moody's assumed depreciation, or (3) the
residual values of the non-program vehicles collateralizing the
transaction were to decrease materially relative to Moody's
expectations.             


HILDENE TRUPS 5: Moody's Assigns Ba3 Rating to $12.75MM D Notes
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued by Hildene TruPS Securitization 5, Ltd. (the "Issuer"
or "Hildene 5").

Moody's rating action is as follows:

US$105,000,000 Class A1-A Senior Secured Floating Rate Notes due
2043, Definitive Rating Assigned Aaa (sf)

US$30,000,000 Class A1-B Senior Secured Fixed Rate Notes due 2043,
Definitive Rating Assigned Aaa (sf)

US$84,000,000 Class A2 Senior Secured Floating Rate Notes due 2043,
Definitive Rating Assigned Aa2 (sf)

US$15,000,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2043, Definitive Rating Assigned A3 (sf)

US$14,250,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2043, Definitive Rating Assigned Baa3 (sf)

US$12,750,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2043, Definitive Rating Assigned Ba3 (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 TruPS CDO's portfolio and structure.

Hildene 5 is a static cash flow TruPS CDO. The issued notes will be
collateralized primarily by (1) trust preferred securities
("TruPS"), senior notes and subordinated debt issued by US
community banks and their holding companies and (2) TruPS issued by
insurance companies and their holding companies. The portfolio is
approximately 100% ramped as of the closing date.

Hildene Structured Advisors, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer. The Manager will direct the disposition of any
defaulted securities, deferring securities or credit risk
securities. The transaction prohibits any asset purchases or
substitutions at any time.

In addition to the Rated Notes, the Issuer issued 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.

The portfolio of this CDO consists of (1) TruPS, senior notes, and
subordinated debt issued by 56 US community banks and (2) TruPS
issued by 2 insurance companies, the majority of which Moody's does
not rate. Moody's assesses the default probability of bank obligors
that do not have public ratings through credit scores derived using
RiskCalc(TM), an econometric model developed by Moody's Analytics.
Moody's evaluation of the credit risk of the bank obligors in the
pool relies on FDIC Q3-2022 financial data. Moody's assesses the
default probability of insurance company obligors that do not have
public ratings through credit assessments provided by its insurance
ratings team based on the credit analysis of the underlying
insurance companies' annual statutory financial reports. Moody's
assumes a fixed recovery rate of 10% for both the bank and
insurance obligations.

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

Par amount: $300,000,000

Weighted Average Rating Factor (WARF): 653

Weighted Average Spread Float Assets (WAS): 2.54%

Weighted Average Coupon Fixed Assets (WAC): 9.10%

Weighted Average Coupon Hybrid Assets (WAC): 6.88%

Weighted Average Spread Hybrid Assets (WAS): 4.00%

Weighted Average Recovery Rate (WARR): 10.0%

Weighted Average Life (WAL): 8.48 years

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 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 portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional estimation uncertainty.

Moody's obtained a loss distribution for this CDO's portfolio by
simulating defaults using Moody's CDOROM(TM), which used Moody's
assumptions for asset correlations and fixed recoveries in a Monte
Carlo simulation framework. Moody's then used the resulting loss
distribution, together with structural features of the CDO, as an
input in its CDOEdge(TM) cash flow model.


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

-- $242.2 million Class A-1 at AAA (sf)
-- $20.4 million Class A-2 at AA (high) (sf)
-- $29.0 million Class A-3 at A (high) (sf)
-- $18.1 million Class M-1 at BBB (high) (sf)
-- $11.5 million Class B-1 at BB (high) (sf)
-- $10.4 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 32.40%
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 26.70%, 18.60%, 13.55%, 10.35%, and
7.40% of credit enhancement, respectively.

This transaction is a securitization of a portfolio of fixed-rate
prime and nonprime first-lien residential mortgages funded by the
issuance of the Certificates. The Certificates are backed by 785
loans with a total principal balance of approximately $358,282,768
as of the Cut-Off Date (January 31, 2023).

Approximately 67.4% of loans in the pool by balance were originated
by HomeX Mortgage Corp. (HomeX), and about 32.7% were sourced by
Angel Oak Home Loans LLC's (Angel Oak) internally approved
third-party originators, each individually accounting for less than
2.5% of loans in the pool.

HOMES 2023-NQM1 represents the first rated securitization of the
prime and nonprime first-lien residential mortgage loans issued by
the Sponsor, APF Holdings I, L.P., from the HOMES shelf. The
Sponsor is a special-purpose entity owned by funds managed or
affiliated with Ares Alternative Credit Management LLC (Ares). The
loans were purchased by a fund managed by Ares from the HomeX and
Angel Oak (together, the Loan Sellers), and will be assigned to the
Sponsor, another Ares-managed fund entity, on the Closing Date.

Specialized Loan Servicing LLC and Select Portfolio Servicing, Inc.
will act as the Servicers for 54.2% and 45.8% of loans,
respectively.

Wilmington Savings Fund Society, FSB will act as the Securities
Administrator, Trustee, and Certificate Registrar. Computershare
Trust Company, N.A. (rated BBB with a Stable trend by DBRS
Morningstar) will serve as the Custodian.

The pool is about five months seasoned on a weighted-average (WA)
basis, although seasoning may span from zero to eight months.

In accordance with U.S. credit risk retention requirements, the
Sponsor, either directly or through a majority-owned affiliate,
will retain an eligible horizontal residual interest consisting of
the Class X Certificates and the required portion of the Class B-2
and Class B-3 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 the 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 agency, government, or private-label nonagency prime
products for various reasons. In accordance with the CFPB Qualified
Mortgage (QM)/ATR rules, 63.7% of the loans are designated as
non-QM. Approximately 36.3% of the loans are made to investors for
business purposes and are thus not subject to the QM/ATR rules.

Neither the Servicer nor any other transaction party will have any
obligation to make any advances of any delinquent scheduled monthly
principal and interest (P&I) payments due on any of the loans.
However, each 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). If any Servicer fails to make the Servicing Advances on
a delinquent loan, the recovery amount upon liquidation may be
reduced.

The Depositor (APF Securitization O4B-23A, LLC) may, at its option,
on any date on or after the date that is the earlier of (1) the
third anniversary of the Closing Date, and (2) 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
any amounts deferred by the Servicers in connection with loan
modifications after the Cut-off Date (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), and Class A-3
Certificates 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 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 the Class A-1, Class A-2, and Class A-3 Certificates (Senior
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 March 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 (both before
and after the Class A coupons step up).

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 COVID-19 pandemic scenarios, which were first
published in April 2020.

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




HOMES TRUST 2023-NQM1: Fitch Assigns 'B' Rating on Class B2 Certs
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by HOMES 2023-NQM1 Trust
(HOMES 2023-NQM1).

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

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

TRANSACTION SUMMARY

The certificates are supported by 785 non-prime loans with a total
balance of approximately $358 million as of the cut-off date.

Loans in the pool were primarily originated by HomeXpress Mortgage
Corporation. Loans were aggregated by subsidiaries of funds managed
by Ares Alternative Credit Management LLC (Ares). Loans are
currently serviced by Select Portfolio Servicing, Inc. or
Specialized Loan Servicing, LLC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.3% 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. Driven by
the strong gains seen in 1H22, home prices rose 9.2% yoy nationally
as of October 2022.

Non-Qualified Mortgage Credit Quality (Negative): The collateral
consists of 785 loans, totaling $358 million and seasoned
approximately eight months in aggregate. The borrowers have a
moderate credit profile (728 Fitch model FICO). The borrowers also
have moderate leverage: 78.9% sustainable loan-to-value ratio
(sLTV) and 72.3% combined LTV (cLTV). The pool consists of 59.7% of
loans where the borrower maintains a primary residence, while 37.0%
comprise an investor property. Additionally, 63.7% are
non-Qualified Mortgages (QM) while the remainder are generally not
applicable to QM/Ability-To-Repay (ATR).

Fitch's expected loss in the 'AAAsf' stress is 26.0%. This is
mostly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Approximately 92% of the loans in
the pool were underwritten to less than full documentation, and 59%
were underwritten to a bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program.

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

Fitch's treatment of alternative loan documentation increased the
'AAAsf' expected loss by 622 bps relative to a fully documented
loan.

High Percentage of DSCR Loans (Negative): There are 379 debt
service coverage ratio (DSCR) products in the pool (48% by loan
count). These business-purpose loans are available to real estate
investors that are qualified on a cash flow basis, rather than DTI,
and borrower income and employment are not verified. Compared to
standard investment properties, for DSCR loans, Fitch converts the
DSCR values to a DTI and treats them as low documentation.

Fitch's expected loss for these loans is 36.1% in the 'AAAsf'
stress, which is driving the higher pool expected losses due to the
32.2% weighted average concentration.

Modified Sequential-Payment Structure with no Advancing (Mixed):
The structure distributes principal pro rata among the senior
certificates while shutting out the subordinate bonds from
principal until all senior classes are reduced to zero. If a
cumulative loss trigger event or delinquency trigger event occurs
in a given period, principal will be distributed sequentially to
class A-1, A-2 and A-3 certificates until they are reduced to
zero.

There will be no servicer advancing of delinquent principal and
interest. The lack of advancing reduces loss severities as a lower
amount is repaid to the servicer when a loan liquidates, and
liquidation proceeds are prioritized to cover principal repayment
over accrued but unpaid interest.

The downside to this is the additional stress on the structure, as
there is limited liquidity in the event of large and extended
delinquencies. The structure has enough internal liquidity through
the use of principal to pay interest, excess spread and credit
enhancement to pay timely interest to senior notes during stressed
delinquency and cash flow periods.

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bp increase to the fixed coupon or the net weighted average
coupon (WAC) rate. Fitch expects the senior classes to be capped by
the Net WAC. Additionally, beginning at issuance, the unrated class
B-3 interest allocation goes toward the senior cap carryover amount
for as long as the senior cap carryover amount is greater than
zero. This increases the P&I allocation for the senior classes as
long as the B-3 is not written down.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model projected 41.0% 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

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

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


IMSCI 2012-2: Fitch Affirms CCC Rating on Class G Debt
------------------------------------------------------
Fitch Ratings has affirmed three classes of Institutional Mortgage
Capital, commercial mortgage pass-through certificates series
2012-2 (IMSCI 2012-2). The Rating Outlook for affirmed class E has
been revised to Stable from Negative. All currencies are
denominated in Canadian dollars (CAD).

   Entity/Debt          Rating              Prior
   -----------          ------              -----
Institutional
Mortgage
Securities
Canada Inc.,
series 2012-2
  
   D 45779BAN9      LT PIFsf  Paid In Full   BBsf
   E 45779BAP4      LT BB-sf  Affirmed      BB-sf
   F 45779BAS8      LT Bsf    Affirmed        Bsf
   G 45779BAT6      LT CCCsf  Affirmed      CCCsf

KEY RATING DRIVERS

Concentrated Pool: The pool is concentrated with only one of the
original 31 loans remaining. Due to the concentrated nature of the
pool, Fitch's analysis consisted of repayment and recovery
expectations on the remaining loan and the affirmations reflect
this analysis.

The Outlook revision for class E to Stable from Negative reflects
the large improvement in credit enhancement (CE) and the higher
certainty that the class will payoff. The Negative Outlook on class
F reflects the potential for a downgrade if the Lakewood Apartments
loan fails to repay at the March 2023 maturity. Despite the
recourse provisions and low historical loss rates associated with
Canadian CMBS loans, Fitch has concerns with the recoverability of
the Lakewood Apartments loan.

The Lakewood Apartments (100%), a 111-unit apartment building in
Fort McMurray, AB remains a FLOC. The loan was in special servicing
in 2016 and 2017 due to the downturn in the energy markets and has
remained current. In May 2016, the Fort McMurray area was evacuated
due to wildfires, but the collateral did not sustain structural
damage. Demand at the property increased in 2016 due to local
residents that were displaced by the fires and workers brought in
for restoration efforts. However, that demand has since
dissipated.

According to the servicer, occupancy was reported to be 82% as of
October 2022 compared with 77% as of January 2022, 84% as of
September 2021, 89% as of YE 2020, 75% at November 2019, and 63% at
YE 2018. The YE 2021 debt service coverage ratio (DSCR) was
reported to be .65x compared to .56x at YE 2020, .48x at YE 2019
and .41x at YE 2018. The loan maturity has been extended for a
third time to May 2023. The loan has full recourse to the sponsor,
Lanesborough Real Estate Investment Trust. Despite the recourse
provision, Fitch remains concerned with the loan given the low
DSCR, multiple maturity extensions and demand tied to the energy
sector. Additional extensions are possible.

Increased Credit Enhancement: CE has increased since Fitch's prior
rating action, primarily from the repayment of six loans ($35.4
million balance at Fitch's prior rating action) in full. As of the
February 2023 distribution date, the pool's aggregate principal
balance has been reduced by 96.8% to $7.6 million from $240.2
million at issuance.

RATING SENSITIVITIES

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

Downgrades could occur if the Lakewood Apartments loan fails to
repay at maturity or transfers to the special servicer.

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

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

Upgrades are unlikely as there is only one remaining loan with
three maturity extensions and struggling historical performance.

ESG CONSIDERATIONS

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


INVESCO US 2023-1: Fitch Assigns 'BBsf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Invesco
U.S. CLO 2023-1, Ltd.

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

   A-1                  LT  AAAsf   New Rating    AAA(EXP)sf
   A-1 Loans            LT  AAAsf   New Rating    AAA(EXP)sf
   A-1C                 LT  AAAsf   New Rating    AAA(EXP)sf
   A-2                  LT  NRsf    New Rating    NR(EXP)sf
   B                    LT  AAsf    New Rating    AA(EXP)sf
   C                    LT  Asf     New Rating    A(EXP)sf
   D                    LT  BBB-sf  New Rating    BBB-(EXP)sf
   E                    LT  BBsf    New Rating    BB(EXP)sf
   F                    LT  NRsf    New Rating    NR(EXP)sf
   Subordinated Notes   LT  NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
98.7% first-lien senior secured loans and has a weighted average
recovery assumption of 76.6%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40% of the portfolio balance in aggregate while the
top five obligors can represent up to 11.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs

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

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings. The weighted average life (WAL) used for the
transaction stress portfolio is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period. In Fitch's opinion, these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


INVESCO US 2023-2: Moody's Assigns (P)B3 Rating to $1MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by Invesco U.S. CLO 2023-2, Ltd. (the
"Issuer" or "Invesco 2023-2").  

Moody's rating action is as follows:

US$320,000,000 Class A Senior Secured Floating Rate Notes due 2036,
Assigned (P)Aaa (sf)

US$1,000,000 Class F Deferrable Junior Secured Floating Rate Notes
due 2036, 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.

Invesco 2023-2 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans, and up to 10.0% of the portfolio may consist
of senior unsecured loans, second lien loans, first-lien last-out
loans and permitted debt securities. Moody's expect the portfolio
to be fully ramped as of the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 7.50%

Weighted Average Recovery Rate (WARR): 47.0%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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


JP MORGAN 2010-C2: Fitch Affirms Csf Rating on 2 Tranches
---------------------------------------------------------
Fitch Ratings has affirmed five classes of J.P. Morgan Chase
Commercial Mortgage Securities Trust, commercial mortgage
pass-through certificates, series 2010-C2 (JPMCC 2010-C2). The
Rating Outlook on class D remains Stable.

   Entity/Debt            Rating          Prior
   -----------            ------          -----
J.P. Morgan Chase
Commercial
Mortgage
Securities
Trust 2010-C2

   D 46635GAQ3        LT Bsf   Affirmed     Bsf
   E 46635GAS9        LT CCsf  Affirmed    CCsf
   F 46635GAU4        LT CCsf  Affirmed    CCsf
   G 46635GAW0        LT Csf   Affirmed     Csf
   H 46635GAY6        LT Csf   Affirmed     Csf

KEY RATING DRIVERS

Regional Mall Concentration; High Loss Expectations: Three loans
remain in the pool, secured by two regional malls. Due to the
concentrated nature of the pool, Fitch performed a paydown analysis
that grouped these loans based on the likelihood of repayment and
expected losses from the liquidation of these loans. Based on this
scenario, loss expectations remain high due to the pool's reliance
on proceeds from underperforming regional malls with uncertainty
around timing/recovery and ultimate disposition of these loans.

The Mall at Greece Ridge (70.5% of pool) is secured by a 1.05
million-sf portion of a 1.60 million-sf regional mall located in
Greece, NY. The loan, which is sponsored by Wilmorite Properties,
transferred to special servicing in November 2019 at the borrower's
request to allow for early payoff. The borrower was unsuccessful in
obtaining financing and the loan matured in October 2020. The loan
returned to the master servicer as a modified loan in in July 2022.
Modification terms included a bifurcation of the loan into a A/B
split (approximately 80%/20%), extension of the loan term by 50
months through December 2024 and extension of the interest-only
(IO) period by 410 months.

Target (ground lease; 11.7% NRA; exp. January 2029) is a collateral
anchor, and JCPenney and Macy's are non-collateral anchors. Sears
and Bon-Ton, both non-collateral, closed in 2018 and 2012,
respectively. Bed Bath & Beyond, (previously 3.3% NRA) closed in
February 2021. Servicer-reported NOI DSCR was 1.19x as of the YTD
June 2021 compared with 1.13x at YE 2020, 1.41x at YE 2019 and
1.41x at YE 2018.

Fitch's loss expectation on this loan is approximately 56%; the
loss considers a discount to the most recent servicer reported
appraisal value. Fitch's loss implies a 27% cap rate on the YE 2019
NOI and is consistent with Fitch stressed values on similar mall
properties.

Valley View Mall (29.5%) is secured by a 373,497-sf portion of a
628,093-sf regional mall located in La Crosse, WI. The loan
transferred to special servicing in April 2020, matured in July
2020 and became REO in July 2022. Per servicer updates, collateral
occupancy was 80% as of March 2022. Servicer-reported NOI DSCR was
0.75x at YE 2021, down from 1.07x at YE 2020, 1.17x at YE 2019 and
2.31x at YE 2018. The largest collateral tenant, JCPenney, which
leases approximately 30% NRA, renewed its lease for an additional
five years through July 2025.

A non-collateral Sears closed in November 2018, a non-collateral
Herberger's closed in August 2018 and a non-collateral Macy's
closed in the first quarter of 2017. Per servicer updates, HyVee
Grocery acquired the former Sears parcel and is open and operating
as of the fourth quarter 2022. Also, a VA Clinic opened in 24,000
sf of the former Herberger's non- collateral box.

Fitch's loss expectation on this loan is approximately 77%; the
loss considers a discount to the most recent servicer reported
appraisal value. Fitch's loss implies a 34% cap rate on the YE 2019
NOI and is consistent with Fitch stressed values on similar
defaulted mall properties.

Minimal Change in Credit Enhancement: There has been minimal change
to credit enhancement since Fitch's prior rating action. As of the
February 2023 distribution date, the pool's aggregate principal
balance has been reduced by 92.2% to $86.0 million from $1.1
billion at issuance. No loans are defeased. Actual realized losses
of $2.1 million affected the non-rated NR class, and cumulative
interest shortfalls of $1.7 million are currently affecting classes
F through NR.

RATING SENSITIVITIES

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

A downgrade to class D could occur with increased loss expectations
from continued performance declines and/or lower valuations on the
remaining regional mall properties. Downgrades to the distressed
rated classes E through H would occur as losses are realized or
with greater certainty of losses.

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

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

Upgrades are considered unlikely due to the regional mall
concentration but could occur if one of the regional malls disposes
with better than expected recoveries.

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 2023-2: Fitch Gives 'B-sf' Final Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-2 (JPMMT 2023-2).

   Entity/Debt       Rating                  Prior
   -----------       ------                  -----
JPMMT 2023-2
  
   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
   A-X-3         LT AA+sf  New Rating   AA+(EXP)sf
   A-X-4         LT AA+sf  New Rating   AA+(EXP)sf
   A-X-5         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 2023-2 (JPMMT
2023-2) as indicated. The certificates are supported by 320 loans
with a total balance of approximately $360.72 million as of the
cut-off 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 (43.2%) and LoanDepot.com LLC (10.3%), with the
remaining 46.5% 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 43.1% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
June 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.

The other main servicers in the transaction are United Wholesale
Mortgage, LLC (servicing 43.2% of the loans) and LoanDepot.com, LLC
(servicing 10.3% of the loans); the remaining 3.4% of the loans are
being serviced by various servicers, each contributing less than
10% to the pool. Nationstar Mortgage LLC (Nationstar) will be the
master servicer.

100.0% of the loans qualify as safe-harbor qualified mortgage
(SHQM), or QM safe-harbor (average prime offer rate [APOR]).

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.

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 9.4% 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. 100.0% of the loans qualify as safe-harbor
qualified mortgage (SHQM) or QM safe-harbor (APOR). 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 753, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
61.2%, 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 74.7%,
translating to a sustainable loan-to-value (sLTV) ratio of 80.4%,
represents moderate borrower equity in the property and reduced
default risk compared with a borrower with a CLTV over 80%.

A 96.4% portion of the pool comprises nonconforming loans, while
the remaining 3.6% represents conforming loans. All of the loans
are designated as QM loans, with 46.0% 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 (PUDs) and single-family attached dwellings constitute
94.5% of the pool; condominiums make up 3.7%; and multifamily homes
make up 1.8%. The pool consists of loans with the following loan
purposes: purchases (78.5%), cashout refinances (16.9%) and
rate-term refinances (4.7%). Fitch views the fact that there are no
loans to investment properties and the majority of the mortgages
are purchases favorably.

A total of 157 loans in the pool are over $1.0 million, and the
largest loan is approximately$2.97 million.

Of the pool, 29.6% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(12.1%), followed by the Miami-Fort Lauderdale-Miami Beach, FL MSA
(8.6%) and New York-Northern New Jersey-Long Island, NY-NJ-PA MSA
(6.2%). The top three MSAs account for 27% of the pool. As a
result, there was no probability of default (PD) penalty applied
for geographic concentration.

Loan Count Concentration (Negative): The loan count of this pool
(320 loans) resulted in a loan count concentration penalty. The
loan count concentration penalty applies when the weighted average
number of loans is less than 300. The loan count concentration of
this pool resulted in a 1.03x penalty, which increased the loss
expectations by 30 basis points (bps) at the 'AAAsf' rating
category.

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 credit enhancement (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 3.30%
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 2.00% 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 41.1% 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.

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 2023-2 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in JPMMT 2023-2, 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 affect 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.


JPMBB 2015-C29: Fitch Lowers Rating on Class D Certs to 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has downgraded four classes, affirmed 11 classes and
revised two Rating Outlooks to Negative from Stable of JPMBB
Commercial Mortgage Securities Trust, series 2015-C29.

The class A-S, B and C certificates may be exchanged for class EC
certificates, and class EC certificates may be exchanged for class
A-S, B and C certificates. The class A-1 and A-2 certificates have
paid in full. Class X-C was previously withdrawn per Fitch's
criteria. Fitch does not rate the class NR and X-NR certificates.

   Entity/Debt         Rating             Prior
   -----------          ------            -----
JPMBB 2015-C29

   A-3A1 46644RAY1 LT AAAsf  Affirmed     AAAsf
   A-3A2 46644RAA3 LT AAAsf  Affirmed     AAAsf
   A-4 46644RAZ8   LT AAAsf  Affirmed     AAAsf
   A-S 46644RBD6   LT AAAsf  Affirmed     AAAsf
   A-SB 46644RBA2  LT AAAsf  Affirmed     AAAsf
   B 46644RBE4     LT AA-sf  Affirmed     AA-sf
   C 46644RBF1     LT A-sf   Affirmed     A-sf
   D 46644RBH7     LT CCCsf  Downgrade    Bsf
   E 46644RAN5     LT CCsf   Downgrade    CCCsf
   EC 46644RBG9    LT A-sf   Affirmed     A-sf
   F 46644RAQ8     LT Csf    Affirmed     Csf
   X-A 46644RBB0   LT AAAsf  Affirmed     AAAsf
   X-B 46644RBC8   LT AA-sf  Affirmed     AA-sf
   X-D 46644RAE5   LT CCCsf  Downgrade    Bsf
   X-E 46644RAG0   LT CCsf   Downgrade    CCCsf
   X-F 46644RAJ4   LT Csf    Affirmed     Csf

KEY RATING DRIVERS

Increased Loss Expectations: Loss expectations have increased since
Fitch's prior rating action driven by higher losses on loans in
special servicing including One City Centre and Patton Square.
Fitch's ratings incorporate a base case loss expectation of 15.2%.
Seven loans (34.6% of the pool) have been designated as Fitch Loans
of Concern (FLOCs) including three specially serviced loans
(14.6%).

Fitch Loans of Concern; Specially Serviced Loans: The largest
driver to loss is One City Centre loan (10.5%), which is secured by
a 602,122-sf, LEED Gold Certified, office property located in the
heart of Houston's CBD in Houston, TX. The loan transferred to
Special Servicer on March 23, 2021 due to Imminent Monetary
Default. The largest tenant -- Waste Management (40.5%) -- vacated
the building at lease expiration in December 2020.

According to the special servicer, the property is expected to be
marketed for sale in late Q1 or early Q2 2023. Reserves are being
utilized to fund monthly debt service payments with approximately
$3.9 million remaining as of January 2023. The special servicer has
noted that leasing in the downtown Houston Office market has been
stagnant, contributing to continued leasing challenges and high
vacancy. As of June 2022, occupancy was 25% with debt service
coverage ratio (DSCR) of -0.73x.

Fitch's modeled loss of approximately 80% is based on a discount to
a servicer provided value, which reflects a recovery of $40 psf.

The second-largest contributor to loss is the Horizon Outlet
Shoppes Portfolio (3.2%), which, at issuance, was a portfolio of
three outlet centers with a combined 555,682 sf, located in
tertiary markets Oshkosh, WI, Burlington, WA and Fremont, IN. All
three properties became REO in August 2021 and two of the assets
were sold in 2022 including Prime Outlets at Fremont and Prime
Outlets at Burlington. Liquidation proceeds were applied to the
remaining principal balance. The remaining REO asset is the Prime
Outlets at Oshkosh, which is expected to be listed for sale in Q2
2023. Prime Outlets at Oshkosh reported TTM sales of $339 psf as of
October 2022, compared with $355 psf as of YE2021. As of December
2022, the property was 58% occupied with a DSCR of 1.17x as of
September 2022.

Fitch's modeled loss of 85% is based on a discount to a recent
appraisal of the remaining asset.

The third largest contributor to loss is the Patton Square loan
(0.9%), which is secured by a 91,910-sf anchored retail center
located in Woodruff, SC. The grocery anchor Bi-Lo (47% of the NRA)
closed at the subject location in February 2021 after its owner,
Southeastern Grocers, announced they would no longer operate stores
under the Bi-Lo banner. The closure of Bi-Lo resulted in a decline
in occupancy to 52% in 2021. The loan transferred to special
servicing in August 2022 due to payment default. A settlement
agreement has been executed to accommodate a cooperative transition
of the property and a receiver has been appointed as the servicer
evaluates a disposition strategy. As of June 2022, occupancy has
deteriorated further to 36%.

Fitch's modeled loss of 75% is based on a discount to a recent
appraisal, which reflects a recovery value of $21 psf.

Improved Credit Enhancement/Additional Defeasance: As of the
January 2023 distribution date, the pool's aggregate principal
balance was reduced by 42.2% to $569.1 million from $984.5 million
at issuance. Eleven loans (19.4%) are fully defeased. Five loans
(16.9%) are full-term IO and 27 loans (54.7%) have partial IO
periods and all have begun amortizing.

RATING SENSITIVITIES

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

Downgrades to classes A3-A1 through B and X-A, X-B and EC are not
likely due to the position in the capital structure, but may occur
should interest shortfalls affect these classes; downgrade to class
B is possible should expected losses for the pool increase
significantly or performance of the FLOCs further decline;
downgrade to class C would occur should additional loans transfer
to special servicing and/or disposition of specially serviced loans
at higher losses than expected; downgrades to classes D, X-D, E,
X-E, F and X-F would occur as losses are realized and/or become
more certain.

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

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

Upgrades to classes B and C would only occur with significant
improvement in CE and/or defeasance and with performance
stabilization on the FLOCs and/or better than expected recoveries
on the specially serviced loans. Classes would not be upgraded
above 'Asf' if there were likelihood of interest shortfalls; an
upgrade to class D and X-D is not likely until the later years in
the transaction, and only if the performance of the remaining pool
is stable, there is sufficient CE and with improved loss
expectations for the pool; classes E and F are unlikely to be
upgraded absent significant performance improvement on the FLOCs
and improved loss expectations of assets in special servicing.

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.


JPMDB COMMERCIAL 2016-C2: Fitch Cuts Rating on Two Tranches to B-sf
-------------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed nine classes of
JPMDB Commercial Mortgage Securities Trust 2016-C2, commercial
mortgage pass-through certificates. The Rating Outlook remains
Negative for class D and X-C, while class B, C and X-B were
assigned Negative Outlooks following their downgrade. In addition,
the Outlook for class A-S was revised to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
JPMDB 2016-C2

   A-2 46590LAR3    LT AAAsf  Affirmed    AAAsf
   A-3A 46590LAS1   LT AAAsf  Affirmed    AAAsf
   A-3B 46590LAA0   LT AAAsf  Affirmed    AAAsf
   A-4 46590LAT9    LT AAAsf  Affirmed    AAAsf
   A-S 46590LAX0    LT AAAsf  Affirmed    AAAsf
   A-SB 46590LAU6   LT AAAsf  Affirmed    AAAsf
   B 46590LAY8      LT A-sf   Downgrade   AA-sf
   C 46590LAZ5      LT BBB-sf Downgrade   A-sf
   D 46590LAE2      LT B-sf   Downgrade   BBsf
   E 46590LAG7      LT CCCsf  Affirmed    CCCsf
   F 46590LAJ1      LT CCsf   Affirmed    CCsf
   X-A 46590LAV     LT AAAsf  Affirmed    AAAsf
   X-B 46590LAW2    LT A-sf   Downgrade   AA-sf
   X-C 46590LAC6    LT B-sf   Downgrade   BBsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased loss
expectations for the pool since Fitch's last rating action, driven
primarily by the largest specially serviced DoubleTree Houston
Intercontinental Airport loan and the two regional mall loans,
Quaker Bridge Mall and Palisades Center. Fitch's current ratings
incorporate a base case loss of 10.0%. Fitch has identified 10
Fitch Loans of Concerns (44.7% of the pool balance), including four
loans in special servicing (6.4%).

The Negative Outlooks reflect the potential for further downgrade
should performance of the FLOCs, including the two regional malls,
fail to stabilize or deteriorate further, with prolonged workouts
on the specially serviced loans and/or additional loans transfer to
special servicing.

The largest contributor to Fitch's loss expectations is the
specially serviced DoubleTree Houston Intercontinental Airport loan
(5.8% of the pool). The loan is secured by a seven-story, 313-room,
full service hotel located in Houston, TX.

The loan transferred to special servicing in June 2020 due to
imminent default. In July 2020, the borrower consented to
appointment of a receiver, the receiver has taken over management
of the hotel and is working to address operational and capital
needs prior to marketing the property for sale. Fitch's base case
loss of 54% reflects a discount to the recent servicer reported
value, resulting in a stressed value of approximately $88,000 per
key.

The next largest contributor to loss is the Quaker Bridge Mall
(12.0%), secured by a 357,221-sf regional mall located in
Lawrenceville, NJ. Non-collateral anchor tenant Lord & Taylor
closed in February 2021 and non-collateral anchor tenant Sears
closed in 2018 leaving two remaining anchors, JCPenney and Macy's.
As of September 2022, the occupancy rate was 80%. However, the four
largest collateral tenants have expired leases, scheduled upcoming
lease expirations in 2023, or are currently month-to-month: Forever
21 (7.5% of NRA), Old Navy (4.9% of NRA, H&M (4.9% of NRA), and,
Victoria's Secret (3.4% of NRA). As of February 2023, the servicer
has noted that the borrower is in discussions with these tenants on
lease renewals. The NOI DSCR for the full-term interest only loan
as of September 2022 was 2.03x compared with 2.22x as of YE2021 and
2.33x as of YE 2020. Fitch's base case loss of 26% reflects a 13%
cap rate to the YE 2021 NOI.

The third largest contributor to Fitch's loss expectations,
Palisades Center (4.3%), is secured by a 1.9 million-sf
super-regional mall located in West Nyack, NY. The loan transferred
to special servicing in October 2022 for imminent maturity default.
Notices of default were sent with discussions ongoing with the
borrower.

Performance metrics have continued to decline as larger tenants
have vacated at or before scheduled lease expiration dates. Lord &
Taylor (120,000 SF) closed in January 2020 after being at the
property since 1998. Bed Bath & Beyond (46,833 SF) closed their
Palisades Center location in June 2020 prior to its lease
expiration date in January 2022. Collateral anchor Target (6.9% of
NRA) has an upcoming scheduled rollover in January 2024. BJ's (6.2%
of NRA) had a lease expiration in February 2023, but the tenant has
renewed its lease to February 2033.

Fitch's base case loss of 36% reflects a 15% cap rate to the YE
2021 NOI.

Increased Credit Enhancement (CE): As of the February 2022
distribution date, the pool's aggregate balance has been reduced by
22.4% to $693.2 million from $748.0 million at issuance. Since
Fitch's prior rating action, one loan ($44.4 million) has repaid
from the pool.

Four loans (32.2%) are full-term IO, and 10 loans (42.7%) that were
structured with a partial-term IO component at issuance are in
their amortization periods. Three loans (7.3%) are fully defeased.
There are no realized losses to date. Cumulative interest
shortfalls of $1.7 million are currently affecting the non-rated
class NR.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool-level losses from
underperforming or specially serviced loans. Downgrades to classes
A-2 through A-S and class X-A are not likely due to the position in
the capital structure but may occur should interest shortfalls
affect these classes. Further downgrades to classes B, C, and X-B
are possible should expected losses for the pool increase
significantly. Further downgrades to classes D and X-C are possible
should performance of the FLOCs continue to decline, should
additional loans transfer to special servicing, if loans do not
payoff at maturity and/or should FLOCs not stabilize. Further
downgrades to classes E and F would occur as losses are realized
and/or greater certainty of loss.

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

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

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

ESG CONSIDERATIONS

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


KEYCORP STUDENT 2005-A: Fitch Hikes Rating on Cl. II-C Notes to BB
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the class D notes of
Keycorp Student Loan Trust (KSLT) 2004-A (Group II) and the class C
notes of 2006-A (Group II) at 'CCsf', and upgraded the class C
notes of 2004-A and the class B notes of 2006-A to 'AAAsf'/Stable
from 'AAsf'/Stable. Fitch has also upgraded the ratings on the
outstanding notes of 2005-A (Group II) to 'BBsf'/Stable from
'Bsf'/Stable.

The affirmations of the 2004-A class D notes and 2006-A class C
notes reflect the continued undercollateralization of the notes
despite relatively stable asset performance. The upgrade of the
class C notes of 2004-A and the class B notes of 2006-A reflect
increasing credit enhancement commensurate with their respective
rating level. The upgrade of the class C notes for 2005-A reflects
stable asset performance and increasing parity level, with total
parity standing at 108.1% as of November 2022, up from 104.6% as of
November 2021.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
KeyCorp Student Loan
Trust 2006-A (Group II)
  
   II-B 49327HAH8         LT AAAsf  Upgrade     AAsf
   II-C 49327HAJ4         LT CCsf   Affirmed    CCsf

KeyCorp Student Loan
Trust 2005-A (Group II)

   II-C 493268CL8         LT BBsf   Upgrade     Bsf

KeyCorp Student Loan
Trust 2004-A (Group II)
  
   II-C 493268CA2         LT AAAsf  Upgrade     AAsf
   II-D 493268CB0         LT CCsf   Affirmed    CCsf

KEY RATING DRIVERS

Collateral Performance: The trusts are collateralized by private
student loans originated by KeyBank N.A. Fitch assumes a base case
default rate of 10.4%, 10.3%, and 11.0% for 2004-A, 2005-A, and
2006-A, respectively. Fitch also assumes a constant default rate
(CDR) of 3.00% and a principal payment rate of 17% for all
transactions. Default multiples of 4.00x were applied at 'AAAsf'
and default multiples of 1.35x were applied at 'BBsf'. Fitch
assumes a base case recovery rate of 12% based on transaction data
provided by the issuer.

Payment Structure: KSLT 2004-A and 2006-A are undercollateralized
and each trust can receive excess spread from the respective Group
I pool consisting of FFELP loans. For the most recent distribution,
2005-A and 2006-A received excess spread from their respective
Group I. Senior notes benefit from subordination of junior notes.
Total parity as of the most recent distribution was approximately
97.1% for 2004-A, 108.1% for 2005-A and 98.4% for 2006-A. Liquidity
support is provided by reserve accounts of $4.2 million, $3.4
million and approximately $4.0 million for 2004-A, 2005-A and
2006-A, respectively.

Operational Capabilities: Day-to-day servicing is provided by
KeyBank, NA (master servicer), Pennsylvania Higher Education
Assistance Agency (sub-servicer) and Nelnet Inc. Fitch believes all
servicers are acceptable servicers of student loans due to their
long servicing history.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

KeyCorp Student Loan Trust 2004-A (Group I)

- Increase base case defaults by 10%: class C 'AAAsf'; class D
'CCCsf'

- Increase base case defaults by 25%: class C 'AAAsf; class D
'CCCsf'

- Increase base case defaults by 50%: class C 'AAAsf'; class D
'CCCsf'

- Reduce base case recoveries by 10%: class C 'AAAsf'; class D
'CCCsf'

- Reduce base case recoveries by 20%: class C 'AAAsf'; class D
'CCCsf'

- Reduce base case recoveries by 30%: class C 'AAAsf'; class D
'CCCsf'

- Increase base case defaults and reduce base case recoveries each
by 10%: class C 'AAAsf'; class D 'CCCsf'

- Increase base case defaults and reduce base case recoveries each
by 25%: class C 'AAAsf'; class D 'CCCsf''

- Increase base case defaults and reduce base case recoveries each
by 50%: class C 'AAAsf'; class D 'CCCsf''

KeyCorp Student Loan Trust 2005-A (Group I)

- Increase base case defaults by 10%: class C 'BBB-sf'

- Increase base case defaults by 25%: class C 'BB+sf

- Increase base case defaults by 50%: class C 'B-sf'

- Reduce base case recoveries by 10%: class C 'BBBsf'

- Reduce base case recoveries by 20%: class C 'BBBsf'

- Reduce base case recoveries by 30%: class C 'BBBsf'

- Increase base case defaults and reduce base case recoveries each
by 10%: class C 'BBB-sf'

- Increase base case defaults and reduce base case recoveries each
by 25%: class C 'BBsf'

- Increase base case defaults and reduce base case recoveries each
by 50%: class C 'CCCsf'

KeyCorp Student Loan Trust 2006-A (Group I)

- Increase base case defaults by 10%: class B 'AAAsf'; class C
'CCCsf'

- Increase base case defaults by 25%: class B 'AAAsf; class C
'CCCsf'

- Increase base case defaults by 50%: class B 'AAAsf'; class C
'CCCsf'

- Reduce base case recoveries by 10%: class B 'AAAsf'; class C
'CCCsf'

- Reduce base case recoveries by 20%: class B 'AAAsf'; class C
'CCCsf'

- Reduce base case recoveries by 30%: class B 'AAAsf'; class C
'CCCsf'

- Increase base case defaults and reduce base case recoveries each
by 10%: class B 'AAAsf'; class C 'CCCsf'

- Increase base case defaults and reduce base case recoveries each
by 25%: class B 'AAAsf'; class C 'CCCsf''

- Increase base case defaults and reduce base case recoveries each
by 50%: class B 'AAAsf'; class C 'CCCsf''

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

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

KeyCorp Student Loan Trust 2004-A (Group I)

- Decrease base case defaults by 25%: class C 'AAAsf'; class D
'CCCsf'

- Increase base case recoveries by 10%: class C 'AAAsf'; class D
'CCCsf'

- Decrease base case defaults and increase base case recoveries
each by 50%: class C 'AAAsf'; class D 'BBBsf'

KeyCorp Student Loan Trust 2005-A (Group I)

- Decrease base case defaults by 25%: class C 'Asf';

- Increase base case recoveries by 10%: class C 'BBBsf'

- Decrease base case defaults and increase base case recoveries
each by 50%: class C 'AA+sf'

KeyCorp Student Loan Trust 2006-A (Group I)

- Decrease base case defaults by 25%: class B 'AAAsf'; class C
'CCCsf'

- Increase base case recoveries by 10%: class B 'AAAsf'; class C
'CCCsf'

- Decrease base case defaults and increase base case recoveries
each by 50%: class B 'AAAsf'; class C 'CCCsf'

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.


KKR CLO 46: Fitch Assigns 'BB-(EXP)' Rating on Class E Notes
------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
KKR CLO 46 Ltd.

   Entity/Debt        Rating        
   -----------        ------        
KKR CLO 46 LTD

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

TRANSACTION SUMMARY

KKR CLO 46 Ltd (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by KKR
Financial Advisors II, LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first-lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 25.28, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.7. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.85% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.42% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.6%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 40.0% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
CLOs.

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

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

The WAL used for the transaction stress portfolio is 12 months less
than the WAL covenant to account for structural and reinvestment
conditions after the reinvestment period. In Fitch's opinion, these
conditions would reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

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


KNDL 2019-KNSQ: DBRS Confirms BB(low) Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-KNSQ issued by KNDL
2019-KNSQ Mortgage Trust as follows:

-- Class A at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (high) (sf)
-- Class X-EXT at AA (low) (sf)
-- Class D at A (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (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
expectations since the last rating action. The collateral continues
to report occupancy figures greater than 97.0% and, as of the
trailing 12 months (T-12) ended June 30, 2022, financials, reported
a net cash flow (NCF) greater than the DBRS Morningstar NCF derived
at issuance.

The collateral for the trust consists of a $628.0 million
first-lien mortgage loan secured by Kendall Square, which comprises
three Class A office/laboratory properties totaling 589,987 square
feet (sf) and 2,147 below-grade parking spaces in Cambridge,
Massachusetts. Kendall Square is part of the largest life sciences
and biotechnology center in the United States with proximity to the
Massachusetts Institute of Technology, Harvard University, and
Massachusetts General Hospital. The three properties were
constructed between 2002 and 2009 and offer desirable Class A
office/laboratory space. The capital stack includes $180.0 million
of mezzanine debt, which is subordinate to and held outside the
trust. The interest-only (IO) mortgage loan features a two-year
initial term with three 12-month extensions, the second of which
was exercised in April 2022. Individual properties are permitted to
be released with customary requirements upon a prepayment premium
of 110% of the allocated loan amount.

The loan reported a consolidated NCF of $53.4 million for the T-12
ended June 30, 2022, financials, which compares favorably with the
YE2021 NCF of $47.5 million, the Issuer's NCF of $52.0 million, and
the DBRS Morningstar NCF of $45.7 million. The increase in cash
flow from YE2021 is primarily attributed to a 10.0% increase in
base rent. According to the September 2022 rent roll, the
collateral reported an average rental rate of $70.68 per square
foot (psf), an increase from $67.52 psf as of September 2021 and
$66.19 psf at issuance. Parking income remains 10.0% (approximately
$1.5 million) below issuance levels likely due to residual effects
from the Coronavirus Disease (COVID-19) pandemic. Prior to the
pandemic, the parking garage benefited from a substantial number of
monthly parkers and contractual leased passes that mitigated the
lower transient demand. The loan's in-place debt service coverage
ratio remains healthy, however, and the aforementioned declines in
parking income have been more than recovered through the higher
base rents being achieved.

The September 2022 rent roll showed the collateral was 97.8%
occupied with an average base rent of $70.68 psf compared with the
issuance occupancy rate and average base rent of 100% and $66.19
psf, respectively. The three largest tenants are Alnylam
Pharmaceuticals, Inc. (50.0% of the total portfolio's net rentable
area (NRA); lease expiration in January 2034), Baxalta US, Inc.
(35.0% of the NRA; lease expiration in January 2027), and IPSEN
Bioscience, Inc. (10.7% of the NRA; lease expiration of December
2024). No tenants are scheduled to roll in the next 12 months.

Sponsorship is provided by subsidiaries of The Blackstone Group
(Blackstone) and BioMed Realty Trust (BioMed), which together own a
number of properties in the Kendall Square submarket. Blackstone,
founded in 1991, is a global alternative asset manager. BioMed was
founded in 2004 and focuses on acquiring, developing, leasing,
owning, and managing laboratory and office space for the life
sciences industry.

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


LIBRA SOLUTIONS 2023-1: DBRS Finalizes BB Rating on Class B Notes
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes (the Notes) issued by Libra Solutions 2023-1 LLC
(the Issuer):

-- $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 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 Libra, that the trust has 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.




LIFE 2021-BMR: DBRS Confirms B(low) Rating on Class G Certs
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-BMR
issued by LIFE 2021-BMR Mortgage Trust:

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

All trends are Stable.

The rating confirmations and Stable trends reflect DBRS
Morningstar's expectations of the performance of the portfolio to
remain stable given the limited rollover risk through the fully
extended loan term, locations within the most prominent life
sciences hubs across the United States, and the loan sponsorship in
BioMed Realty, an affiliate of BlackStone Group.

The $2.0 billion underlying loan is interest only and is structured
with a floating rate, with an interest rate cap of 3.5%. The loan
has a partial pro rata structure that allows for paydowns on the
first 30.0% of the principal balance, and will switch to a
sequential pay structure for the remaining balance. This structure
is penalized in DBRS Morningstar's analysis given the reduced
paydown to the senior bonds for those properties released before
the sequential pay threshold is met. The loan is scheduled to
mature in March 2023 and has three one-year extension options. At
issuance, the transaction was secured by a portfolio of 17
properties totaling approximately 2.4 million square feet (sf) of
Class A office and laboratory space in the most prominent life
sciences hubs, Cambridge, Massachusetts; San Diego; and San
Francisco. Since issuance, two properties, totaling 5.3% of net
rentable area (NRA;124,053 sf), have been released from the
portfolio, resulting in a collateral reduction of 1.7% since
issuance with a current trust balance of $1.98 billion.

The loan is being monitored on the servicer's watchlist for the
upcoming maturity date, and DBRS Morningstar expects the sponsor
will exercise the first of the three extension options available.
As of September 2022, the property remains 100% occupied, and the
largest tenants include Shire Human Genetic Therapies Inc. (20.4%
of the NRA; expiring July 2033), Illumina, Inc (14.1% of the NRA;
expiring December 2027), and Life Technologies (9.1% of the NRA;
expiring March 2028). The trailing-12 months (T-12) ended September
30, 2022, net cash flow, and debt service coverage ratio were
$135.9 million and 3.13 times, respectively, and both figures
remain in line with prior years. As noted at issuance, the
portfolio benefits from limited rollover risk through the fully
extended loan term, with a weighted-average remaining lease term of
6.5 years, and a high concentration of rental income (60% of base
rents) coming from investment-grade tenants. Additionally, the
three life sciences hubs where the collateral properties are
located, particularly Cambridge, continue to benefit from low
vacancy rates and high barriers to entry. According to CBRE, Class
A office properties within the Cambridge submarket reported a
vacancy rate of 6.1%.

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



MAGNETITE LTD XXXIV: Fitch Assigns 'BBsf' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Magnetite
XXXIV, Limited.

   Entity/Debt             Rating        
   -----------             ------        
Magnetite XXXIV,
Limited

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

TRANSACTION SUMMARY

Magnetite XXXIV, Limited (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
BlackRock Financial Management, Inc. Net proceeds from the issuance
of the secured and subordinated notes will provide financing on a
portfolio of approximately $410 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
97.9% first-lien senior secured loans and has a weighted average
recovery assumption of 76.0%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

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

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

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

The weighted average life (WAL) used for the transaction stress
portfolio is 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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


MAGNETITE LTD XXXIV: Moody's Gives B3 Rating to $410,000 F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Magnetite XXXIV, Limited (the "Issuer" or
"Magnetite XXXIV").

Moody's rating action is as follows:

US$262,400,000 Class A Senior Secured Floating Rate Notes due 2036,
Assigned Aaa (sf)

US$410,000 Class F Deferrable Mezzanine Floating Rate Notes due
2036, Assigned B3 (sf)

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

RATINGS RATIONALE

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

Magnetite XXXIV is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
first lien senior secured loans, cash and eligible investments, and
up to 10.0% of the portfolio may consist of second lien loans,
first lien last out loans, unsecured loans and bonds, provided that
no more than 5.0% of the portfolio may consist of bonds. The
portfolio is approximately 85% ramped as of the closing date.

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

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

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

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

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

Par amount: $410,000,000

Diversity Score: 60

Weighted Average Rating Factor (WARF): 3036

Weighted Average Spread (WAS): SOFR + 3.44%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 47.00%

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.


MFA 2023-INV1: DBRS Finalizes B(high) Rating on Class B-2 Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2023-INV1 to be issued
by MFA 2023-INV1 Trust (MFA 2023-INV1):

-- $108.9 million Class A-1 at AAA (sf)
-- $21.9 million Class A-2 at AA (high) (sf)
-- $23.2 million Class A-3 at A (high) (sf)
-- $14.3 million Class M-1 at BBB (high) (sf)
-- $12.2 million Class B-1 at BB (high) (sf)
-- $9.0 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 46.60%
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 35.85%, 24.45%, 17.40%, 11.40%, and
7.00% of credit enhancement, respectively.

This is a securitization of a portfolio of fixed- and
adjustable-rate (including loans with initial Interest-Only (IO)
period) investor debt service coverage ratio (DSCR), first-lien
residential mortgages funded by the issuance of the Certificates.
The Certificates are backed by 788 mortgage loans with a total
principal balance of $203,853,952 as of the Cut-Off Date (December
31, 2022).

The originator of the loans in the mortgage pool is Lima One
Capital, LLC (Lima One; 100.0%). Lima One will service the loans
within the pool as of the Closing Date. MFA Financial, Inc. (MFA)
is the Sponsor and the Servicing Administrator of the transaction.

The mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on property value,
the mortgagor's credit profile, and the DSCR, where applicable.
Since the loans were made to investors for business purposes, they
are exempt from the Consumer Financial Protection Bureau's
Ability-to-Repay rules and the TILA/RESPA Integrated Disclosure
rule.

The Sponsor and Servicing Administrator are the same entity, and
the Depositor is its affiliate. The initial Controlling Holder is
expected to be the Depositor. The Depositor will retain an eligible
horizontal interest consisting of a portion of Class B-2, and all
of Class B-3 and XS 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.
Such retention aligns Sponsor and investor interest in the capital
structure. Additionally, the Depositor will initially own the Class
M-1, Class B-1, and the portion of the Class B-2 not required to be
held as noted above.

Computershare Trust Company, N.A. (Computershare; rated BBB with a
Stable trend by DBRS Morningstar) will act as the Securities
Administrator and Certificate Registrar. Computershare, Deutsche
Bank National Trust Company, and Wilmington Trust, National
Association will act as the Custodians.

On or after the earlier of (1) the third anniversary of 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, and any non-interest bearing
deferred amounts due to the Class XS Certificates (optional
redemption). After such purchase, the Depositor may 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, any non-interest
bearing deferred amounts, and expenses that are payable or
reimbursable to the transaction parties (optional termination). An
optional termination is conducted as a qualified liquidation.

For this transaction, the Servicer or any other transaction party
will not fund advances on delinquent principal and interest (P&I)
on any mortgage. 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).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the Class A-1, A-2, and A-3
Certificates (Senior Classes) 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 and Class A-2
Certificates (IIPP) before being applied sequentially to amortize
the balances of the senior and subordinated bonds after a Trigger
Event has occurred. For the Class A-3 Certificates (only after a
Trigger Event) and for the mezzanine and subordinate classes of
Certificates (both before and after a Trigger Event), principal
proceeds will be available to cover interest shortfalls only after
the more senior classes have been paid off in full. Also, excess
spread if available can be used to cover (1) realized losses and
(2) cumulative applied realized loss amounts preceding the
allocation of funds to unpaid Cap Carryover Amounts due to Class
A-1 down to Class M-1.

Of note, the Class A-1, A-2, and A-3 Certificates' coupon rates
step up by 100 basis points on and after the payment date in
February 2027. Of note, interest and principal otherwise available
to pay the Class B-3 interest and principal may be used to pay the
Cap Carryover Amounts.

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



MILL CITY 2023-NQM1: Fitch Assigns 'Bsf' Rating on Cl. B-2 Notes
----------------------------------------------------------------
Fitch rates the residential mortgage-backed notes to be issued by
Mill City Mortgage Loan Trust 2023-NQM1 (MCMLT 2023-NQM1).

   Entity/Debt       Rating                 Prior
   -----------       ------                 -----
MCMLT 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
   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
   R             LT NRsf  New Rating   NR(EXP)sf
   XS            LT NRsf  New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 753 loans with a total interest-bearing
balance of approximately $383 million as of the cutoff date.

Loans in the pool were originated primarily by HomeXpress Mortgage
Corp. (HX) and Excelerate Capital (Excelerate) with the remainder
coming from multiple originators. The loans are serviced by
Shellpoint Mortgage Servicing (Shellpoint).

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.9% 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. Driven by
the strong gains seen in 1H22, home prices rose 9.2% yoy nationally
as of October 2022.

Non-Qualified Mortgage (QM) Credit Quality (Negative): The
collateral consists of 753 loans totaling $383 million and seasoned
approximately 10 months in aggregate, calculated as the difference
between the origination date and the cutoff date. The borrowers
have a moderate credit profile — a 733 model FICO and a 46%
debt/income (DTI) ratio, which includes mapping for debt service
coverage ratio (DSCR) loans — and leverage, as evidenced by a 76%
sustainable loan-to-value (sLTV) ratio.

The pool comprises 53% of loans treated as owner-occupied, while
47% were treated as an investor property or second home, which
includes loans to foreign nationals or loans where the residency
status was not provided (seven foreign nationals and 17 loans where
residency was not available). Of the loans, 52% are designated as a
non-QM loan, while the Ability to Repay Rule (ATR) does not apply
for 48%. Lastly, 4.7% of the loans are delinquent as of the cutoff
date, while 7.3% are current but have experienced a delinquency or
had missing pay string data within the past 24 months.

Limited Advancing (Mixed): The servicers will be advancing
delinquent monthly payments of principal and interest for only the
initial 90 days but only to the extent deemed recoverable. Because
P&I advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust, the
loan-level loss severities (LS) are less for this transaction than
for those where the servicer is obligated to advance P&I.

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

ESG Transaction parties and Operational Risks (Negative): The
transaction has an ESG score of '4' for Transaction Parties and
Operational Risk which has an impact on the transaction due to the
adjustment for the Representations & Warranties framework without
other operational mitigants.

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 40.1% at 'AAA'. The
analysis indicates that there is some potential for rating
migration with higher MVDs for all rated classes, compared with the
model projection. Specifically, a 10% additional decline in home
prices would result in a downgrade of up to five notches.

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 an upgrade
of up to two notches.

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 applied a 5% credit to the probability of default at
the loan level for all loans graded 'A' or 'B'.

ESG CONSIDERATIONS

MCMLT 2023-NQM1 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the representations & warranty
framework without sufficient mitigants which has a negative 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.


MKT 2020-525M: DBRS Confirms BB(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-525M issued by MKT
2020-525M Mortgage Trust as follows:

-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class X-A at AA (sf)
-- Class C at AA (low) (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (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
expectations since issuance. The 10-year fixed-rate loan is
interest only (IO) for the full term. The loan is secured by the
fee, leasehold, and subleasehold interests in 525 Market Street, a
38-story, 1.1 million-square-foot (sf) Class A office tower in San
Francisco's central business district. Built in 1973, the LEED
Platinum-certified property is primarily configured for office use,
with first-floor retail space. The trust debt comprises $270
million in senior A notes and $212 million in junior B notes; the
whole loan totals $682.0 million inclusive of all senior debt and
subordinate debt. The loan is sponsored by a joint venture between
New York State Teachers' Retirement System (advised by J.P. Morgan
Asset Management) and RREEF America REIT II, Inc., a Maryland
corporation.

According to the September 2022 rent roll, the property was 88.8%
occupied, compared with the YE2021 and issuance occupancy rates of
91.4% and 95.0%, respectively. The largest tenants at the subject
include Amazon.com Services, Inc. (Amazon; 39.1% of the net
rentable area (NRA) with leases expiring between January 2028 and
January 2031); Wells Fargo Bank (13.7% of the NRA with a lease
expiring in June 2025); and Sephora USA, Inc. (Sephora; 11.0% of
the NRA with a lease expiring in October 2023). Sephora is expected
to vacate the subject upon its lease expiration and consolidate its
offices to the nearby Salesforce East building.

Tenants representing 13.8% of the NRA have leases that are
scheduled to expire within the next 12 months, including Sephora.
Based on a leasing post by Property Shark as of February 2023,
336,821 sf of space (32.3%) was available for lease at asking rents
ranging between $80 per sf (psf) and $95 psf. This includes the
vacant units and Sephora's space. In addition, the units currently
occupied by Cloudera, Inc. (Cloudera; 5.5% of the NRA) were listed
as available, although Cloudera's lease is scheduled to expire in
May 2025. Per the Q4 2022 Reis report, the North Financial District
submarket reported an average asking rental rate of $68.32 psf and
vacancy rate of 12.5%, compared with the Q4 2021 asking rental rate
of $68.52 psf and vacancy rate of 9.7%.

According to the financials for the trailing nine months ended
September 30, 2022, the loan reported a debt service coverage ratio
(DSCR) of 2.83 times (x), compared with the YE2021 DSCR of 2.09x,
YE2020 DSCR of 1.96x, and DBRS Morningstar DSCR of 2.52x. Over the
past few years, approximately $102 million has been invested in the
property for renovations and tenant improvements. Despite the
upcoming tenant rollover risk, fluctuations in occupancy, and the
general uncertainty surrounding office demand, mitigating factors
include the subject's excellent location, good asset quality,
sponsorship commitment, and generally healthy performance.

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



MORGAN STANLEY 2004-3: S&P Lowers Class B-2 Debt Rating to 'D(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on seven classes of mortgage
pass-through certificates from seven U.S. residential
mortgage-backed securities (RMBS) transactions issued between 2004
and 2007 to 'D (sf)'. These transactions are backed by prime jumbo,
alternative-A, or Federal Housing Administration/Veterans Affairs
collateral.

The downgrades reflect S&P's assessment of how the principal
write-downs affected these transactions' classes during recent
remittance periods. All of the classes whose ratings were lowered
to 'D (sf)' were rated 'CCC (sf)' before the rating action.

All of the transactions in this review receive credit enhancement
from a combination of subordination, excess spread, and
overcollateralization (where applicable).

S&P will continue to monitor its ratings on securities that
experience principal write-downs, and it will further adjust its
ratings as S&P considers appropriate according to its criteria.


  Ratings List

                                       
  ISSUER
                                      RATING
    SERIES     CLASS CUSIP       TO  FROM   MAIN RATIONALE

  Alternative Loan Trust 2005-6CB

    2005-6CB    1-A-6  12667F5H4  D (sf)  CCC (sf)  Prinicpal  
                                                    write-down.

  Alternative Loan Trust 2005-7CB

    2005-7CB    1-A-5  12667F4G7  D (sf)  CCC (sf)  Prinicpal
                                                    write-down.

  Banc of America Funding 2006-5 Trust

    2006-5      4-A-2  05950NBK3  D (sf)  CCC (sf)  Prinicpal
                                                    write-down.

  GSMPS Mortgage Loan Trust 2004-4

    2004-4      2A1    36242DJW4  D (sf)  CCC (sf)  Prinicpal     

                                                    write-down.

  IndyMac INDA Mortgage Loan Trust 2007-AR7

    2007-AR7    2-A-1  45670NAC7  D (sf)  CCC (sf)  Prinicpal
                                                    write-down.

  Merrill Lynch Mortgage Investors Trust Series MLCC 2004-F

    MLCC2004-F   B-2   59020UNG6  D (sf)  CCC (sf)  Prinicpal
                                                    write-down.

  Morgan Stanley Mortgage Loan Trust 2004-3

    2004-3       B-2   61745MA86  D (sf)  CCC (sf)  Prinicpal
                                                    write-down.



MORGAN STANLEY 2013-C11: DBRS Confirms C Rating on 6 Classes
------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2013-C11 issued by
Morgan Stanley Bank of America Merrill Lynch Trust as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at BBB (high) (sf)
-- Class B at C (sf)
-- Class C at C (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class PST at C (sf)

The trends on Classes A-3, A-4, A-AB, X-A, and A-S are Stable.
Classes B, C, D, E, F, and PST have ratings that do not typically
carry trends in commercial mortgage-backed securities (CMBS)
ratings.

DBRS Morningstar's expectations for the pool remain in line with
the last rating action in November 2022. All of the outstanding
loans are scheduled to mature by August 2023. As of the January
2023 remittance, 27 of the original 38 loans remain in the pool.
The initial pool balance of $856.3 million has been reduced by
44.9% to $472.3 million, which includes $45.5 million of realized
trust losses stemming from the liquidation of Matrix Corporate
Center in 2018. Since the last rating action, one loan,
representing 3.1% of the pool balance, has defeased (a total of 13
loans are now defeased, now representing 32.0% of the pool) and two
loans have fully repaid from the trust, accounting for $28.9
million in principal paydown. The barbelled ratings for this deal
are reflective of the high credit support for the classes with
investment grade ratings and the loss projections that DBRS
Morningstar expects will erode the balances of the remaining
classes upon resolution of the loans in special servicing, which
combine for 36.7% of the transaction balance and include two of the
three largest loans in the pool.

The largest loan in the pool, Westfield Countryside (Prospectus
ID#1, 19.4% of the current pool), is secured by 464,398 square feet
(sf) of a 1.3 million-sf regional mall in Clearwater, Florida. The
loan transferred to special servicing in June 2020 for imminent
default, following two months of closure because of Coronavirus
Disease (COVID-19) restrictions. According to servicer commentary,
the sponsor, Unibail-Rodamco-Westfield, cooperated in a friendly
foreclosure process, a receiver was appointed in January 2021 and
the special servicer began marketing the property for sale in
January 2023. The most recent appraisal reported by the servicer,
dated November 2021, valued the property at $92.3 million, which
represents a 66.0% decline from the appraised value of $270.0
million at issuance. As of the September 2022 rent roll, the
subject collateral was 72.1% occupied, down from 83.0% as of
September 2021. The loan reported a year-end (YE) 2021 debt service
coverage ratio (DSCR) of 1.01 times (x) compared with a YE 2020
DSCR of 1.09x. Both figures represent a significant decline from
the DBRS Morningstar DSCR at issuance of 1.56x. DBRS Morningstar's
liquidation scenario for this loan was based on a haircut to the
2021 appraised value, with an analyzed loss severity approaching
60%.

The second-largest loan in the pool, The Mall at Tuttle Crossing
(Prospectus ID#2, 17.4% of the current pool), is secured by a
385,057-sf portion of a 1.1 million-sf super-regional mall in
Dublin, Ohio, a suburb of Columbus. The loan transferred to special
servicing in June 2020 for imminent default, a receiver was
appointed in January 2021, and the special servicer is expected to
begin marketing the property for sale in the first quarter of 2023.
The most recent appraisal reported by the servicer, dated August
2021, valued the property at $80.0 million, which is a decline of
66.7% from the appraised value of $240.0 million at issuance. As of
the September 2022 reporting, collateral occupancy was 84.2%, an
increase from the December 2021 rate of 76.0% and the September
2020 rate of 61.3%. The September 2022 DSCR was reported to be
0.85x compared with the year-end 2021 DSCR of 0.70x, both of which
are a significant decline from the year-end 2020 DSCR of 1.44x and
ultimately depressed from the issuance DSCR of 2.34x. DBRS
Morningstar's liquidation scenario for this loan was based on a
haircut to the 2021 appraised value, with an analyzed loss severity
in excess of 75%.

The largest loan on the servicer's watchlist, Marriott Chicago
River North Hotel (Prospectus ID#5, 9.0% of the current pool) is a
pari passu loan secured by a 523-key hotel in Chicago. The property
is dual-branded and consists of a 270-suite Residence Inn and a
253-suite SpringHill Suites. While the loan's DSCR remains below
break-even at 0.76x as of the September 2022 reporting, this is an
increase from the YE2021 DSCR of 0.23x. The loan was previously in
special servicing amid first year of the coronavirus pandemic,
before returning to the master servicer in January 2022. During the
time with the special servicer, two updated appraisals were
obtained, the last of which showed an as-is value as of August 2021
of $123.5 million, down from $191 million at issuance but up from
the November 2020 value of $84.1 million. The 2021 value implies a
healthy loan-to-value ratio of 75.0% on the combined pari passu
loan balance.

According to the most recent reporting for the trailing 12 months
(T-12) ended September 30, 2022, the occupancy rate, average daily
rate, and revenue per available room (RevPAR) were 69.5%, $186.05,
and $129.21, respectively. Performance continues to lag when
compared with pre-pandemic levels, as the T-12 ended March 31, 2020
RevPAR was $157.78; however, given the cushion implied by the 2021
valuation and the sponsor's exhibited commitment to the loan
through the decline in performance, DBRS Morningstar expects the
sponsor will continue working to secure takeout financing for the
2023 maturity, even if a short to moderate term extension is
required given the volatile lending environment.

DBRS Morningstar materially deviated from its North American CMBS
Insight Model when determining the rating assigned to Class A-S, as
the quantitative result suggested a lower rating on this class. The
material deviation is warranted given the uncertain loan-level
event risk.

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



MORGAN STANLEY 2019-NUGS: Moody's Cuts Rating on Cl. E Certs to B2
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on five
classes in Morgan Stanley Capital I Trust 2019-NUGS as follows:

Cl. A, Downgraded to Aa1 (sf); previously on Dec 20, 2019
Definitive Rating Assigned Aaa (sf)

Cl. B, Downgraded to A2 (sf); previously on Feb 9, 2022 Confirmed
at Aa3 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Feb 9, 2022 Confirmed
at A3 (sf)

Cl. D, Downgraded to Ba2 (sf); previously on Feb 9, 2022 Confirmed
at Baa3 (sf)

Cl. E, Downgraded to B2 (sf); previously on Feb 9, 2022 Confirmed
at Ba3 (sf)

RATINGS RATIONALE

The ratings on the P&I classes were downgraded due to an increase
in Moody's LTV as a result of decline in performance. This floating
rate loan transferred to special servicing in December 2022 after
being unable to pay off the loan at its first extended maturity
date. As of the February 2023 remittance statement, the loan
remained current on its interest-only debt service payments and is
classified as performing maturity balloon.

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 February 15, 2023 distribution date, the transaction's
aggregate certificate balance remains unchanged at $277.1 million
from securitization. The 5-year (including three one-year
extensions with a final maturity date in December 2024), interest
only, floating rate loan is secured by a 1,195,149 square feet
(SF), Class A, office property comprised of 52-story tower and an
adjoining 12-story garage located in the central business district
(CBD) of Denver, Colorado. In addition, the property is encumbered
by $50.6 million of non-pooled B-note and $45.3 million of
non-pooled mezzanine debt.

The loan transferred to special servicing in December 2022 due to
maturity default. The borrower previously exercised the loan's
first extension option which extended the maturity date by one
year, from December 2021 to December 2022. While the borrower had
the second one-year extension option, the borrower didn't exercise
the option largely due to increased interest rates and costs
associated with an interest rate protection agreement for the
extended term. The loan required an extension term strike rate that
would result in a debt service coverage ratio (DSCR) of 1.05x based
on the total debt. While the senior mortgage loan balance of $277.1
million had a net operating income (NOI) DSCR above this threshold
at current one-month LIBOR rates, the total debt DSCR would be
below 1.00X.

The property was 83% leased in June 2022 compared to 77% in
December 2021 and 86% in December 2020. The lower occupancy has
caused revenues to decline since securitization and the property's
2022 NOI was 8% below the NOI in 2021 and 11% below that of 2020.
Some of the largest tenants at the property include Wells Fargo
Bank (244,893 SF, 20.5% of NRA), WeWork (117,061 SF, 9.8% of NRA),
Bryan Cave HRO (98,192 SF, 8.2% of NRA), and Cimarex Energy Co
(88,134 SF, 7.4% of NRA). With respect to the largest tenant, Wells
Fargo Bank, 69,778 SF of their leases will expire in December 2023
and the remaining 175,115 SF will expire in December 2028.

The property is well-located in the Denver CBD, however, the Denver
office market vacancies have increased since securitization.
According to CBRE, the Downtown submarket in Denver, Colorado
included 27.6 million SF of Class A office space in Q4 2022 with a
vacancy of 22.5%, compared to a vacancy rate of 10.8% in 2019.

Moody's LTV ratio for the first mortgage balance is 135% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 118% based on Moody's Value using a cap rate adjusted
for the current interest rate environment. The loan is classified
as "performing maturity balloon" and is current on its
interest-only debt service payments through the February 2023
remittance date and there is outstanding interest shortfalls
totaling $3,105 affecting up to Cl. F and no losses have been
realized as of the current distribution date.


OBX TRUST 2023-J1: Moody's Assigns B2 Rating to Cl. B-5 Notes
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to 34
classes of residential mortgage-backed securities (RMBS) issued by
OBX 2023-J1 Trust and sponsored by Onslow Bay Financial LLC.  

The securities are backed by a pool of prime jumbo (95.6% by
balance) and GSE-eligible (4.4% by balance) residential mortgages
that OBX purchased from Bank of America, National Association
(BANA), who in turn aggregated them from multiple originators and
also from aggregator MAXEX Clearing LLC (MAXEX; 18.5% by loan
balance). NewRez LLC d/b/a Shellpoint Mortgage Servicing
(Shellpoint) is the servicer of the pool.

The complete rating actions are as follows:

Issuer: OBX 2023-J1 Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cl. A-15, Definitive Rating Assigned Aa1 (sf)

Cl. A-16, Definitive Rating Assigned Aa1 (sf)

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

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

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

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

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

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

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

Cl. A-X-8*, Definitive Rating Assigned Aa1 (sf)

Cl. A-X-9*, Definitive Rating Assigned Aa1 (sf)

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

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

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

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

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

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

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

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

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

*Reflects Interest-Only Classes

Moody's is withdrawing the provisional ratings for the Class A-1A
and A-2A loans, assigned on February 10, 2023, because the issuer
will not be issuing these classes.

RATINGS RATIONALE

The ratings are based on the credit quality of the mortgage loans,
the structural features of the transaction, the origination quality
and the servicing arrangement, the third-party review, and the
representations and warranties framework.

Moody's expected loss for this pool in a baseline scenario-mean is
0.71%, in a baseline scenario-median is 0.47% and reaches 5.53% at
a stress level consistent with Moody's Aaa ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in July 2022.

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

Up

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

Down

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


OBX TRUST 2023-NQM2: Fitch Gives Bsf Rating on B-2 Notes
--------------------------------------------------------
Fitch Ratings has assigned ratings to OBX 2023-NQM2 Trust.

   Entity/Debt       Rating                 Prior
   -----------       ------                 -----
OBX 2023-NQM2

   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 BBBsf 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 rates the residential mortgage-backed notes issued by the OBX
2023-NQM2 Trust as indicated above. The notes are supported by 910
loans with an unpaid principal balance (UPB) of approximately
$420.7 million as of the cutoff date. The pool consists of
fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs)
acquired by Annaly Capital Management, Inc. (Annaly) from various
originators and aggregators.

Distributions of principal and interest (P&I) and loss allocations
are based on a modified sequential-payment structure. The
transaction has a stop-advance feature where the P&I advancing
party will advance delinquent P&I for up to 120 days. Of the loans,
approximately 60.3% are designated as non-qualified mortgage
(non-QM) and 37.9% are investment properties not subject to the
Ability to Repay (ATR) Rule.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): 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 9.3%
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. Driven by the strong
gains seen in 1H22, home prices rose 9.2% yoy nationally as of
October 2022.

Nonprime Credit Quality (Mixed): The collateral consists of 30-year
and 40-year fixed-rate and adjustable-rate loans. Adjustable-rate
loans constitute 10.9% of the pool as calculated by Fitch, which
includes 4.2% debt service coverage ratio (DSCR) loans with a
default interest rate feature; 17.7% are IO loans and the remaining
82.3% are fully amortizing loans.

The pool is seasoned approximately eight months in aggregate, as
calculated by Fitch. Borrowers in this pool have a moderate credit
profile with a Fitch-calculated weighted average (WA) FICO score of
742, debt to income ratio (DTI) of 43.7% and moderate leverage of
76.8% sustainable loan to value ratio (sLTV). Pool characteristics
resemble recent nonprime collateral.

Investor Properties, Non-QM and Alternative Documentation
(Negative): The pool contains a meaningful amount of investor
properties (37.9%) and non-QM loans (60.3%). Fitch's loss
expectations reflect the higher default risk associated with these
attributes as well as loss severity (LS) adjustments for potential
ATR challenges. Higher LS assumptions are assumed for the investor
property product to reflect potential risk of a distressed sale or
disrepair.

Fitch viewed approximately 86.8% of the pool as less than full
documentation, and alternative documentation was used to underwrite
the loans. Of this, 49.7% were underwritten to a bank statement
program to verify income, which is not consistent with Appendix Q
standards or Fitch's view of a full-documentation program. To
reflect the additional risk, Fitch increases the probability of
default (PD) by 1.4x on the bank statement loans. Besides loans
underwritten to a bank statement program, 29.8% are a DSCR product,
4.6% are P&L loans, 5.8% are a WVOE product and 0.9% constitute an
asset depletion product.

Modified Sequential-Payment Structure (Mixed): The structure
distributes principal pro rata among the senior notes while
shutting out the subordinate bonds from principal payments until
all senior classes are paid in full. If a credit event, 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 notes until each class
balance is reduced to zero.

The delinquency trigger for this transaction is tighter than seen
in many other recent NQM transactions; 10% for the first three
years which steps up to 15% in year three and 20% in year five.
Given this, the triggers trip early in the life of the deal,
switching the deal to sequential pay, under Fitch's stress
scenarios. By paying sequentially, the structure does not leak
principal to the A-2 and A-3 classes, which is resulting in a
smaller differential between Fitch's rating case expected losses
and actual tranche credit enhancement (CE) relative to other recent
NQM deals.

The structure includes a step-up coupon feature where the fixed
interest rate for class A-1, A-2 and A-3 will increase by 100bps
starting on the March 2027 payment date. This reduces the modest
excess spread available to repay losses. However, the interest rate
is subject to the net weighted average coupon (WAC), and any unpaid
cap carryover amount for class A-1, A-2 and A-3 may be reimbursed
from the distribution amounts otherwise allocable to the unrated
class B-3, to the extent available.

Limited Advancing (Mixed): Advances of delinquent P&I will be made
on the mortgage loans for the first 120 days of delinquency, to the
extent such advances are deemed recoverable. The P&I advancing
party (Onslow Bay Financial LLC) is obligated to fund delinquent
P&I advances. If the P&I advancing party, as applicable, fails to
remit any P&I advance required to be funded, the master servicer
(Computershare Trust Company, N.A.) will fund the advance. The
stop-advance feature limits the external liquidity to the bonds in
the event of large and extended delinquencies, but the loan-level
LS are less for this transaction than for those where the servicer
is obligated to advance P&I for the life of the transaction, as P&I
advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust.

The ultimate advancing party in the transaction is the master
servicer, Computershare, rated 'BBB'/'F3' by Fitch.

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. 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. This is in addition to running the loss and cash flow
analysis assuming four months of delinquent P&I servicer advancing,
per the transaction documents. Assuming four months of delinquent
P&I advancing was more conservative; therefore, Fitch's losses and
CE analysis assumed this.

High California Concentration (Negative): Approximately 33.6% of
the pool is located in California. Additionally, the top three MSAs
— Los Angeles (16.3%), New York (14.8%) and Miami (8.2%) —
account for 39.3% of the pool. As a result, a geographic
concentration penalty of 1.01x was applied to the PD.

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 40.4% 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:

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 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'.

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.


OHA CREDIT 14: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to OHA Credit
Funding 14 Ltd./OHA Credit Funding 14 LLC's floating-rate notes.

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

The preliminary ratings are based on information as of Feb. 27,
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

  OHA Credit Funding 14 Ltd./OHA Credit Funding 14 LLC

  Class A, $320.00 million: Not rated
  Class B, $56.25 million: AA (sf)
  Class C-1 (deferrable), $32.75 million: A (sf)
  Class D (deferrable), $28.50 million: BBB- (sf)
  Class E (deferrable), $17.50 million: BB- (sf)
  Subordinated notes, $45.00 million: Not rated



ONEMAIN FINANCIAL 2018-2: DBRS Confirms BB Rating on E Trusts
-------------------------------------------------------------
DBRS, Inc. confirmed 27 and upgraded two ratings from seven OneMain
Financial Issuance Trust Transactions.

OneMain Financial Issuance Trust 2018-2

-- Series 2018-2, Class A   AAA (sf)  Confirmed
-- Series 2018-2, Class B   AA (sf)   Confirmed
-- Series 2018-2, Class C   A (sf)    Confirmed
-- Series 2018-2, Class D   BBB (sf)  Confirmed
-- Series 2018-2, Class E   BB (sf)   Confirmed

The rating confirmations are based on the following analytical
considerations:

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

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance.

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


PRKCM 2023-AFC1: S&P Assigns Prelim B (sf) Rating on Cl.B-2 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to PRKCM
2023-AFC1 Trust's mortgage-backed notes.

The note issuance is an RMBS transaction backed by first-lien,
fixed- and adjustable-rate, fully amortizing residential mortgage
loans to both prime and nonprime borrowers (some with interest-only
periods). The loans are secured by single-family residential
properties, planned unit developments, condominiums, and two- to
four-family residential properties. The pool consists of 1,004
loans, which are primarily ability-to-repay (ATR)-exempt loans and
non-qualified mortgage/ATR-compliant loans.

The preliminary ratings are based on information as of Feb. 23,
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, representation and warranty framework, and geographic
concentration;

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

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "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, 2022.
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, 2022, 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%)."

  Preliminary Ratings Assigned

  PRKCM 2023-AFC1 Trust(i)

  Class A-1, $292,774,000: AAA (sf)
  Class A-2, $48,755,000: AA (sf)
  Class A-3, $65,171,000: A (sf)
  Class M-1, $30,347,000: BBB (sf)
  Class B-1, $23,631,000: BB (sf)
  Class B-2, $18,408,000: B (sf)
  Class B-3, $18,407,255: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The preliminary ratings address the ultimate payment of interest
and principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $497,493,256.
N/A--Not applicable.



READY CAPITAL 2018-4: DBRS Confirms B(low) Rating on Class G Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Ready Capital Mortgage Trust 2018-4 Commercial Mortgage
Pass-Through Certificates issued by Ready Capital Mortgage Trust
2018-4:

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

All trends are Stable.

The rating confirmations reflect the overall stability of the
transaction since DBRS Morningstar's last review. At issuance, the
transaction consisted of 50 loans at an original trust balance of
$165.0 million, and per the January 2023 remittance, 26 loans
remained in the transaction at a current trust balance of $74.2
million, representing a collateral reduction of 55.0%. There are 12
loans, representing 41.7% of the pool, on the servicer's watchlist
and two loans, representing 7.4% of the pool, in special servicing.
Of the 12 loans being monitored on the servicer's watchlist, nine
loans, representing 27.1% of the pool, are being monitored for low
cash flow. These loans reported a weighted-average Q3 2022 debt
service coverage ratio (DSCR) of 0.88 times (x), as compared with
the pool average of 1.35x.

The largest loan in special servicing is Morrison Opera House
(Prospectus ID#7, 6.4% of the pool). The loan transferred to
special servicing in June 2020 because of monetary default amid the
Coronavirus Disease (COVID-19) pandemic. In addition to the
business interruption as a result of the pandemic, cash flow has
been depressed after the property's previous second-largest tenant,
Hard Rock Cafe (21.2% of net rentable area (NRA)), vacated at its
lease expiry in April 2019. Occupancy has remained depressed since
Hard Rock Cafe's departure, being reported at 57.6% as of December
2022. Per the January 2023 remittance, the loan is flagged as more
than 90 days delinquent, with its last reported loan payment from
September 2020.

According to special servicer commentary, the property was under
contract to sell for $5.0 million in November 2022; however, the
sale has since fallen through. In the event of the aforementioned
sale failing to close, the borrower executed a deed in lieu of
foreclosure agreement and consented to a receivership order. The
special servicer now has the opportunity to enforce via the
appointment of a receiver and filing of foreclosure or transition
of title via a deed in lieu. The special servicer and borrower are
reportedly finalizing discussions for a short-term forbearance.

The most recent appraisal reported by the servicer, dated December
2022, valued the property at $4.1 million, down 4.7% from the April
2022 appraised value of $4.3 million and down 47.3% from the
issuance appraised value of $7.7 million. According to the
financials for the trailing six-month period ended June 30, 2022,
the loan reported a DSCR of 0.34x, as compared with the issuer's
underwritten DSCR of 1.30x. Occupancy was reported at 57.6% in
December 2022, with tenancy comprising three tenants, including
Kenzie Academy (43.2% of NRA; lease expires in January 2024),
Brannon Sowers & Cracraft PC (10.0% of NRA; lease expires in
January 2025), and Wild Beaver Saloon (4.4% of NRA; lease expires
April 2026). Given the loan's current total exposure of $6.4
million and an appraised value below the current loan amount, DBRS
Morningstar anticipates the loan to be liquidated with a loss to
the trust, with the loss being fully contained to the nonrated
first-loss piece.

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



REALT 2018-1: Fitch Affirms Bsf Rating on Cl. G Certificates
------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed eight classes of Real
Estate Asset Liquidity Trust, commercial mortgage pass-through
certificates, series 2018-1 (REAL-T 2018-1). In addition, the
Rating Outlooks on classes C, D-1 and D-2 have been revised to
Positive from Stable.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
REAL-T 2018-1
   
   A-1 75585RQE8   LT AAAsf  Affirmed    AAAsf
   A-2 75585RQF5   LT AAAsf  Affirmed    AAAsf
   B 75585RQH1     LT AAAsf  Upgrade     AAsf
   C 75585RQJ7     LT Asf    Affirmed    Asf
   D-1 75585RQK4   LT BBBsf  Affirmed    BBBsf
   D-2             LT BBBsf  Affirmed    BBBsf
   E               LT BBB-sf Affirmed    BBB-sf
   F               LT BBsf   Affirmed    BBsf
   G               LT Bsf    Affirmed    Bsf

KEY RATING DRIVERS

Increasing Defeasance and Credit Enhancement: The upgrade of class
B and Outlook revisions to Positive from Stable on classes C, D-1
and D-2 reflect the defeasance of the largest loan, Woodside Square
Retail (10.2% of pool). In addition, class credit enhancement (CE)
has increased from ongoing amortization and the full repayment of
four loans ($13.0 million prior review balance).

As of the February 2023 distribution date, the pool's aggregate
balance has been reduced by 25.6% to $261.8 million from $351.8
million at issuance. All loans are amortizing. Two loan (12.7%) are
fully defeased. Cumulative interest shortfalls of $12,410 are
currently affecting the non-rated class H.

Lower Loss Expectations: Loss expectations have declined since
Fitch's prior rating action primarily due to the defeasance of the
largest loan, Woodside Square Retail, which was modeled with a 7.1%
loss at Fitch's prior rating action. Fitch's current ratings
reflect a base case loss of 1.10% of the current pool. As of the
February 2023 remittance, all loans remain current and there are no
specially serviced loans.

One loan, Chateau Dollard Retirement (4.9%), was designated a Fitch
Loan of Concern (FLOC) due to sustained pandemic-related
performance declines. The loan is secured by a 122-unit senior
housing property in Dollard des Ormeaux, QC. Occupancy and NOI DSCR
fell to 68% and 0.61x as of YE 2021 compared with 83% and 1.43x at
YE 2019 (pre-pandemic). While 2022 performance updates remain
outstanding, Fitch expects performance to improve as many of the
pandemic restrictions have been lifted. The loan benefits from
being full recourse to the borrower and has remained current.

Alternative Loss Consideration: Before considering the upgrade and
Positive Outlooks, Fitch incorporated a pool level sensitivity
scenario to test for the resiliency of the ratings by applying
higher cap rates and NOI stresses for the entire pool. The upgrade
of class B and affirmations and Positive Outlooks on classes C, D-1
and D-2 reflect this analysis.

Canadian Loan Attributes and Historical Performance: The ratings
reflect strong historical Canadian commercial real estate (CRE)
loan performance, including a low delinquency rate and low
historical losses of less than 0.1%, as well as positive loan
attributes, such as short amortization schedules (no interest-only
loans), recourse to the borrower and additional guarantors on many
loans. At issuance, 60.8% of the pool featured either full or
partial recourse to the borrowers, sponsors or additional
guarantors.

Acquired Season Loans: At issuance, 43 loans or 20.7% of the
original pool by cutoff balance were acquired from a large Canadian
financial institution, which were originated between 1991 and 2018.
For many of these seasoned loans, updated third-party reports
(appraisals, environmental and engineering) were not prepared.
Likewise, Fitch was not provided with updated financials or rent
rolls on some of the seasoned loans.

Pool Concentration; Minimal Energy Sector Exposure: The top 10
loans comprise 66.5% of the pool. Ten loans (31.9%) mature in 2023,
two (2.2%) in 2024, four (21.5%) in 2025, eight (18.2%) in 2027, 12
(24.1%) in 2028 and one (2.1%) in 2029.

Two loans (15.9%) are secured by properties located in Alberta,
which has experienced volatility from the energy sector.
Performance of both these loans continues to remain stable. Fitch
will continue to monitor any loans with energy sector exposure and
revise ratings and/or Outlooks, if necessary.

RATING SENSITIVITIES

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

Downgrades of classes A-1 through D-2 are not likely due to the
expected receipt of continued amortization. Downgrades of classes E
through G could occur if additional loans become FLOCs, but any
potential losses could be mitigated by loan recourse provisions.

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 C, D-1 and D-2 would likely occur with
continued improvement in CE and/or defeasance. An upgrade of class
E is considered unlikely and would be limited based on sensitivity
to concentrations or the potential for future concentration.
Classes would not be upgraded above 'Asf' if there is a likelihood
for interest shortfalls. Upgrades of classes F and G are not likely
but could occur if the non-rated class is not eroded and the senior
classes pay-off.

ESG CONSIDERATIONS

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


SLM STUDENT 2003-1: Fitch Affirms 'Bsf' Rating on 4 Tranches
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of all outstanding classes
of SLM Student Loan Trust 2003-1 and SLM Student Loan Trust 2004-1.
The Rating Outlooks for all classes across the two transactions
have also been maintained.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
SLM Student
Loan Trust
2004-1

   A-5 78442GKU9    LT BBBsf  Affirmed   BBBsf
   A-6 78442GKW5    LT BBBsf  Affirmed   BBBsf
   B 78442GKV7      LT BBBsf  Affirmed   BBBsf

SLM Student
Loan Trust
2003-1

   A-5A 78442GFK7   LT Bsf    Affirmed     Bsf
   A-5B 78442GFL5   LT Bsf    Affirmed     Bsf
   A-5C 78442GFM3   LT Bsf    Affirmed     Bsf
   B 78442GFJ0      LT Bsf    Affirmed     Bsf

SLM 2003-1: The senior and subordinate notes do not pass Fitch's
base case cash flow stresses. The notes were affirmed at 'Bsf', one
category higher than their current model-implied 'CCCsf' ratings.
This is in line with Fitch's (Federal Family Education Loan
Program) FFELP criteria and supported by qualitative factors such
as Navient's ability to call the notes upon reaching 10% pool
factor and the revolving credit agreements established by Navient,
which allow the servicer to purchase loans from the trust. The
Rating Outlooks remains Stable.

SLM 2004-1: The class A-5 notes pass credit and maturity stresses
in cash flow modeling up to 'Asf'. The notes face maturity risk due
to their sensitivity to the constant prepayment rate (CPR), which
has remained temporarily high due to consolidation from the Public
Service Loan Forgiveness Program (PSLF), but provided only marginal
improvements to maturity cushions. Exposure to maturity risk
continues to increase as the weighted average remaining term of the
assets has declined only 2.16 months year-over-year; this is
reflected in the Negative Outlook on the class A-5 notes. As such,
the rating has been affirmed at 'BBBsf'/Negative.

The class A-6 and B notes were affirmed at 'BBBsf'/Negative. Their
ratings are constrained by the rating of the class A-5 notes, per
Fitch's criteria, because they can be affected as a result of
actions investors may take following an event of default (EOD) on
the preceding senior notes. The Rating Outlook remains Negative to
reflect the Rating Outlook of the class A-5 notes.

For both transactions, Fitch modelled transaction-specific
servicing fees instead of Fitch's criteria-defined assumption of
$3.25 per borrower, per month due to the higher contractual
servicing fees for these transactions.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises Federal Family
Education Loan Program (FFELP) loans, with guaranties provided by
eligible guarantors and reinsurance provided by the U.S. Department
of Education (ED) for at least 97% of principal and accrued
interest. The U.S. sovereign rating is currently 'AAA'/Stable.

Collateral Performance: SLM 2003-1: Based on transaction-specific
performance to date, Fitch assumes a cumulative default rate of
22.25% under the base case scenario and a default rate of 66.75%
under the 'AAA' credit stress scenario. After applying the default
timing curve per criteria, the effective default rate is unchanged
from the cumulative default rate. Fitch is maintaining the
sustainable constant default rate (sCDR) of 2.90% and the
sustainable constant prepayment rate (sCPR; voluntary and
involuntary prepayments) of 10.00% in cash flow modelling.

As of Nov. 30, 2022, the TTM CDR was 2.71%, higher 1.73% the last
review, and the TTM CPR was 17.25% (11.57% at Feb. 28, 2022).
Defaults have generally remained in line with the prior review,
while consolidation from the Public Service Loan Forgiveness
Program is driving the short-term inflation of CPR. Fitch applies
the standard default timing curve in its credit stress cash flow
analysis. The claim reject rate is assumed to be 0.25% in the base
case and 2.00% in the 'AAA' case.

The TTM levels of deferment, forbearance and income-based repayment
(IBR; prior to adjustment) are 2.58% (2.66% at Feb. 28, 2022),
12.63% (11.59%) and 37.19% (36.51%). These assumptions and are used
as the starting point in cash flow modelling, and subsequent
declines or increases are modelled as per criteria. The 31-60 DPD
have declined and the 91-120 DPD have increased from one year ago
and are currently 3.49% for 31 DPD and 1.39% for 91 DPD compared to
4.47% and 1.13% at Feb. 28, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.01%, based on
information provided by the sponsor.

SLM 2004-1: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 13.75% under the base
case scenario and a default rate of 41.25% under the 'AAA' credit
stress scenario. After applying the default timing curve per
criteria, the effective default rate is unchanged from the
cumulative default rate. Fitch is maintaining the sCDR of 2.25% and
the sCPR of 8.00% in cash flow modelling. As of Dec. 31, 2022, the
TTM CDR was 2.53%, higher 1.12% the last review, and the TTM CPR
was 20.57% (10.03% at Dec. 31, 2021).

Defaults have returned to pre-pandemic levels, resulting in the
recent rise in CDR, while consolidation from the Public Service
Loan Forgiveness Program is driving the short-term inflation of
CPR. Fitch applies the standard default timing curve in its credit
stress cash flow analysis. The claim reject rate is assumed to be
0.25% in the base case and 2.00% in the 'AAA' case.

The TTM levels of deferment, forbearance and income-based repayment
(IBR; prior to adjustment) are 2.15% (2.40% at Dec. 31, 2021),
8.29% (8.38%) and 17.54% (16.92%). These assumptions and are used
as the starting point in cash flow modelling, and subsequent
declines or increases are modelled as per criteria. The 31-60 DPD
have declined and the 91-120 DPD have increased from one year ago
and are currently 1.89% for 31 DPD and 0.47% for 91 DPD compared to
2.23% and 0.39% at Dec. 31, 2021 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.22%, based on
information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of the most current reporting period, for SLM 2003-1
and 2004-1, 86.13% and 99.99% of the trust student loans are
indexed to one-month LIBOR (with the remainder indexed to 91-day
T-bills). All notes are indexed to three-month LIBOR. Fitch applies
its standard basis and interest rate stresses to both transactions
as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and for the class A
notes, subordination provided by the class B notes. As of the most
recent collection period, Fitch's total parity ratios (including
the reserve) are 101.02% (1.01% CE) and 100.94% (0.93% CE) for SLM
2003-1 and 2004-1, respectively. The senior parity ratios
(including the reserve) are 105.99% (5.65%) and 105.97% (5.64%) for
SLM 2003-1 and 2004-1, respectively. Liquidity support is provided
by reserve accounts currently sized at their floors of $3,083,057
and $3,007,834 for SLM 2003-1 and 2004-1, respectively. The
transactions will continue to release cash as long as 100.00% total
parity is maintained.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions, LLC (Navient). Fitch believes Navient to be an
adequate servicer, due to its extensive track record as one of the
largest servicers of FFELP loans.

RATING SENSITIVITIES

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

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions.

This section provides insight into the model-implied sensitivities
the transactions face when one assumption is modified, while
holding others equal. Fitch conducts credit and maturity stress
sensitivity analysis by increasing or decreasing key assumptions by
25% and 50% over the base case. The credit stress sensitivity is
viewed by stressing both the base case default rate and the basis
spread. The maturity stress sensitivity is viewed by stressing
remaining term, IBR usage and prepayments. The results below should
only be considered as one potential outcome, as the transactions
are exposed to multiple dynamic risk factors. It should not be used
as an indicator of possible future performance.

SLM Student Loan Trust 2003-1

Current Ratings: class A 'Bsf'; class B 'Bsf'

Current Model-Implied Ratings: class A 'CCCsf' (Credit and Maturity
Stress); class B 'CCCsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'CCCsf'; class B 'CCCsf';

- Default increase 50%: class A 'CCCsf'; class B 'CCCsf';

- Basis spread increase 0.25%: class A 'CCCsf'; class B 'CCCsf';

- Basis spread increase 0.50%: class A 'CCCsf; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'CCCsf'; class B 'CCCsf';

- CPR decrease 50%: class A 'CCCsf'; class B 'CCCsf';

- IBR usage increase 25%: class A 'CCCsf'; class B 'CCCsf';

- IBR usage increase 50%: class A 'CCCsf; class B 'CCCsf';

- Remaining Term increase 25%: class A 'CCCsf'; class B 'CCCsf';

- Remaining Term increase 50%: class A 'CCCsf'; class B 'CCCsf'.

SLM Student Loan Trust 2004-1

Current Ratings: class A-5 'BBBsf'; class A-6 'BBBsf'; class B
'BBBsf'

Current Model-Implied Ratings: class A-5 'AAAsf' (Credit Stress) /
'Asf' (Maturity Stress); class A-6 'AAAsf' (Credit Stress) / 'Asf'
(Maturity Stress); class B 'BBBsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'AAAsf'; class B 'BBBsf';

- Default increase 50%: class A 'AAAsf'; class B 'BBsf';

- Basis spread increase 0.25%: class A 'AAAsf'; class B 'CCCsf';

- Basis spread increase 0.50%: class A 'AAsf; class B 'CCCsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'BBBsf'; class B 'BBBsf';

- CPR decrease 50%: class A 'CCCsf'; class B 'BBBsf';

- IBR usage increase 25%: class A 'Asf'; class B 'BBBsf';

- IBR usage increase 50%: class A 'Asf; class B 'BBBsf';

- Remaining Term increase 25%: class A 'CCCsf'; class B 'CCCsf';

- Remaining Term increase 50%: class A 'CCCsf'; class B 'CCCsf'.

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

SLM Student Loan Trust 2003-1

Credit Stress Sensitivity

- Default decrease 25%: class A 'CCCsf'; class B 'CCCsf';

- Basis Spread decrease 0.25%: class A 'CCCsf'; class B 'CCCsf'.

Maturity Stress Sensitivity

- CPR increase 25%: class A 'CCCsf'; class B 'CCCsf';

- IBR usage decrease 25%: class A 'CCCsf'; class B 'CCCsf';

- Remaining Term decrease 25%: class A 'CCCsf'; class B 'Asf'.

SLM Student Loan Trust 2004-1

Credit Stress Rating Sensitivity

- Default decrease 25%: class A 'AAAsf'; class B 'BBBsf';

- Basis Spread decrease 0.25%: class A 'AAAsf'; class B 'Asf'.

Maturity Stress Rating Sensitivity

- CPR increase 25%: class A 'AAsf'; class B 'Asf';

- IBR usage decrease 25%: class A 'AAsf'; class B 'Asf';

- Remaining Term decrease 25%: class A-5 'AAAsf'; class B 'Asf'.

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.


STAR 2021-SFR1: DBRS Confirms B(low) Rating on Class G Trusts
-------------------------------------------------------------
DBRS, Inc. reviewed 126 classes from 20 U.S. single-family rental
transactions. Of the 126 classes reviewed, DBRS Morningstar
confirmed 123 ratings and discontinued three because of full
repayment of the outstanding bond balances.

STAR 2021-SFR1 Trust

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

American Homes 4 Rent 2014-SFR2 Trust

-- AH4R 2014-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR2, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2014-SFR3 Trust

-- AH4R 2014-SFR3, Class A confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class B confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class C confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class D confirmed at AAA (sf)
-- AH4R 2014-SFR3, Class E confirmed at AA (high) (sf)

American Homes 4 Rent 2015-SFR1 Trust

-- AH4R 2015-SFR1, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR1, Class E confirmed at AA (low) (sf)
-- AH4R 2015-SFR1, Class F confirmed at A (sf)

American Homes 4 Rent 2015-SFR2 Trust

-- AH4R 2015-SFR2, Class A confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class B confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class C confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class D confirmed at AAA (sf)
-- AH4R 2015-SFR2, Class E confirmed at AA (low) (sf)

FirstKey Homes 2021-SFR1 Trust

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

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

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

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class F1
confirmed at BB (sf)

-- Single-Family Rental Pass-Through Certificate, Class F2
confirmed at BB (sf)

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

-- Single-Family Rental Pass-Through Certificate, Class F3
confirmed at BB (low) (sf)

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

Home Partners of America 2020-2 Trust

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

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

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

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

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

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

Invitation Homes 2018-SFR1 Trust

-- IH 2018-SFR1, Class A discontinued
-- IH 2018-SFR1, Class B discontinued
-- IH 2018-SFR1, Class C discontinued

Invitation Homes 2018-SFR4 Trust

-- IH 2018-SFR4, Class A confirmed at AAA (sf)
-- IH 2018-SFR4, Class B confirmed at AAA (sf)
-- IH 2018-SFR4, Class C confirmed at AA (low) (sf)

New Residential Mortgage Loan Trust 2022-SFR2

-- NRMLT 2022-SFR2, Class A confirmed at AAA (sf)
-- NRMLT 2022-SFR2, Class B confirmed at AA (high) (sf)
-- NRMLT 2022-SFR2, Class C confirmed at A (high) (sf)
-- NRMLT 2022-SFR2, Class D confirmed at A (low) (sf)
-- NRMLT 2022-SFR2, Class E-1 confirmed at BBB (sf)
-- NRMLT 2022-SFR2, Class E-2 confirmed at BBB (low) (sf)
-- NRMLT 2022-SFR2, Class F confirmed at BB (low) (sf)

PATH 2022-1 Trust

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

-- Single-Family Rental Pass-Through Certificates, Class B
confirmed at AA (high) (sf)

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

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

-- Single-Family Rental Pass-Through Certificates, Class E-1
confirmed at BBB (high) (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-2
confirmed at BBB (low) (sf)

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

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

Progress Residential 2019-SFR3 Trust

-- PRD 2019-SFR3, Class A confirmed at AAA (sf)
-- PRD 2019-SFR3, Class B confirmed at AAA (sf)
-- PRD 2019-SFR3, Class C confirmed at AA (high) (sf)
-- PRD 2019-SFR3, Class D confirmed at A (high) (sf)
-- PRD 2019-SFR3, Class E confirmed at BBB (low) (sf)
-- PRD 2019-SFR3, Class F confirmed at BB (sf)

Progress Residential 2020-SFR3 Trust

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

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

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

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

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

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

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

Progress Residential 2021-SFR7 Trust

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

-- Single-Family Rental Pass-Through Certificates, Class B
confirmed at AA (high) (sf)

-- Single-Family Rental Pass-Through Certificates, Class C
confirmed at A (high) (sf)

-- Single-Family Rental Pass-Through Certificates, Class D
confirmed at A (low) (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-1
confirmed at BBB (sf)

-- Single-Family Rental Pass-Through Certificates, Class E-2
confirmed at BBB (low) (sf)

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

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

Progress Residential 2021-SFR9 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1
confirmed at BBB (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2
confirmed at BBB (low) (sf)

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

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

Tricon American Homes 2017-SFR2 Trust

-- TAH 2017-SFR2, Class A confirmed at AAA (sf)
-- TAH 2017-SFR2, Class B confirmed at AA (high) (sf)
-- TAH 2017-SFR2, Class C confirmed at A (high) (sf)
-- TAH 2017-SFR2, Class D confirmed at A (low) (sf)
-- TAH 2017-SFR2, Class E confirmed at BBB (sf)

Tricon American Homes 2018-SFR1 Trust

-- TAH 2018-SFR1, Class A confirmed at AAA (sf)
-- TAH 2018-SFR1, Class B confirmed at AA (high) (sf)
-- TAH 2018-SFR1, Class C confirmed at A (high) (sf)
-- TAH 2018-SFR1, Class D confirmed at A (low) (sf)
-- TAH 2018-SFR1, Class E confirmed at BBB (high) (sf)

Tricon American Homes 2019-SFR1 Trust

-- TAH 2019-SFR1, Class A confirmed at AAA (sf)
-- TAH 2019-SFR1, Class B confirmed at AAA (sf)
-- TAH 2019-SFR1, Class C confirmed at AA (high) (sf)
-- TAH 2019-SFR1, Class D confirmed at A (high) (sf)
-- TAH 2019-SFR1, Class E confirmed at BBB (high) (sf)
-- TAH 2019-SFR1, Class F confirmed at BBB (low) (sf)

Tricon American Homes 2020-SFR2 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1
confirmed at BBB (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2
confirmed at BBB (low) (sf)

Tricon Residential 2021-SFR1 Trust

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

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

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

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

-- Single-Family Rental Pass-Through Certificate, Class E-1
confirmed at BBB (high) (sf)

-- Single-Family Rental Pass-Through Certificate, Class E-2
confirmed at BBB (low) (sf)

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

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

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

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

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


SUMMIT ISSUER 2023-1: Fitch Assigns 'BB-sf' Final Rating on C Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Summit Issuer LLC's Secured Dark Fiber Network Revenue Notes,
Series 2023-1 as follows.

   Entity/Debt            Rating                   Prior
   -----------            ------                   -----
Summit Issuer, LLC,
Secured Dark Fiber
Network Revenue
Notes, Series
2020-1
  
   A-2 86613XAA3      LT A-sf    Affirmed         A-sf
   B 86613XAC9        LT BBB-sf  Affirmed         BBB-sf
   C 86613XAE5        LT BB-sf   Affirmed         BB-sf

Summit Issuer, LLC,
Secured Dark Fiber
Network Revenue
Notes, Series
2023-1

   A-1-L              LT Asf    New Rating       A(EXP)sf
   A-1-V              LT A-sf   New Rating       A-(EXP)sf
   A-2                LT A-sf   New Rating       A-(EXP)sf
   B                  LT BBB-sf New Rating       BBB-(EXP)sf
   C                  LT BB-sf  New Rating       BB-(EXP)sf
   R                  LT NRsf   New Rating       NR(EXP)sf

Fitch has assigned final ratings to Summit Issuer LLC's Secured
Dark Fiber Network Revenue Notes, Series 2023-1 and assigned
Outlooks as follows:

- $12,000,000a series 2023-1, class A-1-L, 'Asf'; Outlook Stable;

- $50,000,000b series 2023-1, class A-1-V, 'A-sf'; Outlook Stable;

- $132,800,000 series 2023-1, class A-2, 'A-sf'; Outlook Stable;

- $27,400,000 series 2023-1, class B, 'BBB-sf'; Outlook Stable;

- $40,500,000 series 2023-1, class C, 'BB-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

- $14,000,000c series 2023-1, class R.

In addition, Fitch has affirmed the following classes:

- $122,700,000 series 2020-1 class A-2 at 'A-sf'; Outlook Stable;

- $18,900,000 series 2020-1 class B at 'BBB-sf'; Outlook Stable;

- $33,600,000 series 2020-1 class C at 'BB-sf'; Outlook Stable;

(a) This note is a Liquidity Funding Note that can be drawn for the
purpose of funding advances subject to the satisfaction of certain
conditions. The balance of the note will be $0 at issuance and is
not counted when calculating Debt/Fitch NCF ratio.

(b) This note is a Variable Funding Note (VFN) and has a maximum
commitment of $50 million contingent on leverage consistent with
the class A-2 notes. This class will reflect a zero balance at
issuance.

(c) Horizontal credit risk retention interest representing 5% of
the 2023-1 notes.

TRANSACTION SUMMARY

The transaction is a securitization of SummitIG's high capacity
network of fiber optic cable assets. These assets include conduits,
cable, permits, rights and contracts, which support SummitIG's dark
fiber network. The notes are secured by a first-priority perfected
security interest in all of the equity interest in the issuer and
the asset entities, along with the obligor's right, title and
interest in the contracts and dark fiber assets.

The collateral consists of mission-critical assets that support the
largest data center hub in the U.S. This hub interconnects
high-quality clients, including cloud providers, telecom companies,
data center operators and large enterprise customers. The dark
fiber network represents a differentiated deployment of a product
providing crucial support to the internet. The majority of
necessary capital expenditure has already been spent to deploy the
assets and there are limited operating expenses, which allows for
high margins and stable cash flows.

The sponsor is the leading participant in the Northern Virginia
market and benefits from high barriers to entry, including the
protection of collateral assets and corresponding cash flows by
first-mover advantage, which precludes other providers from
replicating service offerings. This advantage is further bolstered
by sustained growth in internet usage and support for data center
infrastructure, for which SummitIG's assets are a necessity. The
company has deployed capacity in anticipation of supporting further
growth.

KEY RATING DRIVERS

Net Cash Flow and Trust Leverage: Fitch's net cash flow (NCF) on
the pool is $37.0 million, inclusive of the cash flows associated
with the prefunding account and VFNs, implying a 13.4% haircut to
issuer NCF. The debt multiple relative to Fitch's NCF on the rated
classes is 11.5x, versus the debt/issuer NCF leverage of 10.4x.

Credit Risk Factors: The major factors affecting Fitch's
determination of cash flow and Maximum Potential Leverage (MPL)
include the high quality of the underlying collateral networks,
scale, creditworthiness and diversity of the customer base, market
position and penetration, capability of the operator, limited
operational requirements and strength of the transaction
structure.

Technology-Dependent Credit: Due to the specialized nature of the
collateral and potential for changes in technology to affect
long-term demand for digital infrastructure, the senior classes of
this transaction do not achieve ratings above 'Asf'. The securities
have a rated final payment date 30 years after closing, and the
long-term tenor of the securities increases the risk that an
alternative technology will be developed that renders obsolete the
current transmission of data through fiber optic cables. Fiber
optic cable networks are currently the fastest and most reliable
means to transmit information and data providers continue to invest
in and utilize this technology.

RATING SENSITIVITIES

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

- Higher network expenses or contract churn that lead to a
sustained reduction in cash flow could result in downgrades;

- Development of an alternative technology for digital transmission
or the creation of a competing network with similar capacity and
breadth of coverage that reduces SummitIG's offerings in the
service area, could also result in downgrades.

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

- Structural contract escalators or new contracts resulting in
increase in cash flow without an increase in corresponding debt
could lead to upgrades. However, the transaction is capped at the
'A' category, given the potential for technological obsolescence
and given the ability to issue additional notes, without the
benefit of additional collateral;

- Upgrades are further constrained by the VFNs, which will likely
offset any improvements in cash flow with a corresponding increase
in debt, keeping leverage levels relatively flat.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

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.


SYCAMORE TREE 2023-2: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  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



SYMPHONY CLO 38: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Symphony CLO
38 Ltd./Symphony CLO 38 LLC's floating- and fixed-rate debt. The
transaction is managed by Symphony Alternative Asset Management
LLC.

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

The preliminary ratings are based on information as of Feb. 23,
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 debt through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  Symphony CLO 38 Ltd./Symphony CLO 38 LLC

  Class A, $103.500 million: AAA (sf)
  Class A-1-L loans(i), $150.000 million: AAA (sf)
  Class A-2-L loans(ii), $30.000 million: AAA (sf)
  Class B-1, $40.500 million: AA (sf)
  Class B-2, $18.000 million: AA (sf)
  Class C-1 (deferrable), $18.000 million: A (sf)
  Class C-2 (deferrable), $9.000 million: A (sf)
  Class D (deferrable), $23.500 million: BBB- (sf)
  Class E (deferrable), $15.750 million: BB- (sf)
  Subordinated notes, $40.882 million: Not rated

(i)All or part of the class A-1-L loans can be converted into
notes.
(ii)The class A-2-L loans may not be converted into notes at any
time.



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

   Entity/Debt       Rating        
   -----------       ------        
Towd Point HE
Trust 2023-1

   A1            LT AAA(EXP)sf  Expected Rating
   A2            LT AA-(EXP)sf  Expected Rating
   M1            LT A-(EXP)sf   Expected Rating
   M2            LT BBB-(EXP)sf Expected Rating
   B1            LT BB-(EXP)sf  Expected Rating
   B2            LT B-(EXP)sf   Expected Rating
   B3            LT NR(EXP)sf   Expected Rating
   B4            LT NR(EXP)sf   Expected Rating
   B5            LT NR(EXP)sf   Expected Rating
   A3            LT AA-(EXP)sf  Expected Rating
   A4            LT AA-(EXP)sf  Expected Rating
   A1A           LT AAA(EXP)sf  Expected Rating
   A1AX          LT AAA(EXP)sf  Expected Rating
   A1B           LT AAA(EXP)sf  Expected Rating
   A1BX          LT AAA(EXP)sf  Expected Rating
   A1C           LT AAA(EXP)sf  Expected Rating
   A1CX          LT AAA(EXP)sf  Expected Rating
   A1D           LT AAA(EXP)sf  Expected Rating
   A1DX          LT AAA(EXP)sf  Expected Rating
   A2A           LT AA-(EXP)sf  Expected Rating
   A2AX          LT AA-(EXP)sf  Expected Rating
   A2B           LT AA-(EXP)sf  Expected Rating
   A2BX          LT AA-(EXP)sf  Expected Rating
   A2C           LT AA-(EXP)sf  Expected Rating
   A2CX          LT AA-(EXP)sf  Expected Rating
   A2D           LT AA-(EXP)sf  Expected Rating
   A2DX          LT AA-(EXP)sf  Expected Rating
   M1A           LT A-(EXP)sf   Expected Rating
   M1AX          LT A-(EXP)sf   Expected Rating
   M1B           LT A-(EXP)sf   Expected Rating
   M1BX          LT A-(EXP)sf   Expected Rating
   M1C           LT A-(EXP)sf   Expected Rating
   M1CX          LT A-(EXP)sf   Expected Rating
   M1D           LT A-(EXP)sf   Expected Rating
   M1DX          LT A-(EXP)sf   Expected Rating
   M2A           LT BBB-(EXP)sf Expected Rating
   M2AX          LT BBB-(EXP)sf Expected Rating
   M2B           LT BBB-(EXP)sf Expected Rating
   M2BX          LT BBB-(EXP)sf Expected Rating
   M2C           LT BBB-(EXP)sf Expected Rating
   M2CX          LT BBB-(EXP)sf Expected Rating
   M2D           LT BBB-(EXP)sf Expected Rating
   M2DX          LT BBB-(EXP)sf Expected Rating
   B1A           LT BB-(EXP)sf  Expected Rating
   B1AX          LT BB-(EXP)sf  Expected Rating
   B1B           LT BB-(EXP)sf  Expected Rating
   B1BX          LT BB-(EXP)sf  Expected Rating
   B1C           LT BB-(EXP)sf  Expected Rating
   B1CX          LT BB-(EXP)sf  Expected Rating
   B1D           LT BB-(EXP)sf  Expected Rating
   B1DX          LT BB-(EXP)sf  Expected Rating
   XA            LT NR(EXP)sf   Expected Rating
   XA2           LT NR(EXP)sf   Expected Rating
   XS1           LT NR(EXP)sf   Expected Rating
   XS2           LT NR(EXP)sf   Expected Rating
   XS3           LT NR(EXP)sf   Expected Rating
   X             LT NR(EXP)sf   Expected Rating
   D             LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes issued
by Towd Point HE Trust 2023-1 (TPHT 2023-1), as indicated above.
The transaction is expected to close on March 3, 2023. The notes
are supported by one collateral group that consists of 3,394
newly-originated, primarily second lien loans with a total balance
of $284.4 million, as of the statistical calculation date. The bond
balances indicated above are as of the statistical calculation
date. Rocket Mortgage, LLC and Spring EQ, LLC originated 46.6% and
53.4% of the loans, respectively. About 69.1% of the loans are
closed-end second (CES), fixed-rate residential mortgage loans,
while 30.9% are home equity line of credit (HELOC) adjustable-rate
loans. Percentages are based on the current HELOC utilization
rate.

Fitch's analysis incorporated the HELOC maximum available draw
amount, which is expected to be $98.1 million (with a utilization
rate of 89.6%, as of the statistical calculation date). The data in
this presale are based on the higher total pool balance, $294.6
million, that considers the maximum available draw amount for HELOC
loans, unless otherwise noted.

Distributions of principal and interest (P&I) and loss allocations
are based on a traditional senior-subordinate, sequential
structure. The sequential-pay structure locks out principal to the
subordinated notes until the most senior notes outstanding are paid
in full. To the extent the holders of the class D certificates are
required to fund additional draws, the class D balance will
increase. Class D is paid sequentially in the waterfall and
receives interest payments after class B4 and principal payments
after class B5. The servicers will not advance delinquent monthly
payments of P&I.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 10.2% 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. Driven by
the strong gains seen in 1H22, home prices rose 9.2% yoy nationally
as of October 2022.

CES Liens and HELOCs (Negative): Based on the current HELOC
utilization rate, 69.1% of the loans are newly-originated CES
mortgages and 30.9% are newly-originated HELOCs. Fitch's analysis
incorporated the HELOC maximum available draw amount, and
therefore, 66.7% were treated as CES liens and 33.3% were treated
as HELOCs. The utilization rate on the HELOCs is 89.6%. Borrowers
of HELOC loans have the ability to draw down additional amounts,
and to account for the potential higher principal balance and
related risks, Fitch incorporated the maximum draw amount in its
loan-to-value ratio (LTV) calculations and loss analysis. Fitch
assumed no recovery and 100% loss severity (LS) on second-lien
loans based on the historical behavior of second-lien loans in
economic stress scenarios. Fitch assumes second lien loans default
at a rate comparable to first lien loans; after controlling for
credit attributes, no additional penalty was applied.

Moderate Credit Quality (Mixed): The pool generally consists of new
origination CES fixed-rate and HELOC adjustable-rate loans,
seasoned approximately five months (as calculated by Fitch), with a
moderate credit profile (weighted average [WA] model credit score
of 728 and 38.8% DTI) and a relatively high sustainable
loan-to-value ratio (sLTV) of 83.6%. Roughly 94.4% of the loans
were treated as full documentation in Fitch's analysis. None of the
loans have experienced any prior modifications since origination.
Five loans were flagged previously delinquent (DQ) due to a
temporary payment interruption as a result of servicing transfer.
For this reason, Fitch did not penalize the delinquencies and
considered those loans as current in its analysis.

Sequential-Pay Structure with Realized Loss and Writedown Feature
(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 those classes in
the absence of servicer advancing.

Second lien loans that become DQ for 150 days or more under the
Office of Thrift Supervision (OTS) methodology, may be charged-off
or considered a realized loss by the related servicer at the
direction of the asset manager to the extent such servicer
determines no significant recover is likely in respect of such loan
and, therefore, will cause the most subordinated class to be
written down. Despite the 100% LS assumed for each defaulted second
lien loan, Fitch views the writedown feature positively, as cash
flows will not be needed to pay timely interest to the 'AAAsf' and
'AA-sf' rated notes during loan resolution by the servicers. In
addition, subsequent recoveries realized after the writedown at 150
days' DQ (excluding forbearance mortgage or loss mitigation loans)
will be passed on to bondholders as principal.

No Servicer P&I Advances (Mixed): The servicers will not advance DQ
monthly payments of P&I, which reduces liquidity to the trust. P&I
advances made on behalf of loans that become DQ and eventually
liquidate reduce liquidation proceeds to the trust. 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:

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.6% 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'.

CRITERIA VARIATION

Fitch's analysis incorporated one criteria variation from the "U.S.
RMBS Rating Criteria."

The variation is related to the primary valuation type for
new-origination first lien loans. Per the criteria, Fitch expects
to receive a full appraisal as primary valuation for all
new-origination first lien loans. Approximately 0.4% of the pool by
loan count (15 loans) did not receive a full appraisal. Of this,
seven loans received drive-by valuations and eight loans received
AVMs. The AVMs were subject to haircuts ranging from 2.5% to 5.0%
based on the associated confidence score and AVM vendor, per Fitch
criteria. The drive-by valuations were applied the maximum 20%
haircut, consistent with the Fitch treatment for AVMs by an unnamed
AVM provider or a non-Fitch-reviewed vendor. This variation had no
rating impact, as the number of loans affected represents a very
small portion of the overall pool and did not lead to a
category-level rating change.

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. The third-party due diligence described in
Form 15E focused on three areas: compliance review, credit review
and valuation review. The due diligence review was completed on
100% of the loans in this transaction and the scope is consistent
with Fitch criteria for new originations. Fitch applied a credit
for the high percentage of loan-level due diligence, which reduced
the 'AAAsf' loss expectation by 97bps.

The results of the review indicate low operational risk with
approximately 0.2% by loan count (six loans) graded 'C' due to
minor CLTV exceptions exceeding thresholds. To account for this
exception, Fitch used the senior lien amounts as reported by AMC
for those loans to reflect the higher CLTV.

ESG CONSIDERATIONS

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


UBS COMMERCIAL 2019-C16: Fitch Affirms 'B-sf' Rating on H-RR Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all 15 classes of UBS Commercial
Mortgage Trust 2019-C16.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
UBS 2019-C16
  
   A-2 90276YAB9    LT AAAsf  Affirmed    AAAsf
   A-3 90276YAD5    LT AAAsf  Affirmed    AAAsf
   A-4 90276YAE3    LT AAAsf  Affirmed    AAAsf
   A-S 90276YAH6    LT AAAsf  Affirmed    AAAsf
   A-SB 90276YAC7   LT AAAsf  Affirmed    AAAsf
   B 90276YAJ2      LT AA-sf  Affirmed    AA-sf
   C 90276YAK9      LT A-sf   Affirmed    A-sf
   D 90276YAN3      LT BBB+sf Affirmed    BBB+sf
   D-RR 90276YAQ6   LT BBBsf  Affirmed    BBBsf
   E-RR 90276YAS2   LT BBB-sf Affirmed    BBB-sf
   F-RR 90276YAU7   LT BB+sf  Affirmed    BB+sf
   G-RR 90276YAW3   LT BB-sf  Affirmed    BB-sf
   H-RR 90276YAY9   LT B-sf   Affirmed    B-sf
   X-A 90276YAF0    LT AAAsf  Affirmed    AAAsf
   X-B 90276YAG8    LT A-sf   Affirmed    A-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the overall
stable performance of the pool and loss expectations in line with
Fitch's prior ratings action. The Stable Outlooks reflect
performance stabilization for several Fitch Loans of Concern
(FLOCs) and increased credit enhancement (CE) following the
prepayment of multiple loans (including two FLOCs; previously 5.5%
of the pool) since the prior rating action.

Fitch's current ratings incorporate a base case loss of 3.80% of
the current pool balance. Fitch has identified five loans as FLOCs
(18.1% of the pool). There are currently no loans in special
servicing.

The largest contributor to losses is Dominion Tower (7.5% of the
pool), which is secured by a 403,276-sf office building located in
Norfolk, VA. Occupancy remains at 84%, per the September 2022 rent
roll, which is generally in line with 82% at YE 2021 and 87% at
issuance. In 2022, two larger tenants downsized their space. New
York Life Insurance Company downsized their space to 3.7% of the
NRA from 6.2% and Williams Mullen downsized to 4% from 5.5%.
Despite a granular rent roll, the property will experience numerous
rollovers in the next 24 months; 11 tenants for 14.5% in 2023 and
seven tenants for 24.8% in 2024.

Due to the upcoming rollover, a 10.25% cap rate and 10% stress were
applied to the TTM September 2022 NOI, which models a 6.9% loss on
the loan.

The second largest contributor to Fitch's overall loss
expectations, 16300 Roscoe Blvd (1.3%), is secured by a 154,033-sf
office property located in Van Nuys, CA, and built in 1956. The
largest tenant, MGA Entertainment (61.3% of NRA) has gone dark,
reducing physical occupancy at the property to 37% in 2019. MGA
Entertainment is a sponsor-affiliated tenant with a lease
expiration in December 2033.

The loan is currently not cash managed, but would be triggered if
MGA Entertainment were to terminate its lease. The sponsor has
built a parking garage and has plans to renovate the building's
exterior to make the property more appealing to potential tenants.
Occupancy has declined to 29% as of the September 2022 rent roll,
following the departure of the second largest tenant, Alfred
Publishing (17.3% of NRA) in December 2021.

Fitch's analysis included a 35% stress to the TTM September 2022
NOI to address the departure of the two largest tenants, resulting
in a loss of 26.6%.

The second largest FLOC in the pool, SkyLoft Austin (5.9%), is
secured by a 212-unit, high rise, Class-A student housing property
with 676-beds across 18-stories. The property was built in 2018 and
is located in Austin, Texas, approximately one block from the West
Campus of the University of Texas-Austin. The loan was transferred
to special servicing in November 2021 due to imminent non-monetary
default (litigation) and imminent monetary default.

The servicer has expressed concerns that the borrower is not
maintaining the property's condition and funds generated from rent
payments were misappropriated. According to media reports, several
investors are suing the developer, looking to recoup up to $75
million related to the allegations of misappropriated funds to
other projects.

According to the servicer, the preferred equity holder and the
original borrower have spent a large part of 2021 in litigation
regarding the preferred equity investment and related issues. The
preferred equity holder had exercised certain remedies under the
preferred equity documents, which resulted in the transfer of the
property to a new borrower entity (and related assumption of the
subject loan) in late 2020. Occupancy at the property improved to
98.2%, per the September 2022 rent roll, up from 86% at YE 2020,
and in line with 97% at YE.

Fitch applied a 5% stress to the YE 2020 NOI to account for the
declining performance metrics and the risk of a prolonged workout
due to the ongoing litigation.

Change to Credit Enhancement: The credit enhancement (CE) has
increased since the prior rating action as a result of three loan
payoffs. As of the February 2023 distribution date, the pool's
aggregate principal balance has paid down by 11.0% to $607.9
million from $682.7 million at issuance.

Fifty-one of the original 54 loans remain outstanding. Twenty loans
representing 45.7% of the pool are structured with a partial
interest-only component and 13 additional loans representing 35.9%
of the pool are interest-only for the full term. Since issuance,
two loans representing 3.6% of the pool have been fully defeased.

RATING SENSITIVITIES

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

- Downgrades would occur with an increase in pool-level
   losses from FLOCs or underperforming loans.

- Downgrades to classes A-2 through A-SB, and the associated
   IO class X-A are not likely due to the position in the
   capital structure, but may occur should interest shortfalls
    affect these classes.

- Downgrades to classes A-S, B and X-B are possible should
   expected losses for the pool increase significantly,
   performance continue to decline for the FLOCs.

  - Downgrades to classes F-RR, G-RR, and H-RR may occur
    should loss expectations increase from further
    performance decline of the FLOCs and/or 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:

  - Stable to improved asset performance, particularly on the
    FLOCs, coupled with additional paydown and/or defeasance.

  - Upgrades to classes B, C, D and X-B would only occur with
    significant improvement in CE and/or defeasance, and with
    the stabilization of performance and viable resolutions on
    the FLOCs, specifically the SkyLoft Austin and 16300 Roscoe
    Blvd loans.

  - Upgrades of classes F-RR, G-RR, and H-RR are not likely
    without 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 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.


UBS-BMALL TRUST 2012-WRM: Fitch Cuts Rating on Cl. B Certs to 'Bsf'
-------------------------------------------------------------------
Fitch Ratings has downgraded seven classes of UBS-BAMLL Trust
2012-WRM commercial mortgage pass-through certificates, series
2012-WRM. Additionally, Fitch assigned Stable Rating Outlooks to
two classes and Negative Outlooks to two classes following their
downgrades.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
UBS-BAMLL Trust
2012-WRM

   A 90269PAA9     LT Asf   Downgrade   AAAsf
   B 90269PAG6     LT Bsf   Downgrade   BBsf
   C 90269PAJ0     LT CCsf  Downgrade   CCCsf
   D 90269PAL5     LT CCsf  Downgrade   CCCsf
   E 90269PAN1     LT CCsf  Downgrade   CCCsf
   X-A 90269PAC5   LT Asf   Downgrade   AAAsf
   X-B 90269PAE1   LT Bsf   Downgrade   BBsf

TRANSACTION SUMMARY

The transaction is currently comprised of one mortgage loan,
MainPlace Mall, secured by approximately 759,000-sf of a
1.1-million-sf super-regional mall located in Santa Ana (Orange
County), CA. The non-collateral anchors include Macy's, JCPenney
and a vacant Nordstrom box. The mall underwent a $55 million
renovation completed in 2015 which transformed the former Macy's
Men's & Home space into new restaurants, 24-Hour Fitness (opened
June 2015) that includes a rooftop pool, balcony, and rooftop
basketball court, and Round 1 Bowling & Amusement (opened May
2015).

At issuance, Westfield was the sponsor for MainPlace Mall; however,
in 2015, the mall was sold as part of a $1.1 billion deal that
included four other Westfield Corp. retail centers to a partnership
composed of Centennial Real Estate Company, USAA Real Estate
Company and Montgomery Street Partners.

The other mall asset originally included in the transaction, The
Galleria at Roseville, was paid in full.

KEY RATING DRIVERS

Sustained Performance Declines; Rating Cap: The downgrades and
Negative Outlooks reflect sustained declines in performance of the
MainPlace Mall, continued limited updates on the progress of the
proposed redevelopment and refinance concerns as the loan matures
in June 2023. The loan has a fixed rate coupon of 4.25%.

The rating of classes A and X-A are capped at 'Asf' given the
collateral quality, market location and current performance. Given
the lack of refinancing prospects in the current environment for
large underperforming mall assets, Fitch expects there is a high
likelihood the loan will default at maturity and transfer to
special servicing. The master servicer has indicated the borrower
requested an additional maturity extension, which was denied.

The Fitch-stressed net cash flow for the mall has decreased 26%
from the prior rating action due to lower rental revenues and other
income. After further clarification provided by the servicer at the
current rating action, the other income figure reported in 2021
included a large tenant lease termination payment. The mall's
performance has yet to stabilize post pandemic, with continued low
occupancy and rental revenue remaining well-below pre-pandemic
levels.

As of September 2022, the collateral was 77.2% occupied, compared
with 77.9% in September 2021, 81% in March 2021, 82% at YE 2019 and
99% at YE 2018. Approximately 19% of the collateral NRA rolls over
the next six months. The most recent servicer-reported total mall
sales as of TTM July 2022 were $471 psf. Inline sales as of TTM
July 2022 were $271 psf, up from $126 in 2020, $245 psf in 2019 and
below $360 psf at issuance. Sales for the Picture Show Theatre were
$840,905 per screen in 2019, $723,749 per screen in 2018 and
$487,686 per screen in 2017. The Picture Show Theatre renewed their
lease, which expired in January 2022, through January 2024.

Fitch applied a 15% cap rate in its analysis, consistent with
comparable properties and given the outlook for regional malls, the
current performance and concerns with refinancing. The Fitch debt
service coverage ratio (DSCR) and loan to value (LTV) for the
remaining loan, is 0.33x and 287%, respectively.

Vacant Non-Collateral Anchor; Redevelopment Plans: Prior to the
pandemic, the property lost its non-collateral anchor, Nordstrom,
which vacated in 2017; this event triggered several co-tenancy
clauses. The Nordstrom space had been leased to a temporary tenant,
Open Market, an indoor boutique market, whose lease expired in
December 2022, but the tenant vacated prior to lease expiration in
September 2022.

A $300 million redevelopment plan of the mall was approved in 2019,
but delayed by the pandemic. The current plan consists of one
million sf of commercial retail space, 140,000 sf of office space,
a 4,000-person capacity concert venue and 656 multifamily units.
Per recent media articles, construction is underway on the west
side parking lot of the mall which will house a 309-unit
multifamily apartment complex. Fitch requested updates on the
progress of the redevelopment from the master servicer and limited
updates have been provided to date.

Per the servicer, there is a plan to demolish the old Nordstrom
box. The building has been decommissioned and removed from the
gross leasable area. Development is working in the space doing
asbestos abatement and other preliminary work prior to full
building demolition. The latest update has the building demolition
beginning Q1 2023. The plan includes replacing that footprint with
an activated plaza and a curated food and beverage offering within
that plaza. Some of the interior and landlocked retail spaces would
also be converted to exterior facing, flagship retail fronting the
plaza. This flagship retail includes collateral space being
improved.

RATING SENSITIVITIES

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

Downgrades to classes A and X-A are not expected; the Stable
Outlook on these classes reflects a small class exposure relative
to the outstanding loan amount. Downgrades to classes B through E
and X-B are possible if performance of the mall deteriorates
further, eroding the value of MainPlace Mall.

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

While considered unlikely, if the Mainplace Mall loan is extended
and demonstrates significant performance improvement, future
upgrades are possible.

ESG CONSIDERATIONS

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


UBS-CITIGROUP 2011-C1: DBRS Confirms C Rating on 3 Classes
----------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates (the Certificates) Series 2011-C1, issued
by UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1 as
follows:

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

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

The rating confirmations reflect DBRS Morningstar's continued
concern for the remaining two loans in the transaction, both of
which are distressed assets in special servicing with significant
value declines from issuance. As of the January 2023 remittance,
the trust reported a balance of $82.5 million, representing a
collateral reduction of 87.8% since issuance.

The Poughkeepsie Galleria loan (Prospectus ID#2; 74.1% of the pool)
is secured by the borrower's fee-simple interest in a 691,325
square foot (sf) portion of a 1,206,057 sf regional mall in
Poughkeepsie, New York. The loan transferred to the special
servicer in April 2020 for imminent monetary default. A foreclosure
complaint and receivership motion were filed in August 2022, but
the special servicer and the borrower have initiated settlement
discussions that are ongoing.

Per the August 2022 appraisal, the property was valued at $69.1
million, down slightly from the December 2021 value of $69.2
million but decreased by 70.8% from the issuance value of $237.0
million. Based on the November 2022 rent roll, the collateral was
60.3% occupied, compared with the June 2022 occupancy rate of 57.0%
and issuance occupancy rate of 87.7%. The largest collateral
tenants are Regal Cinemas (10.2% of the net rentable area (NRA),
lease expires in December 2026), Dick's Sporting Goods (7.8% of the
NRA, lease expires in February 2028), and RPM Raceway (5.6% of the
NRA, lease expires in November 2024). The parent company of Regal
Cinemas, Cineworld, filed for Chapter 11 bankruptcy in September
2022 but announced a bankruptcy settlement with its landlords and
lenders in October 2022, allowing the company to borrower $150
million and make a $1 billion debt repayment. In addition, 51
locations are expected to close to reduce costs while Cineworld
works with the landlords to preserve its other theaters. To date,
the subject location was not included in the list of store
closures.

Non-collateral anchors include Target and Macy's, while the spaces
previously anchored by a collateral Sears and JCPenney have been
vacant since 2020. There is significant tenant rollover risk as
tenants representing 21.8% of the NRA have leases that have expired
or will be expiring in the next 12 months. According to the
November 2022 tenant sales report, Regal Cinema reported sales of
$328,000 per screen for the trailing 12 months ended November 30,
2022, while Dick's Sporting Goods reported sales of $254.20 per
square foot (psf) for the same period. Total in-line sales were
reported at $336 psf, compared with the issuance sales figure of
$356 psf. The subject's performance remains depressed with
financials for the trailing nine months ended September 30, 2022,
reporting a debt service coverage ratio (DSCR) of 0.72 times (x)
compared with the YE2021, YE2020, and YE2019 DSCRs of 0.82x, 0.42x,
and 0.88x, respectively. DBRS Morningstar maintained its
liquidation scenario in its analysis, which implies a loss severity
to the trust loan in excess of 65%.

The Marriott Buffalo Niagara (Prospectus ID#9; 25.9% of the pool)
loan is secured by a 356-key full-service hotel in Amherst, New
York. The loan was transferred to special servicing in April 2020
for imminent monetary default and became real estate owned in May
2022. According to a Buffalo News article dated December 2022,
Visions Hotel placed the winning bid of $14.5 million to purchase
the subject, which is below the July 2022 appraisal value of $18.2
million and the outstanding loan balance of $21.3 million. The
transaction is expected to close within 90 to 120 days. With this
review, DBRS Morningstar analyzed this loan with a liquidation
scenario, which results in a loss severity in excess of 45%.

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



VERUS SECURITIZATION 2023-INV1: S&P Assigns B- (sf) on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 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.

After S&P assigned preliminary ratings on Feb. 9, 2022, the bond
sizes were changed for classes A-3, M-1, and B-2; however, there
was no change to the overall pool balance. This resulted in higher
available credit support for classes A-3, M-1, and B-1.

After analyzing the updated bond structure and final bond coupons,
S&P assigned final ratings that are unchanged from the preliminary
ratings S&P assigned for all classes.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners, and 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%."

  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, $65,744,000: A (sf)(i)
  Class M-1, $44,496,000: BBB- (sf)(i)
  Class B-1, $29,748,000: BB- (sf)(i)
  Class B-2, $24,748,000: 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 private
placement memorandum dated Feb. 13, 2023.
(ii)The notional amount equals the aggregate stated principal
balance of the loans in the pool as of the cutoff date.



VNDO TRUST 2016-350P: DBRS Confirms BB(low) Rating on E Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2016-350P issued by VNDO
Trust 2016-350P as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect DBRS
Morningstar's expectation that performance of the underlying
property will rebound following the recent master lease agreement
executed by the sponsor and the sponsor's continued investment into
the subject collateral. The collateral for the trust consists of a
$233.3 million portion of a $400.0 million whole loan amount,
represented by four pari passu A notes ($296.0 million) and two
subordinate B notes ($104.0 million). The trust collateral consists
of two senior A notes totalling $129.3 million and the two
subordinate B notes. The two remaining A notes, totalling $166.7
million, were contributed to the GSMS 2017-GS5 ($100.0 million) and
JPMDB 2017-C5 ($66.7 million) transactions; DBRS Morningstar rates
GSMS 2017-GS5. The loan is secured by the first mortgage on 350
Park Avenue, a Class A office property in the Plaza District
submarket of Midtown Manhattan, New York, between 51st Street and
52nd Street. The 30-story property totals 570,784 square feet (sf),
including four ground-floor retail spaces totalling 17,144 sf.

With the November 2022 remittance, the loan transferred to special
servicing as the servicer determined the loan was at risk of
imminent default. More recently, however, the servicer noted the
transfer was defined as a complex consent request in light of a new
agreement between the sponsors, Vornado Realty Trust and Rudin with
Citadel Enterprises America LLC (Citadel), which is an affiliate of
Kenneth C. Griffin, the founder and CEO of Citadel. The servicer
advised DBRS Morningstar of a loan modification under consideration
in November 2022. The details of the proposal have not been
included in the servicer's commentary for the transaction to date;
however, according to a December 9, 2022, press release from
Vornado, major terms of the agreement include the following: (1)
Citadel to enter into a master lease with Vornado for 350 Park
(subject) on an "as is" basis for 10 years retroactive to June 2022
at an annual rent of $36 million ($63 per square foot gross); (2)
Citadel to also enter into a master lease with Rudin for the
adjacent property at 40 East 52nd (noncollateral); and (3)Vornado
and Rudin to enter into a joint venture to purchase 39 East 51st
Street for $40 million, with the eventual aim of creating a premier
development site between the three aforementioned parcels.

From October 2024 to June 2030, Griffin will have the following
options: acquire a 60.0% interest in a joint venture with Vornado
and Rudin that would value the site at $1.2 billion to build a 1.7
million-sf office tower with Citadel occupying approximately 50.0%
of the NRA on a prenegotiated 15-year lease or exercise an option
to purchase the entire combined site for $1.4 billion without
participation from Vornado and Rudin. According to a January 25,
2023, press release from Vornado, the agreement as described above
has received all necessary third-party approvals with the master
lease now in effect at the subject.

According to the October 2022 rent roll, the collateral was 64.6%
occupied, a continued decline from the 74.0% occupancy rate at
December 2021, and down from the 98.0% occupancy rate prior to
former tenants Ziff's departure in April 2021. The largest
collateral tenants as of October 2022 included Citadel Enterprise
Americas (20.4% of the net rentable area (NRA); lease expiry
December 2023); Manufacturers & Traders Trust (17.5% of the NRA;
lease expiry March 2023); and Marshall Wace North America (6.5% of
the NRA; lease expiry September 2032). Through December 2023,
tenants cumulatively occupying 43.4% of the subject's NRA have
scheduled lease expirations; however, with the recent master lease
now in place, the risk is mitigated. As of the most recent
financials provided by the servicer, the loan reported a debt
service coverage ratio (DSCR) of 1.33 times (x) for the trailing
six months ended June 30, 2022, a decline from the YE2021 and
YE2020 figures of 2.21x and 3.03x, respectively.

Although the in-place rental rate and DSCR are expected to further
decline with the new master lease in effect, the recent events are
viewed as credit positive. The master lease agreement reflects the
sponsors' significant investment and long-term vision for the
subject collateral. At issuance, the land beneath the improvements
was valued at $410 million, while the fee-simple interest was
valued at $710 million as compared with the DBRS Morningstar value
of $439 million, derived in 2020. Given the projected
post-development value estimates for the site implied by the
purchase options cited in Vornado's December 9, 2022 press release
which ranged between $1.2 billion and $1.4 billion, DBRS
Morningstar believes the whole loan balance of $400 million remains
well insulated against loss. In addition, DBRS Morningstar notes
there is significant equity behind the subject loan, with recent
investments suggesting high commitment from the loan sponsors.
These factors support the rating confirmations and continued Stable
trends. DBRS Morningstar also expects the loan to be returned to
the master servicer in the near-term.

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



WELLS FARGO 2014-LC16: DBRS Confirms C Rating on 4 Classes
----------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2014-LC16 issued by
Wells Fargo Commercial Mortgage Trust 2014-LC16 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at BBB (low) (sf)
-- Class C at C (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)

All trends are Stable, with the exception of Classes C, D, E, and
F, which have ratings that do not typically carry trends in
commercial mortgage-backed securities (CMBS) ratings.

The rating confirmations reflect the overall stable performance of
the transaction since DBRS Morningstar's last review. The C (sf)
ratings for Classes C, D, E, and F are reflective of DBRS
Morningstar's loss expectations for the largest loans in special
servicing, as further described below. The trust is secured by a
high concentration of loans collateralized by retail properties,
which represent more than 50.0% of the current pool
balance—including two top 15 loans secured by regional malls that
are delinquent and in special servicing. However, the transaction
benefits from substantial paydown since issuance, as well as a
moderate amount of defeasance.

As of the January 2023 remittance, 61 of the original 82 loans
remained in the pool, representing a collateral reduction of 33.4%
since issuance. Nineteen loans, representing 20.8% of the current
pool balance, were fully defeased. Four loans were in special
servicing and 12 loans were on the servicer's watchlist,
representing 21.9% and 16.3% of the current pool balance,
respectively. The loans on the servicer's watchlist were primarily
being monitored for performance concerns related to low occupancy
and/or debt service coverage ratios (DSCRs).

The largest loan in special servicing, Woodbridge Center
(Prospectus ID#1; 18.1% of the pool), is secured by the fee-simple
interest in a 1.1 million-square-foot (sf) portion of a 1.7
million-sf super-regional mall in Woodbridge, New Jersey. The loan
is pari passu with the WFRBS Commercial Mortgage Trust 2014-C20
transaction, which is also rated by DBRS Morningstar. The loan
transferred to special servicing in June 2020 for payment default.
Initially, the special servicer was discussing a potential loan
modification with the sponsor, but those discussions ultimately
fell through and a receiver was installed in October 2021. As of
the January 2023 remittance, the loan was delinquent, having last
paid in March 2022. The servicer reporting foreclosure proceedings
are under way. The collateral was appraised in May 2022 with an
as-is value of $89.0 million, within $15.0 million of the previous
value obtained by the special servicer, but well below the issuance
value of $366.0 million.

The loan's performance has followed the path of the mall's
occupancy declines over the last several years, beginning with the
loss of the collateral Sears anchor, which represented 25.0% of the
collateral's net rentable area (NRA) and closed in April 2020.
According to the June 2022 rent roll, the collateral was 62.4%
occupied, compared with the December 2021 occupancy rate of 67.5%
and the issuance occupancy rate of 96.8%. The mall is anchored by a
noncollateral Macy's and JCPenney, while the largest remaining
collateral tenants include Boscov's (16.7% of the NRA; expiry in
January 2029) and Dick's Sporting Goods (9.1% of the NRA; expiry in
January 2024). Near-term rollover risk is noteworthy, with tenants
representing 15.1% of the NRA approaching their lease expiry within
the next 12 months. For the trailing nine month period ended
September 2022, the servicer reported a DSCR of 0.42 times (x),
down from the YE2021 DSCR of 0.95x and YE2020 DSCR of 1.77x. DBRS
Morningstar applied a 15.0% haircut to the May 2022 appraisal value
resulting in an implied loss severity in excess of 80.0%.

The second-largest specially serviced loan, Oak Court Mall
(Prospectus ID#18; 2.2% of the pool), is secured by a 240,197-sf
portion of a 723,014-sf super-regional mall in Memphis, Tennessee.
The loan is pari passu with the WFRBS Commercial Mortgage Trust
2014-C21 transaction, which is also rated by DBRS Morningstar. The
loan transferred to special servicing in May 2020 for imminent
monetary default and failed to repay at its scheduled April 2021
maturity. The property has both retail and office components and
according to the servicer's commentary, the occupancy rate for the
retail segment was 74.2% and the office segment was 89.2% as of
December 2022. Overall, occupancy at the property has been
declining, with the September 2021 occupancy rate at 76.2%,
compared with the YE2020 occupancy rate of 98.5%. The drop in
occupancy was due to the departure of Dillard's Men's, which
vacated the subject in January 2021. The mall is anchored by a
noncollateral Macy's (53.2% of mall NRA; lease expiration in
September 2044) and Dillard's (13.5% of mall NRA; lease expiration
in August 2038). The three largest in-line tenants are H&M (8.3% of
collateral NRA; lease expiration in January 2027), New Square (3.5%
of collateral NRA; lease expiration in September 2024), and The
Shoe Department (3.0% of collateral NRA; lease expiration in
November 2023).

The special servicer is pursuing a foreclosure considering the
sponsor, Washington Prime Group Inc., had indicated its desire to
transfer the title to the trust. A receiver was appointed, and the
loan is currently cash managed. According to the March 2022
appraisal, the subject was valued at $26.1 million, an increase
from the April 2021 value of $15.5 million but still below the
issuance value of $61.0 million and the outstanding whole-loan
balance of $33.8 million. Given the property's declining
performance and value, market positioning, nearby competition from
the Wolfchase Galleria shopping mall, and general lack of liquidity
for this property type, DBRS Morningstar expects a loss severity in
excess of 50% could be realized at resolution.

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




WFRBS COMMERCIAL 2013-C18: DBRS Confirms C Rating on 2 Classes
--------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-C18 issued by WFRBS
Commercial Mortgage Trust 2013-C18 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEX at A (low) (sf)
-- Class D at CCC (sf)
-- Class E at C (sf)
-- Class F at C (sf)

All trends are Stable, with the exception of Class D, Class E, and
Class F, which are assigned ratings that do not typically carry
trends in commercial mortgage-backed securities (CMBS) ratings. In
general, the rating confirmations and Stable trends reflect the
stable performance of the transaction since the last review, which
was completed in November 2022. The transaction is now in its
maturity year, and although the remaining loans are well positioned
overall, there remain challenges for the loans in special servicing
and select loans on the servicer's watchlist that continue to
support the CCC (sf) and C (sf) ratings for Classes D, E, and F.

The DBRS Morningstar North American CMBS Insight Model results
implied a higher rating for the Class B certificate. However, given
the uncertainty surrounding select loans as further described
below, the significant interest shortfalls outstanding, and the
pending resolution of a specially serviced loan deemed
nonrecoverable by the servicer, DBRS Morningstar maintained the AA
(low) (sf) rating with this review and will monitor the transaction
for developments as the bulk of the loans reach scheduled maturity
near the end of 2023.

At the time of the November 2022 review, there were four loans in
special servicing and as of the January 2023 remittance date, two
of those loans remain in special servicing, one has been returned
to the master servicer, and one loan was liquidated from the pool.
The Hotel Felix Chicago loan was liquidated at a loss of $21.6
million, lower than DBRS Morningstar's analyzed loss amount of
approximately $30.0 million at last review. DBRS Morningstar's
liquidation scenario considered a haircut to the December 2021
appraisal figure; however, the loan ultimately resolved with a sale
price that was approximately $7.0 million over the appraised value,
with the realized loss below the DBRS Morningstar estimate as a
result.

According to the January 2023 remittance, of the original 67 loans,
51 loans remain in the pool, with an aggregate principal balance of
$620.2 million, representing a collateral reduction of 40.3% since
issuance as a result of scheduled loan amortization and loan
repayments. In addition, there are 16 loans, representing 14.1% of
the pool, that are fully defeased. The transaction features a
concentration of loans backed by retail properties within the
pool's 15 largest nondefeased loans. There are six loans,
representing 18.1% of the pool, on the servicer's watchlist, the
largest of which is the JFK Hilton (Prospectus ID#4; 9.6% of the
current pool). This loan is secured by a 356-key, full-service
hotel adjacent to John F. Kennedy International Airport in Jamaica,
New York. The loan has been in special servicing twice, with the
most recent transfer in August 2021 as the borrower was requesting
a discounted payoff to effectuate a property sale. Ultimately, the
sale did not close, and the loan was returned to the master
servicer in November 2022 as a corrected mortgage loan and is
reporting current with no outstanding advances.

As of the property's trailing nine months (T-9) ended September 30,
2022, reporting, the hotel reported an occupancy, average daily
rate, and revenue per available room figure of 87.0%, $178.95, and
$155.61, respectively, an improvement from the figures reported as
of the T-9 ended September 30, 2021, period of 73.7%, $126.53, and
$93.27, respectively. While the property's net cash flow (NCF)
improved to $3.4 million as of the T-12 ended September 30, 2022,
financials (up from the YE2021 figure of -$0.2 million), the
property is still underperforming relative to issuance when the NCF
was reported at $6.9 million. In addition, it is worth noting that
a November 2020 appraisal obtained during the loan's first stint in
special servicing estimated the property's as-is value at $52.1
million, approximately half of the issuance value of $52.1 million,
with the property's performance historically lagging issuance
expectations since issuance.

The two remaining specially serviced loans are the Cedar Rapids
Office Portfolio (Prospectus ID #9; 3.2% of the pool) and HIE
Magnificent Mile (Prospectus ID #10; 3.4% of the pool) loans. Both
of the collateral properties were reappraised in the second half of
2022, reflecting a weighted-average (WA) value decline from
issuance of 68.1% and a WA loan-to-value ratio (LTV) of 179.8%
based on the respective outstanding loan amounts. The Cedar Rapids
Office Portfolio has been real estate owned (REO) since June 2020.
The loan is secured by two cross-collateralized Class A office
buildings in Cedar Rapids, Iowa. According to the October 2022
appraisal, the property was valued at $10.1 million, reflecting a
decline of 72.0% below the issuance value of $36.2 million, which
results in a current LTV of 197.6%. Given that the amount of
outstanding advances currently totals over $5.4 million, which is
more than half the appraised value of the asset, it is likely that
this loan will be deemed nonrecoverable by the servicer.

HIE Magnificent Mile is secured by a limited-service hotel located
within the River North neighborhood of Chicago. According to the
servicer, the lender became the successful bidder during the
property's foreclosure sale in November 2022, and the property was
REO as of December 2022. The property was reappraised in August
2022 at a value of $12.9 million, 64.5% below the issuance value of
$36.3 million, reflecting a current LTV of 162.7%. Given the
decline in value and current loan exposure, DBRS Morningstar
anticipates these loans to incur a loss severity of nearly 100%
upon liquidation.

At issuance, DBRS Morningstar assigned an investment-grade shadow
rating to Garden State Plaza. DBRS Morningstar confirmed that the
performance of this loan remains consistent with investment-grade
loan characteristics.

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




WFRBS COMMERCIAL 2014-C20: DBRS Confirms C Rating on 3 Classes
--------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-C20 issued by WFRBS
Commercial Mortgage Trust 2014-C20 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SFL at AAA (sf)
-- Class A-SFX at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at BBB (high) (sf)
-- Class C at CCC (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)

Classes C, D, E, and F have ratings that do not typically carry
trends. All other trends are Stable. The rating confirmations
reflect the overall stable performance of the transaction since
DBRS Morningstar's last review. The CCC (sf) and C (sf) ratings for
Classes C, D, E, and F are reflective of DBRS Morningstar's loss
expectations for the largest loans in special servicing, as further
described below. The transaction benefits from substantial paydown
since issuance, as well as a moderate amount of defeasance.
Challenges include the pool's exposure to a high concentration of
loans in special servicing, including two large defaulted mall
loans and a large loan secured by an office property in the Houston
area that is also in default.

As of the January 2023 remittance, 75 of the of the original 98
loans remain in the pool with a trust balance of $821.9 million,
representing a collateral reduction of 34.3% since issuance as a
result of loan amortization and repayments. Of the remaining loans,
16 are fully defeased, representing 11.6% of the pool. Three of the
five largest loans, Woodbridge Center (Prospectus ID#1; 14.3% of
the pool), Sugar Creek I & II (Prospectus ID#4; 7.2% of the pool),
and Brunswick Square (Prospectus ID#6; 4.8% of the pool), totalling
26.3% of the trust balance, are in special servicing as of this
review. In addition, 13 loans, totaling 16.4% of the trust balance,
are on the servicer's watchlist, 10 of which have been flagged for
performance-related concerns related to occupancy issues or a low
debt service coverage ratio (DSCR).

The largest loan in special servicing, Woodbridge Center, is
secured by the fee-simple interest in a 1.1 million square-foot
(sf) portion of a 1.7 million sf super-regional mall in Woodbridge,
New Jersey. The loan transferred to special servicing in June 2020
for payment default. Initially, the special servicer discussed a
potential loan modification with the sponsor but those discussions
ultimately fell through and a receiver was installed in October
2021. As of the January 2023 remittance, the servicer reported
foreclosure proceedings were underway. The collateral was appraised
in May 2022 with an as-is value of $89.0 million, within $15.0
million of the previous values obtained by the special servicer but
well below the issuance value of $366.0 million.

The loan's performance has followed the path of the mall's
occupancy over the last several years, with the loss of the
collateral Sears anchor, which represented approximately 25.0% of
the collateral net rentable area (NRA) and closed in April 2020.
According to the June 2022 rent roll, the collateral was 62.4%
occupied, compared with the December 2021 occupancy rate of 67.5%
and issuance occupancy rate of 96.8%. The mall is anchored by a
non-collateral Macy's and JCPenney while the remaining largest
collateral tenants include Boscov's (16.7% of the NRA, expiry in
January 2029) and Dick's Sporting Goods (9.1% of the NRA, expiry in
January 2024). Near-term rollover risk is noteworthy, with tenants
representing 15.1% of the NRA approaching their lease expiry within
the next 12 months. As per the reporting for the trailing nine
months ended September 30, 2022, the servicer reported a DSCR of
0.42 times (x), down from the YE 2021 DSCR of 0.95 times (x) and
YE2020 DSCR of 1.77x. Based on a haircut to the May 2022 valuation,
DBRS Morningstar liquidated the loan from the pool in the analysis
for this review with a loss severity in excess of 80%.

The second largest loan in special servicing, Sugar Creek I & II,
is secured by two adjacent Class A office buildings in Sugar Land,
Texas. The loan transferred to special servicing for imminent
payment default in October 2020. According to the January 2023
servicer commentary, the servicer continues to move forward with
the foreclosure process and expects the title to transfer in
February 2023. According to the June 2022 rent roll, the property
was 57.2% occupied, compared with the YE2020 occupancy rate of
67.0%. The largest tenants are Teams Inc (19.5% of the NRA, lease
expiry in March 2028), Noble Drilling Services (Noble; 17.8% of the
NRA, lease expiry in December 2024), and Merrill Lynch (3.4% of the
NRA, lease expiry in May 2023). Noble previously reduced their
footprint by approximately 61,000 sf as part of a 10-year renewal
of their lease in 2019. Upcoming lease rollover is minimal, with
only 3.6% of the NRA scheduled to roll within the next 12 months.
Per the Q4 2022 Reis report, the southwest Houston submarket
reported an vacancy rate of 25.6%; the submarket has been soft for
several years given the challenges for the energy industry and the
significant supply in the overall Houston market. The most recent
appraisal obtained by the special servicer, dated December 2022,
valued the property at $42.3 million, compared with $54.8 million
in April 2022, and sharply below the issuance appraised value of
$83.5 million. Based on a haircut to the December 2022 value, DBRS
Morningstar liquidated this loan from the pool with a loss severity
in excess of 40%.

The third-largest specially serviced loan, Brunswick Square, is
secured by a 292,685 sf portion of a 760,311 sf regional mall in
East Brunswick, New Jersey. The loan was transferred to special
servicing in July 2021 for imminent monetary default at the
borrower's request. The special servicer has begun legal
proceedings and a receiver has been appointed. The borrower, an
affiliate of Washington Prime Group, previously expressed interest
in a consensual foreclosure sale. According to the June 2022 rent
roll, the collateral's occupancy rate was reported at 91.9%,
relatively in line with the occupancy rates of 90.5% at YE2021 and
88.0% at YE2020. The mall is anchored by non-collateral tenants
Macy's and JCPenney, while the largest collateral tenants include
American Multi-Cinema (17.3% of the NRA, lease expiry in May 2027)
and Barnes & Nobles (8.5% of the NRA, lease expiry in January
2025). In addition, tenants accounting for 17.1% of the NRA have
lease expirations within the next 12 months. The most recent
appraisal, dated April 2022, reported an as-is value of $36
million, compared with the May 2021 value of $33.5 million, which
ultimately is 68.1% down from the appraised value of $113.0 million
at issuance. Based on a haircut to that value, DBRS Morningstar
liquidated this loan from the pool with a loss severity in excess
of 65%.

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



[*] DBRS Reviews 246 Classes From 23 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 246 classes from 23 U.S. residential
mortgage-backed security (RMBS) transactions. Of the 246 classes
reviewed, DBRS Morningstar upgraded 56 ratings, confirmed 189
ratings, and discontinued one rating.

The Affected Ratings Are Available at https://bit.ly/3lSlNNL

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 rating reflects the full
repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of
subprime, Alt-A, and HELOC 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.

-- Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed
Notes, Series 2005-2, Class M3

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-6

-- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-7

-- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class M-1

-- ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1,
Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-4

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-2

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-3

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-4

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-5

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-6

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-7

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-8

-- Ameriquest Mortgage Securities Inc. Series 2004-R11,
Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-9

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2 ,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
MV-4

-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2 ,
Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class
MV-5

-- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2007-WFHE1, Class M-2

-- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed
Pass-Through Certificates, Series 2007-WFHE1, Class M-3

-- First Franklin Mortgage Loan Trust, Series 2004-FF10,
Asset-Backed Certificates, Series 2004-FF10, Class M-1

-- First Franklin Mortgage Loan Trust, Series 2005-FF1, Mortgage
Pass-Through Certificates, Series 2005-FF1, Class M-2

-- First Franklin Mortgage Loan Trust, Series 2005-FF1, Mortgage
Pass-Through Certificates, Series 2005-FF1, Class M-3

-- Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2, Mortgage
Pass-Through Certificates, Series 2005-WMC2, Class M-3

-- Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2, Mortgage
Pass-Through Certificates, Series 2005-WMC2, Class M-4

-- Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3, Mortgage
Pass-Through Certificates, Series 2005-WMC3, Class M-5

-- Morgan Stanley ABS Capital I Inc. Trust 2005-WMC5, Mortgage
Pass-Through Certificates, Series 2005-WMC5, Class M-5

-- Morgan Stanley ABS Capital I Inc. Trust 2005-WMC5, Mortgage
Pass-Through Certificates, Series 2005-WMC5, Class M-6

-- New Century Home Equity Loan Trust 2005-1 , Asset-Backed Notes,
Series 2005-1, Class M-1

-- New Century Home Equity Loan Trust 2005-1 , Asset-Backed Notes,
Series 2005-1, Class M-2

-- New Century Home Equity Loan Trust 2005-1 , Asset-Backed Notes,
Series 2005-1, Class M-3

-- New Century Home Equity Loan Trust 2005-1 , Asset-Backed Notes,
Series 2005-1, Class M-4

-- New Century Home Equity Loan Trust 2005-1 , Asset-Backed Notes,
Series 2005-1, Class M-5

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

-- New Century Home Equity Loan Trust 2005-3 , Asset-Backed Notes,
Series 2005-3, Class M-5

-- New Century Home Equity Loan Trust 2005-3 , Asset-Backed Notes,
Series 2005-3, Class M-6

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class I-A

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class II-A-3

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class II-A-4

-- Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series
2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series
2006-HE2, Class M-1

-- BRAVO Residential Funding Trust 2021-HE1, Mortgage-Backed
Notes, Series 2021-HE1, Class M-1

-- BRAVO Residential Funding Trust 2021-HE1, Mortgage-Backed
Notes, Series 2021-HE1, Class B-1

-- BRAVO Residential Funding Trust 2021-HE1, Mortgage-Backed
Notes, Series 2021-HE1, Class B-2

-- BRAVO Residential Funding Trust 2021-HE2, Mortgage-Backed
Notes, Series 2021-HE1, Class M-1

-- BRAVO Residential Funding Trust 2021-HE2, Mortgage-Backed
Notes, Series 2021-HE1, Class B-1

-- BRAVO Residential Funding Trust 2021-HE2, Mortgage-Backed
Notes, Series 2021-HE1, Class B-2

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-A

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-A-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-B

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-B-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-C

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class M-2-C-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-A

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-A-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-B

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-B-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-C

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-1-C-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-A

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-A-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-B

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-B-X

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-C

-- Towd Point HE Trust 2021-HE1, Asset-Backed Securities, Series
2021-HE1, Class B-2-C-X



[*] DBRS Reviews 308 Classes From 19 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 308 classes from 19 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 308 classes
reviewed, DBRS Morningstar upgraded 11 ratings and confirmed 297
ratings.

The Affected Ratings Are Available at https://bit.ly/3XTx8u4

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,
alt-a, subprime, scratch & dent, and second-lien 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.

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A1

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A5

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A6

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A1

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A2

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A4

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M1

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M2

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A3

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A4

-- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-1

-- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3C

-- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3D

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3A

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3B

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-3C

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOA

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOB

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B3-IOC

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-4

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-4A

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B4-IOA

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-5

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B-5A

-- New Residential Mortgage Loan Trust 2017-2, Mortgage-Backed
Notes, Series 2017-2, Class B5-IOA

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-4

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-4A

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-4B

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-4C

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B4-IOA

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B4-IOB

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B4-IOC

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-5

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-5A

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-5B

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-5C

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-5D

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B5-IOA

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B5-IOB

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B5-IOC

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B5-IOD

-- New Residential Mortgage Loan Trust 2017-4, Mortgage-Backed
Notes, Series 2017-4, Class B-7




[*] DBRS Reviews 92 Classes From 19 U.S. RMBS Transactions
----------------------------------------------------------
DBRS, Inc. reviewed 92 classes from 19 U.S. residential
mortgage-backed securities (RMBS) transactions. Out of the 19
transactions, 18 are generally classified as mortgage insurance
linked-note transactions and one is classified as an agency credit
risk transfer transaction. Of the 92 classes reviewed, DBRS
Morningstar upgraded 39 ratings, confirmed 50 ratings, and
discontinued three ratings.

The Affected Ratings Are Available at https://bit.ly/3Ey3fc3

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 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.

-- Bellemeade Re 2017-1 Ltd., Series 2017-1 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2018-1 Ltd., Series 2018-1 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2018-3 Ltd., Series 2018-3 Mortgage
Insurance-Linked Notes, Class M-2

-- Bellemeade Re 2018-3 Ltd., Series 2018-3 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2019-1 Ltd., Series 2019-1 Mortgage
Insurance-Linked Notes, Class M-2

-- Bellemeade Re 2019-1 Ltd., Series 2019-1 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2019-2 Ltd., Series 2019-2 Mortgage
Insurance-Linked Notes, Class M-1C

-- Bellemeade Re 2019-2 Ltd., Series 2019-2 Mortgage
Insurance-Linked Notes, Class M-2

-- Bellemeade Re 2019-2 Ltd., Series 2019-2 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2019-3 Ltd., Series 2019-3 Mortgage
Insurance-Linked Notes, Class M-1C

-- Bellemeade Re 2019-3 Ltd., Series 2019-3 Mortgage
Insurance-Linked Notes, Class B-1

-- Bellemeade Re 2021-1 Ltd., Mortgage Insurance-Linked Notes,
Series 2021-1, Class M-1B

-- Eagle Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-1

-- Eagle Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Eagle Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Eagle Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-1B

-- Eagle Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Eagle Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-1B

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-1C

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2A

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2B

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2C

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2

-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class B-1

-- Home Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Home Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Home Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-1

-- Home Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Home Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Oaktown Re II Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-1

-- Oaktown Re II Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Oaktown Re II Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Oaktown Re III Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-1B

-- Oaktown Re III Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Oaktown Re III Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class B-1A

-- Oaktown Re III Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class B-1B

-- Radnor Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Radnor Re 2018-1 Ltd., Series 2018-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Radnor Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-1B

-- Radnor Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class M-2

-- Radnor Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked
Notes, Class B-1

-- Radnor Re 2019-2 Ltd., Series 2019-2 Mortgage Insurance-Linked
Notes, Class B-1

-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-1B

-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-1C

-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2A

-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series
2020-1, Class M-2B



[*] Fitch Affirms Ratings on 23 Classes From 3 CDO Transactions
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings on 23 classes and downgraded
two classes from three collateralized debt obligations (CDOs). The
Rating Outlooks for 12 of the classes remain Stable. Rating actions
and performance metrics for each CDO are reported in the
accompanying rating action report.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
ALESCO Preferred
Funding VI,
Ltd./Inc.
  
   Class A-1 Floating
   Rate Notes 01448XAA3   LT AA-sf  Affirmed    AA-sf

   Class A-2 Floating
   Rate Notes 01448XAB1   LT A+sf   Affirmed    A+sf

   Class A-3
   Fixed/Floating
   Note 01448XAG0         LT A+sf   Affirmed    A+sf

   Class B-1 Deferrable
   Notes 01448XAC9        LT BBB+sf Affirmed    BBB+sf

   Class B-2 Deferrable
   Notes 01448XAH8        LT BBB+sf Affirmed    BBB+sf

   Class C-1 Deferrable
   Notes 01448XAD7        LT Csf    Affirmed    Csf

   Class C-2 Deferrable
   Notes 01448XAE5        LT Csf    Affirmed      Csf

   Class C-3 Deferrable
   Notes 01448XAJ4        LT Csf    Affirmed     Csf

   Class C-4 Deferrable
   Notes 01448XAL9        LT Csf    Affirmed     Csf

   Class D-1 Deferrable
   Notes 01448XAF2        LT Csf    Affirmed     Csf

   Class D-2 Deferrable
   Notes 01448XAK1        LT Csf    Affirmed     Csf

Tropic CDO V Ltd.

   A-1L1 89708BAA1        LT A+sf   Downgrade   AAAsf
   A-1L2 89708BAB9        LT A+sf   Downgrade   AA-sf
   A-1LB 89708BAC7        LT BBB-sf Affirmed   BBB-sf
   A-2L 89708BAD5         LT B+sf   Affirmed     B+sf
   A-3F 89708BAF0         LT Csf    Affirmed      Csf
   A-3L 89708BAE3         LT Csf    Affirmed      Csf
   B-1L 89708BAG8         LT Csf    Affirmed      Csf
   B-2L 89708CAA9         LT Csf    Affirmed      Csf

ALESCO Preferred
Funding IV,
Ltd./Inc.
  
   A-1 01448QAA8          LT AAsf   Affirmed     AAsf
   A-2 01448QAB6          LT AAsf   Affirmed     AAsf
   A-3 01448QAC4          LT AAsf   Affirmed     AAsf
   B-1 01448QAD2          LT Csf    Affirmed      Csf
   B-2 01448QAE0          LT Csf    Affirmed      Csf
   B-3 01448QAF7          LT Csf    Affirmed      Csf

TRANSACTION SUMMARY

The CDOs are collateralized primarily by trust preferred securities
issued by banks and insurance companies.

KEY RATING DRIVERS

All of the transactions deleveraged from collateral redemptions
and/or excess spread, which led to the senior classes of notes
receiving paydowns ranging from 4% to 14% of their last review note
balances. The magnitude of the deleveraging for each CDO is
reported in the accompanying rating action report.

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

The class A-1L1 and A-1L2 notes in Tropic CDO V Ltd. (Tropic V)
were downgraded due to the rapid increase in LIBOR since the last
rating action, from 0.88% to 4.85%, leading to the senior interest
coverage ratio reported by the trustee in the January 2023
declining to 176% from 464% at last rating action. While class
A-1L1 and A-1L2 are senior to the class A-1LB notes with respect to
principal payments, the interest due for all three classes is paid
on a pro-rata basis. As a result of the increase in interest rates,
these tranches are no longer passing interest shortfall risk
analysis at the 'AAA' and 'AA-' loss stresses, respectively.

In addition, the ratings for the class A-1LB and A-2L notes in
Tropic V are one notch lower than their model-implied rating (MIR)
given their modest cushions at the MIR.

The rating for class A-1 in Alesco Preferred Funding VI, Ltd./Inc.
(Alesco VI) is three notches lower than its MIR. The transaction
document does not have requirements for the hedge counterparty that
conform to Fitch's "Structured Finance and Covered Bonds
Counterparty Rating Criteria" (Counterparty Criteria). As a result,
the rating is capped at the same rating as that of the interest
rate swap counterparty. The swap does not expire until December
2033.

Additionally, in Alesco VI, the ratings for the class A-2 and A-3
notes are four notches below their MIR and the class B-1 and B-2
notes ratings are three notches below their MIR. Given the
outstanding interest rate swap, these notes are highly sensitive to
changes in three-month LIBOR.

The Stable Outlooks on 12 tranches in this review reflect Fitch's
expectation that the classes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolios in stress scenarios commensurate with the
classes' ratings.

Fitch considered the rating of the issuer account bank in the
ratings for the class A-1, A-2 and A-3 notes in Alesco Preferred
Funding IV, Ltd. due to the transaction documents not conforming to
Fitch's Counterparty Criteria. These transactions are allowed to
hold cash, and their transaction account bank (TAB) does not
collateralize cash. Therefore, these classes of notes are capped at
the same rating as that of its TAB, which is up to two notches
below the notes' MIR.

RATING SENSITIVITIES

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

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

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

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

CRITERIA VARIATION

The ratings for the class A-2 and A-3 notes in ALESCO Preferred
Funding VI, Ltd./Inc. are four notches below their MIR. Fitch's
"U.S. Trust Preferred CDOs Surveillance Rating Criteria" only
allows MIR variations up to one rating category when a transaction
has an outstanding interest rate hedge agreement.


[*] Moody's Upgrades $50MM of US RMBS Issued 2004 to 2006
---------------------------------------------------------
Moody's Investors Service, on Feb. 28, 2023, upgraded the ratings
of six bonds from four US residential mortgage-backed transactions
(RMBS), backed subprime mortgages issued by multiple issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/3SFU9Qz

Complete rating actions are as follows:

Issuer: RAMP Series 2004-KR1 Trust

Cl. M-I-1, Upgraded to Baa2 (sf); previously on May 10, 2016
Upgraded to Ba1 (sf)

Cl. M-II-1, Upgraded to Baa1 (sf); previously on Jul 3, 2018
Upgraded to Baa3 (sf)

Issuer: Renaissance Home Equity Loan Trust 2005-1

Cl. AF-4, Upgraded to A1 (sf); previously on May 6, 2022 Upgraded
to A3 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-NC1

Cl. B-1, Upgraded to Caa2 (sf); previously on Mar 4, 2011
Downgraded to Ca (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-2
Trust

Cl. M-2, Upgraded to Aa3 (sf); previously on May 6, 2022 Upgraded
to A2 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on May 6, 2022 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 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.


[*] Moody's Upgrades $99MM of US RMBS Issued 2004-2007
------------------------------------------------------
Moody's Investors Service, on March 2, 2023, upgraded the ratings
of eight bonds from five US residential mortgage-backed
transactions (RMBS), backed by Alt-A, and subprime mortgages issued
by multiple issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/3Yl6U3Y

Complete rating actions are as follows:

Issuer: Argent Securities Inc., Series 2004-W3

Cl. A-3, Upgraded to Ba3 (sf); previously on Apr 13, 2012
Downgraded to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Apr 13, 2012
Downgraded to B2 (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated
Account - Unrated)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust
Series MO 2006-HE6

Cl. A1, Upgraded to Aa1 (sf); previously on Jun 1, 2022 Upgraded to
Aa2 (sf)

Cl. A5, Upgraded to A2 (sf); previously on Jun 1, 2022 Upgraded to
Baa1 (sf)

Issuer: CSFB Home Equity Asset Trust 2007-3

Cl. 1-A-1, Upgraded to B1 (sf); previously on May 19, 2022 Upgraded
to B3 (sf)

Cl. 2-A-3, Upgraded to B1 (sf); previously on May 19, 2022 Upgraded
to B3 (sf)

Cl. 2-A-4, Upgraded to Caa3 (sf); previously on Mar 19, 2009
Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2004-12

Cl. MF-2, Upgraded to Caa3 (sf); previously on Apr 16, 2012
Downgraded to C (sf)

Issuer: CWMBS, Inc. Mortgage Pass-Through Certificates, Series
2004-6CB

Cl. M-2, Upgraded to Aa3 (sf); previously on Sep 9, 2021 Upgraded
to A2 (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 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.


[*] S&P Takes Various Actions on 100 iShares Fixed-Income ETFs
--------------------------------------------------------------
S&P Global Ratings has taken various actions on its fund credit
quality ratings (FCQRs) and fund volatility ratings (FVRs) on 100
iShares fixed-income exchange-traded funds (ETFs).

A list of Affected Ratings can be viewed at:

            https://bit.ly/3kATl2w

S&P raised one FCQR, lowered two, and affirmed 97. In general,
changes in FCQRs, whether upgrades or downgrades, stemmed from
changes in the constituents of the underlying indices and,
consequently, gradual changes in the weighted average credit risk
of the ETFs' portfolios of investments. The components of the
underlying indices typically change over time depending on market
conditions and issuance trends.

S&P said, "We raised the FCQR by one notch on the BlackRock Short
Maturity Bond ETF, an actively managed multisector ETF. We upgraded
the fund despite it being affected by 2022's central bank monetary
policy tightening. In our assessment, it remains in line with an
'Af' rating as a result of its defensive positioning via a
meaningful increase to mostly liquid, investment-grade securities.

"We also raised eight FVRs, lowered 10, and affirmed 82. For funds
with short or no track records, we evaluated available information,
including a comparable (proxy) fund, designated benchmark, or
reference index performance.

"We raised the FVRs on seven iBonds ETFs based on the declining
volatility of monthly returns. We also raised the FVR on the
iShares Interest Rate Hedged Corporate Bond ETF given the
volatility of monthly returns of this ETF diminished in line with
its strategy to manage interest rate risk. The fund seeks to track
the investment results of the BlackRock Interest Rate Hedged
Corporate Bond Index, which is designed to minimize the interest
rate risk exposure of a portfolio composed of U.S.
dollar-denominated, investment-grade bonds, by including a series
of up to 10 interest rate swap contracts with different
maturities.

"In contrast, we lowered the FVRs on 10 ETFs as the impact of
rapidly rising policy rates from the zero lower bound during the
past year has resulted in these funds' volatility profiles
increasing above thresholds of the relative rating bands.

"For the FCQR on each fund, we first determined a preliminary FCQR
through our quantitative assessment of the fund's portfolio credit
risk using our fund credit quality matrix. The assessment reflects
the weighted average credit risk of the portfolios of investments.
We then conducted a qualitative assessment of the investment
manager's management and organization, risk management and
compliance, credit culture, and credit research. We view BlackRock
Fund Advisors as strong in these categories, where applicable. We
do not assess credit culture or credit research of funds that are
passively managed against an index.

"For each ETF, we conducted a portfolio risk assessment focusing on
counterparty risk, concentration risk, liquidity, and the fund
credit score cushion (the proximity of the preliminary FCQR to a
fund rating threshold). The rating sensitivity tests assess the
degree to which a fund's asset portfolio exposure to the fund's
largest obligor and lowest-credit-quality obligor, as well as
exposure to assets on CreditWatch with negative implications, could
lead to a fund downgrade. In the case of the iShares California
Muni Bond ETF, iShares National Muni Bond ETF, and iShares New York
Muni Bond ETF, we affirmed the ratings after making a one-notch
downward adjustment given the ETFs' concentration in California and
New York muni bonds.

"For the FVR on each fund, we first determined a preliminary FVR by
assessing the historical volatility and dispersion of fund returns
relative to reference indices. Next, we evaluated portfolio risk,
taking into account duration, credit exposures, liquidity,
derivatives, leverage, foreign currency, and investment
concentration." S&P's assessment of portfolio risk ultimately
resulted in:

-- An intermediate FVR one category stronger than the preliminary
FVR for 10 funds in the iBonds Term Series, and

-- An intermediate FVR one category weaker than the preliminary
FVR for one fund.

The majority of FVRs S&P raised were on iBonds ETFs, owing to lower
volatility of returns as a result of decreasing duration as these
funds move toward maturity.

S&P said, "In determining the final FCQRs and FVRs, we also
compared each ETF with other funds that have similar portfolio
strategies and compositions. We focused on a holistic view of each
fund's portfolio credit quality and characteristics relative to its
peers. We made a comparative rating analysis adjustment for one
fund, but that did not lead to any rating changes."

The investment manager, BlackRock Fund Advisors, is a wholly owned
subsidiary of BlackRock Inc. (AA-/Stable/A-1+), which, as of Dec.
31, 2022, had assets under management of $8.6 trillion across
equity, fixed-income, cash management, alternative investment, real
estate, and advisory strategies. The funds are among more than 300
investment portfolios of the iShares Trust. The trust was organized
as a Delaware statutory trust on Dec. 16, 1999, and is authorized
to have multiple series or portfolios. The trust is an open-end
management investment company registered under the Investment
Company Act of 1940 as amended. The offering of the trust's shares
is registered under the Securities Act of 1933 as amended. The
shares of the trust are listed and traded at market prices on
national securities exchanges. State Street Bank & Trust Co. is the
administrator, custodian, and transfer agent for the fund.
BlackRock Investments LLC, a subsidiary of BlackRock Inc., is the
fund's distributor.

An S&P Global Ratings FCQR, also known as a "bond fund rating," is
a forward-looking opinion about the overall credit quality of a
fixed-income investment fund. FCQRs, identified by the 'f' suffix,
are assigned to fixed-income funds, actively or passively managed,
typically exhibiting variable net asset values. The ratings reflect
the credit risks of the portfolio investments, the level of the
fund's counterparty risk, and the risk of the fund's management
ability and willingness to maintain current fund credit quality.
Unlike traditional credit ratings (e.g., issuer credit ratings), an
FCQR does not address a fund's ability to meet payment obligations
and is not a commentary on yield levels.

An S&P Global Ratings FVR is a forward-looking opinion about a
fixed-income investment fund's volatility of returns relative to
that of a "reference index" denominated in the base currency of the
fund. A reference index is composed of government securities
associated with the fund's base currency. FVRs are not globally
comparable. FVRs indicate our expectation of a fund's future
volatility of returns to remain consistent with its historical
volatility of returns. S&P said, "FVRs are based on our view of a
fund's sensitivity to interest rate risk, credit risk, and
liquidity risk, as well as other factors that may affect returns
such as use of derivatives, use of leverage, exposure to foreign
currency risk, and investment concentration and fund management. We
use different symbology to distinguish FVRs from our traditional
issue or issuer credit ratings. We do so because FVRs do not
reflect creditworthiness but rather our view of a fund's volatility
of returns."

S&P reviews pertinent fund information and portfolio reports
monthly as part of its surveillance process of its fund credit
quality and volatility ratings.



[*] S&P Takes Various Actions on 101 Classes From 25 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 101 ratings from 25 U.S.
RMBS transactions issued between 2002 and 2007. The review yielded
five upgrades, nine downgrades, 18 withdrawals, and 69
affirmations.

A list of Affected Ratings can be viewed at:

                  https://bit.ly/41xFzP0

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- Increase or decrease in available credit support;

-- An expected short duration;

-- A small loan count;

-- Historical and/or outstanding missed interest payments/interest
shortfalls;

-- Payment priority; and

-- Assessment of reduced interest payments due to loan
modifications and other credit-related events.

Rating Actions

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

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

"We withdrew our ratings on 15 classes from seven transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level. Additionally, as a result, we applied our
principal-only criteria, "Methodology For Surveilling U.S. RMBS
Principal-Only Strip Securities For Pre-2009 Originations"
published Oct. 11, 2016, which resulted in withdrawing three
ratings from three transactions."



[*] S&P Takes Various Actions on 34 Classes From 13 US RMBS Deals
-----------------------------------------------------------------
S&P Global Ratings completed its review of 34 ratings from 13 U.S.
RMBS transactions issued between 2002 and 2007. The review yielded
12 upgrades, two downgrades, and 20 affirmations.

A list of Affected Ratings can be viewed at:

            https://bit.ly/41LFx6i

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics, and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- An increase or decrease in available credit support;

-- Tail risk; and

-- Reduced interest payments due to loan modifications

Rating Actions

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

The upgrades primarily reflect the classes' increased credit
support. Most of these transactions have failed their cumulative
loss triggers, which resulted in a permanent sequential principal
payment mechanism. This prevents credit support from eroding and
limits the affected classes' exposure to losses. As a result, the
upgrades reflect the classes' ability to withstand a higher level
of projected losses than S&P'd previously anticipated. In addition,
most of these classes are receiving all of the principal payments
or are next in the payment priority when the more senior class pays
down.

S&P said, "We raised two ratings from two transactions by five
notches, due to increased credit support. Class I-A-3 from Bear
Stearns Asset Backed Securities I Trust 2006-HE10 was raised to
'BBB (sf)' from 'B+ (sf)', and its credit support increased to
73.62% in January 2023 from 65.18% in February 2022. Class 3-AV-2
from CWABS Asset-Backed Certificates Trust 2006-11 was raised to
'BB+ (sf)' from 'B- (sf)', and its credit support increased to
42.60% in January 2023 from 37.41% in February 2022.

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



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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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