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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, April 9, 2023, Vol. 27, No. 98

                            Headlines

1345 AVENUE OF THE AMERICAS: S&P Affirms BB+(sf) Rating on F Certs
BACM TRUST 2015-UBS7: Fitch Cuts Rating on Class F Notes to 'Csf'
BANK 2018-BNK12: Fitch Affirms CCC Rating on 2 Tranches
BENCHMARK 2023-B38: Fitch Gives 'BB-(EXP)' Rating on Two Tranches
BOF URSA VI: Moody's Assigns (P)B3 Rating to Class F1 Notes

BOF URSA VII: Moody's Assigns (P)B3 Rating to Class F1 Notes
CIM TRUST 2023-I1: S&P Assigns B (sf) Rating on Class B-2 Notes
CITIGROUP 2015-GC33: Fitch Affirms B- Rating on Class F Debt
CITIGROUP COMMERCIAL 2012-GC8: Moody's Cuts C Certs Rating to B2
COMM 2012-CCRE4: Fitch Lowers Rating on Cl. B Certs to Csf

COMM 2012-CCRE5: Fitch Cuts Rating on Two Tranches to Csf
CROWN CITY V: S&P Assigns BB-(sf) Rating on $12.25MM Class D Notes
DRYDEN 105: S&P Assigns BB- (sf) Rating on $12.40MM Class E Notes
DT AUTO 2022-1: S&P Affirms BB (sf) Rating on Class E Notes
EXETER 2022-5: S&P Places 'BB' Class E Notes Rating on Watch Neg.

GALAXY 31: S&P Assigns BB- (sf) Rating on $13.05MM Class E Notes
GERMAN AMERICA 2016-CD1: Fitch Cuts Rating on Two Tranches to CCsf
GS MORTGAGE 2011-GC5: Moody's Lowers Rating on X-B Certs to Ca
GSMS 2014-GC18: Fitch Corrects March 29 Ratings Release
JP MORGAN 2017-JP6: Fitch Affirms 'B-sf' Rating on Class G-RR Certs

JP MORGAN 2023-DSC1: S&P Assigns B- (sf) Rating on Cl. B-2 Certs
MIDOCEAN CREDIT VII: Moody's Lowers Rating on $9MM F Notes to Caa3
MILL CITY 2023-NQM2: Fitch Gives 'Bsf' Rating on Class B-2 Notes
MORGAN STANLEY 2013-C9: Moody's Cuts Rating on Cl. G Certs to Caa2
MOSAIC SOLAR 2023-2: Fitch Gives Final BB-sf Rating on Cl. D Notes

MTN COMMERCIAL 2022-LPFL: DBRS Confirms BB(low) Rating on E Certs
MVW 2023-1 LLC: Fitch Assigns 'BB(EXP)' Rating on Class D Notes
MVW LLC 2023-1: Moody's Assigns (P)Ba1 Rating to Class D Notes
NAVIENT TRUST 2014-1: Fitch Affirms 'BBsf' Rating on Two Tranches
NEW MOUNTAIN 4: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes

OCTAGON 67: Fitch Gives BB-sf Rating on Cl. E Notes
TEXAS DEBT 2023-I: S&P Assigns Prelim 'BB-' Rating on Cl. E Notes
UBS-BARCLAYS 2012-C4: Fitch Affirms 'CCsf' Ratings on Class F Certs
US AUTO 2021-1: Moody's Lowers Rating on Class E Notes to Caa2
WELLS FARGO 2017-C38: Fitch Cuts Rating on Class F Certs to 'CCsf'

[*] Moody's Upgrades $206MM of US RMBS Issued 2002-2007

                            *********

1345 AVENUE OF THE AMERICAS: S&P Affirms BB+(sf) Rating on F Certs
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from 1345 Avenue of
the Americas and Park Avenue Plaza Trust's series FB 2005-1, a U.S.
CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a 20-year, fixed-rate, partial interest-only (IO)
mortgage whole loan secured by the borrower's fee simple and
leasehold interests in a 1.9 million-sq.-ft. class-A office
property located at 1345 Avenue of the Americas, in midtown
Manhattan's Columbus Circle office submarket.

Rating Actions

S&P said, "The affirmations on the class A-3, B, C, D, E, and F
certificates reflect that our current revised valuation yielded an
S&P Global Ratings' loan-to-value (LTV) ratio of 46.2% on the
current trust balance and 57.4% on the whole loan balance. The
whole loan LTV ratio is 41.1% based on the issuance appraisal value
of $1,250.0 million. Additionally, the affirmations considered that
the transaction deleveraged by 28.1% from the amortization of the
1345 Avenue of the Americas loan and the full payoff of the Park
Avenue Plaza loan since our last review in April 2020, among other
factors."

The 1345 Avenue of the Americas office property's occupancy rate
dipped during the COVID-19 pandemic to 81.0% in 2020 from 94.7% in
2019. It rebounded slightly to 84.4% in 2021 and 87.9% as of the
Dec. 1, 2022, rent roll, which is generally in line with the
current office submarket's vacancy and availability rates. The
servicer-reported net cash flow (NCF) proportionately dropped
during this period due primarily to lower occupancy and in-place
gross rent: -9.1% to $82.1 million in 2020 from $90.3 million in
2019 and -30.5% to 57.1 million in 2021. The servicer-reported NCF
was $45.6 million as of the nine months ended Sept. 30, 2022. S&P
said, "Our current analysis considers the borrower's ability to
attract and retain tenants at the property representing 13.0% of
net rentable area (NRA) in 2022 and 2023 despite weakening office
fundamentals in New York City. However, the largest tenant,
AllianceBernstein L.P. (50.2% of NRA; 53.7% of in-place gross rent,
as calculated by S&P Global Ratings), is expected to vacate
partially or fully upon its Dec. 31, 2024, lease expiration. The
tenant announced in 2018 that it would move its headquarters from
the 1345 Avenue of the Americas property to Nashville, Tenn., and
that it has or is seeking to sublet about 47.2% (approximately 25%
of total NRA) of its leased space. According to recent news
articles, the tenant is expected to move 1,000 of its targeted
1,250 employees to its new Nashville headquarters by the end of
2024. As a result, we revised and lowered our long-term sustainable
NCF to $56.0 million (down 29.1% from our last review NCF of $79.0
million) using a 20.0% vacancy rate, $93.64 per-sq.-ft. gross rent,
as calculated by S&P Global Ratings, and a 55.0% operating expense
ratio, which is 1.9% lower than the servicer-reported 2021 NCF.
Using a 6.25% S&P Global Ratings' capitalization rate (unchanged
from our last review), we arrived at an S&P Global Ratings'
expected-case value of $896.3 million or $473 per sq. ft., 29.1%
lower than that of our last review value of $1,263.9 million, or
$667 per sq. ft. and 28.3% lower than the issuance appraisal value
of $1,250.0 million."

Although the model-indicated rating was lower than the class E
certificates' current rating, S&P affirmed its rating based on
certain qualitative considerations. These include:

-- The property's desirable location on Avenue of Americas between
54th and 55th Streets, in the Columbus Circle office submarket.

-- The potential that the sponsor leases up the property above
S&P's revised expectations. According to the sponsor's website, in
2021, the property received approximately $120.0 million in capital
improvements and renovation, which included, among other items,
upgrades to the common areas, lobby, and elevators.

-- The significant market value decline that would need to occur
before these classes experience principal losses.

-- The liquidity support provided in the form of servicer
advancing.

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

-- S&P said, "The affirmed 'BB+ (sf)' rating on the class F
certificates, specifically, reflects our criteria for rating U.S.
and Canadian CMBS transactions, which applies a credit enhancement
minimum equal to 1.0% of the transaction or loan amount to address
the potential for unexpected trust expenses that may be incurred
during the life of the loan or transaction. These potential
unexpected trust expenses may include servicer fees, servicer
advances, workout or corrected mortgage fees, and potential trust
legal fees. According to the March 10, 2023, trustee remittance
report, the class F certificates had accumulated interest
shortfalls outstanding totaling $240 due to other fees, which we
deemed de minimis."

-- S&P affirmed its 'AAA (sf)' rating on the class X IO
certificates based on its criteria for rating IO securities.

Property-Level Analysis

The 1345 Avenue of the Americas property is a 50-story, 1.9
million-sq.-ft. class-A office building, built in 1969 with ground
floor retail space located on Avenue of the Americas between West
54th and West 55th Streets in midtown Manhattan's Columbus Circle
office submarket. The property includes a three-level, subterranean
341-space parking garage and an adjacent 40-space parking lot,
which are leased to Hertz Corp. The property is in a prime
location, which is a few blocks from Central Park, and is
accessible by multiple public transportation hubs. According to the
sponsor's (Fisher Brothers) website, which was also confirmed by
the master servicer, in 2021, the property underwent approximately
$120.0 million in capital improvements, including upgrades to the
lobby, common areas, and elevators, and creating a flexible work
and lounge space. The property is subject to a ground lease between
the fee borrower, as lessor, and the leasehold borrower, as lessee.
The ground lease expires on Jan. 20, 2046, and stipulates that from
Jan. 21, 2019 to Jan. 20, 2025, annual base rent is the greater of
5.75% of the value of the land as of Jan. 21, 2019, considered as
vacant and unimproved, or the annual base rent payable as of Jan.
20, 2019, which is $13.2 million. From Jan. 21, 2025 to the
remainder of the term, annual base rent is the greater of 5.75% of
the value of the land as of Jan. 21, 2025, considered as vacant and
unimproved, or the annual base rent payable as of Jan. 20, 2025.
Since the fee and leasehold interests are collateral, we did not
include the ground rent income and expense in our analysis.

Since 2005, the property's occupancy rate was between 90.0% and
100.0%. S&P said, "In our last review, the property was 94.7%
leased and we assumed a 9.0% vacancy rate (reflecting the office
submarket vacancy rate at that time), $101.73 per-sq.-ft. gross
rent, as calculated by S&P Global Ratings, and a 50.9% operating
expense ratio to arrive at a $79.0 million NCF. As discussed above,
the occupancy rate dropped to approximately the office submarket
levels following the COVID-19 pandemic. Former tenants, Linklaters
LLP (10.3% of NRA) and Accenture LLP (4.3%), vacated upon their
lease expiration in September 2020 and April 2020, respectively.
Furthermore, Allianz Asset Management did not renew its lease,
which represented 4.1% of NRA that expired in May 2022. According
to the Dec. 1, 2022, rent roll, the property was 87.9% leased." The
five largest tenants included:

-- AllianceBernstein L.P. (50.2% of NRA; 53.7% of in-place gross
rent as calculated by S&P Global Ratings; December 2024
expiration). S&P expects the tenant to vacate partially or fully
upon lease expiration.

-- Allianz Asset Management (9.5%; 13.6%; December 2031). The
tenant reduced its footprint, as noted above.

-- Brevan Howard US Investment Management (5.3%; 5.4%; October
2033 [20.7% of NRA] and July 2040 [79.3%]). The tenant signed a new
lease with rent commencing in March 2022 on 1.1% of NRA at $85.00
per sq. ft. and September 2023 on the remaining space at $80.83 per
sq. ft.

-- Fortress Investment Group LLC (4.4%; 6.2%; October 2032 [98.4%
of NRA] and October 2038 [1.6%]).

-- Global Infrastructure Management (4.2%; 4.9%; October 2035).

As previously mentioned, the sponsor signed new or renewal leases
in 2022 and 2023 for six tenants representing 13.0% of NRA. In
addition to the aforementioned Brevan Howard US Investment
Management, the remaining five tenants include:

-- Equitable Financial Life Insurance (81,906 sq. ft. or 4.1% of
NRA; $75.00 per sq. ft. base rent; March 2039 lease expiration);

-- Man Investments Holdings Inc. (33,574 sq. ft. or 1.7%; $83.00
per sq. ft.; September 2038);

-- The Elma Philanthropies Services (17,686 sq. ft. or 0.9%;
$84.00 per sq. ft.; June 2033);

-- Aegis Capital Holding Corp. (12,463 sq. ft. or 0.6%; $81.00 per
sq. ft.; April 2032); and

-- Realty Holdings of America (8,201 sq. ft. or 0.4%; $83.00 per
sq. ft.; December 2033).

Excluding AllianceBernstein L.P., which rolls in 2024, the property
does not face elevated tenant rollover until 2031 when 12.7% of NRA
rolls. According to the master servicer, Wells Fargo Bank N.A., the
sponsor has subleased a portion of AllianceBernstein L.P.'s space
and is attempting to convert those subleases to long-term leases at
the building.

According to CoStar, the Columbus Circle office submarket in which
the property is situated continues to be impacted by remote work
arrangements brought on by the COVID-19 pandemic. Both vacancy
levels and net absorption have been negatively affected. As of
March 2023, four- and five-star office properties in the office
submarket had a market rent of $76.01 per sq. ft., vacancy rate of
10.0%, and availability rate of 13.4%. This compares with a
submarket rent of $79.43 per sq. ft. and vacancy rate of 6.9% in
2019. CoStar noted that the submarket lacks newer, more modern
buildings found in Lower Manhattan and Hudson Yards and premium
buildings in the nearby Plaza District or Grand Central submarkets,
which add to the struggles of attracting and retaining tenants.
Expectations are for concessions to increase due to weakened demand
and rising vacancies. CoStar projects market rent to grow again
starting in 2025 and market vacancy to flatten starting in 2026.

S&P said, "As we previously discussed, while the property was 87.9%
leased as of the Dec. 1, 2022, rent roll, we considered the
potential that the property's occupancy level may fall further (to
as low as 37.7%) if AllianceBernstein L.P. vacates partially or
fully in 2024 and the sponsor is not able to backfill the vacant
space timely due to challenging market conditions in New York City.
However, we considered the sponsor's significant capital
investments in 2021 and recent positive leasing momentum and
subleasing activities. As a result, instead of a dark value
approach, at this time, we increased our vacancy loss assumption
from 9.0% in our last review to 20.0%, which is higher than the
office submarket vacancy rate but generally in line with the
overall office vacancy in New York City, when determining our
sustainable NCF and valuation. We will continue to monitor the
property's performance and for any new developments as they
occur."

Transaction Summary

As of the March 10, 2023, trustee remittance report, the trust
consists of one loan totaling $338.0 million, down from two loans
totaling $469.8 million in S&P's last review in April 2020 and
$548.7 million at issuance. To date, the trust has not incurred any
principal losses.

The sole remaining loan, 1345 Avenue of the Americas, had a trust
balance of $338.0 million (according to the March 2023 trustee
remittance report) and a whole loan balance of $514.3 million, down
from $375.1 million and $560.3 million, respectively, in S&P's last
review and $436.4 million and $730.0 million, respectively, at
issuance. The 20-year, fixed-rate partial IO mortgage whole loan
pays an annual fixed interest rate of 5.3645% and matures on Aug.
8, 2025. The whole loan is IO from Aug. 8, 2005 to July 8, 2007,
and from Sept. 8, 2022 through its maturity date. Between Aug. 8,
2007 to Aug. 8, 2022, the whole loan amortizes on a 30-year
schedule. The monthly principal and interest payments of $4.1
million were used to amortize the senior portion of the whole loan
first.

S&P said, "The 1345 Avenue of the Americas whole loan consists of
three senior A notes totaling $297.8 million (down from five senior
A notes totaling $343.8 million in our last review and $513.5
million at issuance), three subordinate B notes totaling $116.5
million (unchanged from our last review and at issuance), and four
junior C notes totaling $100.0 million (also unchanged since our
last review and at issuance). The $338.0 million trust balance
comprises the senior 1-A3 and 1-A4 notes totaling $240.0 million
and the subordinate 1-B1 and 1-B2 notes totaling $98.0 million. The
senior 1-A1 and 1-A2 notes, both of which had been reduced to $0,
were in two U.S. CMBS conduit transactions. The remaining senior
note 2-A component totaling $57.8 million, the subordinate note 2-B
component of $18.5 million and subordinate C notes of $100.0
million are held outside the trust. The senior A notes are senior
in right of payment to the B and C notes, and pari passu with each
other. The B notes are senior in right of payment to the C notes
and pari passu with each other."

In addition, the equity interests in the mortgage borrower secure
mezzanine debt totaling $108.9 million.

  Ratings Affirmed

  1345 Avenue of the Americas and Park Avenue Plaza Trust

  Class A-3: AAA (sf)
  Class B: AAA (sf)
  Class C: AAA (sf)
  Class D: AAA (sf)
  Class E: AAA (sf)
  Class F: BB+ (sf)
  Class X: AAA (sf)



BACM TRUST 2015-UBS7: Fitch Cuts Rating on Class F Notes to 'Csf'
-----------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed eight classes of
Bank of America Merrill Lynch Commercial Mortgage Trust 2015-UBS7.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BACM Trust
2015-UBS7

   A-3 06054AAW9    LT AAAsf  Affirmed    AAAsf
   A-4 06054AAX7    LT AAAsf  Affirmed    AAAsf
   A-S 06054ABB4    LT AAAsf  Affirmed    AAAsf
   A-SB 06054AAV1   LT AAAsf  Affirmed    AAAsf
   B 06054ABC2      LT A-sf   Affirmed     A-sf
   C 06054ABD0      LT BBBsf  Affirmed    BBBsf
   D 06054ABE8      LT CCCsf  Downgrade   B-sf
   E 06054AAG4      LT CCsf   Downgrade   CCCsf
   F 06054AAJ8      LT Csf    Downgrade   CCsf
   X-A 06054AAY5    LT AAAsf  Affirmed    AAAsf
   X-B 06054AAZ2    LT AAAsf  Affirmed    AAAsf
   X-D 06054ABA6    LT CCCsf  Downgrade   B-sf
   X-E 06054AAA7    LT CCsf   Downgrade   CCCsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect higher loss
expectations since the last rating action primarily due to
increased losses on 261 Fifth Avenue and The Mall of New Hampshire
loans. There are six Fitch Loans of Concern (FLOCs; 28.1% of the
pool), including one loan (0.9%) in special servicing. The Negative
Rating Outlook reflects ongoing concerns with the larger FLOCs.
Fitch's ratings assume a base case loss of 6.9%.

FLOCs: The largest contributor to overall loss expectations is the
Mall of New Hampshire loan (8.2%), which is secured by a regional
mall sponsored by Simon and located in Manchester, NH. Sears, a
non-collateral anchor, closed in November 2018; a portion of that
space has since been re-leased to Dick's Sporting Goods and Dave &
Buster's. The loan transferred to special servicing in May 2020 due
to the coronavirus pandemic and the special servicer agreed to a
forbearance agreement that deferred payments between May 2020 and
December 2020. Beginning in January 2021, the borrower began
repaying the deferred amounts in 13 installments. The loan was
returned to the master servicer in April 2021.

Servicer reported occupancy and NOI DSCR were 85% and 1.98x,
respectively as of YTD September 2022, compared to 83% and 1.96x at
YE 2021, 87% and 2.11x at YE 2019 and 94% and 2.30x at YE 2018.
Fitch's base case loss of 36% reflects a cap rate of 15%, 5% stress
to the YE 2021 NOI and refinancing concerns as the loan approaches
maturity in July 2025.

The next largest contributor to overall loss expectations and
largest loan in the pool, 261 Fifth Avenue (11.5% of the pool), is
secured by a 441,922-sf office building located at the southeast
corner of 29th Street and 5th Avenue in Manhattan that was built in
1928 and renovated in 2015. The reported occupancy at the property
has been in the low 80s since YE 2020 at a reported 85% as of
September 2022, down from 94% at YE 2019 and approximately 99%
around the time of issuance. The rent roll is granular, with the
largest tenant, Town and Country Holdings, leasing 8% of the NRA
through September April 2031. Fitch's base case loss of 11% is
based on 9.50% cap rate applied to the YE 2021 NOI.

The third largest contributor to overall loss expectations, Aviare
Place Apartments, is secured by a 266-unit garden style multifamily
property located in Midland, TX. The loan transferred to special
servicing in December 2021 due to 60-day payment delinquency. The
property has historically reported high vacancy and rent
concessions which is attributed to the volatility in the oil and
gas sector coupled with competition from new supply coming online
in the market. Performance was further impacted by disruption
caused by the pandemic. According to the special servicer, the loan
was modified in May 2022 and is expected to return to the master
servicer in September 2023 after the deferred amounts are paid in
full.

Although occupancy has remained relatively stable, rents at the
property have declined dramatically from peak rent levels in 2019.
As of September 2022, the property reported average rents of $856
an improvement from the trough of $791 at YE 2021, but below rents
of $895 at YE 2020 and $1,351 at YE 2019. The decline in rents at
the subject is reflective of the broader Odessa-Midland market as
market rents have steadily declined from $1,016 in 2019 to $691 in
2020, and $733 in 2021.

Rents have recently increased to $1,104 as of YTD (October) 2022.
Costar reported market vacancy spiking to 12.6% in 2019 from 3.5%
in 2018; remaining elevated at 11.2% as of November 2022. Fitch's
modeled loss of 41% reflects a recovery value of approximately
$57,000 per unit and is based off a stress to the most recent
servicer provided appraised value.

Credit Enhancement: As of the March 2023 distribution date, the
pool's aggregate principal balance has been reduced by 19.5% to
$609.9 million from $757 million at issuance. Two loans were
disposed since last review with total losses generally in line with
Fitch expectations. Losses were higher than expected on the WPC
Department Store Portfolio, a $19.6MM REO asset, while recoveries
were higher on The Panoramic ($54 million) which paid in full.

There are five defeased loans (2.9%); one newly defeased loan since
last rating action. There are 11 full term interest-only (IO) loans
(32.1%). Thirteen loans (27.7%) were structured with partial IO
periods; all have exited their initial IO period. The deal has
realized losses of$19.4 million affecting the non-rated class H.
Classes G and H are experiencing interest shortfalls. The majority
of the pool (99.2%) matures in 2025; one loan (0.8%) matures in
2024.

Investment Grade Credit Opinion Loan: Charles River Plaza North
(9.8%) received a credit opinion of 'BBB-sf' at issuance and
continues to perform in line with issuance.

RATING SENSITIVITIES

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

Downgrades to classes A-3, A-4, A-SB, X-A, A-S and X-B are not
likely due to their position in the capital structure and the high
credit enhancement (CE); however, downgrades to these classes may
occur should interest shortfalls occur. Downgrades to class B and C
would occur if loss expectations increase significantly and/or
should CE be eroded. Downgrades to the classes D, X-D, E, X-E and F
would occur if loans are unable to refinance, the performance of
the FLOCs continues to decline and/or fail to stabilize or
additional loans transfer to special servicing.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects minimal impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail or
office 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 class B would occur with continued improvement in CE
and/or defeasance and continued stable to improving performance of
the overall pool. Upgrades of classes C, D, X-D, E, X-E and F may
occur with significant improvement in CE and/or defeasance, but
would be limited based on sensitivity to concentrations or the
potential for future concentration. Classes would not be upgraded
above 'Asf' if there is a likelihood for interest shortfalls.

ESG CONSIDERATIONS

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


BANK 2018-BNK12: Fitch Affirms CCC Rating on 2 Tranches
-------------------------------------------------------
Fitch Ratings has affirmed 16 classes of BANK 2018-BNK12. In
addition, Fitch has revised the Rating Outlook on classes D, E, X-D
and X-E to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BANK 2018-BNK12

   A-1 06541KAW8    LT AAAsf  Affirmed    AAAsf
   A-2 06541KAX6    LT AAAsf  Affirmed    AAAsf
   A-3 06541KAZ1    LT AAAsf  Affirmed    AAAsf
   A-4 06541KBA5    LT AAAsf  Affirmed    AAAsf
   A-S 06541KBD9    LT AAAsf  Affirmed    AAAsf
   A-SB 06541KAY4   LT AAAsf  Affirmed    AAAsf
   B 06541KBE7      LT AA-sf  Affirmed    AA-sf
   C 06541KBF4      LT A-sf   Affirmed    A-sf
   D 06541KAJ7      LT BBB-sf Affirmed    BBB-sf
   E 06541KAL2      LT B-sf   Affirmed    B-sf
   F 06541KAN8      LT CCCsf  Affirmed    CCCsf
   X-A 06541KBB3    LT AAAsf  Affirmed    AAAsf
   X-B 06541KBC1    LT AAAsf  Affirmed    AAAsf
   X-D 06541KAA6    LT BBB-sf Affirmed    BBB-sf
   X-E 06541KAC2    LT B-sf   Affirmed    B-sf
   X-F 06541KAE8    LT CCCsf  Affirmed    CCCsf

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 two mall loans: CoolSprings Galleria (9.6%)
and Fair Oaks Mall (8.6%). The Outlook revision on classes D and E
to Negative from Stable reflects Fitch's concerns surrounding the
ultimate resolution of the specially serviced Fair Oaks Mall and
underperformance of Fitch Loans of Concern (FLOC).

Fitch's current ratings incorporate a base case loss of 4.9%. Five
loans (23.1% of the pool) are considered FLOCs, including one loan
(8.6%) in special servicing. Four loans have been flagged as FLOCs
for high vacancy, property type concerns and/or pandemic-related
underperformance.

The largest contributor to expected losses is the CoolSprings
Galleria loan, which is secured by a 640,176-sf portion of a 1.2
million-sf super-regional mall located in Franklin, TN. Macy's,
JCPenney and Dillard's are non-collateral anchors, and Belk is a
collateral anchor. The loan is sponsored by a joint venture between
TIAA and CBL.

The loan was returned to the master servicer in January 2022
following the execution of a modification agreement and CBL's
reorganization and emergence from Chapter 11 bankruptcy. Under the
terms of the modification, the lender would waive bankruptcy
defaults in exchange for the borrower covering the costs of the
modification, and CBL's ownership interest in the property is being
assumed by one of its newly formed subsidiaries. The loan had
initially transferred to special servicing in October 2021 in
response to CBL entering Chapter 11 bankruptcy in November 2020.

Subject YE 2022 NOI has fallen to $17.4 million from $16.7 million
as of YE 2021, $17.6 million as of YE 2020, $20.3 million as of YE
2019 and underwritten NOI of $19.7 million. YE 2022 EGI was 12.4%
below underwritten expectations at issuance.

Fitch's expected loss of 13.5% assumes a 15% cap rate and 10%
haircut to YE 2022 NOI to reflect sponsorship bankruptcy, declining
sales and competition with overlapping anchors.

The largest second contributor to expected losses is Fair Oaks Mall
loan, which is secured by an enclosed regional mall located in
Fairfax, VA. Non-collateral anchors at the property include
JCPenney and Macy's with Furniture Gallery. A second Macy's store
serves as a collateral anchor (27.7% of collateral NRA leased
through February 2026). The non-collateral, Seritage-owned former
Sears store has been subdivided and leased to Dick's Sporting Goods
and Dave & Buster's, and the non-collateral Lord & Taylor space has
remained vacant since early 2021.

This loan transferred to special servicing in February 2023, due to
the borrower indicating they would not be able to pay off the loan
at the scheduled maturity in May 2023. The borrower is currently
seeking relief and negotiations with the special servicer are
ongoing.

The collateral was 91% occupied as of September 2022, compared to
89% as of YE 2021, 91% as of YE 2020 and 93.8% as of YE 2019.
Upcoming lease rollover includes 16.9% (22 tenants) in 2023. The
2023 rollover includes Forever 21 (6.6%; January 2023). YE 2021 EGI
was 31% below underwritten EGI, corresponding to a 34% decline in
YE 2021 NOI compared to underwriting.

TTM September 2021 inline sales (including Apple) were $459 psf
compared to $500 psf in 2021, $344 psf in 2020, $516 psf in 2019
and $524 psf in 2018; excluding Apple, they were $310 psf, $335
psf, $248 psf, $371 psf and $391 psf, respectively. Fitch's
expected loss of 12.9% assumes a 12.5% cap rate and 10% haircut on
YE 2021 NOI to reflect upcoming rollover.

Minimal Change to Credit Enhancement: As of the March 2023
distribution date, the pool's aggregate principal balance has paid
down by 3.9% to $866.7 million from $901.2 million at issuance.
Fair Oaks Mall (FLOC) and Bell Park Plaza (0.55%) were scheduled to
mature in May and March 2023, respectively. Four loans comprising
1.4% of the outstanding pool principal balance has been defeased.
Of the remaining pool balance, 21 loans comprising 49.2% of the
pool were classified as full interest-only through the term of the
loan.

ADDITIONAL CONSIDERATIONS

Investment-Grade Credit Opinion Loans: Four loans comprising 23.6%
of the transaction received an investment-grade credit opinion at
issuance: Fair Oaks Mall, 181 Fremont Street (6.7%), The Gateway
(6.4%) and Apple Campus 3 (2.0%). Fitch no longer considers Fair
Oaks Mall and the Gateway to have credit characteristics consistent
with an investment-grade credit opinion given performance
declines.

Co-op Concentration: The transaction contains a total of 22 loans
(11.5% of the pool) secured by multifamily cooperatives located
primarily within the greater New York City metro area. At issuance,
the pool's Fitch DSCR and LTV net of co-op loans are 1.18x and
108.5%, respectively.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool level losses from underperforming or specially serviced loans.
Downgrades to classes A-1 through B, X-A and X-B are less likely
due to the high CE but may occur at 'AAAsf' or 'AA-sf' should
interest shortfalls occur, or if the probability of an outsized
loss on the specially serviced loans or a FLOC becomes more
likely.

Downgrades to class C, would occur should overall pool losses
increase and/or one or more large loans have an outsized loss which
would erode CE. Downgrades to classes D, E, F, X-D, X-E and X-F
would occur if the Fair Oaks Mall loan fails to receive an
extension/modification and remains in special servicing for a
prolonged workout period.

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

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

Upgrades of the 'BBB-sf' class are considered unlikely and would be
limited based on the sensitivity to concentrations or the potential
for future concentrations. Classes would not be upgraded above
'Asf' if there were likelihood of interest shortfalls. An upgrade
to the 'B-sf' and 'CCCsf' rated classes is not likely unless the
performance of the remaining pool stabilizes and the senior classes
pay off.

ESG CONSIDERATIONS

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


BENCHMARK 2023-B38: Fitch Gives 'BB-(EXP)' Rating on Two Tranches
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Benchmark 2023-B38 Mortgage Trust's commercial mortgage
pass-through certificates, as follows:

   Entity/Debt      Rating        
   -----------      ------        
BMARK 2023-B38

   A-1          LT AAA(EXP)sf  Expected Rating
   A-2          LT AAA(EXP)sf  Expected Rating
   A-3          LT AAA(EXP)sf  Expected Rating
   A-4          LT AAA(EXP)sf  Expected Rating
   A-M          LT AAA(EXP)sf  Expected Rating
   A-SB         LT AAA(EXP)sf  Expected Rating
   B            LT AA-(EXP)sf  Expected Rating
   C            LT A-(EXP)sf   Expected Rating
   D            LT BBB(EXP)sf  Expected Rating
   E            LT BBB-(EXP)sf Expected Rating
   F            LT BB-(EXP)sf  Expected Rating
   G            LT NR(EXP)sf   Expected Rating
   H            LT NR(EXP)sf   Expected Rating
   PDC-A1       LT BB(EXP)sf   Expected Rating
   PDC-A2       LT BB(EXP)sf   Expected Rating
   PDC-HRR      LT BB(EXP)sf   Expected Rating
   RR Interest  LT NR(EXP)sf   Expected Rating
   X-A          LT AAA(EXP)sf  Expected Rating
   X-D          LT BBB-(EXP)sf Expected Rating
   X-F          LT BB-(EXP)sf  Expected Rating
   X-G          LT NR(EXP)sf   Expected Rating
   X-H          LT NR(EXP)sf   Expected Rating

- $6,484,000 class A-1 'AAAsf'; Outlook Stable;

- $201,433,000 class A-2 'AAAsf'; Outlook Stable;

- $50,784,000 class A-3 'AAAsf'; Outlook Stable;

- $4,164,000 class A-SB 'AAAsf'; Outlook Stable;

- $173,967,000 class A-4 'AAAsf'; Outlook Stable;

- $70,205,000 class A-M 'AAAsf'; Outlook Stable;

- $507,037,000a class X-A 'AAAsf'; Outlook Stable;

- $31,202,000 class B 'AA-sf'; Outlook Stable;

- $24,182,000 class C 'A-sf'; Outlook Stable;

- $14,821,000b class D 'BBBsf'; Outlook Stable;

- $6,241,000b class E 'BBB-sf'; Outlook Stable;

- $21,062,000ab class X-D 'BBB-sf'; Outlook Stable;

- $12,481,000b class F 'BB-sf'; Outlook Stable;

- $12,481,000ab class X-F 'BB-sf'; Outlook Stable;

- $ 10,000,000d class PDC-A1 'BBsf'; Outlook Stable;

- $ 9,000,000d class PDC-A2 'BBsf'; Outlook Stable;

- $ 1,000,000d class PDC-HRR 'BBsf'; Outlook Stable.

The following classes are not expected to be rated by Fitch:

- $10,140,000b class G;

- $10,140,000ab class X-G;

- $17,942,153b class H;

- $17,942,153ab class X-H;

- $32,844,535bc RR Interest.

(a) Notional amount and interest only.

(b) Privately placed and pursuant to Rule 144A.

(c) Represents the "eligible vertical interest" comprising 5.0% of
the pool.

(d) Secured by the non-pooled subordinate debt of the Pacific Data
Center. Credit enhancement for these classes is based on the whole
loan amount. Transaction pool totals and statistics do not include
these amounts.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 25 loans secured by 42
commercial properties having an aggregate principal balance of
$656,890,689 as of the cutoff date. The loans were contributed to
the trust by German American Capital Corporation, Goldman Sachs
Mortgage Company, JPMorgan Chase Bank, National Association and
Citi Real Estate Funding Inc. The master servicer is expected to be
Midland Loan Services, a Division of PNC Bank N.A., and the special
servicer is expected to be LNR Partners, LLC.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions: The pool has lower
leverage compared to recent multiborrower transactions rated by
Fitch. The pool's Fitch loan-to-value ratio (LTV) of 85.1% is lower
than both the YTD 2023 and 2022 averages of 91.4% and 99.3%,
respectively. The Fitch net cash flow (NCF) and debt yield (DY) of
10.6% is higher than the YTD 2023 and 2022 averages of 10.3% and
9.9%, respectively. Excluding credit opinion loans, the pool's
Fitch LTV and DY are 93.2% and 10.5%, respectively, against the
equivalent conduit YTD 2023 LTV and DY averages of 95.2% and 10.1%,
respectively.

Investment Grade Credit Opinion Loans: Four loans representing
34.7% of the pool received an investment grade credit opinion:
Pacific Design Center (10.0% of the pool) received a standalone
credit opinion of 'BBB-sf*', 1201 Third Avenue (9.1%) received a
standalone credit opinion of 'BBB+sf*', 250 Water Street (8.1%)
received a standalone credit opinion of 'BBBsf*' and Scottsdale
Fashion Square (7.5%) received a standalone credit opinion of
'AAsf*'. The pool's total credit opinion percentage of 34.7% is
above the 2023 YTD and 2022 averages of 15.8% and 14.4%,
respectively.

Below Average Amortization: Based on the scheduled balances at
maturity, the pool will pay down by 1.9%, which is below the 2023
YTD average of 2.6% and the 2022 average of 3.3%. The pool has 18
interest-only (IO) loans. These comprise 81.2% of the pool by
balance, which is higher than the 2023 YTD average of 71.0% and the
2022 average of 77.5%. One loan, at 1.5% of the pool by balance, is
partial IO, which is below the 2023 YTD and 2022 averages of 12.4%
and 10.2%, respectively.

Highly Concentrated Pool by Loan Size: The pool is highly
concentrated with a Herfindahl score of 17.5 and the top 10 loans
accounting for 68.5% of the pool. This represents a top 10 loan
concentration well above with the 2023 YTD and 2022 top 10 loan
averages of 60.2% and 55.2%, respectively. The 2023 YTD and 2022
average comparable Herfindahl scores are 19.6 and 23.7,
respectively.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: AA-sf / A-sf / BBB-sf / BB+sf / BBsf / Bsf.

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

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

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

- 10% NCF Increase: AAAsf / AA+sf / Asf / BBB+sf / BBBsf / BBsf.

ESG CONSIDERATIONS

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


BOF URSA VI: Moody's Assigns (P)B3 Rating to Class F1 Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by BOF URSA VI Funding Trust I. This is the
first auto loan transaction sponsored by Bayview Asset Selector VI,
LLC. The notes will be backed by a pool of prime retail automobile
loans originated by U.S. Bank National Association (A1/negative,
Aa3 (cr), P-1) ("USB"), who is also the servicer of the
transaction.  

The complete rating actions are as follows:

Issuer: BOF URSA VI Funding Trust I

Class A2 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa3 (sf)

Class C Notes, Assigned (P)A3 (sf)

Class D Notes, Assigned (P)Baa3 (sf)

Class E Notes, Assigned (P)Ba3 (sf)

Class F1 Notes, Assigned (P)B3 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the experience and expertise of USB
as the servicer and originator, and the repurchase obligation from
USB for loans that are deemed uncollectable, unenforceable or not
valid as a result of USB not having a perfected lien.

Moody's expected median cumulative net loss expectation for BOF
URSA VI Funding Trust I is 0.75% and the loss at a Aaa stress is
5.00%. Moody's based its cumulative net credit loss expectation and
loss at a Aaa stress on an analysis of the quality of the
underlying collateral; the historical credit loss performance of
similar collateral and managed portfolio performance; the ability
of USB to perform the servicing functions; and current expectations
for the macroeconomic environment during the life of the
transaction.

At closing, the Class A2 notes, Class B notes, Class C notes, Class
D notes, Class E notes, and Class F1 notes are expected to benefit
from 6.92%, 5.52%, 3.30%, 2.60%, 1.70%, and 0.70% of hard credit
enhancement, respectively. Hard credit enhancement for the notes
consists of a combination of overcollateralization, subordination,
and a reserve account for the A2 and B notes. The notes may also
benefit from excess spread.

PRINCIPAL METHODOLOGY

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

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

Up

Moody's could upgrade the Class B, C, D, E, and F1 notes if levels
of credit enhancement are higher than necessary to protect
investors against current expectations of portfolio losses. Losses
could decline from Moody's original expectations as a result of a
lower number of obligor defaults or appreciation in the value of
the vehicles securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US job market and the market for
used vehicles. Other reasons for better-than-expected performance
include changes to servicing practices that enhance collections or
refinancing opportunities that result in prepayments.

Down

Moody's could downgrade the notes if levels of credit enhancement
are insufficient to protect investors against current expectations
of portfolio losses. 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 securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market and the market for used vehicles. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud. Moody's could downgrade the notes if USB's rating is
downgraded considering the repurchase obligation from USB for loans
not having a perfected lien.


BOF URSA VII: Moody's Assigns (P)B3 Rating to Class F1 Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by BOF URSA VII Funding Trust I. This is the
first auto loan transaction sponsored by Bayview Asset Selector
VII, LLC. The notes will be backed by a pool of prime retail
automobile loans originated by U.S. Bank National Association
(A1/negative, Aa3 (cr), P-1) ("USB"), who is also the servicer of
the transaction.  

The complete rating actions are as follows:

Issuer: BOF URSA VII Funding Trust I

Class A2 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa3 (sf)

Class C Notes, Assigned (P)A3 (sf)

Class D Notes, Assigned (P)Baa3 (sf)

Class E Notes, Assigned (P)Ba3 (sf)

Class F1 Notes, Assigned (P)B3 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the experience and expertise of USB
as the servicer and originator, and the repurchase obligation from
USB for loans that are deemed uncollectable, unenforceable or not
valid as a result of USB not having a perfected lien.

Moody's expected median cumulative net loss expectation for BOF
URSA VII Funding Trust I is 0.75% and the loss at a Aaa stress is
5.00%. Moody's based its cumulative net credit loss expectation and
loss at a Aaa stress on an analysis of the quality of the
underlying collateral; the historical credit loss performance of
similar collateral and managed portfolio performance; the ability
of USB to perform the servicing functions; and current expectations
for the macroeconomic environment during the life of the
transaction.

At closing, the Class A2 notes, Class B notes, Class C notes, Class
D notes, Class E notes, and Class F1 notes  are expected to benefit
from 6.92%, 5.52%, 3.30%, 2.60%, 1.70%, and 0.70% of hard credit
enhancement, respectively. Hard credit enhancement for the notes
consists of a combination of overcollateralization, subordination,
and a reserve account for the A2 and B notes. The notes may also
benefit from excess spread.

PRINCIPAL METHODOLOGY

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

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

Up

Moody's could upgrade the Class B, C, D, E, and F1 notes if levels
of credit enhancement are higher than necessary to protect
investors against current expectations of portfolio losses. Losses
could decline from Moody's original expectations as a result of a
lower number of obligor defaults or appreciation in the value of
the vehicles securing an obligor's promise of payment. Portfolio
losses also depend greatly on the US job market and the market for
used vehicles. Other reasons for better-than-expected performance
include changes to servicing practices that enhance collections or
refinancing opportunities that result in prepayments.

Down

Moody's could downgrade the notes if levels of credit enhancement
are insufficient to protect investors against current expectations
of portfolio losses. 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 securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market and the market for used vehicles. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud. Moody's could downgrade the notes if USB's rating is
downgraded considering the repurchase obligation from USB for loans
not having a perfected lien.


CIM TRUST 2023-I1: S&P Assigns B (sf) Rating on Class B-2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to CIM Trust 2023-I1's
mortgage-backed notes.

The note issuance is an RMBS securitization backed by fixed- and
adjustable-rate, interest only, business purpose, investor, fully
amortizing, and balloon residential mortgage loans that are secured
by first liens on primarily one- to four-family residential
properties, planned unit developments, townhomes, condominiums,
five- to 10-unit multi-family properties to non-conforming (both
prime and nonprime) borrowers. The pool consists of 1,024 loans
backed by 1,303 properties that are exempt from the qualified
mortgage and ability-to-repay rules. Of the 1,024 loans, 52 are
cross-collateralized, which were broken down to their constituents
at the property level (making up 331 properties).

The ratings reflect S&P's view of:

-- The collateral included in the pool;

-- The credit enhancement provided in the transaction;

-- The representation and warranty framework;

-- The transaction's associated structural mechanics;

-- The pool's geographic concentration;

-- The transaction's mortgage loan originators/aggregator; 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 a shallow recession in
2023. Although safeguards from the Federal Reserve and other
regulators have stabilized conditions, banking concerns increase
risks of a worse outcome and chances for a worsening recession have
increased, with inflation moderating faster than expected in our
baseline forecast. 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

  CIM Trust 2023-I1(i)

  Class A-1, $141,578,000: AAA (sf)
  Class A-2, $18,657,000: AA (sf)
  Class A-3, $29,638,000 A (sf)
  Class M-1, $15,705,000: BBB (sf)
  Class B-1, $11,926,000: BB (sf)
  Class B-2, $9,092,000: B (sf)
  Class B-3, $8,384,000: Not rated
  Class B-4, $1,181,213: 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 equals the aggregate stated principal
balance of the mortgage loans.
N/A--Not applicable.


CITIGROUP 2015-GC33: Fitch Affirms B- Rating on Class F Debt
------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Citigroup Commercial
Mortgage Trust (CGCMT) 2015-GC33 commercial mortgage pass-through
certificates. In addition, Fitch has revised the Rating Outlook on
class F to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CGCMT 2015-GC33

   A-3 29425AAC7    LT AAAsf  Affirmed    AAAsf
   A-4 29425AAD5    LT AAAsf  Affirmed    AAAsf
   A-AB 29425AAE3   LT AAAsf  Affirmed    AAAsf
   A-S 29425AAF0    LT AAAsf  Affirmed    AAAsf
   B 29425AAG8      LT AA-sf  Affirmed    AA-sf
   C 29425AAH6      LT A-sf   Affirmed    A-sf
   D 29425AAJ2      LT BBB-sf Affirmed    BBB-sf
   E 29425AAP8      LT BB-sf  Affirmed    BB-sf
   F 29425AAR4      LT B-sf   Affirmed    B-sf
   PEZ 29425AAN3    LT A-sf   Affirmed    A-sf
   X-A 29425AAK9    LT AAAsf  Affirmed    AAAsf
   X-D 29425AAM5    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall pool loss expectations have
increased slightly since the last rating action primarily due to
higher losses on the Illinois Center loan. The Negative Outlook on
class F reflects the potential for downgrades should performance of
Illinois Center loan or other Fitch Loans of Concern (FLOCs) in the
pool decline further. Fitch has identified 11 FLOCs (21.6% of the
pool balance), primarily due to deteriorating performance and
upcoming rollover concerns. One loan (0.7%) is in special
servicing. Seventeen loans (29.5%) are on the master servicer's
watchlist for declines in occupancy, performance declines due to
the pandemic, upcoming rollover and/or deferred maintenance.
Fitch's current ratings incorporate a base case loss of 5.8%.

The largest contributor to overall loss expectations is the
Illinois Center loan (11.2% of the pool), which is secured by two
adjoining 32-story office towers located in the East Loop submarket
of the Chicago CBD. 111 East Wacker, which totals 1.02 million sf,
was built in 1969 and last renovated in 2014. 233 North Michigan
Avenue, which totals 1.07 million sf, was built in 1972 and last
renovated in 2014. The current largest tenants are Department of
Health & Human Services (8.1% of NRA; through November 2023),
Bankers Life and Casualty (6.5% of NRA; August 2023), Taft
Stettinius & Hollister (5.9%; May 2025), and IHeartMedia +
Entertainment (5.1%; July 2024). Upcoming lease rollover includes
20.3% of the NRA (18 leases) in 2023, 12.6% (14 leases) in 2024 and
7.9% (seven leases) in 2025.

As of December 2022, the total property was 65% occupied, which
increased from 61% at YE 2021 but is down from 67% in December
2020, 73.8% in December 2019, and 72.3% at issuance. Fitch expects
that total occupancy will fall below 60% in August 2023, as media
reports indicate that Bankers Life and Casualty will be relocating
to another nearby office property after their current lease
expires. Servicer-reported NOI debt service coverage ratio (DSCR)
for this loan was 1.14x as of YE 2022, 1.15x as of YE 2021, 1.61x
as of YE 2020, and 1.49x at issuance. Fitch modeled loss of 27% is
based on a cap rate of 10% to the YE 2022 NOI.

The second largest contributor to expected loss is The Decoration &
Design Building loan (7.3%), which is secured by the leasehold
interest in an office/design center property in Midtown Manhattan.
The YE 2021 NOI increased 9.5% from YE 2020 due primarily to a
decline in real estate taxes. The property was 77.2% occupied as of
September 2022, in line with 77.1% at December 2021 but down from
82.6% at December 2020, 91.8% in March 2019 and 92.9% in December
2018. Based on the September 2022 rent roll, lease rollover
includes 9.5% in 2023; 19.4% in 2024; 7.4% in 2025.

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

Increased Credit Enhancement (CE): As of the March 2023
distribution date, the pool's aggregate balance has been paid down
by 10.4% to $858.8 million from $958.5 million at issuance.
Realized losses since issuance total $2,245,902 from the resolution
and disposal of a specially serviced loan (Houston Hotel
Portfolio), which occurred in October 2022. Nine loans (13.1% of
current pool) are fully defeased. Thirty-six loans representing 59%
of the pool had a partial interest-only component, and six loans
(25.8%) are full term interest-only loans. Interest shortfalls
totaling $575,308 are currently impacting the non-rated class NR.

Property Type Concentration: The highest concentration is office
(28.7%), followed by retail (23.4%), hotel (20.3%), and multifamily
(12.5%).

Pari Passu Loans: Four loans comprising 33.6% of the pool are part
of a pari passu loan combination: Illinois Center (11.2%), Hammons
Hotel Portfolio (10.8%), The Decoration & Design Building (7.3%),
and Somerset Park Apartments (4.3%).

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

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

ESG CONSIDERATIONS

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


CITIGROUP COMMERCIAL 2012-GC8: Moody's Cuts C Certs Rating to B2
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three and
downgrades two classes in Citigroup Commercial Mortgage Trust
2012-GC8 ("CGCMT 2012-GC8"), Commercial Pass-Through Certificates,
Series 2012-GC8 as follows:

Cl. C, Downgraded to B2 (sf); previously on Jul 26, 2022 Downgraded
to Ba3 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Jul 26, 2022 Downgraded to
Caa3 (sf)

Cl. E, Affirmed C (sf); previously on Jul 26, 2022 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Jul 26, 2022 Affirmed C (sf)

Cl. X-B*, Downgraded to Ca (sf); previously on Jul 26, 2022
Affirmed Caa3 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on Cl. C was downgraded due to the potential for higher
losses and increased risk of interest shortfalls due to the
significant exposure to specially serviced and previously modified
loans. The largest performing loan, Gansevoort Park Avenue (47% of
the pool), has already been extended after failing to payoff at its
initial maturity date and had an NOI DSCR well below 1.00x through
year-end 2022. Furthermore, the Pinnacle at Westchase loan (45% of
the pool) been in special servicing since 2020, is REO and as of
the March 2023 remittance statement had an appraisal reduction of
71% of the outstanding loan balance.

The rating on three P&I class, Cl. D, Cl. E and Cl. F, were
affirmed because the ratings are consistent with Moody's expected
loss. The rating action also analyzed loss and recovery scenarios
to reflect the recovery value on the remaining loans and the timing
to ultimate resolution.

The ratings on one IO class, Cl. X-B, was downgraded due to decline
in the credit quality of its referenced classes. The IO Class
references all P&I classes including Class G, which is not rated by
Moody's.

Moody's rating action reflects a base expected loss of 55.2% of the
current pooled balance, compared to 34.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 8.7% of the
original pooled balance, compared to 7.9% at Moody's 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, an increase in realized and
expected losses from specially serviced and troubled loans or
interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 53% of the pool is in
special servicing and Moody's has identified additional troubled
loans representing 47% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the March 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 86% to $141.7
million from $1.04 billion at securitization. The certificates are
collateralized by three mortgage loans that are either in specially
servicing (two loans, 53% of the pool) or one loan that has been
previously modified.

The largest specially serviced loan is the Pinnacle at Westchase
loan ($64.4 million -- 45.4% of the pool), is secured by a 471,000
square feet (SF) suburban office complex in the Westchase submarket
of Houston, Texas. The loan was transferred to special servicing in
February 2020 and became REO in June 2021. As of December 2022, the
property was only 25% leased after departures of the two largest
tenants at securitization. As of the March 2023 remittance report,
the loan is last paid through its May 2021 payment date and has
amortized by 19.3% since securitization. An appraisal reduction of
$48.9 million has been recognized as of March 2023 remittance
statement. Due to the high property and submarket vacancy, Moody's
anticipates a significant loss on this loan.

The second specially serviced loan is the SpringHill Suites –
Frazer Mills Loan ($10.8 million – 7.6% of the pool), which is
secured by the borrower's fee simple interest in a 115-room
limited-service hospitality asset that was built in 2007 and
located in Tarentum, Pennsylvania. The loan transferred to special
servicing in July 2022 due to maturity default and the borrower
subsequently submitted a pre-negotiation letter to the servicer and
counsel was retained. An updated appraisal from September 2022
valued the property above the outstanding loan amount but 40% lower
than at securitization. The loan has amortized by 27% since
securitization. The special servicer has reported the property is
under contract for sale for $11.5 million with an anticipated close
in March 2023.

Moody's has also assumed a high default probability on the
Gansevoort Park Avenue Loan and estimates an aggregate $78.3
million loss for the specially serviced and troubled loans (a 55%
expected loss on average).

The largest troubled loan is the former Gansevoort Park Avenue loan
($66.5 million – 46.9% of the pool), which is secured by a pari
passu portion of a $124.2 million senior mortgage loan. The loan is
secured by a 249-room luxury full-service boutique hotel located on
East 29th Street and Park Avenue South in Manhattan, New York. The
property was known as the Gansevoort Park Avenue at securitization,
however, the property was sold for approximately $200,000,000
($803,213 per key) and renamed Royalton Park Avenue in late 2017.
The property's cash flow had generally declined annually since
securitization due to lower revenues coupled with increased
operating expenses. The property's performance was further
significantly impacted by the pandemic and the hotel was
temporarily closed and re-opened in September 2021. The asset
reported negative net operating income (NOI) for 2020 and 2021, but
in 2022 reported an NOI of $4.7 million. However, the year-end 2022
NOI DSCR was still well below 1.00X. The loan was previously
modified in 2021 and the modification included a two-year extension
to June 2024 and a conversion to interest-only through the
remainder of the term. The loan was current on its debt service
payments as of the March 2023 remittance. The servicer watchlist
commentary indicates the borrower is currently in discussion to
further modification of the loan ahead of its June 2024 maturity
date. Due to the continued depressed cash flow and upcoming
maturity date, Moody's has identified this as a troubled loan.

As of the March 2023 remittance statement cumulative interest
shortfalls were $5,802,470. Moody's anticipates interest shortfalls
will continue because of the exposure to specially serviced loans.
Interest shortfalls are caused by special servicing fees, including
workout and liquidation fees, appraisal entitlement reductions
(ASERs), loan modifications and extraordinary trust expenses.


COMM 2012-CCRE4: Fitch Lowers Rating on Cl. B Certs to Csf
----------------------------------------------------------
Fitch Ratings has downgraded one and affirmed eight classes of
Deutsche Bank Securities, Inc.'s COMM 2012-CCRE4 commercial
mortgage pass-through certificates, series 2012-CCRE4. The Rating
Outlooks for two affirmed classes have been revised to Negative
from Stable.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
COMM 2012-CCRE4

   A-3 12624QAR4   LT AAAsf Affirmed    AAAsf
   A-M 12624QAT0   LT A-sf  Affirmed    A-sf
   B 12624QBA0     LT Csf   Downgrade   CCCsf
   C 12624QAC7     LT Csf   Affirmed    Csf
   D 12624QAE3     LT Dsf   Affirmed    Dsf
   E 12624QAG8     LT Dsf   Affirmed    Dsf
   F 12624QAJ2     LT Dsf   Affirmed    Dsf
   X-A 12624QAS2   LT A-sf  Affirmed    A-sf
   X-B 12624QAA1   LT Csf   Affirmed    Csf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrade is driven by higher
expected loss on the Eastview Mall and Commons loan (45.1% of the
pool) which is anticipated to impact the distressed tranches
through class B. The repayment of class A-M is also partially
reliant on proceeds from the Eastview mall. The Negative Outlooks
reflect the potential for downgrade with further performance
deterioration of the Prince Building and the Eastview Mall and
Commons.

Significant Pool Concentration: Only three loans remain, all of
which are in special servicing. Due to the concentrated nature of
the pool, Fitch's analysis considered the perceived likelihood of
repayment and recovery of the remaining loans in the pool. The
ultimate workout of the specially serviced Eastview Mall and
Commons loan remains uncertain, given the significant outstanding
total debt of $210 million, of which $120 million was contributed
to this transaction.

Maturity Extensions: Both the Prince Building (47.2%) and the Mall
of Georgia Crossing (7.5%) loans were modified in December 2022
extending the loan maturities to October 2023. According to the
servicer, the loans are scheduled to return to master servicing by
April 2023. Based on current performance metrics and valuations,
both loans are considered to have a high likelihood of ultimate
repayment with limited realized losses. Class A-3 is expected to
pay in full and partial repayment of class A-M is expected from
these two loans. The Eastview Mall and Commons loan was also
modified in February 2023 extending the loan maturity to September
2024 with an option to extend for an additional 12 months
contingent on performance hurdles.

The Prince Building loan, is secured by a 354,603-sf mixed-use
building located in the SoHo submarket of Manhattan. The property
contains 69,346 sf of retail space and 281,522 sf of office space.
The asset's largest tenants are Group Nine Media (28.1% NRA,
through September 2023), ZOCDOC (21.6% NRA, through March 2028),
and Equinox (10.9% NRA through November 2035).

Property performance has stabilized, and the YE 2021 NOI has
improved 55% compared to YE 2020 NOI as tenants with free rent
periods have burned off and are currently paying full rent in
addition to tenants previously granted rent deferrals in 2020 and
2021. The property's occupancy remains stable at 93% as of
September 2022, unchanged from YE 2021 and up from 90% at YE 2020
and 91% at YE 2019. The most recent NOI DSCR has improved to 2.50x
as of September 2022, from 2.01x at YE 2021, 1.29x at YE 2020 and
2.11x at YE 2019.

The Mall of Georgia Crossing loan is secured by a 317,000-sf retail
power center located in Buford, GA, located adjacent to the Mall of
Georgia. The collateral includes over 317,000 sf of anchored retail
space, and is leased to major tenants that include Hobby Lobby
(18.5% of the NRA through September 2033), TJ Maxx (15.8% of the
NRA through January 2030), Best Buy (14.3% of the NRA through
January 2025) and Nordstrom Rack (12.6% of the NRA through March
2025). As of September 2022, the center was fully occupied with NOI
DSCR of 3.73x, improved from occupancy of 99% and NOI DSCR of 3.45x
at YE 2021.

Regional Mall with High Expected Loss: The primary driver of loss
in the pool is the Eastview Mall and Commons loan, which is secured
by 802,636 sf of a 1.7 million-sf regional mall and power center in
Victor, NY. The loan, which is sponsored by Wilmorite Properties,
had previously transferred to special servicing in May 2020 due to
distress from the pandemic, but was subsequently brought current
and returned to the master servicer in July 2020. The loan
re-transferred to special servicing in June 2022 due to imminent
maturity default. The loan has been modified to extend the maturity
to September 2024.

As of September 2022, collateral occupancy improved to 89% from 79%
at YE 2021, with NOI DSCR of 1.42x remaining in line with YE 2021.
The servicer-reported NOI at YE 2021 of $14.1 million fell 6% below
YE 2020 and remains 33% below issuance.

Non-collateral anchors, Lord & Taylor and Sears closed in 2021 and
2018, respectively. The former non-collateral Sears space was
backfilled by Dick's new experiential concept, Dick's House of
Sports. The mall portion is anchored by non-collateral anchors
JCPenney, Macy's and Von Maur, and the power center portion is
anchored by non-collateral tenants, Home Depot and Target. The
largest collateral tenant is Regal Cinemas, which leases
approximately 9.4% net rentable area through February 2026.

Fitch's expected loss of 66% reflects a discount to a recent
appraisal value which equates to a recovery value of $87 psf and an
implied cap rate, using YE 2021 NOI, of 20%.

Improved Credit Enhancement: While credit enhancement has improved
since Fitch's last rating action due to significant volume of loans
that repaid, this was offset by higher loss expectations on the
Eastview mall loan. As of the March 2023 distribution date, the
pool's aggregate principal balance has been reduced by 76.2% to
$264.8 million from $1.11 billion at issuance. Cumulative interest
shortfalls of $8.2 million are currently impacting the classes C
through G.

Alternative Loss Considerations: Fitch's analysis of the remaining
loans included an expected recovery and liquidation analysis which
assumed ultimate recovery of the Prince Building and the Mall at
Georgia Crossing with limited realized losses. Eastview Mall and
Commons is anticipated to be the last loan remaining with high
expected losses.

RATING SENSITIVITIES

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

A downgrade of classes A-3 and M could occur with further declines
in the valuation of Eastview Mall and Commons and/or deterioration
in recovery prospects of the other two loans.

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

An upgrade of classes A-M, B and C is considered unlikely due to
concentration, but may be possible if the valuation of the Eastview
Mall and Commons improves significantly, with increased certainty
of disposition timing and recoverability.

ESG CONSIDERATIONS

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


COMM 2012-CCRE5: Fitch Cuts Rating on Two Tranches to Csf
---------------------------------------------------------
Fitch Ratings has downgraded three and affirmed three classes of
Deutsche Bank Securities, Inc., commercial pass-through
certificates, series 2012-CCRE5 (COMM 2012-CCRE5 Mortgage Trust).
In addition, the Rating Outlook on class D has been revised to
Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
COMM 2012-CCRE5

   C 12623SAQ3      LT Asf    Affirmed    Asf
   D 12623SAS9      LT BBB+sf Affirmed    BBB+sf
   E 12623SAU4      LT CCCsf  Downgrade   BBsf
   F 12623SAW0      LT Csf    Downgrade   CCCsf
   G 12623SAY6      LT Csf    Downgrade   CCsf
   PEZ 12623SAN0    LT Asf    Affirmed    Asf

KEY RATING DRIVERS

Regional Mall Concentration; Greater Certainty of Losses: Despite
significant paydown since Fitch's prior rating action, exposure to
regional malls (one specially serviced loan; 59.9% of pool) remains
a rating concern. Three specially serviced loans remain in the
pool, including two (40.1%) secured by office properties.

Due to the concentrated nature of the pool, Fitch performed a
paydown analysis that grouped these loans based on the likelihood
of repayment and expected losses from the liquidation of these
loans. The downgrades and distressed ratings on classes E, F and G
and Outlook revision to Negative from Stable on class D reflect a
greater certainty of losses based on updated valuations and the
pool's reliance on proceeds from underperforming loans with
uncertainty around timing/recovery and ultimate disposition of
these loans.

The affirmations and Stable Outlooks on classes C and PEZ reflect
high credit enhancement (CE) and a greater certainty of recoveries
based on current modeled losses.

The largest loan in the pool and largest contributor to losses,
Eastview Mall and Commons (59.9%), is secured by 802,636 sf of a
1.7 million-sf regional mall and power center in Victor, NY. The
loan, which is sponsored by Wilmorite Properties, had previously
transferred to special servicing in May 2020 due to distress from
the pandemic, but was subsequently brought current and returned to
the master servicer in July 2020. The loan re-transferred to
special servicing in June 2022 due to imminent maturity default and
a modification is being processed which includes a maturity
extension of the loan.

As of YE 2022, collateral occupancy improved to 89% from 79% at YE
2021, with NOI debt service coverage ratio (DSCR) of 1.50x in-line
with YE 2021 NOI DSCR of 1.44x. The servicer-reported NOI at YE
2022 of $14.8 million improved 5% above YE 2021 but is 15% below YE
2019 and remains 31% below underwriting at issuance.

Non-collateral anchors, Lord & Taylor and Sears closed in 2021 and
2018, respectively. The former non-collateral Sears space was
backfilled by Dick's new experiential concept, Dick's House of
Sports. The mall portion is anchored by non-collateral anchors
JCPenney, Macy's and Von Maur, and the power center portion is
anchored by non-collateral tenants, Home Depot and Target. The
largest collateral tenant is Regal Cinemas, which leases
approximately 9.4% net rentable area (NRA) through February 2026.

Fitch's base case loss expectation of 66.7% reflects a discount to
a recent servicer provided valuation and equates to a 21% cap rate
on the YE 2022 NOI.

The second largest loan, Widener Building (31.1%), is secured by a
458,265-sf office building with ground level retail and below-grade
parking in Philadelphia, PA. The loan, which is sponsored by
Chestnut Street Realty Limited Partnership and Widener Partner,
L.P., as tenants-in-common, transferred to special servicing in
January 2023 after the loan matured without repayment in December
2022. The servicer is dual tracking foreclosure and maturity
extension with the borrower.

Occupancy and servicer-reported NOI DSCR for this amortizing loan
were 90% and 1.63x at YE 2022 compared with 95% and 1.71x at YE
2021 and 91% and 1.84x at YE 2020. The largest tenant is the
Philadelphia Municipal Authority, which leases approximately 40%
NRA through December 2032. Per servicer updates, Rawle and
Henderson is expected to vacate 15.5% NRA at lease expiration in
April 2023.

Fitch's base case loss expectation of 15.5% reflects a 12% cap rate
and 15% total haircut to the YE 2022 NOI to account for the
declining occupancy and refinance concerns and equates to a
stressed value of $87 psf.

The third largest loan, Verizon Operations Center (9.0%), is
secured by a 146,483-sf, single-tenant suburban office building in
Elgin, SC. The loan, which is sponsored by Gladstone Commercial,
transferred to special servicing in October 2022 and matured
without repayment in December 2022. The building is currently
vacant. The previous tenant, Verizon, which used the property as a
call and operations center, vacated as a result of the pandemic in
2020 and did not renew its lease upon expiration in October 2022.
Per servicer updates, the borrower is attempting to sell the
property and pay-off the loan. A receiver was appointed in February
2023.

Fitch's base case loss expectation of 60.6% reflects a discount to
the recent servicer provided valuation and equates to a stressed
value of $38 psf. Fitch's analysis considers the vacant, suburban
office property, limited leasing prospects, tertiary market and
significant concerns with loan repayment.

Increasing Credit Enhancement: Since Fitch's prior rating action,
40 of the remaining 43 loans ($610 million balance) were disposed
with a $78,749 loss to the trust. Eight of these loans ($102
million balance) were designated Fitch Loans of Concern (FLOCs) and
modeled with a combined loss of $7 million.

As of the March 2023 distribution date, the pool's aggregate
principal balance has been reduced by 86.7% to $150.3 million from
$1.1 billion at issuance. No loans are defeased. Actual realized
losses of $78,749 affected the non-rated class H, and cumulative
interest shortfalls of $405,431 are currently affecting classes G
and H.

RATING SENSITIVITIES

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

Downgrades to classes C and PEZ are considered unlikely due to
sufficient CE. Downgrades to class D would occur if performance
and/or valuations of the remaining loans deteriorates further or
any are disposed with a greater than expected losses. Downgrades to
the distressed classes E, F and G would occur as losses are
realized on the disposition of the remaining loans.

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

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

Upgrades are considered unlikely due to the regional mall
concentration but could occur if performance and/or valuations of
the remaining loans improves significantly or one of the remaining
loans is disposed with better than expected recoveries.

ESG CONSIDERATIONS

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


CROWN CITY V: S&P Assigns BB-(sf) Rating on $12.25MM Class D Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Crown City CLO V/Crown
City CLO V LLC's floating-rate notes.

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

  Crown City CLO V/Crown City CLO V LLC

  Class A-1, $217.00 million: AAA (sf)
  Class A-2, $49.00 million: AA (sf)
  Class B (deferrable), $21.00 million: A+ (sf)
  Class C (deferrable), $17.50 million: BBB- (sf)
  Class D (deferrable), $12.25 million: BB- (sf)
  Subordinated notes, $31.70 million: Not rated



DRYDEN 105: S&P Assigns BB- (sf) Rating on $12.40MM Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Dryden 105 CLO
Ltd./Dryden 105 CLO LLC's floating-rate notes.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool, which consists
primarily of broadly syndicated speculative-grade senior secured
term loans.

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

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

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

  Ratings Assigned

  Dryden 105 CLO Ltd./Dryden 105 CLO LLC

  Class A, $250.00 million: AAA (sf)
  Class B, $54.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $23.20 million: BBB- (sf)
  Class E (deferrable), $12.40 million: BB- (sf)
  Subordinated notes, $33.47 million: Not rated



DT AUTO 2022-1: S&P Affirms BB (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of notes from
DT Auto Owner Trust 2021-3, 2021-4, and 2022-1. At the same time,
S&P affirmed its ratings on five classes of notes from the
transactions.

The rating actions reflect:

-- Collateral performance to date and our expectations regarding
future collateral performance;

-- Each transaction's structure and the respective credit
enhancement levels; and

-- Other credit factors, including credit stability, payment
priorities under various scenarios, and sector- and issuer-specific
analyses.

Considering all these factors, S&P believes each note's
creditworthiness is consistent with the raised or affirmed rating.

  Table 1

  Collateral Performance (%)

  As of the March 2023 distribution date

                     Pool    Current    60+ day
  Series    Mo.    factor        CNL    delinq.

  2021-3     19     55.58       9.57      11.69
  2021-4     16     61.72       8.15       9.62
  2022-1     12     68.13       8.86       9.57

  Mo.--Month.
  Delinq.—Delinquencies.
  CNL--Cumulative net loss.

S&P said, "The series 2021-3 and 2021-4 transactions are performing
better than our initial expectations. As a result, we revised and
lowered our expected cumulative net losses (CNLs) for these
transactions. In contrast, the series 2022-1 transaction's
performance is trending worse than our initial CNL expectation. We
also believe the series 2022-1, which has only 12 months of
performance and a higher pool factor, is more exposed to potential
adverse economic headwinds and possibly weaker recovery rates. As a
result, we revised and raised our expected CNL for series 2022-1."

  Table 2

  CNL Expectations (%)(i)

                Original       Former       Revised
                lifetime     lifetime      lifetime
  Series        CNL exp.      CNL exp.     CNL exp.

  2021-3     26.00-27.00           N/A        23.00  
  2021-4     25.25-26.25           N/A        24.00
  2022-1     24.25-25.25           N/A        25.25

  (i)As of the March 2023 distribution date.
  CNL exp.--Cumulative net loss expectations.
  N/A–-Not applicable.

Each transaction has a sequential principal payment structure that
will increase the credit enhancement for the senior notes as the
pool amortizes. Each transaction also has credit enhancement
consisting of overcollateralization, subordination, a
non-amortizing reserve account, and excess spread.

As of the March 2023 distribution date, the overcollateralization
levels for series 2021-3, 2021-4, and 2022-1 were at their targets
of 14.20%, 14.50%, and 14.25% of current receivables, respectively.
The reserve account for each transaction is at its required level
of 1.50% of initial collateral pool balance, which increases as a
percentage of the current pool balance as the pool amortizes.

S&P believes the total credit support as a percentage of the
outstanding pool's balance, compared with our current loss
expectations, is adequate for the raised and affirmed ratings.

  Table 3

  Hard Credit Support (%)
  As of the March 2023 distribution date

                             Total hard    Current total hard
                         credit support        credit support
  Series       Class     at issuance(i)     (% of current)(i)

  2021-3       A                  55.70                 97.15
  2021-3       B                  45.30                 78.44
  2021-3       C                  31.90                 54.32
  2021-3       D                  14.00                 22.12
  2021-3       E                  11.10                 16.90
  2021-4       A                  52.30                 85.79
  2021-4       B                  40.80                 67.16
  2021-4       C                  27.50                 45.61
  2021-4       D                  13.80                 23.41
  2021-4       E                   9.80                 16.93
  2022-1       A                  50.50                 77.22
  2022-1       B                  44.25                 68.05
  2022-1       C                  31.60                 49.48
  2022-1       D                  15.90                 26.43
  2022-1       E                   9.10                 16.45

  (i)Calculated as a percentage of the total gross receivable pool
balance, consisting of a reserve account, overcollateralization,
and, if applicable, subordination.

S&P said, "We analyzed the current hard credit enhancement versus
the remaining expected CNL for the classes where hard credit
enhancement alone--without credit to the expected excess
spread--was sufficient, in our view, to upgrade or affirm the
ratings. For the other classes, we incorporated a cash flow
analysis to assess the loss coverage levels, giving credit to
stressed excess spread.

"Our various cash flow scenarios included forward-looking
assumptions on recoveries, the timing of losses, and voluntary
absolute prepayment speeds that we believe are appropriate given
each transaction's performance to date. Aside from our break-even
cash flow analysis, we also conducted a sensitivity analysis for
the series to determine the impact a moderate ('BBB') stress
scenario would have on our ratings if losses began trending higher
than our revised base-case loss expectations.

"In our view, the results demonstrated that the classes all have
adequate credit enhancement at the upgraded or affirmed rating
levels. We will continue to monitor the transactions' performance
to ensure that the credit enhancement remains sufficient to cover
our CNL expectations under our stress scenarios for each rated
class."

  RATINGS RAISED

  DT Auto Owner Trust
                             Rating
  Series        Class     To         From

  2021-3        B         AAA (sf)   AA (sf)
  2021-3        C         AA+ (sf)   A (sf)
  2021-3        D         BBB (sf)   BBB- (sf)
  2021-3        E         BBB- (sf)  BB- (sf)
  2021-4        B         AAA (sf)   AA (sf)
  2021-4        C         AA- (sf)   A (sf)
  2021-4        E         BB+(sf)    BB (sf)
  2022-1        B         AA+ (sf)   AA (sf)
  2022-1        C         AA- (sf)   A (sf)
  2022-1        D         BBB+ (sf)  BBB (sf)

  RATINGS AFFIRMED

  DT Auto Owner Trust

  Series        Class     Rating

  2021-3        A         AAA (sf)
  2021-4        A         AAA (sf)
  2021-4        D         BBB (sf)
  2022-1        A         AAA (sf)
  2022-1        E         BB (sf)



EXETER 2022-5: S&P Places 'BB' Class E Notes Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed  its 'BB (sf)' rating on Exeter
Automobile Receivables Trust 2022-5's (EART  2022-5) class E notes
on CreditWatch with negative implications.   

S&P said, "The CreditWatch placement reflects the transaction's
collateral  performance to date and our expectations regarding the
transaction's future  collateral performance, structure, and credit
enhancement. We also considered  our most recent macroeconomic
outlook, which incorporates a baseline forecast  for U.S. GDP and
unemployment.  The transaction's performance is trending worse than
our original cumulative  net loss (CNL) expectation, albeit early
with only five months of performance.  Cumulative gross losses are
significantly higher than prior EART series from  2017 through 2021
(at performance month five), which coupled with lower  cumulative
recoveries, is resulting in elevated CNLs. Additionally, EART
2022-5's collateral performance is generally  consistent with those
of the other 2022 EART transactions, which have also  experienced
higher-than-expected gross and net losses. In the January and
February 2023  collection periods, excess spread was not sufficient
to cover losses on EART  2022-5, resulting in a decline in the
dollar amount of overcollateralization  (O/C) and a decline in O/C
as a percentage of the current collateral pool  balance.  

  Table 1

  EART 2022-5 Collateral Performance (%)

          Pool                             61+ day           
  Mo      factor   CGL      CRR     CNL     Delinq.   Ext.

  Oct-22  97.49    0.00      --     0.01    0.74     0.62
  Nov-22  95.77    0.08   26.23     0.06    3.09     0.23
  Dec-22  93.67    0.55   16.17     0.46    5.73     0.50
  Jan-23  90.67    1.95   15.07     1.65    7.28     0.94
  Feb-23  87.57    3.41   17.64     2.81    6.93     2.41

  EART--Exeter Auto Receivables Trust.
  Mo.--As of the monthly collection period.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  Ext.--Extensions.

  Table 2

  EART 2022-5 Overcollateralization Summary

  Mo.       Current    Target    Current    Target
             (%)(i)    (%)(i)     amount    amount
                                 (mil. $)  (mil. $)
  Oct-22       8.51     18.00     53.33     112.86
  Nov-22       9.48     18.00     58.41     110.87
  Dec-22      10.24     18.00     61.68     108.43
  Jan-23      10.19     18.00     59.45     104.96
  Feb-23      10.16     18.00     57.21     101.37

  EART--Exeter Auto Receivables Trust.
  Mo.--As of the monthly collection period.
  (i)As a percentage of the current collateral pool balance.

Despite the O/C declines over the past two months, the
transaction's earlier  O/C build and sequential principal payment
structure have led to an increase  in hard credit enhancement as a
percentage of the current collateral pool  balance (taking into
account subordination and the nonamortizing reserve  amount). As of
the collection period ended Feb. 28, class A (the most senior
class) had the largest build in hard credit enhancement from
initial at  10.49%, followed by classes B (8.53%), C (6.78%), D
(5.04%), and class E (the  most subordinate class; 3.63%).  

  Table 3

  Hard Credit Enhancement(i)

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

  2022-5    A        AAA (sf)           56.67             67.16
  2022-5    B        AA (sf)            42.82             51.35
  2022-5    C        A  (sf)            30.47             37.24
  2022-5    D        BBB(sf)            18.27             23.31
  2022-5    E        BB (sf)(ii)         8.32             11.95

(i)As of the March 2023 distribution date. Includes subordination,
overcollateralization, and a reserve account of 1.57% of the
initial  collateral pool balance.

(ii)Placed on CreditWatch negative.
CE--Credit  enhancement.   

Although hard credit enhancement has increased for the class E
notes since  issuance, the class remains highly dependent on excess
spread and is  vulnerable to continued losses, which can exacerbate
the decline in O/C. S&P said, "We  believe the evolving economic
headwinds and potential negative impact on  consumers could result
in increased delinquencies and extensions, and  ultimately
defaults, which, if not offset by recoveries, are risks to excess
spread and O/C. As such, we placed our rating on the class E notes
on  CreditWatch negative. Although we have not taken any action on
the series  2022-5 class A, B, C, and D notes, unless remedied,
continued performance  deterioration and erosion of O/C could cause
us to revisit our stance on the  these classes.  We will continue
to monitor this transaction and resolve the CreditWatch  placement
when we have sufficient data to more accurately project future
losses, develop a loss-timing forecast, and conduct cash flow
analysis."



GALAXY 31: S&P Assigns BB- (sf) Rating on $13.05MM Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Galaxy 31 CLO
Ltd./Galaxy 31 CLO LLC's floating-rate notes.

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

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  Galaxy 31 CLO Ltd./Galaxy 31 CLO LLC

  Class A, $270.00 million: AAA (sf)
  Class B, $56.25 million: AA (sf)
  Class C-1 (deferrable), $24.75 million: A+ (sf)
  Class C-2 (deferrable), $18.00 million: A (sf)
  Class D (deferrable), $25.65 million: BBB- (sf)
  Class E (deferrable), $13.05 million: BB- (sf)
  Subordinated notes, $40.16 million: Not rated



GERMAN AMERICA 2016-CD1: Fitch Cuts Rating on Two Tranches to CCsf
------------------------------------------------------------------
Fitch Ratings has downgraded four classes, and affirmed 10 classes
of German America Capital Corp.'s CD Mortgage Securities Trust
2016-CD1 commercial mortgage pass-through certificates. Fitch has
also revised the Ratings Outlooks for seven affirmed classes to
Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CD 2016-CD1

   A-3 12514MBB0    LT AAAsf  Affirmed    AAAsf
   A-4 12514MBC8    LT AAAsf  Affirmed    AAAsf
   A-M 12514MBE4    LT AAAsf  Affirmed    AAAsf
   A-SB 12514MBA2   LT AAAsf  Affirmed    AAAsf
   B 12514MBF1      LT AA-sf  Affirmed    AA-sf
   C 12514MBG9      LT A-sf   Affirmed     A-sf
   D 12514MAL9      LT BBB-sf Affirmed    BBB-sf
   E 12514MAN5      LT CCCsf  Downgrade   B-sf
   F 12514MAQ8      LT CCsf   Downgrade   CCCsf
   X-A 12514MBD6    LT AAAsf  Affirmed    AAAsf
   X-B 12514MAA3    LT A-sf   Affirmed    A-sf
   X-C 12514MAC9    LT BBB-sf Affirmed    BBB-sf
   X-D 12514MAE5    LT CCCsf  Downgrade   B-sf
   X-E 12514MAG0    LT CCsf   Downgrade   CCCsf

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades reflect increased
expected losses since the prior rating action primarily driven by
increased certainty of losses on the 401 South State Street asset,
and higher loss expectations from underperforming Fitch Loans of
Concern (FLOC), specifically the Westfield San Francisco Centre.
Nine loans (40.3% of the pool) are flagged as FLOCs, including two
loans (4.1%) in special servicing.

Fitch's current ratings incorporate a base case loss of 6.30%. The
Negative Outlooks on classes A-M through D reflects losses that
could reach 7.80% when factoring in additional stresses to the
Westfield San Francisco Centre.

The largest contributor to losses, 401 South State Street (2.4% of
pool), is secured by a 487,000 sf of office space located in the
CBD of Chicago, IL. The asset consists of the 401 South State
Street building (479,522 sf) and the 418 South Wabash Avenue
building (7,500-sf). The subject is currently 100% vacant following
the departure of Robert Morris College (previously 75% of the NRA),
and Columbia College (1% of the NRA), both of which vacated prior
to their respective lease expirations. In October 2021, the final
distribution of $3.9 million was received as a part of the rent
claim against Robert Morris.

The loan was transferred to the special servicer in June 2020 for
payment default. A receiver was appointed to the property in
September 2020; the asset is now real estate owned following the
foreclosure sale in March 2023. Fitch's base case loss of 97.5% is
based on the most recent appraisal provided by the special servicer
and results in a stressed value of $37 psf.

The largest FLOC in the pool is the Westfield San Francisco Centre
(10.1% of the pool), a 1,445,449-sf super regional mall located in
San Francisco's Union Square neighborhood. The loan collateral also
includes 241,155-sf of class A office space. Occupancy at the
subject has declined to 73.4% as of September 2022, down from 87%
at YE 2020, and 95.1% at YE 2019.

This decline is primarily driven by office tenants vacating at
their respective lease expirations; the most recent departure being
San Francisco State University (previously 15.8% of NRA) following
their lease expiration in January 2022. The office segment is
currently 94.6% vacant, compared to 41.4% vacant in September
2021.

Collateral performance has continued its downward trend, posting an
NOI DSCR of 1.07x in September 2022 compared to 1.14x at YE 2021,
1.77x at YE 2020, and 2.32x at YE 2019. The annualized September
2022 NOI reflects a 6.1% decline from YE 2021, and a 53.9% decline
from YE 2019. At issuance, this loan was assigned a credit opinion
of 'Asf'; however, given declining occupancy and NOI, Fitch no
longer considers it as such. Fitch's loss expectations of
approximately 6% reflects a 10% haircut to the YE 2020 NOI and an
8% cap rate.

Outlet Mall FLOCs: Both the Birch Run Premium Outlets (7.2%) and
Columbia Gorge Premium Outlets (3.3%), were given additional cap
rate and NOI stresses due to the declining outlook for retail
centers, and continued concerns over future occupancy.

The Birch Run Premium Outlets was 72.5% occupied according to the
September 2022 rent roll, which is up from 63.0% at YE 2021.
Occupancy dipped following the departure of four tenants (the
largest being Your Fashion Secret; 10,467-sf) and downsizing of one
tenant. Rollover at the subject includes 16 tenants through YE 2023
totaling 19.8% NRA; including the largest tenant, Pottery Barn
(5.0% NRA) and 19 tenants (14.2% NRA) through YE 2024. The loan is
considered a FLOC due to these concerns. Fitch's loss expectations
of 16% reflects a 12% cap rate and a 30% haircut to the YE 2021 NOI
to account for lease rollover concerns.

The Columbia Gorge Premium Outlets is considered a FLOC due
elevated levels of rollover in 2023. Leases representing 25.6% of
the NRA (including the largest tenant, Loft Outlet 5.5% NRA LXD
1/2023) are scheduled to expire in 2023 and 7.6% in 2024. Loft
Outlets previously executed a short-term extension in April 2022.
Fitch's loss expectations for this loan is 18% and reflects a 15%
cap rate and a 15% haircut to the YE 2022 NOI.

Improved Credit Enhancement: Since the prior rating action, five
additional loans (3.25%) have defeased. As of the March 2023
distribution, the pool's aggregate balance has been reduced by
15.2% to $595.8 million from $703.2 million at issuance. Thirty of
the original 32 loans remain outstanding and there are no scheduled
maturities until 2025. Four loans representing 33.2% of the pool
are full term interest only (IO).

Alternative Loss Considerations: Fitch ran an additional
sensitivity scenario, which assumed a potential outsized loss on
Westfield San Francisco Centre (10.1% of the pool), due to the
continued decline in NOI and occupancy levels relative to issuance,
and Westfield's intentions to reduce their U.S. footprint. The
Negative Outlooks for classes A-M through D reflects this
analysis.

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-M through D, and the associated IO classes
X-A, X-B and X-C are possible due to the performance decline of the
Westfield San Francisco Centre, elevated losses on loans secured by
outlet malls and increased concern over refinance risk for loans
secured by office properties (46.1% of the pool);

Further downgrades to classes E and F, and the associated IO
classes X-D and X-E are possible as losses are realized or become
more certain.

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

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

Factors that lead to upgrades would include stable to improved
asset performance, particularly on the FLOCs, coupled with
additional paydown and/or defeasance. Upgrades to classes B, C, and
the associated IO class X-B would only occur with significant
improvement in credit enhancement and/or defeasance, and with the
stabilization of performance and viable resolutions on the FLOCs,
specifically the Westfield San Francisco Centre.

Upgrades of classes D, E and F, and the associated IO classes X-C,
X-D, and X-E are not likely without stabilization of performance on
the FLOCs and substantially higher recoveries than expected on the
specially serviced loans/assets. 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.


GS MORTGAGE 2011-GC5: Moody's Lowers Rating on X-B Certs to Ca
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on five
classes and affirmed the ratings on three classes in GS Mortgage
Securities Trust 2011-GC5 ("GSMS 2011-GC5"), Commercial Mortgage
Pass-Through Certificates, Series 2011-GC5, as follows:

Cl. A-S, Downgraded to Aa2 (sf); previously on Sep 20, 2021
Confirmed at Aaa (sf)

Cl. B, Downgraded to Ba3 (sf); previously on Sep 20, 2021
Downgraded to Ba1 (sf)

Cl. C, Downgraded to Caa2 (sf); previously on Sep 20, 2021
Downgraded to Caa1 (sf)

Cl. D, Affirmed Caa3 (sf); previously on Sep 20, 2021 Downgraded to
Caa3 (sf)

Cl. E, Affirmed C (sf); previously on Sep 20, 2021 Downgraded to C
(sf)

Cl. F, Affirmed C (sf); previously on Sep 20, 2021 Affirmed C (sf)

Cl. X-A*, Downgraded to Aa2 (sf); previously on Sep 20, 2021
Confirmed at Aaa (sf)

Cl. X-B*, Downgraded to Ca (sf); previously on Sep 20, 2021
Downgraded to Caa3 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three P&I classes, Cl. A-S, Cl. B and Cl. C, were
downgraded due to higher anticipated losses and increased risk of
interest shortfalls due to the significant exposure to specially
serviced and previously modified loans. Three loans, representing
79% of the pool, are in special servicing and the two other
performing loans were previously extended after being unable to
payoff at their initial maturity dates. Four of the remaining five
loans, 63% of the pool, are secured by regional malls that have
mostly exhibited declining performance in recent years.
Furthermore, while significant principal recoveries are expected on
the largest specially serviced loan, 1551 Broadway (37% of the
pool), the property is fully leased to a single tenant through
February 2024 and has been unable to payoff since its original
maturity date in July 2021.

The ratings on three P&I classes, Cl. D, Cl. E and Cl. F, were
affirmed because the ratings are consistent with Moody's expected
loss. In this rating action Moody's analyzed loss and recovery
scenarios to reflect the recovery value of the remaining loans, the
current cash flow at the properties and timing to ultimate
resolution.

The ratings on the IO classes were downgraded based on the credit
quality of the referenced classes.

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

Moody's rating action reflects a base expected loss of 37.2% of the
current pooled balance, compared to 32.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.8% of the
original pooled balance, compared to 9.4% 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 or a
significant improvement in pool performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 79% of the pool is in
special servicing and the remaining 21% of the pool were identified
as troubled loans. In this approach, Moody's determines a
probability of default for each specially serviced that it expects
will generate a loss and estimates a loss given default based on a
review of broker's opinions of value (if available), other
information from the special servicer, available market data and
Moody's internal data. The loss given default for each loan also
takes into consideration repayment of servicer advances to date,
estimated future advances and closing costs. Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced and troubled loans to the most junior classes and the
recovery as a pay down of principal to the most senior classes.

DEAL PERFORMANCE

As of the March 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 75% to $442.8
million from $1.75 billion at securitization. The certificates are
collateralized by five mortgage loans, three of which (79% of the
pool) are in special servicing and the two other performing loans
were previously extended after being unable to payoff at their
initial maturity dates.

The largest specially serviced loan is the 1551 Broadway Loan
($163.5 million -- 37% of the pool), which is secured by a 26,000
square feet (SF) single tenant retail property and a 15,000 SF LED
sign located in the "Bow Tie" area of Manhattan's Times Square
district. The property is also encumbered by $103.9 million of
non-pooled mezzanine debt. The property and LED sign are leased to
AE Outfitters, Inc. a fully owned subsidiary of American Eagle
Outfitters, Inc. through February 2024. A significant portion of
the property's revenue is related to the LED signage. The borrower
was not able to pay off the loan at its original maturity date of
July 2021 and entered into a 120-day forbearance, which expired in
November 2021. The special servicer commenced foreclosure
proceedings in September 2022 and has continued to dual track
foreclosure while discussing workout alternatives with the
borrower. Servicer commentary indicates the borrower has continued
to make efforts to secure financing and/or sale sufficient to pay
off the total debt. A cash sweep was initiated after the original
maturity date and the loan has now paid down 9% from its original
balance. As of the March 2023 remittance report, the loan is last
paid through its February 2023 payment date and is classified as
"non-performing maturity balloon".

The second largest specially serviced loan is the Park Place Mall
Loan ($156.9 million -- 35.4% of the pool), which is secured by a
478,000 SF portion of a 1.06 million SF dominant super-regional
mall in Tucson, Arizona. At securitization the non-collateral
anchors were Sears, Dillard's, and Macy's, however, Sear's (221,000
SF) and Macy's (160,000 SF) closed in July 2018 and May 2020,
respectively. Subsequently, Round 1 (44,000 SF), an entertainment
venue, backfilled a portion of the former Sears space in 2019. The
largest collateral tenant is a Century Theaters, an 18-screen movie
theatre with a lease expiration in August 2026. The property's net
operating income (NOI) was already declining prior to 2020 but was
further significantly impacted by the coronavirus pandemic and
performance has remained well below levels at securitization. The
2019 NOI was 20% lower than in 2016, and the 2022 NOI declined a
further 20% from 2019 levels. The loan has amortized 21% since
securitization and the 2022 NOI DSCR was 1.05X compared to 1.30X in
2019. The loan has been in special servicing since September 2020
and passed its original maturity date in May 2021. Special servicer
commentary indicated the borrower is not willing to inject any
additional equity and will assist in consensual sale or cooperate
foreclosure. A June 2022 appraisal valued the property 73% below
the securitization value and 45% below the outstanding loan
balance. As of the March 2023 remittance date the servicer has
recognized an appraisal reduction of 55% of the current loan
balance. The loan is last paid through its September 2022 payment
date and is classified as "non-performing maturity balloon".

The third largest specially serviced loan is the Champlain Centre
Loan ($27.8 million -- 6.3% of the pool), which is secured by a
484,556 SF portion of a 610,556 SF power retail center located in
Plattsburgh, NY. The property is anchored by a Target
(non-collateral), Hobby Lobby (56,351 SF), Dicks Sporting Goods
(52,000 SF), JC Penney (51,282), Kohl's (43,821 SF) and Ollie's
Bargain Outlet (32,695). As of September 2022, the collateral was
72% leased, compared to 78% as of December 2021 and 83% in December
2019. While the property's NOI improved year over year in 2021, the
annualized NOI as of September 2022 was 33% lower than in 2021. The
loan previously received a modification including a deferral of P&I
payments for April through September 2020 with payments commencing
back in October 2020. However, the loan transferred back to special
servicing in April 2021 due to imminent monetary default and the
loan passed its original maturity date in May 2021. The special
servicer is currently proceeding with foreclosure which was filed
in December 2021. The most recent appraisal dated June 2021
reported a value 65% below the appraisal value at securitization
and 25% below the outstanding loan balance and as of the March 2023
remittance date the servicer has recognized an appraisal reduction
of 46% of the current loan balance. The loan is last paid through
its December 2022 payment date.

The largest non-specially serviced loan is the Parkdale Mall &
Crossing Loan ($61.8 million – 13.9% of the pool), which is
secured by a 655,000 SF portion of a 1.31 million SF super-regional
mall, Parkdale Mall, and an adjacent 88,100 SF strip center,
Parkdale Crossing located in Beaumont, Texas. At securitization
non-collateral anchors included Sears, Dillard's, JC Penney, and
Macy's. However, Macy's and Sear's both closed their locations in
2017 and February 2020, respectively. The former Macy's location
had been reconfigured and Dick's Sporting Goods, HomeGoods and Five
Below took occupancy in 2019, however, the Sears space remains
vacant. Furthermore, a former major collateral tenant, Bealls
(40,000 SF; 5% of the NRA) closed its location in May 2020 as a
part of the larger Stage Stores Chapter 11 bankruptcy filing. As of
August 2022, the collateral occupancy was 90%. The property's NOI
has declined significantly over the past three years due to lower
rental revenue. The 2022 NOI declined 8% year-over-year and was 31%
lower than the NOI in 2019. The loan previously received a
modification converting the loan to interest only payments for the
months of July through December 2020, however, the loan most
recently transferred back special servicing in February 2021 and
another modification was executed extending the maturity date to
March 2026. The loan was returned to the master servicer in October
2022 as a corrected mortgage loan and remains current through the
March 2023 payment date. The loan has amortized 34% since
securitization, however, the 2022 NOI was 34% lower than at
securitization and the most recent appraisal value from June 2022
was 32% lower than the outstanding loan balance.

The other non-specially serviced loan is the Ashland Town Center
Loan ($32.8 million -- 7.4% of the pool), which is secured by a
434,131 SF regional mall located in Ashland, KY. Anchor tenants at
the property include JC Penney, Belk Women's and Kid, and Belk
Men's and Home Store, Cinemark, and T.J. Maxx. All of the anchor
tenants have been in-place since securitization with current lease
expirations ranging from 2023 to 2028. As of September 2022, the
property occupancy was 98%, compared to 100% as of year-end 2021
and 95% as of year-end 2020. While the NOI declined in 2020 and
2021, the annualized NOI as of September was above levels at
securitization. The loan has amortized nearly 22% and the
annualized 2022 NOI DSCR increased to 2.47X compared to 2.09X in
2021 and 2.10X in 2020. The loan transferred to special servicing
after the loan failed to pay off at its original maturity date in
July 2021 and a modification was executed including a 2-year
maturity extension with two additional 1-year extension options.
The first extension option requires a $1.5 million pay down and the
second extension option will require a $2.5 million pay down. The
loan was returned to the master servicer as a corrected mortgage
loan and the was current through its March 2023 remittance
statement.

Moody's considers both non-specially serviced loans as troubled
loans. Moody's has estimated an aggregate loss of $165 million (a
37% expected loss on average) for the specially serviced loans and
troubled loans.


GSMS 2014-GC18: Fitch Corrects March 29 Ratings Release
-------------------------------------------------------
Fitch Ratings issues a correction of a rating action commentary on
GSMS 2014-GC18 published on March 29, 2023. It corrects the
issuer's name in the first paragraph.

The amended ratings release is as follows:

Fitch Ratings has downgraded two and affirmed 11 classes of GSMS
2014-GC18 commercial mortgage pass-through certificates. The Rating
Outlooks on two classes have been revised to Stable from Positive.

   Entity/Debt          Rating        
   -----------          ------        
GSMS 2014-GC18

   A-3 36252RAJ8    LT AAAsf Affirmed
   A-4 36252RAM1    LT AAAsf Affirmed
   A-AB 36252RAQ2   LT AAAsf Affirmed
   A-S 36252RAZ2    LT Asf   Affirmed
   B 36252RBC2      LT BBsf  Affirmed
   C 36252RBJ7      LT CCsf  Downgrade
   D 36252RAG4      LT Dsf   Affirmed
   E 36252RAK5      LT Dsf   Affirmed
   F 36252RAN9      LT Dsf   Affirmed
   PEZ 36252RBF5    LT CCsf  Downgrade
   X-A 36252RAT6    LT Asf   Affirmed
   X-B 36252RAW9    LT BBsf  Affirmed
   X-C 36252RAA7    LT Dsf   Affirmed

KEY RATING DRIVERS

Stable Performance and Loss Expectations: The downgrades to the
distressed classes reflect greater certainty of losses from the
special serviced loan and Fitch Loans of Concern (FLOCs). The
affirmations and Stable Outlooks reflect the generally stable
performance for the remainder of the pool and base case loss
expectations that have remained relatively stable since Fitch's
prior review. Fitch's ratings incorporate a base case loss of
6.5%.

Minimal Change to Credit Enhancement: As of the February 2023
distribution date, the pool's aggregate principal balance was
reduced by 41% to $677.7 million from $1.1 billion at issuance.
There have been $122.5 million in realized losses to date. Two
loans (6.2%) are full-term IO, and no loans remain in their partial
IO period. The pool matures in December 2023 and January 2024.

Largest Contributors to Loss: The largest contributor to loss is
The Shops at Canal Place loan (15%), which is secured by a high-end
retail complex located in downtown New Orleans, LA. The collateral
consists of 216,938 sf of retail space, including Saks Fifth Avenue
and a seven-story parking garage. The Prytania at Canal Place
(10.3% NRA) signed a lease that commenced in October 2020 and
recently signed an extension that will run through March 2027. The
servicer reported NOI debt service coverage ratio (DSCR) was 1.16x
at YE 2022 with an occupancy of 98%.

Fitch's base case loss of 21% applies a 10% cap rate to the YE 2022
NOI.

The next largest contributor to loss is the CityScape - East
Office/Retail loan (14%), which is secured by a mixed-use
development located in Phoenix, AZ. Per the December 2022 rent
roll, occupancy was 99% which is an increase from 85% at YE 2021.
The increase is attributed to new tenant Snell & Willmer LLP lease
commencing in November 2022 for 17% of the NRA through October
2037. The servicer reported YE 2021 NOI DSCR was 1.22x compared
with 1.22x at YE 2020 and 1.32x at YE 2019.

The third largest contributor to loss is the Wyndham Garden Inn
Long Island City loan (2%), which is secured by a seven-story 128
room Wyndham Garden Hotel, built in 2012 and located in Long Island
City, NY directly across the East River from Manhattan. The loan
transferred to special servicing in May 2020 and became REO in
January 2022. Performance was declining prior to the pandemic due
to a large supply of new hotel rooms in the Manhattan and Long
Island City area.

Fitch applied a haircut to the June 2022 appraisal, which reflects
a value of $96,875 per key.

Alternative Loss Considerations: All loans have a maturity date in
December 2023 and January 2024. Due to the large concentration of
loan maturities in 2024, Fitch performed a sensitivity and
liquidation analysis, which grouped the remaining loans based on
their current status and collateral quality and ranked them by
their perceived likelihood of repayment and/or loss expectation.

Fitch assumed expected paydown from defeased loans, as well as
loans with sufficient cash flow for assumed ability to refinance in
a higher interest rate environment using Fitch's stressed refinance
constants. The Rating Outlooks revision to Stable reflect these
scenarios.

RATING SENSITIVITIES

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

Downgrades to classes A-3, A-4 and A-AB are not likely due to their
position in the capital structure and reliance on proceeds from the
defeased collateral and loans with stable performance; however,
downgrades to these classes may occur if interest shortfalls
occur.

Downgrades to classes A-S and B would occur if loss expectations
increase, if FLOCs fail to stabilize or continue to decline or if
additional loans transfer to special servicing. Further downgrades
to the distressed class C are possible as losses become more
imminent.

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

An upgrade to class A-S and B would only occur with significant
improvement in credit enhancement (CE) and/or defeasance combined
with stabilization of the FLOCs.

Upgrades to the distressed class C are not likely given the
classes' low CE.

ESG CONSIDERATIONS

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


JP MORGAN 2017-JP6: Fitch Affirms 'B-sf' Rating on Class G-RR Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 13 class of JP Morgan Chase Commercial
Mortgage Securities Trust (JPMCC) Commercial Mortgage Pass-Through
Certificates 2017-JP6. In addition, Fitch has revised the Rating
Outlooks to Positive from Stable for class B, C, and X-B.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
JPMCC 2017-JP6

   A-3 48128KAS0    LT AAAsf  Affirmed    AAAsf
   A-4 48128KAT8    LT AAAsf  Affirmed    AAAsf
   A-5 48128KAU5    LT AAAsf  Affirmed    AAAsf
   A-S 48128KAX9    LT AAAsf  Affirmed    AAAsf
   A-SB 48128KBA8   LT AAAsf  Affirmed    AAAsf
   B 48128KAY7      LT AA-sf  Affirmed    AA-sf
   C 48128KAZ4      LT A-sf   Affirmed     A-sf
   D 48128KAA9      LT BBB+sf Affirmed    BBB+sf
   E-RR 48128KAC5   LT BBB-sf Affirmed    BBB-sf
   F-RR 48128KAE1   LT BB-sf  Affirmed    BB-sf
   G-RR 48128KAG6   LT B-sf   Affirmed    B-sf
   X-A 48128KAV3    LT AAAsf  Affirmed    AAAsf
   X-B 48128KAW1    LT A-sf   Affirmed    A-sf

KEY RATING DRIVERS

Stable Loss Expectations: The affirmations and Stable Outlooks
reflect the overall stable performance and loss expectation for the
pool since Fitch's prior rating action. Fitch's current ratings
reflect a base case loss of 4.3% of the current pool. Nine loans
(20.4% of the pool) have been identified as Fitch Loans of Concern
(FLOCs). No loans are currently in special servicing.

Increased Credit Enhancement: The Positive Outlooks for classes B,
C, and X-B reflect the increasing credit enhancement (CE) since
issuance from continued amortization and loan repayments. As of the
March 2023 distribution date, the pool's aggregate balance has been
reduced by 25.4% to $586.6 million from $786.6 million at issuance.
This includes three loans (8.4% of the original pool balance; 10.0
% of the prior review) since Fitch's prior rating action in April
2022 that paid in full at maturity or pre-paid with yield
maintenance.

Two loans (1.7% of the original pool balance) have fully defeased.
There have been no realized losses to date. Eight loans (45.8% of
the pool) are full-term, interest-only (IO); 12 loans (22.6%) are
currently amortizing; and 14 loans (31.5%) are still in their
partial, IO periods. Cumulative interest shortfalls of $87,458 are
impacting the non-rated class NR-RR.

Alternative Loss Consideration: Due to increasing CE and the stable
to improving performance of the overall pool, Fitch's analysis
included a sensitivity scenario before considering positive rating
actions. The scenario assumed higher cap rates and NOI stresses for
the entire pool; this scenario supported the Positive Outlooks on
classes B, C, and X-B.

High Office Concentration: There are 12 remaining loans (55.4% of
the pool) that are secured by office properties, including eight
(50.3%) in the top-15 and four (11.8%) that were designated FLOCs.
In its analysis, Fitch increased the cap rates for several of these
loans and remains concerned with performance and refinance risk at
loan maturity.

The largest loan in the pool, 245 Park Avenue loan (16.7%), is
secured by 1.8 million square foot office building in midtown
Manhattan. The loan was previously in special servicing due to the
cosponsor at issuance, HNA China, filing for bankruptcy in October
2021. Cosponsor, SL Green, has acquired full ownership of the
property and has been replaced as the careveout guarantor. The loan
was returned to the master servicer in November 2022. Due to a cash
collateral order in-place, the loan has remained current since
issuance on all debt service and reserve payments, with the
borrower also responsible for all legal and monthly servicer fees.
The TTM March 2022 NOI DSCR is considered stable at 2.50x.

Occupancy reported at 78.8% as of December 2022. The leases have
expired for JPMorgan (previously 45% of the NRA) and MLB
(previously 13%) in October 2022, which had sublet their respective
spaces since issuance. As of the December 2022 rent roll, direct
leases at the property include Societe Generale (32.1% of the NRA),
Houlihan Lokey (11.6%), The Rockefeller Foundation (4.2%), The
Veritan Group (2.1%), and Amherst Pierpont (2.0%).

The largest office FLOC is the Bingham Office Center loan (4.6% of
the pool), which is secured by a 527-439-sf office property located
in Bingham Farms, MI. Property NOI has declined due to increased
expenses (real estate taxes and insurance), declining parking
income, and occupancy fluctuations since issuance. As a result, the
YE 2021 NOI reported 32% below the issuers underwritten NOI. NOI
DSCR fell to 1.57x as of YE 2021 compared to 2.31x at issuance.

Occupancy dropped to a low of 70% after the largest tenant at
issuance, Comcast Corporation (previously 13.8% of NRA) vacated at
its August 2019 lease expiration. Occupancy has since increased to
80% as of June 2022 after leases with National Education Seminars
(5.5% of the NRA), Quest Financial (1.6%) and 16 smaller tenants
(3.4%) were signed in 2022. The largest tenants include Infinity
Contract (6.9% of the NRA; August 2026), Jacobs Engineering Group
(4.2%; June 2024), and United Physicians (3.9%; October 2024). Per
the September 2022 rent roll, near term rollover risks include 26
leases for 11.6% NRA in 2023and 24 leases for 19.2% NRA in 2024.

Per CoStar, the collateral is located in the Southfield submarket
and Detroit MSA, which have vacancy rates of 20.1% and 12.2%,
respectively. Per the September 2022 rent roll, the subject had
average in-place rents of $15.27 psf, which compares to the average
asking rents psf for the submarket and MSA of $19.05 and $21.25,
respectively.

Fitch's base case loss of 9.0% reflects a 10.5% cap rate and a 15%
stress to the YE 2021 NOI to account for overall office concerns
and high submarket vacancy, near-term rollover risks, and
increasing expenses.

The largest contributor to losses is FLOC Monroe Tower (1.9%),
which is secured by a 112,003-sf downtown office building located
in Tallahassee, FL. The loan is on the master servicer's watchlist
due to the largest tenant, HCA Realty (32% of the NRA), expecting
to vacate at their March 2023 lease expiration, bringing occupancy
down to 47.5%. Per servicer watchlist commentary, the borrower is
in discussions with IWG / Regus to occupy 21.2% of the NRA on a
10-year lease; Fitch has requested from the servicer confirmation
of the final lease.

The YE 2022 NOI is approximately 38% below YE 2021 levels, with NOI
DSCR falling to 0.93x as of YTD September 2022 from 1.52x at YE
2021 and 2.14x at YE 2020. The loan has remained current and has
been amortizing since issuance.

Given the performance declines and office concerns, Fitch's
analysis includes a 10% cap rate and a 5% stress to the YE 2022 NOI
which resulted in a 37% base case loss.

Credit Opinion Loans: The 245 Park Avenue (16.7% of the pool) and
Moffett Gateway (3.3%) loans were assigned investment-grade credit
opinions of 'BBB-sf*' at issuance on a standalone basis. Both loans
are performing in-line with Fitch's expectations at issuance.

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 underperforming or specially serviced loans. Downgrades
to the senior classes, A-2 through D, are not likely due to the
position in the capital structure and the high CE, but may occur at
'AAAsf' or 'AAsf' should interest shortfalls occur.

Downgrades to classes D and E-RR would occur should overall pool
losses increase, or one or more large loans have an outsized loss,
which would erode CE.

Downgrades to class F-RR and G-RR would occur should loss
expectations increase due to an increase in specially serviced
loans, or a decline in the FLOCs' performance.

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

Factors that lead to upgrades would include stable to improved
asset performance coupled with paydown and/or defeasance. Classes
would not be upgraded above 'Asf' if there were likelihood for
interest shortfalls.

Upgrades of classes B and C may occur with continued improvement in
CE and/or defeasance, but are limited if the deal becomes
susceptible to a concentration whereby the underperformance of
FLOCs cause this trend to reverse. An upgrade to classes D and E-RR
would also consider these factors, but would be limited based on
sensitivity to concentrations or the potential for future
concentration.

An upgrade to classes F-RR, and G-RR is not likely until the later
years in a transaction, and only if the performance of the
remaining pool is stable, and if there is sufficient CE, which
would likely occur when the non-rated class is not eroded and the
senior classes payoff.

ESG CONSIDERATIONS

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


JP MORGAN 2023-DSC1: S&P Assigns B- (sf) Rating on Cl. B-2 Certs
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to J.P. Morgan Mortgage
Trust 2023-DSC1's mortgage-backed certificates series 2023-DSC1.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and adjustable-rate, fully amortizing, and
interest-only residential mortgage loans. The loans are secured by
single-family residences, planned-unit developments, two- to
10-unit multifamily homes, condominiums, and townhomes to both
prime and nonprime borrowers. The pool consists of 1,247
business-purpose investor loans that are exempt from the qualified
mortgage and ability-to-repay rules.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. 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, S&P continues to maintain the
revised outlook per the April 2020 update to the guidance to its
RMBS criteria, which increased the archetypal 'B' projected
foreclosure frequency to 3.25% from 2.50%.

  Ratings Assigned(i)

  J.P. Morgan Mortgage Trust 2023-DSC1

  Class A-1, $199,463,000: AAA (sf)
  Class A-1-A, $199,463,000: AAA (sf)
  Class A-1-A-X, $199,463,000(ii): AAA (sf)
  Class A-1-B, $199,463,000: AAA (sf)
  Class A-1-B-X, $199,463,000(ii): AAA (sf)
  Class A-1-C, $199,463,000: AAA (sf)
  Class A-1-C-X, $199,463,000(ii): AAA (sf)
  Class A-2 $27,707,000: AA- (sf)
  Class A-2-A, $27,707,000: AA- (sf)
  Class A-2-A-X, $27,707,000(ii): AA- (sf)
  Class A-2-B, $27,707,000: AA- (sf)
  Class A-2-B-X, $27,707,000(ii): AA- (sf)
  Class A-2-C, $27,707,000: AA- (sf)
  Class A-2-C-X, $27,707,000(ii): AA- (sf)
  Class A-3, $35,974,000: A- (sf)
  Class A-3-A, $35,974,000: A- (sf)
  Class A-3-A-X, $35,974,000(ii): A- (sf)
  Class A-3-B, $35,974,000: A- (sf)
  Class A-3-B-X, $35,974,000(ii): A- (sf)
  Class A-3-C, $35,974,000: A- (sf)
  Class A-3-C-X, $35,974,000(ii): A- (sf)
  Class M-1, $15,920,000: BBB- (sf)
  Class B-1, $11,634,000: BB- (sf)
  Class B-2, $8,113,000: B- (sf)
  Class B-3, $7,348,779: NR
  Class A-IO-S, Notional(iii): NR
  Class XS, Notional(iii): NR
  Class A-R, N/A: NR

(i)The collateral and structural information in this report reflect
the preliminary private placement memorandum dated March 27, 2023.
The ratings address the ultimate payment of interest and principal
and do not address payment of the cap carryover amounts.
(ii)Notional balance.
(iii)This class will receive certain excess amounts, including
prepayment premiums and default interest.
NR--Not rated.



MIDOCEAN CREDIT VII: Moody's Lowers Rating on $9MM F Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by MidOcean Credit CLO VII:

US$51,000,000 Class B-R Floating Rate Notes due 2029 (the "Class
B-R Notes"), Upgraded to Aaa (sf); previously on February 20, 2020
Assigned Aa1 (sf)

US$36,000,000 Class C-R Deferrable Floating Rate Notes due 2029
(the "Class C-R Notes"), Upgraded to A1 (sf); previously on
February 20, 2020 Assigned A2 (sf)

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

US$9,000,000 Class F Deferrable Floating Rate Notes due 2029 (the
"Class F Notes"), Downgraded to Caa3 (sf); previously on September
2, 2020 Downgraded to Caa1 (sf)

MidOcean Credit CLO VII, originally issued in July 2017 and
partially refinanced in February 2020 is a managed cashflow CLO.
The notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in July 2021.

RATINGS RATIONALE

The upgrade rating actions on the Class B-R and Class C-R notes are
primarily a result of deleveraging of the senior notes since March
2022. The Class A-1-R notes have been paid down by approximately
12.8% or $45.3 million since then. Based on the trustee's March
2023 report[1], the OC ratios for the Class A/B, and Class C notes
are reported at 131.19% and 119.98%, respectively, versus March
2022[2] levels of 129.79% and 119.78%%, respectively. Additionally,
the notes also benefitted from a shortening of the weighted average
life (WAL) of the CLO portfolio.

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on Moody's calculation, the OC
ratio for the Class F notes is currently 102.48% versus March 2022
level of 103.77%.

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

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

Performing par and principal proceeds balance: $504,884,743

Defaulted par:  $7,658,498

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2769

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.31%

Weighted Average Recovery Rate (WARR): 48.20%

Weighted Average Life (WAL): 3.76 years

In addition to base case analysis, Moody's ran additional scenarios
where outcomes could diverge from the base case. The additional
scenarios consider one or more factors individually or in
combination, and include: defaults by obligors whose low ratings or
debt prices suggest distress, defaults by obligors with potential
refinancing risk, deterioration in the credit quality of the
underlying portfolio, decrease in overall WAS or net interest
income, and lower recoveries on defaulted assets.

Methodology Used for 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.


MILL CITY 2023-NQM2: Fitch Gives 'Bsf' Rating on Class B-2 Notes
----------------------------------------------------------------
Fitch Ratings rates the residential mortgage-backed notes issued by
Mill City Mortgage Loan Trust 2023-NQM2 (MCMLT 2023-NQM2).

   Entity/Debt        Rating                 Prior
   -----------        ------                 -----
MCMLT 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
   A-IO-S         LT NRsf  New Rating    NR(EXP)sf
   B-1            LT BBsf  New Rating    BB(EXP)sf
   B-2            LT Bsf   New Rating    B(EXP)sf
   B-3            LT NRsf  New Rating    NR(EXP)sf
   M-1            LT BBBsf New Rating    BBB(EXP)sf
   XS             LT NRsf  New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 584 loans with a total interest-bearing
balance of approximately $325 million as of the cut-off date.

Loans in the pool were originated primarily by HomeXpress Mortgage
Corp. (HX), Excelerate Capital, and Oaktree Funding Corp. The loans
are serviced by Shellpoint Mortgage Servicing.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.4% 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 3Q22. Driven by
the strong gains seen in H1 2022, home prices rose 9.2% yoy
nationally as of October 2022.

Non-Qualified Mortgage (QM) Credit Quality (Negative): The
collateral consists of 584 loans, totaling $325 million, and
seasoned approximately 10 months in aggregate. The borrowers have a
moderate credit profile (732 FICO and 50% DTI) and leverage (76%
sLTV). The pool consists of 44.4% of loans where the borrower
maintains a primary residence, while 55.6% is an investor property
or second home. Additionally, 9.5% of the loans were originated
through a retail channel. Additionally 47.9% are NonQM.

Loan Documentation (Negative): Approximately 94.9% of the pool was
underwritten to less than full documentation, and 38.4% was
underwritten to a 12- or 24-month bank statement program for
verifying income. This 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 Ability to Repay 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, 2.1% of the pool is Asset Depletion product, 1.9% CPA
or PnL, and 48.5% DSCR.

Limited Advancing (Mixed): The servicers will be advancing
delinquent monthly payments of principal and interest for only the
initial 90 days. Because P&I advances made on behalf of loans that
become delinquent and eventually liquidate reduce liquidation
proceeds to the trust, the loan-level loss severities (LS) are less
for this transaction than for those where the servicer is obligated
to advance P&I.

Modified Sequential-Payment Structure (Mixed): The structure
distributes principal pro rata among the senior 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.

The limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside to this is the additional stress
on the structure, as there is limited liquidity in the event of
large and extended delinquencies.

ESG Transaction parties and Operational Risks (Negative): The
transaction has an ESG score of '4' for Transaction Parties and
Operational Risk which has an impact on the transaction due to the
adjustment for the Representations & Warranties framework without
other operational mitigants.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 39.8% 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.

ESG CONSIDERATIONS

MCMLT 2023-NQM2 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the representations &warranty
framework without sufficient mitigants which has a negative impact
on the credit profile, and is relevant to the rating[s] 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.


MORGAN STANLEY 2013-C9: Moody's Cuts Rating on Cl. G Certs to Caa2
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on eight classes in Morgan Stanley Bank
of America Merrill Lynch Trust 2013-C9, Commercial Mortgage
Pass-Through Certificates Series 2013-C9 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Jun 29, 2022 Affirmed Aaa
(sf)

Cl. A-S, Affirmed Aaa (sf); previously on Jun 29, 2022 Affirmed Aaa
(sf)

Cl. B, Downgraded to A2 (sf); previously on Jun 29, 2022 Affirmed
Aa3 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Jun 29, 2022 Affirmed
A3 (sf)

Cl. D, Downgraded to Ba3 (sf); previously on Jun 29, 2022 Affirmed
Ba1 (sf)

Cl. E, Downgraded to B2 (sf); previously on Jun 29, 2022 Affirmed
Ba3 (sf)

Cl. F, Downgraded to Caa1 (sf); previously on Jun 29, 2022 Affirmed
B2 (sf)

Cl. G, Downgraded to Caa2 (sf); previously on Jun 29, 2022 Affirmed
B3 (sf)

Cl. H, Affirmed Caa3 (sf); previously on Jun 29, 2022 Affirmed Caa3
(sf)

Cl. PST, Downgraded to A2 (sf); previously on Jun 29, 2022 Affirmed
Aa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jun 29, 2022 Affirmed
Aaa (sf)

Cl. X-B*, Downgraded to A3 (sf); previously on Jun 29, 2022
Affirmed A2 (sf)

*  Reflects interest-only classes

RATINGS RATIONALE

The ratings on two P&I classes, Cl. A-4 and Cl. A-S, were affirmed
because of their significant credit support the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio and Moody's
stressed debt service coverage ratio (DSCR), are within acceptable
ranges. Defeasance now represents 30% of the pool balance and these
classes will benefit from principal paydowns as 89% of the pool
matures in the next two months.

The ratings on six P&I classes, Cl. B through Cl. G, were
downgraded due to higher expected losses and the increased risk of
interest shortfalls primarily due to the one loan in special
servicing, Milford Plaza Fee (28% of the pool). The loan is last
paid through its April 2020 payment date and as of the March 2023
remittance statement has already incurred $46 million of servicer
advances. Furthermore, certain other loans may be unable to pay off
at their upcoming maturity dates.

The rating on Cl. H was affirmed class because its rating is
consistent with Moody's expected loss. In this rating action
Moody's analyzed loss and recovery scenarios to reflect the
recovery value of the remaining loans, the current cash flow at the
properties and timing to ultimate resolution.

The rating on one interest only (IO), Cl. X-A, was affirmed based
on the credit quality of its referenced classes.

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

The rating on the exchangeable, Cl. PST, was downgraded based on a
decline in the credit quality of its referenced exchangeable
classes.

Moody's rating action reflects a base expected loss of 14.8% of the
current pooled balance, compared to 5.9% at Moody's last review.
Moody's base expected loss plus realized losses is now 6.8% of the
original pooled balance, compared to 4.1% 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 a significant improvement in pool
performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the March 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 54% to $589.4
million from $1.28 billion at securitization. The certificates are
collateralized by 27 mortgage loans ranging in size from less than
1% to 28% of the pool, with the top ten loans (excluding
defeasance) constituting 63% of the pool. Seven loans, constituting
30% 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 five, compared to 10 at Moody's last review.

As of the March 2023 remittance report, loans representing 69% were
current or within their grace period on their debt service payments
and 31% were in foreclosure or past maturity.

Seventeen loans, constituting 40% 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.

No loans have been liquidated from the pool to date. One loan,
constituting 28% of the pool, is currently in special servicing.
The specially serviced loan is the Milford Plaza Fee ($165 million
-- 28.0% of the pool), which represents a pari passu portion of a
$275 million mortgage loan. The loan is secured by the ground
interest underlying the Row Hotel, a 1,331 key full service hotel
located on 8th avenue in New York City. The ground lease commenced
in 2013 and runs through 2112, and has annual CPI increases. The
loan transferred to the special servicer in June 2020 due to
payment default on the ground rent due to the significant decline
in performance of the non-collateral hotel improvements. As of the
March 2023 remittance date the loan remains last paid through April
2020 and the loan has already incurred $46 million of outstanding
servicer advances due to ongoing litigation and pursuit of
foreclosure on the leasehold improvements as well as the ground
lease hotel tenant failing to remit cash flow. Special servicer
commentary indicates they are dual tracking foreclosure with
workout discussions. The special servicer also indicated a prior
proposed sale and loan assumption (which would have collapsed the
ground lease and allowed the new owner to directly control the
hotel) failed to materialize. Moody's analysis considered the value
of the non-collateral improvements that the leased fee interest
underlies when assessing the risk of the loan, as the subject loan
is senior to any debt on the improvements. Due to the delinquent
status, significant servicer advances and decline in performance of
the non-collateral hotel property, Moody's has assumed a moderate
loss on this loan.

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 1.4% of the pool, and has estimated
an aggregate loss of $70.2 million (a 40.5% expected loss on
average) from these specially serviced and troubled loans.

As of the March 2023 remittance statement cumulative interest
shortfalls were $1.3 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

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

Moody's received full year 2021 operating results for 100% of the
pool, and full or partial year 2022 operating results for 86% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 110%, compared to 98% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 19% to the most recently
available net operating income (NOI), excluding the 750 Eighth
Avenue Retail Condominium loan. Moody's value reflects a weighted
average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.49X and 1.04X,
respectively, compared to 1.64X and 1.20X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 22% of the pool balance. The
largest loan is the Dartmouth Mall Loan ($53.3 million -- 9.0% of
the pool), which is secured by a 530,800 square foot (SF) component
of a 671,000 SF regional mall located in Dartmouth, MA. The mall is
anchored by a non-collateral Macy's, and the collateral is anchored
by JC Penny's and an AMC theatre. A 108,000 SF Sear's closed in
2019, but was partially backfilled by Burlington. The loan sponsor,
PREIT, classified the property in the "Top 6 Malls" under its
"Core" malls in its fourth quarter financial statements. As of
year-end 2022, the property was 98% occupied, the same as at
year-end 2020. The property's 2022 NOI was 25% higher than in 2013
and the loan has amortized more than 20% since securitization. The
loan matures in April 2023 and Moody's LTV and stressed DSCR are
116% and 1.05X, respectively, compared to 119% and 1.02X at the
last review.

The second largest loan is the Apthorp Retail Condominium Loan
($53.1 million -- 9.0% of the pool), which is secured by the 12,850
SF ground floor retail portion interest of the Apthorp, a 12 story
condo building that is historically landmarked by New York City.
The collateral sits along Broadway between 79th and 78th streets.
The largest tenant is a Chase Bank Branch, occupying 56% of
property NRA through 2029. Occupancy has fluctuated in recent
years, with a low of 63% at year-end 2020. Two new tenants signed
leases during 2021, bringing occupancy to 75%, however, the 2022
year-end NOI DSCR was still only 0.72X. The loan has amortized 18%
since securitization and the loan matures in March 2033. Moody's
LTV and stressed DSCR are 137% and 0.67X, respectively, compared to
123% and 0.75X at the last review.

The third largest loan is the CTO Retail Portfolio Loan ($23.1
million -- 3.9% of the pool), which is secured by fourteen retail
properties located across the US (CA, CO, FL, AZ, IL). Performance
continues to be in-line with levels at securitization. The loan was
interest only through its entire term and has an upcoming maturity
in April 2023. Moody's LTV and stressed DSCR are 109% and 0.95X,
respectively, compared to 108% and 0.96X at the last review.


MOSAIC SOLAR 2023-2: Fitch Gives Final BB-sf Rating on Cl. D Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to the
notes issued by Mosaic Solar Loan Trust 2023-2 (Mosaic 2023-2).

   Entity/Debt           Rating                   Prior
   -----------           ------                   -----
Mosaic Solar Loan
Trust 2023-2

   Class A
   61945WAA7         LT AA-sf  New Rating    AA-(EXP)sf

   Class B
   61945WAB5         LT A-sf   New Rating    A-(EXP)sf

   Class C
   61945WAC3         LT BBB-sf New Rating    BBB-(EXP)sf

   Class D
   61945WAD1         LT BB-sf  New Rating    BB-(EXP)sf

   Class R           LT NRsf   New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Mosaic 2023-2 is a securitization of consumer loans backed by
residential solar equipment. All the loans were originated by Solar
Mosaic, LLC (Mosaic), one of the oldest established solar lenders
in the U.S.; it has advanced solar loans since 2014.

KEY RATING DRIVERS

Limited History Determines 'AAsf' Cap: Residential solar loans in
the U.S. typically have long terms, many of which are 25 years (and
for a small portion, 30 years). For Mosaic, more than eight years
of performance data are available, which compares favorably with
the other solar ABS that Fitch currently rates, and the solar
industry at large. Additionally, Mosaic is adding for the first
time a small portion of deferral deferred loans, under tighter
underwriting guidelines but with no meaningful track record.

Extrapolated Asset Assumptions: Fitch considered both
originator-wide data and previous Mosaic transactions to set a
lifetime default expectation of 8.3%. Fitch has also assumed a 30%
base case recovery rate. Fitch's rating default rates (RDRs) for
'AA-sf', 'A-sf', 'BBB-sf' and 'BB-sf' are 33.5%, 24.9%, 17.8% and
12.6%, respectively. Fitch's rating recovery rates (RRRs) are 19%,
21.8%, 24.0% and 26.0%, respectively.

Target Overcollateralization and Amortization Trigger: Class A and
B notes will amortize based on target overcollateralization (OC)
percentages. The target OC is 100% of the outstanding adjusted
balance for the first 16 months, ensuring that there is no leakage
of funds initially, irrespective of the collateral performance;
then it falls to 15.5%. Should the escalating cumulative loss
trigger be breached, the payment waterfall will switch to turbo
sequential, deferring any interest payments for class C and D, and,
thus, accelerating the senior note deleveraging. The repayment
timing of classes C and D is highly sensitive to the timing of a
trigger breach.

Standard, Reputable Counterparties; No Swap: The transaction
account is with Wilmington Trust and the servicer's collection
account is with Wells Fargo Bank. Commingling risk is mitigated by
transfer of collections within two business days, the high initial
ACH share and Wells Fargo's ratings. As both assets and liabilities
pay a fixed coupon, there is no need for an interest rate hedge
and, thus, no exposure to swap counterparties.

Established Specialized Lender: Mosaic is one of the first-movers
among U.S. solar loan lenders, with the longest track record among
originators of the solar ABS that Fitch rates. Underwriting is
mostly automated and in line with those of other U.S. ABS
originators.

RATING SENSITIVITIES

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

Asset performance that indicates an implied annualized default rate
(ADR) above 1.5% and a simultaneous fall in prepayments activity
may put pressure on the rating or lead to a Negative Rating
Outlook.

Material changes in policy support, the economics of purchasing and
financing PV panels and batteries, and/or ground-breaking
technological advances that make the existing equipment obsolete
may also negatively affect the rating.

Below, Fitch shows model-implied rating sensitivities to changes in
default and/or recovery assumptions.

Increase of defaults (Class A / B / C / D):

+10%: 'A+sf' / 'Asf' / 'BBB+sf' / 'BB+sf';

+25%: 'Asf' / 'A-sf' / 'BBBsf' / 'BB+sf';

+50%: 'A-sf' / 'BBB+sf' / 'BB+sf' / 'BB-sf'.

Decrease of recoveries (Class A / B / C / D):

-10%: 'AA-sf' / 'Asf' / 'BBB+sf' / 'BBB-sf';

-25%: 'A+sf' / 'Asf' / 'BBB+sf' / 'BBB-sf';

-50%: 'A+sf' / 'Asf' / 'BBBsf' / 'BBBsf'.

Increase of defaults and decrease of recoveries (Class A / B / C /
D):

+10% / -10%: 'A+sf' / 'Asf' / 'BBBsf' / 'BB+sf';

+25% / -25%: 'Asf' / 'BBB+sf' / 'BBB-sf' / 'BBsf';

+50% / -50%: 'BBB+sf' / 'BBBsf' / 'BB+sf' / 'BB-sf'.

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

Fitch currently caps ratings in the 'AAsf' category due to limited
performance history, while the assigned rating of 'AA-sf' is
further constrained by the available credit enhancement (CE). As a
result, a positive rating action could result from an increase in
CE due to class A deleveraging, underpinned by good transaction
performance, for example, through high prepayments and ADR at
around 1% or below. The overall economic environment is also an
important consideration and Fitch's ABS outlook is generally
deteriorating in the short term.

Below, Fitch shows model-implied rating sensitivities, capped at
'AA+sf', to changes in default and/or recovery assumptions.

Decrease of defaults (Class A / B / C / D):

-10%: 'AAsf' / 'A+sf' / 'A-sf' / 'BBBsf';

-25%: 'AA+sf' / 'AAsf' / 'Asf' / 'BBB+sf';

-50%: 'AA+sf' / 'AA+sf' / 'A+sf' / 'A+sf'.

Increase of recoveries (Class A / B / C / D):

+10%: 'AA-sf' / 'A+sf' / 'BBB+sf' / 'BBB-sf';

+25%: 'AA-sf' / 'A+sf' / 'A-sf' / 'BBB-sf';

+50%: 'AAsf' / 'A+sf' / 'A-sf' / 'BBBsf'.

Decrease of defaults and increase of recoveries (Class A / B / C /
D):

-10% / +10%: 'AAsf' / 'A+sf' / 'A-sf' / 'BBBsf';

-25% / +25%: 'AA+sf' / 'AAsf' / 'A+sf' / 'BBB+sf';

-50% / +50%: 'AA+sf' / 'AA+sf' / 'A+sf' / 'A+sf'.

CRITERIA VARIATION

This analysis includes a criteria variation due to MIR variations
in excess of the limit stated in the consumer ABS criteria report
for new ratings. According to the criteria, the committee can
decide to deviate from the MIRs, but, if the MIR variation is
greater than one notch, this will be a criteria variation. The MIR
variations for classes B to D are greater than one notch.

Given the sensitivity of ratings to model assumptions and
conventions, repayment timing, and tranche thickness, the ultimate
ratings were constrained by sensitivity analysis.

DATA ADEQUACY

The historical information available for this originator did not
cover the asset tenor of up to 30 years, as originations began in
2014. Fitch applied a rating cap at the 'AAsf' category to address
this limitation.

The amortizing nature of the assets, the data available from
previous Mosaic transactions and the application of an ADR to the
static portfolio allowed us to determine lifetime default
assumptions. Taking into account this analytical approach, the
rating committee considered the available data sufficient to
support a rating in the 'AAsf' category.

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.


MTN COMMERCIAL 2022-LPFL: DBRS Confirms BB(low) Rating on E Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of MTN Commercial
Mortgage Trust 2022-LPFL, Commercial Mortgage Pass-Through
Certificates, Series 2022-LPFL as follows:

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

All trends are Stable.

This transaction closed in March 2022 and these rating actions
reflect the lack of material changes in the relatively short time
since issuance.

The transaction is secured by the borrower's fee-simple or
leasehold interests in a portfolio of 82 industrial properties (78
fee-simple properties, two payment in lieu of taxes leasehold
properties, and two ground leasehold properties) totaling over 15
million square feet across 25 states. The portfolio is primarily
represented by warehouse facilities, which represent almost 90% of
the total net rentable area (NRA), and manufacturing facilities,
which represent the remaining NRA. The relative distribution of the
locations is granular, with the largest state concentration in
Texas, with 8.6% of the portfolio NRA. Indiana and Ohio follow with
8.5% of the total portfolio square footage each. The properties are
located in strong submarkets near major population centers with
convenient access to highways, railways, and airports. The
portfolio was acquired through Industrial Logistics Properties
Trust's (ILPT) $4 billion acquisition of Monmouth Real Estate
Investment Corporation (Monmouth). The loan is sponsored by a joint
venture between ILPT, the portfolio owner and controller, and the
remaining 39% is owned by an institutional investor connected to
the Monmouth acquisition.

The $1.4 billion floating-rate mortgage loan is interest-only
throughout its five-year fully extended loan term. The loan has an
initial two-year term and three, one-year extension options taking
the fully extended maturity out to March 2027.

According to the September 2022 rent roll, the portfolio was 98.8%
occupied, flat from issuance. The portfolio benefits from
investment-grade tenants including, FedEx Corporation (46.8% of
NRA, expiring April 2030); Shaw Industries Group, Inc. (5.2% of
NRA, expiring September 2027); The International Paper Company
(3.6% of NRA, expiring July 2025); and Amazon.com, Inc. (2.7% of
NRA, expiring August 2028). Approximately 56.0% of the
portfolio’s NRA is scheduled to roll throughout the fully
extended loan term; however, rollover is relatively granular with
no more than approximately 17.0% of the NRA scheduled to roll in
any given year. In addition, DBRS Morningstar expects demand to
remain stable through the extended loan term for warehouse property
types in desirable locations such as those in the subject's
portfolio.

The annualized net cash flow (NCF) for the trailing nine months
ended September 30, 2022, was $75.9 million, slightly below the
DBRS Morningstar NCF of $79.5 million because of straight line rent
credits that were given to investment-grade tenants by DBRS
Morningstar.

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



MVW 2023-1 LLC: Fitch Assigns 'BB(EXP)' Rating on Class D Notes
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
notes to be issued by MVW 2023-1 LLC (MVW 2023-1).

   Entity/Debt        Rating        
   -----------        ------        
MVW 2023-1 LLC

   A              LT AAA(EXP)sf   Expected Rating
   B              LT A(EXP)sf     Expected Rating
   C              LT BBB(EXP)sf   Expected Rating
   D              LT BB(EXP)sf    Expected Rating

TRANSACTION SUMMARY

The notes are backed by a pool of fixed-rate timeshare loans
originated by Marriott Ownership Resorts, Inc. (MORI) or one of its
wholly owned subsidiaries or affiliates. MORI is a subsidiary of
Marriott Vacations Worldwide Corporation (MVWC/MVW). A portion of
the timeshare loans is from Vistana Signature Experiences (VSE),
the exclusive licensee for Westin and Sheraton brands in vacation
ownership (VO), and Hyatt Vacation Ownership (HVO), the exclusive
licensee for the Hyatt brand in VO. The MVW 2023-1 pool also
includes timeshare loans originated by WHV Resort Group, Inc. (WHV
and fka Welk). This follows the acquisition of ILG, Inc. on Sept.
1, 2018 and the acquisition of WHV Hospitality Group, Inc. on April
1, 2021. Following the acquisitions, the Westin, Sheraton, Hyatt
and Hyatt Platinum Program (HPP and fka WHV) VOs were combined with
those of MVW. As part of the Welk Acquisition, MVW plans to rebrand
all Legacy-Welk resorts as Hyatt-branded resorts in 2023. While all
the brands are owned by MVW, due to exclusive license agreements
with the respective hotel brands, each will remain separately
branded under one VO business owned by MVW. This is MORI's 28th
term securitization.

KEY RATING DRIVERS

Borrower Risk — Stable Collateral Pool: This is the eighth
transaction to include originations from both the MVW and VSE
platforms. Overall, the statistical pool is comparable with the
2022-2 pool, as the weighted average (WA) FICO score of 732 is
generally in line with 733 in 2022-2. Fifteen-year loans increased
slightly to 44.2% from 41.2% in 2022-2. The seasoning is down to
seven months from 10 months in 2022-2. However, approximately $15.5
million of called collateral from the Welk Resorts 2017-A
transaction are expected to be added via prefunding with
significant seasoning of 71 months. The concentration of foreign
obligors is at 3.5%, comparable with 3.8% in 2022-2.

The 2023-1 statistical pool includes 51.8% of Marriott Vacation
Club (MVC) collateral, down from 59.5% in 2022-2, which performs
stronger than other brands except Westin. Collateral for the Westin
and Sheraton is up to 16.7% from 12.4% and 19.7% from 10.3%,
respectively. However, the HPP collateral concentration is down to
11.2% from 16.9% in 2022-2, which have historically had higher
forecast losses compared to other brands. This is also the sixth
transaction to include Hyatt-branded loans, which represents 0.6%
of the initial pool.

Forward-Looking Approach on CGD Proxy — Varied Performance: With
the exception of certain foreign segments, MVC 2010-2016 vintages
continue to display improved performance relative to the weaker
2007-2009 periods, although more recent vintages remain under
stress. The VSE and HPP portfolios also experienced stress during
the recession. Since then, the Westin loan performance has improved
but has experienced elevated defaults in recent periods.

The Sheraton loan performance has deteriorated in recent years,
driven by Sheraton Flex and the longer 15-year term loans, with the
newly included Hyatt-branded loans since the 2020-1 transaction
showing overall high projected losses on par with, and in some
cases, exceeding those of other VSE brands, including Sheraton.

HPP loan performance in recent vintages has been tracking
consistently below that of the recessionary 2006-2009 vintages but
has been weaker compared to the 2010-2013 periods. Fitch's base
case CGD proxy is 13.50% for 2023-1.

Structural Analysis — Higher Credit Enhancement Structure:
Initial hard credit enhancement (CE) is 39.30%, 22.65%, 10.15% and
2.50% for class A, B, C and D notes, respectively. CE is up for
class A, B and C notes relative to 2022-2 from 37.00%, 21.25% and
10.00%, respectively. Available CE is sufficient to support
stressed 'AAAsf', 'Asf', 'BBBsf' and 'BBsf' multiples of Fitch's
base case CGD proxy of 13.50%.

Originator/Seller/Servicer Operational Review — Quality of
Origination/Servicing: MVW/MORI, VSE and HPP have demonstrated
sufficient abilities as originator and servicer of timeshare loans,
as evidenced by the historical delinquency and default performance
of securitized trusts and of the managed portfolio.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults could produce
CGD levels higher than the base case and would likely result in
declines of CE and remaining default coverage levels available to
the notes. Additionally, unanticipated increases in prepayment
activity could also result in a decline in coverage. Declining
default coverage may make certain note ratings susceptible to
potential negative rating actions, depending on the extent of the
decline in coverage.

Hence, Fitch conducts sensitivity analysis by stressing both a
transaction's initial base case CGD and prepayment assumptions and
examining the rating implications on all classes of issued notes.
The CGD sensitivity stresses the CGD proxy to the level necessary
to reduce each rating by one full category, to
non-investment-grade, 'BBsf' and to 'CCCsf' based on the break-even
loss coverage provided by the CE structure. The prepayment
sensitivity includes 1.5x and 2.0x increases to the prepayment
assumptions representing moderate and severe stresses,
respectively. These analyses are intended to provide an indication
of the rating sensitivity of notes to unexpected deterioration of a
trust's performance.

Additionally, Fitch conducts increases of 1.5x and 2.0x to the CGD
proxy, which represents moderate and severe stresses, respectively.
These analyses are intended to provide an indication of the rating
sensitivity of notes to unexpected deterioration of a trust's
performance.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If cumulative net loss (CNL) is 20% less
than the projected proxy, the expected ratings would be maintained
for the class A note at a stronger rating multiple. For the class
B, C and D notes, the multiples would increase, resulting in
potential upgrade of one rating category, one notch and one notch,
respectively.

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.


MVW LLC 2023-1: Moody's Assigns (P)Ba1 Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by MVW 2023-1 LLC. MVW 2023-1 LLC is backed by a
pool of vacation ownership loans originated by Marriott Ownership
Resorts, Inc. (MORI, Ba3 stable) who also serviced the transaction.
Marriott Vacations Worldwide Corporation (MVW) is the ultimate
parent of MORI.  MVW is a public global vacation company that
offers vacation ownership, exchange, rental, resort management and
other related businesses.  MVW is also the performance guarantor.
Computershare Trust Company, N.A. (Computershare, Baa2 stable) is
the backup servicer.                

Issuer: MVW 2023-1 LLC

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

Class B Notes, Assigned (P)A3 (sf)

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

Class D Notes, Assigned (P)Ba1 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying collateral
and its expected performance, the capital structure, and the
experience and expertise of MORI as servicer and the back-up
servicing arrangement with Computershare.

Moody's expected median cumulative net loss expectation for MVW
2023-1 LLC is 14.5% and the loss at a Aaa stress is 47%. Moody's
based its net loss expectations on an analysis of the credit
quality of the underlying collateral; the historical performance of
similar collateral, including securitization performance and
managed portfolio performance; the ability of MORI to perform the
servicing functions and Computershare to perform the backup
servicing functions; and current expectations for the macroeconomic
environment during the life of the transaction.

At closing, the Class A notes, Class B notes, Class C notes and
Class D notes are expected to benefit from 39.30%, 22.65%, 10.15%
and 2.50% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of
overcollateralization, a reserve account and subordination. The
notes may also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "US Vacation
Timeshare Loan Securitizations Methodology" published in July
2022.

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

Up

Moody's could upgrade the Class B, C and D notes if, given current
expectations of portfolio losses, levels of credit enhancement are
consistent with higher ratings. This transaction has a pro-rata
structure with sequential pay triggers. Moody's expectation of pool
losses could decline as a result of better than expected
improvements in the economy, changes to servicing practices that
enhance collections or refinancing opportunities that result in
prepayments.

Down

Moody's could downgrade the ratings of the notes if pool losses
exceed its expectations and levels of credit enhancement are
consistent with lower ratings. Credit enhancement could decline if
excess spread is not sufficient to cover losses in a given month.
Moody's expectation of pool losses may increase, for example, due
to performance deterioration stemming from a downturn in the US
economy, deficient servicing, errors on the part of transaction
parties, inadequate transaction governance or fraud.


NAVIENT TRUST 2014-1: Fitch Affirms 'BBsf' Rating on Two Tranches
-----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of both outstanding
classes of Navient Student Loan Trust (Navient) 2015-1. The Rating
Outlooks are Negative. Fitch has also affirmed the ratings of all
outstanding classes of Navient Student Loan Trust 2014-1 and
Navient Student Loan Trust 2014-8 and maintained their current
Outlooks.

   Entity/Debt           Rating          Prior
   -----------           ------          -----
Navient Student
Loan Trust 2014-8

   A-3 63939DAC9     LT AAAsf Affirmed   AAAsf
   B 63939DAD7       LT Asf   Affirmed     Asf

Navient Student
Loan Trust 2015-1

   A-2 63939FAB6     LT Asf   Downgrade   AAsf
   B 63939FAC4       LT Asf   Downgrade   A+sf

Navient Student
Loan Trust 2014-1

   A-3 63938EAC8     LT BBsf  Affirmed    BBsf
   A-4 63938EAD6     LT Asf   Affirmed     Asf
   B 63938EAE4       LT BBsf  Affirmed    BBsf

TRANSACTION SUMMARY

Navient 2014-1: The transaction continues to face increased
maturity risk due to the increasing remaining term, now at 184
months from 174 months at the prior review in February 2022. The
class A-3 notes have been affirmed at 'BBsf'. The rating is within
the two category tolerance of the model-implied rating of 'Bsf' for
surveillance for maturity stress failure with more than seven years
remaining to maturity with a legal final maturity date of June 25,
2031.

The class A-4 notes have been affirmed at 'Asf' due to the
transaction's increased maturity risk. The rating of this class is
maintained at no more than two rating categories above the
preceding senior notes, consistent with Fitch's rating criteria.
The class B notes have been affirmed at 'BBsf', as this rating is
constrained by the rating of the class A-3 notes. The Rating
Outlook for all the notes remains Negative, reflective of the
possibility of further negative rating pressure in the next one to
two years if the remaining term continues to increase.

Navient 2014-8: The affirmations of the outstanding notes reflect
the stable collateral performance for the transaction, in line with
Fitch's expectations since the last review. The class A-3 notes
pass all maturity stresses and credit stresses up to 'AAsf' with
low maturity risk and sufficient hard credit enhancement (CE). The
notes face a one-time liquidity constraint in cashflow modeling
that Fitch deemed immaterial.

The model-implied rating is within one rating category of the
current rating, as permitted by Fitch's Federal Family Education
Loan Program (FFELP) rating criteria. The class B notes pass credit
and maturity stresses for their respective ratings with low
maturity risk and sufficient hard CE. The Outlooks on the notes
remain Stable.

Navient 2015-1: Both class A-2 and B notes have been downgraded to
'Asf' from 'AAsf' and 'A+sf', respectively, due to increased
maturity risk for the transaction in Fitch's cashflow modelling.
The weighted average remaining term increased to 185 months from
173 months since the last review, higher than expectations. The
model-implied ratings are 'BBsf' and 'BBBsf' for the class A-2 and
B notes, respectively.

The ratings are within the two category tolerance of the
model-implied rating for surveillance for maturity stress failure
with more than seven years remaining to maturity with a legal final
maturity date for the class A-2 notes of April 25, 2040. The
Outlook on the class A-2 notes remains Negative, while the Outlook
on the class B notes was revised to Negative from Stable,
reflecting the possibility of further negative rating pressure in
the next one to two years if maturity risk for the A-2 class
increases.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trust collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans with guaranties
provided by eligible guarantors and reinsurance provided by the
U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. The U.S. sovereign rating is currently
'AAA'/Outlook Stable.

Collateral Performance: For all transactions, Fitch applies the
standard default timing curve in its credit stress cash flow
analysis. Additionally, defaults have remained in line with
expectations, while consolidation from the Public Service Loan
Forgiveness Program is driving the short-term inflation of CPR. The
claim reject rate is assumed to be 0.25% in the base case and 2.00%
in the 'AAA' case.

Navient 2014-1: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 22.00% under the base
case scenario and a default rate of 62.03% under the 'AAA' credit
stress scenario. After applying the default timing curve per
criteria, the effective default rate is unchanged from the
cumulative default rate. Fitch is maintaining the sustainable
constant default rate (sCDR) of 3.20% and the sustainable constant
prepayment rate (sCPR; voluntary and involuntary prepayments) of
11.00% in cash flow modeling.

The trailing-12-month (TTM) levels of deferment, forbearance, and
income-based repayment (IBR; prior to adjustment) are 5.35% (5.66%
at Feb. 28, 2022), 16.37% (15.30%) and 25.00% (28.20%). These
assumptions are used as the starting point in cash flow modelling
and subsequent declines or increases are modelled as per criteria.
The 31-60 DPD and the 91-120 DPD have declined from one year ago
and are currently 3.65% for 31 DPD and 1.31% for 91 DPD compared to
6.68% and 2.01% at Feb. 28, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.08%, based on
information provided by the sponsor.

Navient 2014-8: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 39.25% under the base
case scenario and a default rate of 100.00% under the 'AAA' credit
stress scenario, with an effective default rate of 97.39% after
applying the default curve, as per criteria. Fitch is maintaining
the sCDR of 5.30% and the sCPR of 9.00% in cash flow modeling.

The TTM levels of deferment, forbearance, and IBR are 6.04% (6.27%
at Feb. 28, 2022), 19.43% (18.39%) and 22.17% (24.93%). These
assumptions are used as the starting point in cash flow modelling
and subsequent declines or increases are modelled as per criteria.
The 31-60 DPD and the 91-120 DPD have declined from one year ago
and are currently 4.65% for 31 DPD and 2.07% for 91 DPD compared to
7.51% and 2.24% at Feb. 28, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.03%, based on
information provided by the sponsor.

Navient 2015-1: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 37.00% under the base
case scenario and a default rate of 100.00% under the 'AAA' credit
stress scenario, with an effective default rate of 98.82% after
applying the default curve, as per criteria. Fitch is maintaining
the sCDR of 4.80% and the sCPR of 9.50% in cash flow modeling.

The TTM levels of deferment, forbearance, and IBR are 4.90% (5.56%
at Feb. 28, 2022), 18.72% (17.61%) and 23.86% (25.63%). These
assumptions are used as the starting point in cash flow modelling
and subsequent declines or increases are modelled as per criteria.
The 31-60 DPD and the 91-120 DPD have declined from one year ago
and are currently 3.93% for 31 DPD and 2.20% for 91 DPD compared to
6.89% and 2.40% at Feb. 28, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.03%, based on
information provided by the sponsor.

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of the most recent distribution date, for Navient
2014-1, approximately 97.45% of the student loans are indexed to
LIBOR, and 2.55% are indexed to the 91-day T-bill rate. For Navient
2014-8, approximately 90.66% of the student loans are indexed to
LIBOR, and 9.34% are indexed to the 91-day T-bill rate.

For Navient 2015-1, approximately 86.76% of the student loans are
indexed to LIBOR, and 13.24% are indexed to the 91-day T-bill rate.
All the notes in the three transactions are indexed to one-month
LIBOR. Fitch applies its standard basis and interest rate stresses
to the transactions as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
overcollateralization (OC), excess spread and for the class A
notes, subordination. As of the most recent collection period,
Fitch's senior parity ratios (including the reserve) are 110.99%
(9.90% CE), 110.37% (9.40% CE) and 108.85% (8.13% CE) for Navient
2014-1, 2014-8 and 2015-1, respectively. The total parity ratios
are 101.58% (1.56% CE), 101.31% (1.29% CE) and 101.52% (1.50% CE)
for Navient 2014-1, 2014-8 and 2015-1, respectively.

Liquidity support is provided by a reserve account currently sized
their floors of $748,891 and $1,019,764 for Navient 2014-1 and
Navient 2014-8, respectively, and at 0.25% of the outstanding pool
balance ($1,004,522) for Navient 2015-1. The transactions will
continue to release cash as long as the target OC is maintained.

Operational Capabilities: Day-to-day servicing is provided by
Navient Solutions. LLC. Fitch believes Navient to be an adequate
servicer, due to its extensive track record as one of the largest
servicers of FFELP loans.

RATING SENSITIVITIES

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

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. Fitch conducts credit and maturity stress
sensitivity analysis by increasing or decreasing key assumptions by
25% and 50% over the base case. The credit stress sensitivity is
viewed by stressing both the base case default rate and the basis
spread. The maturity stress sensitivity is viewed by stressing
remaining term, IBR usage and prepayments. The results below should
only be considered as one potential outcome, as the transaction is
exposed to multiple dynamic risk factors. It should not be used as
an indicator of possible future performance.

Navient Student Loan Trust 2014-1

Current Ratings: class A-3 'BBsf'; class A-4 'Asf'; class B
'BBsf'.

Current Model-Implied Ratings: class A-3 'Asf' (Credit Stress) /
'Bsf' (Maturity Stress); class A-4 'Asf' (Credit Stress) / 'BBBsf'
(Maturity Stress); class B 'Asf' (Credit Stress) / 'AAAsf'
(Maturity Stress).

Credit Stress Rating Sensitivity

- Default increase 25%: class A-3 'BBsf'; class A-4 'Asf'; class B
'BBsf';

- Default increase 50%: class A-3 'BBsf'; class A-4 'Asf'; class B
'BBsf';

- Basis spread increase 0.25%: class A-3 'BBsf'; class A-4 'Asf';
class B 'BBsf';

- Basis spread increase 0.50%: class A-3 'BBsf; class A-4 'Asf';
class B 'BBsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A-3 'CCCsf'; class A-4 'CCCsf'; class B
'BBsf';

- CPR decrease 50%: class A-3 'CCCsf'; class A-4 'CCCsf'; class B
'BBsf';

- IBR usage increase 25%: class A-3 'CCCsf'; class A-4 'BBBsf';
class B 'BBsf';

- IBR usage increase 50%: class A-3 'CCCsf; A-4 'BBsf'; class B
'BBsf';

- Remaining Term increase 25%: class A-3 'CCCsf'; class A-4 'Bsf';
class B 'BBsf';

- Remaining Term increase 50%: class A-3 'CCCsf'; class A-4
'CCCsf'; class B 'BBsf'.

Navient Student Loan Trust 2014-8

Current Ratings: class A-3 'AAAsf'; class B 'Asf'.

Current Model-Implied Ratings: class A-3 'AAsf' (Credit Stress) /
'AAAsf' (Maturity Stress); class B 'Asf' (Credit Stress) / 'AAAsf'
(Maturity Stress).

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'AAsf'; class B 'BBBsf';

- Default increase 50%: class A 'AAsf'; class B 'BBBsf';

- Basis spread increase 0.25%: class A 'AAsf'; class B 'Asf';

- Basis spread increase 0.50%: class A 'AAsf; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'AAAsf'; class B 'Asf';

- CPR decrease 50%: class A 'AAAsf'; class B 'Asf';

- IBR usage increase 25%: class A 'AAAsf'; class B 'Asf';

- IBR usage increase 50%: class A 'AAsf; class B 'Asf';

- Remaining Term increase 25%: class A 'AAAsf'; class B 'Asf';

- Remaining Term increase 50%: class A 'AAsf'; class B 'BBBsf'.

Navient Student Loan Trust 2015-1

Current Ratings: class A-2 'Asf'; class B 'Asf'.

Current Model-Implied Ratings: class A-2 'Asf' (Credit Stress) /
'BBsf' (Maturity Stress); class B 'BBBsf' (Credit Stress) / 'AAAsf'
(Maturity Stress).

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'BBBsf'; class B 'BBBsf';

- Default increase 50%: class A 'BBBsf'; class B 'BBBsf';

- Basis spread increase 0.25%: class A 'Asf'; class B 'BBBsf';

- Basis spread increase 0.50%: class A 'Asf; class B 'BBBsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'CCCsf'; class B 'Asf';

- CPR decrease 50%: class A 'CCCsf'; class B 'Asf';

- IBR usage increase 25%: class A 'BBsf'; class B 'Asf';

- IBR usage increase 50%: class A 'Bsf; class B 'Asf';

- Remaining Term increase 25%: class A 'CCCsf'; class B 'Asf';

- Remaining Term increase 50%: class A 'CCCsf'; class B 'Asf'.

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

Navient Student Loan Trust 2014-1

Credit Stress Sensitivity

- Default decrease 25%: class A-3 'AAsf'; class A-4 'AAsf'; class B
'Asf';

- Basis Spread decrease 0.25%: class A-3 'Asf'; class A-4 'Asf';
class B 'Asf'.

Maturity Stress Sensitivity

- CPR increase 25%: class A-3 'Asf'; class A-4 'Asf'; class B
'AAAsf';

- IBR usage decrease 25%: class A-3 'BBsf'; class A-4 'Asf'; class
B 'AAAsf';

- Remaining Term decrease 25%: class A-3 'Asf'; class A-4 'AAAsf';
class B 'AAAsf'.

Navient Student Loan Trust 2014-8

Credit Stress Sensitivity

- Default decrease 25%: class A 'AAAsf'; class B 'AAsf';

- Basis Spread decrease 0.25%: class A 'AAsf'; class B 'Asf'.

Maturity Stress Sensitivity

- CPR increase 25%: class A 'AAAsf'; class B 'AAAsf';

- IBR usage decrease 25%: class A 'AAAsf'; class B 'AAAsf';

- Remaining Term decrease 25%: class A 'AAAsf'; class B 'AAAsf'.

Navient Student Loan Trust 2015-1

Credit Stress Sensitivity

- Default decrease 25%: class A 'Asf'; class B 'Asf';

- Basis Spread decrease 0.25%: class A 'Asf'; class B 'BBBsf'.

Maturity Stress Sensitivity

- CPR increase 25%: class A 'Asf'; class B 'AAAsf';

- IBR usage decrease 25%: class A 'BBBsf'; class B 'AAAsf';

- Remaining Term decrease 25%: class A 'AAAsf'; class B '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.


NEW MOUNTAIN 4: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to New Mountain
CLO 4 Ltd./New Mountain CLO 4 LLC's fixed- and floating-rate debt.

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

The preliminary ratings are based on information as of Apr. 4,
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

  New Mountain CLO 4 Ltd./New Mountain CLO 4 LLC

  Class A, $182.0 million: Not rated
  Class A-L-1 loans, $25.0 million: Not rated
  Class A-L-2 loans, $10.0 million: Not rated
  Class B-1, $30.0 million: AA (sf)
  Class B-2, $12.7 million: AA (sf)
  Class C-1 (deferrable), $19.0 million: A (sf)
  Class C-2 (deferrable), $3.6 million: A (sf)
  Class D (deferrable), $20.5 million: BBB- (sf)
  Class E (deferrable), $10.0 million: BB- (sf)
  Subordinated notes, $41.3 million: Not rated



OCTAGON 67: Fitch Gives BB-sf Rating on Cl. E Notes
---------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Octagon
67, Ltd.

   Entity/Debt             Rating                   Prior
   -----------             ------                   -----
Octagon 67, Ltd.

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

TRANSACTION SUMMARY

Octagon 67, Ltd., the issuer, is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Octagon Credit Investors, LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $500.0 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B+'/'B', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 22.9, versus a maximum covenant, in
accordance with the initial expected matrix point, of 23.1. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality. However, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.2% first lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 74.8%, versus a
minimum covenant, in accordance with the initial expected matrix
point, of 70.2%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 45.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting 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 its stress scenarios at the initial expected matrix
point, the rated notes can withstand default rates and recovery
assumptions consistent with other recent Fitch-rated CLO notes. The
performance of the classes at the other permitted matrix points is
in line with other recent CLOs. The weighted average life (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. 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
metrics. The results under these sensitivity scenarios are as
severe as between 'A-sf' 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:

Upgrade scenarios are not applicable to the class A-2 notes, as
these notes are in the highest rating category of 'AAAsf'. At other
rating levels, variability in key model assumptions, such as
increases in recovery rates and decreases in default rates, could
result in an upgrade. Fitch evaluated the notes' sensitivity to
potential changes in such metrics; 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.


TEXAS DEBT 2023-I: S&P Assigns Prelim 'BB-' Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Texas Debt
Capital CLO 2023-I Ltd./Texas Debt Capital CLO 2023-I LLC's
floating-rate notes.

The note issuance is a CLO transaction backed primarily by broadly
syndicated speculative-grade (rated 'BB+' and lower) senior secured
term loans that are governed by collateral quality tests.

The preliminary ratings are based on information as of March 31,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The diversification of the collateral pool;

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization;

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

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

  Preliminary Ratings Assigned

  Texas Debt Capital CLO 2023-I Ltd./
  Texas Debt Capital CLO 2023-I LLC

  Class A, $256.00 million: Not rated
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $23.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $36.36 million: Not rated



UBS-BARCLAYS 2012-C4: Fitch Affirms 'CCsf' Ratings on Class F Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed all classes of UBS-Barclays Commercial
Mortgage Trust 2012-C4 Commercial Mortgage Pass-Through
Certificates, Series 2012-C4.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
UBS-BB 2012-C4

   E 90270RAN4       LT CCCsf  Affirmed    CCCsf
   F 90270RAQ7       LT CCsf   Affirmed     CCsf

KEY RATING DRIVERS

Concentrated Pool; High Loss Expectations: The affirmation of
classes E and F reflect high loss expectations from the two loans
and one real estate owned (REO)asset remaining in 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 current status and collateral quality and ranked them by
their perceived likelihood of repayment and/or loss expectation.
This analysis contributed to the affirmations.

The largest contributor to expected losses is Newgate Mall (60.4%),
a regional mall in Ogden, UT that is anchored by Dillard's,
Burlington Coat Factory, Cinemark Theater, and DownEast Home. The
collateral anchor Sears (30.1% of the collateral NRA) went dark in
early 2018. The special servicer has engaged a few interested
tenants and continues to market the space. Performance of the mall
continues to deteriorate with occupancy decreasing to 61% as of
February 2022 compared with 97% at YE 2018. The NOI DSCR has
declined to 1.24x as of September 2021 compared with 1.32x at YE
2020, 1.84x at YE 2019 and 2.44x at YE 2018.

The loan transferred to special servicing in March 2020 when the
borrower indicated they would not be able to repay the loan at
maturity. The asset went REO in March 2021 and Woodmont Company,
which was appointed as a receiver prior to foreclosure, continues
to manage the property. According to the special servicer, a
one-acre outparcel was sold in August 2021 for approximately $1
million. The tentative strategy is to dispose of the asset in 2024.
Fitch's loss expectations of approximately 85% are based on a
discount to a recent appraisal value, which implies an approximate
cap rate of approximately 27% using YE 2021 NOI.

RATING SENSITIVITIES

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

Downgrades to classes E and F would occur as losses are realized or
become more certain.

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

Given the pool concentration, upgrades to classes E and F are
unlikely but may be possible with significantly better than
expected recoveries from the remaining specially serviced
loans/assets.

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.


US AUTO 2021-1: Moody's Lowers Rating on Class E Notes to Caa2
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four notes
from two asset-backed securitizations backed by non-prime retail
automobile loan contracts originated by U.S. Auto Sales, Inc., an
affiliate of U.S. Auto Finance Inc. USASF Servicing LLC (USASF), a
wholly owned subsidiary of U.S. Auto Finance Inc., is the servicer
for these transactions.              

The complete rating actions are as follows:

Issuer: U.S. Auto Funding Trust 2021-1

Class E Notes, Downgraded to Caa2 (sf); previously on Aug 11, 2021
Definitive Rating Assigned B3 (sf)

Issuer: U.S. Auto Funding Trust 2022-1

Class C Notes, Downgraded to B3 (sf); previously on Mar 9, 2023
Downgraded to Ba2 (sf)

Class D Notes, Downgraded to Caa2 (sf); previously on Jun 28, 2022
Definitive Rating Assigned B3 (sf)

Class E Notes, Downgraded to Ca (sf); previously on Mar 9, 2023
Downgraded to Caa2 (sf)

RATINGS RATIONALE

The rating action is primarily driven by USASF's recent restatement
of gross and net loss data for the underlying loan pools. In the
March servicer report, USASF disclosed that it had identified an
error in the allocation of payments among principal, interest and
recoveries contained in the servicer reports for the reporting
periods from August 2022 through January 2023. The March servicer
report indicates that the error had no impact on the total
collections available to investors in any of the reporting periods,
but notes that the error did impact the net losses and gross
charge-offs, and that net losses and gross charge-offs were
understated in some of the servicer reports.

USASF has now provided restated loss data for the current period.
Based on these restated numbers, cumulative net loss-to-liquidation
increased to 37.3% in March from 31.8% as reported in February for
U.S. Auto Funding Trust 2021-1 (USAUT 2021-1) and to 45.8% in March
from 32.9% as reported in February for U.S. Auto Funding Trust
2022-1 (USAUT 2022-1).

Based on the available restated information, Moody's have revised
Moody's lifetime expected net loss estimates for the underlying
pools. For USAUT 2021-1, Moody's lifetime expected loss has
increased to 40% from 35% previously, and for USAUT 2022-1, Moody's
lifetime expected loss has increased to 46% from 37% previously.

In Moody's rating action, Moody's also considered the available
protection to the notes. Hard credit enhancement, including
overcollateralization (OC), reserve account, and subordination,
continues to decline for the affected tranches. For USAUT 2021-1,
OC as a percentage of the pool balance declined to 18.7% in
March'23 from 20.5% in February'23, while for USAUT 2022-1, this
level declined to 14.6% from 16.3% over the same period.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Losses could decline from Moody's
original expectations as a result of a lower number of obligor
defaults or greater recoveries from the value of the vehicles
securing the obligors promise of payment. The US job market and the
market for used vehicles are also primary drivers of the
transaction's performance. Other reasons for better-than-expected
performance include changes in servicing practices to maximize
collections on the loans or refinancing opportunities that result
in a prepayment of the loan.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Losses could increase from Moody's
original expectations as a result of a higher number of obligor
defaults or a deterioration in the value of the vehicles securing
the obligors promise of payment. The US job market and the market
for used vehicles are also primary drivers of the transaction's
performance. Other reasons for worse-than-expected performance
include poor servicing, error on the part of transaction parties
including further restatement of performance data, lack of
transactional governance and fraud.


WELLS FARGO 2017-C38: Fitch Cuts Rating on Class F Certs to 'CCsf'
------------------------------------------------------------------
Fitch Ratings has downgraded two classes and affirmed 10 classes of
Wells Fargo Commercial Mortgage (WFCM) Trust 2017-C38 commercial
mortgage pass-through certificates. Additionally, classes C and
X-B's Rating Outlooks were revised to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
WELLS FARGO
COMMERCIAL
MORTGAGE TRUST
2017-C38

   A-4 95001MAE0    LT AAAsf  Affirmed    AAAsf
   A-5 95001MAF7    LT AAAsf  Affirmed    AAAsf
   A-S 95001MAG5    LT AAAsf  Affirmed    AAAsf
   A-SB 95001MAD2   LT AAAsf  Affirmed    AAAsf
   B 95001MAK6      LT AA-sf  Affirmed    AA-sf
   C 95001MAL4      LT A-sf   Affirmed     A-sf
   D 95001MAP5      LT BBB-sf Affirmed    BBB-sf
   E 95001MAR1      LT CCCsf  Downgrade   Bsf
   F 95001MAT7      LT CCsf   Downgrade   CCCsf
   X-A 95001MAH3    LT AAAsf  Affirmed    AAAsf
   X-B 95001MAJ9    LT A-sf   Affirmed    A-sf
   X-D 95001MAM2    LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Increased Loss Expectations: Overall loss expectations have
increased since Fitch's prior rating action. The downgrades reflect
higher expected losses on the two specially serviced REO assets;
the negative outlooks reflect concerns with Fitch Loans of Concern
(FLOCs). Eleven loans are considered FLOCs (27.8% of the pool)
including the two specially serviced REOs and six office properties
within the top 15 with declining performance, occupancy and/or
upcoming rollover concerns. In total, office properties represent
30.3% of the remaining pool. Fitch's current ratings are based on a
base case loss of 6.10%.

The largest increase in loss since Fitch's last rating action is
the Long Island Prime Portfolio - Melville loan (4.6%), which is
secured by three suburban office properties located in Melville,
NY. The portfolio properties are located approximately 34 miles
east of New York City and are located off of the Long Island
Expressway. The portfolio's major tenants include Signature Bank
(27.9% of NRA; lease expiry in April 2040), Morgan Stanley (6.3%;
November 2023), RGN - Melville (4.4%; April 2024) and Jackson Lewis
(4.3%; December 2025). A portion of the Signature Bank's lease at
the property (4.6% of NRA) expires in April 2024.

The portfolio's previous largest tenant, Citibank (26.2% of NRA),
vacated their space upon lease expiration in March 2022. The
Borrower re-leased a portion of the space to Signature Bank
(previously 3.9% of NRA) and Wells Fargo (3.1% of NRA). Signature
Bank expanded its space across the portfolio and signed a lease
through April 2040, with an average rental rate of $33.35 psf which
is above the submarket market rent of $29.49. In total, Signature
Bank accounts for 27.9% of the portfolio NRA and approximately
34.5% of base rental income.

Near term rollover includes 13.0% of the NRA in 2023 and 12.4% of
NRA in 2024. Fitch's base case loss of 10% is based on a 10.50% cap
rate and 10% stress to YE 2022 NOI to reflect the properties'
location, exposure to Signature Bank and upcoming rollover.

Fitch is also monitoring the performance of 225 & 233 Park Avenue
South (4.3%). The property is currently 98.6% occupied; however
largest tenant Facebook (39.5% of the NRA) has notified the
borrower of its intention to vacate the space at the March 2024
lease expiration. According to the servicer, Facebook will pay a
$33 million lease termination fee in two installments: January 2023
and January 2024. Occupancy is expected to fall to 59.1% unless a
replacement tenant is found.

Other tenants include Buzzfeed (28.8% of NRA; 5/2026 lease
expiration); STV Incorporated (19.7% of NRA; 5/2024) and T. Rowe
Price Investment (3.3% of NRA; 3/2029). Fitch's analysis is based
on a 8.75% cap rate and 40% stress to the YE 2022 NOI to reflect
concerns with the upcoming departure of Facebook and other tenant
rollover.

Specially Serviced Loans: The largest increase in loss expectation
since the prior rating action is the Highland Park Mixed Use asset
(1.8% of the pool), which is a 57,728 SF office/retail mixed use
property located in Highland Park, IL. The loan transferred to
special servicing for imminent monetary default in June 2020, after
the property's previous largest tenant Equinox Highland Park (40.2%
of NRA) vacated in October 2020, ahead of the scheduled December
2024 lease expiry date causing occupancy to decline to 41.3%.
Subsequently, Crown Brands (10.1% of NRA) signed a lease which
commenced in March 2021. As of the February 2023 rent roll, the
property was 54% occupied.

Per the Special Servicer commentary, the asset was foreclosed in
May 2021 and became REO in November 2021.

The Special Servicer is pursuing two offers to purchase the
property, in addition, there are currently two potential tenants
for the former Equinox space. Fitch's analysis reflects a discount
to the most recent appraisal value with an approximate stressed
value psf of $150.

Hilton Garden Inn - Ames (1.3% of the pool), which a 112-key hotel
located in Ames, IA. The loan transferred to special servicing in
August 2020 for monetary default after the Borrower indicated that
operations at the collateral property had been affected by the
pandemic and would not be able to perform on the loan obligations.
The Lender foreclosed in October 2021 and the asset became REO in
November 2021. The property was 56.4% occupied as of September
2022.

The property was previously marketed for sale in 2022 and a buyer
had been selected; however, the property sustained damage from a
fire and there were delays with insurance claims and payments. Per
the Special Servicer, the repairs were not completed until December
2022. The property then sustained another fire in January 2023. All
fire related work has now been completed and the property is
scheduled to be auctioned in April 2023. Fitch's analysis is based
on a discount to the most recent appraisal value and reflects a
stressed value per key of $61,071.

Increasing Credit Enhancement (CE): As of the March 2023
remittance, the pool's aggregate certificate balance has been
reduced by 9.0% to $1.05 billion from $1.15 billion at issuance.
Six loans (2.5% of the pool) are currently defeased. Seventeen
loans (60.6% of pool) are full-term interest-only, including 12
loans in the top 15, and 12 loans (11.2% of pool) are partial-term
interest only. To date, the pool has not experienced any realized
losses.

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
larger FLOCs and/or specially serviced loans/assets. Downgrades to
the 'AAsf' and 'AAAsf' categories are not expected given their high
CE relative to expected losses and continued amortization, but may
occur if interest shortfalls occur or if a high proportion of the
pool defaults and expected losses increase considerably.

Downgrades to the 'BBBsf' and 'Asf' categories would occur should
overall pool losses increase significantly and/or one or more of
the larger FLOCs have an outsized loss, which would erode CE.
Downgrades to the 'Bsf' category would occur should loss
expectations increase on the specially serviced loans/assets and if
performance of the FLOCs or office loans fail to stabilize or
additional loans default and/or transfer to the special servicer.

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with paydown and/or defeasance.
Upgrades of the 'Asf' and 'AAsf' categories would likely occur with
significant improvement in CE and/or defeasance; however, adverse
selection, increased concentrations and further underperformance of
the larger FLOCs or office loans could cause this trend to
reverse.

Upgrades to the 'BBBsf' category would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded to 'Asf' if there is a
likelihood for interest shortfalls. 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 the
office loans stabilize, and there is sufficient CE to the classes.

ESG CONSIDERATIONS

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


[*] Moody's Upgrades $206MM of US RMBS Issued 2002-2007
-------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 25 bonds from
ten 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/3ZQdWyI

The complete rating actions are as follows:

Issuer: Accredited Mortgage Loan Trust 2004-3, Asset-Backed Notes,
Series 2004-3

Cl. 1A5, Upgraded to Aaa (sf); previously on Dec 20, 2018 Upgraded
to Aa2 (sf)

Cl. 1A6, Upgraded to Aaa (sf); previously on Dec 20, 2018 Upgraded
to Aa1 (sf)

Cl. 1M1, Upgraded to A3 (sf); previously on Dec 20, 2018 Upgraded
to Baa2 (sf)

Cl. 1M2, Upgraded to Ba2 (sf); previously on Dec 20, 2018 Upgraded
to Ba3 (sf)

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust,
Series RFC 2007-HE1

Cl. A1A, Upgraded to Aa1 (sf); previously on Jun 24, 2022 Upgraded
to Aa3 (sf)

Cl. A1B, Upgraded to Aa1 (sf); previously on Jun 24, 2022 Upgraded
to Aa3 (sf)

Cl. A4, Upgraded to Caa1 (sf); previously on Nov 20, 2018 Upgraded
to Caa2 (sf)

Issuer: CDC Mortgage Capital Trust 2002-HE1

Cl. A, Upgraded to Aa3 (sf); previously on Mar 21, 2022 Upgraded to
A1 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2004-8

Cl. M-2, Upgraded to Aaa (sf); previously on Jun 28, 2022 Upgraded
to Aa2 (sf)

Cl. M-3, Upgraded to A3 (sf); previously on Jun 28, 2022 Upgraded
to Baa2 (sf)

Cl. M-4, Upgraded to Baa2 (sf); previously on Jun 28, 2022 Upgraded
to Ba1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Dec 20, 2018 Upgraded
to B3 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-2

Cl. M-6, Upgraded to A3 (sf); previously on Apr 9, 2018 Upgraded to
Baa3 (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-3

Cl. M-5, Upgraded to A1 (sf); previously on Feb 1, 2019 Upgraded to
A3 (sf)

Issuer: GSAMP Trust 2006-HE4

Cl. A-1, Upgraded to Aaa (sf); previously on Jun 27, 2022 Upgraded
to Aa2 (sf)

Cl. A-2D, Upgraded to Aa2 (sf); previously on Jun 27, 2022 Upgraded
to A1 (sf)

Issuer: GSAMP Trust 2006-HE8

Cl. A-1, Upgraded to B2 (sf); previously on Apr 16, 2018 Upgraded
to Caa1 (sf)

Cl. A-2C, Upgraded to B2 (sf); previously on Apr 16, 2018 Upgraded
to Caa1 (sf)

Issuer: Opteum Mortgage Acceptance Corporation Asset Backed
Pass-Through Certificates 2005-5

Cl. I-A1D, Upgraded to Ba1 (sf); previously on Dec 10, 2018
Upgraded to Ba3 (sf)

Cl. I-A2, Upgraded to Caa1 (sf); previously on Jun 21, 2019
Upgraded to Caa3 (sf)

Cl. I-APT, Upgraded to Ba1 (sf); previously on Dec 10, 2018
Upgraded to Ba3 (sf)

Cl. II-A1D1, Upgraded to Aaa (sf); previously on Dec 10, 2018
Upgraded to Aa2 (sf)

Cl. II-A1D2, Upgraded to Aaa (sf); previously on Dec 10, 2018
Upgraded to Aa2 (sf)

Underlying Rating: Upgraded to Aaa (sf); previously on Dec 10, 2018
Upgraded to Aa2 (sf)

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

Cl. II-AN, Upgraded to Aaa (sf); previously on Dec 10, 2018
Upgraded to Aa1 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2005-10HE

Cl. M-4, Upgraded to A1 (sf); previously on Jul 1, 2022 Upgraded to
A3 (sf)

RATINGS RATIONALE

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

Principal Methodology

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

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

Up

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

Down

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

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


                            *********

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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.

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