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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 12, 2023, Vol. 27, No. 70

                            Headlines

ACC TRUST 2022-1: Moody's Caa1 Rating on D Notes Still Under Review
ACREC 2023-FL2 LLC: DBRS Finalizes B(low) Rating on Class G Notes
ANTARES CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
BANK 2018-BNK11: Fitch Affirms 'BB-sf' Rating on Two Tranches
BENCHMARK MORTGAGE 2021-B25: DBRS Confirms B(high) on 2 Classes

BENEFIT STREET XXXI: S&P Assigns Prelim BB- (sf) Rating on E Notes
BLADE ENGINE 2006-1: Fitch Hikes Rating on Two Tranches to 'Bsf'
BRAVO RESIDENTIAL 2023-NQM2: Fitch Gives 'Bsf' Rating on B-2 Notes
BRYANT PARK 2023-19: S&P Assigns BB- (sf) Rating on Class D Notes
BSST 2021-SSCP: DBRS Confirms B(low) Rating on Class G Certs

BWAY 2015-1740: S&P Lowers Class D Certs Rating to 'B- (sf)'
CFMT 2023-HB11: DBRS Gives Prov. B Rating on Class M6 Notes
CHNGE MORTGAGE 2023-1: DBRS Finalizes B Rating on Class B-2 Certs
CIFC FUNDING 2022-IV: Fitch Affirms 'BBsf' Rating on Class E Notes
CIM TRUST 2023-R2: Fitch Assigns 'B(EXP)sf' Rating on Cl. B2 Notes

CITIGROUP COMMERCIAL 2014-GC23: Fitch Cuts Rating on F Certs to CCC
COMM 2014-LC15: DBRS Confirms CCC Rating on Class F Certs
COMM 2014-UBS2: DBRS Confirms C Rating on Class F Certs
CSAIL 2020-C19: Fitch Affirms B- Rating on G-RR Certs
DBJPM 2016-SFC: S&P Lowers Class D Certs Rating to 'CCC (sf)'

FREDDIE MAC 2023-DNA1: S&P Assigns Prelim 'B-' Rating on B-1 Notes
GCT COMMERCIAL 2021-GCT: Moody's Cuts Rating on Cl. HRR Certs to B2
GLS AUTO 2023-1: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
GS MORTGAGE 2023-CCM1: Fitch Gives 'B-(EXP)sf' Rating on B-2 Certs
HILTON USA 2016-SFP: Moody's Lowers Rating on Cl. E Certs to B2

HOMES 2023-NQM1: DBRS Finalizes B(high) Rating on Class B-2 Certs
HUDSON'S BAY 2015-HBS: DBRS Confirms CCC Rating on 3 Classes
ILPT COMMERCIAL 2022-LPFX: DBRS Confirms BB(high) Rating HRR Certs
IMSCI 2013-4: Fitch Affirms CCsf Rating on Class G Certs
JP MORGAN 2022-ACB: DBRS Confirms B(low) Rating on Class G Certs

KODIAK CDO I: Moody's Upgrades Rating on $83MM Class B Notes to B1
LAQ 2023-LAQ: S&P Assigns Prelim B- (sf) Rating on Class F Certs
LCCM 2017-LC26: Fitch Affirms 'BB-sf' Rating on Cl. E Certificates
MIDOCEAN CREDIT VIII: Fitch Affirms B+ Rating on Class F Notes
MILL CITY 2023-NQM1: DBRS Gives Prov. B(high) Rating on B-2 Certs

MORGAN STANLEY 2013-C7: DBRS Confirms C Rating on 4 Classes
MORGAN STANLEY 2016-C31: Fitch Lowers Rating on Two Tranches to Csf
NYT 2019-NYT: DBRS Confirms BB(high) Rating on Class F Certs
PALMER SQUARE 2022-4: Moody's Gives Ba3 Rating to $19.5MM D Notes
PALMER SQUARE 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes

PRKCM 2023-AFC1: DBRS Gives Prov. B Rating on Class B-2 Notes
PRKCM 2023-AFC1: S&P Assigns B (sf) Rating on Class B-2 Notes
RAD CLO 18: Fitch Assigns Final BB- Rating on Class E Notes
READY CAPITAL 2019-FL3: DBRS Confirms BB(low) Rating on E Notes
RR 25: Fitch Gives 'BBsf' Rating on Cl. D Notes, Outlook Stable

RR 25: Moody's Assigns B3 Rating to $500,000 Class E Notes
SEQUOIA MORTGAGE 2023-2: Fitch Gives BB-(EXP) Rating on B4 Certs
TCW CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
TOWD POINT HE 2023-1: Fitch Assigns 'B-sf' Rating on Cl. B2 Notes
VASA TRUST 2021-VASA: DBRS Confirms B(low) Rating on Class F Certs

WELLS FARGO 2012-CCRE2: Fitch Lowers Rating on Cl. G Certs to Csf
WELLS FARGO 2013-LC12: Moody's Lowers Rating on Cl. C Certs to Caa3
WESTLAKE AUTOMOBILE 2023-2: S&P Gives Prelim. BB+ Rating on E Notes
WFRBS COMMERCIAL 2012-C7: Fitch Withdraws Dsf Ratings on 4 Tranches
[*] Fitch Affirms 11 Sierra Timeshare Funding Trusts

[*] Moody's Upgrades $185MM of US RMBS Issued 2004-2007
[*] Moody's Upgrades $80MM of US RMBS Issued 1998-2007
[*] S&P Takes Various Actions on 80 Classes From 19 U.S. RMBS Deals

                            *********

ACC TRUST 2022-1: Moody's Caa1 Rating on D Notes Still Under Review
-------------------------------------------------------------------
Moody's Investors Service has downgraded two classes of notes and
placed three classes of notes on review for downgrade issued by ACC
Trust 2021-1 and ACC Trust 2022-1. The transactions are sponsored
by RAC King, LLC (not rated), the parent company of American Car
Center (ACC). The notes are backed by pools of closed-end retail
automobile leases to non-prime borrowers originated by RAC King,
LLC.            

The complete rating actions are as follows:

Issuer: ACC Trust 2021-1

Class D Notes, B3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 23, 2021 Definitive Rating Assigned B3 (sf)

Issuer: ACC Trust 2022-1

Class C Notes, Downgraded to Ba2 (sf) and Placed Under Review for
Possible Downgrade; previously on Feb 9, 2022 Definitive Rating
Assigned Ba1 (sf)

Class D Notes, Downgraded to Caa1 (sf) and Remains On Review for
Possible Downgrade; previously on Dec 15, 2022 B3 (sf) Placed Under
Review for Possible Downgrade

RATINGS RATIONALE

The rating actions consider higher than expected losses and
uncertainty regarding ongoing servicing operations and payment
distributions for the transactions given recent news of ACCs
closure. On February 24, 2023, several news sources reported that
American Car Center (ACC) is no longer operational, having closed
all dealerships and terminated employees.

The transaction documents allow for ACC, as the servicer, to
appoint a subservicer to perform all or any portion of its
obligations as servicer. Alternately, upon the occurrence of a
servicer default and subsequent servicer termination, under the
direction of majority noteholders of the most-senior outstanding
class, Computershare Trust Company, N.A. (Computershare, Baa2 LT
Issuer Rating), the back-up servicer, could act as a successor
servicer, or the indenture trustee, acting at the direction of such
majority noteholders, may appoint another successor servicer to
perform servicing duties for the pools. Any servicer bankruptcy or
failure to remit payments to the trust within five business days of
becoming due, failure to deliver a timely payment date certificate,
failure by the servicer to perform its covenants that have material
affects, or breach of representation and warranty could result in a
servicer default if uncured. Moody's are in dialogue with
Computershare, to gather information on potential servicing
transfer and ongoing portfolio servicing.

On Mar 3, 2023, Westlake Portfolio Management ("WPM"), announced
that it has agreed to take over the servicing of the ACC leases and
will be responsible for processing the lease payments and handling
all lease-related customer servicer needs as soon as practicable.
Moody's have reached out to WPM to gather more specific information
regarding the transfer and ongoing servicing for the deals.

The rating actions also consider expected deterioration in pool
performance amid ongoing servicing uncertainty along with worsening
performance in recent months, including rising delinquencies,
extension rates, and net loss rates. As of January 31, leases more
than 90 days past due composed 8.3% of the 2022-1 pool while 6.7%
of leases received a payment extension in January. For the 2021-1
pool, 5% of the pool is more than 90 days past due and 6.6% of
leases received an extension in the same period. Moody's lifetime
cumulative credit net loss (CNL) expectation is 42% for the 2022-1
pool and 36% for the 2021-1. Moody's current expected loss is 42%
relative to 36% at closing for the 2022-1 pool, reflecting
continued deterioration of performance. In Moody's analysis,
Moody's considered increases in remaining expected losses on the
underlying pool to evaluate the resiliency of the ratings amid the
uncertainty surrounding the pools' performance. Any protracted
period of non-servicing or increases in default rates could result
in higher expected pool losses on the underlying pools.

Moody's analysis considers the consistently declining
overcollateralization levels in the 2022-1 trust, reaching 19.01%
of the current pool balance in February from 20.90% at closing.
Overcollateralization has increased to 31.56% in the 2021-1 trust
in February from 19.45% at closing. Both deals benefit from
availability of funds in the reserve accounts that provide
liquidity for note interest payments in the short-term. The reserve
account totals $5.2 million for 2022-1 and $5.9 million for 2021-1,
which covers approximately six months and 10 months of note
interest and senior fees for the respective transactions. However,
uncertainty in allocation of funds on the upcoming payment dates is
high given the servicer's role in providing instructions for bond
payments.

During the review period, Moody's will seek additional information
on the servicing operations and impact on performance of the
underlying pools. Moody's will further consider the impact of
servicing disruption, if any, on the ongoing performance of the
pools and paydown of the rated notes.

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 notes if, given current expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. 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 leading to a residual value gain when the
vehicle is turned in at the end of the lease and remarketed.
Portfolio losses also depend greatly on the US job markets, the
market for used vehicles, and changes in servicing practices.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. 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 vehicles leading to higher
residual value loss when the vehicle is turned in at the end of a
lease and remarketed. Portfolio losses also depend greatly on the
US job markets and the market for used vehicles. Other reasons for
worse-than-expected performance include servicing disruption,
incorrect application of funds on the part of transaction parties,
inadequate transaction governance, and fraud.


ACREC 2023-FL2 LLC: DBRS Finalizes B(low) Rating on Class G Notes
-----------------------------------------------------------------
DBRS, Inc. finalized provisional ratings on the following classes
of notes issued by ACREC 2023-FL2 LLC:

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

All trends are Stable.

The initial collateral consists of 15 floating-rate mortgage loans
secured by 18 mostly transitional properties with a cut-off date
balance of $534.2 million. The loans have an aggregate $63.5
million of pari passu debt and approximately $25.7 million of
unfunded future funding commitment of the future funding
participations as of the cut-off date.

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

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

All of the loans in the pool have floating rates and DBRS
Morningstar incorporates an interest rate stress that is based on
the lower of a DBRS Morningstar stressed rate that corresponded to
the remaining fully extended term of the loans or the strike price
of the interest rate cap with the respective contractual loan
spread added to determine a stressed interest rate over the loan
term. When the debt service payments were measured against the DBRS
Morningstar As-Is NCF, 14 of the 15 loans, representing 92.2% of
the initial pool balance, had a DBRS Morningstar As-Is DSCR of
1.00x or below, a threshold indicative of default risk.
Additionally, the DBRS Morningstar Stabilized DSCR for 11 loans,
representing 72.0% of the initial pool balance, was below 1.00x,
which is indicative of elevated refinance risk. The properties are
often transitioning with potential upside in cash flow; however,
DBRS Morningstar does not give full credit to the stabilization if
there are no holdbacks or if other structural features in place are
insufficient to support such treatment. Furthermore, even with the
structure provided, DBRS Morningstar generally does not assume the
assets will stabilize above market levels.

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



ANTARES CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Antares CLO 2023-1
Ltd./Antares CLO 2023-1 LLC's floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by middle market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by managed by Antares Capital Advisers LLC, a wholly
owned subsidiary of Antares Capital 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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

  Antares CLO 2023-1 Ltd./Antares CLO 2023-1 LLC

  Class A, $290.00 million: AAA (sf)
  Class B, $17.50 million: AA (sf)
  Class B loans, $40.00 million: AA (sf)
  Class C, $32.50 million: A (sf)
  Class D, $27.50 million: BBB- (sf)
  Class E, $27.50 million: BB- (sf)
  Subordinated notes, $57.59 million: Not rated



BANK 2018-BNK11: Fitch Affirms 'BB-sf' Rating on Two Tranches
-------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of BANK 2018-BNK11.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BANK 2018-BNK11

   A-1 06540TAA8    LT AAAsf  Affirmed    AAAsf
   A-2 06540TAC4    LT AAAsf  Affirmed    AAAsf
   A-3 06540TAD2    LT AAAsf  Affirmed    AAAsf
   A-S 06540TAG5    LT AAAsf  Affirmed    AAAsf
   A-SB 06540TAB6   LT AAAsf  Affirmed    AAAsf
   B 06540TAH3      LT AA-sf  Affirmed    AA-sf
   C 06540TAJ9      LT A-sf   Affirmed     A-sf
   D 06540TAP5      LT BBB-sf Affirmed    BBB-sf
   E 06540TAR1      LT BB-sf  Affirmed     BB-sf
   F 06540TAT7      LT B-sf   Affirmed     B-sf
   X-A 06540TAE0    LT AAAsf  Affirmed    AAAsf
   X-B 06540TAF7    LT AA-sf  Affirmed    AA-sf
   X-D 06540TAK6    LT BBB-sf Affirmed    BBB-sf
   X-E 06540TAM2    LT BB-sf  Affirmed    BB-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the generally
stable loss expectations of the pool since Fitch's prior rating
action. Fitch has identified two Fitch Loans of Concern (FLOCs;
4.3%), flagged for high vacancy and low NOI debt service coverage
ratio (DSCR). Fitch's current ratings incorporate a base case loss
of 3.1%. As of the February 2023 remittance period, there were no
loans in special servicing.

The largest FLOC and largest driver to expected losses is One
Lincoln Station, which is secured by a 147,184 sf suburban office
property located in Lone Tree, CO. Subject September 2022 occupancy
has fallen to 44% from 100% at YE 2019 due to Nationwide (NRA 53%)
vacating ahead of its scheduled lease expiration 4Q20. As a result,
YTD September 2022 NOI DSCR has fallen to 0.20x. At issuance,
Nationwide accounted for 52% of underwritten gross rents. Per the
borrower, the vacant space was being marketed as three distinct
units. Additionally, a $4.7 million early termination fee collected
from Nationwide has been deposited into the reserve escrow. Fitch's
modelled loss of 26.5% reflects a dark value analysis which made
assumptions for market rent, downtime between leases, carrying
costs (including taxes and insurance) and re-tenanting costs.
Fitch's loss expectations of 26.5% reflect a 50% stress to the YE
2020 NOI and a 10% cap rate.

Minimal Change to Credit Enhancement: As of the February 2023
payment period, the pool's aggregate balance has been paid down by
3.1% to $666.7 million from $688.2 million at issuance. There are
15 loans comprising 50.8% of the pool that are interest only for
the full term. No loans have been defeased. Additionally, no loans
are scheduled to mature until January 2028.

ADDITIONAL LOSS CONSIDERATIONS

Investment-Grade Credit Opinion Loans: Three loans comprising 22.8%
of the transaction received an investment-grade credit opinion at
issuance. Twelve Oaks Mall (9.2%) received a credit opinion of
'BBB-sf' on a standalone basis. Apple Campus 3 (9.4%) received a
credit opinion of 'BBB-sf' on a standalone basis. The Gateway
(4.1%) received a standalone credit opinion of 'BBBsf'. Fitch no
longer considers the Twelve Oaks Mall loan as credit opinion due to
performance declines and lower sales since issuance.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to classes A-1 through A-S and the IO
classes X-A are not likely due to the position in the capital
structure, but may occur should interest shortfalls occur.
Downgrades to classes B, C, D, X-B and X-D are possible should
performance of the FLOCs continue to decline. Classes E, F and X-E
could be downgraded should loans transfer to special servicing
and/or as there is more certainty of loss expectations from other
FLOCs.

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

Sensitivity factors that could lead to upgrades would include
stable to improved asset performance, coupled with additional
paydown and/or defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated
classes are not expected but would likely occur with significant
improvement in credit enhancement and/or defeasance. Classes would
not be upgraded above 'Asf' if there is a likelihood of interest
shortfalls. Upgrade of the 'BBB-sf' class is considered unlikely
and would be limited based on the sensitivity to concentrations or
the potential for future concentrations. An upgrade to the 'B-sf'-
and 'BB-sf'-rated classes is not likely unless 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.


BENCHMARK MORTGAGE 2021-B25: DBRS Confirms B(high) on 2 Classes
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of Amazon
Seattle Loan-Specific Certificates issued by Benchmark 2021-B25
Mortgage Trust:

-- Class 300P-A at AA (low) (sf)
-- Class 300P-B at A (low) (sf)
-- Class 300P-C at BBB (low) (sf)
-- Class 300P-D at BB (low) (sf)
-- Class 300P-E at B (high) (sf)
-- Class 300P-RR at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the loan, which is consistent with DBRS Morningstar's expectations
at issuance. The Amazon Seattle Loan-Specific Certificates are
secured by the fee-simple interest in a Class A office property
known as Amazon Seattle, as well as its leasehold interest in a
parking lease covering certain spaces at an adjacent parking
garage. Amazon Seattle is a redeveloped Class A office building in
the heart of the Seattle central business district and is demised
with approximately 680,000 square feet (sf) of office space and
94,000 sf of retail space. The $455 million whole loan is composed
of $234.9 million of senior A notes, one junior B note of $155.1
million (the Amazon Seattle Trust Subordinate Companion Loan), and
a mezzanine loan of $65 million. The Amazon Loan-Specific
Certificates total $155.1 million and are collateralized by only
the Amazon Seattle Trust Subordinate Companion Loan. The Amazon
Seattle loan is structured with an anticipated repayment date in
April 2030 and a final maturity date in May 2033.

The property was originally constructed in 1929 as the flagship
location of prominent Seattle-based department store The Bon
Marché and has since been granted landmark status by the city of
Seattle. In 2017, the previous owner began a three-phase,
comprehensive transformation to convert the property into office
space for Amazon. The previous owner completed the first two phases
of the project at a cost of $160.0 million and the final phase of
the repositioning project, Amazon's final expansion and conversion,
was completed and all of Amazon's space was delivered by February
2022 in accordance with the loan agreement.

According to the September 2022 rent roll, the property was 94.6%
occupied, up from 91.5% occupied as of September 2021, with Amazon
occupying 88.3% of the net rentable area. Despite maintaining
remote working options for employees at this location throughout
the Coronavirus Disease (COVID-19) pandemic, Amazon continued to
demonstrate its commitment to the property by completing various
amenity projects for the space during the pandemic. Added perks
included the construction of a rooftop dog park and sidewalk pet
relief stations. In a February 2023 letter to its employees,
Amazon's CEO announced that the company is shifting from its
current remote working environment to a hybrid work schedule with
employees required to come into the office three days per week,
effective May 1, 2023. Amazon's triple net lease extends through
May 2033 with three five-year renewal options available. There are
no future termination options or outs in the lease. The annualized
September 2022 net cash flow (NCF) of $26.5 million is up from
$24.5 million as of year-end 2021 and the DBRS Morningstar NCF of
$24.9 million, which applies straight-line credit to Amazon's rent
over the loan term given its consideration as a long-term credit
tenant.

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




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

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

The preliminary ratings are based on information as of March 7,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

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

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

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

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

  Preliminary Ratings Assigned

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

  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $15.00 million: AAA (sf)
  Class B-1, $50.00 million: AA (sf)
  Class B-2, $15.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $27.50 million: BBB- (sf)
  Class E (deferrable), $17.50 million: BB- (sf)
  Subordinated notes, $40.50 million: Not rated



BLADE ENGINE 2006-1: Fitch Hikes Rating on Two Tranches to 'Bsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Blade Engine Securitization Ltd 2006-1
(BLADE) series A-1 floating-rate notes and A-2 fixed-rate notes to
'Bsf', from 'CCsf', and affirmed the ratings of the series 2006-1 B
floating-rate notes at 'Dsf'. The Outlook on the A-1 and A-2 notes
is Stable.

   Entity/Debt          Rating        Prior
   -----------          ------        -----
Blade Engine
Securitization
LTD 2006-1
  
   A-1 092650AA8    LT Bsf  Upgrade    CCsf
   A-2 092650AC4    LT Bsf  Upgrade    CCsf
   B 092650AB6      LT Dsf  Affirmed    Dsf

TRANSACTION SUMMARY

The transaction is a securitisation of aircraft engine leases
issued in 2006. Of the originally 50 engines in the portfolio only
10 remain.

KEY RATING DRIVERS

Market-Value Risk from Portfolio Sale: The lessor intends to sell
the portfolio by the anticipated repayment date (ARD) in December
2023. At current note and reserve balances, they would need to
realise 45%-55% of December 2022 market values (average excluding
highest) to pay A-1 and A-2 principal and interest. Fitch believes
historical data support residual values in this range, but reliance
on sale proceeds and value concentration expose the notes to
fluctuations in market values of a limited number of
last-generation engines, particularly the GE90-115B powering the
Boeing 777-300ER.

Terminal Payments Improve Leverage: The loan-to-value ratios for
the class A-1 and A-2 notes have decreased to 51% from 65% over the
last 12 months, as collections from end-of-lease (EoL) payments and
engine sales exceeded its previous expectations. With the
transaction in turbo-sequential amortisation since a class B
payment default in 2019, all receipts are directed to the A-1 and
A-2 class.

Strong Lessee Credit Quality: Air France and American Airlines
comprise the majority (62%) of lessees, and the credit profile of
lessees have generally improved as the industry continues to
recover from Covid-19 and Ukraine war shocks. While the average
lessee rating for the portfolio has weakened, it is due to the
increased share of unrated lessees.

Missing Common Protective Mechanisms: Blade does not feature rapid
amortisation triggers and protective mechanisms, such as a
liquidity facility, found in comparable aircraft ABS structures.
Without a liquidity facility, the class A notes are particularly
vulnerable to periods of compressed lease cash flow and uneven
expenses. In cash flow modelling, Fitch assumed the forbearance
agreement directing the trustee to forbear in exercising rights and
remedies in connection with the event of default is renewed and the
trust continues to operate, despite facing heightened risks.

Concentration Risks: The transaction has only 10 remaining engines,
the majority of which (56%) support widebody (WB) airframes.
Narrowbody (NB) and regional jet (RJ) engines comprise the
remainder at 22% each. Additionally, 50% of the pool's value
consists of two GE90-115B engines leased to Air France, which
support WB aircraft, particularly the Boeing 777-300ER. As all 10
engines support last generation aircraft, the amount and timing of
payments when releasing and disposing of engines is uncertain.

Closing Assumptions Mostly Maintained: As number of remaining
assets has materially decreased and engines have aged Fitch assumes
assets will be re-leased for, on average, another five years,
before the residual value is realised. Fitch generally used the
average of the two lowest appraisal half-life base values, updated
as of December 2022 to model the transaction. For assets that the
lessor identified as sale candidates, we modelled the
maintenance-adjusted current market value. This resulted in a
modelled value of USD70.5 million. All other servicer-driven Fitch
assumptions are unchanged from the prior rating review, and include
consistent repossession and remarketing costs, new lease and lease
extension terms assumed (see presale). At the initial rating of
Blade, maintenance revenues were assumed to net out against
maintenance costs over time. Therefore, no additional adjustments
have been made for this review.

RATING SENSITIVITIES

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

Assets being sold materially below currently expected values or
materially earlier than currently expected may cause cash flow to
decrease below its current expectations and cause a negative rating
action on the notes.

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

Assets being sold materially above currently expected values or
being leased for materially longer than currently expected may
cause cash flow to exceed its current expectations and cause a
positive rating action on the notes.

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.


BRAVO RESIDENTIAL 2023-NQM2: Fitch Gives 'Bsf' Rating on B-2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings to the residential
mortgage-backed notes issued by BRAVO Residential Funding Trust
2023-NQM2 (BRAVO 2023-NQM2).

   Entity/Debt       Rating                 Prior
   -----------       ------                 -----
BRAVO 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
   AIOS          LT NRsf  New Rating   NR(EXP)sf
   FB            LT NRsf  New Rating   NR(EXP)sf
   R             LT NRsf  New Rating   NR(EXP)sf
   SA            LT NRsf  New Rating   NR(EXP)sf
   XS            LT NRsf  New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 577 loans with a total interest-bearing
balance of approximately $245 million as of the cut-off date. There
is also roughly $230,026 of non-interest-bearing deferred amounts
the payments or losses of which will be used solely to pay down or
write off the class FB notes.

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

Since Fitch published its presale, approximately $200,000 was added
to the collateral balance as it has previously been incorrectly
removed from the total balance. This added amount had no impact on
Fitch's projected losses and was added to the bond balances
pro-rata.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.3% above a long-term sustainable level (versus
10.5% on a national level as of January 2023, down 1.7% qoq). The
rapid gain in home prices through the coronavirus pandemic has
shown signs of moderating, with a decline in 3Q22. Home prices rose
9.2% yoy nationally as of October 2022 due to strong gains in
1H22.

Non-qualified Mortgage Credit Quality (Negative): The collateral
consists of 577 loans totaling $245 million and seasoned at
approximately 19 months in aggregate, calculated as the difference
between the origination date and the cut-off date. The borrowers
have a moderate credit profile with a 727 model FICO and a 47%
debt-to-income ratio (DTI), which includes mapping for debt service
coverage ratio (DSCR) loans. Leverage is also moderate, as
evidenced by a 64% sustainable loan-to-value ratio (sLTV).

The pool comprises 56.1% of loans treated as owner-occupied, while
43.9% are treated as an investor property or second home, which
includes loans to foreign nationals or loans where residency status
was not confirmed. Additionally, 16.5% of the loans were originated
through a retail channel. Of the loans, 2% were designated as
qualified mortgages (QM), while 1.1% are higher priced QM (HPQM)
and 55.9% are non-QM.

Loan Documentation (Negative): Approximately 87% of the pool loans
were underwritten to less than full documentation, and 37% were
underwritten to a 12-month or 24-month bank statement program for
verifying income, which is not consistent with Appendix Q standards
and Fitch's view of a full documentation program. A key distinction
between this pool and legacy Alt-A loans is that these loans adhere
to underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB)
Ability-to-Repay/Qualified Mortgage Rule (ATR), which reduces the
risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to the
rigors of the ATR mandates regarding underwriting and documentation
of the borrower's ability to repay.

Additionally, 37% of loans comprise a DSCR or property cash
flow-focused product, 0.7% are a CPA or P&L product, and the
remainder are a mix of other alternative documentation products.
Separately, 30 loans were originated to foreign nationals, and four
were unable to confirm residency.

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

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

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 40.4% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by multiple third-party review firms. The third-party due
diligence described in Form 15E focused on a credit, compliance and
property valuation review. Fitch considered this information in its
analysis and applied a 5% credit to the probability of default at
the loan level for all loans graded 'A' or 'B'.

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.


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

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

The 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

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

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



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

-- Class A at AAA (sf)
-- Class B at AAA (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)
-- Class G at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the stable performance of a deal
early in its lifecycle with limited reporting and minimal changes
to the underlying performance since issuance. The collateral
consists of a portfolio of 32 industrial/logistics properties and
one laboratory property across 11 states recently acquired by a
joint venture between Raith Capital Partners, LLC and Equity
Industrial Partners. In addition to $238 million in loan proceeds,
the sponsors contributed approximately $79.4 million in cash equity
to fund the acquisition. The portfolio comprises primarily newer
(weighted-average build year of 2005) single-tenant industrial
assets located in secondary markets.

As of the September 2022 rent rolls, the collateral properties were
97.8% occupied, up from the issuance figure of 92.8%. The majority
of the portfolio's scheduled near-term rollover is concentrated in
2023, with tenants representing 16% of the combined net rentable
area (NRA) scheduled to expire by the end of the year. In total,
tenants representing 57% of the NRA have leases expiring before the
maximum extended maturity in April 2026. The tenant roster is
diverse, considering the size of the portfolio, and portfolio
occupancy has remained above 94% over the past six years.

According to the financials for the trailing 12 months ended
September 30, 2022, net cash flow was reported at $17.0 million,
compared with the DBRS Morningstar net cash flow of $16.6 million
at issuance. According to Reis, the U.S. national average rental
rate for warehouse/logistics properties was $8 per square foot
(psf) as of February 2023. The collateral properties are
representative of the national average with rental rates ranging
between $3 psf and $16 psf. DBRS Morningstar notes the long-term
growth and stability of the warehouse and logistics sector, given
the sustained reliance on and growing demand for e-commerce and
home delivery services, factors that should continue to contribute
to the overall stable performance of the sector.

The loan has a partial pro rata/sequential-pay structure, which
allows for pro rata paydowns for the first 30.0% of the unpaid
principal balance. DBRS Morningstar considers this structure to be
credit negative, particularly at the top of the capital stack. The
borrower can release individual properties subject to customary
requirements. The prepayment premium for the release of individual
assets is generally 105.0% of the allocated loan amount for the
first 30.0% of the original principal balance of the mortgage loan
and 110.0% thereafter. As of the January 2023 remittance, no
properties have been released and there has been no paydown to the
trust certificates.

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




BWAY 2015-1740: S&P Lowers Class D Certs Rating to 'B- (sf)'
------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of
commercial mortgage pass-through certificates from BWAY 2015-1740
Mortgage Trust, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a fixed-rate interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in 1740 Broadway, an office building
in Manhattan's Columbus Circle office submarket.

Rating Actions

S&P said, "The downgrades of classes A, B, C, D, E, and F reflect
our reevaluation of the office property that secures the sole loan
in the transaction and our assessment that the property's
performance continues to lag the expectations we derived in our
last review in April 2022. Our current analysis also considers that
the sponsor, Blackstone Property Partners L.P. (Blackstone), has
stopped making the debt service payments. The loan is paid through
its September 2022 payment date from reserve funds held by the
servicer. Since October 2022, at which time the reserve funds were
depleted, the master servicer, Wells Fargo Bank N.A., has advanced
$5.0 million in debt service and $15.8 million in other expenses.
If all else remains equal and the property's cash flow remains
insufficient to cover debt service and operating expenses, we
expect the master servicer to advance, at minimum, about $25.0
million annually for debt service, real estate taxes, and
insurance. As servicing advances continue to build up because the
loan is not resolved in a timely manner, we expect lower recovery
to the trust because servicing advances are paid senior per the
transaction waterfall.

"We noted in our last review in April 2022, after the largest
tenant, L Brands (comprising 70.9% of the net rentable area [NRA]),
vacated upon its March 2022 lease expiration date, the property's
occupancy rate dropped to approximately 10.0%. At that time,
Blackstone indicated that it will not support the property and loan
with an additional equity contribution, and was willing to hand
over the keys of the property to the trust. The loan transferred to
special servicing on March 18, 2022. Since our last review, the
sponsor has not invested any additional capital to lease up the
substantial amount of vacant space at the property, which remains
about 10.0% leased. According to the special servicer, there are no
potential new tenants to backfill the vacant space currently.

"While our current stabilized expected-case value of $270.4 million
($448 per sq. ft.) is unchanged from our last review in April 2022,
it is 24.2% lower than our valuation at issuance and 55.3% lower
than the issuance (as of December 2014) appraisal value of $605.0
million. Like our last review, we utilized a stabilization approach
in our current analysis. We assumed an 85.0% stabilized occupancy
rate (compared with an in-place 9.6% occupancy rate), down from a
98.3% occupancy rate at issuance. This reflects the softened office
submarket fundamentals from lower demand and a longer re-leasing
timeframe from companies continuing to adopt a hybrid work
arrangement, $75.00 per sq. ft. gross rent, 40.0% operating expense
ratio, and a two-year lease-up period, to arrive at a stabilized
net cash flow of approximately $21.7 million. Using a 7.00% S&P
Global Ratings capitalization rate and deducting about $62.8
million to account for additional leasing costs and lost revenue to
lease up the property to our projected occupancy rate within the
next two years, we derived our stabilized expected-case value. This
yielded an S&P Global Ratings loan-to-value (LTV) ratio of 113.9%
on the trust balance.

"Specifically, we lowered our ratings on class E to 'CCC (sf)' and
class F to 'CCC- (sf)' to reflect our view of the increased
susceptibility to liquidity interruption and that, based on an S&P
Global Ratings LTV ratio of over 100%, the risk of default and loss
have increased and/or remain elevated due to the current market
conditions."

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

-- The potential that the office property liquidates or resolves
in the near term above our current expectations;

-- The December 2014 appraisal land value of $220.0 million;

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

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

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

According to updates from the special servicer, Green Loan
Services, in early February 2023, discussions with Blackstone and
others were ongoing and a resolution strategy was still to be
determined. The special servicer expected to order an updated
appraisal report in second-quarter 2023. On Feb. 28, 2023, S&P
received a rating agency confirmation request and notice of
termination of special servicer and appointment of successor
special servicer. According to the notice, the directing
certificate holder, Mazal 1740 LLC, directed the termination of
Green Loan Services LLC as special servicer and appointment of
Midland Loan Services as successor special servicer. The
transaction is expected to close in the near term. As a result,
Green Loan Services recently informed us that its current strategy,
including ordering an updated appraisal report, is on hold and will
orderly transition the files to the successor special servicer.

S&P said, "We will continue to monitor for further development on
the loan, particularly, the resolution strategy and timing. We may
take additional rating actions if we receive new information that
differs from our expectations.

"We lowered our ratings on the class X-A and X-B IO certificates
based on our criteria for rating IO securities, in which the
ratings on the IO securities would not be higher than that of the
lowest-rated reference class. The notional balance of the class X-A
and X-B certificates reference class A and a portion of the class B
certificates."

Property-Level Analysis

The property at 1740 Broadway is a 26-story, 603,928-sq.-ft. class
A-/B+ office building, located between West 55th and West 56th
Streets, in midtown Manhattan's Columbus Circle office submarket.
The property was constructed in 1950 as the headquarters of Mutual
Life Insurance Co. (vacated in 2006) and was renovated in 2007 for
$13.6 million. It is in proximity to multiple subway lines. The
current sponsor purchased the office building for $605.0 million
from Vornado Realty Trust in 2015. At that time, the property was
98.3% occupied and served as the headquarters for two anchor
tenants, L Brands (as of 2006) and Davis & Gilbert (as of 1998).

As previously discussed, L Brands vacated upon its March 2022 lease
expiration date and relocated to 55 Water Street, while Davis &
Gilbert (15.8% of NRA) moved to 1675 Broadway upon its December
2020 lease expiration date. Since that time, the sponsor was not
able to re-let the vacant space. Currently, the property is still
about 9.6% leased to three smaller office tenants (Spaces, Arcade
Beauty, and EQ Management LLC) and three restaurant/retail tenants
(Citibank, Sugarfish, and Sweetgreen).

According to CoStar, the Columbus Circle office submarket continues
to experience lower demand due to its lack of premium office
buildings and its struggles to attract and retain tenants who have
relocated to more modern buildings in lower Manhattan and Hudson
Yards. CoStar noted that vacancies have increased, and asking rents
have remained stagnant in this submarket. As of March 2023, the
submarket asking rent, vacancy rate, and availability rate were
$81.67 per sq. ft., 9.4%, and 12.6%, respectively, for four- and
five-star office properties, and $54.71 per sq. ft., 5.2%, and
8.4%, respectively for three-star office properties. This compares
with a market rent and vacancy rate of $84.29 per sq. ft. and 7.9%,
respectively, for four- and five-star office properties, and $64.20
per sq. ft. and 3.6%, respectively, for three-star office
properties in 2019.

Transaction Summary

The 10-year, fixed-rate IO mortgage loan had an initial and current
balance of $308.0 million (according to the Feb. 10, 2023, trustee
remittance report), pays an annual fixed interest rate of 3.84%,
and matures on Jan. 6, 2025. There is no additional debt, and the
trust has not incurred any principal losses to date.

  Ratings Lowered

  BWAY 2015-1740 Mortgage Trust

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



CFMT 2023-HB11: DBRS Gives Prov. B Rating on Class M6 Notes
-----------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Asset-Backed Notes, Series 2023-1 to be issued by CFMT 2023-HB11,
LLC:

-- $251.5 million Class A at AAA (sf)
-- $35.3 million Class M1 at AA (low) (sf)
-- $26.5 million Class M2 at A (low) (sf)
-- $25.2 million Class M3 at BBB (low) (sf)
-- $4.2 million Class M4 at BB (high) (sf)
-- $18.1 million Class M5 at BB (low) (sf)
-- $15.2 million Class M6 at B (sf)

The AAA (sf) rating reflects 30.3% of credit enhancement. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (high) (sf), BB (low)
(sf), and B (sf) ratings reflect 20.5%, 13.1%, 6.2%, 5.0%, 0.0%,
and -4.2% of credit enhancement, respectively.

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

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

As of the Cut-Off Date (December 31, 2022), the collateral has
approximately $360.7 million in unpaid principal balance from 1,428
nonperforming home equity conversion mortgage reverse mortgage
loans and real estate owned properties secured by first liens
typically on single-family residential properties, condominiums,
multifamily (two- to four-family) properties, manufactured homes,
and planned unit developments. The mortgage assets were originally
originated between 1993 and 2016. Of the total assets, 46 have a
fixed interest rate (4.75% of the balance) with a 5.198%
weighted-average coupon (WAC). The remaining 1,382 assets have a
floating interest rate (95.25% of the balance) with a 5.994% WAC,
bringing the entire collateral pool to a 5.956% WAC.

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

Classes M1, M2, M3, M4, M5, and M6 have principal lockout terms
insofar as they are not entitled to principal payments prior to a
Redemption Date, unless an Acceleration Event or Auction Failure
Event occurs. Available cash will be trapped until these dates, at
which stage the notes will start to receive payments. Note that the
DBRS Morningstar cash flow, as it pertains to each note, models the
first payment being received after these dates for each of the
respective notes; hence, at the time of issuance, these rules are
not likely to affect the natural cash flow waterfall.

A failure to pay the notes in full on the Mandatory Call Date
(February 2027) will trigger a mandatory auction of all assets. If
the auction fails to elicit sufficient proceeds to pay off the
notes, another auction will follow every three months for up to a
year after the Mandatory Call Date. If these have failed to pay off
the notes, this is deemed an Auction Failure and subsequent
auctions will proceed every six months.

If the Class M5 and M6 Notes have not been redeemed or paid in full
by the Mandatory Call Date, these notes will accrue Additional
Accrued Amounts. DBRS Morningstar does not rate these Additional
Accrued Amounts.

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



CHNGE MORTGAGE 2023-1: DBRS Finalizes B Rating on Class B-2 Certs
-----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2023-1 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.




CIFC FUNDING 2022-IV: Fitch Affirms 'BBsf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings for the class B, C and D
notes of CIFC Funding 2022-II, Ltd. (CIFC 2022-II) and the class
A-1, A-2, B, C, D and E notes of CIFC Funding 2022-IV, Ltd. (CIFC
2022-IV). The Rating Outlook on all rated tranches remain Stable.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
CIFC Funding
2022-II, Ltd.
  
   B 12567MAE1     LT AAsf    Affirmed     AAsf
   C 12567MAG6     LT Asf     Affirmed     Asf
   D 12567MAJ0     LT BBB-sf  Affirmed     BBB-sf

CIFC Funding
2022-IV, Ltd.

   A-1 12567WAA7   LT AAAsf   Affirmed    AAAsf
   A-2 12567WAC3   LT AAAsf   Affirmed    AAAsf
   B 12567WAE9     LT AAsf    Affirmed    AAsf
   C 12567WAG4     LT Asf     Affirmed    Asf
   D 12567WAJ8     LT BBB-sf  Affirmed    BBB-sf
   E 12567XAA5     LT BBsf    Affirmed    BBsf

TRANSACTION SUMMARY

CIFC 2022-II and CIFC 2022-IV are broadly syndicated collateralized
loan obligations (CLOs) managed by CIFC Asset Management LLC. CIFC
2022-II closed in March 2022 and will exit its reinvestment period
in April 2027. CIFC 2022-IV closed in June 2022 and will exit its
reinvestment period in July 2027. Both CLOs are secured primarily
by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality, Asset Security, Portfolio Management and
Portfolio Composition

The affirmations are driven by the portfolios' stable performance
since closing. The credit quality of both portfolios as of February
2023 reporting has remained at the 'B'/'B-' rating level. The Fitch
weighted average rating factors (WARF) for CIFC 2022-II and CIFC
2022-IV portfolios were 25.7 on average, compared to average 25.1
at closing.

The portfolio for CIFC 2022-II consists of 337 obligors, and the
largest 10 obligors represent 10.4% of the portfolio. CIFC 2022-IV
has 296 obligors, with the largest 10 obligors comprising 9.8% of
the portfolio. There were no reported defaults in both portfolios.
Exposure to issuers with a Negative Outlook and Fitch's watchlist
is 15.9% and 5.4%, respectively, for CIFC 2022-II, and 16.5% and
4.8%, respectively, for CIFC 2022-IV.

First lien loans, cash and eligible investments comprise 98.6% of
the portfolios on average.

All coverage tests, collateral quality tests (CQTs), and
concentration limitations are in compliance for both transactions.

Cash Flow Analysis

Fitch conducted updated cash flow analyses based on newly run Fitch
Stressed Portfolio (FSP) since both transactions are still in their
reinvestment periods. The rating actions for all classes of notes
are in line with their model-implied ratings (MIRs), as defined in
the CLOs and Corporate CDOs Rating Criteria.

The FSP analysis stressed the current portfolio from the latest
trustee report to account for permissible concentration and CQT
limits. The FSP analysis assumed weighted average life of 7.25
years for CIFC 2022-II and 7.50 years for CIFC 2022-IV. Weighted
average spreads were stressed to the covenant minimum levels of
3.25% for CIFC 2022-II and 3.10% for CIFC 2022-IV. Fixed rate
assets were stressed to 6.0% for CIFC 2022-II and 5.0% for CIFC
2022-IV. Other FSP assumptions for both CLOs include 7.50%
non-senior secured assets and 7.5% CCC assets.

The Stable Outlooks reflect Fitch's expectation that the notes have
sufficient level of credit protection to withstand potential
deterioration in the credit quality of the portfolios in stress
scenarios commensurate with each class' rating.

RATING SENSITIVITIES

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

- Downgrades may occur if realized and projected losses of the
portfolio are higher than what was assumed at closing and the
notes' credit enhancement do not compensate for the higher loss
expectation than initially assumed.

- A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to no rating impact for the class
A-1 and A-2 notes in CIFC 2022-IV, and up to two rating notch
downgrade for the other classes in both transactions, based on the
MIRs.

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

- Except for the tranches already at the highest 'AAAsf' rating,
upgrades may occur in the event of better-than-expected portfolio
credit quality and transaction performance.

- A 25% reduction of the mean default rate across all ratings,
along with a 25% increase of the recovery rate at all rating levels
for the current portfolio, would lead to upgrades of up to five
rating notches for both transactions, based on the MIRs.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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 or information on the risk-presenting entities.

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.  


CIM TRUST 2023-R2: Fitch Assigns 'B(EXP)sf' Rating on Cl. B2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to CIM Trust 2023-R2
(CIM 2023-R2).

   Entity/Debt      Rating        
   -----------      ------        
CIM 2023-R2

   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
   AIOS         LT NR(EXP)sf  Expected Rating
   C            LT NR(EXP)sf  Expected Rating
   R            LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes to be
issued by CIM Trust 2023-R2 (CIM 2023-R2) as indicated above. The
transaction is expected to close on or about March 10, 2023. The
notes are supported by one collateral group that consists of 4,343
loans with a total balance of approximately $447.4 million, which
includes $16.1 million, or 3.6%, of the aggregate pool balance in
noninterest-bearing deferred principal amounts as of the cutoff
date.

The pool generally consists of seasoned performing loans (SPLs) and
reperforming loans (RPLs). Approximately 4% of the pool is seasoned
at less than 24 months as of the cutoff date and was therefore
considered to be a new origination by Fitch.

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full. The
servicers will not be advancing 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 11.2% 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 showed
signs of moderating with a decline in 3Q22. Driven by strong gains
in 1H22, home prices rose 9.2% yoy nationally as of October 2022.

Distressed Performance History (Negative): The collateral pool
consists primarily of peak-vintage loans, SPLs and RPLs. Of the
pool, 2.3% was 30 days delinquent as of the cutoff date, and 14.2%
are current but have had recent delinquencies or incomplete pay
strings. Approximately 83.5% of the loans have been paying on time
for at least the past 24 months. Roughly 60.3% have been modified.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined loan-to-value ratio (CLTV) of 82.5%.
All seasoned loans received an updated property valuation, 99.9%
received a broker price opinion (BPO) valuation, and the remining
0.1% received form 2055 and an automated valuation model (AVM)
value. This translates to a WA sustainable LTV (sLTV) of 51.2% in
the base case. This indicates low leverage borrowers and added
strength compared to recently rated RPL transactions.

No Servicer P&I Advancing (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.

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. 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.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model-projected 42.3% at 'AAAsf'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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'.

CRITERIA VARIATION

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

The first variation is that a due diligence compliance review was
not completed on 100% of RPLs and SPLs from unknown originators.
Approximately 0.5% by loan count (two loans) did not receive a due
diligence compliance review. The properties are located in NY,
which is included in Freddie Mac's "Do Not Purchase" list of
states. Given this, Fitch applied a 100% LS adjustment to account
for any related risks. Additionally, these loans received a credit
and property review and were graded 'A' in both reviews. 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.

The second 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 (18 loans) is seasoned less than 24 months and did not
receive a full appraisal. These loans received a drive-by, AVM or
stated value as the primary valuation type. All of the 18 loans
received recent, updated BPOs and a property valuation due
diligence review. Fitch used the lower of the original valuation
and the updated valuation in its LTV calculations and analysis.
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 and Clayton. A third-party regulatory
compliance review was completed on 99.95% of the loans in this
transaction. The remaining .05% (2 loans) are residential
properties for business purpose that did not receive a compliance
review. The scope of the due diligence review was consistent with
Fitch criteria for RPL collateral and also included a property
valuation review in addition to the regulatory compliance and pay
history review. All loans received an updated tax and title search
and review of servicing comments. Additionally, the pool includes
45 loans seasoned less than 24 months that received a full new
origination due diligence, which includes credit, compliance and
property valuation review.

Fitch considered this information in its analysis and, as a result,
made the following adjustments to its analysis: increased the LS
due to HUD-1 issues, increased liquidation timelines for loans
missing modification agreements, increased LS due to outstanding
delinquent property taxes or liens, and treated loans found to have
a prior lien as a second lien. These adjustments resulted in an
increase in the 'AAAsf' expected loss of approximately 1.25%.

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 2014-GC23: Fitch Cuts Rating on F Certs to CCC
-------------------------------------------------------------------
Fitch Ratings downgrades one class and affirms 12 classes of
Citigroup Commercial Mortgage Trust commercial mortgage
pass-through certificates series 2014-GC23 (CGCMT 2014-GC23). The
Rating Outlooks for seven classes have been revised.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
CGCMT 2014-GC23

   A-3 17322VAS5   LT AAAsf  Affirmed    AAAsf
   A-4 17322VAT3   LT AAAsf  Affirmed    AAAsf
   A-AB 17322VAU0  LT AAAsf  Affirmed    AAAsf
   A-S 17322VAV8   LT AAAsf  Affirmed    AAAsf
   B 17322VAW6     LT AAsf   Affirmed    AAsf
   C 17322VAX4     LT A-sf   Affirmed    A-sf
   D 17322VAE6     LT BBB-sf Affirmed    BBB-sf
   E 17322VAG1     LT BB-sf  Affirmed    BB-sf
   F 17322VAJ5     LT CCCsf  Downgrade   B-sf
   PEZ 17322VBA3   LT A-sf   Affirmed    A-sf
   X-A 17322VAY2   LT AAAsf  Affirmed    AAAsf
   X-B 17322VAZ9   LT A-sf   Affirmed    A-sf
   X-C 17322VAA4   LT BB-sf  Affirmed    BB-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations reflect the overall
stable performance of the pool; the downgrade addresses the
increased maturity default risks associated with two retail loans
within the top-15 including Chula Vista Center and Centre
Properties Portfolio. Fitch identified four loans (11.9% of the
pool) as Fitch Loan of Concern (FLOC) including one loan (0.4%) in
special servicing. Fitch's current ratings incorporate a base case
loss expectation of 5.6%.

Fitch Loans of Concern: The largest contributor to losses is the
Chula Vista Center (7.0%), a regional mall located in Chula Vista,
CA in the San Diego metro area. As of September 2022, total mall
occupancy improved to 68% from 64% in 2021. Mall occupancy had
previously declined to 64% from 89% due to Sears (non-collateral,
28% of mall NRA), closing at the subject location in February 2020
after filing for bankruptcy.

Non-collateral anchor Macy's (16% of the mall NRA, LXP November
2033) was converted to a Macy's Backstage in 2018 aligning the
tenant profile with the off-price merchandising mix at the center.
Collateral tenants include Burlington (17% of the collateral NRA,
April 2025) and JCPenney (16% of the collateral NRA, November 2023)
which both remain on the rent roll. JCPenney has an upcoming lease
expiration in November 2023. They exercised their first of three,
five-year extension options in 2018.

Fitch's modeled loss of approximately 42% reflects a cap rate of
15% and the YE 2021 NOI.

The second largest driver to losses is Centre Properties Portfolio
(3.3%), a portfolio of four retail properties located in the
Indianapolis metro area, IN. The loan transferred to special
servicing in June 2020 due to imminent monetary default as a result
of pandemic-related stress. The loan was returned to the master
servicer in May 2022 after the execution of a settlement agreement
with the borrower. The largest tenant in the portfolio, Bed Bath
and Beyond (18% of portfolio NRA) with lease expiration in 2026,
was not on the company store closure list as of February 2023. The
TTM June 2022 portfolio occupancy was 85% with NOI DSCR of 1.18x,
compared with issuance occupancy and NOI DSCR of 93% and 1.45x,
respectively.

Fitch's modeled loss of approximately 16% is based on a cap rate of
9.12% and a 5% stress to the TTM June 2022 NOI.

One loan is in special servicing which is the Rite Aid - La Vergne
loan (0.4%), a 14,564-sf single tenant retail property located in
La Vergne, TN. The property was formerly occupied by Rite-Aid which
vacated in 2019. The tenant has a lease expiration in December
2027. The loan transferred to special servicing in October 2022 due
to borrower's failure to comply with cash management that was
activated in 2019. Walgreens, which acquired Rite-Aid, has been
current on rental payments at the property. Ongoing discussions are
taking place with the borrower.

Fitch modeled a minimal loss to account for special servicing fees
and expenses.

Minimal Change in Credit Enhancement (CE): As of the February 2023
remittance report, the pool has been paid down by 26.8% to $902.1
million from $1.23 billion at issuance. Twenty-nine loans (27.0%)
have been fully defeased. Two loans (26.3%) are full-term interest
only (IO) and 27 loans (46.1%) are partial-term IO, all of which
have begun amortizing. Of the 83 loans in the transaction at
issuance, 60 loans remain, all of which are slated to mature in
2024. Class G is currently experiencing interest shortfalls.

RATING SENSITIVITIES

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

Downgrades to classes A-3 through C and PEZ are not likely due to
the position in the capital structure and the high CE and
defeasance, but may occur at 'AAAsf' or 'AAsf' should interest
shortfalls occur. Downgrades to class D, E and X-C would occur
should overall pool losses increase or any large FLOC have an
outsized loss which would erode CE. Downgrades to F would occur if
performance of the FLOCs fail to stabilize and/or additional loans
default and/or transfer to the special servicer.

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

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

Upgrades of classes B, C, X-B, and PEZ may occur with further
improvement in CE or defeasance. An upgrade to class D would also
take into account 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 there
is a likelihood for interest shortfalls. An upgrade to classes E,
F, and X-C is not likely unless the FLOCs stabilize, as well as if
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.


COMM 2014-LC15: DBRS Confirms CCC Rating on Class F Certs
---------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-LC15, issued by COMM
2014-LC15 as follows:

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

The trends on all classes are Stable, except Class F, which is
assigned a rating that does not typically carry a trend in
Commercial Mortgage-Backed Securities (CMBS) ratings.

The rating confirmations reflect the overall stable performance of
the transaction since DBRS Morningstar's last rating action. As of
the February 2023 remittance, 38 of the original 48 loans remain in
the trust, with an aggregate balance of approximately $606.8
million, representing a collateral reduction of 34.6% since
issuance. Eleven loans have fully defeased, representing 32.8% of
the pool balance. Five loans are in special servicing and two loans
are on the servicer's watchlist, representing 12.6% and 8.4% of the
pool balance, respectively.

The largest loan in special servicing is Marriott Downtown Hartford
(Prospectus ID#8; 6.4% of the pool), which is secured by a
full-service hotel in Hartford, Connecticut. The loan was
transferred to the special servicer in July 2020 following the
borrower's requested pandemic relief in the form of a forbearance.
A settlement agreement was executed in August 2022 and the borrower
has since brought the loan current; it is currently pending return
to the master servicer as a Corrected Mortgage Loan. The most
recent appraisal reported by the servicer, dated July 2022, valued
the property at $67.5 million, which is in line with the issuance
appraisal value of $67.7 million.

Loan performance appears to be restabilizing following a dip during
the pandemic. According to the most recent financial reporting, the
loan reported a debt service coverage ratio (DSCR) of 1.30 times
(x) for the trailing nine months ended September 30, 2022, compared
with DSCRs of 0.02x, -0.39x, and 1.90x for YE2021, YE2020, and
YE2019, respectively. As per the November 2022 STR report, the
property reported a occupancy rate, average daily rate, and revenue
per available room (RevPAR) of 57.8%, $181.39, and $104.78,
respectively, for the trailing 12 months ended November 30, 2022.
The property is outperforming its competitive set with a RevPAR
penetration of 126.1%. Given these metrics, the asset's desirable
location within the Hartford central business district, and the
loan's pending return to the master servicer, DBRS Morningstar
expects a continued stable to improved performance.

The second-largest specially serviced asset is the Hilton Garden
Inn Houston (Prospectus ID#14; 2.9% of the pool balance). The loan
had been in special servicing prior to the pandemic and became real
estate owned in June 2021. The property is tentatively scheduled to
be auctioned in April 2023, according to servicer reports. The most
recent appraisal, dated October 2022, valued the property at $12.1
million, which is below the issuance value of $31.6 million and the
outstanding loan balance of $17.7 million. Although the receiver
continues stabilization efforts, given that occupancy and revenues
dropped prior to the pandemic, DBRS Morningstar anticipates any
near-term recovery in performance will be minimal and expects a
loss severity in excess of 75.0% upon disposition.

The remaining three loans in special servicing represent less than
3.5% of the pool in aggregate. All DBRS Morningstar's projected
losses for loans in special servicing are contained to the unrated
Class G certificate.

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




COMM 2014-UBS2: DBRS Confirms C Rating on Class F Certs
-------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2014-UBS2 issued by COMM
2014-UBS2 Mortgage Trust as follows:

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

All classes carry Stable trends except Class F, which has a rating
that does not typically carry a trend.

The rating confirmations and Stable trends reflect the overall
performance of the transaction, with the remaining loans in the
pool having experienced minimal changes since the last rating
action. According to the February 2023 remittance, 46 of the
original 59 loans remain in the pool, with an aggregate principal
balance of $815.0 million, representing a collateral reduction of
34.1% since issuance as a result of loan repayments, scheduled
amortization, and three loan liquidations. In addition, 19 loans,
representing 32.9% of the pool, are secured by collateral that has
been defeased. One loan, representing 5.0% of the pool, is in
special servicing and 11 loans, representing 24.5% of the pool, are
on the servicer's watchlist.

In October 2022, the formerly real estate owned (REO) loan, Beltway
8 Corporate Center I (Prospectus ID#19), was liquidated at a loss
of $4.5 million to the trust, lower than the DBRS
Morningstar-projected figure of $7.0 million, which resulted in the
nonrated Class G being written down by more than 70%. In its
analysis for this review, DBRS Morningstar liquidated the remaining
REO loan, Canyon Crossing (Prospectus ID#8; 5.0% of the pool), with
a projected loss of nearly $9.0 million to the trust, further
eroding the transaction's credit support with projected losses
almost completely eroding Class G. The remainder of the loans in
the pool are scheduled to mature between Q4 2023 and Q1 2024.
Excluding defeasance, the pool had a weighted-average (WA) debt
yield of 11.0% based on YE2022 reporting, indicating that the
majority of the loans are well positioned.

Excluding defeasance, the pool is most concentrated by office and
retail properties, representing 24.2% and 22.5% of the pool,
respectively. In recent months, there has been further concern and
scrutiny around loans secured by office properties. In the wake of
the Coronavirus Disease (COVID-19) pandemic, the dynamic of rising
office supply and changing worker preferences has led to an
increase in space being offered for sublease and tenants downsizing
or vacating. Loans secured by office properties had a WA debt yield
of 10.8%, based on the most recent financials available.

The largest loan on the servicer's watchlist, Excelsior Crossings
(Prospectus ID#3; 7.9% of the pool), is secured by two Class A
office buildings in Hopkins, Minnesota, approximately 10 miles from
the Minneapolis central business district. The loan was originally
added to servicer's watchlist in July 2017 after the sole tenant,
Cargill, terminated its lease ahead of its scheduled expiration in
March 2018. Although the borrower was able to collect $9.5 million
of funds from a cash flow sweep and termination fees, and secured
U.S. Bank (59.0% of the NRA, expiring September 2030) and Digi
International Inc. (10.8% of the NRA, lease expiring January 2032)
as replacement tenants for some of the vacant space, the loan
transferred to special servicing in December 2020 for imminent
monetary default.

The borrower subsequently entered into a purchase and sale
agreement with Bridge Investment Group, LLC, which included a large
equity infusion of roughly $19.0 million to bring the loan current
and to fund an all-purpose reserve and a debt service reserve. The
loan was returned to the master servicer as a corrected loan in May
2022. While net cash flow (NCF) has fallen precipitously since
Cargill's departure, most recently reporting an annualized NCF
figure of $2.5 million and a debt service coverage ratio (DSCR) of
0.45 times (x) as of Q3 2022, the borrower has leased the property
to 87.1% according to the September 2022 rent roll, signing Michael
Foods, Inc. (8.6% of the NRA, lease expiring April 2033) in Q2
2022. Factoring in the additional rental revenue, the loan reported
a DSCR of 0.45x, according to the year-to-date September 2022
financial reporting. The December 2021 appraisal reported the
property value at $92.0 million, a large decline from the issuance
value of $141.0 million, reflecting a loan-to-value ratio of 72.7%;
however, value is likely improved given the recent leasing action
with approximately $1.8 million of reserves remaining to further
stabilize the property.

The second-largest loan on the servicer's watchlist, One North
State Street (Prospectus ID#6; 6.0% of the pool), is secured by a
170,507-square foot (sf) retail vertical subdivision of a
713,423-sf, 16-story, mixed-use office and retail building in
Chicago. This loan has been on the watchlist since March 2022 as
the largest tenant, Burlington Coat Factory (Burlington;35.2% of
the NRA), did not renew its lease ahead of its February 2023 lease
expiration; the loan subsequently became cash managed. According to
servicer commentary, the tenant has signed an extension, but only
for one year. Burlington represents nearly 40.0% of the property
rental income, so should the tenant decide to vacate upon
expiration, coverage would likely fall below breakeven. As of
September 2022, the collateral was 95.2% occupied, with an
annualized NCF of $4.9 million (a DSCR of 1.07x) for the trailing
nine months ended September 30, 2022, in line with the pre-pandemic
figure of $4.5 million (a DSCR of 1.21x) as of YE2019.

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



CSAIL 2020-C19: Fitch Affirms B- Rating on G-RR Certs
-----------------------------------------------------
Fitch Ratings has affirmed 14 classes of CSAIL 2020-C19 Commercial
Mortgage Trust. In addition, the Rating Outlook for class G-RR was
revised to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CSAIL 2020-C19

   A-1 12597NAQ6    LT AAAsf  Affirmed    AAAsf
   A-2 12597NAR4    LT AAAsf  Affirmed    AAAsf
   A-3 12597NAS2    LT AAAsf  Affirmed    AAAsf
   A-S 12597NAW3    LT AAAsf  Affirmed    AAAsf
   A-SB 12597NAT0   LT AAAsf  Affirmed    AAAsf
   B 12597NAX1      LT AA-sf  Affirmed    AA-sf
   C 12597NAY9      LT A-sf   Affirmed    A-sf
   D 12597NAC7      LT BBBsf  Affirmed    BBBsf
   E 12597NAE3      LT BBB-sf Affirmed    BBB-sf
   F-RR 12597NAG8   LT BB-sf  Affirmed    BB-sf
   G-RR 12597NAJ2   LT B-sf   Affirmed    B-sf
   X-A 12597NAU7    LT AAAsf  Affirmed    AAAsf
   X-B 12597NAV5    LT AA-sf  Affirmed    AA-sf
   X-D 12597NAA1    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Fitch's base case loss expectations
have increased since issuance mainly driven by higher expected
losses on the pool's office loans. Fitch's current ratings
incorporate a base case loss of 5.9%. Five loans (17.1% of the
pool) are considered Fitch Loans of Concern (FLOCs) for high
vacancy and/or underperformance. As of the February 2023 remittance
report, there were no specially serviced loans.

The Outlook revision to Negative from Stable for class G-RR
primarily reflect concerns with the office FLOCs Selig Office
Portfolio (7.3%) and APX Morristown (3.17%), both of which have
exhibited increasing vacancy and declining cash flow relative to
Fitch's expectations at issuance.

The largest contributor to expected losses is Selig Office
Portfolio which consists of three office properties in Seattle, WA.
September 2022 occupancy has fallen to 78% from 85% at YE 2020 and
95% at issuance. The loan's cash trap was activated due to Leafly
(NRA 7%) vacating at its schedule lease expiration in March 2021.
Annualized September 2022 NOI was 34% below underwritten NOI due to
a 24.5% decrease and 10% increase in EGI and operating expenses,
respectively. Fitch's loss expectation of 19.7% reflects a 9.75%
cap rate on annualized September 2022 NOI.

The second largest contributor to expected losses is APX Morristown
which consists of suburban office property located in Morristown,
NJ. Subject YE 2022 occupancy has fallen to 64% from 92% as of YE
2021 and underwritten occupancy of 94%. The subject's largest
tenant, Louis Berger U.S., Inc. (NRA 22.3%), has exercised its
early termination option and vacated in January 2022 ahead of its
scheduled lease expiration in December 2026.

The termination option is subject to a $1.45 million termination
fee. Additionally, New York Marine & General Insurance reduced its
space to 62K sf (NRA 12.7%) from 95k sf (NRA 19.5%) at issuance as
part of its 10-year lease renewal. Due to the increased vacancy, YE
2022 NOI has fallen to $3.6 million from $5.7 million as of YE
2021, $7 million as of YE 2020 and underwritten occupancy of $7.2
million. Fitch's loss expectation of 19.7% reflects a 9.0% cap rate
on YE 2022 NOI.

Minimal Change in Credit Enhancement: As of the February 2023
remittance report, the pool's balance has been reduced by 1.1% to
$819.6 million from $828.9 million at issuance. No Loans have
disposed or defeased. Twenty-one loans comprising 61% of aggregate
pool balance have been classified as interest-only. At issuance,
Fitch expected the pool to paydown 7.1% by maturity.

ADDITIONAL LOSS CONSIDERATIONS

Credit Opinion Loans: At issuance, two loans, representing 11.6% of
the total trust balance, were given investment-grade credit
opinions of 'Asf'. This included to superregional mall loans, The
Westchester (6.1%) and University Village (5.5%). The Westchester
is secured by a class A, superregional mall located White Plains,
NY. The sponsor consists of a joint venture split between Simon and
IMI. September 2022 occupancy has fallen to 87% from underwritten
occupancy of 95% and YE 2021 NOI is 47% below underwritten
expectations. Tenant inline sales (for tenants less than 10K sf)
excluding Apple and Tesla were $800 psf as of July 2022 compared to
$643 psf at issuance. Given the decline in performance, The
Westchester is no longer considered a credit opinion loan.

Multifamily Concentration: The pool includes 13 loans (31.5% of
outstanding pool balance) which are secured by multifamily
properties. This includes two loans (7.7%) that are secured by
student housing properties and seven loans (11.0%) that are secured
by traditional multifamily properties located in Oakland, CA. Bay
Area housing market demand faces headwinds due to local technology
sector employers recently announcing hiring freezes and layoffs.

Three loans (6.6%) secured by Oakland, CA multifamily properties
have been flagged as FLOCs for declining performance, including the
Top 15 loan, Lampwork Apartments (2.9%). Subject occupancy was
87.1% as of August 2022 compared to YE 2021 occupancy of 94.6% and
in-place rents have fallen 11.2% compared to issuance. Fitch's
expected loss of 15.8% assumes an 8.75% cap rate and a 5% haircut
on TTM June 2022 NOI to reflect occupancy volatility.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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.


DBJPM 2016-SFC: S&P Lowers Class D Certs Rating to 'CCC (sf)'
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from DBJPM 2016-SFC
Mortgage Trust, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a fixed-rate, interest-only (IO) mortgage whole
loan secured by the borrower's fee simple and leasehold interests
in Westfield San Francisco Centre and San Francisco Emporium, a
1.45 million-sq.-ft. mixed-use (urban retail mall and class B
office) property (749,521 sq. ft. of which serves as collateral) in
the Union Square neighborhood of San Francisco.

Rating Actions

S&P said, "The downgrades of classes A, B, C, and D reflect our
reevaluation of the class B office and urban retail mall property
that secure the sole loan in the transaction. Our analysis included
a review of the most recent available financial performance data
provided by the servicer and our assessment that the property's
performance (particularly, the office portion) continues to lag the
expectations that we derived in our last review in April 2022.
Specifically, the reported net cash flow (NCF) remains depressed at
$14.1 million as of the nine months ended Sept. 30, 2022, which
follows a 37.6% decline in 2021 to $20.2 million from $32.4 million
in 2020. The lower NCF is partly attributable to a decline in
occupancy, which fell to 51.9% as of Sept. 30, 2022, from 73.9% in
2021, 74.8% in 2020, and 91.3% in 2019. The decline reported on
Sept. 30, 2022, is mainly from the office portion, which dropped to
5.9% occupancy as of the September 2022 rent roll, after San
Francisco State University (18.1% of net rentable area [NRA])
vacated. The loan is on the master servicer's watchlist due to a
low reported debt service coverage and declining occupancy.

"In our last review in April 2022, we revised and lowered our
long-term sustainable NCF to $31.8 million, which generally aligned
to the 2020 servicer-reported figures. Using a 6.75% S&P Global
Ratings capitalization rate, we arrived at an expected valuation of
$470.6 million or $629 per sq. ft.. As discussed above, our current
analysis considered the further decline in reported NCF and
occupancy at the property in 2022 as well as the continued weakness
in the subject's office submarket fundamentals. As a result, we
revised and lowered our long-term sustainable NCF by 29.3% to $22.5
million, which aligns closer to the 2021 servicer-reported figures.
Using a 7.00% S&P Global Ratings capitalization rate (up 25 basis
points from our last review in April 2022), which accounts for the
stressed economic headwinds experienced by the office and mall
sectors, we arrived at an expected-case valuation of $320.9
million, or $401 per sq. ft.--a decline of 31.8% from our last
review value and 73.7% from the issuance appraisal value of $1.22
billion. This yielded an S&P Global Ratings loan-to-value (LTV)
ratio of 173.9% on the whole loan balance."

Although the model-indicated ratings were lower than the revised
ratings on classes A, B, and C, S&P tempered its downgrades on
these classes because we weighed certain qualitative
considerations. These included:

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

-- The property's desirable location in the South of Market (SoMa)
district of San Francisco;

-- The moderately high 2016 appraised land value of $280.0
million;

-- The significant market value decline ($1.22 billion appraisal
value in 2016) that would be needed before these classes experience
principal losses;

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

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

S&P said, "We will continue to monitor for further developments,
and if the property's performance does not improve or if there are
reported negative changes in the performance beyond what we have
already considered, we may revisit our analysis and adjust our
ratings further, as necessary.

"In addition, the downgrade on class D to 'CCC (sf)' reflects our
view that, based on an S&P Global Ratings LTV ratio of over 100%
and its most subordinate position in the payment waterfall, this
class exhibits an elevated risk of default and loss due to current
market conditions.

"We lowered our rating on the class X-A IO certificates based on
our criteria for rating IO securities, in which the rating on the
IO security would not be higher than that of the lowest rated
reference class. Class X-A's notional amount references classes A
and B."

Property-Level Analysis

Westfield San Francisco Centre and San Francisco Emporium is a 1.45
million-sq.-ft. mixed-use (1.2 million sq. ft. of retail [553,366
sq. ft. of which is collateral] and 241,255 sq. ft. of class B
office space) property located at 865 Market Street in downtown San
Francisco. The Westfield San Francisco Centre portion was
originally developed in 1988. The San Francisco Emporium portion,
which was a redevelopment of the Emporium department store that
dated back to the 1890s, was co-developed by the sponsors in 2006
into retail and class B office space. The mall is anchored by
Bloomingdale's (338,928 sq. ft., noncollateral) and Nordstrom
(312,000 sq. ft., noncollateral). A 186,200-sq.-ft. portion of the
Westfield San Francisco Centre is subject to a ground lease, with
San Francisco Unified School District as the ground lessor, and the
borrowers as the ground lessee. The ground lease is from July 1,
1983, to June 30, 2043, with one 15-year extension option. At
issuance, the annual minimum ground rent was $3.3 million and is
adjusted every five years based on a percentage of the ground
lessee's gross revenues or cost of living index increases. The loan
sponsors are Westfield America Inc., an affiliate of
Unibail-Rodamco-Westfield, and Forest City Realty Trust Inc., which
was acquired by Brookfield Asset Management. In February 2021,
Unibail-Rodamco-Westfield announced its intentions to sell its U.S.
holdings by 2024.

As previously discussed, S&P's property-level analysis considered
the mall's declining performance since the COVID-19 pandemic. As of
the Sept. 30, 2022, rent roll, the property was 51.9% leased (78.3%
on the retail space and 5.9% on the office space). The decline in
occupancy is primarily driven by office tenants vacating at the end
of their respective leases and the sponsors' inability to re-tenant
the vacant office spaces in a timely manner. San Francisco State
University, which accounted for about 144,669 sq. ft., vacated
their space at the end of their 2021 lease, while Crunchyroll
(about 86,173 sq. ft.) and Trustarc (44,781 sq. ft.) had vacated
their spaces at the end of their leases in 2020. According to the
master servicer, the borrowers do not have any prospective tenants
to backfill the vacant spaces.

According to the September 2022 rent roll, the five largest tenants
include:

-- Century Theatre (6.6% of NRA, $15.00 per sq. ft. in-place rent
as calculated by S&P Global Ratings, September 2023 lease expiry);

-- Bespoke (5.1%, $29.85 per sq. ft., December 2022 [according to
the master servicer, the borrower has not provided a leasing update
yet and the tenant is still listed in the mall's directory]);

-- Zara (3.4%, $129.89 per sq. ft., March 2027);

-- H&M (3.2%, $80.41 per sq. ft., January 2024); and

-- Express (2.0%, $78.00 per sq. ft., January 2023).

The property faces minimal tenant rollover risk except in 2023
(14.4% of NRA) and 2024 (10.6%).

According to CoStar, the Union Square office submarket, in which
the property is situated, continues to be impacted by remote work
arrangements brought on by the COVID-19 pandemic. Vacancy levels,
net absorption, and rental growth have been negatively affected in
the past three years. As of March 2023, three-star office
properties in the submarket have a market rent of $51.38 per sq.
ft., vacancy rate of 22.5%, and availability rate of 25.1%. This
compares with a $65.63 per sq. ft. market rent and 9.5% vacancy
rate prior to the pandemic, in 2019. CoStar expects the submarket
vacancy rate and asking rent to increase over the next four years
to 26.8% and $56.20 per sq. ft., respectively, in 2027.

Using the most recent available reported performance data and
September 2022 rent roll, we assumed a 62.6% economic occupancy
rate, $134.68 per sq. ft. gross rental rate, and 61.5% operating
expense ratio to arrive at our revised and lower NCF of $22.5
million.

Transaction Summary

The 10-year, fixed-rate, IO mortgage whole loan had an initial and
current balance of $558.0 million, pays an annual fixed interest
rate of 3.39%, and matures on Aug. 10, 2026.

The whole loan comprises 28 promissory notes: 24 senior pari passu
A notes totaling $433.1 million and four junior B notes totaling
$124.9 million. The trust loan totaling $306.9 million (as of the
Feb. 10, 2023, trustee remittance report) consists of eight of the
senior notes totaling $182.0 million and the four junior B notes
totaling $124.9 million. The remaining portion of the whole loan
are in JPMCC Commercial Mortgage Securities Trust 2016-JP3 ($60.0
million), JPMDB Commercial Mortgage Securities Trust 2016-C4 ($23.6
million), CD 2016-CD1 Mortgage Trust ($60.0 million), COMM
2016-COR1 Mortgage Trust ($23.5 million), and DBJPM 2016-C3
Mortgage Trust ($84.0 million), all of which are U.S. CMBS
transactions. The senior A notes are pari passu to each other and
are senior to the $124.9 million subordinate B notes. The trust has
not incurred any principal losses to date.

The whole loan has a reported current payment status through its
February 2023 debt service payment date. The servicer, Wells Fargo
Bank N.A., reported a debt service coverage of 0.98x for the nine
months ended Sept. 30, 2022, down from 1.05x in 2021, 1.68x in
2020, and 2.23x in 2019.

  Ratings Lowered

  DBJPM 2016-SFC Mortgage Trust

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



FREDDIE MAC 2023-DNA1: S&P Assigns Prelim 'B-' Rating on B-1 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Freddie Mac
STACR REMIC Trust 2023-DNA1's notes.

The note issuance is an RMBS securitization backed by fully
amortizing, first-lien, fixed-rate residential mortgage loans
secured by one- to four-family residences, planned-unit
developments, condominiums, cooperatives, and manufactured housing
to mostly prime borrowers.

The preliminary ratings are based on information as of March 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

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

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

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

  Preliminary Ratings Assigned

  Freddie Mac STACR REMIC Trust 2023-DNA1

  Class A-H, $14,105,662,939: NR
  Class M-1A, $282,000,000: BBB+ (sf)
  Class M-1AH(i), $15,744,864: NR
  Class M-1B, $99,000,000: BBB- (sf)
  Class M-1BH(i), $5,210,702: NR
  Class M-2, $148,000,000: BB- (sf)
  Class M-2A, $74,000,000: BB (sf)
  Class M-2AH(i), $4,158,027: NR
  Class M-2B, $74,000,000: BB- (sf)
  Class M-2BH(i), $4,158,027: NR
  Class M-2R, $148,000,000: BB- (sf)
  Class M-2S, $148,000,000: BB- (sf)
  Class M-2T, $148,000,000: BB- (sf)
  Class M-2U, $148,000,000: BB- (sf)
  Class M-2I, $148,000,000: BB- (sf)
  Class M-2AR, $74,000,000: BB (sf)
  Class M-2AS, $74,000,000: BB (sf)
  Class M-2AT, $74,000,000: BB (sf)
  Class M-2AU, $74,000,000: BB (sf)
  Class M-2AI, $74,000,000: BB (sf)
  Class M-2BR, $74,000,000: BB- (sf)
  Class M-2BS, $74,000,000: BB- (sf)
  Class M-2BT, $74,000,000: BB- (sf)
  Class M-2BU, $74,000,000: BB- (sf)
  Class M-2BI, $74,000,000: BB- (sf)
  Class M-2RB, $74,000,000: BB- (sf)
  Class M-2SB, $74,000,000: BB- (sf)
  Class M-2TB, $74,000,000: BB- (sf)
  Class M-2UB, $74,000,000: BB- (sf)
  Class B-1, $82,000,000: B- (sf)
  Class B-1A, $41,000,000: B+ (sf)
  Class B-1AR, $41,000,000: B+ (sf)
  Class B-1AI, $41,000,000: B+ (sf)
  Class B-1AH(i), $14,827,162: NR
  Class B-1B, $41,000,000: B- (sf)
  Class B-1BH(i), $14,827,162: NR
  Class B-1R, $82,000,000: B- (sf)
  Class B-1S, $82,000,000: B- (sf)
  Class B-1T, $82,000,000: B- (sf)
  Class B-1U, $82,000,000: B- (sf)
  Class B-1I, $82,000,000: B- (sf)
  Class B-2H(i)(ii), $74,436,216: NR
  Class B-3H(i), $37,218,109: NR
  
(i)Reference tranche only and will not have corresponding notes.
Freddie Mac retains the risk of these tranches.
(ii)Class B-2H is deemed to bear interest solely for the purposes
of calculating modification gain or loss amounts.
NR--Not rated.



GCT COMMERCIAL 2021-GCT: Moody's Cuts Rating on Cl. HRR Certs to B2
-------------------------------------------------------------------
Moody's Investors Service has downgraded six classes in GCT
Commercial Mortgage Trust 2021-GCT, Commercial Mortgage
Pass-Through Certificates, Series 2021-GCT as follows:

Cl. A, Downgraded to Aa1 (sf); previously on Feb 5, 2021 Definitive
Rating Assigned Aaa (sf)

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

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

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

Cl. E, Downgraded to B1 (sf); previously on Feb 9, 2022 Upgraded to
Ba2 (sf)

Cl. HRR, Downgraded to B2 (sf); previously on Feb 9, 2022 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

The ratings on six P&I classes were downgraded due to an increase
in Moody's LTV resulting from the decline in loan performance. The
property's revenue and net operating income have declined since the
loan was originated in early 2021 and the borrower elected not to
extend the term of the loan at its initial scheduled maturity date
in February 2023.  As of the February 2023 distribution date, the
loan was current on its interest only ("IO") debt service payments
.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the February 9, 2023 distribution date, the transaction's
certificate balance was $350 million, the same as at
securitization.  The 5-year (two-year initial term plus three,
one-year extension options), floating rate, IO loan is secured by
the fee simple interest in (i) a 54-story, Class A office building
located at 555 West 5th Street in Los Angeles, CA (the "Gas Company
Tower") and (ii) a 1,166-stall parking garage located at 350 South
Figueroa Street in Los Angeles, CA (the "World Trade Center Parking
Garage"). There is mezzanine debt totaling $115 million held
outside of the trust of which the Mezzanine A Loan of $65 million
bears interest at LIBOR plus 5.00% and Mezzanine B of $50 million
bears interest at LIBOR plus 7.75%.

The borrower elected not to extend or pay off the loan at its
initial maturity date in February 2023. The mortgage loan extension
option required (among other items) an extension term strike rate
that would result in a debt service coverage ratio (DSCR) of at
least 1.10x based on total debt and the extension of any
outstanding mezzanine debt. The extension of the mezzanine loans
also required an extension term strike that would result in a DSCR
on the mezzanine debt of 1.10x. While the mortgage loan balance of
$350 million had an NOI DSCR above 1.00x at current one-month LIBOR
rates, the total debt DSCR would be below 1.00x.

Based on the property's NOI during the trailing nine-month period
ending September 2022, the property's annualized 2022 NOI would be
$24.2 million, compared to $34.3 million, $35.2 million, and $31.8
million achieved in full years 2018, 2019 and the
trailing-twelve-month period ending November 2020, respectively.
Based on the property's revenue during the trailing nine-month
period ending September 2022, the property's annualized 2022
revenue would be $50.1 million, compared to $59.0 million, $60.4
million, and $56.3 million achieved in full years 2018, 2019 and
the trailing-twelve-month period ending November 2020,
respectively. The total occupancy was 73% based on the September
2022 rent roll compared to 76% in January 2021.

The Gas Company Tower is a 54-story, 1,377,053 SF, Class A office
building with grade level retail space and a 978-stall on-site
subterranean parking garage located in the Bunker Hill district of
downtown Los Angeles, CA. The building was built in 1991 and is
LEED Gold certified.

Downtown Los Angeles office market fundamentals have been
deteriorating since the COVID pandemic. According to CBRE, as of Q4
2022, the Downtown Los Angeles Class A office submarket vacancy was
17.3% and the average gross asking rent was $33.94, compared to
12.4% and $35.54, respectively, as of Q4 2019.

Moody's LTV ratio for the first mortgage balance is 126% based on
Moody's Value.  Adjusted Moody's LTV ratio for the first mortgage
is 110% based on Moody's value using a cap rate adjusted for the
current interest rate environment. Moody's stressed debt service
coverage ratio (DSCR) is 0.72x for the first mortgage balance. The
loan is classified as "current" through the February 2023
remittance date and there are no outstanding interest shortfalls or
losses realized as of the current distribution date.


GLS AUTO 2023-1: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GLS Auto
Receivables Issuer Trust 2023-1's automobile receivables-backed
notes series 2023-1.

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

The preliminary ratings are based on information as of March 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 56.21%, 47.61%, 37.04%,
27.28% and 22.67% of credit support (hard credit enhancement and
haircut to excess spread) for the class A (A-1 and A-2), B, C, D
and E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide at
least 3.20x, 2.70x, 2.10x, 1.55x, and 1.30x our 17.50% expected
cumulative net loss (ECNL) for the class A, B, C, D and E notes,
respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.60x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB- (sf)', and 'BB-
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
are within its credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios, which S&P believes are appropriate for the assigned
preliminary ratings. The collateral characteristics of the subprime
automobile loans,, including the representation in the transaction
documents that all contracts in the pool have made at least one
payment, its view of the credit risk of the collateral, and our
updated macroeconomic forecast and forward-looking view of the auto
finance sector.

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

-- S&P's operational risk assessment of Global Lending Services
LLC (GLS), as servicer, and its view of the company's underwriting
and backup servicing arrangement with UMB Bank.

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

-- The transaction's payment and legal structure.

  Preliminary Ratings Assigned

  GLS Auto Receivables Issuer Trust 2023-1

  Class A-1, $50.90 million: A-1+ (sf)
  Class A-2, $97.89 million: AAA (sf)
  Class B, $44.73 million: AA (sf)
  Class C, $42.77 million: A (sf)
  Class D, $42.43 million: BBB- (sf)
  Class E, $26.70 million: BB- (sf)



GS MORTGAGE 2023-CCM1: Fitch Gives 'B-(EXP)sf' Rating on B-2 Certs
------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by GS Mortgage-Backed Securities Trust
2023-CCM1 (GSMBS 2023-CCM1)

   Entity/Debt        Rating        
   -----------        ------        
Goldman Sachs
Mortgage Backed
Securities
2023-CCM1

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

TRANSACTION SUMMARY

The certificates are supported by 629 nonprime loans all of which
have been originated by Cross Country Mortgage and have a total
balance of approximately $275 million, as of the cutoff date.

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 10.4% above a long-term sustainable level (vs.
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 Q3 2022. Driven
by the strong gains seen in 1H22, home prices rose 7.7% YoY
nationally as of November 2022.

Nonprime Credit Quality (Mixed): The collateral consists of 629
loans, totaling $275 million and seasoned approximately six months
in aggregate (calculated as the difference between origination date
and cutoff date). The borrowers have a moderate credit profile (734
Fitch FICO) and 52% DTI, which takes into account converted debt
service coverage ratio (DSCR) to DTI values and moderate leverage
(77% sLTV). The pool consists of 33% of loans where the borrower
maintains a primary residence, while 67% is an investor property or
second home.

Additionally, 100% of the loans were originated through a retail
channel. 38% are non-qualified mortgages and for the remainder
Ability-to-Repay (ATR) does not apply. A portion of the loans had a
prior delinquency but were treated as current for the life of the
loan as the prior delinquencies were the result of servicing
transfers.

Loan Documentation (Negative): Approximately 93% of the pool was
underwritten to less than full documentation. 32% was underwritten
to a 12-month or 24-month bank statement program for verifying
income, which is not consistent with Appendix Q standards and
Fitch's view of a full documentation program.

A key distinction between this pool and legacy Alt-A loans is that
these loans adhere to underwriting and documentation standards
required under the CFPB's ATR Rule (Rule), which reduces the risk
of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigor
of the Rule's mandates with respect to the underwriting and
documentation of the borrower's ability to repay. Additionally, 9%
is an Asset Depletion product, 49% is DSCR product and the rest is
a mix of alternative documentation products.

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

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

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 41.8% 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.

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 a credit, compliance and property valuation
review. Fitch considered this information in its analysis and, as a
result, Fitch made the following adjustment(s) to its analysis:

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

- Fitch lowered its loss expectations by approximately 50bps as a
result of the diligence review.

ESG CONSIDERATIONS

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


HILTON USA 2016-SFP: Moody's Lowers Rating on Cl. E Certs to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on seven
classes of Hilton USA Trust 2016-SFP, Commercial Mortgage
Pass-Through Certificates, Series 2016-SFP as follows:

Cl. A, Downgraded to Aa2 (sf); previously on Dec 18, 2019 Affirmed
Aaa (sf)

Cl. B, Downgraded to A2 (sf); previously on Dec 18, 2019 Affirmed
Aa3 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Dec 18, 2019 Affirmed
A3 (sf)

Cl. D, Downgraded to Ba2 (sf); previously on Dec 18, 2019 Affirmed
Baa3 (sf)

Cl. E, Downgraded to B2 (sf); previously on Dec 18, 2019 Affirmed
Ba3 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Dec 18, 2019 Affirmed
B3 (sf)

Cl. X-E*, Downgraded to Caa1 (sf); previously on Dec 18, 2019
Affirmed B2 (sf)

* Reflects interest-only classes.

RATINGS RATIONALE

The ratings on the six P&I classes were downgraded due to an
increase in Moody's LTV resulting from the decline in performance.
The loan also faces heightened refinance risk at its upcoming
maturity date in November 2023 due to the uncertainty around timing
and extent of the recovery.  The loan has remained current through
the February 2023 remittance date due to the sponsor funding all
operating and debt service shortfalls since the Coronavirus
outbreak. The outbreak has had an outsized negative impact on the
San Francisco/San Mateo MSA and the city is lagging the other major
cities in terms of bounce back.  The properties are of high quality
and well located in the Union Square submarket; however, the
portfolio will require more time to recover and is unlikely to
stabilize its financial performance in the near future.

The rating on the interest only (IO) class, Cl. X-E, was downgraded
based on the credit quality of its referenced classes.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the February 15, 2023 distribution date, the transaction's
aggregate certificate balance remains unchanged at $725 million.
The securitization is backed by a fixed-rate loan collateralized by
two adjacent full-service hotels, the Hilton San Francisco Union
Square and the Hilton Parc 55 San Francisco. The loan sponsor is
Park Intermediate Holdings LLC, a wholly owned subsidiary of Park
Hotels & Resorts Inc., one of three spinoffs announced by Hilton
Worldwide Holdings Inc.  The interest only loan's final maturity
date is in November 2023.

The Hilton San Francisco Union Square was constructed in 1964 and
features 1,919 guestrooms in four interconnected buildings. The
property offers approximately 130,000 SF of meeting space, a
swimming pool, fitness center, 505 parking spaces, and two food &
beverage outlets. The Hilton Parc 55 San Francisco, constructed in
1984, is located adjacent to the Hilton San Francisco Union Square.
The property provides 1,024 guestrooms, approximately 29,900 SF of
meeting space.  The Properties are well located within walking
distance of Union Square, Market Street, and the Moscone Convention
Center. Substantial entitlement challenges in San Francisco,
combined with the fully built-out in-fill environment create high
barriers to entry and limit potential new supply.

The coronavirus outbreak has had an outsized negative impact on
densely populated and urban locations.  According to STR Report, at
the end of 2022, overall US RevPAR (revenue per available room) was
up 8.1% compared to that of 2019.  The Top 25 market full year 2022
RevPAR was 0.2% higher than 2019 RevPAR.  The San Francisco/San
Mateo MSA had the worst comparison amongst the Top 25 MSA/s at
-33.4%.  The San Francisco/San Mateo MSA's January 2023 monthly
RevPAR was 23.3% lower than in January 2019 but continues to lessen
the gap.

Prior to the Coronavirus outbreak, the portfolio's NCF had been on
an upward trajectory since securitization peaking at $93.7 million
in full year 2019.  However, starting in 2020, the properties were
not able to generate enough cash to cover operating expenses nor
debt service.  The sponsor has been funding all operating and debt
service shortfalls and the loan remains current with no outstanding
advances.  Despite the distressed financial performance over the
last three years, the properties benefit from its Union Square
submarket location and flagship property status within the Hilton
franchise.  However, the properties will require more time to
recover their financial performance and are unlikely to generate
enough cash flow to cover operating costs and debt obligations by
the loan maturity date.

The first mortgage balance of $725 million represents Moody's LTV
of 122%.  However, these metrics are based on return of travel
demand to San Francisco which may continue to lag that of the
overall US. There are outstanding interest shortfalls totaling
$9,026 affecting Cl. F and no losses have been realized as of the
current distribution date.


HOMES 2023-NQM1: 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-NQM1 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 coronavirus pandemic scenarios, which were
first published in April 2020.

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



HUDSON'S BAY 2015-HBS: DBRS Confirms CCC Rating on 3 Classes
------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-HBS issued by Hudson's Bay
Simon JV Trust 2015-HBS as follows:

-- Class A-FL at AA (high) (sf)
-- Class B-FL at A (low) (sf)
-- Class C-FL at BB (sf)
-- Class X-2-FL at B (sf)
-- Class D-FL at B (low) (sf)
-- Class E-FL at CCC (sf)
-- Class X-A-7 at AAA (sf)
-- Class A-7 at AA (high) (sf)
-- Class X-B-7 at A (sf)
-- Class B-7 at A (low) (sf)
-- Class C-7 at BB (sf)
-- Class D-7 at B (low) (sf)
-- Class E-7 at CCC (sf)
-- Class X-A-10 at AAA (sf)
-- Class A-10 at AA (high) (sf)
-- Class X-B-10 at A (sf)
-- Class B-10 at A (low) (sf)
-- Class C-10 at BB (sf)
-- Class D-10 at B (low) (sf)
-- Class E-10 at CCC (sf)

With this review, DBRS Morningstar changed the trends on Classes
C-FL, X-2-FL, D-FL, C-7, D-7, C-10, and D-10 to Stable from
Negative. All other trends are Stable, with the exceptions of
Classes E-FL, E-7, and E-10, which have ratings that do not
typically carry trends in commercial mortgage-backed securities
(CMBS) ratings.

DBRS Morningstar previously downgraded 18 classes of this
transaction in August 2021, based largely on the dark values for
the vacant stores as estimated in appraisals obtained by the loan
sponsor and finalized in 2019. In March 2022, DBRS Morningstar had
assigned Negative trends to the aforementioned classes given the
possibility for further value declines and the continued dark
status for a significant portion of the collateral. For additional
information on the previous rating actions and the DBRS Morningstar
value analysis, please see the press releases dated August 3, 2021,
and March 21, 2022, on the DBRS Morningstar website. DBRS
Morningstar's prior and current analysis includes a stressed view
of the dark values. While 25 of the 34 collateral properties remain
vacant, the sponsor has demonstrated its commitment to the
collateral by keeping current on its debt service payments and
abiding by the terms of a loan modification executed in October
2021, which resulted in added structural features to mitigate
ongoing default risk, the loan's return to the master servicer in
January 2022, and the resolution of previous ongoing litigation
with the borrower and the lender. DBRS Morningstar, which has
already baked its value expectations into the rating analysis,
views these mitigating factors as support for the trend changes to
Stable from Negative.

As part of the loan modification, the borrower repaid all accrued
and unpaid debt service from the date of default through September
30, 2021. Various reserves have been funded in order to help
reposition the dark collateral properties, with excess cash flow to
be applied to the principal balance of the loan. According to the
trailing nine months financials ended October 31, 2022, the loan
reported an annualized net cash flow of $85.1 million, representing
a debt service coverage ratio of approximately 1.94 times. As of
February 2023, the loan reports a total of $13.3 million across all
reserves and, as of June 2022, loan Component A has begun to pay
down on a pro rata basis. Through the February 2023 remittance,
over $33.0 million of principal paydown has been applied to loan
Component A, representing a 22.1% paydown to loan Component A and a
3.9% paydown to the whole loan. Terms of the modification also
included an extension of the maturity dates for loan Components A
and B to August 2024, with a 12-month extension option to bring the
fully extended maturity dates co-terminus with Component C in
August 2025.

The transaction consists of an $846.2 million first-mortgage loan
secured by 34 cross-collateralized properties previously leased to
24 Lord & Taylor stores and 10 Saks Fifth Avenue stores in 15
states. The collateral properties represent 19 fee-simple ownership
interests (64.1% of the pool balance) and 15 leasehold interests
(35.9% of the pool balance), totaling 4.5 million square feet.
Individual tenant storefronts are located in various malls and
freestanding locations with a concentration in New Jersey and New
York, totaling 15 stores across the two states. The loan includes a
$149.9 million floating-rate Component A, a $371.2 million
fixed-rate Component B, and a $324.9 million fixed-rate Component
C.

The loan is sponsored by a joint venture between Hudson's Bay
Company (HBC) and Simon Property Group (SPG). Whole loan proceeds
of $846.2 million, SPG equity of $63.0 million, and implied equity
of $609.5 million from the contribution of HBC’s then-owned
properties financed the acquisition of the properties for $1.4
billion and funded tenant improvements totaling $63.0 million. The
portfolio was formerly 100% leased to Lord & Taylor and Saks Fifth
Avenue on two master leases with 20-year initial terms and six
five-year extension options for each store. The operating leases
are fully guaranteed by HBC. Following Lord & Taylor's bankruptcy
filing in 2020, all Lord & Taylor stores were closed, resulting in
24 of the 34 collateral properties becoming fully vacant. Based on
recent correspondence with the master servicer, all 24 former Lord
& Taylor stores remain vacant as of January 2023; however, the
sponsor remains active in its leasing efforts to backfill these
spaces, with significant interest being generated from office and
healthcare users.

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




ILPT COMMERCIAL 2022-LPFX: DBRS Confirms BB(high) Rating HRR Certs
------------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2022-LPFX issued by ILPT
Commercial Mortgage Trust 2022-LPFX as follows:

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

All trends are stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance. The transaction is collateralized by
the borrower's fee-simple interests in a portfolio of 17 industrial
properties totaling approximately 9.4 million square feet (sf). The
subject portfolio is part of Industrial Logistics Properties
Trust's (ILPT) existing unencumbered warehouse and manufacturing
assets. The collateral properties are located across 12 states and
13 different industrial markets with the largest concentration in
Philadelphia, followed by Virginia, Tennessee, South Carolina, and
Ohio. The loan is sponsored by ILPT, a publicly traded real estate
investment trust formed to own and lease industrial and logistics
portfolios across the United States.

The $445.0 million mortgage whole loan along with $255.0 million of
total mezzanine debt were used to recapitalize the portfolio,
return sponsor equity, and fund upfront reserves. The mortgage loan
consists of $341.1 million of senior debt and $103.9 million
subordinate debt. The subject transaction consists of $175.0
million of senior debt and the entirety of the subordinate debt.
The fixed-rate loan is interest-only (IO) throughout its 10-year
term.

The portfolio mainly consists of single-tenant properties with
triple net leases and is 100% leased to 19 individual tenants.
Approximately 63.7% of gross rent is derived from nine
investment-grade-rated tenants, including Amazon and UPS. The
tenant roster includes a variety of industries, including air
freight and logistics, Internet and catalog retail, commercial
services and supplies, specialty retail, and food and beverage.
According to the trailing-nine-month ended September 30, 2022,
financials, the loan reported a debt service coverage ratio (DSCR)
of 2.33 times (x), compared with the DBRS Morningstar DSCR at
issuance of 2.11x.

Overall, the subject markets have solid fundamentals with positive
annual growth in rents. DBRS Morningstar continues to take a
favorable view on the long-term growth and stability of the
warehouse and logistics sector. The portfolio benefits from
favorable tenant granularity, strong sponsor strength, favorable
asset quality, and strong leasing trends, thus supporting our
rating recommendations.

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




IMSCI 2013-4: Fitch Affirms CCsf Rating on Class G Certs
--------------------------------------------------------
Fitch Ratings has upgraded one class of Institutional Mortgage
Securities Canada Inc.'s (IMSCI) Commercial Mortgage Pass-Through
Certificates series 2013-4. In addition, Fitch has revised the
Rating Outlook on two classes to Positive from Stable.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
IMSCI 2013-4

   A-2 45779BBU2   LT AAAsf  Affirmed   AAAsf
   B 45779BBW8     LT AAAsf  Upgrade     AAsf
   C 45779BBX6     LT Asf    Affirmed     Asf
   D 45779BBY4     LT BBsf   Affirmed    BBsf
   E 45779BBZ1     LT Bsf    Affirmed     Bsf
   F 45779BBH1     LT CCCsf  Affirmed   CCCsf
   G 45779BBJ7     LT CCsf   Affirmed    CCsf

KEY RATING DRIVERS

Improved Loss Expectations: The upgrade of class B to 'AAAsf' from
'AAsf' reflects the better than expected outcome on the Franklin
Suites loan (previously 5.9% of the pool), and decreasing loss
expectations from Fitch Loans of Concern (FLOCs) relative to
Fitch's prior rating action. The Outlook revision to Positive on
classes C and D reflect the increased likelihood of the classes
being repaid in full following the maturities of performing loans
through YE 2023. Two loans (30.2% of the pool) have been designated
as FLOCs, of which one is structured with full recourse and the
sponsors have continued to fund debt service shortfalls.

Canadian Loan Attributes and Historical Performance: The
affirmations reflect strong historical Canadian commercial real
estate loan performance, as well as positive loan attributes, such
as short amortization schedules, recourse to the borrower and
additional guarantors. Approximately 44.7% of the loans in the pool
reflect full recourse.

The largest FLOC is Burnhamthorpe Square (19.4% of the pool), an
office park in Etobicoke, ON in the Toronto metro, where the
largest tenant (Canada Bread Company -- 18.4% NRA) vacated in April
2020, prior to their December 2020 lease expiration. In addition,
tenants accounting for approximately 23% of NRA have leases
scheduled to expire in 2023 and 2024. As of the September 2022 rent
roll, the property was 65% occupied. The concerns over the recent
decline in performance are mitigated by the loan's low leverage.
This loan is scheduled to mature in April 2023.

The second largest FLOC is Nelson Ridge (10.7%), secured by a
225-unit multifamily property in Fort McMurray, AB, which
transferred to special servicing in early 2016 due to a decline in
operating performance. The property was affected by the decline in
oil prices, and occupancy declined to a low of only 45% in 2015.
Subsequently, the property was affected by the area wildfires in
May 2016; however, the loan returned to master servicing in January
2017.

The loan was scheduled to mature in December 2018 and is currently
in forbearance through May 2023. Per the terms of the most recent
modification, the borrower will make four scheduled curtailment
payments between December 2021 and May 2023. According to the
servicer, the property was 84% occupied in March 2022 and reported
a YE 2021 NOI DSCR of 0.72x. No credit was given to the recourse
due to concerns over the sponsor's ability to continue to fund debt
service shortfalls.

Improved Credit Enhancement: Credit enhancement (CE) has improved
since the prior rating action due to the prepayment of Franklin
Suites (formerly 5.9% of the pool and previously the largest
contributor to losses) & Festival Marketplace (previously 14.4% of
the pool), coupled with continued amortization of the pool. As of
the February 2023 distribution date, the pool's aggregate principal
balance has been reduced by 69.1% to $102.04 million from $330.4
million at issuance. There are no specially serviced or delinquent
loans, and one loan (14.5%) is defeased.

Pool Concentration: The pool has become concentrated, with only 11
of the original 30 loans remaining when accounting for
cross-collateralized and cross-defaulted loans. Due to the
concentrated nature of the pool, Fitch performed a sensitivity
analysis that grouped the remaining loans based on the timing and
likelihood of repayment, and potential loss; the ratings and
Outlooks reflect this analysis. Fitch anticipates that the
performing loans will repay in full at their respective maturities
in 2023.

Energy Market Concentration: The Nelson Ridge loan (10.7%) has
experienced substantial performance declines as a result of a
sustained decline in oil and gas prices. The collateral is located
in Fort McMurray, and has exhibited DSCRs at or below 1.00x since
YE 2016.

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 C are not likely due to the
   position in the capital structure, but may occur should
   interest shortfalls affect these classes. Downgrades to
   classes D and E are possible should expected losses for the
   pool increase significantly, performance continue to decline
   for the FLOCs;

- Downgrades to classes F and G may occur should loss
   expectations increase from further performance decline of
   the FLOCs and/or loans transfer to special servicing pre
   or post-maturity.

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

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

- Factors that lead to upgrades would include stable to improved
   asset performance, particularly on the FLOCs, coupled with
   additional paydown and/or defeasance. Upgrades to classes C, D
   and E 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
   Burnhamthorpe Square and Nelson Ridge loans;

- Upgrades of classes F and G 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.


JP MORGAN 2022-ACB: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2022-ACB issued by J.P.
Morgan Chase Commercial Mortgage Securities Trust 2022-ACB (JPMCC
2022-ACB) as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect the overall
stable performance in the transaction's first year since issuance,
with the collateral property's most recently reported occupancy
rate and cash flows in line with DBRS Morningstar's issuance
expectations.

The loan is secured by the borrower's fee-simple interest in the
American Copper Building, a luxury multifamily property in midtown
Manhattan. The property is in the Murray Hill neighborhood
overlooking the East River, close to the major transportation hub
of Grand Central station and within walking distance of many large
office buildings. The property offers extensive, superior amenities
for tenants, including a rock-climbing wall, fitness center and
studios, rooftop infinity pool, and spa facilities. The loan is
sponsored by a joint venture between Black Spruce Management, which
owns a portfolio of more than 40 properties across four boroughs in
New York, and The Orbach Group, which focuses on affordable
housing. Both sponsors own real estate portfolios exceeding $1.0
billion.

The $675 million subject transaction consists of a $611.4 million
mortgage loan and $63.5 million of mezzanine debt, which is spread
across two separate loans. The transaction is interest only
throughout its fully extended five-year term, with an initial
two-year term and three one-year extension options. The
fully-extended maturity date is scheduled in March 2027.

The loan benefits from 421-a tax exemptions through June 2038, well
past the fully-extended loan term. The abatement exempts the
property from 100% of its taxes on improvements for the first 12
years, with the exemption percentage declining in 20% increments
every other year until year 20, when the exemption expires. Given
the tax exemption, the property is required to have designated
affordable units and offers 160 affordable units, representing
approximately 21.0% of the total unit count. The remaining 601
units are not subject to any rent restrictions. At issuance, the
average monthly affordable rate for studio, one-bedroom,
two-bedroom, and three-bedroom units was $854, $923, $1,111, and
$1,302, respectively. The average monthly market rate for studio,
one-bedroom, two-bedroom, and three-bedroom units was $4,027,
$5,686, $9,125, and $12,336, respectively. The affordable units
account for less than 5.0% of rental revenue.

According to the September 2022 rent roll, the building was 93.3%
occupied, remaining in line with issuance. The two ground-floor
retail tenants, Bright Horizons (a childcare provider) and Hole in
the Wall (a restaurant) remain open. The annualized net cash flow
(NCF) for the period ended September 30, 2022, was $34.8 million,
and remains in line with the DBRS Morningstar-derived NCF of $34.2
million.

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




KODIAK CDO I: Moody's Upgrades Rating on $83MM Class B Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Kodiak CDO I, Ltd.:

US$103,500,000 Class A-2 Second Priority Senior Secured Floating
Rate Notes Due 2037 (current balance of $24,714,617.46) (the "Class
A-2 Notes"), Upgraded to Aaa (sf); previously on May 26, 2021
Upgraded to Aa3 (sf)

US$83,000,000 Class B Third Priority Senior Secured Floating Rate
Notes Due 2037 (the "Class B Notes"), Upgraded to B1 (sf);
previously on May 26, 2021 Upgraded to B3 (sf)

Kodiak CDO I, Ltd., issued in September 2006, is a collateralized
debt obligation (CDO) backed mainly by a portfolio of REIT trust
preferred securities (TruPS), with exposure to bank TruPS,
insurance notes, corporate bonds and structured finance
securities.

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the senior-most Class A-2 notes and an increase in the
transaction's over-collateralization (OC) ratios since March 2022.

The Class A-2 notes have paid down by approximately 31.6% or $11.4
million since March 2022, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-2 and Class B notes have improved to 854.5% and 196.1%,
respectively, from March 2022 levels of 610.7% and 180.8%,
respectively. The Class A-2 notes will continue to benefit from the
diversion of excess interest and the use of proceeds from
redemptions of any assets in the collateral pool.

The action also reflects the consideration that an event of default
(EoD) is continuing for the transaction, and that as a remedy to
the EoD, 66 2/3% of each class, voting separately, can direct the
trustee to proceed with the sale and liquidation of the collateral.
The EoD occurred in February 2014 due to failure to pay interest on
the Class B notes. In March 2014, the controlling class voted to
accelerate the deal. Class A-2 notes became the senior-most notes
after Class A-1 notes were paid in full in February 2018. As a
result of the acceleration of the deal, the Class A-2 notes have
been receiving all proceeds and will continue to receive until they
are paid in full.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par (after treating
deferring securities as performing if they meet certain criteria)
of $211.2 million, defaulted/deferring par of $91.5 million, a
weighted average default probability of 31.7% (implying a WARF of
2897), and a weighted average recovery rate upon default of 11.3%.

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. The
additional scenarios include, among others, deteriorating credit
quality of the portfolio.

Methodology Used for 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.


LAQ 2023-LAQ: S&P Assigns Prelim B- (sf) Rating on Class F Certs
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to LAQ 2023-LAQ
Mortgage Trust's commercial mortgage pass-through certificates.

The certificates issuance is a U.S. CMBS securitization backed by a
commercial mortgage loan that is secured by a cross-collateralized
and cross-defaulted first lien mortgage on the borrowers' fee or
leasehold interests in 57 limited service La Quinta-flagged hotels
and one limited service Wingate by Wyndham-flagged hotel, located
across 20 states.

The preliminary ratings are based on information as of March 2,
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's
historical and projected performance, the sponsor's and manager's
experience, the trustee-provided liquidity, the mortgage loan
terms, and the transaction's structure.


  Preliminary Ratings Assigned

  LAQ 2023-LAQ Mortgage Trust

  Class A, $186,610,000: AAA (sf)
  Class B, $59,400,000: AA- (sf)
  Class C, $44,156,000: A- (sf)
  Class D, $58,348,000: BBB- (sf)
  Class E, $91,992,000: BB- (sf)
  Class F, $81,477,000: B- (sf)
  Class G, $71,760,000: Not rated
  Class HRR(i), $31,257,000: Not rated

(i)Non-offered eligible horizontal residual interest.



LCCM 2017-LC26: Fitch Affirms 'BB-sf' Rating on Cl. E Certificates
------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of LCCM 2017-LC26 Mortgage
Trust commercial mortgage pass-through certificates. Fitch has also
revised the Rating Outlook for three classes to Positive from
Stable.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
LCCM 2017-LC26

   A-3 50190DAG1    LT AAAsf   Affirmed    AAAsf
   A-4 50190DAJ5    LT AAAsf   Affirmed    AAAsf
   A-S 50190DAS5    LT AAAsf   Affirmed    AAAsf
   A-SB 50190DAE6   LT AAAsf   Affirmed    AAAsf
   B 50190DAU0      LT AA-sf   Affirmed    AA-sf
   C 50190DAW6      LT A-sf    Affirmed     A-sf
   D 50190DAY2      LT BBB-sf  Affirmed   BBB-sf
   E 50190DBA3      LT BB-sf   Affirmed    BB-sf
   F 50190DBC9      LT CCCsf   Affirmed    CCCsf
   X-A 50190DAL0    LT AAAsf   Affirmed    AAAsf
   X-B 50190DAN6    LT A-sf    Affirmed     A-sf
   X-D 50190DAQ9    LT BBB-sf  Affirmed   BBB-sf

KEY RATING DRIVERS

Improved Loss Expectations: Fitch's loss expectations for the
overall pool have improved since the prior rating action, primarily
due to a better than expected resolution for the 455 Plaza Drive
loan (previously 2.8% of pool) and performance stabilization of
loans that had been designated as Fitch Loans of Concern (FLOC).
The Positive Outlooks for classes B and C (and IO class X-B)
reflect the potential for an upgrade with continued paydown and
stable performance. There are currently four FLOCs (14.5%), down
from nine (30.1%) at the prior rating action; three of the four
FLOCs are in special servicing. Fitch's current ratings incorporate
a base case loss of 4.7%.

The largest FLOC is Regions Center and Bank Tower (7.4%), which is
secured by a 492,394-sf office property located in Shreveport, LA.
Regions Bank (13.9% of NRA; August 2024 expiration) is the largest
tenant and has been at the property since 1998. Outside of Regions,
no tenant occupies greater than 8% of NRA. Energy-related tenants
make up less than 7% of the NRA. Occupancy has declined to 77% as
of September 2022 compared to 81% at YE 2021 and 85% at issuance.
The NOI DSCR has also declined and was reported to be 1.30x as of
September 2022 compared to 1.52x at issuance. Fitch's loss
expectations of 18.4% reflect an 11% cap rate and a 25% haircut to
YE 2021 NOI to reflect declining occupancy, upcoming rollover and
tertiary market.

The largest loan in special servicing is the Hilton Garden Inn
Corvallis loan (3.2%), which is secured by a 153-room,
select-service Hilton Garden Inn hotel located in Corvallis, OR.
This loan transferred to the special servicer in July 2020 due to
payment default stemming from hardships related to the pandemic.
Given the property's location on the Oregon State University
campus, revenues were significantly affected by the closure of
schools and travel slowdown during 2020. Both occupancy and room
revenue had been declining YOY prior to the pandemic. However,
recent performance has exhibited improvement. The hotel reported
TTM September 2022 occupancy, ADR and RevPar of 71%, $173.59 and
$122.47, respectively compared to 46%, $138 and $63 at September
2021, 25%, $152 and $103 at YE 2019 and 68%, $155 and $106 at YE
2018. The hotel is outperforming its competitive set in all three
metrics; the occupancy, ADR and RevPAR penetration rates are 107%,
114% and 121%, respectively.

The servicer has continued negotiations with the borrower on a
possible modification and is also pursuing foreclosure action.
Fitch's loss expectation of 12% reflects a stressed value of
$112,000 per key.

Increased Credit Enhancement: As of the February 2023 distribution
date, the pool's aggregate principal balance has paid down by 23.8%
to $476.6 million from $625.7 million at issuance. Two loans were
disposed since the prior rating action: 455 Plaza Drive ($14.5
million), which was previously in special servicing, and Midway
Shopping Center ($13.5 million), which was paid at its maturity in
July 2022. Six loans (9.8%) are defeased as of the February 2023
remittance reporting, up from three loans (3.7%) at the prior
rating action. There has been approximately $3.3million in losses
(0.5% of the original pool balance) stemming from the liquidation
of the 55-59 Chrystie Street loan in May 2020.

There are 30 loans (28.1%) that are full-term interest-only; the
remaining 22 loans (71.9%) are amortizing. One loan (1867-1871
Amsterdam) matures in 2023 with the remaining loans maturing in
2027. However, 23 have ARDs with final maturities between 2031 and
2037.

Additional Loss Considerations: An additional sensitivity was
performed which assumed higher cap rates and a higher pool-wide
stress to servicer-reported NOI for all loans in the pool; this
scenario supported the Positive Outlooks on classes B and C.

RATING SENSITIVITIES

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

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

Downgrades to the 'BBB-sf' and A-sf' category would occur should
overall pool losses increase significantly and/or one or more large
loans have an outsized loss, which would erode CE. Downgrades to
the 'BB-sf' category 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. A downgrade
to the distressed class F would occur as losses are realized or
become more certain.

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.
The Positive Outlooks for the 'A-sf' and 'AA-sf' categories reflect
the possibility of near-term upgrades with continued improvement in
CE and/or defeasance combined with stable to improving pool
performance; however, adverse selection, increased concentrations
and further underperformance of the FLOCs could cause this trend to
reverse.

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

ESG CONSIDERATIONS

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


MIDOCEAN CREDIT VIII: Fitch Affirms B+ Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has affirmed MidOcean Credit CLO VIII's class A-1-R,
A-2 and F notes at their current ratings. The Rating Outlook for
the class F notes has been revised to Stable from Positive, and the
Outlooks for the class A-1-R and A-2 notes remain Stable.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
MidOcean Credit
CLO VIII
  
   A-1-R 59801MAL2   LT AAAsf  Affirmed   AAAsf
   A-2 59801MAC2     LT AAAsf  Affirmed   AAAsf
   F 59801NAC0       LT B+sf   Affirmed    B+sf

TRANSACTION SUMMARY

MidOcean CLO VIII is a broadly syndicated collateralized loan
obligation (CLO) managed by MidOcean Credit Fund Management LP. The
CLO closed in February 2018, refinanced in April 2021 and exited
its reinvestment period in February 2023. MidOcean CLO VIII is
secured primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality, Asset Security, Portfolio Composition and
Portfolio Management

The rating actions are the result of the portfolio's stable
performance. As of the February 2023 trustee report, the aggregate
portfolio par amount was approximately 0.1% above the original
target par amount. The Fitch weighted average rating factor (WARF)
remained fairly stable at 25.9, compared to 25.8 at the last review
in March 2022, equivalent to the 'B'/'B-' rating level. The Fitch
weighted average recovery rating (WARR) decreased marginally to
76.6% from 76.8%, and the portfolio consists of 99.2% first lien
senior secured loans.

The portfolio remains fairly diversified with 296 obligors, with
the top-10 obligors comprising approximately 9.8% of the portfolio.
There are five trustee reported defaulted assets comprising 0.9% of
the portfolio. Issuers with Negative Outlooks and Fitch's watchlist
make up 20.1% and 13.1% of the portfolio, respectively. All
coverage tests and collateral quality tests (CQTs) are in
compliance.

Cash Flow Analysis

Fitch updated its Fitch Stressed Portfolio (FSP) analysis due to
the likelihood of the manager continuing to reinvest post the
reinvestment period, given the cushions in the coverage tests, CQTs
and concentration limitations. The FSP analysis assumed weighted
average life of 4.26 years. Weighted average spread was modelled at
3.48%, based on the current Fitch-calculated levels. Other
assumptions include 10% non-senior secured assets and 5.0% fixed
rate assets.

The ratings for the class A-1-R, A-2 and F notes are in line with
their model-implied ratings (MIRs). The Stable Outlooks reflect
Fitch's expectation that the notes have sufficient levels of credit
protection to withstand potential deterioration in the credit
quality of the portfolio in stress scenarios commensurate with the
class's ratings. The Outlook revision to Stable from Positive for
the class F notes reflects potential negative migration of the
collateral, given the exposure to issuers with Negative Rating
Outlooks and Fitch's watchlist, as well as uncertainty regarding
the pace of amortization, given the macroeconomic environment and
possibility of reinvestment post-reinvestment period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels,
would lead to two rating notch downgrades for the class F notes,
based on the MIR.

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

A 25% reduction of the mean default rate across all ratings, along
with a 25% increase of the recovery rate at all rating levels,
would lead to a six rating notch upgrade for the class F notes,
based on the MIR, whereas the class A-1-R and A-2 notes are already
at the highest level on Fitch's scale and cannot be upgraded.


MILL CITY 2023-NQM1: DBRS Gives Prov. B(high) Rating on B-2 Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Certificates, Series 2023-NQM1 to be issued by Mill
City Mortgage Loan Trust 2023-NQM1 (the Issuer):

-- $245.0 million Class A-1 at AAA (sf)
-- $35.8 million Class A-2 at AA (sf)
-- $23.9 million Class A-3 at A (high) (sf)
-- $19.2 million Class M-1 at BBB (high) (sf)
-- $13.4 million Class B-1 at BB (high) (sf)
-- $12.3 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 Notes reflects 36.05% of
credit enhancement provided by subordinate notes. The AA (sf), A
(high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
ratings reflect 26.70%, 20.45%, 15.45%, 11.95%, and 8.75% of credit
enhancement, respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate prime and nonprime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 753 loans with a total principal balance of approximately
$383,131,417, as of the Cut-Off Date (January 31, 2023). The
collateral description and disclosure on the mortgage loans in the
presale report reflect the approximate aggregate characteristics as
of the Cut-Off Date unless otherwise specified.

This is the first non-Qualified Mortgage (non-QM) securitization by
the Sponsor, an entity 100% owned by fund entities managed by AB
CarVal Investors, L.P. (CarVal). In February 2022, funds managed by
CarVal established a mortgage conduit, Mill City Loans (Mill City),
to source residential mortgage assets on a flow and bulk basis.
Since inception, CarVal has acquired more than 1,300 non-QM loans
totaling $720 million through Mill City. Previously, the Sponsor
has closed 15 rated securitizations of seasoned, performing, and
reperforming residential mortgages.

The pool is, on average, eight months seasoned with loan ages
ranging from four to 13 months. The top originators for the
mortgage pool are HomeXpress Mortgage Corp (41.4%) and Castle
Mortgage Corporation doing business as (dba) Excelerate Capital
(36.9%). The remaining originators each represent 10.0% or less of
the mortgage loans. The Servicer of the loans is NewRez LLC dba
Shellpoint Mortgage Servicing. DBRS Morningstar conducted a review
of CarVal's, the aggregator, residential mortgage platform and
believes the company is an acceptable mortgage loan aggregator.

Mill City Holdings, LLC will act as the Sponsor and Servicing
Administrator. U.S. Bank Trust Company, National Association (rated
AA (high) with a Stable trend by DBRS Morningstar), will act as the
Paying Agent and the Certificate Registrar. Wilmington Savings Fund
Society, FSB will act as the Trustee. Computershare Trust Company,
N.A. (rated BBB with a Stable trend by DBRS Morningstar) will act
as the Custodian.

CVI CVF V Pooling Fund II LP, a fund managed by CarVal, will be the
Representations and Warranties (R&W) provider. As of December 31,
2022, the R&W provider had a net asset value of approximately $1.78
billion. The obligations of the R&W provider will expire on the
later of (1) the Distribution Date in February 2028 and (2) the
date on which the R&W provider initiates liquidation of the fund
(R&W Sunset Date).

Except for 22 loans (4.7% of the pool) that were 30 to 119 days
delinquent, according to the Mortgage Bankers Association (MBA)
delinquency calculation method, as of the Cut-Off Date, the loans
have been performing since origination.

In accordance with the Consumer Financial Protection Bureau (CFPB)
QM rules, 51.5% of the loans by balance are designated as non-QM
and 0.7% as QM Rebuttable Presumption. Approximately 47.8% of the
loans in the pool made to investors for business purposes are
exempt from the CFPB Ability-to-Repay (ATR) and QM rules. No loan
has a loan application date before January 10, 2014, so each loan
is subject to the QM/ATR rules issued by the CFPB as part of the
Dodd-Frank Wall Street Reform and Consumer Protection Act.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until loans become 90 days delinquent,
contingent upon a recoverability determination. Additionally, the
Servicer is obligated to make advances in respect of taxes and
insurance; the cost of preservation, restoration, and protection of
mortgaged properties; and any enforcement or judicial proceedings,
including foreclosures and reasonable costs and expenses incurred
in the course of servicing and disposing of properties.

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

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

The Servicer, at its option, on or after the date on which the
balance of the mortgage loans falls below 10% of the loan balance
as of the Cut-Off Date, may purchase all of the mortgage loans and
real estate owned properties at the optional termination price
described in the transaction documents.

The Depositor may, at its option, on or after the later of (1) the
two-year anniversary of the Closing Date, and (2) the earlier of
(A) the three-year anniversary of the Closing Date or (B) the date
on which the balance of mortgage loans falls to or below 30% of the
loan balance as of the Cut-Off Date (Optional Redemption), purchase
all of the outstanding Certificates at the price described in the
transaction documents.

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

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 March 2027.
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, A-2, and A-3 Certificates Cap Carryover Amounts before
and after the Class A coupons step up.

On January 15, 2023, Federal Emergency Management Agency (FEMA)
announced that federal disaster assistance was made available to
the state of California related to several winter storms, flooding,
landslides, and mudslides that began on December 27, 2022. At this
time, the sponsor has informed DBRS Morningstar that it was not
aware of Mortgage Loans secured by Mortgaged Properties that are
located in a FEMA disaster area that have suffered any
disaster-related damage. The transaction documents include R&W
regarding the property conditions, which state that the properties
have not been damaged by any casualty. In a sensitivity analysis,
DBRS Morningstar ran an additional scenario applying reduction of
property values in certain areas of California that may have been
impacted.

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




MORGAN STANLEY 2013-C7: DBRS Confirms C Rating on 4 Classes
-----------------------------------------------------------
DBRS, Inc. upgraded one class of Commercial Mortgage Pass-Through
Certificates, Series 2013-C7 issued by Morgan Stanley Bank of
America Merrill Lynch Trust 2013-C7 as follows:

-- Class B to AAA (sf) from AA (high) (sf)

In addition, DBRS Morningstar confirmed the remaining classes in
the transaction as follows:

-- Class X-B at A (sf)
-- Class C at A (low) (sf)
-- Class PST at A (low) (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

All trends are Stable, with the exception of Classes D through G,
which have ratings that do not typically carry trends in commercial
mortgage-backed securities (CMBS) ratings.

The upgrade for Class B, now the most senior in the transaction
waterfall, reflects the significant principal paydown of
approximately $607.6 million since DBRS Morningstar's last rating
action in November 2022. As of the January 2023 remittance, 14 of
the original 64 loans remained in the pool, representing a
collateral reduction of 85.2% since issuance.

The confirmations for the remaining classes reflect the adverse
pool concentration as five loans, representing 84.6% of the pool
balance, are in special servicing. The two largest specially
serviced loans, totaling 61.3% of the trust balance, are secured by
distressed regional malls, which are discussed below. Three loans,
representing 9.7% of the pool, are on the servicer's watchlist and
are being monitored for upcoming maturity, low debt service
coverage ratio (DSCR), and/or deferred maintenance items.

The Solomon Pond Mall loan (Prospectus ID#2, 42.1% of the pool
balance) is secured by the fee-simple interest in a regional mall
in Marlborough, Massachusetts, approximately 30 miles west of
downtown Boston. The loan, sponsored by Simon Property Group (SPG),
transferred to special servicing in May 2020 because of imminent
monetary default, and a receiver was appointed in September 2021.
SPG lists the mall as a noncore asset in its quarterly filings. The
noncollateral Sears anchor vacated in Q2 2021, bringing the mall
occupancy down to 69%, but occupancy improved to 78% as of
September 2022. The remaining anchors include Macy's and JCPenney,
both of which are noncollateral. The largest collateral tenant,
Regal Cinemas (16.8% of the net rentable area), recently signed a
five-year lease extension at a rental rate of $17.15 per square
foot (psf) or $1.2 million per year, compared with its original
rental rate of $19.88 psf or $1.3 million per year. The renewal was
executed prior to the September 2022 bankruptcy filing by Regal
Cinemas' parent company, Cineworld. The company has announced that
some leases will be rejected and those locations closed, but the
subject location has not been announced for closure to date and the
servicer has noted that the lease will be renegotiated.

Based on the most recent financials, the loan reported a DSCR of
0.94 times (x) for the trailing nine months (T-9) ended September
30, 2022, compared with the DSCR of 1.22x for the T-12 period ended
September 30, 2021, and the YE2020 DSCR of 1.68x. The servicer
reports ongoing discussions with the sponsor, but given that SPG
has deemed the mall a noncore asset, DBRS Morningstar believes it
is unlikely the sponsor is willing to inject additional equity to
resolve the outstanding defaults and/or secure a replacement loan.
Given the sharp performance decline in the last several years, the
dark Sears space, and the uncertainty surrounding Regal Cinemas,
the value of the property has likely dropped significantly from the
issuance value of $200 million. Based on a significant haircut to
the issuance value, DBRS Morningstar maintained a liquidation
scenario for this loan, with a loss severity in excess of 55%.

The Valley West Mall loan (Prospectus ID#7, 19.2% of the pool
balance) is secured by a regional mall in West Des Moines, Iowa.
The loan transferred to special servicing in August 2019, and the
special servicer filed a foreclosure action in late 2022 and a
receiver was appointed. The servicer reported occupancy as of
September 2022 at 64%; however, the largest tenant, Von Maur,
vacated the subject upon its October 2022 expiration date, implying
a physical occupancy rate of 42%. The leased rate may now be even
lower, however, as the former Younkers space was occupied by a
seasonal tenant, Spirit Halloween, as of the October 2022 rent
roll. Given the substantial decline in performance and the general
challenges in gaining meaningful leasing traction, the value of the
property has likely dropped substantially from the issuance value
of $95 million. Given these challenges, DBRS Morningstar assumed a
substantial haircut to the issuance value, with a liquidation
scenario applied that resulted in a loss severity in excess of
75%.

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




MORGAN STANLEY 2016-C31: Fitch Lowers Rating on Two Tranches to Csf
-------------------------------------------------------------------
Fitch Ratings has downgraded four classes and affirmed 10 classes
of Morgan Stanley Bank of America Merrill Lynch Trust, Commercial
Mortgage Pass-Through Certificates, series 2016-C31 (MSBAM
2016-C31). Fitch has also revised the Rating Outlooks for three
classes to Stable from Negative.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
MSBAM 2016-C31
  
   A-4 61766RAY2   LT AAAsf  Affirmed    AAAsf
   A-5 61766RAZ9   LT AAAsf  Affirmed    AAAsf
   A-S 61766RBC9   LT AA-sf  Affirmed    AA-sf
   A-SB 61766RAW6  LT AAAsf  Affirmed    AAAsf
   B 61766RBD7     LT Asf    Affirmed    Asf
   C 61766RBE5     LT BBBsf  Affirmed    BBBsf
   D 61766RAJ5     LT B-sf   Affirmed    B-sf
   E 61766RAL0     LT CCsf   Downgrade   CCCsf
   F 61766RAN6     LT Csf    Downgrade   CCsf
   X-A 61766RBA3   LT AAAsf  Affirmed    AAAsf
   X-B 61766RBB1   LT Asf    Affirmed    Asf
   X-D 61766RAA4   LT B-sf   Affirmed    B-sf
   X-E 61766RAC0   LT CCsf   Downgrade   CCCsf
   X-F 61766RAE6   LT Csf    Downgrade   CCsf

KEY RATING DRIVERS

Greater Certainty of Losses; Loss Expectations Remain High: The
downgrades reflect a greater certainty of losses on the specially
serviced loans since Fitch's last rating action. Overall pool loss
expectations remain elevated due to continued performance declines
and increased loss expectations on the larger Fitch Loans of
Concern (FLOCs), including the specially serviced loans. Fitch
identified 14 loans (35.5% of the pool) as FLOCs, four (12%) of
which are in special servicing. Fitch's current ratings incorporate
a base case loss of 9.50%.

The Negative Outlooks reflect the potential of future downgrades
should performance of the FLOCs decline further, particularly
Springhill Suites - Seattle (5.1% of the pool), Harlem USA (4.9%),
Simon Premium Outlets (4.5% of the pool) and One Stamford Forum
(4.0%).

Increasing Defeasance and Credit Enhancement (CE): The affirmations
of the remaining classes reflect sufficient CE relative to overall
pool loss expectations. The Outlook revision to Stable from
Negative for classes B, C and X-B reflect the defeasance of the
Hyatt Regency - Sarasota (5.9% of the original pool balance), which
was the largest contributor to losses at Fitch's last rating action
with an expected loss of nearly 50%. As of the February 2023
distribution date, seven loans (12.7% of the pool) have fully
defeased, up from two loans (2.2% of the pool) at the last rating
action.

The pool balance has been reduced by 14.0% to $819.5 million from
$953.2 million at issuance, including 0.68% in realized losses to
date. One loan, Shoppes at Parkland (1.8% of the prior review
balance), prepaid in full over the last 12 months. Five loans
(14.4% of the pool) are full-term interest-only (IO); 23 loans
(30.7%) are currently amortizing; and 18 loans (54.9%) are still in
their partial IO periods.

Fitch Loans of Concern: The largest contributor to losses and third
largest increase in loss since Fitch's prior rating action is the
One Stamford Forum (4.0%) loan, which is secured by a 505,471-sf
suburban office property located in Stamford, CT. The loan
transferred to special servicing in March 2019 for imminent
monetary default when Purdue Pharma, a sponsor-owned pharmaceutical
company focusing on pain medication, including OxyContin, which
uses the property as their U.S. headquarters, filed for bankruptcy
due to lawsuits related to the opioid crisis. 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.

At issuance, Purdue Pharma occupied 92% of the NRA through a direct
lease (33% of the NRA) and sublease (57.8%) from UBS, and had
executed a wraparound lease for the remainder of the building that
was planned to take effect when UBS's lease for 33% of the NRA
expired at YE 2020. However, in September 2019, Purdue Pharma filed
Chapter 11 bankruptcy and rejected the wraparound lease via
bankruptcy. They have since downsized to 126,747 sf (25%) on the
ninth floor, 10th floor and ancillary spaces. As of the December
2022 rent roll, previously existing subtenants within the Purdue
space signed direct leases at the property, resulting in an
occupancy of 52%.

According to the most recent watchlist comments, the lender is
assessing an appropriate disposition strategy. Fitch's base case
loss expectations of 57% is based on a dark value analysis,
reflecting a recovery value of $79 psf.

The next largest contributor to losses and second largest increase
in loss is the Springhill Suites - Seattle (5.1% of the pool),
which is secured by a 234-key full-service hotel located in
Seattle, WA. The loan transferred to special servicing in April
2020 due to the onset of the pandemic, but was transferred back to
the master servicer in October 2021 as a corrected mortgage.

Occupancy at the collateral has rebounded to 70.6% as of September
2022 from 61.6% at YE 2021, but remains below pre-pandemic levels
of 75.6% at YE 2019 and 83.2% at YE 2018. Despite the occupancy
rebound, the NOI DSCR has remained lower since 2019 due to lower
revenues and increased expenses. Cash flow has remained negative
since the pandemic, with YTD September 2022 NOI DSCR at -1.52x and
YE 2021 at -2.50x.

Due to the substantial performance declines in 2021 and 2022,
Fitch's analysis is based off an 11.25% cap rate off the
pre-pandemic YE 2019 NOI with a 26% stress applied. Fitch's base
case loss of 24% recognizes 75% of the potential loss for the loan,
which reflects the elevated default risks due to low DSCR however
considers the recent performance improvements and loan status
remaining current.

The next largest contributor to losses and largest increase in loss
is the Simon Premium Outlets (4.5% of the pool), which is secured
by a 782,765-sf portfolio of three outlet centers located in
tertiary markets, including Lee, MA; Gaffney, SC and Calhoun, GA.

Portfolio occupancy remains lower at 64.2% as of September 2022 and
YE 2021. Per the September 2022 rent roll, near-term 2023 lease
rollover risks include 9.8%at the Gaffney Premium Outlets, 25.4% at
the Calhoun Premium Outlets, and 11.7% at the Lee Premium Outlets.

Fitch requested an updated sales report, but did not receive one.
The most recent sales report available for the TTM May 2021
reporting period showed sales lower at $148 million compared to
190.2 million at YE 2018 and $215.9 million reported at issuance.

Due to the declining performance of the loan, Fitch's loss
expectations of 37% incorporates 25% cap rate and a 5% stress to
the YE 2021 NOI to account for upcoming rollover, tertiary markets
and overall performance declines. Fitch's analysis recognizes 75%
of the potential loss for the loan, as the loan has remained
current, however, has an elevated risk of default given the
underperformance, low occupancy, and refinance risks.

RATING SENSITIVITIES

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

- Sensitivity factors that lead to downgrades include an increase
in pool level losses from underperforming or specially serviced
loans. Downgrades of classes A-SB, A-4, A-5 and X-A are not
considered likely due to the position in the capital structure, but
may occur should interest shortfalls affect these classes;

- Downgrades of classes A-S, B, and X-B would occur should expected
losses for the pool increase substantially and/or if interest
shortfalls occur;

- A downgrade of the 'BBBsf' category would occur if overall pool
losses increase substantially, performance of the FLOCs further
deteriorates, properties impacted by the coronavirus fail to
stabilize to pre-pandemic levels and/or losses on the specially
serviced loans are higher than expected;

- A downgrade of the 'B-sf' rated class would occur should loss
expectations increase and if performance of the FLOCs further
decline, or additional loans default and/or transfer to the special
servicer;

- Further downgrades of the 'CCsf' and 'CCCsf' rated classes would
occur with increased certainty of losses or as losses are
realized.

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

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

- Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades of the 'Asf' and 'AAsf' categories would only occur with
significant improvement in CE and/or defeasance and with the
stabilization of performance on the FLOCs particularly Hyatt
Regency Sarasota, Springhill Suites-Seattle, Simon Premium Outlets
and One Stamford Forum;

- An upgrade to the 'BBBsf' category also would 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 there is likelihood for
interest shortfalls;

- An upgrade to the 'Bsf' category is not likely until the later
years in a transaction and only if the performance of the remaining
pool is stable and/or performance of the FLOCs significantly
improve including properties impacted by coronavirus returning to
pre-pandemic levels, and there is sufficient CE to the classes;

- Upgrades to the 'CCsf' and 'CCCsf' categories are unlikely absent
significant performance improvement on the FLOCs and substantially
higher recoveries than expected on the specially serviced loans.

ESG CONSIDERATIONS

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


NYT 2019-NYT: DBRS Confirms BB(high) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed the following ratings of the Commercial
Mortgage Pass-Through Certificates issued by NYT 2019-NYT Mortgage
Trust:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since issuance. The transaction is secured by the
borrower's leasehold interest on a portion of the Class A, New York
Times Building, office building in midtown Manhattan, including
floors 28 through 50, representing approximately 715,000 square
feet (sf) of office space, and 23,000 sf of ground floor retail
space. The New York Times headquarters are located on floors 2
through 27 and are not collateral for the loan. Additionally, the
collateral is subject to a ground lease through December 2100, with
an option to purchase in 2032. The loan is sponsored by Forest City
Enterprises L.P., and is owned by Brookfield Property Partners
L.P., which contributed $279.6 million of sponsor equity at loan
closing to acquire the property.

The $615 million whole loan consists of a $515 million mortgage
trust loan and $120 million of secured subordinated debt held
outside of the transaction. Additionally, there is $115 million of
unsecured mezzanine debt that is held outside of the transaction.
In November 2022, the borrower exercised its third of five 12-month
extension options for the underlying mortgage loan to December
2023, which has a floating rate, interest-only (IO) structure.
There is an interest rate cap agreement in place that caps the
spread over Libor at 3.5%.

According to the June 2022 rent roll, the property was 89.9%
occupied, down from 99.2% at YE2021. The occupancy decline was
mainly driven by the departure of Osler, Hoskin & Harcourt LLP,
which represented 8.6% of the net rentable area (NRA) with two
leases that expired in May and June 2022; however, the space was
expected to be backfilled by Datadog, Inc. (Datadog) in September
2022. Datadog is expected to backfill a significant amount of space
at the subject, including the entirety of ClearBridge Investments'
(ClearBridge) space, which currently represents 27.2% of NRA as the
tenant will not renew its lease scheduled to expire in December
2023. ClearBridge had previously subleased a portion of its space
to Datadog, which has since signed a direct lease at the property.
In addition, Datadog is expected to occupy Goodwin Procter LLP's
(Goodwin) space (8.9% of NRA) once Goodwin's lease expires in March
2023. Datadog will occupy several floors at a time with lease
commencement dates ranging between September 2022 to January 2025,
occupying approximately 45.0% of NRA by 2025, with starting rents
at about $95 per square foot (psf) and will step up to
approximately $100 psf by the second rental period. This is
generally in line with the rental rates paid by the previous
tenants that range between $90 to $100 psf.

According to Reis, Class A office buildings within a 1 mile radius
of the subject reported Q4 2022 vacancy and effective rental rates
of 10.0% and $88.55 psf, respectively, compared with the Q4 2021
vacancy and effective rental rates of 8.8% and $87.02 psf,
respectively. Other large tenants at the property include Covington
& Burling LLP (26.2% of NRA, lease expires in September 2027) and
Seyfarth Shaw LLP (17.5% of NRA, lease expires in December 2032).

Based on trailing nine months ended September 30, 2022, financials,
the loan reported an annualized net cash flow (NCF) of $49.7
million, compared with the YE2021 NCF of $46.7 million, YE2020 NCF
of $52.4 million, and the DBRS Morningstar NCF of $43.5 million.

While there has been a decline in occupancy at the property in
addition to a significant concentration of rollover risk in the
near term, this is mitigated by the meaningful leasing traction as
the borrower was able to sign direct leases with Datadog. In
addition, the subject reported an average rental rate of $91.06
psf, which is above the submarket average, showcasing the subject's
superior position given its desirable location.

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




PALMER SQUARE 2022-4: Moody's Gives Ba3 Rating to $19.5MM D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to five classes of
notes issued and one class of loans incurred by Palmer Square Loan
Funding 2022-4, Ltd. (the "Issuer" or "Palmer Square 2022-4").  

Moody's rating action is as follows:

US$300,000,000 Class A-1 Loans maturing 2031, Assigned Aaa (sf)

US$40,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Assigned Aaa (sf)

US$60,000,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Assigned Aa1 (sf)

US$23,750,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2031, Assigned A2 (sf)

US$21,750,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031, Assigned Baa3 (sf)

US$19,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2031, Assigned Ba3 (sf)

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

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.

Palmer Square 2022-4 is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. The portfolio is 100% ramped as of the
closing date.

Palmer Square Capital Management LLC (the "Servicer") may engage in
disposition of the assets on behalf of the Issuer during the life
of the transaction. Reinvestment is not permitted and all sale and
unscheduled principal proceeds received will be used to amortize
the debt in sequential order.

In addition to the Rated Debt, 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.

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: $500,013,415

Diversity Score: 78

Weighted Average Rating Factor (WARF): 2459

Weighted Average Spread (WAS): 3.31% (modeled using actual spread
vector of the portfolio)

Weighted Average Coupon (WAC): 4.52%

Weighted Average Recovery Rate (WARR): 47.67%

Weighted Average Life (WAL): 4.76 years

Methodology Underlying the Rating Action:

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

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

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


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

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

The 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

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

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



PRKCM 2023-AFC1: DBRS Gives Prov. B Rating on Class B-2 Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2023-AFC1 (the Notes) to be issued by
PRKCM 2023-AFC1 Trust (the Trust):

-- $292.8 million Class A-1 at AAA (sf)
-- $48.8 million Class A-2 at AA (high) (sf)
-- $65.2 million Class A-3 at A (high) (sf)
-- $30.3 million Class M-1 at BBB (high) (sf)
-- $23.6 million Class B-1 at BB (sf)
-- $18.4 million Class B-2 at B (sf)

The AAA (sf) rating on the Notes reflects 41.15% of credit
enhancement provided by subordinated Notes. The AA (high) (sf), A
(high) (sf), BBB (high) (sf), BB (sf), and B (sf) ratings reflect
31.35%, 18.25%, 12.15%, 7.40%, and 3.70% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, expanded prime and nonprime first-lien residential
mortgages funded by the issuance of the Mortgage-Backed Notes,
Series 2023-AFC1 (the Notes). The Notes are backed by 1,004
mortgage loans with a total principal balance of $497,493,256 as of
the Cut-Off Date (February 1, 2023).

AmWest Funding Corp. (AmWest) is the Originator and Servicer for
the mortgage pool. DBRS Morningstar conducted a telephone review of
AmWest's origination and servicing platforms and believes the
company is an acceptable mortgage loan originator and servicer.

This is the fifth securitization by the Sponsor, Park Capital
Management Sponsor LLC, an affiliate of the Seller, the Originator,
and the Servicer, which are the same entity.

The pool is about four months seasoned on a weighted-average basis,
although seasoning may span from one month to 39 months. All loans
in the pool are current as of the Cut-Off Date.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's (CFPB) Qualified Mortgage (QM) and
Ability-to-Repay (ATR) rules where applicable, they were made to
borrowers who generally do not qualify for agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, approximately 47.0% of the
loans are designated as non-QM.

Approximately 52.7% of the loans are made to investors for business
purposes and, hence, are not subject to the QM/ATR rules. The
mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on the
property-level cash flows for approximately 31.2% of the loans, and
mortgagor's credit profile and debt-to-income ratio, property
value, and the available assets, where applicable, for
approximately 21.4% of the loans. Since the loans were made to
investors for business purposes, they are exempt from the CFPB ATR
rules and TILA/RESPA Integrated Disclosure rule.

For investor loans originated to investors under debt service
coverage ratio (DSCR) programs (31.2% of the pool), lenders use
property-level cash flow or the DSCR to qualify borrowers for
income. The DSCR is typically calculated as market rental value
(validated by an appraisal report) divided by the principal,
interest, taxes, insurance, and association dues (PITIA).

Also, approximately 16.1% of the pool comprises residential
investor loans underwritten to the property-focused underwriting
guidelines. The loans were underwritten to program guidelines for
business-purpose loans where the lender generally expects the
property (or its value) and the borrower assets to be the primary
source of repayment. The lender reviews the mortgagor's credit
profile, though it does not rely on the borrower's income to make
its credit decision.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until loans become 180 days delinquent
or are otherwise deemed unrecoverable. Additionally, the Servicer
is obligated to make advances with respect to taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties (Servicing Advances). If the Servicer
fails in its obligation to make P&I advances, the Master Servicer
(Nationstar Mortgage LLC) will be obligated to fund such advances.
In addition, if the Master Servicer fails in its obligation to make
P&I advances, Citibank, N.A. (rated AA (low) with a Stable trend by
DBRS Morningstar) as the Paying Agent, will be obligated to fund
such advances. The Master Servicer and Paying Agent are responsible
only for P&I Advances; the Servicer is responsible for P&I Advances
and Servicing Advances.

The Sponsor, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of the Class B-3 Notes, and Class XS Notes,
collectively representing at least 5% of the fair value of the
Notes, to satisfy the credit risk-retention requirements under
Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

On any date on or after the earlier of (1) the payment date
occurring in February 2026 or (2) on or after the payment date when
the aggregate stated principal balance of the mortgage loans is
reduced to less than or equal to 20% of the Cut-Off Date balance,
the Sponsor may terminate the Issuer (Optional Termination) by
purchasing the loans, any real estate owned (REO) properties, and
any other property remaining in the Issuer at the optional
termination price, specified in the transaction documents. After
such a purchase, the Sponsor will have to complete 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 Controlling Holder in the transaction is a majority holder (or
majority holders if there is no single majority holder) of the
outstanding Class XS Notes, initially, the Seller. The Controlling
Holder will have the option, but not the obligation, to repurchase
any mortgage loan that becomes 90 or more days delinquent under the
Mortgage Banker Association (MBA) Method (or in the case of any
mortgage loan that has been subject to a forbearance plan related
to the impact of the Coronavirus Disease (COVID-19) pandemic, on
any date from and after the date on which such loan becomes 90 or
more days delinquent under the MBA Method from the end of the
forbearance period) at the repurchase price (par plus interest),
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal payment among the Class A-1, A-2, and A-3 Notes
(senior classes of Notes) subject to certain performance triggers
related to cumulative losses or delinquencies exceeding a specified
threshold (Credit Event). Also, principal proceeds can be used to
cover interest shortfalls on the senior classes of Notes (IIPP)
before being applied sequentially to amortize the balances of the
Notes. For the Class A-3 Notes (only after a Credit Event) and for
the mezzanine and subordinate classes of notes, principal proceeds
can be used to cover interest shortfalls after the more senior
tranches are paid in full. Also, the excess spread can be used to
cover realized losses first before being allocated to unpaid Cap
Carryover Amounts due to Class A-1 down to Class A-3 Notes. Of
note, the interest and principal otherwise available to pay the
Class B-3 Notes interest and interest shortfalls may be used to pay
the Class A coupons' Cap Carryover Amounts on any payment date.

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




PRKCM 2023-AFC1: S&P Assigns B (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to PRKCM 2023-AFC1 Trust's
mortgage pass-through 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.

S&P said, "After we assigned preliminary ratings on Feb. 23, 2023,
the bond sizes were changed for classes A-3, M-1, B-1, B-2 and B-3;
however, there was no change to the overall pool balance. This
resulted in higher available credit support for classes A-3, B-1,
and B-2. After analyzing the updated bond structure and final bond
coupons, we assigned final ratings that are unchanged from the
preliminary ratings we 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, 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 2022: 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%)."

  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, $64,922,000: A (sf)
  Class M-1, $30,596,000: BBB (sf)
  Class B-1, $23,383,000: BB (sf)
  Class B-2, $18,407,000: B (sf)
  Class B-3, $18,656,255: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The 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.



RAD CLO 18: Fitch Assigns Final BB- Rating on Class E Notes
-----------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to RAD
CLO 18, Ltd.

   Entity/Debt         Rating        
   -----------         ------        
RAD CLO 18, Ltd.

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

TRANSACTION SUMMARY

RAD CLO 18, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $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 24.84, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.75. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.88% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.64% versus a
minimum covenant, in accordance with the initial expected matrix
point of 75.1%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% 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 5.1-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 and matrices
analysis is 12 months less than the WAL covenant to account for
structural and reinvestment conditions after the reinvestment
period. Fitch believes 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 'BBB+sf' and 'AA+sf' for class A-1, between
'BBBsf' and 'AA+sf' for class A-2, 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, 'A+sf' for
class D; and 'BBB+sf' for class E. Class A-1 and A-2 notes are
already in the highest rating category.

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.


READY CAPITAL 2019-FL3: DBRS Confirms BB(low) Rating on E Notes
---------------------------------------------------------------
DBRS, Inc. downgraded its rating on one class of Commercial
Mortgage-Backed Notes, Series 2019-FL3 issued by Ready Capital
Mortgage Financing 2019-FL3 as follows:

-- Class F to CCC (sf) from B (low) (sf)

DBRS Morningstar also confirmed its ratings on the remaining
classes as follows:

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

In addition, DBRS Morningstar changed the trend on Class E to
Negative from Stable while the trends on Classes B, C, and D remain
Stable. Class F has a rating that does not carry a trend. In
conjunction with this press release, DBRS Morningstar has published
a Surveillance Performance Update report with in-depth analysis and
credit metrics for the transaction and with business plan updates
on select loans.

The rating downgrade on Class F reflects projected credit support
erosion to bond as a result of resolutions to select specially
serviced loans in the transaction. As of January 2023 reporting,
four loans, representing 85.1% of the current trust balance, are
delinquent and in special serving, and DBRS Morningstar expects two
of the loans to be resolved with realized losses to the trust. The
trend change on Class E similarly reflects the increased stress to
the bond as a result of the specially serviced loan concentration
as well as the concern that outstanding interest shortfalls to the
bond may increase as delinquent loans persist in the transaction.
As of January 2023 reporting, Class E had outstanding interest
shortfalls of $141,072, while Class F had outstanding interest
shortfalls of $105,248.

The transaction closed in April 2019 with an initial collateral
pool of 43 floating-rate mortgage loans secured by 44 transitional
real estate properties, totaling approximately $320.8 million,
excluding approximately $101.3 million of future funding
commitments. Most loans were in a period of transition with plans
to stabilize and improve asset value. The transaction is static and
did not include a ramp-up acquisition period or Reinvestment
Period.

As of the January 2023 remittance, the pool comprises six loans
secured by six properties with a cumulative trust balance of $114.8
million. Since issuance, 37 loans with a former cumulative trust
balance of $252.1 million have been successfully repaid from the
pool, resulting in a collateral reduction of 65.0%. In general, the
borrowers for the remaining loans have to date been unable to
execute the stated business plans at issuance as four loans,
representing 85.1% of the current pool balance, are in special
servicing and delinquent while the remaining two loans are on the
servicer's watchlist.

Of the remaining loan collateral, two loans, representing 53.3% of
the current pool balance, are secured by mixed-use properties; two
loans, representing 29.4% of the current pool balance, are secured
by office properties; and two loans, representing 17.3% of the
current pool balance, are secured by multifamily properties. The
remaining collateral is also predominantly located in urban
markets, which DBRS Morningstar defines as having Market Rank of 6,
7, or 8. These properties secure four loans representing 61.5% of
the current pool balance; however, three of these loans (56.8% of
the current pool balance) are currently in special servicing. While
loan resolution strategies are ongoing, the traditional higher
investor demand and liquidity may be a risk mitigant for these
defaulted loans.

Given the elevated concentration of loan delinquencies and updated
appraised property valuations from closing, leverage across the
transaction is elevated as the weighted-average (WA) appraised
as-is loan-to-value ratio (LTV) is 97.7%, up from 70.4% at
issuance. Similarly, the WA appraised stabilized LTV is 70.5%, up
from 61.3% at issuance.

Through January 2023, the collateral manager had advanced $45.9
million in loan future funding to the remaining six individual
borrowers to aid in property stabilization efforts. Only $1.8
million of unadvanced loan future funding proceeds allocated to the
borrower of the Capitol Center loan remains outstanding. The loan
is secured by an office property in downtown Denver, Colorado, with
the remaining funds allocated for leasing costs; however, the loan
is in special servicing after the borrower did not repay the loan
at maturity in December 2022. According to the servicer, the
borrower is also entertaining the idea of converting the property
to multifamily use. As such, DBRS Morningstar is uncertain as to
whether the remaining funds would be available to the borrower
given the significant change in the business plan combined with the
maturity default.

The largest loan in special servicing, Mural Park (Prospectus ID#8;
28.3% of the current trust balance), is secured by two redeveloped
mixed-use buildings (office and retail) in the Pilsen neighborhood
on the southwest side of Chicago. The loan transferred to special
serving in May 2022 after the borrower was unable to close a loan
with a new lender, which would have refinanced the subject debt in
full. The loan remains outstanding for the January 2022 debt
service payment, with total advances outstanding of $3.1 million.
The property was re-appraised in June 2022 with an in-place
valuation of $34.9 million, equating to a current total
loan-exposure-to-value ratio of 101.8%. At this time, there is no
projected resolution date for the loan; however, the servicer is
dual tracking foreclosure and a workout with the borrower
strategies. The June 2022 appraisal also provided a projected
stabilized value of $49.3 million by July 2025; however, DBRS
Morningstar notes the heightened execution risk for the sponsor as
it has been unable to stabilize the property to date and has no
available future funding dollars to execute additional new leases.
DBRS Morningstar liquidated the loan from the trust in its most
recent analysis, resulting in a loss severity approaching 20.0%.

The second-largest loan in special servicing, 158 Lafayette
(Prospectus ID#4; 25.0% of the current trust balance), is secured
by a six-story, mixed-use (office with ground floor retail)
building in the Soho neighborhood of Lower Manhattan. The loan
transferred to special servicing in May 2021 because of delinquent
payments; however, the borrower had a history of late payment
issues with an initial forbearance executed in July 2020. The loan
remains pending for the November 2020 payment, and according to a
January 2023 update from the servicer, it is pursuing a foreclosure
resolution strategy, which was filed in February 2022 and is
expected to be granted in Q2 2023. The property was last
re-appraised in November 2021 with an in-place valuation of $19.0
million, equating to a current total loan exposure ratio of 169.5%.
DBRS Morningstar liquidated the loan from the trust in its most
recent analysis, resulting in a loss severity approaching 60.0%.

The remaining two loans are on the servicer's watchlist, the
largest of which, ArrowPoint II & III (Prospectus ID#12; 10.3% of
the current pool balance), is secured by an office property in
Charlotte, North Carolina. The loan was flagged for its upcoming
January 2023 maturity date. According to the servicer, the borrower
and lender have agreed to terms to allow the borrower to exercise
the second, and final, one-year loan extension option to January
2024. Terms have not been made public but are expected to include a
curtailment of the loan, deposits into the debt service shortfalls
and leasing costs reserves, and the purchase of a 12-month interest
rate cap agreement on the floating-rate loan.

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



RR 25: Fitch Gives 'BBsf' Rating on Cl. D Notes, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to RR 25
LTD.

   Entity/Debt       Rating                    Prior
   -----------       ------                    -----
RR 25 LTD

   A-1            LT NRsf   New Rating     NR(EXP)sf
   A-2            LT AAsf   New Rating     AA(EXP)sf
   B-1            LT A+sf   New Rating     A+(EXP)sf
   B-2            LT Asf    New Rating      A(EXP)sf
   C-1            LT BBBsf  New Rating     BBB(EXP)sf
   C-2            LT BBB-sf New Rating     BBB-(EXP)sf
   D              LT BBsf   New Rating     BB(EXP)sf
   E              LT NRsf   New Rating     NR(EXP)sf
   Subordinated   LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

RR 25 LTD (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Redding Ridge Asset
Management LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $500 million of primarily first lien senior secured
leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 24.86, which is in line with that of recent
CLOs. Issuers rated in the 'B'/'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
100% first-lien senior secured loans and has a weighted average
recovery assumption of 75.45%. 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% 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 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 A-2, between 'B+sf'
and 'BBB+sf' for class B-1, between 'B+sf' and 'BBB+sf' for class
B-2, between less than 'B-sf' and 'BB+sf' for class C-1, between
less than 'B-sf' and 'BB+sf' for class C-2; and between less than
'B-sf' and 'B+sf' for class D.

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 A-2, 'A+sf' for class B-1, 'A+sf'
for class B-2, 'A+sf' for class C-1, 'A-sf' for class C-2; and
'BBB+sf' for class D.

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.


RR 25: Moody's Assigns B3 Rating to $500,000 Class E Notes
----------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by RR 25 LTD (the "Issuer" or "RR 25").

Moody's rating action is as follows:

US$320,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

US$500,000 Class E Secured Deferrable Floating Rate Notes due 2036,
Definitive Rating Assigned B3 (sf)

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

RATINGS RATIONALE

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

RR 25 is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 92.5% of the portfolio must consist of
senior secured loans and eligible investments, and up to 7.5% of
the portfolio may consist of second lien loans, unsecured loans and
permitted non-loan assets. Moody's expect the portfolio to be
approximately 95% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued six 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: 50

Weighted Average Rating Factor (WARF): 3215

Weighted Average Spread (WAS): SOFR + 3.45%

Weighted Average Coupon (WAC): 7.0%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 7.1 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.


SEQUOIA MORTGAGE 2023-2: Fitch Gives BB-(EXP) Rating on B4 Certs
----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed
certificates issued by Sequoia Mortgage Trust 2023-2 (SEMT
2023-2).

   Entity/Debt       Rating        
   -----------       ------        
SEMT 2023-2

   A1            LT AAA(EXP)sf  Expected Rating
   A10           LT AAA(EXP)sf  Expected Rating
   A11           LT AAA(EXP)sf  Expected Rating
   A12           LT AAA(EXP)sf  Expected Rating
   A13           LT AAA(EXP)sf  Expected Rating
   A14           LT AAA(EXP)sf  Expected Rating
   A15           LT AAA(EXP)sf  Expected Rating
   A16           LT AAA(EXP)sf  Expected Rating
   A17           LT AAA(EXP)sf  Expected Rating
   A18           LT AAA(EXP)sf  Expected Rating
   A19           LT AAA(EXP)sf  Expected Rating
   A2            LT AAA(EXP)sf  Expected Rating
   A20           LT AAA(EXP)sf  Expected Rating
   A21           LT AAA(EXP)sf  Expected Rating
   A22           LT AAA(EXP)sf  Expected Rating
   A23           LT AAA(EXP)sf  Expected Rating
   A24           LT AAA(EXP)sf  Expected Rating
   A25           LT AAA(EXP)sf  Expected Rating
   A3            LT AAA(EXP)sf  Expected Rating
   A4            LT AAA(EXP)sf  Expected Rating
   A5            LT AAA(EXP)sf  Expected Rating
   A6            LT AAA(EXP)sf  Expected Rating
   A7            LT AAA(EXP)sf  Expected Rating
   A8            LT AAA(EXP)sf  Expected Rating
   A9            LT AAA(EXP)sf  Expected Rating
   AIO1          LT AAA(EXP)sf  Expected Rating
   AIO10         LT AAA(EXP)sf  Expected Rating
   AIO11         LT AAA(EXP)sf  Expected Rating
   AIO12         LT AAA(EXP)sf  Expected Rating
   AIO13         LT AAA(EXP)sf  Expected Rating
   AIO14         LT AAA(EXP)sf  Expected Rating
   AIO15         LT AAA(EXP)sf  Expected Rating
   AIO16         LT AAA(EXP)sf  Expected Rating
   AIO17         LT AAA(EXP)sf  Expected Rating
   AIO18         LT AAA(EXP)sf  Expected Rating
   AIO19         LT AAA(EXP)sf  Expected Rating
   AIO2          LT AAA(EXP)sf  Expected Rating
   AIO20         LT AAA(EXP)sf  Expected Rating
   AIO21         LT AAA(EXP)sf  Expected Rating
   AIO22         LT AAA(EXP)sf  Expected Rating
   AIO23         LT AAA(EXP)sf  Expected Rating
   AIO24         LT AAA(EXP)sf  Expected Rating
   AIO25         LT AAA(EXP)sf  Expected Rating
   AIO26         LT AAA(EXP)sf  Expected Rating
   AIO3          LT AAA(EXP)sf  Expected Rating
   AIO4          LT AAA(EXP)sf  Expected Rating
   AIO5          LT AAA(EXP)sf  Expected Rating
   AIO6          LT AAA(EXP)sf  Expected Rating
   AIO7          LT AAA(EXP)sf  Expected Rating
   AIO8          LT AAA(EXP)sf  Expected Rating
   AIO9          LT AAA(EXP)sf  Expected Rating
   AIOS          LT NR(EXP)sf   Expected Rating
   B1            LT AA-(EXP)sf  Expected Rating
   B2            LT A-(EXP)sf   Expected Rating
   B3            LT BBB-(EXP)sf Expected Rating
   B4            LT BB-(EXP)sf  Expected Rating
   B5            LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
issued by Sequoia Mortgage Trust 2023-2 (SEMT 2023-2) as indicated
above. The certificates are supported by 351 loans with a total
balance of approximately $325 million as of the cutoff date. The
pool consists of prime jumbo fixed-rate mortgages and two adjusted
rate mortgages acquired by Redwood Residential Acquisition Corp.
(Redwood) from various mortgage originators. Distributions of P&I
and loss allocations are based on a senior-subordinate,
shifting-interest structure.

KEY RATING DRIVERS

High-Quality Mortgage Pool (Positive): The collateral consists of
351 loans totaling approximately $325 million and seasoned
approximately 11 months in aggregate. The borrowers have a strong
credit profile (756 FICO and 37.2% debt to income ratio [DTI]) and
moderate leverage (76.7% sustainable loan to value ratio [sLTV] and
68.7% mark-to-market combined LTV ratio [cLTV]). However, the
underlying collateral attributes are weaker than those of recently
issued SEMT transactions.

This pool includes adjustable-rate mortgages (two loans); borrowers
with prior delinquencies (three loans); borrowers with lower
average FICOs (down nine points from 2023-1); and borrowers with
higher DTIs (only 0.4% above the previous transaction's but 4.1%
higher than in 2022-1). Overall, the pool consists of 94.7% of
loans where the borrower maintains a primary residence, while 5.3%
are of a second home; 75.2% of the loans were originated through a
retail channel. Additionally, 94.0% are designated as qualified
mortgage (QM) loans and 4.6% are designated as QM rebuttable
assumption, while the QM rule did not apply to the remaining 1.4%
of loans.

Updated Sustainable Home Prices (Negative): Due to Fitch Ratings'
updated view on sustainable home prices, we view the home price
values of this pool as 10.0% above a long-term sustainable level
(versus 10.5% on a national level as of January 2023, down 1.7%
since last quarter). Underlying fundamentals are not keeping pace
with the growth in prices. As of December 2022, S&P Corelogic
Case-Shiller Index reported an annual gain of 5.8% nationally, down
from 7.6% the previous month, marking sixth consecutive month of
declining home prices.

Shifting-Interest Structure (Negative): 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.

Interest Reduction Risk (Negative): The transaction incorporates a
structural feature most commonly used by Redwood's program for
loans more than 120 days delinquent (a stop-advance loan). Unpaid
interest on stop-advance loans reduces the amount of interest that
is contractually due to bondholders in reverse-sequential order.
While this feature helps to limit cash flow leakage to subordinate
bonds, it can result in interest reductions to rated bonds in high
delinquency scenarios.

Due to weaker collateral, Fitch's probability of default
expectations is higher compared to previous transactions. This
resulted in a higher delinquency (DQ) curve. A higher DQ curve
assumes greater percentage of stop-advance loans resulting in
interest reductions. Due to the larger interest reductions, the
structure requires higher CE for a given rating level.

RATING SENSITIVITIES

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

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

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

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

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

This defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
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 in its analysis on an independent third-party due
diligence review performed on about 93.4% of the pool. The
third-party due diligence was consistent with Fitch's "U.S. RMBS
Rating Criteria." AMC, Clayton and Canopy 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 of the presale report for further details.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5-designated website. Fitch received
loan-level information based on the American Securitization Forum's
(ASF) data layout format, and the data are considered
comprehensive. The ASF data tape layout was established with input
from various industry participants, including rating agencies,
issuers, originators, investors and others, to produce an industry
standard for the pool-level data in support of the U.S. RMBS
securitization market. The data contained in the ASF layout data
tape were reviewed by the due diligence companies, and no material
discrepancies were noted.

ESG CONSIDERATIONS

SEMT 2023-2 has an ESG Relevance Score of '4' [+] for Transaction
Parties & Operational Risk. Operational risk is well controlled for
in SEMT 2023-2 and includes strong R&W and transaction due
diligence as well as a strong aggregator, which resulted in a
reduction in expected losses. This 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.


TCW CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to TCW CLO 2023-1 Ltd./TCW
CLO 2023-1 LLC's fixed- and floating-rate debt.

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

  TCW CLO 2023-1 Ltd./TCW CLO 2023-1 LLC

  Class A-1N, $186.00 million: AAA (sf)
  Class A-1L, $35.00 million: AAA (sf)
  Class A-1F, $25.00 million: AAA (sf)
  Class A-2, $10.00 million: AAA (sf)
  Class B-1, $29.50 million: AA (sf)
  Class B-F, $18.50 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $10.00 million: BB- (sf)
  Subordinated notes, $37.70 million: Not rated



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

   Entity/Debt       Rating                   Prior
   -----------       ------                   -----
Towd Point HE
Trust 2023-1

   A1            LT AAAsf  New Rating    AAA(EXP)sf
   A2            LT AA-sf  New Rating    AA-(EXP)sf
   M1            LT A-sf   New Rating     A-(EXP)sf
   M2            LT BBB-sf New Rating   BBB-(EXP)sf
   B1            LT BB-sf  New Rating    BB-(EXP)sf
   B2            LT B-sf   New Rating    B-(EXP)sf
   B3            LT NRsf   New Rating    NR(EXP)sf
   B4            LT NRsf   New Rating    NR(EXP)sf
   B5            LT NRsf   New Rating    NR(EXP)sf
   A3            LT AA-sf  New Rating    AA-(EXP)sf
   A4            LT AA-sf  New Rating    AA-(EXP)sf
   A1A           LT AAAsf  New Rating    AAA(EXP)sf
   A1AX          LT AAAsf  New Rating    AAA(EXP)sf
   A1B           LT AAAsf  New Rating    AAA(EXP)sf
   A1BX          LT AAAsf  New Rating    AAA(EXP)sf
   A1C           LT AAAsf  New Rating    AAA(EXP)sf
   A1CX          LT AAAsf  New Rating    AAA(EXP)sf
   A1D           LT AAAsf  New Rating    AAA(EXP)sf
   A1DX          LT AAAsf  New Rating    AAA(EXP)sf
   A2A           LT AA-sf  New Rating    AA-(EXP)sf
   A2AX          LT AA-sf  New Rating    AA-(EXP)sf
   A2B           LT AA-sf  New Rating    AA-(EXP)sf
   A2BX          LT AA-sf  New Rating    AA-(EXP)sf
   A2C           LT AA-sf  New Rating    AA-(EXP)sf
   A2CX          LT AA-sf  New Rating    AA-(EXP)sf
   A2D           LT AA-sf  New Rating    AA-(EXP)sf
   A2DX          LT AA-sf  New Rating    AA-(EXP)sf  
   M1A           LT A-sf   New Rating     A-(EXP)sf
   M1AX          LT A-sf   New Rating     A-(EXP)sf
   M1B           LT A-sf   New Rating     A-(EXP)sf
   M1BX          LT A-sf   New Rating     A-(EXP)sf
   M1C           LT A-sf   New Rating     A-(EXP)sf
   M1CX          LT A-sf   New Rating     A-(EXP)sf
   M1D           LT A-sf   New Rating     A-(EXP)sf
   M1DX          LT A-sf   New Rating     A-(EXP)sf
   M2A           LT BBB-sf New Rating   BBB-(EXP)sf
   M2AX          LT BBB-sf New Rating   BBB-(EXP)sf
   M2B           LT BBB-sf New Rating   BBB-(EXP)sf
   M2BX          LT BBB-sf New Rating   BBB-(EXP)sf
   M2C           LT BBB-sf New Rating   BBB-(EXP)sf
   M2CX          LT BBB-sf New Rating   BBB-(EXP)sf
   M2D           LT BBB-sf New Rating   BBB-(EXP)sf
   M2DX          LT BBB-sf New Rating   BBB-(EXP)sf
   B1A           LT BB-sf  New Rating    BB-(EXP)sf
   B1AX          LT BB-sf  New Rating    BB-(EXP)sf
   B1B           LT BB-sf  New Rating    BB-(EXP)sf
   B1BX          LT BB-sf  New Rating    BB-(EXP)sf
   B1C           LT BB-sf  New Rating    BB-(EXP)sf
   B1CX          LT BB-sf  New Rating    BB-(EXP)sf
   B1D           LT BB-sf  New Rating    BB-(EXP)sf
   B1DX          LT BB-sf  New Rating    BB-(EXP)sf
   XA            LT NRsf   New Rating     NR(EXP)sf
   XA2           LT NRsf   New Rating     NR(EXP)sf
   XS1           LT NRsf   New Rating     NR(EXP)sf
   XS2           LT NRsf   New Rating     NR(EXP)sf
   XS3           LT NRsf   New Rating     NR(EXP)sf
   X             LT NRsf   New Rating     NR(EXP)sf
   D             LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

The bond sizes in this rating action commentary reflect the final,
closing bond sizes. The remainder of the commentary reflects the
data as of the statistical calculation date.

Fitch has rated the residential mortgage-backed notes issued by
Towd Point HE Trust 2023-1 (TPHT 2023-1), as indicated. 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'.

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.


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

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction since issuance. The collateral consists of the
borrower's fee and leasehold interest in a 576,921-square-foot (sf)
mixed-use office and retail development in the heart of Mountain
View, California, which is part of Silicon Valley. The property was
built in 2017 and consists of 456,760 sf (79.2% of the net rentable
area (NRA)) of Class A office space and 120,161 sf (20.8% of the
NRA) of ground/second-floor retail space. There is also a
nine-story parking garage. The property benefits from being located
within the highly developed and affluent Mountain View submarket,
which has relatively high barriers to entry.

Senior mortgage loan proceeds of $506.6 million along with $139.2
million of borrower equity were used to purchase the property at a
cost of $603.0 million and fund $4.8 million of upfront reserves to
cover outstanding leasing and gap rent shortfalls and cover closing
costs. The loan is structured with a two-year initial term ending
April 2023 and three 12-month extension options that are
exercisable subject to certain criteria set forth in the initial
loan agreement. The servicer has confirmed that the first of three
extension options has been exercised commencing April 2023. The
floating-rate loan is interest only (IO) through the fully extended
loan term. However, commencing after the fully extended anticipated
repayment date in April 2026, the loan is scheduled to
hyper-amortize until the balance is repaid in full, subject to a
final maturity date in July 2029.

The sponsor is Brookfield Strategic Real Estate Partners III GP
L.P., which is a global private real estate fund managed by
Brookfield Asset Management Inc., an alternative asset manager and
one of the largest owners and managers of office properties. As of
September 2022, the property was 22.0% occupied but 93.1% leased to
three tenants, with an average rental rate of $78 per square foot
(psf). According to Reis, comparable properties within a two-mile
radius of the property reported average rental and vacancy rates of
$76 psf and 10.0%, respectively.

The collateral's office component was originally 100.0% leased by
LinkedIn but, following Microsoft's acquisition of LinkedIn in
2016, Microsoft assigned the LinkedIn lease to WeWork and provided
a guaranty on the assigned lease that extends through July 2029.
WeWork, in turn, subleased the office space to Meta, which took
occupancy prior to the Coronavirus Disease (COVID-19) pandemic;
however, Meta has since exercised the opt-out clause from its
sublease agreement and vacated the space, according to an article
published by The Real Deal in November 2022. WeWork is currently
working with Jones Lang LaSalle Inc. to market the space after
Meta's departure. As noted, Microsoft is subject to an absolute and
unconditional guarantee of the payment and performance of WeWork's
covenants, obligations, liabilities, and duties that arise in
relation to the leased space through July 2029.

The collateral's retail component was 69.6% occupied according to
the September 2022 rent roll, consistent from issuance, anchored by
Showplace Icon Theatre (8.8% of the NRA). The tenant reported
strong sales at the property prior to the pandemic and has shown
its commitment to the space through significant capital investment,
as well as the recent execution of a lease amendment that extended
the lease through October 2040.

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




WELLS FARGO 2012-CCRE2: Fitch Lowers Rating on Cl. G Certs to Csf
-----------------------------------------------------------------
Fitch Ratings has downgraded three classes of German American
Capital Corp.'s Wells Fargo Commercial Mortgage Trust, commercial
mortgage pass-through certificates, series 2012-CCRE2 (COMM
2012-CCRE2). The Rating Outlook for the affirmed class D has been
revised to Negative from Stable.

   Entity/Debt        Rating            Prior
   -----------        ------            -----
COMM 2012-CCRE2

   D 12624KAW6    LT BBB+sf Affirmed   BBB+sf
   E 12624KAY2    LT Bsf    Downgrade   BB-sf
   F 12624KBA3    LT CCsf   Downgrade   CCCsf
   G 12624KBC9    LT Csf    Downgrade    CCsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades of classes E, F, and G
reflect the high loss expectations on the Crossgates Mall and
Chicago Ridge Mall loans, which comprise 93.5% of the pool. Both
loans are secured by regional malls that have suffered sustained
declines in occupancy and cash flow, since issuance. Both
Crossgates Mall and Chicago Ridge Mall have upcoming maturities in
May 2023 and July 2023, respectively, with anticipated refinance
challenges. The Negative Outlooks on classes D and E reflect the
potential for future downgrades with further performance
deterioration of Crossgates Mall or a prolonged workout of the
Chicago Ridge Mall loan.

Alternative Loss Considerations; Significant Pool Concentration:
Only three loans remain, two of which are in special servicing
(46.7% of the pool). Due to the concentrated nature of the pool,
Fitch performed a sensitivity and liquidation analysis, which
grouped the remaining loans based on their perceived likelihood of
repayment and/or loss expectation. Fitch assumed the two specially
serviced loans, one of which is the Crossgates Mall, as the last
remaining assets in the pool; classes F and below are reliant on
the specially serviced assets. This scenario, along with greater
certainty of higher losses, contributed to the downgrades and
Negative Outlooks. Class D would be reliant on the Chicago Ridge
mall loan, which is currently a performing loan. However, the
Negative Outlook for class D reflects the potential for a downgrade
should the Chicago Ridge loan return to the special servicer.

Regional Mall Loans: The largest contributor to overall loss
expectations is the Crossgates Mall loan (40.2% of the pool), which
is secured by a 1.3 million sf portion of a 1.7 million sf regional
mall located in Albany, NY. The mall is anchored by JCPenney, Regal
Cinemas 18, Dick's Sporting Goods, Burlington Coat Factory and a
non-collateral Macy's. Other large tenants include Forever 21, Apex
Entertainment and Best Buy. A non-collateral Lord & Taylor closed
at the end of 2020.

The loan is considered a Fitch Loan of Concern (FLOC) due to
performance declines and upcoming refinance concerns. The loan
transferred to special servicing as of February 2023 due to the
loan's upcoming extended maturity date in May 2023. According to
the servicer, borrower discussions will be commencing in the near
term. The loan is sponsored by Pyramid Management Group.

Collateral occupancy, excluding specialty long-term tenants, was
83.9% as of July 2022, compared with 85.4% as of December 2021, and
86.3% in December 2020. When including specialty long-term tenants,
occupancy was 94.1%. The most recently available in-line tenant
sales provided to Fitch for tenants occupying less than 10,000 sf
were $430 psf, excluding Apple for the TTM February 2020 period,
compared with $416 psf for TTM November 2019 and $413 psf in 2018.

Fitch's loss expectation is over 50%, which is based on a 20% cap
rate and 5% stress to the YE 2022 NOI.

The second largest contributor to overall loss expectations is the
Chicago Ridge Mall (53.3% of the pool), which is collateralized by
an 867,955-sf (568,915 sf owned) single-level regional mall located
in Chicago Ridge, IL. The loan is also considered a FLOC due to
occupancy declines and upcoming refinance concerns.

Collateral occupancy declined to 74% as of September 2022 compared
with 80% as of September 2021. YE 2021 NOI increased 19% from YE
2020 due to higher rental revenue compared to pandemic lows during
2020. The loan was returned to the master servicer in October 2022
following a loan modification and extension. The loan previously
transferred to special servicing in March 2022 for imminent
maturity default as the loan had an original maturity date in July
2022. According to the servicer, the loan's extended maturity date
is in July 2023 and the borrower has not indicated its plan upon
loan maturity.

The largest tenants include a non-collateral Kohl's anchor, Dick's
Sporting Goods (9.1%; January 2032), Bed Bath & Beyond (7.2%;
January 2026), AMC (5.7%; January 2027), H&M (4.3%; January 2026),
Michaels (3.7%; February 2024) and Aldi (3.4%; May 2026). Bed Bath
& Beyond and AMC renewed their leases for five years and Old Navy
(2.6%) renewed its lease for three years through January 2026.

As of the September 2022 rent roll, upcoming lease rollover
includes 6.4% of the collateral NRA in 2023 and 7.2% in 2024. With
the exception of Michael's (3.7% of NRA expiring in February 2024),
no single collateral tenant scheduled to roll through YE 2024
represents greater than 2% of the NRA.

According to the TTM September 2022 tenant sales report, in-line
sales for tenants occupying less than 10,000 sf were $312 psf.
Comparatively, in-line sales for tenants occupying less than 10,000
sf and excluding food court and restaurant tenants were $387 psf
for the TTM September 2020 period, compared with $492 psf for TTM
September 2019, $487 psf at YE 2018, $490 psf at YE 2017, $509 psf
for TTM March 2017 and $422 psf for TTM February 2012 reported at
the time of issuance.

Fitch's base case loss of 37.2% is based on a 15% cap rate and 15%
haircut to the YE 2021 NOI.

Improved Credit Enhancement: While credit enhancement has improved
since Fitch's last rating action from multiple loan payoffs, this
was offset by higher loss expectations on the regional mall loans.
As of the February 2023 distribution date, the pool's aggregate
principal balance has been reduced by 88.9% to $146.2 million from
$1.3 billion at issuance. There are cumulative interest shortfalls
of $213,520 that are currently contained to the non-rated class H.

RATING SENSITIVITIES

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

Factors that lead to downgrades include an increase in pool level
losses from specially serviced loans. Downgrade to class D are
possible should expected losses for the pool increase significantly
and/or the Chicago Ridge Mall transfers to special servicing.
Downgrades to class E are possible with further performance
deterioration of Crossgates Mall or a prolonged payoff of the
Chicago Ridge Mall loan. Downgrades to the distressed classes will
occur as losses are realized or with a greater certainty of
losses.

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

Upgrades are not currently expected given the pool's exposure to
regional malls and the outlook for retail performance. Factors that
lead to upgrades would include significantly improved performance
coupled with pay down and/or defeasance. Classes D and E would only
be upgraded should one or more of the regional malls pay in full or
are resolved with significantly greater than expected recoveries.
Upgrades to the distressed classes are not likely.

ESG CONSIDERATIONS

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


WELLS FARGO 2013-LC12: Moody's Lowers Rating on Cl. C Certs to Caa3
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on four classes in Wells Fargo
Commercial Mortgage Trust 2013-LC12 ("WFCM 2013-LC12"), Commercial
Mortgage Pass-Through Certificates, Series 2013-LC12 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed Aaa
(sf)

Cl. A-3FL, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed
Aaa (sf)

Cl. A-3FX, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed
Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed Aaa
(sf)

Cl. A-S, Downgraded to A3 (sf); previously on Jun 28, 2022
Downgraded to A1 (sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed
Aaa (sf)

Cl. B, Downgraded to B2 (sf); previously on Jun 28, 2022 Downgraded
to Ba3 (sf)

Cl. C, Downgraded to Caa3 (sf); previously on Jun 28, 2022
Downgraded to Caa2 (sf)

Cl. PEX, Downgraded to B3 (sf); previously on Jun 28, 2022
Downgraded to B2 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jun 28, 2022 Affirmed
Aaa (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on five P&I classes were affirmed because of their
credit support and the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges. Furthermore, defeasance now represents
22% of the remaining pool balance.

The ratings on three P&I classes, Cl. A-S, Cl. B and Cl. C, were
downgraded due to higher anticipated losses and increased interest
shortfall risk driven by the significant exposure to poorly
performing regional mall loans, two of which are already in special
servicing. Three loans secured by regional malls (28.3% of the
pool) have seen significant declines in net cash flow from
securitization. The two specially serviced mall loans include the
White Marsh Mall (9.8% of the pool) and Rimrock Mall (8.8% of the
pool), which have both experienced significant declines in
performance and value in recent years. Appraisal reductions of 46%
or higher have already been recognized on each of the two specially
serviced regional mall loans. Furthermore, Moody's identified one
troubled loan secured by a regional mall, Carolina Place (9.7% of
the pool), with an upcoming maturity in June 2023 that may be at
heightened refinance risk due to its declining net operating income
(NOI). Furthermore, all of the remaining mortgage loans mature by
July 2023 and interest shortfalls may increase if the performance
of the specially serviced or troubled loans decline further or
other loans are unable to pay off at their scheduled maturity
dates.

The rating on the IO class was affirmed based on the credit quality
of its referenced classes.

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

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

Moody's rating action reflects a base expected loss of 22.5% of the
current pooled balance, compared to 16.6% at Moody's last review.
Moody's base expected loss plus realized losses is now 13.8% of the
original pooled balance, compared to 12.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the February 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 43% to $804.8
million from $1.41 billion at securitization. The certificates are
collateralized by 58 mortgage loans ranging in size from less than
1% to 11.2% of the pool, with the top ten loans (excluding
defeasance) constituting 59.2% of the pool. Nineteen loans,
constituting 21.6% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 12, compared to 17 at Moody's last review.

As of the February 2023 remittance report, loans representing 80%
were current or within their grace period on their debt service
payments, 1% were beyond their grace period but less than 30 days
delinquent and 19% were in foreclosure, real estate owned (REO) or
past maturity.

Thirty-three loans, constituting 57% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $13.4 million (for an average loss
severity of 56%). Five loans, constituting 21% of the pool, are
currently in special servicing. All of the specially serviced loans
have transferred to special servicing since May 2020.

The largest specially serviced loan is the White Marsh Mall Loan
($78.7 million -- 9.8% of the pool), which represents which
represents a pari-passu portion of a $187.0 million mortgage loan.
The loan is secured by an approximately 700,000 square foot (SF)
component of a 1.2 million SF super-regional mall located in
Baltimore, Maryland. The mall is anchored by Macy's, JC Penney,
Boscov's, and Macy's Home Store. Macy's and JC Penny are not part
of the loan collateral and there is another vacant non-collateral
anchor, a former Sears that closed in April 2020. As of September
2022, inline and collateral occupancy were 80% and 88%,
respectively, compared to 81% and 89% in December 2021 and 89% and
93% in June 2020. Property performance has declined annually since
2018 primarily due to lower rental revenues and the 2021 net
operating income (NOI) was approximately 45% lower than
underwritten levels. The loan transferred to special servicing in
August 2020 and the loan failed to pay off at its May 2021 maturity
date. The most recent appraisal from January 2023 valued the
property 67% below the value at securitization and as of the
February 2023 remittance statement, the master servicer has
recognized a 46% appraisal reduction based on the current loan
balance. The special servicer indicated they continue to hold
discussions with the borrower while dual tracking foreclosure.

The second largest specially serviced loan is the Rimrock Mall Loan
($70.8 million -- 8.8% of the pool) which is secured by an
approximately 430,000 SF portion of a 586,000 SF regional mall
located in Billings, Montana. The Rimrock Mall is the only dominant
mall within a 150-mile radius and is currently anchored by
Dillard's, Dillard's Men & Children (both Dillard's spaces are
non-collateral) and JCPenney. A former anchor, Herberger's, vacated
in 2018 and accounted for approximately 14% of net rentable area
(NRA). There is a new lease pending for the former Herbergers space
to Urban Air Adventure Park. As of June 2022, collateral and inline
occupancy were 81% and 88%, respectively, compared to 79% and 82%
in April 2022, 85% and 92% in September 2020 and 95% and 91% in
September 2019. Property performance has declined significantly
since securitization due to declining revenue and increased
vacancy. The 2019 year-end NOI was already approximately 42% lower
than underwritten levels and the 2020 NOI DSCR declined below
1.00X. The loan began amortizing in August 2018 after its five-year
interest-only period ended and has since amortized 8.0% since
securitization. The loan transferred to special servicing in May
2020 due to imminent monetary default and is last paid through its
April 2022 payment date. A receiver was previously appointed and
the property became REO in January 2022. The most recent appraisal
from May 2022 valued the property approximately 44% below the
outstanding loan balance and as of the February 2023 remittance
statement, the master servicer has recognized a 54% appraisal
reduction based on the loan balance.

The remaining three specially serviced loans (2.7% of the pool) are
secured by two hotel properties and one retail property. Moody's
has also assumed a high default probability for two poorly
performing loans, constituting 10.8% of the pool, and has estimated
an aggregate loss of $162.6 million (a 62.9% expected loss based on
average) from these specially serviced and troubled loans.

As of the February 2023 remittance statement cumulative interest
shortfalls were $6.9 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this
transaction, Moody's make various adjustments to the MLTV. Moody's
adjust the MLTV for each loan using a value that reflects
capitalization (cap) rates that are between Moody's sustainable cap
rates and market cap rates. Moody's also use an adjusted loan
balance that reflects each loan's amortization profile. The MLTV
reported in this publication reflects the MLTV before the
adjustments described in the methodology.

Moody's received full year 2021 operating results for 85% of the
pool, and full or partial year 2022 operating results for 95% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 100%, compared to 97% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 28% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10.0%.

Moody's actual and stressed conduit DSCRs are 1.63X and 1.17X,
respectively, compared to 1.71X and 1.18X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three non-specially serviced loans represent 27.5% of the
pool balance. The largest loan is the Cumberland Mall Loan ($90.0
million -- 11.2% of the pool), which represents a pari passu
portion of a $160.0 million mortgage loan. The loan is secured by
an approximately 540,000 SF component of a one million SF
super-regional mall located in Atlanta, Georgia. The mall is
anchored by a Macy's (non-collateral) and a Costco Warehouse. A
former non-collateral anchor, Sears, had vacated the property at
the end of 2018. However, 70,000 SF of the former Sears space has
been backfilled by Dick's Sporting Goods, Golf Galaxy and Planet
Fitness and another 84,000 SF has been backfilled by Round 1
Bowling & Entertainment. As of September 2022, collateral and
inline occupancy were 95% and 95%, respectively, compared to 93%
and 93% in March 2022, 95% and 96% in June 2020 and 97% and 96% in
September 2019. Brookfield, the loan sponsor, announced plans to
redevelop the area surrounding the mall into a town center with
office space, multifamily residences, retail and restaurant space.
The property's NOI has been significantly above securitization
levels in recent years. The loan is interest-only throughout its
entire term and had a NOI DSCR of 3.15X as of September 2022.
Moody's LTV and stressed DSCR are 108% and 0.97X, respectively,
unchanged from last review.

The second largest performing loan is the Carolina Place Loan
($78.2 million -- 9.7% of the pool), which represents a pari passu
portion of a $152.1 million mortgage loan. The loan is secured by a
693,000 SF component of a 1.2 million SF super-regional mall
located in Pineville, North Carolina. The mall is anchored by
Dillard's, Belk, Dick's Sporting Goods, and JCPenney. JCPenney is
the only current anchor that is part of the collateral. A former
collateral anchor, Sears, had vacated the property in early 2019.
As of November 2022, collateral and inline occupancy were 71% and
89%, respectively, compared to 67% and 85% in September 2021. Total
mall occupancy declined to 83% largely due to the departure of
Sears in January 2019. The loan is on the master servicer's
watchlist due to lower occupancy. After an initial three-year IO
period, the loan has amortized 13% since securitization, however,
the property's revenue and NOI have declined significantly since
2019. The 2021 NOI was 22% lower than in 2013 and the September
2022 NOI DSCR was 1.38X compared to 1.48X in 2020 and 1.84X in
2019. Additionally, the property faces significant lease rollover
over the next two years including JCPenney in May 2023. Due to
significant declines in performance and the upcoming refinance risk
in approximately four months, Moody's considers this as a troubled
loan.

The third largest loan is the Grace Lake Corporate Center Loan
($52.8 million -- 6.6% of the pool), which is secured by an 882,949
SF office property built in 2004 and located in Van Buren Township,
Michigan. The property was 82% leased as of October 2022 compared
to 100% at securitization. The loan has amortized 30% since
securitization and NOI performance has also improved with a NOI
DSCR of 2.62X as of September 2022 compared to 1.71X at
securitization. The loan is on the watchlist due to scheduled
maturity date of in April 2023. The borrower has requested a final
demand statement to pay off the loan during March 2023. Moody's LTV
and stressed DSCR are 67% and 1.76X, respectively, compared to 69%
and 1.69X at the last review.


WESTLAKE AUTOMOBILE 2023-2: S&P Gives Prelim. BB+ Rating on E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Westlake
Automobile Receivables Trust 2023-2's automobile receivables-backed
notes series 2023-2.

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

The preliminary ratings are based on information as of March 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 45.18%, 38.89%, 32.74%,
24.27%, and 20.47% credit support (hard credit enhancement and
haircut to excess spread) for the class A (A-1, A-2-A/A-2-B, and
A-3), B, C, D, and E notes, respectively, based on stressed cash
flow scenarios. These credit support levels provide at least 3.50x,
3.00x, 2.53x, 1.75x, and 1.58x coverage of S&P's expected
cumulative net loss of 12.50% for the class A, B, C, D, and E
notes, respectively.

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

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

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

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

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

-- S&P's assessment of the transaction's potential exposure to
Environmental, Social, And Governance credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

Preliminary Ratings Assigned
Westlake Automobile Receivables Trust 2023-2
Class A-1, $189.00 million: A-1+ (sf)
Class A-2-A/A-2-B, $301.86 million: AAA (sf)
Class A-3, $100.60 million: AAA (sf)
Class B, $70.90 million: AA (sf)
Class C, $66.84 million: A+ (sf)
Class D, $111.40 million: BBB (sf)
Class E, $57.73 million: BB+ (sf)


WFRBS COMMERCIAL 2012-C7: Fitch Withdraws Dsf Ratings on 4 Tranches
-------------------------------------------------------------------
Fitch Ratings has downgraded one class of WFRBS Commercial Mortgage
Trust 2012-C7, affirmed the remaining three classes, and
subsequently withdrawn the ratings of all four classes. In
addition, Fitch has affirmed each of the remaining classes of Bear
Stearns Commercial Mortgage Securities Trust 2005-PWR7 at their
current ratings.

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

   D 92936TAJ1     LT Dsf  Downgrade   Csf
   D 92936TAJ1     LT WDsf Withdrawn   Dsf
   E 92936TAK8     LT Dsf  Affirmed    Dsf
   E 92936TAK8     LT WDsf Withdrawn   Dsf
   F 92936TAL6     LT Dsf  Affirmed    Dsf
   F 92936TAL6     LT WDsf Withdrawn   Dsf
   G 92936TAM4     LT Dsf  Affirmed    Dsf
   G 92936TAM4     LT WDsf Withdrawn   Dsf

Bear Stearns
Commercial
Mortgage
Securities
Trust 2005-PWR7

   F 07383F4H8     LT Dsf  Affirmed    Dsf
   G 07383F4J4     LT Dsf  Affirmed    Dsf
   H 07383F4K1     LT Dsf  Affirmed    Dsf
   J 07383F4L9     LT Dsf  Affirmed    Dsf
   K 07383F4M7     LT Dsf  Affirmed    Dsf
   L 07383F4N5     LT Dsf  Affirmed    Dsf
   M 07383F4P0     LT Dsf  Affirmed    Dsf
   N 07383F4Q8     LT Dsf  Affirmed    Dsf
   P 07383F4R6     LT Dsf  Affirmed    Dsf

Fitch has withdrawn the ratings from all remaining classes of WFRBS
Commercial Mortgage Trust 2012-C7 as there is no remaining
collateral and the trust balances have been reduced to zero. The
transaction is no longer considered relevant to the agency's
coverage moving forward.

AUTOMATIC WITHDRAWAL OF THE LAST DEFAULT RATING

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

KEY RATING DRIVERS

Fitch has downgraded and withdrawn one class of WFRBS Commercial
Mortgage Trust 2012-C7 to 'Dsf' as the class has realized its first
dollar loss. Per the February 2023 remittance report, class D
received $12.3 million in principal paydown and $15.3 million in
losses following the disposition of the Town Center at Cobb asset
in January 2023. Class B was previously rated 'Csf,' which
indicated default was inevitable.

Fitch has affirmed all classes of Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7. The remaining loans in the pool is
fully defeased. The affirmation of class F reflects the previously
incurred principal losses.

RATING SENSITIVITIES

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

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

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

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

ESG CONSIDERATIONS

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


[*] Fitch Affirms 11 Sierra Timeshare Funding Trusts
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Sierra Timeshare
Receivables Funding Trust series 2018-2, 2018-3, 2019-1, 2019-2,
2019-3, 2020-2, 2021-1, 2021-2, 2022-1, 2022-2 and 2022-3. The
Rating Outlooks on all classes remain Stable.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
Sierra Timeshare
2019-1
Receivables
Funding LLC
  
   A 82653EAA5     LT AAAsf  Affirmed    AAAsf
   B 82653EAB3     LT Asf    Affirmed      Asf
   C 82653EAC1     LT BBBsf  Affirmed    BBBsf
   D 82653EAD9     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2018-3
Receivables
Funding LLC

   A 82653GAA0     LT AAAsf  Affirmed    AAAsf
   B 82653GAB8     LT Asf    Affirmed      Asf
   C 82653GAC6     LT BBBsf  Affirmed    BBBsf
   D 82653GAD4     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2020-2
Receivables
Funding LLC

   A 826525AA5     LT AAAsf  Affirmed    AAAsf
   B 826525AB3     LT Asf    Affirmed      Asf
   C 826525AC1     LT BBBsf  Affirmed    BBBsf
   D 826525AD9     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2021-1
Receivables
Funding LLC

   A 82652QAA9     LT AAAsf  Affirmed    AAAsf
   B 82652QAB7     LT Asf    Affirmed      Asf
   C 82652QAC5     LT BBBsf  Affirmed    BBBsf
   D 82652QAD3     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2018-2
Receivables
Funding LLC

   A 82653DAA7     LT AAAsf  Affirmed    AAAsf
   B 82653DAB5     LT Asf    Affirmed      Asf
   C 82653DAC3     LT BBBsf  Affirmed    BBBsf

Sierra Timeshare
2019-3
Receivables
Funding LLC

   A 82652NAA6     LT AAAsf  Affirmed    AAAsf
   B 82652NAB4     LT Asf    Affirmed      Asf
   C 82652NAC2     LT BBBsf  Affirmed    BBBsf
   D 82652NAD0     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2021-2
Receivables
Funding LLC

   A 82652RAA7     LT AAAsf  Affirmed    AAAsf
   B 82652RAB5     LT Asf    Affirmed      Asf
   C 82652RAC3     LT BBBsf  Affirmed    BBBsf
   D 82652RAD1     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2022-3
Receivables
Funding LLC
  
   A 826934AA9     LT AAAsf  Affirmed    AAAsf
   B 826934AB7     LT Asf    Affirmed      Asf
   C 826934AC5     LT BBBsf  Affirmed    BBBsf
   D 826934AD3     LT BB-sf  Affirmed    BB-sf

Sierra Timeshare
2022-2
Receivables
Funding LLC

   A 82650TAA5     LT AAAsf  Affirmed    AAAsf
   B 82650TAB3     LT Asf    Affirmed      Asf
   C 82650TAC1     LT BBBsf  Affirmed    BBBsf
   D 82650TAD9     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2022-1
Receivables
Funding LLC
  
   A 82652TAA3     LT AAAsf  Affirmed    AAAsf
   B 82652TAB1     LT Asf    Affirmed      Asf
   C 82652TAC9     LT BBBsf  Affirmed    BBBsf
   D 82652TAD7     LT BBsf   Affirmed     BBsf

Sierra Timeshare
2019-2
Receivables
Funding LLC

   A 82652MAA8     LT AAAsf  Affirmed    AAAsf
   B 82652MAB6     LT Asf    Affirmed      Asf
   C 82652MAC4     LT BBBsf  Affirmed    BBBsf
   D 82652MAD2     LT BBsf   Affirmed     BBsf

KEY RATING DRIVERS

The affirmation of the class A, B, C (when applicable), and D (when
applicable) notes, for each transaction, reflects loss coverage
levels consistent with their current ratings. The Stable Outlooks
for all classes of notes reflect Fitch's expectation that loss
coverage levels will remain supportive of these ratings.

To date, transactions preceding 2020-2 have performed weaker than
Fitch's initial expectations, while later transactions are
performing slightly better than initial expectations. As of the
January 2023 collection period, the 61+ day delinquency rates for
2018-2, 2018-3, 2019-1, 2019-2, 2019-3, 2020-2, 2021-1, 2021-2,
2022-1. 2022-2 and 2022-3 are 2.05%, 2.01%, 2.05%, 1.57%, 2.71%,
2.31%, 2.69%, 2.78%, 3.35%, 3.27% and 3.82%, respectively.

Cumulative gross defaults (CGD's) are currently at 22.24%, 23.29%,
22.10%, 22.68%, 22.71%, 15.11%, 13.14%, 10.39%, 8.03%, 5.39% and
1.99%, respectively. Transactions 2018-2, 2018-3, 2019-1, 2019-2
and 2019-3 are tracking above their initial base case proxies of
19.30%, 19.40%, 19.40%, 19.40% and 19.45%, respectively.

Transactions 2020-2, 2021-1, 2021-2, 2022-1, 2022-2 and 2022-3 are
tracking below their initial base cases of 22.50%, 22.40%, 21.50%,
22.25%, 22.50% and 23.00%, respectively. Due to optional
repurchases by the seller, none of the transactions have
experienced a net loss to date. Overall asset performance within
the Sierra portfolio have demonstrated stable to worsening trends
over the past several months.

To account for recent worsening performance, the CGD proxies for
2018-2, 2018-3, 2019-1, 2019-2, and 2019-3 were revised to 23.50%,
25.00%, 24.00%, 24.50%, and 25.00%, respectively. Fitch is
maintaining the lifetime CGD proxy at 21.00%, 21.00%, 21.50% and
22.25% for 2020-2, 2021-1, 2021-2 and 2022-1, respectively, due to
their stable recent default trends. The lifetime proxies of 22.50%
and 23.00% for 2022-2 and 2022-3, respectively, were maintained
given the transactions have only been outstanding for four and
seven months, respectively. The sensitivity of the ratings to
scenarios more severe than currently expected is provided in the
Rating Sensitivities section below.

Under Fitch's stressed cash flow assumptions, loss coverage for the
2018-2 class A, B, and C notes are able to support multiples in
excess of 3.25x, 2.25x and 1.50x for 'AAAsf', 'Asf and 'BBBsf',
respectively. Loss coverage for the 2018-3, 2019-1, 2019-2, 2019-3,
2020-2 and 2021-1 class A, B, C, and D notes are able to support
multiples in excess of 3.25x, 2.25x, 1.50x and 1.25x for 'AAAsf',
'Asf, 'BBBsf' and 'BBsf', respectively. Loss coverage for the
2021-2, 2022-1, and 2022-2 class A, B, C and D notes is slightly
below the 3.25x, 2.25x, 1.50x and 1.25x multiple for 'AAAsf', Asf,
'BBBsf' and 'BBsf', respectively. The shortfall is considered
marginal and is within the range of the multiples for the current
rating. Loss coverage for the 2022-3 class A, B, C, and D notes are
able to support multiples in excess of required multiples of 3.25x,
2.25x, 1.50x, and 1.17x for 'AAAsf', 'Asf, 'BBBsf', and 'BB-sf',
respectively.

The ratings also reflect the quality of Travel + Leisure Co.
timeshare receivable originations, the sound financial and legal
structure of the transactions, and the strength of the servicing
provided by Wyndham Consumer Finance, Inc. Fitch will continue to
monitor economic conditions and their impact as they relate to
timeshare asset-backed securities and the trust level performance
variables and update the ratings accordingly.

RATING SENSITIVITIES

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

- Unanticipated increases in the frequency of defaults could
produce default levels higher than the current projected base case
default proxy and affect available loss coverage and multiples
levels for the transaction;

- Weakening asset performance is strongly correlated to increasing
levels of delinquencies and defaults that could negatively affect
CE levels. Lower loss coverage could affect ratings and Rating
Outlooks, depending on the extent of the decline in coverage;

- In Fitch's initial review of the transactions, the notes were
found to have limited sensitivity to a 1.5x and 2.0x increase of
Fitch's base case loss expectation. For this review, Fitch updated
the analysis of the impact of a 2.0x increase of the base case loss
expectation and the results suggest consistent ratings for the
outstanding notes and in the event of such a stress, these notes
could be downgraded by up to three rating categories.

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 increasing CE levels and
consideration for potential upgrades. Fitch applied an up
sensitivity, by reducing the base case proxy by 20%. The impact of
reducing the proxies by 20% from the current proxies could result
in up to two categories of upgrades or affirmations of ratings with
stronger multiples.

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.



[*] Moody's Upgrades $185MM of US RMBS Issued 2004-2007
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 11 bonds from
eight 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/3mt7Gi5

Complete rating actions are as follows:

Issuer: Aegis Asset Backed Securities Trust 2004-3

Cl. M2, Upgraded to Baa1 (sf); previously on Jun 7, 2022 Upgraded
to Baa3 (sf)

Cl. M3, Upgraded to Ba3 (sf); previously on Jun 7, 2022 Upgraded to
B1 (sf)

Issuer: Citigroup Mortgage Loan Trust 2006-NC2

Cl. A-1, Upgraded to Aa2 (sf); previously on Jun 7, 2022 Upgraded
to A1 (sf)

Issuer: CSFB Home Equity Asset Trust 2006-4

Cl. 2-A-4, Upgraded to Aa2 (sf); previously on Jun 7, 2022 Upgraded
to A1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-7

Cl. A-1, Upgraded to A2 (sf); previously on Jun 10, 2022 Upgraded
to Baa1 (sf)

Issuer: FBR Securitization Trust 2005-5

Cl. M-2, Upgraded to Aa2 (sf); previously on Jun 10, 2022 Upgraded
to A1 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Jun 10, 2022 Upgraded
to Ca (sf)

Issuer: MortgageIT Trust 2005-2

Cl. 1-A-1, Upgraded to Aaa (sf); previously on Jun 10, 2022
Upgraded to Aa1 (sf)

Cl. 1-A-2, Upgraded to Aa2 (sf); previously on Jun 10, 2022
Upgraded to A1 (sf)

Issuer: Long Beach Mortgage Loan Trust 2005-3

Cl. I-A, Upgraded to A2 (sf); previously on Jun 6, 2022 Upgraded to
Baa1 (sf)

Issuer: Structured Asset Securities Corporation Series 2005-AR1

Cl. M2, Upgraded to Baa3 (sf); previously on Jun 7, 2022 Upgraded
to Ba2 (sf)

RATINGS RATIONALE

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

Principal Methodology

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

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

Up

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

Down

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

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


[*] Moody's Upgrades $80MM of US RMBS Issued 1998-2007
------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 18 bonds from
13 US residential mortgage-backed transactions (RMBS), backed by
scratch and dent mortgages issued by multiple issuers.

A list of Affected Credit Ratings is available at
https://bit.ly/41WsSNP

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities Trust 2007-1

Cl. A-3, Upgraded to Baa3 (sf); previously on Jun 14, 2022 Upgraded
to Ba2 (sf)

Issuer: Ocwen Residential MBS Corp. Mortgage Pass-Through, 1998-R3

A-1, Upgraded to Ba1 (sf); previously on Aug 10, 2021 Upgraded to
Ba3 (sf)

Issuer: RAAC Series 2005-RP1 Trust

Cl. M-4, Upgraded to Aa1 (sf); previously on Jun 14, 2022 Upgraded
to Aa3 (sf)

Issuer: RAAC Series 2005-SP2 Trust

Cl. M-I-3, Upgraded to Baa2 (sf); previously on Jun 14, 2022
Upgraded to Ba1 (sf)

Cl. M-I-4, Upgraded to B2 (sf); previously on Jun 14, 2022 Upgraded
to B3 (sf)

Issuer: RAAC Series 2005-SP3 Trust

Cl. M-2, Upgraded to Aa1 (sf); previously on Jun 14, 2022 Upgraded
to Aa3 (sf)

Cl. M-3, Upgraded to A1 (sf); previously on Jun 14, 2022 Upgraded
to A3 (sf)

Cl. M-4, Upgraded to Baa1 (sf); previously on Jun 14, 2022 Upgraded
to Baa3 (sf)

Issuer: RAAC Series 2006-RP1 Trust

Cl. M-2, Upgraded to Aaa (sf); previously on Aug 30, 2021 Upgraded
to Aa1 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Jan 30, 2018 Upgraded
to B1 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Jan 30, 2018 Upgraded
to Caa2 (sf)

Issuer: RAAC Series 2006-SP1 Trust

Cl. M-1, Upgraded to A2 (sf); previously on Jun 14, 2022 Upgraded
to Baa1 (sf)

Issuer: RAAC Series 2006-SP3 Trust

Cl. M-2, Upgraded to Ba3 (sf); previously on Jun 14, 2022 Upgraded
to B2 (sf)

Issuer: RAAC Series 2006-SP4 Trust

Cl. M-2, Upgraded to Aa2 (sf); previously on Jun 14, 2022 Upgraded
to A1 (sf)

Issuer: RAAC Series 2007-SP1 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Aug 30, 2021 Upgraded
to Aa2 (sf)

Issuer: RAAC Series 2007-SP2 Trust

Cl. A-3, Upgraded to Aa3 (sf); previously on Jun 14, 2022 Upgraded
to A2 (sf)

Issuer: Structured Asset Securities Corp Trust 2007-TC1

Cl. M-1, Upgraded to Aaa (sf); previously on Jun 14, 2022 Upgraded
to Aa2 (sf)

Issuer: Terwin Mortgage Trust 2007-QHL1

Cl. A-1, Upgraded to A3 (sf); previously on Jun 14, 2022 Upgraded
to Baa2 (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.


[*] S&P Takes Various Actions on 80 Classes From 19 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 80 ratings from 19 U.S.
RMBS transactions issued between 2003 and 2005. The review yielded
20 downgrades, 35 affirmations, and 25 withdrawals.

A list of Affected Ratings can be viewed at:

                https://bit.ly/3ZwW2ky

The transactions are backed by Alternative-A and prime jumbo
collateral.

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.

These considerations may include:

-- Collateral performance or delinquency trends,

-- Available subordination and/or overcollateralization,

-- Erosion of credit support, and

-- Small loan count.

Rating Actions

S&P said, "The rating changes reflect our view regarding the
associated transaction-specific collateral performance and/or
structural characteristics, as well as the application of specific
criteria applicable to these classes. See the ratings list below
for the specific rationales associated with each rating
transition.

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

The downgrades are mostly due to the payment allocation triggers
passing, which allows principal payments to be made to more
subordinate classes and thus erodes projected credit support for
the affected classes.

S&P said, "We withdrew our ratings on 25 classes from eight
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. 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 three ratings withdrawn
from three transactions."



                            *********

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.

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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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