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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 16, 2023, Vol. 27, No. 105

                            Headlines

A10 PERMANENT 2015-I: DBRS Hikes Class C Notes Rating to BB
AB BSL 4: S&P Assigns BB- (sf) Rating on $14MM Class E Notes
ACRE COMMERCIAL 2017-FL3: DBRS Confirms B(low) Rating on F Notes
AGL STATIC 19: Fitch Affirms 'BB-' Rating on Class E Notes
AMSR 2023-SFR1: DBRS Finalizes BB Rating on Class F Certs

BANK OF AMERICA 2016-UBS10: DBRS Confirms BB Rating on X-F Certs
BBCMS MORTGAGE 2023-C19: Fitch Gives B-(EXP) Rating on H-RR Certs
BEAR STEARNS 2007-HE7: Moody's Ups Cl. III-A-1 Bonds Rating to B1
BLACKROCK DLF 2021-1: DBRS Confirms B Rating on Class W Notes
BLP COMMERCIAL 2023-IND: DBRS Finalizes B(low) Rating on G Certs

CARLYLE C17 CLO: Moody's Lowers Rating on $8.5MM E-R Notes to Caa2
CARLYLE US 2023-1: Fitch Gives 'BB-(EXP)' Rating on Class E Notes
CFMT 2023-HB11: DBRS Finalizes B Rating on Class M6 Notes
CHASE AUTO 2021-3: Moody's Upgrades Rating on Class F Notes to Ba1
CIM TRUST 2023-I1: S&P Assigns Prelim B (sf) Rating on B-2 Notes

CIM TRUST 2023-R2: DBRS Gives Prov. B Rating on Class B2 Notes
CITIGROUP 2016-GC36: Fitch Lowers Rating on Class F Certs to 'Csf'
CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms C Rating on F Certs
CITIGROUP COMMERCIAL 2015-GC31: DBRS Cuts G Certs Rating to C
CLNC 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes

COMM 2014-CCRE19: Fitch Affirms 'BBsf' Rating on Class E Debts
COMM 2014-UBS3: DBRS Confirms BB Rating on Class E Certs
COMM 2014-UBS5: DBRS Confirms BB Rating on Class D Certs
COMM 2015-3BP: DBRS Confirms BB(low) Rating on Class F Certs
CORE 2019-CORE: DBRS Confirms BB(low) Rating on Class F Certs

CSAIL 2016-C6: Fitch Affirms 'B-sf' Rating on Two Tranches
CSMC 2019-ICE4: DBRS Confirms BB Rating on Class F Certs
DBGS 2018-BIOD: DBRS Confirms B(low) Rating on Class HRR Certs
DBGS 2019-1735: DBRS Confirms B Rating on Class F Certs
DROP MORTGAGE 2021-FILE: DBRS Confirms BB Rating on 2 Classes

EATON VANCE 2015-1: Moody's Cuts $16.6MM E-R Notes Rating to Ba3
FREDDIE MAC 2023-DNA1: DBRS Gives Prov. BB Rating on 16 Classes
GLS AUTO 2023-1: DBRS Gives Prov. BB Rating on Class E Notes
GS MORTGAGE 2014-GC22: DBRS Lowers Rating on Class F Certs to C(sf)
GS MORTGAGE 2014-GC24: DBRS Confirms B Rating on Class E Certs

GS MORTGAGE 2014-GC26: DBRS Confirms C Rating on 2 Classes
GS MORTGAGE 2017-GS5: DBRS Confirms B(low) Rating on Class F Certs
HERTZ VEHICLE 2023-1: DBRS Finalizes BB Rating on Class D Notes
JP MORGAN 2013-LC11: Moody's Cuts Class E Certs Rating to 'C'
JP MORGAN 2021-MHC: DBRS Confirms BB Rating on Class E Certs

JPMBB COMMERCIAL 2015-C27: DBRS Lowers Cl. E Debt Rating to C
JPMBB COMMERCIAL 2015-C29: DBRS Confirms C Rating on 2 Classes
JPMBB COMMERCIAL 2015-C32: DBRS Confirms C Rating on 4 Classes
JPMCC 2019-COR5: Fitch Affirms 'B-sf' Rating on Class G-RR Certs
KAWARTHA CAD 2022-2: DBRS Finalizes BB(high) Rating on E Notes

MAD MORTGAGE 2017-330M: DBRS Confirms BB Rating on Class E Certs
METRONET INFRASTRUCTURE 2023-1: Fitch Gives BB- Rating on C Notes
MF1 2020-FL4: DBRS Confirms B(low) Rating on Class G Notes
MIDOCEAN CREDIT XII: Fitch Gives 'BB-(EXP)sf' Rating on Cl. E Notes
MILL CITY 2023-NQM1: DBRS Finalizes B(high) Rating on B-2 Certs

MILL CITY 2023-NQM2: DBRS Gives Prov. B Rating on Class B-2 Certs
MORGAN STANLEY 2013-C9: DBRS Confirms B Rating on Class H Certs
MORGAN STANLEY 2015-C23: Fitch Affirms 'B-sf' Rating on Cl. F Certs
MORGAN STANLEY 2019-H6: Fitch Affirms B-sf Rating on Cl. J-RR Certs
NATIXIS COMMERCIAL 2018-TECH: DBRS Confirms B(high) on G Certs

NEW MOUNTAIN 4: S&P Assigns BB- (sf) Rating on $10MM Class E Notes
NORTHWOODS CAPITAL XII-B: Moody's Cuts $6MM F Notes Rating to B3
NRPL TRUST 2023-RPL1: Fitch Assigns 'Bsf' Rating on Class B-2 Notes
NYC COMMERCIAL 2021-909: DBRS Confirms BB(low) Rating on E Certs
OLYMPIC TOWER 2017-OT: Fitch Affirms 'BB-sf' Rating on Cl. E Certs

PARK BLUE 2023-III: Moody's Assigns B3 Rating to $1MM Cl. F Notes
PGA NATIONAL 2023-RSRT: Fitch Gives 'B+(EXP)' Rating on HRR Certs
PRKCM 2023-AFC1: DBRS Finalizes B Rating on Class B-2 Notes
READY CAPITAL 2019-6: DBRS Confirms BB Rating on Class F Certs
SFO COMMERCIAL 2021-555: DBRS Confirms BB Rating on Class F Certs

SG COMMERCIAL 2019-787E: DBRS Confirms BB(low) Rating on F Certs
SHACKLETON 2013-IV-R: Moody's Ups $27.75MM C Notes Rating From Ba1
SIERRA TIMESHARE 2023-1: Fitch Gives Final BB-sf Rating on D Notes
SIERRA TIMESHARE 2023-1: Moody's Assigns Ba2 Rating to Cl. D Notes
SOUND POINT XVIII: Moody's Cuts Rating on $32MM Cl. D Notes to B1

STONE STREET: DBRS Confirms BB Rating on Class C Notes
SYMPHONY CLO XIX: Moody's Cuts Rating on $10MM Cl. F Notes to Caa1
TEXAS DEBT 2023-I: S&P Assigns BB- (sf) Rating on Class E Notes
UBS-BARCLAYS 2013-C5: Moody's Lowers Rating on Cl. C Certs to Ba3
WAMU COMMERCIAL 2007-SL2: Moody's Ups Rating on Cl. F Certs to B2

WELLS FARGO 2019-C50: Fitch Affirms CCCsf Rating on 2 Tranches
WIND RIVER 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
WORLDWIDE PLAZA 2017-WWP: DBRS Confirms BB Rating on Class F Certs
[*] DBRS Confirms 21 Classes From Seven U.S. RMBS Transactions
[*] DBRS Confirms Ratings on 74 Classes of Real Estate Transactions

[*] DBRS Reviews 114 Classes From 17 U.S. RMBS Transactions
[*] DBRS Reviews 165 Classes From 21 U.S. RMBS Transactions
[*] DBRS Reviews 575 Classes From 53 U.S. RMBS Transactions
[*] Moody's Upgrades $164MM of US RMBS Issued 2004 to 2007
[*] S&P Takes Various Actions on 35 Classes From 10 U.S. RMBS Deals


                            *********

A10 PERMANENT 2015-I: DBRS Hikes Class C Notes Rating to BB
-----------------------------------------------------------
DBRS Limited downgraded its rating on the following class of notes
issued by A10 Permanent Asset Financing 2015-I, LLC:

-- Class C Notes to BB (sf) from BBB (low) (sf)

In addition, DBRS Morningstar confirmed the remaining classes of
notes as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at A (high) (sf)

The trend on Class B was changed to Negative from Stable, and the
trend on Class C was maintained at Negative. The trend on Class A
remains Stable. The rating downgrade and Negative trends reflect
DBRS Morningstar's concerns with the high concentration of loans
secured by office collateral, which report declining occupancies,
low in-place cash flows, and are located in soft submarkets. In
total, there are 10 loans, representing 44.2% of the pool, secured
by office properties, of which seven loans, representing 38.9% of
the pool, are being monitored on the servicer's watchlist or are in
special servicing, having experienced occupancy declines following
the departure of large tenants. Given the shift in demand for
office space following the Coronavirus Disease (COVID-19) pandemic,
DBRS Morningstar anticipates upward pressure on vacancy rates in
the broader office market, presenting an additional challenge in
retenanting the aforementioned properties and increasing the
potential for value declines. As part of this review, DBRS
Morningstar increased the probability of default for all of the
distressed loans to reflect their current risk profile and, in
certain cases, applied stressed loan-to-value (LTV) ratios.

The only loan in special servicing, Northwood Crossing (Prospectus
ID#23, 5.0% of the pool), is secured by an office property in
Harrisburg, Pennsylvania. The loan transferred to special servicing
in April 2022 because of imminent payment default. The property's
largest tenant, United Concordia Companies, Incorporated, which
previously comprised 89.4% of the net rentable area (NRA), vacated
its space at the end of May 2022. The property is nearly entirely
vacant, and the borrower has stated it is unwilling to commit fresh
equity and does not have sufficient liquidity to support the debt.
The borrower is now in the latter stages of a deed in lieu of
foreclosure. The loan reports over $3.7 million of reserves,
including $1.3 million in excess cash reserves and $2.2 million in
rollover reserves, which DBRS Morningstar notes serves as
additional collateral on the loan. DBRS Morningstar assumed a
liquidation scenario for this loan, based on a haircut to the June
2022 appraised value of $7.4 million, which is lower than the
current loan balance of $11.8 million. The liquidation scenario
gave credit to the $3.5 million of excess cash and rollover
reserves, resulting in a loss severity in excess of 30.0%. Based on
this analysis, liquidated losses would be contained to the unrated
first loss piece, but would erode cushion for the Class C Notes,
supporting the downgrade for that class with this review.

The largest loan on the watchlist, 610 West Ash (Prospectus ID#35,
13.4% of the pool), is secured by an office property in San Diego.
The property's largest tenant, ESET (37.0% of NRA), recently gave
notice that it would not renew its lease that is set to expire in
August 2023. This notice initiated a cash sweep, which will remain
active until the space is retenanted. The servicer notes that there
are no funds in the excess cash reserve; however, as of February
2023, the loan reports $2.0 million in a rollover reserve, $570,000
in a capex reserve, and $404,000 in a tax reserve. According to the
Q3 2022 financials, the loan reported a debt service coverage ratio
(DSCR) of 1.38 times (x) with an occupancy of 88.0%. Following
ESET's departure, physical occupancy will decrease to 51.0% and, in
absence of any additional leasing, cash flow will not be sufficient
to cover the loan's debt service. ESET is currently paying a rental
rate of $26.39 per square foot (psf). Per Reis, the downtown San
Diego office submarket reported a Q4 2022 vacancy rate of 21.0%
with asking rents of $38.96 psf. Given the soft submarket and
upcoming vacancy, DBRS Morningstar increased the probability of
default for this loan in its analysis. In addition, DBRS
Morningstar derived a stressed value based on the property's
in-place cash flow adjusted for the loss of ESET's rent, using the
high end of DBRS Morningstar's cap rate range for office
properties, resulting in a modeled LTV of more than 200.0%.

DBRS Morningstar also remains concerned with the 205 W Wacker loan
(Prospectus ID#5, 6.1% of the pool), which is secured by a
271,233-square-foot, 23-story Class B office building within the
West Loop submarket of downtown Chicago. The occupancy decreased to
60.5% when the property's former largest tenant Salesforce, Inc.
(Salesforce; 8.4% of NRA) exercised an early termination option and
vacated in September 2021. Salesforce paid a termination fee of
$581,987. While the borrower has exhibited an ability to attract
new tenants and sign new leases over the past two years, bringing
occupancy to 74.8% as of YE2022, occupancy is expected to decline
following the departure of two tenants, representing 4.4% of NRA
and paying an average rental rate of $24.67 psf, that have
exercised termination options and will be vacating in the first
half of 2023. Termination fees totaling $602,000 were paid and, in
addition to the $582,000 collected from Salesforce, are held in
reserve and can be used to help retenant the property. As of the Q3
2022 financials, the loan reported a DSCR of 0.58x and is still
operating under a fixed-cash sweep of $37,000 per month. As of
February 2023, the excess cash reserve and rollover reserve,
inclusive of collected termination fees, totaled $629,000 and $2.5
million, respectively. Per Reis, the West Loop office submarket
reported a Q4 2022 vacancy rate of 11.8% with asking rents of
$46.52 psf. Given the expected occupancy decline and softening
submarket, DBRS Morningstar increased the probability of default
for this loan in its analysis. To further stress the loan's
expected loss, DBRS Morningstar applied an LTV of 100.0% to this
loan in the model run for this transaction, accounting for the
potential for future value decline.

The transaction originally had a maximum funded balance of $300.0
million, which was fully funded in May 2017, initiating a
sequential paydown; however, earn-out facilities were drawn upon
through May 2018. As of the February 2023 remittance, there has
been a collateral reduction of 20.4% from scheduled loan
amortization and the repayment of five loans. None of the remaining
loans are scheduled to mature until 2024.

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


AB BSL 4: S&P Assigns BB- (sf) Rating on $14MM Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to AB BSL CLO 4 Ltd./AB BSL
CLO 4 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 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.

  Ratings Assigned

  AB BSL CLO 4 Ltd./AB BSL CLO 4 LLC

  Class A, $248.00 million: AAA (sf)
  Class B, $56.00 million: AA (sf)
  Class C (deferrable), $22.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $39.60 million: Not rated



ACRE COMMERCIAL 2017-FL3: DBRS Confirms B(low) Rating on F Notes
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
secured Floating Rate Notes issued by ACRE Commercial Mortgage
2017-FL3 Ltd.:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations. In conjunction with this press release, DBRS
Morningstar has published a Surveillance Performance Update report
with in-depth analysis and credit metrics for the transaction and
with business plan updates on select loans. To access this report,
please click on the link under Related Documents below or contact
us at info@dbrsmorningstar.com.

The transaction originally closed in March 2017 with an initial
collateral pool of 12 floating-rate mortgages secured by 16
transitional commercial real estate properties, with a total
balance of $341.2 million. In March 2019, the collateral pool was
upsized to a balance of $557.0 million. The transaction is
structured with a Reinvestment Period, which was extended from
March 2021 through the March 2024 Payment Date, whereby the Issuer
may acquire Funded Companion Participations and introduce new loan
collateral into the trust.

As of the March 2023 remittance, the pool comprises 16 loans
secured by 17 properties with a cumulative trust balance of $428.7
million. Most loans are in a period of transition with plans to
stabilize and improve asset value. Since issuance, 40 loans with a
former cumulative trust balance of $1.15 billion have been
successfully repaid from the pool, including all 12 original loans.
Of the remaining loans, only three loans, representing 22.6% of the
maximum funded pool balance, were originated prior to 2021. As of
the March 2023 remittance, the Reinvestment Account had a balance
of $128.3 million.

In general, borrowers are progressing toward completion of the
stated business plans. Nine of the 16 outstanding loans were
structured with future funding components and, according to an
update from the collateral manager, it had advanced $82.9 million
in loan future funding through March 2023 to eight individual
borrowers to aid in property stabilization efforts. The largest
advances were made to the borrowers of the Caterpillar Aurora
($36.7 million) and Northridge Commons ($19.3 million) loans. The
Caterpillar Aurora loan is secured by a 4.0 million-square-foot
industrial property in Montgomery, Illinois, and the Northridge
Commons loan is secured by an office property in Sandy Springs,
Georgia. The borrowers of both loans have used loan future funding
for accretive leasing costs and capital improvements. An additional
$7.1 million of unadvanced loan future funding allocated to four
individual borrowers remains outstanding with the largest portion
($3.7 million) allocated to the borrower of the 251 Monroe loan.
The loan is secured by an industrial property in Kenilworth, New
Jersey, with loan future funding available to fund leasing costs
and as a performance-based earn-out.

The transaction is concentrated by loan size, as the largest 10
loans represent 86.6% of the current trust balance and 66.6% of the
maximum funded pool balance. The transaction consists of three
loans (totaling 29.4% of the current trust balance) secured by
office properties, three loans (totaling 27.8% of the current trust
balance) secured by industrial properties, one loan (totaling 15.6%
of the current trust balance) secured by a mixed-use property, and
six loans (totaling 14.8% of the current trust balance) secured by
self-storage properties. In comparison with the transaction as of
May 2022, there were three loans secured by office properties
(24.0% of the trust balance), two loans secured by industrial
properties (17.8% of the trust balance), two loans secured by hotel
properties (16.8% of the trust balance), and three loans secured by
multifamily properties (15.0% of the trust balance).

As of the March 2023 remittance, one loan (Old Orchard Towers),
representing 10.2% of the maximum funded pool balance, is on the
servicer's watchlist as a result of occupancy and debt service
coverage ratio (DSCR) declines. The loan is secured by two
seven-story office buildings in Skokie, Illinois. At YE2022, the
property was 65.1% occupied and operations yielded a DSCR of 0.54
times. Prolonged property performance declines are a result of
historical tenant departures, which have been exacerbated by an
overall decrease in the desirability of suburban office product.
The loan matures in June 2023, after the lender and borrower agreed
to extension terms; however, there are no remaining loan extension
options. The loan is expected to remain current through maturity as
the borrower was required to deposit projected debt service
shortfalls into a reserve. Additionally, according to March 2023
reporting, there is $0.9 million remaining in the debt service
reserve following a $0.1 million disbursement. DBRS Morningstar has
identified the loan as having increased credit risk given the
upcoming loan maturity, as an updated 2022 property appraisal
valued the property at $48.4 million, indicative of a currently
funded loan-to-value ratio of 117.6%.

According to March 2023 reporting, the 6140 Lipan Street loan (2.1%
of the maximum funded pool balance) has been categorized as a
performing matured balloon as the loan matured in February 2023.
The loan is secured by a 34-acre industrial parking and outdoor
storage site in Denver, Colorado, 3.5 miles north of the Denver
central business district. The loan is structured with one 12-month
extension option, and based on the YE2022 servicer-provided net
cash flow of $2.2 million and 10.7% debt yield, property operations
pass the performance-based loan extension tests. According to
servicer commentary, it is awaiting loan extension documentation
from the sub-servicer and lender as it appears the loan maturity
will be extended to February 2024. The borrower will be required to
pay an extension fee and purchase a new 12-month interest rate cap
agreement.

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


AGL STATIC 19: Fitch Affirms 'BB-' Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has affirmed the ratings for the class A-1, A-2, B,
C, D, E and F notes of AGL Static CLO 18 Ltd. (AGL 18) and the
class A-1, A-2, B-1, B-2, C, D and E notes of AGL CLO 19 Ltd. (AGL
19). The Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
AGL Static
CLO 18 Ltd.

   A-1 00850BAA4   LT AAAsf  Affirmed    AAAsf
   A-2 00850BAJ5   LT AAAsf  Affirmed    AAAsf
   B 00850BAC0     LT AA+sf  Affirmed    AA+sf
   C 00850BAE6     LT A+sf   Affirmed    A+sf
   D 00850BAG1     LT BBB+sf Affirmed    BBB+sf
   E 00850DAA0     LT BB+sf  Affirmed    BB+sf
   F 00850DAC6     LT BB+sf  Affirmed    BB+sf

AGL CLO 19 Ltd.

   A-1 001210AA1   LT AAAsf  Affirmed    AAAsf
   A-2 001210AL7   LT AAAsf  Affirmed    AAAsf
   B-1 001210AC7   LT AAsf   Affirmed    AAsf
   B-2 001210AE3   LT AAsf   Affirmed    AAsf
   C 001210AG8     LT A+sf   Affirmed    A+sf
   D 001210AJ2     LT BBB-sf Affirmed    BBB-sf
   E 001211AA9     LT BB-sf  Affirmed    BB-sf

TRANSACTION SUMMARY

AGL 18 and AGL 19 are broadly syndicated collateralized loan
obligations (CLOs) managed by AGL CLO Credit Management LLC. AGL 18
closed in May 2022 is a static CLO. AGL 19 closed in June 2022, and
will exit its reinvestment period in July 2027. Both CLOs are
secured primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are driven by the portfolios' stable performance
since the last rating actions. The credit quality of both
portfolios as of March 2023 reporting were at the 'B'/'B-' rating
level. The Fitch weighted average rating factors (WARF) for AGL 18
and AGL 19 portfolios were at 24.9 and 24.8, respectively, compared
with 23.5 and 23.7 at their closing dates.

Exposure to issuers with a Negative Outlook and Fitch's watchlist
is 15.3% and 4.9%, respectively, for AGL 18, and 13.9% and 3.3%,
respectively, for AGL 19. AGL 18's portfolio consists of 195
obligors, and the largest 10 obligors represent 6.5% of the
portfolio (excluding cash). AGL 19 has 265 obligors, with the
largest 10 obligors comprising 7.3% of the portfolio (excluding
cash).

First lien loans, cash and eligible investments comprise 99.7% of
the portfolios on average.

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

Cash Flow Analysis

For AGL 18, Fitch conducted an updated cash flow analysis based on
a stressed portfolio that incorporated a one-notch downgrade on the
Fitch Issuer Default Rating Equivalency Rating for assets with a
Negative Outlook on the driving rating of the obligor and extended
the current weighted average life (WAL) of the portfolio of 4.8 to
the current maximum covenant of 5.7.

For AGL 19, Fitch's analysis was based on a newly run Fitch
Stressed Portfolio (FSP) since the transaction is still in its
reinvestment period. The FSP analysis stressed the current
portfolio from the latest trustee report to account for permissible
concentration and CQT limits. The FSP analysis assumed a weighted
average life of 7.50 years. The portfolio's weighted average spread
was stressed to the covenant minimum level of 3.50%. Other FSP
assumptions include 5.0% non-senior secured assets, 2.5% fixed rate
assets and 7.5% CCC assets.

The rating actions for all classes of notes in AGL 18 and AGL 19
are in line with their model-implied ratings (MIRs), as defined in
the CLOs and Corporate CDOs Rating Criteria.

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

RATING SENSITIVITIES

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

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

A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to no rating impact for the class
A-1 and A-2 notes in both AGL 18and AGL 19, a five notch downgrade
for the class F notes in AGL 18, a three notch downgrade for the
class B, C, D and E notes in AGL 18, and class C notes in AGL 19,
and a two notch downgrade for the class B-1, B-2 and E notes in AGL
19.

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

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

A 25% reduction of the mean default rate across all ratings, along
with a 25% increase of the recovery rate at all rating levels for
the current portfolio, would lead to a five notch upgrade for the
class D and E notes in AGL 19, a three notch upgrade for the class
C, D, E and F notes in AGL 18, a two notch upgrade for the class
B-1 and B-2 notes in AGL 19, a one notch upgrade for the class B
notes in AGL 18. There would be no rating impact for the class C
notes in AGL 19.

DATA ADEQUACY

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

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

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


AMSR 2023-SFR1: DBRS Finalizes BB Rating on Class F Certs
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Single-Family
Rental Pass-Through Certificates issued by AMSR 2023-SFR1 Trust
(AMSR 2023-SFR1):

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

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

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

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

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

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

Furthermore, DBRS Morningstar reviewed the third-party participants
in the transaction, including the property manager, servicer, and
special servicer. These transaction parties are acceptable to DBRS
Morningstar. DBRS Morningstar also conducted a legal review and
found no material rating concerns. (For details, see the Scope of
Analysis section.)

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


BANK OF AMERICA 2016-UBS10: DBRS Confirms BB Rating on X-F Certs
----------------------------------------------------------------
DBRS Limited downgraded its rating on the following class of the
Commercial Mortgage Pass-Through Certificates, Series 2016-UBS10
issued by Bank of America Merrill Lynch Commercial Mortgage Trust
2016-UBS10:

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

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

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class X-D at BBB (high) (sf)
-- Class D at BBB (sf)
-- Class X-E at BBB (low) (sf)
-- Class E at BB (high) (sf)
-- Class X-F at BB (sf)
-- Class F at BB (low) (sf)

In addition, DBRS Morningstar discontinued its rating on Class X-G
as it now references a CCC (sf)-rated class. The trends on Classes
X-E, E, X-F, and F were changed to Negative from Stable. The trends
on the remaining classes are Stable, with the exception of Class G,
which has a rating that does not carry a trend.

The rating downgrade and Negative trends primarily reflect DBRS
Morningstar's concerns surrounding the resolution of the Belk
Headquarters loan (Prospectus ID#3, 9.1% of the pool balance),
which transferred to special servicing at the borrower's request in
January 2023 to negotiate a potential deed-in-lieu of foreclosure.
The rating confirmations and Stable trends reflect the continued
performance of the transaction, with the remaining loans in the
pool generally having experienced minimal changes since the last
rating action.

As of the February 2023 remittance, 42 of the original 52 loans
remain in the trust, with an aggregate principal balance of
approximately $591.7 million, representing a collateral reduction
of 32.4% since issuance as a result of loan repayments, scheduled
amortization, and one loan liquidation. There are 30 loans,
representing 71.0% of the pool balance, that are currently
amortizing, which will lead to strong deleveraging over time. In
addition, four loans, representing 5.2% of the pool balance, are
secured by collateral that has been fully defeased. There are three
loans in special servicing, representing 12.0% of the pool, and
eight loans on the servicer’s watchlist, representing 19.3% of
the pool.

The Belk Headquarters loan is secured by a 473,698-square-foot (sf)
Class B office property in suburban Charlotte, North Carolina,
which previously served as the headquarters for Belk, a regional
department store chain that estimated 1,200 employees working at
the property as of February 2021. As of July 2021, however, Belk
shifted to a fully remote policy for its corporate-level employees,
leaving its space vacant. Belk paid an annual rate of $12.30 per sf
(psf), well below the Airport/Parkway submarket Q4 2022 average
asking rental rate of $24.51 psf; however, the borrower has been
unable to sublease the space given the soft market conditions.
According to Reis, the submarket reported an average vacancy rate
of 21.6% as of Q4 2022, an increase from the pre-Coronavirus
Disease (COVID-19) pandemic rate of 16.5% in Q4 2019. A cash flow
sweep was triggered as a result of the Belk's failure to occupy its
space; however, the borrower has requested a transfer to special
servicing with negotiations for a potential deed-in-lieu of
foreclosure.

While the loan remains current with a Q3 2022 annualized debt
service coverage ratio (DSCR) of 1.42 times (x), DBRS Morningstar
anticipates the loan will ultimately be liquidated from the trust
upon resolution. No updated value has been provided since issuance,
when the loan was appraised at a value of $96.9 million. DBRS
Morningstar's liquidations scenario for this loan was based on a
haircut to the issuance appraised value with consideration given to
the outdated appraisal and soft market conditions, resulting in an
analyzed loss severity approaching 20.0%. When factoring in assumed
losses for the REO Comfort Inn – Cross Lanes, WV loan (Prospectus
ID#34, 1.1% of the pool), which DBRS Morningstar also liquidated
from the trust, implied losses totaled nearly $13.0 million. Based
on these results, the credit enhancement provided to Class G was
significantly eroded, warranting the downgrade action, while
suggesting increased credit risk to Classes E and F.

Excluding defeasance, the pool is most concentrated by office and
retail properties, representing 34.9% and 31.3% of the pool,
respectively. In recent months, there has been further concern and
scrutiny around loans secured by office properties. Office supply
is on the rise because of low space utilization amid the pandemic
and the resulting change in workers' preferences, a dynamic which
has led to an increase in space being offered for sublease and
tenants downsizing or vacating. Loans secured by office properties
had a weighted-average debt yield of 9.7% based on the most recent
financials available.

One notable office loan that DBRS Morningstar is continuing to
monitor is 2100 Ross (Prospectus ID#7, 5.6% of the pool balance),
which is secured by a Class A high-rise office building in the
central business district (CBD) of Dallas. The loan was added to
the servicer's watchlist following the loss of the property's
largest tenant, CBRE Group, Inc. (CBRE; formerly occupied 15.2% of
the net rentable area (NRA)), which consolidated its operations and
relocated after its lease expiration in March 2022. According to
the September 2022 rent roll, the property was 60.0% occupied,
falling from 79.8% in December 2021 and 85.1% at issuance. As of Q4
2022 data, Reis reported that office properties in the Dallas CBD
submarket reported a vacancy rate of 30.3% with an average rental
rate of $22.50 psf compared with the subject's average rental rate
of $20.45 psf. During the next 12 months, only three tenants,
representing 1.0% of NRA, have scheduled lease expirations.

The loan includes a specified tenant trigger event, which includes
CBRE, with the cash flow sweep to be capped at $2.2 million
(approximately $17 psf on CBRE's space). While the cash flow sweep
triggered by CBRE's departure is a benefit, DBRS Morningstar does
not expect the amount to fully cover a tenant improvement package
for a new tenant. As per the trailing nine-month financial
reporting ended September 30, 2022, the loan reported an annualized
DSCR of 1.17x, a decline from 1.32x at YE2021 and 1.36x at
issuance. The property is likely to perform near breakeven if the
sponsor can't backfill CBRE's vacant space.

The prior $61.0 million loan on the subject property was
securitized in WBCMT 2007-C34, and the owner at the time defaulted
on its debt service payment in 2011 after the largest tenant, Ernst
& Young (29.0% of NRA), vacated in 2009. After acquiring the
property in a foreclosure auction for $59.2 million, the seller
invested $18.8 million into capital improvements, upgrading the
property's interior, exterior, and mechanicals. Whole loan proceeds
of $98.0 million, in addition to $44.5 million of borrower equity,
served as acquisition financing for the subject's purchase price of
$131.0 million, reflecting a moderate going-in loan-to-value ratio
of 74.8%. Given the increased vacancy and softening submarket
conditions, property value has likely declined significantly,
elevating the loan's leverage and credit risk to the trust. As a
result, DBRS Morningstar analyzed this loan with an elevated
probability of default to increase the loan's expected loss.

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



BBCMS MORTGAGE 2023-C19: Fitch Gives B-(EXP) Rating on H-RR Certs
-----------------------------------------------------------------
Fitch Ratings has issued a presale report on BBCMS Mortgage Trust
2023-C19, commercial mortgage pass-through certificates, series
2023-C19.

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

- $5,251,000 class A-1 'AAAsf'; Outlook Stable;

- $60,000,000a class A-2A 'AAAsf'; Outlook Stable;

- $236,000,000a class A-2B 'AAAsf'; Outlook Stable;

- $287,500,000 class A-5 'AAAsf'; Outlook Stable;

- $5,800,000 class A-SB 'AAAsf'; Outlook Stable;

- $594,551,000b class X-A 'AAAsf'; Outlook Stable;

- $140,144,000b class X-B 'AA-sf'; Outlook Stable;

- $100,861,000 class A-S 'AAAsf'; Outlook Stable;

- $39,283,000 class B 'AA-sf'; Outlook Stable;

- $33,974,000 class C 'A-sf'; Outlook Stable;

- $10,617,000cd class D-RR 'BBB+sf'; Outlook Stable;

- $8,494,000cd class E-RR 'BBBsf'; Outlook Stable;

- $8,494,000cd class F-RR 'BBB-sf'; Outlook Stable;

- $14,863,000cd class G-RR 'BB-sf'; Outlook Stable;

- $9,556,000bc class H-RR 'B-sf'; Outlook Stable.

The following class is not expected to be rated by Fitch:

- $28,665,938cd class J-RR.

a) The initial certificate balances of classes A-2A and A-2B are
not yet known but are expected to be $296,000,000 subject to a 5%
variance. The certificate balances will be determined based on the
final pricing of those classes of certificates. The expected class
A-2A balance range is $0-$120,000,000, and the expected class A-2B
balance range is $176,000,000-$296,000,000. Balances for classes
A-2A and A-2B reflect the maximum and minimum of each range.

b) Notional amount and interest only;

c) Privately placed and pursuant to Rule 144A;

d) Horizontal Risk Retention Interest classes.

   Entity/Debt       Rating        
   -----------       ------        
BBCMS 2023-C19

   A-1           LT AAA(EXP)sf  Expected Rating
   A-2A          LT AAA(EXP)sf  Expected Rating
   A-2B          LT  AAA(EXP)sf Expected Rating
   A-5           LT AAA(EXP)sf  Expected Rating
   A-S           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-RR          LT BBB+(EXP)sf Expected Rating
   E-RR          LT BBB(EXP)sf  Expected Rating
   F-RR          LT BBB-(EXP)sf Expected Rating
   G-RR          LT BB-(EXP)sf  Expected Rating
   H-RR          LT B-(EXP)sf   Expected Rating
   J-RR          LT NR(EXP)sf   Expected Rating
   X-A           LT AAA(EXP)sf  Expected Rating
   X-B           LT AA-(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 36 loans secured by 109
commercial properties with an aggregate principal balance of
$849,358,939 as of the cutoff date. The loans were contributed to
the trust by Barclays Capital Real Estate Inc., Societe Generale
Financial Corporation, Argentic Real Estate Finance LLC, Argentic
Real Estate Finance 2 LLC, German American Capital Corporation,
Bank of Montreal, LMF Commercial, Starwood Mortgage Capital LLC and
KeyBank National Association. The master servicer is expected to be
KeyBank National Association, and the special servicer is expected
to be K-Star Asset Management LLC.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions. The pool has lower
leverage compared to recent multiborrower transactions rated by
Fitch Ratings. The pool's Fitch loan-to-value ratio (LTV) of 88.5%
is lower than both the YTD 2023 and 2022 averages of 94.1% and
99.3%, respectively. The pool's Fitch net cash flow (NCF) 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 96.5% and 10.0%, respectively,
compared to the equivalent conduit YTD 2023 LTV and DY averages of
95.2% and 10.1%, respectively.

Investment-Grade Credit Opinion Loans: Five loans representing
27.2% of the pool received an investment-grade credit opinion.
Scottsdale Fashion Square (7.7% of the pool) received a standalone
credit opinion of AAsf, Pacific Design Center (7.7%) received a
standalone credit opinion of 'BBB-sf', South Lake at Dulles (4.7%)
received a standalone credit opinion of A-sf, Brandywine Strategic
Office Portfolio (4.6%) received a standalone credit opinion of
'BBB-sf', and Oak Street NLP Fund Portfolio (2.6%) received a
standalone credit opinion of A-sf. The pool's total credit opinion
percentage of 27.2% 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 1.4%, which is below the YTD
2023 average of 2.6% and below the 2022 average of 3.3%. The pool
has 27 interest-only loans (85.8 of pool by balance), which is
higher than the 2023 YTD average of 71.0% and 2022 average of
77.5%. Three loans (3.7% of pool by balance) are partial
interest-only, which is below the below the 2023 YTD and 2022
averages of 12.4%, 10.2%, respectively.

RATING SENSITIVITIES

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

Reduction in cash flow decreases property value and capacity to
meet its debt service obligations.

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

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

- 10% NCF Decline:
'AAsf'/'Asf'/'BBB-sf'/'BB+sf'/'BB+sf'/'BBsf'/'B-sf'/'CCCsf'.

Fitch has revised its global economic outlook forecasts as a result
of the war in Ukraine and related economic sanctions. Downside
risks have increased and, therefore, Fitch has published an
assessment of the potential rating and asset performance impact of
a plausible, albeit worse than expected, adverse stagflation
scenario on Fitch's major structured finance and covered bond
subsectors (What a Stagflation Scenario Would Mean for Global
Structured Finance).

Fitch expects the North American CMBS sector in the assumed adverse
scenario to experience virtually no impact on ratings performance,
indicating very few rating or Outlook changes. Fitch expects the
asset performance impact of the adverse case scenario to be more
modest than the most stressful scenario shown above, which assumes
a further 30% decline from Fitch's NCF at issuance.

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

Similarly, improvement in cash flow increases property value and
capacity to meet its debt service obligations.

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

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

- 10% NCF Increase:
'AAAsf'/'AA+sf'/'A+sf'/'Asf'/'A-sf'/'BBBsf'/'BBsf'/'B+sf'.

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.


BEAR STEARNS 2007-HE7: Moody's Ups Cl. III-A-1 Bonds Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two bonds
issued by Bear Stearns Asset Backed Securities I Trust 2007-HE7.
The collateral backing this deal consists of subprime mortgages.  

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities I Trust 2007-HE7

Cl. I-A-2, Upgraded to Caa3 (sf); previously on Apr 13, 2018
Upgraded to Ca (sf)

Cl. III-A-1, Upgraded to B1 (sf); previously on Apr 13, 2018
Upgraded to B3 (sf)

RATINGS RATIONALE

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

Principal Methodologies

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

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

Up

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

Down

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

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


BLACKROCK DLF 2021-1: DBRS Confirms B Rating on Class W Notes
-------------------------------------------------------------
DBRS, Inc. confirmed its provisional ratings on the Class A-1
Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D
Notes, Class E Notes, and Class W Notes (the Secured Notes) issued
by BlackRock DLF IX CLO 2021-1, LLC, pursuant to the Note Purchase
and Security Agreement (the NPSA) dated as of March 30, 2021, and
amended on August 10, 2022 (the Amendment), among BlackRock DLF IX
CLO 2021-1, LLC, as the Issuer; U.S. Bank National Association
(rated AA (high) with a Stable trend by DBRS Morningstar), as the
Collateral Agent, Custodian, Document Custodian, Collateral
Administrator, Information Agent, and Note Agent; and the
Purchasers referred to therein as follows:

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

The provisional ratings on the Class A-1 Notes and the Class A-2
Notes address the timely payment of interest (excluding the
additional interest payable at the Post-Default Rate, as defined in
the NPSA) and the ultimate payment of principal on or before the
Stated Maturity of March 30, 2031.

The provisional ratings on the Class B Notes, the Class C Notes,
the Class D Notes, the Class E Notes, and the Class W Notes address
the ultimate payment of interest (excluding the additional interest
payable at Post-Default Rate, as defined in the NPSA) and the
ultimate payment of principal on or before the Stated Maturity of
March 30, 2031. The Class W Notes will have a fixed-rate coupon
that is lower than the spread/coupon of some of the more-senior
Secured Notes, including the Class E Notes, and could therefore be
considered below market rate.

The provisional ratings reflect the fact that the finalization of
the provisional ratings are subject to certain conditions after the
Closing Date of March 30, 2021, such as compliance with certain
eligibility criteria (the Eligibility Criteria). Provisional
ratings are not final ratings with respect to the above-mentioned
Secured Notes and may change or be different than the final ratings
assigned or may be discontinued. The assignment of final ratings on
the Secured Notes is subject to receipt by DBRS Morningstar of all
data and/or information and final documentation that DBRS
Morningstar deems necessary to finalize the ratings.

The Secured Notes are collateralized primarily by a portfolio of
U.S. senior secured middle-market (MM) corporate loans, which is
managed by BlackRock Capital Investment Advisors, LLC (BlackRock
Capital or BCIA) as the Collateral Manager. BlackRock Capital is a
wholly owned subsidiary of BlackRock, Inc. (BlackRock). DBRS
Morningstar considers BCIA an acceptable collateralized loan
obligation (CLO) manager.

RATING RATIONALE

The rating action is a result of the surveillance review of the
transaction. DBRS Morningstar confirmed the ratings on the Secured
Notes as the current transaction performance is within DBRS
Morningstar's expectation, while also accounting for the minimum WA
Spread test failing in its analysis. The Stated Maturity is March
30, 2031. The Reinvestment Period ends on March 30, 2025.

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

(1) The transaction's capital structure and the form and
sufficiency of available credit enhancement.
(2) Relevant credit enhancement in the form of subordination and
excess spread.
(3) The ability of the Secured Notes to withstand projected
collateral loss rates under various cash flow stress scenarios.
(4) The credit quality of the underlying collateral, which consists
primarily of senior-secured floating-rate MM loans, and the ability
of the transaction to reinvest Principal Proceeds into new
Collateral Obligations, subject to the Eligibility Criteria, which
include testing the Concentration Limitations, Collateral Quality
Tests, and Coverage Tests.
(5) DBRS Morningstar's assessment of the origination, servicing,
and CLO management capabilities of BCIA.
(6) The legal structure as well as legal opinions addressing
certain matters of the Issuer and the consistency with the DBRS
Morningstar "Legal Criteria for U.S. Structured Finance"
methodology (the Legal Criteria).

The transaction has a dynamic structural configuration that permits
variations of certain asset metrics via a selection of an
applicable row from a collateral quality matrix (the CQM, as
defined in Schedule G of the NPSA). Depending on a given Diversity
Score (DScore), the following metrics are selected accordingly from
the applicable row of the CQM: DBRS Morningstar Risk Score, Advance
Rate, Weighted-Average (WA) Recovery Rate, and WA Spread Level.
DBRS Morningstar analyzed each structural configuration (row) as a
unique transaction, and all configurations passed the applicable
DBRS Morningstar rating stress levels. The Coverage Tests and
triggers as well as the Collateral Quality Tests that DBRS
Morningstar modeled in its base-case analysis are presented below.

DBRS Morningstar models tests and triggers as defined in the NPSA:

Class A OC Ratio 143.97
Class B OC Ratio 134.18
Class C OC Ratio 124.95
Class D OC Ratio 115.33
Class E OC Ratio 107.54

Class A IC Ratio 150.00
Class B IC Ratio 140.00
Class C IC Ratio 130.00
Class D IC Ratio 120.00
Class E IC Ratio 110.00
Class W IC Ratio 100.00

Collateral Quality Tests:

Minimum WA Spread Test: 5.0%, Subject to the Collateral Quality
Matrix
Minimum WA Coupon Test: 6.0%
Maximum DBRS Morningstar Risk Score Test: 54, Subject to the
Collateral Quality Matrix
Minimum Diversity Score Test: 8, Subject to the Collateral Quality
Matrix
Minimum WA DBRS Morningstar Recovery Rate Test: 43.5%, Subject to
the Collateral Quality Matrix
Maximum WA Life Test: 7.25 years minus the product of: (1) 0.25 and
(2) the number of Quarterly Payment Dates since the second
anniversary of the Closing Date
Maximum Advance Rate: 89.13%, Subject to the Collateral Quality
Matrix

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate
middle market loans; (2) the adequate diversification of the
portfolio of collateral obligations (the current DScore of 37
compared with test level of 30); and (3) no long-dated assets that
mature after the Stated Maturity are permitted to be purchased.
Some challenges were identified as follows: (1) the
weighted-average (WA) credit quality of the underlying obligors may
fall below investment grade and may not have public ratings and (2)
the underlying collateral portfolio may be insufficient to redeem
the Secured Notes in an Event of Default.

The transaction is performing according to the contractual
requirements of the NPSA and the Amendment. As of January 30, 2023,
the minimum WA Spread test is failing (reported 5.809% vs threshold
of 6.000%). The Issuer is in compliance with all other Coverage and
Collateral Quality Tests, as well as the Concentration Limitation
tests. There were no defaulted obligations registered in the
underlying portfolio as of January 30, 2023.

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

To assess portfolio credit quality, DBRS Morningstar provides a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio not rated by DBRS Morningstar.
Credit estimates are not ratings; rather, they represent a
model-driven default probability for each obligor that is used in
assigning ratings to a facility.

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


BLP COMMERCIAL 2023-IND: DBRS Finalizes B(low) Rating on G Certs
----------------------------------------------------------------
DBRS, Inc. finalized its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-IND
issued by BLP Commercial Mortgage Trust 2023-IND:

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

All trends are Stable.

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

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

The portfolio is primarily comprised of warehouse/distribution and
light industrial properties, with good WA clear heights of 31.6
feet and a relatively new WA year build of 2003. The portfolio also
has a comparatively low percentage of office space by NRA at just
7.9%. DBRS Morningstar made an upward adjustment of 2.00 % to the
LTV hurdles to account for the superior property quality.

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

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

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

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

The mortgage loan has a partial pro rata/sequential-pay structure,
which allows for pro rata paydowns for the first 20.0% of the
unpaid principal balance. DBRS Morningstar considers this structure
to be credit negative, particularly at the top of the capital
stack. Under a partial pro rata paydown structure, deleveraging of
the senior notes through the release of individual properties
occurs at a slower pace compared with a sequential-pay structure.
DBRS Morningstar applied a penalty to the transaction’s capital
structure to account for the pro rata nature of certain
prepayments.

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

The I-10 Logistics Center is currently under construction and has
not yet received a certificate of occupancy. Additionally, the sole
tenant, Shein, has a termination option it can execute if the
landlord fails to substantially complete the landlord work on or
before September 1, 2023. If Shein were to execute that termination
option, the cash flow of the collateral portfolio would be stressed
significantly, given the significant proportion of revenue Shein
represents relative to the rest of the portfolio. However, as part
of the Mortgage Loan structure, the borrower has acquired a letter
of credit to fund the outstanding landlord work and tenant
improvements associated with the Shein space. Additionally, the
I-10 Logistics Center is a state-of-the-art warehouse facility in
one of the most sought-after warehouse markets in the United States
and DBRS Morningstar believes the sponsor could backfill the space
with another tenant should Shein execute its termination option.

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

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

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

ESG CONSIDERATIONS

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

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

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




CARLYLE C17 CLO: Moody's Lowers Rating on $8.5MM E-R Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle C17 CLO, Ltd.:

US$47,500,000 Class A-2-R Floating Rate Notes due 2031 (the "Class
A-2-R Notes"), Upgraded to Aa1 (sf); previously on May 10, 2018
Assigned Aa2 (sf)

US$21,500,000 Class B-R Deferrable Floating Rate Notes due 2031
(the "Class B-R Notes"), Upgraded to A1 (sf); previously on May 10,
2018 Assigned A2 (sf)

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

US$8,500,000 Class E-R Deferrable Floating Rate Notes due 2031 (the
"Class E-R Notes"), Downgraded to Caa2 (sf); previously on May 10,
2018 Assigned B3 (sf)

Carlyle C17 CLO, Ltd., originally issued in February 2013 and
refinanced in May 2018 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 will end in May 2023.

RATINGS RATIONALE

The upgrade rating actions reflect the benefit of the short period
of time remaining before the end of the deal's reinvestment period
in May 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF), higher weighted average spread (WAS) and diversity levels
compared to their respective covenant levels.  Moody's modeled a
WARF of 2736, a WAS of 3.47%, and a diversity score of 86 compared
to their current covenant levels of 2985, 3.40%, and 80,
respectively.  The deal has also benefited from a shortening of the
portfolio's weighted average life since February 2022.

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the Moody's calculation, the
total collateral par amount, including recoveries from defaulted
securities, is $388.6 million, or $11.4 million less than the
deal's initial target collateral par amount of $400 million. As a
result, Moody's calculated OC ratio for the Class E-R notes is
currently at 103.38% compared to the February 2022 level[1] of
104.98%

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: $386,939,660

Defaulted par:  $7,505,363

Diversity Score: 86

Weighted Average Rating Factor (WARF): 2736

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.47%

Weighted Average Recovery Rate (WARR): 47.55%

Weighted Average Life (WAL): 4.67 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.


CARLYLE US 2023-1: Fitch Gives 'BB-(EXP)' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Carlyle US CLO 2023-1, Ltd.

   Entity/Debt             Rating        
   -----------             ------        
Carlyle US CLO
2023-1, Ltd.

   A-1                  LT AAA(EXP)sf  Expected Rating
   A-2                  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 BB-(EXP)sf  Expected Rating
   Subordinated Notes   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Carlyle US CLO 2023-1, Ltd., is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Carlyle CLO Management L.L.C. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $500 million of primarily first lien
senior secured loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.7, versus a maximum covenant, in
accordance with the initial expected matrix point of 27.0. 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
97.4% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.9% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.5%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37% 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 resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to other 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 tests.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings. The weighted average life (WAL) used for the
transaction stress portfolio 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
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-1, between
'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for
class B, between 'Bsf' 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-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'. 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.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

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


CFMT 2023-HB11: DBRS Finalizes B Rating on Class M6 Notes
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Asset-Backed Notes, Series 2023-1 issued by CFMT 2023-HB11, LLC:

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

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

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

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

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

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

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

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

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

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


CHASE AUTO 2021-3: Moody's Upgrades Rating on Class F Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded eight classes of notes
issued by three prime auto securitizations. The notes are backed by
pools of retail automobile loan contracts originated and serviced
by multiple parties. Chase Auto Credit Linked Notes, Series 2021-3
(CACLN 2021-3) transfers credit risk to noteholders through a
hypothetical tranched credit default swap on a reference pool of
auto loans.              

The complete rating actions are as follows:

Issuer: Chase Auto Credit Linked Notes, Series 2021-3

Class C Notes, Upgraded to Aa3 (sf); previously on Oct 12, 2022
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Oct 12, 2022
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Oct 12, 2022
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Oct 12, 2022
Upgraded to Ba3 (sf)

Issuer: Ally Auto Receivables Trust 2022-1

Class B Asset Backed Notes, Upgraded to Aa1 (sf); previously on May
18, 2022 Definitive Rating Assigned Aa2 (sf)

Class C Asset Backed Notes, Upgraded to Aa3 (sf); previously on May
18, 2022 Definitive Rating Assigned A2 (sf)

Class D Asset Backed Notes, Upgraded to Baa2 (sf); previously on
May 18, 2022 Definitive Rating Assigned Baa3 (sf)

Issuer: Canadian Pacer Auto Receivables Trust 2021-1

Class B Notes, Upgraded to Aaa (sf); previously on Sep 28, 2021
Definitive Rating Assigned Aa1 (sf)

RATINGS RATIONALE

The rating actions are primarily driven by the buildup of credit
enhancement due to structural features including a sequential pay
structure, non-declining reserve account and overcollateralization.
For CACLN 2021-3, the rating actions are primarily driven by
increasing subordination.

Moody's lifetime cumulative net loss expectations are noted for the
transaction pools. The loss expectations reflect updated
performance trends on the underlying pools.

Ally Auto Receivables Trust 2022-1: 1.05%

Canadian Pacer Auto Receivables Trust 2021-1: 0.50%

Chase Auto Credit Linked Notes, Series 2021-3: 0.30%

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,
lack of transactional governance and fraud.


CIM TRUST 2023-I1: S&P Assigns Prelim B (sf) Rating on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 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 preliminary 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%."

  Preliminary 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 collateral and structural information in this report
reflects the private placement memorandum dated March 30, 2023. The
preliminary 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.



CIM TRUST 2023-R2: DBRS Gives Prov. B Rating on Class B2 Notes
--------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage-Backed Notes, Series 2023-R2 (the Notes) to be issued by
CIM Trust 2023-R2 (CIM 2023-R2 or the Trust):

-- $364.8 million Class A1 at AAA (sf)
-- $23.9 million Class A2 at AA (sf)
-- $16.8 million Class M1 at A (sf)
-- $12.1 million Class M2 at BBB (sf)
-- $8.1 million Class B1 at BB (sf)
-- $4.0 million Class B2 at B (sf)

The AAA (sf) rating on the Class A1 Notes reflects 18.45% of credit
enhancement provided by subordinated notes in the transaction. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
13.10%, 9.35%, 6.65%, 4.85%, and 3.95% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of primarily
seasoned performing and reperforming first-lien residential
mortgages funded by the issuance of the Notes. The Notes are backed
by 4,343 loans with a total principal balance of $447,383,860 as of
the Cut-Off Date (January 31, 2023).

The loans are approximately 167 months seasoned on average.

As of the Cut-Off Date, 97.4% of the pool is current, 2.3% is 30
days delinquent under the Mortgage Bankers Association (MBA)
delinquency method, and 0.3% is in bankruptcy. (All except one of
the bankruptcy loans are performing.) All loans reported as
delinquent because of servicing transfers were treated as current
by DBRS Morningstar. Approximately 92.5% and 83.5% of the mortgage
loans have been zero times (x) 30 days delinquent for the past 12
months and 24 months, respectively, under the MBA delinquency
method.

In the portfolio, 60.3% of the loans are modified. The
modifications happened more than two years ago for 79.9% of the
modified loans. Within the pool, 1,866 mortgages have
non-interest-bearing deferred amounts, which equate to 3.6% of the
total principal balance. Unless specified otherwise, all statistics
on the mortgage loans in this assessment are based on the current
balance, including the applicable non-interest-bearing deferred
amounts.

The majority of the pool (82.1%) is exempt from the Consumer
Financial Protection Bureau Ability-to-Repay (ATR)/Qualified
Mortgage (QM) rules. The loans subject to the ATR rules are
designated as QM Safe Harbor (6.6%) and Non-QM (11.3%) by unpaid
principal balance.

Fifth Avenue Trust (the Seller) acquired the mortgage loans prior
to the Cut-Off Date and, through a wholly owned subsidiary, Funding
Depositor LLC (the Depositor), will contribute the loans to the
Trust. As the Sponsor, Chimera Investment Corporation (Chimera) or
one of its majority-owned affiliates will acquire and retain a 5%
eligible horizontal residual interest in the Notes, consisting of a
portion of the Class B1 Notes and all of the Class B2, B3, B4, and
C Notes, in the aggregate, to satisfy the credit risk retention
requirements. Various entities originated and previously serviced
the loans through purchases in the secondary market.

Prior to CIM 2023-R2, Chimera had issued 50 seasoned
securitizations under the CIM shelf since 2014, all of which were
backed by subprime, reperforming, or nonperforming loans. DBRS
Morningstar has rated 10 of the previously issued CIM reperforming
loan deals. Similar to the CIM 2022-R2 deal, this transaction
exhibits much stronger credit characteristics than previously
issued transactions under the CIM shelf. DBRS Morningstar reviewed
the historical performance of both the rated and unrated
transactions issued under the CIM shelf, particularly with respect
to the reperforming transactions, which may not have collateral
attributes similar to CIM 2023-R2. The reperforming CIM
transactions generally have delinquencies and losses in line with
expectations for previously distressed assets.

The loans will all be serviced by Fay Servicing, LLC. There will
not be any advancing of delinquent principal or interest on any
mortgages by the Servicer or any other party to the transaction;
however, the related Servicer is obligated to make advances in
respect of homeowner's association fees, taxes, and insurance as
well as reasonable costs and expenses incurred in the course of
servicing and disposing of properties.

On the earlier of the Payment Date occurring in March 2028, or
after the Payment Date when the aggregate note amount of the
offered Notes is reduced to 10% of the Closing Date note amount,
the Call Option Holder (the Depositor or any successor or assignee)
has the option to purchase all of the mortgage loans and any real
estate owned (REO) properties at a certain purchase price equal to
the unpaid principal balance of the mortgage loans, plus the fair
market value of the REO properties and any unpaid expenses and
reimbursement amounts.

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

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


CITIGROUP 2016-GC36: Fitch Lowers Rating on Class F Certs to 'Csf'
------------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed seven classes of
Citigroup Commercial Mortgage Trust (CGCMT) 2016-GC36 commercial
mortgage pass-through certificates. The Rating Outlook for class C
and EC were revised to Negative from Stable.

   Entity/Debt          Rating        
   -----------          ------        
CGCMT 2016-GC36

   A-3 17324TAC3    LT AAAsf  Affirmed
   A-4 17324TAD1    LT AAAsf  Affirmed
   A-5 17324TAE9    LT AAAsf  Affirmed
   A-AB 17324TAF6   LT AAAsf  Affirmed
   A-S 17324TAJ8    LT AAsf   Affirmed
   B 17324TAK5      LT Asf    Affirmed
   C 17324TAM1      LT BBB-sf Downgrade
   D 17324TAN9      LT CCCsf  Downgrade
   E 17324TAQ2      LT CCsf   Downgrade
   EC 17324TAL3     LT BBB-sf Downgrade
   F 17324TAS8      LT Csf    Downgrade
   X-A 17324TAG4    LT AAsf   Affirmed
   X-D 17324TAY5    LT CCCsf  Downgrade

KEY RATING DRIVERS

Increased Loss Expectations: The downgrades and Negative Outlook
revisions reflect increased loss expectations since Fitch's prior
rating action, primarily attributed to continued performance
declines and/or elevated maturity default risks for the larger
Fitch Loans of Concerns (FLOCs). Ten loans (35.7% of the pool),
including two (12.0%) in special servicing, were designated FLOCs.
Fitch's current ratings reflect a base case loss of 11.2%.

The largest increase in losses since Fitch's prior rating action is
the King of Prussia Hotel Portfolio (3.2% of the pool), which is
secured by two hotel properties in King of Prussia, PA. The hotels
have experienced significant cash flow declines as a result of the
pandemic. The loan remains subject to cash management due to the
NCF debt service coverage ratio (DSCR) remaining below the 1.15x
required threshold. Portfolio-level NOI was negative for both the
YE 2020 and YE 2021 periods, however, the TTM September 2022 NOI
DSCR was reported at 0.27x.

The loan transferred to special servicing in August 2022 and
matured in December 2022 without repayment. According to the
servicer commentary, the borrower has requested a maturity date
extension, which remains under review, along with a partial release
of collateral that is not contemplated in the loan documents. The
borrower was previously granted forbearance in October 2020 for the
September through November 2020 payments, with the forborne amounts
to be repaid starting December 2020 through November 2021.

The Crowne Plaza - King of Prussia (226 rooms) was underperforming
its competitive set in all three measures as of TTM February 2023,
with respective occupancy, ADR and RevPAR penetration ratios of
75.5%, 82.5%, and 62.2%. The Fairfield Inn & Suites - King of
Prussia (80 rooms) was outperforming its competitive set in all
three measures, with respective penetration ratios of 100.7%,
106.8%, and 107.6%.

Fitch's modeled loss of 26% reflects an 30% stress to the most
recent stabilized YE 2019 NOI. The Fitch stressed value equates to
half of the appraised value at issuance at approximately $81,000
per key, and implies a 16.3% cap rate off the YE 2019 NOI.

Regional Mall Exposure: The Glenbrook Square loan (8.8%) remains
the largest contributor to overall loss expectations. According to
the special servicer, the borrower initially requested a transition
of the property back to the noteholder. However, a receiver has now
been in place since October 2022, and is in the process of signing
new leases with prospective tenants and lease renewals with
existing tenants. In addition, there are still both current and
future capital items that need to be addressed at the property.

The loan, which is secured by a super-regional mall located in Fort
Wayne, IN, transferred to special servicing in July 2020 for
payment default. Collateral anchors include Macy's (25% of NRA
leased through January 2027) and JCPenney (19%; May 2028).
According to the servicer, JCPenney recently renewed its lease by
an additional five years, which was set to expire in May 2023, with
no increase in rents. The tenant does not have any contraction or
termination options with the new lease. The collateral anchor
Carson's (12.1%) and non-collateral anchor Sears both closed in
2018 and the Sears store was demolished. Collateral occupancy was
80.7% as of the most recently servicer provided rent roll from
September 2022, compared with 79.3% in August 2021, 80.4% in
December 2020, and 82.3% in March 2019.

Comparable in-line sales for tenants occupying less than 10,000 sf
were $509 psf as of TTM September 2022, compared with $497 psf as
of TTM August 2021, $384 psf at YE 2020, $436 psf at YE 2019, and
$443 psf at issuance.

Fitch's base case loss of 62% considers a discount to the October
2021 appraisal value and implies a 24% cap rate to the TTM June
2020 NOI, which is the most recently reported cashflow for the
loan.

The second largest contributor to losses is the South Plains Mall
loan (2.9%), which is secured by a super-regional mall located in
Lubbock, TX. The loan is sponsored by Pacific Premier Retail Trust
LLC, a joint venture between The Macerich Company and a subsidiary
of GIC Realty.

Anchors include JCPenney, Dillard's Women, Dillard's Men & Children
and a non-collateral former Sears, which closed in late 2018.
According to the servicer, Dillards is building a new store in the
former Sears space. Both Dillard's stores remain open per the mall
website.

The collateral also includes a vacant 40,000-sf (4% of collateral
NRA; previously 16% of total income) junior anchor box previously
occupied by Beall's that closed in August 2020. This space was
temporarily backfilled by seasonal tenant Spirit Halloween between
July and November in 2021 and 2022.

Collateral occupancy was 96% as of September 2022, compared with
83% at YE 2021, and 79% at YE 2020. Comparable in-line sales for
tenants less than 10,000 sf were reported at at $586 psf as of TTM
September 2022, compared with $573 psf as of YE 2021, $418 psf at
YE 2020, $502 psf at TTM June 2019, and $456 psf at the time of
issuance. Fitch's modeled loss of 41% is based on a 15% cap rate
and a 5% haircut to the YE 2021 NOI. Fitch's analysis includes an
increased loss recognition of 75% of the potential loss to account
for the regional mall property type and potential maturity default
risks. The loan has remained current since issuance with YTD
September 2022 NOI DSCR of 1.90x, and is scheduled to mature in
November 2025.

Minimal Changes to Credit Enhancement (CE): As of the March 2023
distribution date, the pool's principal balance has paid down by
9.4% to $1.05 billion from $1.16 billion at issuance. Defeasance
has increased to 6.9% of the pool (ten loans) as of March 2023 from
4.5% of the pool (six loans) at the prior rating action. Interest
shortfalls of approximately $1.1 million are currently affecting
the non-rated class H.

Seven loans (30.6%) are full term, interest only and the remaining
48 loans (69.4%) are amortizing. Scheduled maturities include 27
loans (39.7%) in 2025 and 28 loans (57.1%) in 2026.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool-level losses from
underperforming or specially serviced loans. Downgrades to classes
A-3 through A-AB are not likely due to the position in the capital
structure, but may occur should interest shortfalls affect these
classes. Downgrades to classes A-S, B, C, EC and X-A are possible
should expected losses for the pool increase significantly. Further
downgrades to classes D, E, F, and X-D would occur as losses are
realized and/or greater certainty of loss.

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

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

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

ESG CONSIDERATIONS

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


CITIGROUP COMMERCIAL 2013-GC15: DBRS Confirms C Rating on F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2013-GC15 issued by Citigroup
Commercial Mortgage Trust 2013-GC15 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BB (sf)
-- Class X-C at B (sf)
-- Class E at B (low) (sf)
-- Class F at C (sf)

All trends are Stable, with the exception of Class F, which is
assigned a rating that generally does not carry a trend.

The rating confirmations and Stable trends reflect the relatively
stable performance of the pool since the last rating action,
including the repayment of the previously specially serviced loan
and additional defeasance.

As of the March 2023 remittance, 77 of the original 97 loans remain
in the pool, with an aggregate principal balance of $673.3 million,
reflecting a collateral reduction of 39.6% since issuance as a
result of loan repayments and scheduled amortization. Since the
last rating action, one loan previously in special servicing, HGI
Shreveport & HI Natchez (Prospectus ID#29; previously 1.3% of the
pool), was liquidated from the pool with a minimal loss that has
been contained to the unrated Class G certificate. In addition,
four loans have been fully defeased, bringing the total defeasance
to 31 loans, representing 29.7% of the pool. As of the March 2023
reporting, there are two loans, representing 6.6% of the pool, in
special servicing and 43 loans, representing 63.9% of the pool, on
the servicer's watchlist, the majority of which are being monitored
for upcoming maturities. All of the outstanding loans are scheduled
to mature in 2023. Of the nondefeased, nonspecially serviced loans
maturing this year, the weighted-average debt yield and debt
service coverage ratio (DSCR) are reported to be 11.33% and 1.62
times (x), respectively. DBRS Morningstar expects the majority of
outstanding loans will fully repay from the pool based on these
metrics.

The largest specially serviced loan, 735 Sixth Avenue (Prospectus
ID#6; representing 4.9% of the pool), is secured by the
16,500-square-foot (sf) ground and mezzanine floor retail portion
of a 40-story, multifamily building in the Chelsea neighborhood of
Manhattan. The loan transferred to special servicing in March 2019
for payment default. Occupancy declined drastically as a result of
two major tenants, David's Bridal (previously 65.5% of net rentable
area (NRA)) and T-Mobile (previously 15.2% of NRA), vacating the
property at lease expiration in October 2018 and November 2018,
respectively. The departure of these two tenants resulted in
occupancy decreasing to 18.8%. The special servicer is reportedly
dual tracking a loan modification and foreclosure of the asset. The
most recent appraisal, dated January 2023, reported an as-is value
of $16.2 million, down 64.4% from the issuance value of $45.5
million. In its analysis, DBRS Morningstar liquated the loan,
resulting in a loss severity exceeding 85.0%.

Though not in special servicing, DBRS Morningstar is also
monitoring the third-largest loan, SkySong Center (Prospectus ID#5;
representing 6.4% of the pool). It is secured by two Class A
suburban office buildings in Scottsdale, Arizona. The loan was
added to the servicer's watchlist in September 2022 for decreasing
occupancy. As of September 2022, the property was 74.2% occupied,
down from 96.1% at YE2021. The occupancy decline is a result of
multiple tenants, including Ticketmaster, LLC (Ticketmaster;
previously 25.0% of NRA) and The Northwestern Mutual Life Insurance
Company (Northwestern; previously 5.8% of NRA), vacating at lease
expiration, and Nuvei Technologies, downsizing to 15,000 sf
(approximately 5.0% of NRA) from 26,500 sf (approximately 9.1% of
NRA). Additionally, within the next 12 months, 8.0% of NRA is
scheduled to roll. The annualized net cash flow for the trailing
nine-month period ended September 30, 2022, was $5.6 million,
reflective of a DSCR of 1.85x, down from $6.0 million at YE2021
(1.97x).

While the property has experienced decreased cash flow as a result
of rollover, there has been some leasing activity at the property.
The borrower is working with a prospective tenant to backfill
Ticketmaster's former space, with plans to divide it into smaller
units. Additionally, U.S. Xpress, Inc. backfilled the space
previously occupied by Northwestern and on a lease through June
2024, and the servicer reported the borrower is in discussion with
several other prospective tenants. The loan is scheduled to mature
in September 2023, and the servicer has reached out for an update
from the borrower regarding their payoff plans. While the property
is well located, attracted recent leasing interest, and, prior to
the most recent dip, has exhibited stable historical performance,
submarket vacancy suggests backfilling empty space at the property
may be challenging, especially in light of changing trends with
regards to office use. DBRS Morningstar's analysis includes an
elevated probability of default to reflect occupancy concerns.

DBRS Morningstar ran an updated model given the meaningful changes
since last review. Material deviations from the North American CMBS
Insight Model were reported for Class E, as the quantitative
results suggested higher ratings. The material deviations were
warranted given the uncertain loan-level event risk with the
increase in defeasance, and the loan's on the servicer's watchlist
and in special servicing.

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


CITIGROUP COMMERCIAL 2015-GC31: DBRS Cuts G Certs Rating to C
-------------------------------------------------------------
DBRS Limited downgraded its ratings on four classes of the
Commercial Mortgage Pass-Through Certificates, Series 2015-GC31,
issued by Citigroup Commercial Mortgage Trust 2015-GC31, as
follows:

-- Class D to BB (sf) from BBB (sf)
-- Class E to CCC (sf) from BBB (low) (sf)
-- Class F to C (sf) from BB (low) (sf)
-- Class G to C (sf) from B (low) (sf)

DBRS Morningstar also confirmed the ratings on the following
classes:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)

Trends on Class B, Class C, Class D, and Class PEZ are Negative,
while Class E, Class F, and Class G have ratings that generally do
not carry trends in commercial mortgage-backed securities (CMBS).
All other trends are Stable.

At the last rating action in November 2022, DBRS Morningstar
changed the trends on Class F and Class G to Stable from Negative,
largely due to loss suggested by the January 2022 appraisal for the
largest loan in the pool, 135 South LaSalle (Prospectus ID#1, 15.4%
of the pool). However, since that time, a new appraisal has been
obtained, dated January 2023, showing a sharply lower figure and
significantly increasing the loss projected by DBRS Morningstar as
a result—that increased loss projection is the biggest driver for
the downgrades and trend changes with this rating action.

As of the March 2023 remittance, 47 loans of the original 50 remain
in the pool with an aggregate balance of $649.9 million,
representing a collateral reduction of 10.2% since issuance.
Fifteen loans, representing 19.7% of the pool balance, have fully
defeased. There are two loans in special servicing and one loan on
the servicer's watchlist, representing 16.2% and 2.0% of the pool
balance, respectively. The pool is concentrated by property type
with approximately 40% of the pool secured by office properties.
Given the shift in demand for office space that has continued to
take shape following the Coronavirus Disease (COVID-19) pandemic,
DBRS Morningstar anticipates upward pressure on vacancy rates,
longer re-leasing periods, and related effects in lower investor
demand and value declines, even for performing assets. In the
analysis for this review, loans backed by office and other
properties that were showing performance declines from issuance or
otherwise exhibiting increased risks from issuance were analyzed
with stressed scenarios to increase the expected losses as
applicable. One of those loans, Pasadena Office Tower (Prospectus
ID#4, 6.3% of the pool), was stressed to reflect performance
declines driven by occupancy losses and what is expected to be
lower investor demand for office properties in suburban and
tertiary locations.

The 135 South LaSalle loan is secured by a Class A office property,
commonly known as the Field Building, and is in the central
business district of Chicago. The loan transferred to special
servicing in November 2021 for payment default after the former
largest tenant, Bank of America (BofA; 62.3% of the net rentable
area (NRA)), vacated a majority of its space at the July 2021 lease
expiration, bringing occupancy down to just under 20%.

The January 2023 appraisal value was recently made available with
the March 2023 reporting, which noted a value of $90.0 million,
compared with the January 2022 value of $130.0 million and the
issuance value of $330.0 million. Also, the value is below the
outstanding loan balance of $100.0 million and when accounting for
outstanding advances, the loan exposure increases to approximately
$115.0 million. According to several news outlets, the city of
Chicago is offering to fund proposals to redevelop the LaSalle
Street corridor by selecting three properties out of a pool of six,
with the subject reported to be in the running for a spot. The
redevelopment program, which was initiated by Mayor Lori Lightfoot,
is geared toward transforming dated office space into residential
housing, of which a portion of the units will be designated for
affordable housing. Although a noteworthy development, it remains
to be seen if that prospect will materialize or if the program
itself will even be executed given the change in city leadership
that will follow the April 2023 election cycle. Based on a haircut
to the January 2023 value, DBRS Morningstar analyzed this loan with
a liquidation scenario, resulting in a loss severity in excess of
35.0%.

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


CLNC 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
CLNC 2019-FL1, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the increased credit support to
the bonds as a result of successful loan repayment, as there has
been collateral reduction of 37.2% since issuance. The collateral
reduction serves as a mitigant to the increased concentration of
loans secured by office properties across the transaction, as the
borrowers of these loans are likely to face difficulties in
securing refinance capital or selling the properties at loan
maturity. As of March 2023 reporting, there are seven loans secured
by office properties in the transaction, representing 41.7% of the
current trust balance. In conjunction with this press release, DBRS
Morningstar has published a Surveillance Performance Update report
with in-depth analysis and credit metrics for the transaction and
with business plan updates on select loans. For access to this
report, please click on the link under Related Documents below or
contact us at info@dbrsmorningstar.com.

The pool's collateral initially consisted of 21 floating-rate loans
secured by cash flowing assets, many of which were in a period of
transition with plans to stabilize and improve asset values. At
issuance, the cut-off balance was $1.0 billion, with an additional
$124.9 million of available future funding commitments held outside
of the trust. The transaction included a 24-month reinvestment
period, which expired in October 2021. Following this date, the
bonds began to amortize sequentially with loan repayments and
scheduled loan amortization.

As of the March 2023 remittance, there were 17 loans in the
transaction with a current trust balance of $632.6 million. Since
DBRS Morningstar's previous rating action in November 2022, five
loans (Spice Creek, Turing at the Fields, Paragon LIC, Sierra
Vista, and Watermarket), totaling $233.3 million, have been repaid
from the transaction. Only six of the original 21 loans, which
represent 52.3% of the current trust balance, remain in the
transaction. Beyond the office concentration in the transaction
noted above, there are seven multifamily properties, representing
30.5% of the current pool balance, and one hotel property,
representing 15.8% of the current pool balance. In comparison with
the pool composition in April 2022, 13 loans, representing 46.1% of
the trust, were secured by multifamily properties, six loans,
representing 34.5% of the trust, were secured by office properties,
and one loan, representing 11.0% of the trust, was secured by a
hotel property.

In terms of property location, the transaction is concentrated by
properties in suburban markets, which DBRS Morningstar defines as
markets with a DBRS Morningstar Market Rank of 3, 4, or 5. As of
March 2023, there were 13 loans, representing 74.9% of the
cumulative loan balance, secured by properties in suburban markets.
The remaining four loans, representing 25.1% of the cumulative loan
balance, are located in urban markets, defined by DBRS Morningstar
as markets with a DBRS Morningstar Market Rank of 6, 7, or 8. These
markets historically have shown greater liquidity and demand.

The collateral pool exhibits similar leverage from issuance with a
current weighted-average (WA) appraised loan-to-value ratio (LTV)
of 70.0% and a WA stabilized LTV of 61.2%. In comparison, these
figures were 68.3% and 66.5%, respectively, at closing. As many of
these appraisals were conducted prior to transaction issuance in
2019, there is the possibility that select property values may have
decreased given the current interest rate and capitalization rate
environment.

Through February 2023, the collateral manager advanced $61.5
million in loan future funding to 14 individual borrowers to aid in
property stabilization efforts. The largest advance ($12.6 million)
was made to the borrower of the Central Park Plaza loan, which is
secured by a six-building office complex totaling 302,471 square
feet (sf) in San Jose, California. The borrower used advanced loan
proceeds to fund various capital expenditures to improve the
property's overall quality as well as to fund leasing costs. An
additional $45.6 million of unadvanced loan future funding
allocated to 15 individual borrowers remains outstanding. The
largest portion of unadvanced future funding dollars ($7.7 million)
is allocated to the borrower of the 1201 Connecticut loan, which is
secured by a Class B office property in the Dupont Circle
neighborhood of Washington, D.C. The loan represents the largest
loan on the servicer's watchlist and is being monitored for
performance-related concerns after the occupancy rate decreased to
58.4% as of December 2022 from 66.0% at issuance. The drop in
occupancy along with declining tenant rents have resulted in a debt
service coverage ratio (DSCR) of 0.41 times (x) as of September
2022. In addition to the performance concerns, the loan also has
maturity risk as it matured in February 2023. According to the
collateral manager, the servicer and borrower continue to negotiate
loan extension terms. As part of its analysis and given the ongoing
concerns with office properties, DBRS Morningstar applied a 30%
haircut to the pre-pandemic projected stabilized appraisal value,
which resulted in a loan expected loss in excess of 12.0%.

As of March 2023, there were no loans in special servicing;
however, there were five loans on the servicer's watchlist,
representing 33.2% of the pool balance. The second-largest loan on
the servicer's watchlist, Hill Carlsbad Office Portfolio, is being
monitored for maturity risk as the loan matured in March 2023. At
issuance, the loan was secured by four Class B+ office and flex
research and development buildings totaling 531,873 sf in Carlsbad,
California. In January 2023, the 2210 Research Building was sold,
resulting in a principal paydown of $29.1 million. DBRS Morningstar
expects the borrower and lender to agree to loan extension terms as
the borrower made a principal payment in the amount of $5.8
million, which was reflected in the March 2023 remittance. The
property was 86.2% occupied as of the January 2023 rent roll, and
the YE2022 DSCR was 1.31x. In its analysis, DBRS Morningstar
applied a 30% haircut to the pre-pandemic projected stabilized
appraisal value, which resulted in a loan expected loss of
approximately 8.0%.

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


COMM 2014-CCRE19: Fitch Affirms 'BBsf' Rating on Class E Debts
--------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed nine classes of COMM
2014-CCRE19 Mortgage Trust. The Rating Outlooks for two classes
have been revised to Positive from Stable and two classes have been
assigned a Stable Outlook following the upgrade.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
COMM 2014-CCRE19

   A-4 12592GBC6    LT AAAsf  Affirmed    AAAsf
   A-5 12592GBD4    LT AAAsf  Affirmed    AAAsf
   A-M 12592GBF9    LT AAAsf  Affirmed    AAAsf
   A-SB 12592GBB8   LT AAAsf  Affirmed    AAAsf
   B 12592GBG7      LT AAAsf  Upgrade     AAsf
   C 12592GBJ1      LT Asf    Affirmed    Asf
   D 12592GAG8      LT BBB-sf Affirmed    BBB-sf
   E 12592GAJ2      LT BBsf   Affirmed    BBsf
   PEZ 12592GBH5    LT Asf    Affirmed    Asf
   X-A 12592GBE2    LT AAAsf  Affirmed    AAAsf
   X-B 12592GAA1    LT AAAsf  Upgrade     AAsf

KEY RATING DRIVERS

Increasing Credit Enhancement (CE); Expected Paydown: The upgrades
to classes B and X-B and Outlook Positive on classes C and PEZ
reflect increasing CE since Fitch's prior rating action, combined
with the expectation of further upcoming paydown from maturing
loans. The 53 remaining loans in the pool will mature by August
2024, and the majority exhibit performance metrics that are
supportive for refinancing. Nine loans (31.6%) have been designated
as Fitch Loans of Concern (FLOCs).

As of the March 2023 distribution date, the pool's aggregate
principal balance has been reduced by 33.4% to $778.6 million from
$1.2 billion at issuance. Defeased collateral accounts for 41.6% of
the pool, up from 20.8% at the prior rating action. The pool has
experienced $3.3 million (0.3% of original pool balance) in
realized losses to date impacting the non-rated H class. The
majority of the pool (96.3% of pool) is currently amortizing. Three
loans (3.7%) are full-term interest only.

Improved Loss Expectations: Loss expectations have improved
compared to the prior rating action as loans that had been affected
by the pandemic continue to stabilize.

The largest loan (8.5%), Bridgepoint Tower, is secured by a
273,764-sf LEED-certified office property located in San Diego, CA.
The loan has been a FLOC due to a single tenant vacating the
property upon lease expiration in 2020, resulting low occupancy.
Occupancy declined to 9% as of YE 2021, but the loan has remained
current. The sponsor has been successful in backfilling a portion
of the vacant space with multiple tenants. According to the April
2023 rent roll, current occupancy is reported to be 46% and the
borrower continues to make progress in leasing up vacant space.

The loan remains a FLOC until occupancy stabilizes. Fitch's
analysis incorporates a 50% stress to YE 2019 NOI, which is in line
with a dark value analysis assuming a 12-month lease-up of the
building to market rental rates and vacancy with associated carry
and re-tenanting costs.

The third largest loan in the pool is also a FLOC. The Cipriani
Manhattan Portfolio (6.6%), which is secured by two commercial
condominium interests located at 55 Wall Street (81,145 sf) and 110
East 42nd Street (71,308 sf) in Manhattan, NY, transferred to
special servicing in July 2020 due to imminent default. Both
banquet halls, which are owner occupied and derive the majority of
their income from hosting banquets and events, have incurred
significant loss of revenue due to business restrictions and event
cancellations through 2020 and 2021 as a result of the pandemic;
however, the banquet halls have reopened and are operating. A
forbearance agreement was reached in September 2022 and the loan
returned to the master servicer in February 2023.

At the prior rating action, a potential outsized loss of 25% was
applied given concerns with the sponsor's ability to restart
business operations after the pandemic and specialized nature of
the property. Due to the loan's current status and return to the
master servicer, the same outsized loss was not applied. However,
refinanceability could be an issue, due to the specialized nature
of the property. Fitch assumes the loan, among several, that will
remain in the pool after its scheduled maturity in July 2024.

Alternative Loss Consideration: Due to the expected concentrated
nature of the pool due to upcoming maturities (100% of the pool
matures by August 2024), Fitch performed a sensitivity and
liquidation analysis, which grouped the remaining loans based on
their current status and collateral quality, and ranked them by
their perceived likelihood of repayment and/or loss expectation.
This analysis contributed to the upgrades and Positive Outlooks.

RATING SENSITIVITIES

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

Downgrades to classes A-4 through C are not likely due to the
increasing CE and the expected paydown from maturing loans, but may
occur should interest shortfalls affect these classes.

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

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

An upgrade of class B is possible with continued paydown and/or
continued stabilization of the Bridgepoint Tower and Cipriani
Manhattan Portfolio loans.

An upgrade of classes D and E would be possible if there was
greater certainty from loan payoffs, but would be limited based on
the sensitivity to concentrations or the potential for future
concentrations. The 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.


COMM 2014-UBS3: DBRS Confirms BB Rating on Class E Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2014-UBS3 issued by COMM
2014-UBS3 Mortgage Trust as follows:

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

All classes have Stable trends, with the exception of Classes F and
G as the ratings assigned to those classes do not typically carry
trends in commercial mortgage-backed securities (CMBS) ratings.

The rating confirmations reflect the overall stable performance of
the transaction since the last rating action in November 2022. As
of the February 2023 remittance, 41 of the original 49 loans remain
in the trust, with an aggregate balance of approximately $834.7
million, representing a collateral reduction of 21.0% since
issuance. Thirteen loans, representing 17.5% of the pool balance,
have fully defeased. Three loans are in special servicing and six
loans are on the servicer's watchlist, representing 6.4% and 28.5%
of the pool balance, respectively.

The largest loan in special servicing, 1100 Superior Avenue
(Prospectus ID#6; 5.6% of the pool balance), is secured by a Class
B office building in Cleveland, Ohio, and was transferred to
special servicing in June 2021 as a result of imminent monetary
default. The loan became real estate owned in January 2023. The
property is not currently being marketed for sale as the receiver
is continuing stabilization efforts. Based on the December 2022
appraisal, the property was valued at $26.0 million, below the
April 2022 value of $29.7 million and down 62.6% from the issuance
value of $70.0 million. Based on the updated appraisal value, DBRS
Morningstar liquidated this asset from the pool in the analysis for
this review with a loss severity in excess of 70.0%. The losses
would eradicate the balance in the unrated Class H and a
substantial amount of the balance in Class G, thereby eroding the
credit support to the lower tranches and supporting the rating
confirmations.

The largest loan on the servicer's watchlist is Equitable Plaza
(Prospectus ID#3; 10.7% of the loan balance), which is secured by a
Class A office property in Los Angeles. The loan was added to the
watchlist in October 2021 for occupancy-related issues. As per the
September 2022 rent roll, the building was 63.4% occupied with
11.7% of the net rentable area (NRA) scheduled to rollover in the
next 12 months. The tenant roster is quite granular, with the
largest tenant, Commonwealth Business Bank (lease expires in
November 2024) occupying 4.8% of the NRA. According to the most
recent financial statement, the loan reported debt service coverage
ratio (DSCR) of 1.55 times (x) a trailing nine months (T-9) ended
September 30, 2022, compared with the DSCRs of 1.68x and 1.53x for
YE2021 and YE2020, respectively. The loan is structured with a cash
management provision to be triggered if the DSCR drops below
1.20x.

Despite the declining occupancy rate, the DSCR remains above the
cash management threshold because the sponsor has managed to
increase the average rental rate by 16.3%, raising it to $28.80 per
square foot (psf) in September 2022 from $24.73 psf in October
2018. According to YE2022 Reis data, office properties in the
Mid-Wilshire submarket reported an average vacancy rate of 17.5%,
compared with the YE2021, YE2020, and YE2019 vacancy rates of
18.7%, 18.9%, and 17.1%, respectively. Loopnet currently lists
286,242 sf of space, representing 39.5% of the NRA, as available
for lease. These listings have asking rental rates ranging between
$31.20 psf and $42.00 psf, in line with the submarket's average
asking rate of $39.78 psf. Given the soft submarket, low in-place
occupancy rate, and that leasing efforts were disrupted during the
pandemic, the loan was analyzed with an elevated probability of
default to increase the expected loss.

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



COMM 2014-UBS5: DBRS Confirms BB Rating on Class D Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-UBS5 issued by COMM
2014-UBS5 Mortgage Trust as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B1 at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class X-B2 at BB (high) (sf)
-- Class D at BB (sf)
-- Class E at CCC (sf)
-- Class F at C (sf)

All trends are Stable, with the exception of Classes E and F, which
are assigned ratings that do not typically carry a trend in
Commercial Mortgage Backed Securities ratings.

The rating confirmations and Stable trends reflect DBRS
Morningstar's current outlook and loss expectations for the
transaction, which remain relatively unchanged from the November
2022 review. Although the pool is generally stable, it is
noteworthy that there is a high concentration of loans
collateralized by office and lodging properties, which represent
30.4% and 25.0% of the current pool balance, respectively. These
loans include three top-ten loans, two of which are delinquent and
the other, which is current, but is showing some challenges related
to dark space across the collateral office portfolio. In addition
to these loans, there are select others showing increased risks
from issuance and in those cases, DBRS Morningstar has increased
the expected loss in the analysis to reflect those increased risks.
The C (sf) and CCC (sf) ratings for the bottom two rated classes
are reflective of liquidation scenarios assumed for defaulted loans
expected to be resolved with a loss, with the trust previously
realizing losses of approximately $25.0 million. To date, losses
have been contained to the unrated Class G. In addition to the
remainder of the unrated Class G balance, there is $182.6 million
of below investment-grade cushion for this transaction, including
the BB (sf) rated Class D with a balance of $104.2 million.

At issuance, the transaction consisted of 70 fixed-rate loans
secured by 94 commercial and multifamily properties, with a trust
balance of $1.42 billion. As of the February 2023 remittance, 56
loans remain within the transaction with a trust balance of $1.04
billion, reflecting total collateral reduction of 26.5% since
issuance. There are currently 17 fully defeased loans, representing
25.0% of the pool. Five loans, representing 11.2% of the pool, are
currently in special servicing, and seven loans, representing 9.9%
of the pool, are on the servicer's watchlist.

DBRS Morningstar is projecting the largest liquidated loss amount
for the pool's fourth-largest specially serviced loan, The Campus
at Greenhill (Prospectus ID#19, 2.1% of the pool). The loan is
secured by a three-story, 287,970-square-foot (sf) Class A office
building in Wallingford, Connecticut. The property has been
underperforming since August 2017, when the largest tenant, Anthem
Blue Cross Blue Shield (Anthem), exercised an early termination
option for a portion of its lease and vacated approximately 67,000
sf of space. As part of the early termination agreement, Anthem
paid a $1.3 million termination fee. Occupancy at the property
subsequently declined to 76.0% from 89.0%, and the loan transferred
to the special servicer in September 2017 after falling delinquent.
In January 2018, it was revealed that the borrower had failed to
deposit Anthem's lease termination fee with the lender and Anthem
filed a lawsuit for breach of contract against the borrower, which
was reportedly settled. According to the servicer, the lender has
also filed a lawsuit for breach of contract; however, in May 2019,
the servicer reported its intent to proceed with the foreclosure
and that the guarantor agreed to pay $1.2 million over 12 months in
order to settle the lender's claim. According to the most recent
reporting on file, dated June 2022, occupancy at the property
remains relatively unchanged at 77.0%, and the debt service
coverage ratio (DSCR) remains below breakeven at 0.14 times (x).
The most recent appraisal, dated November 2022, reported an as-is
value of $9.6 million, 10.3% lower than the July 2021 value of
$10.7 million and 67.8% lower than the issuance value of $34.4
million. DBRS Morningstar applied a 15.0% haircut to the most
recent appraisal value in its liquidation scenario, with the
resulting figure suggesting a loss severity approaching 100% could
be realized.

The second-largest specially serviced loan, Harwood Center
(Prospectus ID#15, 2.6% of the pool), is secured by the leasehold
interest in an office building in downtown Dallas. The sponsor's
troubles with this loan followed the downsizing of a major tenant
and the loan transferred to special servicing in May 2020, with a
foreclosure ultimately filed and the title to the property
transferred to the trust in November 2021. According to the
servicer, the lender is working to lease-up and stabilize the
asset, including renovating the property throughout 2023. The most
recent appraisal on file is dated June 2022, which reported an
as-is value of $75.9 million, a marginal decrease from $78.0
million in July 2021, but a 61.2% decline from the issuance value
of $124.0 million. DBRS Morningstar applied a 15.0% haircut to the
most recent appraisal value in its liquidation scenario, resulting
in a loss severity in excess of 50.0%.

The largest loan on the servicer's watchlist, Towne Park Ravine I,
II and III (Prospectus ID#10, 3.7% of the pool), is secured by a
three-property, 367,090-sf suburban office park in Kennesaw,
Georgia. Historically, the collateral has performed well, with
occupancy rates above 90.0%; however, the loan was added to the
servicer's watchlist in November 2020 after three top-ten tenants
vacated the property upon their lease maturities, driving occupancy
and cash flow downward. The borrower has been unable to backfill
the majority of the vacant space and, as of YE2022, the
servicer-reported occupancy rate was 63.2% with a DSCR of 1.1x.
Likewise, net cash flow remains stressed with the YE2022 figure
12.3% lower than the YE2021 figure and 30.7% lower than the
issuance figure. The rent roll is relatively granular with no
tenant representing more than 10.0% of the net rentable area (NRA).
The largest tenants at the property are The Impact Partnership, LLC
(25,699 sf; 7.0% of NRA), Accelerated Claims, Inc. (23,111 sf; 6.3%
of NRA), Breckenridge Insurance Services, LLC (19,059 sf; 5.2% of
NRA), and Hapag-Lloyd Inc. (13,635 sf; 3.7% of NRA). Of these
tenants, only one, The Impact Partnership, LLC, has a lease
expiration date prior to loan maturity in August 2024. Tenants
representing an additional 9.0% of NRA have lease expirations
within the next 12 months; however, the borrower has reported that
leasing activity has begun to pick up, with six new prospective
leases totaling 52,000 sf of space in the pipeline. DBRS
Morningstar applied an elevated probability of default penalty in
its analysis to reflect the current risk profile and increase the
expected loss for this loan.

The fourth-largest loan in the pool, State Farm Portfolio
(Prospectus ID#7, 5.3% of the pool), is a pari passu loan secured
by 14 cross-collateralized and cross-defaulted properties spread
across 11 states. The portfolio properties were 100% occupied by
State Farm Mutual Automobile Insurance Company (State Farm) at
issuance, with all but two of the leases running through 2028. The
leases remain in place, but the physical occupancy rate has
declined in recent years. State Farm as a company has reportedly
transitioned to a hybrid/flex model in the United States, with the
workforce rotating between on-site and remote work. News reports
have suggested that a majority of the office locations backing the
subject loan have been vacated, or use has been significantly
reduced; despite these developments, the loan is not on the
servicer's watchlist.

The portfolio is generally located across secondary markets in the
Midwest and Eastern United States; the largest three by allocated
loan balance are in Charlottesville, Virginia; Murfreesboro,
Tennessee; and Malta, New York (a total of 36% of the allocated
balance). These locations will be more difficult to sublease given
the lower demand for office space and the slowdown in leasing
across the office sector that has been affecting the country as a
whole for the past few years. Given that the majority of lease
expirations are four years past the loan's scheduled 2024
anticipated repayment date (ARD; final maturity is scheduled for
April 2029), refinance risk, rather than term risk, is the primary
concern. The loan structure requires the loan's interest rate to
increase significantly if the ARD is not met, and a cash flow sweep
would also be initiated in the event of a missed ARD. The loan has
historically covered at a DSCR of approximately 2.0x, suggesting
there should be excess cash to sweep and reserve for the remainder
of the State Farm lease periods through the final maturity date in
2029.

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


COMM 2015-3BP: DBRS Confirms BB(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-3BP issued COMM
2015-3BP Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since the last review. The transaction benefits
from the loan collateral in a high-quality, Class-A office asset in
a prime location within a desirable submarket, with strong,
longer-term tenancy in place.

The 10-year interest-only (IO) loan provided whole-loan proceeds of
$1.1 billion to facilitate the $2.2 billion acquisition of the
property known as 3 Bryant Park, a 1.2 million-square-foot (sf),
Class-A office building in Midtown Manhattan. A $215.0 million
mezzanine loan with a coterminous maturity date and $878.7 million
of sponsor equity also supported the acquisition. The loan is
sponsored by SITQ US Investments Inc., which is the United States
subsidiary of Cambridge Inc., a Canadian real estate company with
assets Ivanhoe around the world. The building is a high-quality
asset that received more than $400 million in capital improvements
between 2007 and 2014.

According to the September 2022 rent roll, the property was 93.8%
occupied, with minimal near-term rollover risk and an average
rental rate of $110.15 per square foot (psf). According to Reis,
comparable properties within a one-mile radius of the subject
reported a vacancy rate of 11.6%, an average effective rental rate
of $74.03 psf, and an asking rental rate of $92.69 psf,
respectively. The property's largest tenant, MetLife Inc.
(MetLife), leases 35.4% of the net rentable area (NRA) through
April 2029 with no termination options; however, in late 2015,
MetLife vacated and subleased the space to various tenants,
including the building's new namesake, Salesforce.com, Inc., which
houses its regional headquarters at the subject property,
subleasing 17.7% of the total building's NRA from MetLife through
April 2029. Dechert LLP (Dechert), the second-largest tenant,
extended its lease through March 2035, ahead of its initially
scheduled lease expiration in July 2023. Upon the commencement of
Dechert's new lease, beginning August 2023, the tenant's rental
rate will decline marginally from $101 psf to $97.50 psf through
April 2030, when the rate will increase to $107.50 psf. The retail
space is anchored by a 42,818-sf Whole Foods, which has a lease
expiry in 2037 and provides an attractive amenity to the property.

As of the financials ended September 31, 2022, the loan reported an
annualized net cash flow (NCF) of $85.3 million, reflecting an 8.1%
increase over the YE2021 NCF figure of $78.9 million and above the
DBRS Morningstar re-analyzed NCF of $83.7 million derived in 2020.
Based on the Q3 2022 reporting, the loan reported a debt service
coverage ratio (DSCR) of 2.30 times (x), above the YE2021 figure of
2.13x. While NCF has increased year over year as a result of
increased revenue across all line items, it remains well below the
Issuer's expectations of $93.9 million (reflecting a DSCR of
2.54x), as a result of increased expenses (with real estate taxes
showing the most noteworthy increase by category) and revenues
below the Issuer's expectations. Real estate taxes have increased
by 102.3% over the Issuer's underwritten figure, primarily related
to a real estate tax abatement that has burned off since issuance,
which was considered when DBRS Morningstar re-analyzed the NCF when
assigning ratings in 2020.

The in-place DSCR remains generally healthy. The overall
desirability of the location and building, even amid the challenges
of the Coronavirus Disease (COVID-19) pandemic and changing worker
preferences that have come with that event, as well as the strong
sponsorship and significant equity contribution at issuance, all
should continue to support the stable performance of the loan
through the remaining term.

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


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

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

All trends are Stable.

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

DBRS Morningstar upgraded its ratings on Classes C and D with the
March 2022 review to reflect significant principal paydown of the
trust from property releases (and their associated release
premiums) since issuance, with two of the original seven properties
remaining at that time. The underlying loan is composed of four
pari passu notes that totalled the $402.8 million balance at
issuance, consisting of the borrower's fee-simple and leasehold
interests in six office properties and one mixed-use property,
totalling 2.6 million square feet (sf), across New York,
Pennsylvania, Maryland, and Virginia. The loan is structured with
an initial term of two years and three one-year extension options,
with a fully extended maturity date in December 2023. The whole
loan amount also included a $92.2 million senior mezzanine loan and
a $55.0 million junior mezzanine loan, both held outside the trust.
The properties are cross defaulted. As of the February 2023
remittance, the trust balance has paid down to $148.1 million,
representing a collateral reduction of 63.2% since issuance. Two
properties remain in the portfolio: One Pierrepont Plaza (71.6% of
the allocated loan amount (ALA)) and Station Square (28.4% of the
ALA).

The loan sponsor is Brookfield Strategic Real Estate Partners III
GP L.P. The sponsor's parent, Brookfield Property Partners L.P.
(BPY; rated BBB (low) with a Stable trend by DBRS Morningstar) is
an owner, operator, and investor in commercial real estate with a
diversified portfolio of office and retail assets as well as
interests in multifamily, triple-net lease, industrial,
hospitality, self-storage, student housing, and manufactured
housing assets. BPY's core office portfolio includes interests in
150 office properties in Tier 1 cities around the world, totalling
99 million sf.

One Pierrepont Plaza is a high-rise office tower in downtown
Brooklyn, New York, and belongs to a 5.5 million sf corporate
campus known as MetroTech Center. According to the December 2022
rent roll, the collateral was 77.2% occupied with average rental
rate of $47.37 per square foot (psf). This is a decline from the
YE2021 and YE2020 occupancy of 84.5% and 80.3%, respectively, but
above the YE2019 of 73.3%. The first and third largest tenants,
Icahn School of Medicine at Mount Sinai (11.6% of the net rentable
area (NRA)) and U.S. Probation and Pretrial Services (6.6% of the
NRA), have leases that are scheduled to expire in March 2023 and
August 2023, respectively. DBRS Morningstar has requested a leasing
update from the servicer and a response is pending as of the date
of this press release. According to a leasing brochure, 121,294 sf
of space (16.2% of NRA) was listed as available for lease, which
includes U.S. Probation and Pretrial Services' space, suggesting
the tenant will be vacating at its August 2023 lease expiration.
Aside from these tenants, there is 1.6% of additional tenant
rollover risk in the next 12 months. As of the February 2023
reserve report, there is a sizable balance of $20.7 million in
tenant reserves. Based on Q4 2022 Reis data, office properties
located in the central business district submarket reported an
average vacancy rate and asking rental rate of 12.9% and $42.84
psf, respectively. In comparison, the Q4 2021 vacancy rate and
asking rental rate was 16.8% and $42.79 psf, respectively.

According to the trailing nine-month ended (T-9) September 30,
2022. financials, the property reported an annualized net cash flow
(NCF) of $13.4 million, in line with the YE2021 NCF of $13.5
million but below the YE2020 NCF of $13.9 million; however, this is
well above the DBRS Morningstar NCF of $6.9 million. DBRS
Morningstar acknowledges the challenges associated with securing
refinancing with the low occupancy rate and near-term tenant
rollover risk, but this is mitigated by the sponsor's commitment to
the property and the stressed DBRS Morningstar value that was
applied to the loan-to-value ratio (LTV) sizing benchmarks from the
March 2022 review.

Station Square is composed of four mixed-use commercial buildings
and one parking garage in downtown Pittsburgh, along the
Monongahela River. As of the January 2023 rent roll, the collateral
was 89.7% occupied with marginal tenant rollover risk of 0.9%
within the next 12 months. The largest tenants include Wesco
Distribution (17.3% of the NRA, lease expires in March 2029),
Cardworks Servicing (9.4% of the NRA, lease expires in June 2024)
and ERT (7.0% of the NRA, lease expires in March 2027). According
to the T-6 ended June 30, 2022, financials, the property reported
an annualized NCF of $5.9 million, compared with the YE2021 NCF of
$5.6 million, YE2020 NCF of $5.5 million, and the DBRS Morningstar
NCF of $6.0 million.

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


CSAIL 2016-C6: Fitch Affirms 'B-sf' Rating on Two Tranches
----------------------------------------------------------
Fitch Ratings has affirmed all classes of Credit Suisse Commercial
Mortgage Trust's CSAIL 2016-C6 Commercial Mortgage Trust
Pass-Through Certificates. In addition, the Rating Outlook on Class
D was revised to Negative from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CSAIL 2016-C6

   A-4 12636MAD0    LT AAAsf  Affirmed    AAAsf
   A-5 12636MAE8    LT AAAsf  Affirmed    AAAsf
   A-S 12636MAJ7    LT AAAsf  Affirmed    AAAsf
   A-SB 12636MAF5   LT AAAsf  Affirmed    AAAsf
   B 12636MAK4      LT AA-sf  Affirmed    AA-sf
   C 12636MAL2      LT A-sf   Affirmed     A-sf
   D 12636MAV0      LT BBB-sf Affirmed    BBB-sf
   E 12636MAX6      LT B-sf   Affirmed    B-sf
   F 12636MAZ1      LT CCCsf  Affirmed    CCCsf
   X-A 12636MAG3    LT AAAsf  Affirmed    AAAsf
   X-B 12636MAH1    LT AA-sf  Affirmed    AA-sf
   X-E 12636MAP3    LT B-sf   Affirmed    B-sf
   X-F 12636MAR9    LT CCCsf  Affirmed    CCCsf

KEY RATING DRIVERS

Higher Loss Expectations: Since Fitch's last rating action, loss
expectations for the pool have increased due to performance and
refinance concerns associated with the Quaker Bridge Mall and the
larger office Fitch loans of concern (FLOCs) within the top 15. Ten
loans (33.6% of the pool) are considered Fitch loans of concern.
There are currently no specially serviced loans.

Fitch's current ratings incorporate a base case loss of 8.00%. The
Negative Rating Outlooks reflect the potential for downgrades
should performance of the Quaker Bridge Mall, West LA Office - 2730
Wilshire and Landmark Centre decline further and expected losses
increase.

Fitch Loans of Concern: The largest contributor and change in loss
since Fitch's last rating action is the Quaker Bridge Mall (12.5%
of the pool), which is secured by a 357,221-sf regional mall
located in Lawrenceville, NJ. The non-collateral anchor tenant Lord
& Taylor closed in February 2021 and non-collateral anchor tenant
Sears closed in 2018 leaving two remaining anchors, JCPenney and
Macy's. As of September 2022, the property was 80% occupied.
However, the four largest collateral tenants have expired leases,
scheduled upcoming lease expirations in 2023, or are currently
month-to-month: Forever 21 (7.5% of NRA), Old Navy (4.9% of NRA),
H&M (4.9% of NRA) and Victoria's Secret (3.4% of NRA). According to
the master servicer, the borrower is in discussions with these
tenants on lease renewals. The NOI debt service coverage ratio
(DSCR) for the full-term interest only loan as of September 2022
was 2.03x compared with 2.22x as of YE 2021 and 2.33x as of YE
2020.

Fitch's base case loss reflects a 10% haircut to the YE 2021 NOI
and a 13% cap rate to reflect declining sales, non-anchor Sears
closure, scheduled tenant rollover, and exposure to
struggling/bankrupt retailers.

The second-largest contributor and change in loss is West LA Office
- 2730 Wilshire (4.4% of the pool) which is secured by a 58,369-sf
office property located in Santa Monica, CA. The loan is considered
a FLOC due to declines in performance, occupancy and potential
upcoming rollover. The largest tenants are Schaffel Development Co,
(16.7%), expiry Dec. 31, 2024; Matrix Physical Therapy (6.9%),
expiry May 31, 2027; Joseph Lebovic MD (4.9%), expiry May 31, 2023;
and Brett Lent & Tricia Feist Dental Corp (4.7%), expiry May 31,
2023. The property is 85.2% occupied as of December 2022 compared
with 85% occupied in September 2021, 88% in 2020, 90% in 2019 and
100% in 2018. There is upcoming rollover of 19% in 2023, 23% in
2024 and 15% in 2027. Per CoStar as of 1Q 2023, the Santa Monica
office submarket vacancy rate is 17.3% with average asking rent
$63.41 psf. The Los Angeles metro office market vacancy is 14.9%
with average asking rent $42.22 psf.

Fitch's base case loss reflects a 9.50% cap rate and a 25% stress
to the YE 2022 NOI to account for potential upcoming rollover.

The third-largest contributor and change in loss is Landmark Centre
(1.7% of the pool), which is secured by a 76,084-sf office property
located in Greenwood Village, CO. The largest tenants are First
Western Trust (13.6%), expiry April 2023, and The Puckett Companies
(9.9%), expiry Oct. 31, 2024. The loan is considered a Fitch loan
of concern due to decline in performance and occupancy. The
property's occupancy has declined to 59% as of January 2023 from
90% in January 2021 due to multiple tenants vacating at lease
expirations between 2020 and 2022, most notably the prior
second-largest tenant, T-Mobile West in August 2022. According to
CoStar as of 1Q 2023, the Greenwood Village submarket vacancy rate
is 21.5% with average asking rent of $28.10 psf. The Denver office
metro vacancy is 15.4% with average asking rent $29.23 psf. As of
January 2023, the property's rent was below market rent at $18.62
sf.

Fitch's base case loss reflects a 10.00% cap rate and 20% stress to
YE 2021 NOI to account for occupancy decline and second largest
tenant vacating in August 2022.

Increased Credit Enhancement/Defeasance: As of the March 2023
distribution date, the pool's aggregate balance has been reduced by
30.5% to 533.2 million from $767.5 million at issuance. Since
Fitch's last rating action, ten loans (14.5% of the pool) are
defeased up from four loans (4.7%). Four loans representing 30.3%
of the pool are full-term interest only, and 23 loans representing
49.9% of the pool are partial-term interest only.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades would include further
performance declines of the Quaker Bridge Mall and larger office
FLOCs within the top 15 if they fail to stabilize/return to
pre-pandemic levels and transfer to special servicing. Downgrades
to classes A-4, A-5, A-S and A-SB, B and C are not likely due to
the position in the capital structure and continued amortization,
but may occur at the 'AAsf' and 'AAAsf' categories should interest
shortfalls occur. Downgrades to classes D and E would occur should
overall pool losses increase and/or the Quaker Bridge Mall
transfers to special servicing. A downgrade to class F would occur
as losses are realized and/or with a greater certainty of losses.

Fitch has identified both a baseline and a worse-than-expected,
adverse stagflation scenario based on fallout from the
Russia-Ukraine war whereby growth is sharply lower amid higher
inflation and interest rates; even if the adverse scenario should
play out, Fitch expects minimal impact on ratings performance,
indicating very few rating or Outlook changes. However, for some
transactions with concentrations in underperforming retail
exposure, the ratings impact may be mild to modest, indicating some
changes on sub-investment-grade notes.

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

Sensitivity factors that lead to upgrades would include stable to
improved asset performance coupled with pay down and/or defeasance.
Upgrades to classes B and C would likely occur with significant
improvement in CE and/or defeasance; however, adverse selection and
increased concentrations, further underperformance of the Quaker
Bridge Mall and larger office FLOCs could cause this trend to
reverse. An upgrade of class D is considered unlikely and would be
limited based on sensitivity to concentrations or the potential for
future concentration. Classes would not be upgraded above 'Asf' if
there is likelihood for interest shortfalls. An upgrade to classes
E and F is not likely until the later years of the transaction and
only if the performance of the remaining pool is stable and/or
larger retail and office properties return to pre-pandemic levels,
and there is sufficient credit enhancement to the class.

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.


CSMC 2019-ICE4: DBRS Confirms BB Rating on Class F Certs
--------------------------------------------------------
DBRS Limited confirmed all classes of Commercial Mortgage
Pass-Through Certificates, Series 2019-ICE4 issued by CSMC
2019-ICE4 as follows:

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

All trends are Stable.

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

The collateral for the $2.35 billion first-lien mortgaged loan
includes 64 industrial cold storage and distribution facilities in
22 states, primarily California (23.8% of the pool balance),
Washington (14.0% of the pool balance), and Texas (13.3% of the
pool balance). There is more than 17.7 million square feet (sf) of
storage space, of which 14.1 million sf is temperature-controlled
space. The interest-only mortgage loan features a two-year initial
term with three 12-month extensions and a fully extended maturity
date in May 2024. Property releases are permitted with certain
prepayment conditions. The bond payments follow a partial pro
rata/sequential-pay structure, such that if properties are
released, the first 20% of the principal balance will be paid pro
rata among the classes of certificates.

At issuance, 60 of the properties were master leased by Lineage
Logistics, LLC, an affiliate of the borrower, Lineage Logistics
Holdings, LLC (Lineage), with the remaining four properties master
leased to Southeast Frozen Foods Company, L.P. (SEFF). In May 2021,
Lineage assumed all operations for SEFF because of the company's
performance difficulties. The takeover included an amendment to the
Lineage master lease to include the remaining four properties from
SEFF. The rental rate was reset to the market level, and the SEFF
master lease was terminated. Lineage strategically located its
warehouses close to customer manufacturing locations across key
production corridors creating high barriers for entry.

The loan is on the servicer's watchlist pending the upcoming May
2023 scheduled maturity, but the servicer is processing the loan's
third and final one-year extension option, which will extend the
loan's maturity date to May 2024. According to the loan documents
at issuance, the extension option is exercisable under certain
conditions, including no events of default and the purchase of a
replacement interest rate cap agreement. In the event the extension
is not executed, a cash flow sweep will be triggered.

According to the February 2023 reporting, a $5.83 million principal
curtailment was applied pro rata across the capital stack, which
the servicer noted was because of the release of two properties
from the pool. In addition, the trust was previously reporting
interest shortfalls of $3,105 on Class HRR that was related to
administrative trust expenses but were repaid with principal
proceeds with the February 2023 remittance. According to the
trailing-nine-month (T-9) ended September 30, 2022, financials, the
annualized net cash flow (NCF) improved significantly to $273.4
million from YE2021 of $233.1 million, YE2020 of $227.3 million and
the DBRS Morningstar NCF of $226.6 million. Growth in cash flows
stems predominantly from an increase in Effective Gross Income.
According to the September 2022 financials, the property remains
100.0% occupied.

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


DBGS 2018-BIOD: DBRS Confirms B(low) Rating on Class HRR Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2018-BIOD issued by DBGS
2018-BIOD Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since DBRS Morningstar's last rating action.
Although occupancy declined to 78.8% as of Q3 2022, cash flow
remains comfortably above issuance levels, most recently reported
at $74.8 million for the trailing 12-month period (T-12) ended
September 30, 2022.

At issuance, the loan was secured by a portfolio of 22 life
sciences buildings (office and laboratory) and one parking garage
totaling 2.4 million square feet. The properties are located across
California, Washington, Massachusetts, New York, Pennsylvania, and
New Jersey. Since issuance, three properties, known as Walnut
Street, Trade Centre Avenue, and Bernardo Center Drive, have been
released. These properties collectively represented 6.7% of the
issuance allocated loan amount (ALA) and, based on the release
provisions as outlined in the transaction documents, a total
release premium of $62.5 million was paid, with proceeds applied
pro rata across the bond stack. The pro rata paydown structure will
remain in place for releases executed to a cap of 25.0% of the
unpaid principal balance on the loan. After the 25.0% threshold is
met, the release premium will increase to 110.0% from 105.0% of the
ALA and release proceeds will be paid sequentially down the bond
stack.

The loan had an initial two-year term with five one-year extension
options, with a final maturity date on May 9, 2025. In May 2022,
the borrower exercised its third 12-month extension, extending the
maturity until May 9, 2023. In order to exercise the next extension
option, the borrower is required to purchase an interest rate cap.
The servicer has not yet confirmed whether the loan has been
extended and the loan will continue to be monitored on the
servicer's watchlist until the extension option is exercised.
According to the loan agreement, 10 business days' notice prior to
the loan's maturity date is required to exercise any extension
options, however, the servicer notes that the borrower has
generally provided its notice to exercise its extension options
within 30 days of the loan's maturity. The loan is interest only
for the fully extended term.

According to the September 2022 financials, net cash flow (NCF) for
the T-12 was reported at $74.8 million, representing a 6.6% decline
from the YE2021 NCF of $80.0 million, mainly because of a 10.1%
($3.0 million) decline in expense reimbursements. Occupancy
declined to 78.8% as of September 2022 from 84.9% as of YE2021. The
collateral has historically maintained an average occupancy rate
around 81.0%. The drop in occupancy was a result of tenant Acorda
Therapeutics (formerly 7.9% of total portfolio net rentable area
(NRA)) vacating at its lease expiry in June 2022. The majority of
the portfolio's vacancy comes from the Ardsley Park property and
the Ardentech Court property, both of which are 100.0% vacant.
Fifteen of the remaining 19 life sciences buildings in the pool
report occupancy rates above 99.0%, and rollover is marginal in
2023, with tenants representing 6.2% of the total NRA scheduled to
roll. Despite the decline in occupancy and cash flow, the T-12 NCF
remains above the DBRS Morningstar NCF figure of $52.8 million.
Given the healthy demand for life sciences space and the
portfolio's stable historical performance and strong sponsorship
for the subject loan, DBRS Morningstar anticipates performance to
remain in line with issuance expectations.

At issuance, the whole-loan proceeds included $725.0 million of
senior floating-rate debt held in the subject trust, $140.0 million
of senior mezzanine debt, and $95.0 million of junior mezzanine
debt. The loans were used to refinance existing debt of $714.6
million, with $216.9 million of equity returned to the sponsor. The
sponsor is an affiliate of The Blackstone Group Inc., which
acquired the subject portfolio in 2016 as part of the acquisition
of BioMed Realty Trust, Inc.

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


DBGS 2019-1735: DBRS Confirms B Rating on Class F Certs
-------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates issued by DBGS 2019-1735
Mortgage Trust as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since its last rating action. The $311.4 million
first-lien mortgage loan is secured by the fee-simple interest in a
53-story Class A office building totaling 1.3 million square feet
(sf) in the Philadelphia central business district (CBD). The
10-year interest-only (IO) loan matures in April 2029. The sponsor,
Silverstein Properties, Inc., used loan proceeds along with $164.2
million of cash equity to acquire the asset for $451.6 million in
2019.

According to the September 2022 rent roll, the property was 86.0%
occupied with an average gross rent of $41.16 per sf (psf).
Occupancy has seen minor increases from YE2020 and YE2021 figures
of 84% and 83%, respectively. The office tenant mix primarily
consists of law firms and financial companies with some exposure to
investment-grade tenants. The largest tenant at the property is
Ballard Spahr LLP (13.1% of the net rentable area (NRA), lease
expiry in January 2031), a national law firm that maintains its
headquarters at the subject. A portion of Ballard Spahr LLP's lease
(1.7% of NRA) was expected to expire in January 2023. The
second-largest tenant, Willis Towers Watson (7.6% of NRA, lease
expiry in February 2031), is considered an investment-grade tenant.
The third- and fourth-largest tenants (Montgomery McCracken Walker
& Rhoads LLP and Brandywine Global Investment Management, LLC,
respectively) also have their headquarters at the collateral
property.

There is moderate rollover risk as leases representing 11.7% of NRA
are scheduled to roll in the next 12 months; approximately 14.2% of
NRA is listed as available for leasing on LoopNet as of this
report. According to Reis, office space in the submarket reported
an average vacancy of 12.0% and asking rental rate of $32.95 psf as
of Q4 2022. The collateral achieves higher rental rates as it is
considered one of the top multitenant office buildings in the
Philadelphia CBD. The loan reported an annualized debt service
coverage ratio (DSCR) of 2.01 times (x) for the trailing nine
months ended September 30, 2022, compared with the YE2021 DSCR of
2.15x and the DBRS Morningstar's DSCR of 1.69x. Net cash flow (NCF)
for the same annualized period was reported to be $26.7 million,
exceeding the DBRS Morningstar NCF of $22.5 million.

The sponsor had launched a $20 million capital improvement program
in 2021 that aimed to redesign the building's lobby, front
entrance, amenity spaces, and common areas as well as the
concourse. The servicer's January 2022 site inspection reported
$1.52 million of capital expenditures were recently completed,
comprising elevator upgrades and repairs made to the lower-level
parking garage and mechanical systems following damage from
Hurricane Ida. The lobby is currently undergoing a $1.0 million
lobby renovation.

Given the sponsor's continued commitment to the property as
illustrated by repair work and capital improvements, the property
quality and location, as well as steady gains in rental revenue,
DBRS Morningstar expects an ongoing stable performance.

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


DROP MORTGAGE 2021-FILE: DBRS Confirms BB Rating on 2 Classes
-------------------------------------------------------------
DBRS, Inc. confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2021-FILE issued by DROP Mortgage
Trust 2021-FILE as follows:

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

All trends are Stable.

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

The rating confirmations reflect the stable performance of the
transaction, which remains in line with DBRS Morningstar's
expectations at issuance. The transaction is collateralized by the
borrower's fee-simple interest in The Exchange, a 750,370-square
foot (sf) office building with retail components in the Mission Bay
submarket of San Francisco. Built in 2018, the subject is in
excellent condition and is LEED Platinum certified. The office
property consists of 12 stories with ground-floor retail space and
boasts design elements, including building systems and floorplates,
that can accommodate life sciences tenants. The property benefits
from its dense urban location near many of the area demand drivers,
such as the University of California San Francisco's Mission Bay
campus, the Golden State Warriors' Chase Center, the Kaiser
Permanente hub, and new residential units. The property also
benefits from the experienced institutional sponsorship of KKR.

The floating rate loan is interest only (IO) and is structured with
an anticipated repayment date (ARD) in April 2026 with 10
successive one-year extension options and one six-month option for
a final maturity date in October 2033, one month before Dropbox
Inc.'s (Dropbox) lease expiration. In addition to penalty interest
due on the mortgage after the ARD, the loan will hyper-amortize to
the extent of available excess cash flow. This feature strongly
incentivizes the sponsor to arrange takeout financing before the
ARD and therefore reduces maturity risk for the certificate
holders.

The largest tenant is Dropbox, which at issuance occupied 98.4% of
the net rentable area (NRA) on a lease through November 2033.
Approximately 186,500 sf (25.3% of the NRA) was subleased to Vir
Biotechnology, Inc. (133,896 sf, 17.8% of the NRA) and BridgeBio
Pharma, Inc. (52,604 sf, 7.0% of the NRA). Dropbox's lease is
backed by a letter of credit of approximately $34 million and,
while the tenant does not have termination options structured into
its lease, the borrower has the right to amend the lease and reduce
Dropbox's footprint by up to 250,000 sf provided no event of
default occurs. According to the servicer, in December 2021, in
exchange for a $32 million termination fee and $10.5 million tenant
improvement allowance contribution, Dropbox gave back the space
that was subleased to Vir Biotechnology, Inc., and the borrower
converted the sublease to a direct lease at a market rental rate of
approximately $76 per sf (psf), which is above Dropbox's
below-market rate of approximately $68 psf. As such, Dropbox now
occupies 80.5% of the NRA and, according to the September 2022 rent
roll, the property was 99.6% occupied. Aside from BridgeBio Pharma,
Inc., other sublease tenants now include The Regents of the
University of California (45,287 sf, 6.0% of the NRA), and Latch
Al, Inc. (13,164 sf, 1.8% of the NRA), representing approximately
111,000 sf (18.4% of NRA) of total subleased space.

According to various news outlets, Dropbox listed most of its space
on the sublease market after electing to move to a remote-first
work policy and opting to retain only 90,000 sf as collaboration
space in late 2021. The property owners have re-branded the
property, changing the name to Icona: Labs at Mission Bay to boost
the property's new purpose of providing lab space in a market where
life sciences real estate demand outpaces supply. According to the
property manager, Longfellow, build-out of the unused Dropbox space
into "turnkey labs to accommodate life sciences tenants of all
sizes on a move-in ready basis" began in H1 2022 and the owners are
actively marketing more than 406,000 sf of Dropbox's space as
lab-capable space available for lease. According to the West Coast
commercial real estate firm Kidder Mathews, while there remains a
significant amount of available office space in the San Francisco
County market, the lab vacancy rate is low at 4.6% as of Q3 2022,
with asking rents holding steady between $75 psf and $120 psf
compared with the subject property's average in-place rental rate
of $69.05 psf.

According to the financials for the trailing nine months ended
September 30, 2022, the servicer reported an annualized debt
service coverage ratio (DSCR) of 3.34 times (x), an improvement
from the YE2021 DSCR of 3.24x but below the DBRS Morningstar DSCR
of 4.99x at issuance because of interest rate volatility as the
debt service amount has increased from issuance. However,
annualized net cash flow (NCF) for the same period was $56.4
million, compared with $39.2 million as of YE2021 and the DBRS
Morningstar NCF of $47.8 million at issuance, likely because of the
Vir Biotechnology, Inc. direct lease conversion at a higher rental
rate. It was noted at issuance that, to extend the loan, the
borrower must also obtain a replacement interest rate cap agreement
or propose an alternative hedging instrument that would provide
protection from increases in interest rate. Given that Dropbox
continues to lease most of the space on a long-term lease, DBRS
Morningstar expects the loan's performance to remain in line with
expectations but notes there may be upside potential if the
borrower exercises its right to reduce the footprint covered by
Dropbox's below-market lease further, charging Dropbox a
termination fee, and simultaneously backfilling the space at a
market rate.

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


EATON VANCE 2015-1: Moody's Cuts $16.6MM E-R Notes Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Eaton Vance CLO 2015-1, Ltd.:

US$29,000,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on
December 21, 2017 Definitive Rating Assigned Aa1 (sf)

US$30,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-R Notes"), Upgraded to A1 (sf);
previously on December 21, 2017 Definitive Rating Assigned A2 (sf)

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

US$16,600,000 Class E-R Secured Deferrable Floating Rate Notes due
2030 (the "Class E-R Notes"), Downgraded to Ba3 (sf); previously on
December 21, 2017 Definitive Rating Assigned Ba2 (sf)

US$8,000,000 Class F-R Secured Deferrable Floating Rate Notes due
2030 (the "Class F-R Notes"), Downgraded to Caa1 (sf); previously
on December 21, 2017 Definitive Rating Assigned B3 (sf)

Eaton Vance CLO 2015-1, Ltd., originally issued in October 2015 and
refinanced in December 2017 is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in January 2023.

RATINGS RATIONALE

The upgrade actions reflect the benefit of the end of the deal's
reinvestment period in January 2023, and the expectation that notes
will begin to be repaid in order of seniority. In light of the
reinvestment restrictions during the amortization period which
limit the ability of the manager to effect significant changes to
the current collateral pool, Moody's analyzed the deal assuming a
higher likelihood that the collateral pool characteristics will be
maintained and continue to satisfy certain covenant requirements.
In particular, Moody's assumed that the deal will benefit from
lower weighted average rating factor (WARF) and higher weighted
average spread (WAS) compared to their respective covenant levels.
Moody's modeled a WARF and WAS of 2817 and 3.45% compared to its
current covenant level of 3005 and 3.40% respectively. During the
amortization period, the deal will also benefit from a shortening
of the weighted average life of the portfolio, which corresponds to
a reduction in portfolio default risk.

The downgrade rating actions on the Class E-R and Class F-R notes
reflect the specific risks to the junior notes posed by par loss
and credit deterioration observed in the underlying CLO portfolio.
Based on trustee calculations, the respective OC ratios for the
Class E-R and Class F-R notes (as inferred from the interest
diversion test ratio) are reported at 106.26% and 104.0%, in March
2023 [1] versus 107.25% and 104.97% in March 2022 [2].
Additionally, the total collateral balance, including principal
collections and expected recoveries on defaulted securities based
on Moody's calculation, is $390.4 million, or approximately $10.75
million less than $401.15 million initially targeted during the
deal's ramp-up.

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: $387,858,003

Defaulted par:  $9,076,940

Diversity Score: 79

Weighted Average Rating Factor (WARF): 2817

Weighted Average Spread (WAS): (before accounting for reference
rate floors): 3.45%

Weighted Average Recovery Rate (WARR): 47.9%

Weighted Average Life (WAL): 4.5 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.


FREDDIE MAC 2023-DNA1: DBRS Gives Prov. BB Rating on 16 Classes
---------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk (STACR) REMIC 2023-DNA1 Notes (the
Notes) to be issued by Freddie Mac STACR REMIC Trust 2023-DNA1
(STACR 2023-DNA1):

-- $282.0 million Class M-1A at BBB (high) (sf)
-- $99.0 million Class M-1B at BBB (sf)
-- $74.0 million Class M-2A at BB (high) (sf)
-- $74.0 million Class M-2B at BB (sf)
-- $41.0 million Class B-1A at B (high) (sf)
-- $41.0 million Class B-1B at B (low) (sf)
-- $148.0 million Class M-2 at BB (sf)
-- $148.0 million Class M-2R at BB (sf)
-- $148.0 million Class M-2S at BB (sf)
-- $148.0 million Class M-2T at BB (sf)
-- $148.0 million Class M-2U at BB (sf)
-- $148.0 million Class M-2I at BB (sf)
-- $74.0 million Class M-2AR at BB (high) (sf)
-- $74.0 million Class M-2AS at BB (high) (sf)
-- $74.0 million Class M-2AT at BB (high) (sf)
-- $74.0 million Class M-2AU at BB (high) (sf)
-- $74.0 million Class M-2AI at BB (high) (sf)
-- $74.0 million Class M-2BR at BB (sf)
-- $74.0 million Class M-2BS at BB (sf)
-- $74.0 million Class M-2BT at BB (sf)
-- $74.0 million Class M-2BU at BB (sf)
-- $74.0 million Class M-2BI at BB (sf)
-- $74.0 million Class M-2RB at BB (sf)
-- $74.0 million Class M-2SB at BB (sf)
-- $74.0 million Class M-2TB at BB (sf)
-- $74.0 million Class M-2UB at BB (sf)
-- $82.0 million Class B-1 at B (low) (sf)
-- $82.0 million Class B-1R at B (low) (sf)
-- $82.0 million Class B-1S at B (low) (sf)
-- $82.0 million Class B-1T at B (low) (sf)
-- $82.0 million Class B-1U at B (low) (sf)
-- $82.0 million Class B-1I at B (low) (sf)
-- $41.0 million Class B-1AR at B (high) (sf)
-- $41.0 million Class B-1AI at B (high) (sf)

Classes M-2, M-2R, M-2S, M-2T, M-2U, M-2I, M-2AR, M-2AS, M-2AT,
M-2AU, M-2AI, M-2BR, M-2BS, M-2BT, M-2BU, M-2BI, M-2RB, M-2SB,
M-2TB, M-2UB, B-1, B-1R, B-1S, B-1T, B-1U, B-1I, B-1AR, and B-1AI,
are Modifiable and Combinable STACR Notes (MACR Notes). Classes
M-2I, M-2AI, M-2BI, B-1I, and B-1AI are interest-only MACR Notes.

The BBB (high) (sf), BBB (sf), BB (high) (sf), BB (sf), B (high)
(sf), and B (low) (sf) ratings reflect 3.25%, 2.55%, 2.025%, 1.50%,
1.125%, and 0.75% of credit enhancement, respectively. Other than
the specified classes above, DBRS Morningstar does not rate any
other classes in this transaction.

STACR 2023-DNA1 is the 37th transaction in the STACR DNA series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Freddie Mac-guaranteed mortgage-backed
securities (MBS).

As of the Cut-Off Date, the Reference Pool consists of 47,367
greater-than-20-year fully amortizing first-lien fixed-rate
mortgage loans underwritten to a full documentation standard, with
original loan-to-value (LTV) ratios greater than 60% and less than
or equal to 80%. The mortgage loans were estimated to be originated
on or after July 1, 2021 and were securitized by Freddie Mac
between July 1, 2022, and July 31, 2022.

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

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

In this transaction, approximately 20.7% of the loans were
originated using property values determined by using Freddie Mac's
automated collateral evaluation (ACE) assessment rather than a
traditional full appraisal. Loans where the property values were
determined by using ACE assessments generally have better credit
score and lower original LTV. Please see the PPM for more details
about the ACE assessment.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. For STACR DNA
transactions issued after and including STACR 2018-DNA2, the
scheduled and unscheduled principal will be combined and allocated
pro rata between the senior and nonsenior tranches only if certain
performance tests are satisfied. For transactions previous to this,
the scheduled principal was allocated pro rata between the senior
and nonsenior (mezzanine and subordinate) tranches, regardless of
deal performance, while the unscheduled principal was allocated pro
rata subject to certain performance tests being met.

The minimum credit enhancement test—one of the three performance
tests—for STACR 2023-DNA1 is set to pass at the Closing Date.
Additionally, the nonsenior tranches are also entitled to
supplemental subordinate reduction amount if the offered reference
tranche percentage increases above 5.50%.

The Notes are scheduled to mature on the payment date in March
2043, but are also subject to a mandatory redemption prior to the
scheduled maturity date in the case of a termination of the CAA.

The Sponsor of the transaction is Freddie Mac. U.S. Bank Trust
Company, National Association will act as the Indenture Trustee and
Exchange Administrator. The Bank of New York Mellon (rated AA
(high) with a Stable trend and R-1 (high) with a Stable trend by
DBRS Morningstar) will act as the Custodian. Wilmington Trust,
National Association (rated AA (low) with a Stable trend and R-1
(middle) with a Stable trend by DBRS Morningstar) will act as the
Owner Trustee.

The Reference Pool consists of approximately 0.7% of loans
originated under the Home Possible® program. Home Possible® is
Freddie Mac's affordable mortgage products designed to expand the
availability of mortgage financing to creditworthy low- to
moderate-income borrowers. In addition, no loans were originated
under Freddie Mac Refi PossibleSM, which offers low- to moderate-
income borrowers options to refinance their current loans and
approximately 0.01% of loans were originated under Freddie Mac HFA
Advantage®, a conventional mortgage product designed for borrowers
who qualify for HFA homeownership programs.

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

For this transaction, if a loan becomes delinquent and the related
Servicer reports that such loan is in
disaster forbearance before the sixth reporting period from the
landfall of the hurricane, Freddie Mac will remove the loan from
the pool to the extent that the related mortgaged property is
located in a Federal Emergency Management Agency (FEMA) major
disaster area and in which FEMA had authorized individual
assistance to homeowners in such area as a result of such hurricane
that affects such related mortgaged property prior to the Closing
Date.

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

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



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

-- $50,900,000 Class A-1 Notes at R-1 (high) (sf)
-- $97,890,000 Class A-2 Notes at AAA (sf)
-- $44,730,000 Class B Notes at AA (sf)
-- $42,770,000 Class C Notes at A (sf)
-- $42,430,000 Class D Notes at BBB (low) (sf)
-- $26,700,000 Class E Notes at BB (sf)

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

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

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

(2) The DBRS Morningstar CNL assumption is 16.65%, based on the
expected Cut-Off Date pool composition.

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

(4) The consistent operational history of Global Lending Services
LLC (GLS or the Company) and the strength of the overall Company
and its management team.

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

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

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

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

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

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

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

The rating on the Class A-1 and Class A-2 Notes reflects 55.60% of
initial hard credit enhancement provided by subordinated notes in
the pool (47.80%), the reserve account (1.00%), and OC (6.80%). The
ratings on the Class B, Class C, Class D, and Class E Notes reflect
41.95%, 28.90%, 15.95%, and 7.80% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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


GS MORTGAGE 2014-GC22: DBRS Lowers Rating on Class F Certs to C(sf)
-------------------------------------------------------------------
DBRS Limited downgraded one class of the Commercial Mortgage
Pass-Through Certificates, Series 2014-GC22 (the Certificates)
issued by GS Mortgage Securities Trust 2014-GC22:

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

DBRS Morningstar also confirmed the remaining classes of the
Certificates as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class PEZ at A (high) (sf)
-- Class D at BBB (low) (sf)
-- Class X-C at BB (sf)
-- Class E at BB (low) (sf)

DBRS Morningstar also changed the trend on Classes E and X-C to
Negative from Stable with this review. All other trends are Stable
with the exception of Class F, which has a rating that generally
does not carry a trend in commercial mortgage-backed securities
(CMBS).

The downgrade and trend changes follow increased loan exposure for
the largest loan in special servicing, EpiCentre, since the last
rating action, in addition to a decline in valuation for the
second-largest loan in special servicing, Westwood Plaza, and
ongoing concerns for a suburban office loan, Maccabees Center,
which remains on the servicer's watchlist.

At issuance, the trust comprised 59 loans secured by 113 commercial
properties with a total trust balance of $961.5 million. As of the
February 2023 remittance, 51 loans secured by 80 properties remain
in the trust with a total trust balance of $723.0 million,
representing a collateral reduction of approximately 25%. Eleven
loans, totaling 22.4% of the trust balance, are fully defeased. As
of the February 2023 remittance, there are two loans representing
13.1% of the current pool balance in special servicing, including
the third-largest loan. Eleven loans, representing 27.5% of the
current pool balance, are on the servicer's watchlist, including
the largest loan in the pool, Maine Mall (Prospectus ID#1, 15.2% of
the pool balance).

The EpiCentre loan (Prospectus ID#3, 11.8% of the pool balance) is
secured by a 304,722-square-foot mixed-use retail and office
property in Charlotte, North Carolina. The loan transferred to the
special servicer in March 2021 for imminent default and
subsequently missed its June 2021 maturity date. A receiver was
appointed one month later, and the loan became real estate owned
(REO) in August 2022.

According to the January 2023 rent roll, the subject was 30.7%
occupied, down slightly from 38.0% at YE2021 and down significantly
from 78.0% at YE2019 and 89.9% at issuance. The property has faced
significant challenges over the past several years, including
declining occupancy and a string of violent crimes prior to and
following the onset of the Coronavirus Disease (COVID-19) pandemic.
The largest current tenants include Bowlero Charlotte (8.9% of the
net rentable area (NRA), lease expiry in December 2027), CVS
Pharmacy (4.5% of NRA, lease expiry in January 2029), and Novant
Medical Group (4.3% of NRA, lease expiry March 2024). Leases
representing 4.6% of the NRA are scheduled to roll over the next 12
months. As of the most recent financial reporting, the loan
recorded a debt service coverage ratio (DSCR) of -0.04 times (x)
for the trailing nine months ended September 30, 2022, compared
with the YE2021 and YE2020 figures of 0.26x and 1.35x,
respectively.

The most recent appraisal, dated July 2022, valued the property at
$86.8 million, which is relatively unchanged from the August 2021
appraised value of $87.0 million but well below the $130.5 million
at issuance. Per an article from The Charlotte Observer dated
September 2022, CBRE is in the midst of a major rebrand and
renovation for the property and recently renamed it Queen City
Quarter. With repairs to deferred maintenance nearing completion,
CBRE is also focusing on renovations and upgrades to the property's
common areas and security systems. While these efforts are likely
to improve the property's condition, it is uncertain whether they
will translate to increased leasing and stabilized performance.
DBRS Morningstar's analysis includes a liquidation scenario based
on a stress to the appraised value to reflect this uncertainty,
resulting in a loss severity above 30%.

The second-largest loan in special servicing is Westwood Plaza
(Prospectus ID#22, 1.4% of the pool balance), an anchored retail
center in Johnstown, Pennsylvania, approximately 70 miles east of
Pittsburgh. The subject was originally anchored by a local grocery
store, which vacated in 2016. Occupancy began to decline soon after
issuance to 50% at YE2022 from 88% at YE2014. The largest tenant is
a medical center, occupying 29.8% of the NRA on a lease expiring in
November 2023. The loan transferred to special servicing in 2019
for payment default and became REO in May 2022. An appraisal dated
October 2022 valued the property at $7.5 million, down from $8.9
million in November 2021 and $15.7 million at issuance. Given the
property's dated appearance, tertiary location, and upcoming tenant
roll, DBRS Morningstar's analysis included a liquidation scenario,
which is based on a stress to the appraised value, resulting in a
loss severity of nearly 60%.

DBRS Morningstar also remains concerned about Maccabees Center
(Prospectus ID#12, 2.5% of the pool balance). The loan is secured
by a 12-story Class B office complex in Southfield, Michigan, a
northwest suburb of Detroit. The servicer added the loan to its
watchlist in September 2021 for occupancy and DSCR declines. As of
the June 2022 rent roll, the subject is only 35.1% occupied, down
from 83.0% at YE2019, following the departure of the two previous
largest tenants in 2020. Per a Reis report, the North Southfield
submarket reported a high Q4 2022 average vacancy rate of 30.1%,
which will present challenges to the borrower in backfilling empty
space. Although the loan reported a negative net cash flow in 2021,
it remains current and the borrower appears to be funding operating
and debt service shortfalls as well as depositing into the leasing
reserve, which reported a balance of $1.0 million in the February
2023 remittance report. DBRS Morningstar's analysis of this loan
includes an elevated probability of default.

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


GS MORTGAGE 2014-GC24: DBRS Confirms B Rating on Class E Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2014-GC24 issued by GS
Mortgage Securities Trust 2014-GC24 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (sf)
-- Class PEZ at A (sf)
-- Class D at BB (high) (sf)
-- Class X-C at B (high) (sf)
-- Class E at B (sf)
-- Class F at CCC (sf)

Classes E and X-C carry a Negative trend, while Class F does not
carry a trend as the rating assigned to that class does not
typically carry trends in commercial mortgage-backed securities
(CMBS) ratings. The Negative trends on Classes E and X-C and the
CCC (sf) rating on Class F reflect DBRS Morningstar's ongoing
concerns, primarily with the largest loan in the pool, as well as
the propensity for interest shortfalls given the delinquency of the
third-largest loan in the pool. The trends on the remaining classes
are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since DBRS Morningstar's last rating action in
November 2022. Since the last rating action, one loan previously in
special servicing, Hampton Inn & Suites – Yonkers (Prospectus
ID#8; previously 2.5% of the pool), was liquidated from the pool at
a better-than-expected recovery. The realized trust loss was
contained to the nonrated Class G certificate. In addition, four
new loans were defeased, bringing current defeasance to 28.0% of
the pool balance.

The largest loan in the pool is Stamford Plaza Portfolio
(Prospectus ID#1; 15.3% of the pool), secured by four Class A
office properties totaling 982,483 square feet (sf) in Stamford,
Connecticut. The trust debt of $135.3 million is a pari passu
portion of the $270 million whole loan. The loan was added to the
servicer's watchlist in October 2018 for low occupancy and debt
service coverage ratio (DSCR), which triggered the activation of a
cash trap. As of March 2023, the loan reported $2.4 million of
lockbox receipts. The borrower was granted a forbearance in August
2021, which allowed leasing reserves to be released and deposits to
the account deferred until April 2022. The depleted reserves are
currently being repaid through April 2023 and, as of March 2023,
the loan reported leasing reserves of $2.8 million.

As of September 2022, the collateral was 64.6% occupied with
132,480 sf (13.5% of total portfolio net rentable area (NRA))
rolling in 2023. The annualized DSCR for the trailing nine months
ended September 2022 was reported to be 0.43 times (x), down from
0.56x at YE2021 (representing a 23.6% net cash flow (NCF) decline),
0.72x at YE2019 and 1.05x at YE2018. The portfolio's NCF and
occupancy have been in year-over-year decline nearly each year
since issuance. Per Reis, the Stamford central business district
submarket reported a Q4 2022 vacancy rate of 24.0% with asking
rents of $38.01 psf. Given the soft submarket and sustained
vacancy, as well as the shift in demand for office space following
the Coronavirus Disease (COVID-19) pandemic, DBRS Morningstar
increased the probability of default for this loan in its analysis.
In addition, DBRS Morningstar derived a stressed value based on the
property's in-place cash flow, using the high end of DBRS
Morningstar's cap rate range for office properties, resulting in a
modeled whole loan loan-to-value ratio (LTV) of more than 150.0%.

The Beverly Connection (Prospectus ID#3, 10.1% of the pool) loan is
the largest specially serviced loan and the third-largest loan in
the pool. It is secured by an anchored retail property in Los
Angeles. The largest tenants are Target (29.7% of NRA, lease expiry
in January 2029), Marshalls (10.2% of NRA, lease expiry in January
2027), Ross Dress for Less (9.0% of NRA, lease expiry in January
2026), and Nordstrom (8.8% NRA, lease expiry in September 2024).
The loan transferred to special servicing in August 2020 and has
been delinquent since May 2020; however, according to the most
recent special servicer commentary, a forbearance agreement has
been reached and is pending approval. An October 2022 appraisal
valued the property at $239.0 million, representing less than a
10.0% decline from $260 million at issuance. The resulting senior
debt LTV is 73.2%, and 87.9% when accounting for the loan's
subordinate B note debt. The sponsor, an affiliate of Ashkenazy
Acquisition Corporation, contributed $39.7 million in equity to
purchase the property in 2014.

The loan reported an annualized NCF of $11.2 million for the
trailing six months ended June 2022, equating to an A note DSCR of
1.36x, as compared with the issuer's NCF of $12.4 million. Despite
the extended delinquency and an in-place cash flow that is slightly
below issuance levels, historical occupancy has been stable, never
dipping below 90% since issuance, the tenant mix is strong and the
property is well-located. Based on the status of the workout
proceedings, and a recent appraisal reporting value in excess of
the current whole loan, DBRS Morningstar does not consider this
loan to pose a significant credit risk to the trust; however, in
the analysis for this loan, an elevated probability of default was
applied to account for the loan's extended delinquency and the
possibility that the forbearance and reinstatement falls through.

As of the March 2023 remittance, 63 of the original 75 loans remain
in the pool, with an aggregate balance of approximately $862.8
million, representing a collateral reduction of 19.7% since
issuance as a result of loan repayments, scheduled amortization,
and two liquidations. In addition, 18 loans, representing 28.0% of
the pool, are secured by collateral that has been defeased. Two
loans, representing 11.0% of the pool, are in special servicing and
11 loans, representing 25.1% of the pool, are on the servicer's
watchlist. The pool is concentrated in the three largest loans,
which collectively comprise 37.5% of the pool, two of which, the
aforementioned Stamford Plaza Portfolio and Beverly Connection
loans, are being closely monitored by DBRS Morningstar.

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


GS MORTGAGE 2014-GC26: DBRS Confirms C Rating on 2 Classes
----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-GC26
issued by GS Mortgage Securities Trust 2014-GC26 as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class PEZ at A (low) (sf)
-- Class D at CCC (sf)
-- Class E at C (sf)
-- Class F at C (sf)

DBRS Morningstar also changed the trends on Classes C and PEZ to
Negative from Stable. The trends on all other classes are Stable,
with the exception of Classes D, E, and F, which have ratings that
do not typically carry a trend in commercial mortgage-backed
securities (CMBS) ratings.

The rating confirmations reflect performance that remains generally
in line with DBRS Morningstar's expectations since the last rating
action, while the Negative trends follow increasing concerns
surrounding the pool's exposure to office space, specifically with
regard to the second-largest loan in the pool, which is discussed
below. As of the March 2023 remittance, 73 of the original 92 loans
remain in the trust, with an aggregate balance of approximately
$904.3 million, representing a collateral reduction of 27.9% since
issuance. Twenty-one loans are fully defeased, representing 22.5%
of the pool balance. Four loans are in special servicing,
representing 11.7% of the pool balance. Fourteen loans are on the
servicer's watchlist, representing 17.5% of the pool balance.

The largest loan in the pool and in special servicing is Queen
Ka'ahumanu Center (Prospectus #1, 9.2% of the pool). The loan is
secured by the borrower's fee-simple interest in a
570,904-square-foot (sf) super-regional mall in Kahului, Hawaii.
The loan transferred to special servicing in July 2020 and became
real estate owned (REO) in June 2022. According to the January 2023
rent roll, the mall was 75.6% occupied, compared with 75.8% at
YE2021. The largest collateral tenants are Macy's (14.0% of the net
rentable area (NRA), lease expiry in October 2024), Macy's Men and
Home (14.5% of the NRA, lease expiry in November 2024), and Ben
Franklin (2.3% of the NRA, lease expiry in September 2024). There
is high upcoming rollover risk, with leases representing 23.6% of
the NRA scheduled to expire within the next 12 months, in addition
to the three largest tenants, whose leases are all scheduled to
roll in 2024. The most recent appraisal reported by the servicer,
dated July 2022, valued the property at $44.2 million, down from a
2020 appraised value of $47.0 million and well below the issuance
appraised value of $120.0 million. DBRS Morningstar's analysis
included a liquidation scenario resulting in a loss severity in
excess of 65%.

The second-largest loan in special servicing, Hilton Garden Inn
Cleveland Airport (Prospectus #25, 1.4% of the pool), is secured by
a 67-unit limited-service hotel property in Cleveland, Ohio. The
loan transferred to special servicing in May 2020 for payment
default. According to the most recent special servicer commentary,
the noted workout strategy is foreclosure; however, discussions
with the borrower remain ongoing. An STR report dated August 2021
indicates that the occupancy rate, average daily rate (ADR), and
revenue per available room (RevPAR) for the trailing 12-month
period were 41.4%, $99.69, and $41.23, respectively. A November
2022 appraisal valued the property at $14.9 million, relatively in
line with the June 2021 appraised value of $15.0 million, but down
32.3% from the issuance appraised value of $22.0 million. DBRS
Morningstar's analysis included a liquidation scenario, resulting
in a loss severity in excess of 25%.

As part of this analysis, DBRS Morningstar also liquidated from the
pool the two remaining loans in special servicing. Holiday Inn
Express & Suites Houston North (Prospectus #51, 0.7% of the pool)
and La Quinta Brandon (Prospectus #72, 0.4% of the pool) both
transferred to special servicing at the beginning of the
Coronavirus Disease (COVID-19) pandemic and are now REO assets. The
projected loss severities for these two loans are in excess of
80%.

In addition, DBRS Morningstar remains concerned about the
second-largest loan in the pool, 1201 North Market Street
(Prospectus #2, 8.6% of the pool). The loan is secured by a
447,439-sf high-rise office property located in the central
business district (CBD) of Wilmington, Delaware, and was added to
the servicer's watchlist in September 2020 because of a low debt
service coverage ratio (DSCR). Occupancy has been in decline year
over year since issuance. According to the November 2022 rent roll,
the property was 73.0% occupied, down from 77.1% at YE2021, 79% at
YE2019, and 84.5% at issuance. The largest tenants include Morris
Nichols Arsht & Tunnell (18.7% of the NRA, lease expiry in December
2028), The Siegfried Group (6.8% of the NRA, lease expiry in
October 2028), and DaSTOR Wilmington LLC (5.1% of the NRA, lease
expiry in December 2032). Leases representing 6.9% of the NRA have
scheduled expirations over the next 12 months. According to the
most recently reported financials, the DSCR for the trailing nine
months ended September 30, 2022, was 1.14 times (x), compared with
1.06x at YE2021 and 1.35x at YE2019. While the loan is currently in
cash management, servicer commentary indicates there is not enough
excess cash flow to trap. Per a Reis report from Q4 2022,
Wilmington CBD office space reported an average vacancy rate of
21.5% with a five-year forecast of 20.6%. Given the soft submarket
and continued underperformance since issuance, DBRS Morningstar
increased the probability of default for this loan in its
analysis.

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


GS MORTGAGE 2017-GS5: DBRS Confirms B(low) Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2017-GS5 issued by GS
Mortgage Securities Trust 2017-GS5 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class X-C at A (sf)
-- Class C at A (low) (sf)
-- Class X-D at BBB (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (low) (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the stable to improving
performance for the majority of the underlying loans. As of the
February 2023 remittance, 28 of the original 32 loans remained in
the trust with an aggregate principal balance of $967.1 million,
reflecting a collateral reduction of 8.9% since issuance as a
result of loan repayment and scheduled loan amortization. The pool
is most concentrated by office and retail properties, representing
40.0% and 20.1% of the pool, respectively. Loans secured by office
and retail properties had weighted-average debt yields of 8.7% and
9.6%, respectively, based on the most recent financials available.
There are currently five loans, representing 19.8% of the pool, on
the servicer's watchlist and three loans, representing 19.3% of the
pool, in special servicing.

DBRS Morningstar expects two of the specially serviced loans, 350
Park Avenue (Prospectus ID#1, 10.3% of the pool) and 20 West 37th
Street (Prospectus ID#16, 2.8% of the pool), to be returned to the
master servicer in the near term. The third loan in special
servicing, Writer Square (Prospectus ID #7, 6.2% of the pool) is
secured by a 186,233-square-foot (sf) mixed-use property with
street-level retail and an 11-story office tower in Denver. The
loan transferred to the special servicer in December 2021 after
performance declined as a result of impacts of the Coronavirus
Disease (COVID-19) pandemic and has consistently been late on
payments since, including with the February 2023 reporting.

Property occupancy declined to 68% per the June 2021 rent roll,
from 75% in September 2021 and 85% at issuance. Similarly, the debt
service coverage ratio (DSCR) declined to 0.78 times (x) as of
September 2021, compared with 0.87x at YE2020 and 1.30x at YE2019.
Within the next 12 months, seven tenants, representing 19.5% of the
net rentable area (NRA) have scheduled lease expirations. According
to servicer commentary, a pre-negotiation letter was executed in
October 2022, however, discussions remain ongoing as the special
servicer is currently assessing next steps for this loan. Given the
persistent performance declines and weak submarket, which reported
a vacancy of 27.4% according to CBRE Q4 2022 data, DBRS Morningstar
analyzed this loan with an elevated probability of default to
increase the loan's expected loss.

The largest loan in the pool, 350 Park Avenue was transferred to
special servicing in November 2022 as the servicer determined the
loan was at risk of imminent default. More recently, however, the
servicer noted the transfer was defined as a complex consent
request in light of a new agreement between the sponsors, Vornado
Realty Trust and Rudin with Citadel Enterprises America LLC
(Citadel), which is an affiliate of Kenneth C. Griffin, the founder
and chief executive officer of Citadel.

The details of the proposal have not been included in the
servicer's commentary for the transaction to date; however,
according to a December 9, 2022, press release from Vornado, major
terms of the agreement include the following: (1) Citadel to enter
into a master lease with Vornado for 350 Park (subject) on an "as
is" basis for 10 years retroactive to June 2022 at an annual rent
of $36 million ($63 per square foot (psf) gross); (2) Citadel to
also enter into a master lease with Rudin for the adjacent property
at 40 East 52nd (noncollateral); and (3)Vornado and Rudin to enter
into a joint venture to purchase 39 East 51st Street for $40
million, with the eventual aim of creating a premier development
site between the three aforementioned parcels.

From October 2024 to June 2030, Griffin will have the following
options: acquire a 60.0% interest in a joint venture with Vornado
and Rudin that would value the site at $1.2 billion to build a 1.7
million-sf office tower with Citadel occupying approximately 50.0%
of the NRA on a prenegotiated 15-year lease or exercise an option
to purchase the entire combined site for $1.4 billion without
participation from Vornado and Rudin. According to a January 25,
2023, press release from Vornado, the agreement as described above
has received all necessary third-party approvals with the master
lease now in effect at the subject.

Although the occupancy, in-place rental rates, and DSCR are
expected to further decline with the new master lease in effect,
the recent events are viewed as credit positive given the sponsors'
significant investment and long-term vision for the subject
collateral. The $400.0 million whole loan is divided between two
other commercial mortgage-backed securities (CMBS) transactions,
with 44.0% contributed to VNDO Trust 2016-350P ($233.3 million;
rated by DBRS Morningstar) and 23.0% contributed to JPMDB
Commercial Mortgage Securities Trust 2017-C5 ($66.7 million; not
rated by DBRS Morningstar).

The third loan in special servicing, 20 West 37th Street, is
secured by a 77,100-sf mixed-use property in Midtown Manhattan, New
York. The loan transferred to special servicing in August 2020
because of imminent default stemming from the impacts of the
pandemic; however, a loan modification was executed in September
2022 providing for the reinstatement of the loan to the master
servicer following a short rehabilitation period with the special
servicer for monitoring, among other terms.

As of September 2022, the property was 49.0% occupied, falling from
61% in December 2020 and 100% at issuance. According to the
servicer, however, the borrower signed a new lease with Matrix New
World (9.2% of NRA, expiring November 2027), improving occupancy to
roughly 58.0%, with an implied average rental rate of $51.98. The
tenant is an engineering firm that focuses on climate change, water
supply, disaster response, and urban revitalization. The five-year
lease provided no TI allowance and will have an initial rate of
$42.00 psf. The property faces elevated rollover risk as three
tenants, representing 25.2% of the NRA, have lease expirations in
the next 12 months. According to Reis, comparable properties within
a one-mile radius of the subject reported average vacancy of 14.2%,
effective rental rate of $41.51 psf, and asking rental rate of
$52.10. No other leasing details have been provided at this point,
but the borrower does have access to $476,000 held in a TI/LC
reserve to help leasing efforts.

As of the financials ended September 31, 2022, the loan reported an
annualized net cash flow (NCF) of approximately $137,400, well
below the YE2021 figure of $468,000 and the YE2019 pre-pandemic
figure of $1.8 million when occupancy was 94.0%. Based on the Q3
2022 reporting, the loan reported a DSCR of 0.1x, compared with the
YE2021 figure of 0.36x and the YE2019 figure of 1.38x. No updated
value has been provided since issuance, when the loan was appraised
at a value of $54.0 million, reflecting a low loan-to-value ratio
of 50.9%; however, value has likely significantly declined given
the sustained performance declines. As such, DBRS Morningstar
analyzed this loan with an elevated loss default considering the
increased leverage to increase the loan's expected loss.

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


HERTZ VEHICLE 2023-1: DBRS Finalizes BB Rating on Class D Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Hertz Vehicle Financing III LLC (HVF
III):

-- $337,500,000 Series 2023-1, Class A Notes at AAA (sf)
-- $52,500,000 Series 2023-1, Class B Notes at A (sf)
-- $45,000,000 Series 2023-1, Class C Notes at BBB (sf)
-- $65,000,000 Series 2023-1, Class D Notes at BB (sf)
-- $202,500,000 Series 2023-2, Class A Notes at AAA (sf)
-- $31,500,000 Series 2023-2, Class B Notes at A (sf)
-- $27,000,000 Series 2023-2, Class C Notes at BBB (sf)
-- $39,000,000 Series 2023-2, Class D Notes at BB (sf)

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

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

-- Credit enhancement in the form of subordination,
overcollateralization, letters of credit (LOCs), and any amounts
held in the reserve account support the DBRS Morningstar
stress-case liquidation analysis with bankruptcy and liquidation
period assumptions that vary by rating category and vehicle type
(program versus non-program) as well as residual value stresses
that vary by rating category for non-program vehicles and program
vehicles from non-investment-grade-rated manufacturers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


JP MORGAN 2013-LC11: Moody's Cuts Class E Certs Rating to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on seven
classes and has affirmed the ratings on two classes in J.P. Morgan
Chase Commercial Mortgage Securities Trust 2013-LC11, Commercial
Mortgage Pass-Through Certificates, Series 2013-LC11 as follows:

Cl. A-5, Affirmed Aaa (sf); previously on May 16, 2022 Affirmed Aaa
(sf)

Cl. A-S, Downgraded to Aa2 (sf); previously on May 16, 2022
Affirmed Aaa (sf)

Cl. B, Downgraded to Baa1 (sf); previously on May 16, 2022
Downgraded to A2 (sf)

Cl. C, Downgraded to Ba3 (sf); previously on May 16, 2022
Downgraded to Ba1 (sf)

Cl. D, Downgraded to Caa2 (sf); previously on May 16, 2022
Downgraded to B3 (sf)

Cl. E, Downgraded to C (sf); previously on May 16, 2022 Downgraded
to Caa3 (sf)

Cl. F, Affirmed C (sf); previously on May 16, 2022 Downgraded to C
(sf)

Cl. X-A*, Downgraded to Aa1 (sf); previously on May 16, 2022
Affirmed Aaa (sf)

Cl. X-B*, Downgraded to Ba1 (sf); previously on May 16, 2022
Downgraded to Baa2 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on Cl. A-5 was affirmed due to the significant credit
support and because Moody's loan-to-value (LTV) ratios were within
acceptable range. Cl A-5 will benefit from the principal recoveries
from the remaining loans in the pool and defeasance now represents
16% of the pool with all loans maturing in the next two months.

The ratings on five P&I classes were downgraded due to higher
anticipated losses and increased risk of interest shortfalls driven
primarily by the significant exposure to loans in special
servicing. The largest specially serviced loan in the pool, World
Trade Center I & II loan (19.5% of the pool), is currently REO.
Furthermore, five additional loans (totaling 46% of the pool) have
transferred to special servicing since December 2022 in relation to
maturity defaults and have mostly exhibited declining performance
since securitization. The second largest specially serviced loan,
the Pecanland Mall loan (14.9% of the pool), is secured by a
regional mall that has exhibited declining occupancy, revenue and
net operating income (NOI) since 2020. The remaining loans all have
maturity dates on or prior to May 2023. In this rating action
Moody's also 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 P&I class, Cl. F was affirmed because the rating is
consistent with Moody's expected loss.

The ratings on the IO classes, Cl. X-A and Cl. X-B, were downgraded
due to decline in the credit quality of their respective 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 26.2% of the
current pooled balance, compared to 12.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.1% of the
original pooled balance, compared to 8.4% 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 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 66% of the pool is in
special servicing. 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 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 61% to $508.2
million from $1.32 billion at securitization. The certificates are
collateralized by 16 remaining mortgage loans. Five loans,
representing 16% of the pool, have defeased and six loans
representing 66% of the pool are in special servicing. Five of the
six specially serviced loans have transferred to special servicing
since December 2022, due to maturity defaults and all remaining
loans have either passed their original maturity dates or have a
scheduled maturity date in the next two months.

The largest specially serviced loan is the World Trade Center I &
II loan ($98.8 million -- 19.5% of the pool) is secured by two
adjacent 28-story and 29-story Class A office buildings totaling
770,000 SF and located in the CBD of Denver, Colorado. The property
is also encumbered with $17.6 million of additional mezzanine
financing held outside of the trust. The property's performance has
declined significantly since securitization as a result of both
lower revenue and higher operating expenses. The loan was
transferred to special servicing in July 2020 after two major
tenants vacated the property and was REO as of the March 2023
remittance statement. As of February 2022, the property was only
37% occupied with several in place tenants having near-term lease
expiration dates. An updated appraisal value was reported in
January 2022 that represented a 44% decline from its value at
securitization and is slightly below the outstanding loan amount.
As a result, an appraisal reduction of $10.4 million has been
recognized on this loan. The loan is last paid through its June
2022 payment date and has accrued approximately $5.6 million in
outstanding loan advances.

The second largest specially serviced loan is the Pecanland Mall
loan, ($75.5 million -- 14.9% of the pool), which is secured by a
433,200 SF component of a 965,238 SF super-regional mall in Monroe,
Louisiana. Current non-collateral anchor tenants include Dillard's,
J.C. Penney and Belk. Property performance generally improved from
securitization through 2017, however, the property's NOI then
generally declined through 2020. The loan was previously
transferred to special servicing in September 2020 due to payment
delinquencies, however, the loan returned to the master servicer
effective in March 2022 as a corrected mortgage loan. This loan
transferred back to special servicing in February 2023 due to
imminent maturity default ahead of its March 2023 maturity date.
The property's September 2022 trailing NOI was similar to YE 2021
and 19% lower than the NOI in 2013. As of September 2022, the
property was 83% occupied, a slight decline from 84% in December
2021, and 95% at securitization. The loan has amortized by 16%
since securitization and had an in-place NOI DSCR of 1.49X as of
September 2022 (based on amortizing payments and a 3.9% interest
rate).  However, the loan has now passed its March 2023 maturity
date and was last paid through February 2023.

The third largest specially serviced loan is the Chandler Crossings
Portfolio loan ($71.7 million -- 15.6% of the pool), which is
secured by three student housing properties totaling 852 units
(2,772 beds) located in East Lansing, Michigan. The properties were
built between 2001 and 2003, located approximately 2.5 miles from
the Michigan State campus. The portfolio was collectively 62%
leased as of June 2022, compared to 80% leased in December 2020 and
90% leased in December 2019. This loan transferred to special
servicing in February 2023 due to maturity default. Property
performance has recently declined and the NOI DSCR as of June 2022
was only 0.59X compared to 0.86X in September 2021. The loan has
amortized 15.6% since securitization. As of the March remittance,
the loan was last paid through February 2023 payment date but has
now passed its scheduled maturity date.

The fourth largest specially serviced loan is the Dulles View loan
($51.5 million – 10.1% of the pool), is secured by two
eight-story, Class A, LEED Gold Certified office buildings located
in Herndon, Virginia. The buildings are connected by a common
two-story glass atrium and located across from the
Washington-Dulles International Airport. The loan was previously
transferred to special servicing in February 2018 due to imminent
default associated with significant tenant turnover. Occupancy at
the property had declined to 48% in December 2018 from 93% in
December 2017. However, occupancy has consistently trended higher
since 2019, with most recent occupancy at 80% in September 2022.
The loan was returned to the master servicer in February 2019 as a
corrected loan, but transferred back to special servicing in March
2023 due to imminent maturity default ahead of its April 2023
maturity date. While occupancy has improved since 2019 the
property's September 2022 NOI was 25% lower than in 2013. As of
March remittance, the loan was current on P&I payments and has
amortized by 14.1% since securitization.

Moody's has also assumed a high default probability on an
underperforming office in the DC metropolitan area and a retail
condo located in New York, New York that both have upcoming
maturity dates, and has estimated an aggregate loss of $133.2
million (a 39.9% expected loss on average) from these specially
serviced loans.

Moody's received full year 2021 operating results for 97% of the
pool, and partial 2022 operating results for 26% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV on the five non-specially serviced loans is
95%.

The top three loans represent 17% of the pool balance. The largest
conduit loan is the Legacy Place Loan ($65.1 million -- 12.8% of
the pool), which represents a pari passu portion of a $173.6
million mortgage loan. The loan is secured by a 484,000 SF
lifestyle retail center in Dedham, Massachusetts, a suburb of
Boston. The property was developed in 2009 and consists of six
buildings and parking for approximately 2,800 vehicles. At
securitization, the property is anchored by a Whole Foods,
Citizen's Bank, L.L. Bean and Kings Bowling Alley. Whole Food and
L.L. Bean extended their lease terms in January of 2020 for an
additional 10 years and 7 years, respectively. The property was 78%
leased as of March 2022, compared to 85% leased as of December 2020
and 96% leased as of December 2019. The loan has amortized 13%
since securitization and the property's NOI has been in line with
expectations at securitization. The loan has an upcoming maturity
in May 2023 and due to the loan's performance it is well positioned
to payoff  at or near its loan maturity date.

The second largest conduit loan is the Memorial Square Loan ($13.8
million – 2.7% of the pool), which is secured by an open air
center that was built in 2004, with a total area of 123,772 SF.
This loan had transferred to special servicing in June 2020 due to
the pandemic, and was returned to the master later that year in
October 2020 as a resolved corrected loan. Occupancy was 96% in
September 2022, compared to 89% in December 2020, and 93% at
securitization. As of the March 2023 remittance date, the loan was
current, and is interest only through the term. The property's 2022
NOI was above expectations at securitization and the in-place NOI
debt yield was nearly 20%.

The third largest conduit loan is the Giant Eagle Northfield Center
loan ($7.1 million – 1.4% of the pool), which is secured by a
single tenant grocery store with a total area of 62,973 SF, that is
fully leased to Giant Eagle through December 2023. In January 2023,
the loan transferred to the watchlist due to the impending maturity
date in April 2023 and faces rollover risk if the single tenant
fails to renew at their lease expiration date in December 2023. As
of the March 2023 remittance date, the loan was current and has
amortized by 17.4% since securitization.

As of the March 2023 remittance statement cumulative interest
shortfalls were $1,260,770. 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.


JP MORGAN 2021-MHC: DBRS Confirms BB Rating on Class E Certs
------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of JPMCC
2021-MHC Mortgage Trust Commercial Mortgage Pass-Through
Certificates issued by J.P. Morgan Chase Commercial Mortgage
Securities Trust 2021-MHC (the Issuer):

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations at issuance. The loan is secured by the fee-simple
interest in a portfolio of 93 manufactured housing communities
(MHCs) containing 11,129 pads and one self-storage property across
13 states, with the largest concentrations in the Midwest and
Texas. Of the 11,129 total pads, 10,897 are manufactured housing
pads, 194 are recreational vehicle pads, and 38 are site-built
homes. The collateral benefits from an experienced sponsor, Horizon
Land Management, that demonstrated its commitment to the portfolio
with a significant equity contribution at acquisition, which
represented 34.8% of the purchase price.

According to the February 2023 remittance, the current loan balance
is $478.5 million, reflecting nominal collateral reduction since
issuance, attributable to the release of two properties within the
collateral portfolio. Net operating income (NOI) as of YE2022 was
$35.3 million compared with the Issuer's NOI of $34.4 million and
the DBRS Morningstar NOI of $30.3 million at issuance. The servicer
reported YE2022 debt service coverage ratio (DSCR) declined to 1.69
times (x) compared with the YE2021 DSCR of 2.41x, the Issuer's DSCR
of 2.29x, and the DBRS Morningstar DSCR of 2.01x at issuance as a
result of interest rate volatility. DBRS Morningstar notes the
property type benefits from its status as a more affordable housing
option within the portfolio's markets compared with homeownership
and multifamily and single-family home rental rates. As a result,
MHC pad renters tend to have higher renewal probabilities—even
with annual rental rate increases—than traditional multifamily
renters, as the cost to move manufactured homes deters pad lessees
from moving manufactured homes to competitive MHCs. In addition,
MHC properties have historically performed well during prior
economic recessions relative to other property types.

The floating-rate interest-only (IO) loan has an initial term of 24
months, with three one-year extension options available. The $488.6
million first-mortgage loan, $40.0 million mezzanine loan, and
$258.8 million of sponsor equity were used to acquire the portfolio
for $743.3 million, fund an earn-out reserve of $11.0 million,
finance an immediate repair upfront reserve of $1.0 million, and
cover closing costs of $32.2 million. The transaction is structured
to allow the release of one or more individual properties upon
prepayment of 105% of the allocated loan amount (ALA) for such
individual property, except in the case of the five individual
properties with the greatest ALA, for which 110% of the ALA for
such individual property will be required.

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


JPMBB COMMERCIAL 2015-C27: DBRS Lowers Cl. E Debt Rating to C
-------------------------------------------------------------
DBRS Limited downgraded the ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2015-C27
issued by JPMBB Commercial Mortgage Securities Trust 2015-C27:

-- Class X-C to A (low) (sf) from A (sf)
-- Class C to BBB (high) (sf) from A (low) (sf)
-- Class EC to BBB (high) (sf) from A (low) (sf)
-- Class E to C (sf) from CCC (sf)

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

-- Class A-3A1 at AAA (sf)
-- Class A-3A2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class D at CCC (sf)
-- Class F at C (sf)

With this review, DBRS Morningstar maintained the Negative trends
on Classes C, EC, and X-C. All other trends are Stable with the
exception of Classes D, E and F, which are assigned ratings that do
not typically carry trends in commercial mortgage-backed securities
(CMBS) ratings.

The rating downgrades and the Negative trends are reflective of
DBRS Morningstar's continued concerns regarding the loans in
special servicing, representing 22.8% of the pool balance, all of
which are in the top 10 and are discussed below. In addition, the
pool is concentrated by property type with office representing
38.2% of the pool balance. Some of those loans, including two in
special servicing (collectively representing 10.5% of the pool
balance) and three loans on the servicer's watchlist (collectively
representing 6.7% of the pool balance), are showing performance
challenges that suggest increased risks since issuance. Given the
shift in demand for office space following the Coronavirus Disease
(COVID-19) pandemic, DBRS Morningstar anticipates upward pressure
on vacancy rates in the broader office market, challenging efforts
to backfill vacancies and contributing to the larger trends showing
value declines, particularly for assets located in non-core markets
and/or with disadvantages in location, building quality, or
amenities offered. As part of this review, DBRS Morningstar
increased the probability of default (POD) for all of the
distressed loans to reflect their current risk profile and, in
certain cases, applied stressed loan-to-value (LTV) ratios to the
top 20 loans in the pool that are secured by office properties. In
some cases where significant performance declines were observed,
the analyzed LTVs were quite high, ranging between 150% and 230%.
The largest specially serviced loan, The Branson at Fifth
(Prospectus ID#3; 12.0% of the pool), was analyzed with a
liquidation scenario.

In addition to the projected losses from the liquidated loans and
other loans showing value declines from issuance, the rating
downgrades and the CCC (sf) and C (sf) ratings on the most junior
rated tranches are also reflective of the expectation that interest
shortfalls could continue to grow. As of the March 2023 remittance,
shortfalls totaled $4.1 million, with shortfalls reported up
through the Class D certificate.

According to the March 2023 remittance, of the original 44 loans,
35 remain in the pool with an aggregate principal balance of $595.5
million, representing a collateral reduction of 28.8% since
issuance as a result of scheduled loan amortization and loan
repayments. Five loans, representing 5.4% of the pool, are fully
defeased. Eleven loans, representing 20.1% of the pool, are on the
servicer's watchlist for low debt service coverage ratios (DSCRs)
and/or occupancy rates.

The Branson at Fifth is secured by a mixed-use (multifamily and
retail) property in Midtown Manhattan, New York. The loan was
transferred to special servicing for a second time in September
2021 because of insufficient cash flow and was last paid through
November 2021. According to the December 2022 financials, the
property was 69.5% occupied, with only one commercial tenant
(occupying approximately 33.6% of the net rentable area (NRA)) that
was paying reduced rent on a month-to-month basis. Cash flows have
been reported well below breakeven since YE2019, a trend that began
with the loss of the sole commercial tenant at issuance, Domenico
Vacca, earlier that year. According to the latest servicer update,
while the borrower had paid out of pocket to cover a portion of the
accrued interest, the special servicer will continue workout
discussions while dual tracking foreclosure. According to the
October 2022 appraisal, the property was valued at $38.2 million, a
68.1% decline from the issuance value of $119.0 million and well
below the outstanding loan balance of $73.0 million, reflecting an
LTV of 192.1%. Given the significant decline in value and tenant
rollover risk, DBRS Morningstar analyzed this loan with a
liquidation scenario, resulting in a loss severity in excess of
65.0%.

The second-largest loan in special servicing, 717 14th Street
(Prospectus ID#4; 6.4% of the pool balance), is secured by a
114,204-square foot office property in Washington, DC. The loan was
transferred to special servicing in February 2023 for imminent
monetary default after the borrower was unable to fund operating
shortfalls. The borrower and special servicer have since initiated
the discussion of releasing funds from the lockbox before the
payment of debt service in order to fund the operating expense.
According to the March 2023 loan level reserve report, the loan
reported $798,268 in a rollover reserve, $257,353 in a lockbox
reserve, and $28,707 in a replacement reserve. At issuance, the
building was fully occupied by the DC Government, General Services
Administration - U.S Department of the Treasury, and CVS, which are
all investment-grade tenants. According to the most recent
financials, occupancy dropped to 64.4% in January 2023 from 79.9%
in YE2021, which is predominantly because of the departure of DC
Auditors (approximately 9.4% of NRA) in August 2022. In addition,
the DC Office of the Inspector General (DC-OIG;10.0% of the NRA)
will vacate upon its lease expiration at the end of March 2023,
bringing occupancy down to approximately 54%. According to Reis,
office properties in the East End submarket reported a YE2022
vacancy rate of 14.8%, in line with the YE2021 vacancy rate. The
vacancy rate for DC is forecast to be 12.3% by 2028.

Based on the financials for the trailing nine months ended
September 30, 2022, the loan reported DSCR of 1.02 times (x), a
drop from the YE2021 DSCR of 1.45x and YE2020 DSCR of 1.61x. Given
the performance decline and upcoming departure of DC-OIG, with this
review, the loan was analyzed with a stressed LTV and elevated POD.
DBRS Morningstar derived a stressed value based on the property's
in-place cash flow adjusted for the loss of DC-OIG's rent while
applying a cap rate on the high end of DBRS Morningstar's cap rate
range for office properties, resulting in an LTV above 200.0%.

4141 North Scottsdale Road (Prospectus ID#9; 4.1% of the pool) is
secured by a Class A, low-rise, suburban office building in
Scottsdale, Arizona, and was transferred to special servicing in
June 2022 for payment default. After several tenants had vacated
the property, including the former largest tenant, Aetna, Inc.
(previously occupying 71.0% of the NRA) at its lease expiration in
December 2021, there has been no leasing activity since YE2021.
According to the September 2022 rent roll, the property was
occupied by three tenants, reflecting a 16.6% occupancy rate, with
the third-largest tenant's (Acentium Capital; 2.4% of the NRA)
lease expiring in November 2023. The borrower initially intended to
bring the loan current and simultaneously defease the loan with
proceeds from a property sale that was expected to close in
September 2022 but ultimately that sale was not executed. The loan
defaulted on its April 2022 payment but was brought current with
the February 2023 remittance and is expected to be returned to the
master servicer after a three-month rehabilitation period.
According to Reis, office properties in the Scottsdale submarket
reported a YE2022 vacancy rate of 19.0%, a slight decrease from the
YE2021 vacancy rate of 20.4%. Generally, the submarket vacancy rate
is expected to remain elevated, considering the vacancy rate is
forecast to be 18.5% by 2028.

According to the March 2023 loan level reserve report, the loan
reported $1.4 million across reserves including $890,751 in a
tenant reserve, $88,671 in a lockbox reserve, and $262,170 in a
major tenant account. Per the August 2022 appraisal, the property
was valued at $29.5 million, 18.3% below the issuance value of
$36.1 million but above the outstanding loan balance of $24.6
million, reflecting a current LTV of 83.4%. The borrower's ability
to bring the loan current suggests the borrower remains committed
to the loan at this time but given the value decline, low occupancy
rate, and the soft submarket, with this review, DBRS Morningstar
increased the POD and applied a stressed LTV in its analysis.

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


JPMBB COMMERCIAL 2015-C29: DBRS Confirms C Rating on 2 Classes
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C29 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C29 as follows:

-- Class A-3A1 at AAA (sf)
-- Class A-3A2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (sf)
-- Class B at AA (low) (sf)
-- Class X-C at A (sf)
-- Class C at A (low) (sf)
-- Class EC at A (low) (sf)
-- Class D at CCC (sf)
-- Class E at C (sf)
-- Class F at C (sf)

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

DBRS Morningstar's expectations for the pool remain in line with
the last rating action in November 2022. There have been minimal
changes since that time with one small loan having been repaid and
another small loan defeased. The CCC (sf) and C (sf) ratings
reflect DBRS Morningstar's continued concern about three loans in
special servicing, which represent 14.6% of the trust balance
including the largest loan in the pool, One City Centre (Prospectus
ID#2; 10.6% of the pool), that are expected to liquidate from the
trust with significant losses.

The One City Centre loan is secured by the borrower's fee interest
in a 602,122 square foot (sf) office property in Houston's central
business district (CBD) and is part of a whole loan that was split
pari passu between two CMBS transactions, both of which are rated
by DBRS Morningstar. The loan transferred to special servicing in
April 2021 because of imminent default related to the borrower's
unwillingness to fund operating shortfalls after the former largest
tenant, Waste Management, which comprised 40.5% of net rentable
area (NRA) and 50.2% of total rent at issuance, vacated upon its
lease expiration in December 2020. As of the most recent servicer
reporting in June 2022, the occupancy rate remains unchanged at
25.0% from YE2021, a significant decline from 68.0% at YE2020 and
82.6% at issuance. Similarly, the debt service coverage ratio
(DSCR) as of June 2022 declined to -1.30 times (x) from -0.80x at
YE2021, 1.78x at YE2020, and 2.04x at issuance. Given the lack of
resolution of the specially serviced loan, declining performance
metrics, dismal leasing traction, and soft Houston office market
fundamentals, DBRMS Morningstar assumed a liquidation scenario for
the subject loan, resulting in an overall loss severity of nearly
85%.

As of the February 2023 remittance, 48 of the original 63 loans
remain in the trust with an outstanding trust balance of $568.1
million, reflecting a collateral reduction of 42.3% since issuance
because of loan repayments, scheduled amortization, and $4.6
million of realized losses that have been contained to the nonrated
Class NR. Eleven loans, representing 19.4% of the trust balance,
are defeased. Seven loans, representing 24.1% of the trust balance,
are on the servicer's watchlist, including the second-largest loan
in the pool, 2025 M Street (Prospectus ID #1; 10.2% of the pool).

DBRS Morningstar has concerns about the 2025 M Street loan, which
is secured by the borrower's fee interest in a 191,281-sf office
property in the Washington D.C. CBD. The property's occupancy rate
has remained below stabilization at 62.8% since the former
second-largest tenant, SmithBucklin Corp, which occupied 37.3% of
NRA and comprised 52.3% of base rent at issuance, vacated at its
lease expiration in June 2020. The servicer reported the DSCR has
increased slightly to 0.54x as of September 2022 from 0.49x as of
YE2021. As of the February 2023 remittance, reserves total $5.9
million, which includes $2.2 million in the tenant reserve account
and $3.5 million in the other reserve account. The loan remains
current with the borrower continuing to fund interest shortfalls.
Marketing material for the available space notes property
renovations are coming soon, which further demonstrates the
borrower's commitment to the property. However, given the overall
concerns related to the Washington office market and uncertainty
around the future of the return-to-work policies for government
employees, a prolonged lease-up period, and a DSCR below breakeven
, the loan was analyzed with a stressed scenario.

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


JPMBB COMMERCIAL 2015-C32: DBRS Confirms C Rating on 4 Classes
--------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-C32 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C32 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (low) (sf)
-- Class B at A (high) (sf)
-- Class C at CCC (sf)
-- Class EC at CCC (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Classes C, D, E, F, G, and EC have ratings that do not typically
carry trends in commercial mortgage-backed securities (CMBS)
ratings. All other classes have Stable trends. The rating
confirmations reflect the overall stable performance of the
transaction since DBRS Morningstar's last review. The CCC (sf) and
C (sf) ratings for Classes C, D, E, F, G, and EC are reflective of
DBRS Morningstar's continued loss expectations for the largest
loans in special servicing, as discussed below.

As of the February 2023 remittance, 74 loans of the original 89
remain outstanding with a pool balance of $750.4 million,
representing a collateral reduction of 34.7% since issuance as a
result of loan amortization and repayments. Of the remaining loans,
six loans, representing 5.6% of the pool balance, have fully
defeased. Seven loans are in special servicing, totaling 33.4% of
the pool balance, including the top three loans. In addition, 13
loans, totaling 17.7% of the pool balance, are on the servicer's
watchlist, six of which have been flagged for performance-related
issues.

The largest loan in the pool and in special servicing, Civic Opera
Building (Prospectus ID#2, 9.3% of the pool), is secured by the
borrower's fee-simple interest in a 915,162-square-foot office
property in Chicago's West Loop District and is pari passu with a
companion note in the JPMBB 2015-C31 transaction, which is also
rated by DBRS Morningstar. The loan transferred to special
servicing in June 2020 following the borrower's request for
forbearance relief as a result of the Coronavirus Disease
(COVID-19) pandemic. The loan has been delinquent since May 2021,
and a receiver has been appointed. According to the most recent
servicer commentary, the lender is seeking foreclosure as
forbearance negotiations have stalled.

According to the September 2022 rent roll, the property was 63.7%
occupied, compared with 69.4% at year-end (YE) 2021. The largest
tenants are Bond Collective (7.4% of the net rental area (NRA),
expiry in November 2033); TechNexus, LLC (5.3% of the NRA, expiry
in April 2025); Natural Resources (2.8% of the NRA, expiry in March
2038); and Perficient, Inc. (2.4% of the NRA, expiry in June 2030).
There is moderate upcoming rollover risk, with leases representing
9.2% of the NRA scheduled to expire within the next 12 months. The
most recent appraisal obtained by the special servicer, dated
September 2022, valued the property at $159.4 million, compared
with a value of $165.0 million dated February 2021, and down 27.5%
from the appraised value of $220.0 million at issuance. DBRS
Morningstar's analysis included a liquidation scenario based on a
stress to the most recent appraised value to reflect declining
occupancy, upcoming rollover, and an increasing supply of vacant
office space in the Chicago central business district, resulting in
a loss severity in excess of 45%.

The second-largest loan in special servicing, Hilton Suites Chicago
Magnificent Mile (Prospectus ID#1, 9.0% of the pool), is secured by
a full-service hotel in downtown Chicago. The loan transferred to
special servicing in May 2020 for monetary default and was last
paid through September 2020. According to the most recent
commentary from the special servicer, a receiver is in place and
the foreclosure sale is anticipated to occur in the first quarter
of 2023. According to the September 2022 STR, Inc. reporting, the
occupancy rate, average daily rate, and revenue per available room
for the trailing 12-month period, were reported at 63.1%, $204.96,
and $129.41, respectively, an improvement over the YE2021 figures
of 29.8%, $164.36, and $48.95, respectively. Updated financials
have not been produced since March 2020. The trailing 12 months
ended March 2020 debt service coverage ratio (DSCR) was reported to
be 0.79 times (x), down from a YE2019 DSCR of 0.90x and YE2018 DSCR
of 1.30x, indicating declines to performance prior to the pandemic.
An April 2022 appraisal valued the property at $68.1 million,
compared with a May 2021 appraised value of $57.1 million. The most
recent appraised value represents a 39.4% decline from the issuance
appraised value of $112.4 million. With this review, DBRS
Morningstar liquidated this loan from the pool, which resulted in a
loss severity in excess of 30%.

The third-largest loan in special servicing, Palmer House Retail
Shops (Prospectus ID #3, 7.7% of the pool), is secured by a
mixed-use retail and office property in downtown Chicago. The loan
transferred to special servicing in July 2020 for payment default
having last paid through in April 2020. The special servicer
reported that a foreclosure complaint was filed in December 2020
and a receiver was appointed in February 2021. The borrower, an
affiliate of Thor Equities, has contested the foreclosure, delaying
proceedings. Thor Equities is facing multiple foreclosure suits
across its portfolio.

According to the June 2022 rent roll, occupancy dropped to 54.6%
from 65.7% at YE2021 and 98.0% at YE2019. As per the June 2022 rent
roll, the largest tenant is Hilton Domestic Operating Company
(21.1% of the NRA, expiry in June 2024), representing all of the
collateral office space. The largest retail tenants include
Sterling Jewelers Inc. (7.5% of the NRA, expiry in April 2028) and
Crocs Retail, Inc. (3.8% of the NRA, expiry in December 2023).
Rollover risk for the next 12 months is minimal with only 4.8% of
the NRA with upcoming lease expirations. The largest rentable
collateral space is the property's parking component, which was
previously leased to an operator whose lease expired in August
2022. The most recent appraisal, dated April 2022, reported an
as-is value of $36.9 million, compared with the April 2021 value of
$39.9 million, and representing a 60.2% decline from the appraised
value of $92.6 million at issuance. DBRS Morningstar liquidated
this from the pool with a loss severity in excess of 70%.

DBRS Morningstar's analysis included liquidation scenarios for
three additional assets in special servicing. Hilton Atlanta
Perimeter (Prospectus ID#12, 3.5% of the pool), Market Square at
Montrose (Prospectus ID#49, 0.7% of the pool), and La Quinta Inn &
Suites (Prospectus ID#58, 0.5% of the pool), are real estate owned.
DBRS Morningstar's modeled loss severities for these loans range
from approximately 20% to 65%.

At issuance, DBRS Morningstar shadow-rated the U-Haul Portfolio
loan (Prospectus ID#5, 2.0% of the pool) as investment grade. With
this review, DBRS Morningstar confirmed that the performance of
this loan remains consistent with investment-grade loan
characteristics.

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


JPMCC 2019-COR5: Fitch Affirms 'B-sf' Rating on Class G-RR Certs
----------------------------------------------------------------
Fitch Ratings has affirmed 14 classes of JPMCC Commercial Mortgage
Securities Trust 2019-COR5 commercial mortgage pass-through
certificates, series 2019-COR5.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
JPMCC 2019-COR5

   A-2 46591EAR8    LT AAAsf  Affirmed    AAAsf
   A-3 46591EAS6    LT AAAsf  Affirmed    AAAsf
   A-4 46591EAT4    LT AAAsf  Affirmed    AAAsf
   A-S 46591EAV9    LT AAAsf  Affirmed    AAAsf
   A-SB 46591EAU1   LT AAAsf  Affirmed    AAAsf
   B 46591EAW7      LT AA-sf  Affirmed    AA-sf
   C 46591EAX5      LT A-sf   Affirmed     A-sf
   D 46591EAC1      LT BBBsf  Affirmed    BBBsf
   E-RR 46591EAE7   LT BBB-sf Affirmed   BBB-sf
   F-RR 46591EAG2   LT BB-sf  Affirmed    BB-sf
   G-RR 46591EAJ6   LT B-sf   Affirmed     B-sf
   X-A 46591EAY3    LT AAAsf  Affirmed    AAAsf
   X-B 46591EAZ0    LT A-sf   Affirmed     A-sf
   X-D 46591EAA5    LT BBBsf  Affirmed    BBBsf

KEY RATING DRIVERS

Stable Loss Expectations: Overall pool loss expectations have
remained relatively stable since Fitch's last rating action. The
Negative Rating Outlook on class G-RR reflects the potential for
downgrades should performance of Fitch Loans of Concern (FLOCs) in
the pool decline further. Fitch has identified three FLOCs (5.8% of
the pool balance), primarily due to deteriorating performance and
upcoming rollover concerns. Two loans (3.3%) are in special
servicing. Twenty loans (38.6%) 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 5.1%.

Largest Contributors to Loss: The largest contributor to overall
loss expectations is the Gateway Center (4.2% of the pool), which
is secured by a 310,475-sf office building located in CBD
Charlotte, North Carolina. The property serves as a critical
location for Bank of America's global technology and operations
units. Bank of America (AA-/F1+ Sta) is the largest tenant (78.1%
of NRA; through September 2024). The tenant has been in occupancy
since 2004 and has six five-year renewal options remaining.

The servicer-reported YE 2022 NOI DSCR was 1.55x compared with
1.51x at YE 2021 and 2.18x at YE 2020. Collateral occupancy was 87%
as of YE 2022 compared with 87% as of YE 2021, and 91% at issuance.
The occupancy has dipped slightly since issuance because ESL
Education terminated its lease and vacated ahead of the Nov. 2025
lease expiration. Upcoming rollover includes 78.4% of the NRA in
2024 and 8.2% in 2026. Fitch applied a 9% cap rate and a 15% stress
to the YE 2022 NOI to account for upcoming lease rollover resulting
in an approximate 21% loss.

The second largest contributor to overall loss expectations is the
specially serviced Greenleaf at Howell (1.4% of the pool), which is
secured by an anchored retail property in a primary commercial
corridor in Howell, NJ. The loan transferred to the special
servicer in September 2020 for imminent monetary default and
remains delinquent. Annualized June 2022 NOI DSCR was 0.68x,
compared with 0.34x at YE 2021, 1.38x at YE 2020 and 1.39x at YE
2019.

Per the YE 2021 rent roll, the property was 74.5% leased compared
with 99% as of YE 2020, and 100% at issuance. Xscape Cinemas (24.9%
of NRA; through April 2031) vacated prior to lease expiration.
Servicer commentary indicates the Special Servicer is evaluating
modification terms for the loan. A receiver is currently in place
at the property. Fitch's analysis includes a haircut to the most
recent appraisal resulting in a loss severity of approximately
51%.

Minimal Changes to Credit Enhancement: As of the March 2023
distribution date, the pool's aggregate balance has been paid down
by 3.3% to $675.7 million from $694.4 million at issuance. One loan
has paid off and no loans are defeased. Eight loans representing
20.5% of the pool had a partial interest-only component, and thirty
loans (59.1%) are full term interest-only loans. Interest
shortfalls totaling $397,332 are currently impacting the non-rated
class NR.

Credit Opinion Loans: Twenty loans received an investment-grade
credit opinion at issuance. 3 Columbus Circle (7.4%) and ICON Upper
East Side Portfolio (3.7%) each received standalone credit opinions
of 'BBB-sf'. The ICON 18 loans (4.3%) received credit opinions
ranging from 'BBB+sf' to 'BBB-sf' on a stand-alone basis.

Property Type Concentration: The highest concentration is office
(38.6%), followed by multifamily (28.6%), retail (17.6%), and mixed
use (6.7%).

Pari Passu Loans: Twenty-seven loans comprising 54.3% of the pool
are part of a pari passu loan combination.

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', 'BBB', 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 credit enhancement (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 classes 'BBB' and '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.


KAWARTHA CAD 2022-2: DBRS Finalizes BB(high) Rating on E Notes
--------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Boreal Series 2022-2 Class B Guarantee Linked Notes (the Class B
Notes), the Boreal Series 2022-2 Class C Guarantee Linked Notes
(the Class C Notes), the Boreal Series 2022-2 Class D Guarantee
Linked Notes (the Class D Notes), and the Boreal Series 2022-2
Class E Guarantee Linked Notes (the Class E Notes) (collectively,
the Notes) issued by Kawartha CAD Ltd. (the Issuer) referencing the
executed Junior Loan Portfolio Financial Guarantees (the Financial
Guarantee), dated as of December 2, 2022, between the Issuer as
Guarantor and the Bank of Montreal (BMO; rated AA with a Stable
trend by DBRS Morningstar) as Beneficiary with respect to a
portfolio of Canadian commercial real estate (CRE) secured loans
originated or managed by BMO:

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

The ratings on the Notes address the timely payment of interest and
ultimate payment of principal on or before the Scheduled
Termination Date (as defined in the Financial Guarantee referenced
above). The payment of the interest due to the Notes is subject to
the Beneficiary's ability to pay the Guarantee Fee Amount (as
defined in the Financial Guarantee referenced above).

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

RATING RATIONALE

The ratings are the result of DBRS Morningstar's review of the
transaction structure and Financial Guarantee of Kawartha CAD Ltd.,
a corporation established under the Canada Business Corporations
Act. Kawartha CAD Ltd., Boreal 2022-2 is a synthetic risk transfer
transaction with BMO as the Beneficiary.

The ratings reflect the following:

(1) The Financial Guarantee, dated as of December 2, 2022.
(2) The integrity of the transaction structure.
(3) DBRS Morningstar's assessment of the portfolio quality.
(4) Adequate credit enhancement to withstand projected collateral
loss rates.

DBRS Morningstar analyzed the transaction using its CMBS Insight
Model and CLO Asset Model, based on certain reference portfolio
characteristics, including Eligibility Criteria and Replenishment
Criteria, as defined per the Financial Guarantee. The initial
reference portfolio consists of well-diversified CRE secured loans
across various obligors. The analysis produced satisfactory
results, which supported the ratings on the Notes.


MAD MORTGAGE 2017-330M: DBRS Confirms BB Rating on Class E Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-330M issued by MAD Mortgage
Trust 2017-330M 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 (sf)

All trends are Stable.

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

The loan is collateralized by the fee and leasehold interests in an
849,372-square-foot (sf) Class A LEED Gold certified office
property at 330 Madison Avenue in Midtown Manhattan. The property
is one block west of Grand Central Station and two blocks east of
Bryant Park on the corner of Madison Avenue and 42nd Street.
Constructed in 1965, the 39-story building has a progressive,
tiered floor design with the largest floorplates (approximately
42,000 sf) on Floors two through 12, various setbacks on Floors 13
through 21, and the smallest floorplates (approximately 9,700 sf)
on Floors 22 through 39. The retail portion of the collateral
represents approximately 2.5% of the total net rentable area (NRA)
and is built across the ground and mezzanine floors. The most
recent renovation was completed in 2014 at a cost of approximately
$121.0 million. The loan is interest only over its seven-year
term.

The three largest tenants, representing a combined 53.6% of the
NRA, are Guggenheim Partners (28.2% of the NRA, lease expiry in
March 2028), which is headquartered at the property; Jones Lang
Lasalle Incorporated (16.7% of the NRA, lease expiry in May 2032);
and Munich RE America Services, Inc. (Munich RE; 8.7% of the NRA,
lease expiry in January 2033). Upcoming tenant rollover is limited,
with leases representing approximately 5.0% of NRA scheduled to
roll within the next 12 months. As of September 2022, the property
was 93.23% occupied with an average base rental rate of $74.83 per
sf (psf) for office space, compared with the September 2021 figures
of 85.70% and $74.05, respectively. According to Reis, comparable
office properties within the Grand Central submarket reported
average asking rental and vacancy rates of $76.27 psf and 12.5%,
respectively, as of Q4 2022. The annualized net cash flow (NCF) for
the trailing nine-month period ended September 2022 was $29.5
million, representing a 14.3% decline from the YE2021 figure of
$34.4 million. The September 2022 rent roll indicates the
third-largest tenant, Munich RE, which signed a new lease in June
2022, had a rent abatement that ended in January 2023. DBRS
Morningstar expects NCF will stabilize through 2023 as Munich RE
commences full rent payments and projects continued stable
performance for the property.

Given these expectations, DBRS Morningstar did not perform an
updated loan-to-value ratio (LTV) sizing for this review. The DBRS
Morningstar value of $591.2 million, based on a NCF figure of $39.3
million and a capitalization rate of 6.75%, is a -37.80% variance
from the appraised value at issuance of $950.0 million. The DBRS
Morningstar value implies an LTV of 84.6%, compared with the 52.6%
LTV on the appraised value at issuance.

In early 2020, Munich Reinsurance Company closed its acquisition of
the property from a joint venture between Vornado Realty, LLP
(25.0%) and the Abu Dhabi Investment Authority, which owned the
asset through a subsidiary, Chadison Investment Company, LLC
(75.0%). The deal implied a total asset value of $900.0 million,
representing a 5.3% decline from the issuance appraised value of
$950.0 million. With the acquisition, Munich Reinsurance Company
assumed the subject loan.

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


METRONET INFRASTRUCTURE 2023-1: Fitch Gives BB- Rating on C Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Metronet Infrastructure Issuer LLC, Secured Fiber Network Revenue
Notes Series 2023-1. Fitch has also affirmed the ratings and
Ratings Outlooks on Metronet Infrastructure Issuer LLC, Secured
Fiber Network Revenue Notes Series 2022-1.

   Entity/Debt              Rating                   Prior
   -----------              ------                   -----
Metronet
Infrastructure
Issuer LLC,
Secured Fiber
Network Revenue
Notes, Series
2022-1

   Class A-2 59170JAA6   LT Asf    Affirmed          Asf
   Class B 59170JAB4     LT BBBsf  Affirmed          BBBsf
   Class C 59170JAC2     LT BB-sf  Affirmed          BB-sf

Metronet
Infrastructure
Issuer LLC,
Secured Fiber
Network Revenue
Notes, Series
2023-1

   Class A-2             LT Asf    New Rating    A(EXP)sf
   Class B               LT BBBsf  New Rating    BBB(EXP)sf
   Class C               LT BB-sf  New Rating    BB-(EXP)sf

Fitch has assigned final ratings and Outlooks as follows:

- $487,139,000 series 2023-1, class A-2, 'Asf'; Outlook Stable;

- $67,387,000 series 2023-1, class B, 'BBBsf'; Outlook Stable;

- $135,587,000 series 2023-1, class C, 'BB-sf'; Outlook Stable.

In addition, Fitch has affirmed the following classes:

- $860,781,000 series 2022-1, class A-2, at 'Asf'; Outlook Stable;

- $119,075,000 series 2022-1, class B, at 'BBBsf'; Outlook Stable;

- $239,584,000 series 2022-1, class C, at 'BB-sf'; Outlook Stable.

TRANSACTION SUMMARY

The transaction is a securitization of contract payments derived
from an existing fiber-to-the-premises (FTTP) network. The
collateral assets include: conduits, cables, network-level
equipment, access rights, customer contracts, transaction accounts
and a pledge of equity from the asset entities. Debt is secured by
net revenue from operations and benefits from a perfected security
interest in the securitized assets.

The collateral consists of high-quality fiber lines that support
the provision of internet, cable and telephone services to a
network of approximately 324,000 retail customers across 138
issuer-defined markets in nine states; these assets represent
approximately 77% of the sponsor's business based on the percentage
of revenue generated. For the markets contributed to the
transaction, the majority of the subscriber base, comprising 38.3%
of annualized run rate revenue (ARRR), is located in Indiana,
although the base is spread across a few distinct markets in the
state.

The ratings reflect a structured finance analysis of cash flows
from the ownership interest in the underlying fiber optic network,
rather than an assessment of the corporate default risk of the
ultimate parent, MetroNet Holdings, LLC.

KEY RATING DRIVERS

Net Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool
is $189.5 million, implying a 15.7% haircut to issuer NCF. The debt
multiple relative to Fitch's NCF on the rated classes is 10.1x,
versus the debt/issuer NCF leverage of 8.5x.

Credit Risk Factors: The major factors affecting Fitch's
determination of cash flow and maximum potential leverage (MPL)
include: the high quality of the underlying collateral networks,
scale and diversity of the customer base, market position and
penetration, capability of the operator and strength of the
transaction structure.

Technology-Dependent Credit: Due to the specialized nature of the
collateral and potential for changes in technology to affect
long-term demand for digital infrastructure, the senior classes of
this transaction do not achieve ratings above 'Asf'. The securities
have a rated final payment date 30 years after closing, and the
long-term tenor of the securities increases the risk that an
alternative technology, rendering obsolete the current transmission
of data through fiber optic cables, will be developed. Fiber optic
cable networks are currently the fastest and most reliable means to
transmit information and data providers continue to invest in and
utilize this technology.

RATING SENSITIVITIES

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

Declining cash flow as a result of higher expenses, contract churn,
or lower market penetration and the development of an alternative
technology for the transmission of wireless signal could lead to
downgrades.

Fitch's NCF was 15.7% below the issuer's underwritten cash flow. A
further 10% decline in Fitch's NCF indicates the following ratings
based on Fitch's determination of Maximum Potential Leverage: Class
A-2 to 'BBBsf' from 'Asf'; class B to 'BB+sf' from 'BBBsf'; class C
to 'Bsf' from 'BB-sf'.

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

Increasing cash flow without an increase in corresponding debt,
from rate increases, additional contracts, or contract amendments
could lead to upgrades.

A 10% increase in Fitch's NCF indicates the following ratings based
on Fitch's determination of Maximum Potential Leverage: Class A-2
to 'Asf' from 'Asf'; class B to 'A-sf' from 'BBBsf'; class F to
'BBsf' from 'BB-sf'.

Upgrades are unlikely for these transactions given the provision
for the issuer to issue additional notes, which rank pari passu or
subordinate to existing notes, without the benefit of additional
collateral. In addition, the transaction is capped in the 'Asf'
category, given the risk of technological obsolescence.

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.


MF1 2020-FL4: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
notes issued by MF1 2020-FL4, Ltd.:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since its last review. In conjunction with this press
release, DBRS Morningstar has published a Surveillance Performance
Update report with in-depth analysis and credit metrics for the
transaction and with business plan updates on select loans.

The initial collateral consisted of 22 floating-rate mortgages
secured by 29 transitional multifamily properties with a cut-off
date balance totaling approximately $783.3 million, excluding
approximately $203.7 million of future funding commitments. Most of
the loans are in a period of transition with plans to stabilize
performance and improve the asset value. The transaction included
an 18-month reinvestment period that expired in May 2022, at which
point the bonds began to amortize sequentially with loan repayment
and scheduled loan amortization. Since the expiration of the
reinvestment period, the transaction has paid down by 18.7% as a
result of successful loan repayments.

According to the February 2023 remittance report, 26 loans remain
in the pool with a current principal balance of $772.8 million.
Since issuance, 25 loans with a former cumulative trust balance of
$740.9 million have successfully repaid from the pool, while 21
loans with a current cumulative trust balance of $628.9 million
have been contributed to the trust.

As part of this review, DBRS Morningstar received updates on the
business plans for all loans in the pool. Many borrowers are in the
early stages of their respective stabilization plans and, for those
further along, progress is generally in line with expectations at
issuance and/or contribution. According to the collateral manager,
total future funding of $61.1 million had been advanced for 22
loans through January 2023, with an additional $67.3 million of
loan future funding allocated to 22 individual loans outstanding.

The transaction is concentrated by property type as 24 loans,
representing 93.2% of the outstanding cumulative loan balance, are
secured by multifamily properties. The remaining loans, The Brooks
of Cibolo (Prospectus ID#50) and Civitas Portfolio (Prospectus
ID#36), are both secured by senior housing properties.

As was the case at issuance, the pool remains predominantly
composed of loans backed by properties in suburban markets, which
are defined as markets with a DBRS Morningstar Market Rank of 3, 4,
or 5. As of the February 2023 reporting, the suburban market
concentration includes 20 loans, representing 67.4% of the current
trust balance, flat from 67.5% at issuance. The transaction is also
concentrated by loan size, as the 10 largest loans represent 62.0%
of the pool. Overall pool leverage has remained relatively
consistent from issuance. According to the February 2023 reporting,
the weighted-average (WA) as-is appraised loan-to-value (LTV) ratio
is 68.0% and the WA stabilized appraised LTV is 63.1%. In
comparison, these figures were 62.0% and 55.0%, respectively, at
issuance.

As of the February 2023 remittance, 12 loans, representing 51.1% of
the pool, are on the servicer's watchlist; those loans are
primarily being monitored for low cash flows. Additionally, one
loan, representing 4.4% of the pool, is in special servicing. The
Edison (Prospectus ID#7; 4.4% of the pool), which is secured by a
223-unit mid-rise apartment building in Chicago's Edgewater
neighborhood, transferred to special servicing in August 2022 for
monetary default and is now flagged as a matured non-performing
loan after the borrower was unable to secure refinancing at the
loan's November 2022 maturity. Despite the property reporting an
87% occupancy rate as of November 2022, the borrower has remained
delinquent on its payments and foreclosure has been filed with a
receiver engaged. Rent concessions at the property have been
reduced from one month of free rent to one-half month free for the
first month and recent renewals are averaging a 5% increase. With a
receiver now in place, delinquent tenants are now actively being
evicted and deferred maintenance is being addressed. According to
the servicer-provided financials for the trailing six-month period
ended June 30, 2022, the property reported a net cash flow of $1.3
million, equating to a debt service coverage ratio of 0.92 times.

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



MIDOCEAN CREDIT XII: Fitch Gives 'BB-(EXP)sf' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
MidOcean Credit CLO XII Ltd.

   Entity/Debt        Rating        
   -----------        ------        
MidOcean Credit
CLO XII Ltd

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

TRANSACTION SUMMARY

MidOcean Credit CLO XII Ltd (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
MidOcean Credit RR Manager LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $350 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 23.2, versus a maximum covenant, in
accordance with the initial expected matrix point of 26.6. 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
96.9% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.2% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.5%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 41% 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 resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, the rated notes can
withstand default and recovery assumptions consistent with their
assigned ratings. The WAL used for the transaction stress portfolio
and matrices analysis is 12 months less than the WAL covenant to
account for structural and reinvestment conditions after the
reinvestment period. 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 'BBB+sf' and 'AAAsf' for class A-1, between
'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for
class B, between 'B+sf' and 'A-sf' for class C, between 'less than
B-sf' and 'BBB-sf' for class D-1, between 'less than B-sf' and
'BB+sf' for class D-2; 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-1 and 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-1,
'A-sf' for class D-2; and 'BBB+sf' for class E.

DATA ADEQUACY

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

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


MILL CITY 2023-NQM1: DBRS Finalizes B(high) Rating on B-2 Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Certificates, Series 2023-NQM1 (the Certificates)
issued by Mill City Mortgage Loan Trust 2023-NQM1 (Mill City
Mortgage Loan Trust 2023-NQM1 or the Trust):

-- $245.0 million Class A-1 at AAA (sf)
-- $35.8 million Class A-2 at AA (sf)
-- $23.9 million Class A-3 at A (high) (sf)
-- $19.2 million Class M-1 at BBB (high) (sf)
-- $13.4 million Class B-1 at BB (high) (sf)
-- $12.3 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 36.05% of
credit enhancement provided by subordinate notes. The AA (sf), A
(high) (sf), BBB (high) (sf), BB (high) (sf), and B (high) (sf)
ratings reflect 26.70%, 20.45%, 15.45%, 11.95%, and 8.75% of credit
enhancement, respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate prime and non-prime first-lien residential
mortgages funded by the issuance of the Mortgage-Backed
Certificates, Series 2023-NQM1 (the Certificates). The Certificates
are backed by 753 loans with a total principal balance of
approximately $383,131,417, as of the Cut-Off Date (January 31,
2023).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



MILL CITY 2023-NQM2: DBRS Gives Prov. B Rating on Class B-2 Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Certificates, Series 2023-NQM2 (the Certificates)
to be issued by Mill City Mortgage Loan Trust 2023-NQM2 (or the
Trust):

-- $208.1 million Class A-1 at AAA (sf)
-- $28.2 million Class A-2 at AA (low) (sf)
-- $18.6 million Class A-3 at A (sf)
-- $16.1 million Class M-1 at BBB (sf)
-- $12.4 million Class B-1 at BB (sf)
-- $11.4 million Class B-2 at B (sf)

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

The AAA (sf) rating on the Class A-1 Notes reflects 36.05% of
credit enhancement provided by subordinate notes. The AA (low)
(sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 27.40%,
21.70%, 16.75%, 12.95%, and 9.45% of credit enhancement,
respectively.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate prime and nonprime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 584 loans with a total principal balance of approximately
$325,463,597, as of the Cut-Off Date of March 1, 2023.

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

The pool is, on average, eight months seasoned with loan age
ranging from three to 14 months. The originators for the mortgage
pool are Castle Mortgage Corporation dba Excelerate Capital
(Excelerate; 45.2%), Oaktree Funding Corp (Oaktree Funding Corp;
32.0%), and HomeXpress Mortgage Corp (HomeXpress; 22.8%). The
Servicer of the loans is NewRez LLC d/b/a Shellpoint Mortgage
Servicing. DBRS Morningstar conducted a review of CarVal's (the
aggregator) residential mortgage platform and believes the company
is an acceptable mortgage loan aggregator.

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

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

As of the Cut-Off Date, 67 loans (10.5% of the pool) were reported
to have 30 to 90 days delinquent pay history, according to the
Mortgage Bankers Association (MBA) delinquency calculation method.
The remaining loans have been performing since origination.

In accordance with the Consumer Financial Protection Bureau (CFPB)
Qualified Mortgage (QM) rules, 47.9% of the loans by balance are
designated as non-QM. Approximately 52.1% of the loans in the pool
made to investors for business purposes are exempt from the CFPB
Ability-to-Repay (ATR) and QM rules. No loan has a loan application
date before January 10, 2014, and, therefore, each loan is subject
to the QM/ATR Rules issued by the CFPB as part of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.

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

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

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

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

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

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

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

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

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


MORGAN STANLEY 2013-C9: DBRS Confirms B Rating on Class H Certs
---------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2013-C9 issued by Morgan
Stanley Bank of America Merrill Lynch Trust 2013-C9 as follows:

-- Class A-4 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (high) (sf)
-- Class C at AA (sf)
-- Class PST at AA (sf)
-- Class D at A (low) (sf)
-- Class E at BBB (high) (sf)
-- Class F at BBB (sf)
-- Class G at BB (high) (sf)
-- Class H at B (sf)

With this review, DBRS Morningstar changed the trend on Class H to
Negative from Stable. All other trends are Stable.

DBRS Morningstar downgraded the rating on Class H at the last
review in November 2022 because of ongoing concerns with the
largest loan in the pool, Milford Plaza Fee (Prospectus ID#1, 24.3%
of the pool), which is in special servicing. With this review, DBRS
Morningstar changed the trend on Class H to Negative considering
the outlook surrounding the resolution of the loan has further
deteriorated as a result of the prolonged workout period and the
inability to complete a recent sale with an executed purchase
agreement in place. Additional details are highlighted below. In
addition, 90.8% of the pool have upcoming maturities or anticipated
repayment dates in 2023, which will result in adverse selection
loans that are unable to secure refinancing remaining in the
trust.

As of the February 2023 remittance, 29 of the original 60 loans
remain in the trust with an aggregate balance of $680.4 million,
representing a collateral reduction of 46.7% from issuance. Since
the November 2022 review, 16 loans were repaid, accounting for
$135.9 million in principal paydown. Seven loans are defeased,
representing 33.2% of the pool balance. The year-end (YE) 2021
weighted-average debt-service-coverage-ratio (DSCR) for the pool
was 1.93 times (x), compared with the YE2020 DSCR of 2.63x.

The Milford Plaza Fee is the only loan in special servicing and it
is secured by the ground-leased fee interest under a hotel
condominium of The Milford Plaza Hotel, in the Times Square
District neighborhood of Manhattan. The loan transferred to special
servicing in June 2020 because of monetary default with debt
service payments last remitted in April 2020. A foreclosure and
appointment of a receiver was filed but a foreclosure sale has not
been scheduled. The special servicer will continue to dual track
foreclosure/receivership with other resolution strategies.

In October 2022, after surpassing the diligence period, a buyer
opted not to go through with a proposed sale and
assumption/modification submitted to the lender despite an executed
purchase agreement. According to the servicer, the hotel tenant
signed a sublease with NYC Health and Hospitals, encumbering the
entire hotel, in October 2022 without obtaining prior consent from
the lender or borrower. The tenant has not complied with terms of
the subordination, non-disturbance and attornment agreement (SNDA)
or the demand letter from the lender to remit cash flow. A January
2023 media report by the New York Post indicates the hotel is
currently being used exclusively as an intake center and shelter
for migrant families and was selected from proposals requested by
the New York Mayor Eric Adams’ administration to house 600 asylum
seekers as part of a "City Sanctuary Intake Facility." The hotel
previously benefited from a $300 million deal drafted by then New
York Mayor Bill De Blasio's administration to use hotels to house
homeless during the height of the Coronavirus Disease (COVID-19)
pandemic.

An August 2022 appraisal valued the property at $365.0 million, up
from the July 2021 appraised value of $324.0 million, but down from
the August 2020 appraised value of $378.0 million and the issuance
appraised value of $386.0 million. Servicer advances continue to
accrue, totaling $48.1 million as of February 2023, up from $41.1
million as of the last review, with loan exposure approaching a
loan-to-value ratio of 100%. While the increase in appraised value
is a positive development, the change in use of the hotel, the
noncompliance of the hotel tenant to remit cash to the lender, and
the unsuccessful sale of the subject remain concerns; as such, DBRS
Morningstar applied a stressed haircut to the most recent appraisal
value in its liquidation analysis, resulting in a loss severity in
excess of 15.0%.

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



MORGAN STANLEY 2015-C23: Fitch Affirms 'B-sf' Rating on Cl. F Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 12 classes of Morgan Stanley Bank of
America Merrill Lynch Trust (MSBAM) Commercial Mortgage
Pass-Through Certificates series 2015-C23 and revised three Rating
Outlooks to Positive from Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
MSBAM 2015-C23

   A-3 61690QAD1    LT AAAsf  Affirmed    AAAsf
   A-4 61690QAE9    LT AAAsf  Affirmed    AAAsf
   A-S 61690QAG4    LT AAAsf  Affirmed    AAAsf
   A-SB 61690QAC3   LT AAAsf  Affirmed    AAAsf
   B 61690QAH2      LT AA-sf  Affirmed    AA-sf
   C 61690QAK5      LT A-sf   Affirmed     A-sf
   D 61690QAS8      LT BBB-sf Affirmed    BBB-sf
   E 61690QAU3      LT BB-sf  Affirmed    BB-sf
   F 61690QAW9      LT B-sf   Affirmed    B-sf
   PST 61690QAJ8    LT A-sf   Affirmed    A-sf
   X-A 61690QAF6    LT AAAsf  Affirmed    AAAsf
   X-B 61690QAL3    LT AAAsf  Affirmed    AAAsf

KEY RATING DRIVERS

Stable Loss Expectations; Improving Credit Enhancement: Overall
loss expectations have been stable for the pool since Fitch's prior
rating actions. Two loans (3.7% of the pool), which both remain in
special servicing, have been designated Fitch Loans of Concern
(FLOCs). The Outlook revision of classes B and C to Positive
reflect the continued performance stabilization of the loans
impacted during the pandemic, as well as the increasing credit
enhancement (CE) from paydown and defeasance.

Largest Contributors to Losses: The largest contributor to loss is
the Aviare Place Apartments loan (2.3%), which 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
delinquency. The property has historically reported high vacancy
and rent concessions, which is attributed to the volatility in the
oil & gas sector coupled with competition from new supply coming
online in the market. Performance was further impacted by
pandemic-related disruption.

According to the special servicer, a loan modification was executed
in May 2022 brought the loan current (including reserves). The
terms included maturity extension options, conversion to
interest-only, deferred monthly payments and amended cash
management agreement. The loan 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 from its peak rent levels in 2019. As of
September 2022, the property reported average rents of $856 per
unit, 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 reflects broader Odessa-Midland market
conditions, as Costar reported vacancy spiking to 24.2% in 2020, up
from 12.1% in 2019. As of March 2023, market vacancy has receded to
9.0% with asking rents of $1,325.

As of March 2023, vacancy has receded to 9.0% with asking rents of
$1,325. The market rent has averaged 7% annual growth in the past
three years after reaching a trough of $1,074 per unit in 2020, but
remains 12% below the historical high of $1,505 in 2018. Costar has
also reported a total of 2,900 units delivered to the market over
the past three years, a risk that has been mitigated by a stronger
job market, with a gain of about 6,000 jobs in the last year.

Fitch's modeled loss of 41% reflects a recovery value of
approximately $57,000 per unit and reflects stress to the most
recent servicer provided appraisal value.

The Hawthorne House Apartments loan (1.4%), which is secured by a
126-unit multifamily property shares the same sponsor as Aviare
Place and also located in Midland, TX. The property is also in
special servicing and exhibiting comparable declines in performance
as the Aviare Place loan, with a loss expectation of approximately
36%. A similar loan modification was executed for this loan in May
2022, with a return to the master servicer anticipated.

Minimal Change to Increased Credit Enhancement (CE): As of the
March 2023 distribution date, the pool's aggregate principal
balance was reduced by 20.4% to $854.09 million from $1.07 billion
at issuance. Twelve loans (7.2%) have been fully defeased. Eight
loans (29.8%) are full-term interest-only (IO) loans and 33 loans
(39.2%) are partial-term IO loans, all of which have begun
amortizing. Interest shortfalls are currently impacting
non-Fitch-rated class H.

RATING SENSITIVITIES

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

Downgrades of the 'AA-sf' and 'AAAsf' categories are not considered
likely due to the position in the capital structure and the
relatively stable performance of the pool, but may occur should
interest shortfalls affect these classes. Downgrades of the 'A-sf'
and 'BBB-sf' categories could occur if expected losses increase
significantly or the performance of the FLOCs continue to decline
further and/or fail to stabilize. Downgrades to the 'B-sf' and
'BB-sf' categories would occur should overall pool performance
decline and/or loans of concern continue to underperform.

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:

The Positive Outlooks on class B and C reflect the potential for
upgrades with stable performance and continued increased CE.
Further upgrades to classes B and C are possible with additional
improvement in CE; however, adverse selection, increased
concentrations and further underperformance of the FLOCs could
cause this trend to reverse.

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

ESG CONSIDERATIONS

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


MORGAN STANLEY 2019-H6: Fitch Affirms B-sf Rating on Cl. J-RR Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed all 17 classes of Morgan Stanley Capital
I Trust 2019-H6 commercial mortgage pass-through certificates. The
Rating Outlook for class J-RR was revised to Stable from Negative.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
MSC 2019-H6

   A-1 61769JAW1    LT AAAsf  Affirmed    AAAsf
   A-2 61769JAX9    LT AAAsf  Affirmed    AAAsf
   A-3 61769JAZ4    LT AAAsf  Affirmed    AAAsf
   A-4 61769JBA8    LT AAAsf  Affirmed    AAAsf
   A-S 61769JBD2    LT AAAsf  Affirmed    AAAsf
   A-SB 61769JAY7   LT AAAsf  Affirmed    AAAsf
   B 61769JBE0      LT AA-sf  Affirmed    AA-sf
   C 61769JBF7      LT A-sf   Affirmed    A-sf
   D 61769JAC5      LT BBBsf  Affirmed    BBBsf
   E-RR 61769JAE1   LT BBB-sf Affirmed    BBB-sf
   F-RR 61769JAG6   LT BBB-sf Affirmed    BBB-sf
   G-RR 61769JAJ0   LT BB+sf  Affirmed    BB+sf
   H-RR 61769JAL5   LT BB-sf  Affirmed    BB-sf
   J-RR 61769JAN1   LT B-sf   Affirmed    B-sf
   X-A 61769JBB6    LT AAAsf  Affirmed    AAAsf
   X-B 61769JBC4    LT A-sf   Affirmed    A-sf
   X-D 61769JAA9    LT BBBsf  Affirmed    BBBsf

KEY RATING DRIVERS

Improved Loss Expectations: Loss expectations have decreased since
last review primarily due to the stabilization of the Marriott San
Diego Mission Valley loan. Five loans were flagged as Fitch Loans
of Concern (FLOCs; 7.7% of pool), including one specially serviced
loan (0.9%) and two loans within the top 15 (5.3%). Fitch's current
ratings incorporate a base case loss of 3.1%.

The largest FLOC and ninth largest loan, Columbia Corporate Center
(3%), is secured by a 159,000-sf suburban office property located
in Florham Park, NJ. The property is currently occupied by four
tenants: Saiber LLC (38.1%; recently renewed to April 30, 2033 from
April 30, 2023), Stifel Nicolaus (32.9%; expiring April 30, 2024),
McGivney, Kluger & Cook, P.C (14.9%; recently renewed to Jan. 31,
2033 from Jan. 31, 2023) and Gordon and Rees LLP (11.7%; expiring
July 31,2024). 45% NRA and 44% base rent will expire in 2024. Fitch
requested a leasing status update but did not receive a response.
As of YE 2022, occupancy and NOI DSCR were 97.5% and 2.90x
respectively. Fitch's base case loss of 5% reflects a 10% cap rate
and a 30% stress to YE 2022 NOI due to upcoming rollover concerns.

The second largest FLOC and fourteenth largest loan, AC by Marriott
San Jose (2.2%), is secured by secured by a seven-story, 210-key
select service hotel located in San Jose, CA. The property is
situated in downtown San Jose, located near large corporations such
as Paypal, eBay, Amazon and Google. Property performance was
impacted by the pandemic and has been slow to recover. TTM
September 2022 NOI DSCR was 0.68x, compared to -0.09x at YE 2020
and 2.28x at YE 2019. Fitch's base case loss of 6.9% reflects a
11.25% cap rate and a 15% stress to YE 2019 NOI to reflect pandemic
impacts on performance.

The third largest FLOC, 856 Greene Avenue, transferred to special
servicing in February 2021 due to payment default and is currently
in foreclosure. It is secured by a 10-unit multifamily property
located in Brooklyn, New York. As of YE 2021, occupancy and NOI
DSCR were 82% and 0.39x respectively. Fitch's base case loss
reflects a value of $621,000 per unit, in line with the range of
recent sale comparables.

Minimal Increase in Credit Enhancement: As of the March 2023
distribution date, the pool's aggregate balance has been reduced by
1.9% to $674 million from $678.5 million at issuance. No loans have
paid off. Three loans (2%) have defeased since the last rating
action. At issuance, based on the scheduled balance at maturity,
the pool was expected to pay down by 6.9% prior to maturity, which
is higher than the average for transactions of a similar vintage.
Nineteen loans (57.9%) are full term interest only, and 16 loans
(19.5%) are structured with partial IO periods; 14 (15.5%) have
begun amortizing.

Credit Opinion Loans: Three loans received an investment grade
credit opinion at issuance. ILPT Hawaii Portfolio received a
'BBBsf*', Tower 28 received a 'BBB-sf*' and 3 Columbus Circle
received a 'BBB-sf*'.

RATING SENSITIVITIES

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

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

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

- Downgrades to the 'A-sf', 'BBBsf' and 'BBB-sf' classes would
occur should expected losses for the pool increase substantially
and performance continues to decline for the FLOCs.

- Downgrades to the 'BB+sf', 'BB-sf' and 'B-sf' classes would occur
should loss expectations increase from further performance decline
of the FLOCs and/or loans transfer to special servicing.

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

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

- 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 credit enhancement and/or defeasance,
and with the stabilization of performance on the FLOCs. However,
adverse selection, increased concentrations and further
underperformance of the larger FLOCs could cause this trend to
reverse.

- Upgrades to classes 'BBBsf' and 'BBB-sf'' classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and/or properties and there is
sufficient credit enhancement to the classes. Classes would not be
upgraded above 'Asf' if there is a likelihood of interest
shortfalls.

- Upgrades to the 'BB+sf', 'BB-sf' and 'B-sf' classes are unlikely
unless there is significant performance improvement on the FLOCs.

ESG CONSIDERATIONS

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


NATIXIS COMMERCIAL 2018-TECH: DBRS Confirms B(high) on G Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2018-TECH issued by
Natixis Commercial Mortgage Securities Trust 2018-TECH as follows:

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

All trends are Stable.

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

The loan is secured by the borrower's fee-simple interest in a
portfolio of seven Class B office and light industrial research and
development (R&D) buildings in the Golden Triangle area of Santa
Clara, California. Built between 1970 and 1999, the collateral
properties are all adjacent to one another, within the Scott
Boulevard Corridor submarket, across the San Tomas Expressway from
NVIDIA Corporation's (NIVIDIA) corporate headquarters. According to
the servicer's reporting, roughly 67% of the total net rentable
area (NRA) is configured as office space, while the remainder is
configured as lab (R&D) space.

As of the December 2022 rent roll, the portfolio properties were
100% leased to two tenants, NVIDIA (60.7% of NRA) and Futurewei
Technologies, Inc. (Futurewei) (39.3% of NRA) with average base
rental rates of $29.43 per square foot (psf) and $33.18 psf,
respectively, and a weighted-average consolidated rental rate of
$30.82 psf. NVIDIA is a multinational technology company primarily
recognized for its work designing and manufacturing graphics cards
for computer gaming and professional markets. NVIDIA leases three
buildings totaling 379,851 square feet (sf) of space across the
portfolio, most recently extending one of its leases for 200,000 sf
of NRA from February 2023 to September 2030. The remaining two
leases are scheduled to expire in 2028 and 2029.

Futurewei is a U.S. subsidiary of the Chinese multinational
technology company, Huawei Technologies Co. Ltd. (Huawei), which is
the world's largest telecommunications equipment manufacturer.
Concurrent with execution of the lease extension that commenced in
August 2017, Huawei delivered to the landlord letters of credit
(LOCs) in the total amount of $5.5 million, subject to scheduled
annual reductions and a final expiration date in July 2023.
Futurewei leases 246,382 sf of space through four leases that are
scheduled to expire in July 2027, with a one-time right to
terminate option on July 31, 2024, four months before the fully
extended maturity date of the loan. It has been previously reported
that Futurewei cut 600 jobs at the subject properties in June 2019
and, as such, at least one space consisting of 46,300 sf (7.4% of
the property NRA) was dark and available for sublease, with
Futurewei continuing to pay its contractual rent obligations. The
servicer has since confirmed that Futurewei has subleased all of
its space to NVIDIA, with the sublease at one property not going
into effect until Futurewei vacates the property in June 2024.

The servicer reported net cash flow (NCF) for YE2022 was $17.7
million, representing an 8.3% increase from YE2021 when NCF was
reported at $16.3 million. This is also 30.4% higher than the DBRS
Morningstar NCF of $12.3 million, which was derived when the
ratings were assigned in July 2020. Despite cash flow growth, the
debt service coverage ratio (DSCR) declined from 3.32 times (x) to
2.86x between YE2021 and YE2022, primarily because of an increase
in interest rates. The DBRS Morningstar value of $164.4 million is
based on a 7.5% cap rate and implies a loan-to-value ratio (LTV) of
91.2%, compared with a LTV of 57.4% when based on the appraised
value at issuance. The DBRS Morningstar value implies durability
already built into the current ratings which mitigates concerns
surrounding the Futurewei space. The March 2023 reporting for the
transaction showed $11.6 million in total reserves, including a
$4.9 million LOC and $6.3 million in a tenant reserve account.

Loan proceeds of $195.0 million ($311 psf) and sponsor equity of
$58.5 million financed the asset's acquisition, which was priced at
$240.4 million in 2018. Loan proceeds comprised a $150.0 million
senior mortgage note and $45.0 million of mezzanine debt. The $150
million floating-rate interest-only (IO) senior note was structured
with an initial maturity date in November 2022, with two one-year
extension options. The borrower exercised its first extension
option, pushing the current maturity date to November 2023. The
sponsor, Preylock Real Estate Holdings, is a Los Angeles-based real
estate acquisition and management firm, founded in 2016, with over
$2 billion of assets under management (including at least four
other Silicon Valley properties).

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


NEW MOUNTAIN 4: S&P Assigns BB- (sf) Rating on $10MM Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned ratings to New Mountain CLO 4 Ltd./New
Mountain CLO 4 LLC's fixed- and floating-rate debt.

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

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

  Class A-N, $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 A-L, $0.0 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



NORTHWOODS CAPITAL XII-B: Moody's Cuts $6MM F Notes Rating to B3
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Northwoods Capital XII-B, Limited:

US$71,700,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on June 15,
2018 Definitive Rating Assigned Aa2 (sf)

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

US$6,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Downgraded to B3 (sf); previously
on September 24, 2020 Confirmed at B2 (sf)

Northwoods Capital XII-B, Limited, issued in June 2018 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 will end in June 2023.

RATINGS RATIONALE

The upgrade rating action on Class B notes reflects the benefit of
the end of the deal's reinvestment period in June 2023. In light of
the reinvestment restrictions during the amortization period which
limit the ability of the manager to effect significant changes to
the current collateral pool, Moody's analyzed the deal assuming a
higher likelihood that the collateral pool characteristics will be
maintained and continue to satisfy certain covenant requirements.
In particular, Moody's assumed that the deal will benefit from
lower weighted average rating factor (WARF) and higher weighted
average spread (WAS) compared to their respective covenant levels.
Moody's modeled a WARF of 2794 compared to its current covenant
level of 2868 and WAS of 3.65% compared to its current covenant
level of 3.55%.

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. In particular, the Moody's calculated
OC ratio for the Class F notes is currently at 104.8% compared to
the March 2022 level of 105.7%.

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: $581,491,368

Defaulted par: $7,872,669

Diversity Score: 77

Weighted Average Rating Factor (WARF): 2794

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.65%

Weighted Average Coupon (WAC): 11.74%

Weighted Average Recovery Rate (WARR): 47.03%

Weighted Average Life (WAL): 4.41 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.


NRPL TRUST 2023-RPL1: Fitch Assigns 'Bsf' Rating on Class B-2 Notes
-------------------------------------------------------------------
Fitch Ratings assigns final ratings to the residential
mortgage-backed notes issued by NRPL 2023-RPL1 Trust (NRPL
2023-RPL1).

   Entity/Debt        Rating        
   -----------        ------        
NRPL 2023-RPL1
Trust

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

TRANSACTION SUMMARY

Fitch has rated the residential mortgage-backed notes to be issued
by NRPL 2023-RPL1 Trust (NRPL 2023-RPL1), as indicated. The notes
are supported by 1,216 seasoned performing loans (SPLs) and
reperforming loans (RPLs), with a total balance of approximately
$197.6 million, including $11.4 million, or 5.8%, of the aggregate
pool balance in noninterest-bearing deferred principal amounts as
of the cutoff date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 9.3% above a long-term sustainable level (vs. 7.8%
on a national level as of March 2023, down 2.7% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating with a decline observed in Q3 2022. Driven
by the strong gains seen in H1 2022, home prices rose 5.8% YoY
nationally as of December 2022.

RPL Credit Quality (Negative): The collateral consists of 1,216
seasoned performing and re-performing first lien loans, totaling
$198 million, and seasoned approximately 175 months in aggregate,
as calculated by Fitch. As of the closing date, the pool is 94.6%
current and 5.4% delinquent. Over the last two years 16.7% of loans
have been clean current, which includes 1.7% of loans seasoned less
than 24 months which have been paying on time since origination.
The remaining 77.9% of the loans have missed one or more payments
in the last two years. Additionally, 75% of loans have a prior
modification. The borrowers have a relatively weak credit profile
(634 Fitch Model FICO) and moderate leverage (70% sLTV). The pool
consists of 87.2% of loans where the borrower maintains a primary
residence, while 12.8% are investment properties or second home.

No Advancing (Mixed): The servicer will not be advancing delinquent
monthly payments of P&I. 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. The downside to this is the
additional stress on the structure side as there is limited
liquidity in the event of large and extended delinquencies.

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

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in addition to the
model-projected 41.0% at 'AAA'. The analysis indicates there is
some potential for rating migration with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10.0%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence review was
completed on 100% of the loans in this transaction. The scope of
the due diligence review was consistent with Fitch criteria for
seasoned collateral. The third-party due diligence described in
Form 15E focused on a regulatory compliance review. Of the pool, 13
loans were seasoned less than 24 months and received a credit and
property valuation review in addition to a regulatory compliance
review. A data integrity check and an updated tax and title search
was also performed.

Fitch considered this information in its analysis and, as a result,
Fitch made the following adjustments: increased the LS due to HUD-1
issues, missing modification agreements and increased the LS to
account for outstanding HOA lien amounts. These adjustments
resulted in an increase in the 'AAAsf' expected loss of
approximately 90bps.

ESG CONSIDERATIONS

NRPL 2023-RPL1 Trust has an ESG Relevance Score of '4' for
Transaction Parties & Operational Risk due to elevated operational
risk, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors. While
the aggregator and servicer did not have an impact on the expected
losses, the Tier 2 R&W framework with an unrated counterparty
resulted in an increase in the expected losses.

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.


NYC COMMERCIAL 2021-909: DBRS Confirms BB(low) Rating on E Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass Through Certificates, Series 2021-909 issued by NYC
Commercial Mortgage Trust 2021-909 as follows:

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

All trends are Stable.

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

The loan is secured by the leasehold interest in 909 Third Avenue,
a 32-story, 1.35 million-square foot (sf) Class A, LEED
Gold-certified office tower in Midtown, Manhattan. The property is
prominently situated between 54th Street and 55th Street, occupying
the entire eastern block of Third Avenue. The office portion of the
collateral sits atop 492,375 sf of flex industrial space, which is
occupied by the United States Postal Service's (USPS) main New York
City mail-handling facility. The property is subject to a ground
lease that is scheduled to expire in May 2041 with one remaining
option to extend to November 2063. Whole loan proceeds of $350.0
million along with $2.9 million of sponsor equity refinanced
existing debt, covered closing costs, and funded upfront reserves.
The whole loan consists of $485.6 million of senior debt and $114.4
million of junior debt, of which $135.6 million of senior debt and
the entirety of the junior debt is held in the trust.

The fixed-rate loan, which is sponsored by Vornado, is interest
only (IO) for the full 10-year term, maturing in April 2031.
Vornado is one of New York City's leading landlords with a
portfolio of office buildings concentrated in Midtown, Manhattan,
with ownership and/or management interest in nearly 20 million
square feet of office space. Since acquisition, Vornado has
invested more than $184 million of capital into the property,
including more than $46.9 million of base building upgrades.

The USPS has been a tenant at the property since 1968 and currently
occupies 36.5% of net rentable area (NRA) on a lease expiring in
October 2023. The tenant has three five-year extensions remaining,
bringing the fully extended lease expiration date to October 2038.
According to the servicer, the borrower has until July 2023 to
exercise the option; however, given the unique nature of the space,
its mission-critical location in the heart of Manhattan, the
tenant's renewal history, and its well-below-market rents of $14.20
per sf (psf), DBRS Morningstar expects that the USPS will continue
to renew and believes there is substantial long-term upside
embedded in this space.

Other major tenants include IPG DXTRA (17.1% of NRA, lease expiring
in February 2028), Allergan Sales (12.5% of NRA, lease expiring in
January 2027) and Geller & Company (9.3% of NRA, lease expiring in
April 2025). Allergan subleases 105,295 sf of its space (7.8% of
total NRA) to IPG DXTRA, and the remaining space to AlixPartners
LLP. IPG DXTRA has a one-time termination option in November 2023
that requires 18 months' notice, but according to the servicer, the
tenant did not provide notice to exercise this option. The tenant
also has a one-time contraction option to downsize its space by
20,000 sf (1.5% of total NRA) in March 2024 with 12-months' notice
and according to the servicer, discussions to exercise the
contraction option are ongoing. According to the sponsor's website,
only 60,502 sf was listed as available for lease, which does not
include any portion of IPG DXTRA's space. USPS' space was not
advertised, suggesting the tenant is likely to extend its lease.

Per the September 2022 rent roll, the property was 95.6% leased to
14 tenants with an average rental rate of $38.97 psf. Although USPS
has an expiration in October 2023, the tenant represents only 11.2%
of gross rents at the property. According to Reis, as of February
2023, Class A office buildings within a one-half-mile radius of the
subject reported average rental and vacancy rates of $98.1 psf and
15.0%, respectively. The overall Plaza submarket reported a YE2022
vacancy rate and effective rental rate of 11.8% and $81.89 psf,
respectively, compared with the YE2021 vacancy rate and effective
rental rate of 11.1% and $80.39 psf, respectively.

According to the trailing nine month (T-9) ended September 30,
2022, financials, the loan reported an annualized net cash flow
(NCF) of $24.4 million and a debt service coverage ratio (DSCR) of
2.12 times (x), down 16.0% from the YE2021 NCF of $29.0 million and
DSCR of 2.67x. This was primarily driven by an increase in real
estate taxes, utilities, and janitorial expenses. Given the triple
net nature of the leases, the year-end statements should indicate a
stabilized expense ratio.

At issuance, the DBRS Morningstar NCF was $26.5 million, which is a
-15.3% variance from the Issuer's NCF. DBRS Morningstar's NCF
analysis gives credit to the effective gross income by
straight-lining USPS' rent over the term of the loan, given its
consideration as a long-term credit tenant. Despite the upcoming
lease expiration in USPS, DBRS Morningstar is optimistic regarding
the renewal prospects given the subject's prime location and
below-market contractual rental rate.

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


OLYMPIC TOWER 2017-OT: Fitch Affirms 'BB-sf' Rating on Cl. E Certs
------------------------------------------------------------------
Fitch Ratings has affirmed its ratings on all seven classes of the
Olympic Tower 2017-OT Mortgage Trust Commercial Mortgage
Pass-Through Certificates (Olympic Tower 2017-OT). The Rating
Outlooks on classes A, X-A, B, X-B, C and D have been revised to
Negative from Stable and the Outlook remains Negative on class E.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Olympic Tower
2017-OT Mortgage
Trust

   A 68162MAA0      LT AAAsf  Affirmed    AAAsf
   B 68162MAG7      LT AA-sf  Affirmed    AA-sf
   C 68162MAJ1      LT A-sf   Affirmed     A-sf
   D 68162MAL6      LT BBB-sf Affirmed    BBB-sf
   E 68162MAN2      LT BB-sf  Affirmed    BB-sf
   X-A 68162MAC6    LT AAAsf  Affirmed    AAAsf
   X-B 68162MAE2    LT AA-sf  Affirmed    AA-sf

KEY RATING DRIVERS

The affirmations reflect the generally stable performance and high
quality of the collateral, which consists of the leasehold interest
in the office and retail portions within 21 stories of a 52-story
high-end mixed-use property and three adjacent buildings located on
Fifth Avenue in Midtown Manhattan. Per the servicer, the YE 2022
net cash flow debt service coverage ratio (DSCR) was 1.53x while YE
2021 was 1.71x, YE 2020 was 1.53x and YE 2019 1.63x for the
interest only loan. The Negative Outlooks on all classes reflects
the potential for downgrades due to concerns surrounding the retail
tenancy at the property and within the larger Fifth Avenue
submarket.

Occupancy Concerns; Retail Component: The property was 89.8%
leased, per the December 2022 rent roll compared to 97.4% leased at
December 2021. The large drop in occupancy is attributed to MSD
Capital (8.2% NRA) vacating at its lease expiration in March 2022.
The property had averaged over 97% occupancy since 2008.

While the subject's retail submarket has long been considered a
premier shopping district, several high-profile tenants have
vacated the area in the last few years. Retail tenants account for
approximately two thirds of the subject's total base rent.

Armani Exchange (2% NRA, 3.4% base rent) extended its lease from
March 2022 until June 2024 at a rent that is 58% below the previous
rent. Versace (3.7% NRA, 16.2% base rent), which has a lease
maturity of December 2023, has been permanently closed. Jimmy Choo
(0.4% NRA, 0.7% base rent, through 2028) has closed but has
subleased the space for the remainder of their term. Both Jimmy
Choo and Versace are both now owned by Capri Holdings Limited
(BBB-).

Both tenants continue to pay rent. Another tenant, restaurant Fig &
Olive (1.3% NRA, 0.9% base rent, through June 2032), signed a lease
extension through June 2032; H. Stern (previously 1.6% NRA, 5% base
rent), has vacated and LVMH Watch & Jewelry (0.4% NRA, 2.7% base
rent) took over a portion of H. Stern's space. Fitch will continue
to monitor the leasing going forward.

Fitch applied stresses to all the retail tenants resulting in an
overall haircut of approximately 16% to the in-place retail base
rent. No further vacancy was applied to the office space base rent
as the in-place vacancy is already above market at 13.2%.

High Quality Asset in Prime Office and Retail Location: The
property consists of approximately 419,630 rentable sf of class A
office space within the Plaza submarket and 116,124 rentable sf of
retail space along Fifth Avenue, between East 51st and East 52nd
Streets in Midtown Manhattan. The property's public spaces
re-opened in early 2019 after a multi-million-dollar renovation.

Diverse and High-Quality Tenant Base: The property is leased to a
mix of office and retail tenants and serves as the U.S.
headquarters for the NBA (38.1% of NRA, 20.4% of base rent, through
2035) and Richemont North America (25.3% NRA, 10.4% base rent,
through 2028) and as a flagship location for its subsidiary Cartier
(10.3% NRA, 27% base rent, through 2037). The property is also home
to other luxury retailers including Furla, Longchamp, and Armani
Exchange.

Fitch Leverage: The $760 million mortgage loan has a Fitch stressed
DSCR and loan-to-value of 0.99x and 88.6%, respectively, and debt
of $1,449 psf. The total debt package includes mezzanine financing
in the amount of $240 million that is not included in the trust.

Experienced Sponsorship and Property Management: The sponsorship is
a joint venture between OMERS Administration Corporation and Crown
Acquisitions, Inc. Oxford Properties Group is the global real
estate investment, development and management arm of OMERS, and had
over $23 billion of assets under management, as of December 2022.
Oxford has a portfolio that totals approximately 150 million sf of
office, retail, industrial, multifamily and hotels in Canada,
Western Europe and the U.S. Crown Acquisitions ownership interests
include over 40 assets located in major markets such as New York,
London and Miami.

RATING SENSITIVITIES

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

Classes A through E could be downgraded one category or more should
a continuing decline in asset occupancy occur and/or should there
be a significant sustained deterioration in property cash flow.

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:

Classes B, X-B, C, D and E could be upgraded with improved asset
performance over a sustained period. Due to the interest only
nature of the loan, early pay down is not expected.

ESG CONSIDERATIONS

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


PARK BLUE 2023-III: Moody's Assigns B3 Rating to $1MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Park Blue CLO 2023-III, Ltd. (the "Issuer" or "Park
Blue 2023-III").

Moody's rating action is as follows:

US$256,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Assigned Aaa (sf)

US$1,000,000 Class F Deferrable Mezzanine Floating Rate Notes due
2036, Assigned B3 (sf)

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

RATINGS RATIONALE

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

Park Blue 2023-III is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 92.5% of the portfolio must
consist of senior secured loans, cash and eligible investments, and
up to 7.5% of the portfolio may consist of first lien last out
loans, second lien loans, unsecured loans and bonds. The portfolio
is approximately 85% ramped as of the closing date.

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

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

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

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

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

Par amount: $400,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 3102

Weighted Average Spread (WAS): SOFR + 3.60%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 8.0 years

Methodology Underlying the Rating Action:

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

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

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


PGA NATIONAL 2023-RSRT: Fitch Gives 'B+(EXP)' Rating on HRR Certs
-----------------------------------------------------------------
Fitch Ratings has assigned the following expected ratings and
Rating Outlooks for PGA National Resort Commercial Mortgage Trust
2023-RSRT, Commercial Mortgage Pass-Through Certificates Series
2023-RSRT:

   Entity/Debt       Rating        
   -----------       ------        
PGA National
Resort
Commercial
Mortgage Trust
2023-RSRT

   A             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 BB-(EXP)sf  Expected Rating
   HRR           LT B+(EXP)sf   Expected Rating

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

- $127,300,000 class A 'AAAsf'; Outlook Stable;

- $24,700,000 class B 'AA-sf'; Outlook Stable;

- $19,500,000 class C 'A-sf'; Outlook Stable;

- $27,400,000 class D 'BBB-sf'; Outlook Stable;

- $38,600,000 class E 'BB-sf'; Outlook Stable;

- $12,500,000(a) class HRR 'B+sf'; Outlook Stable.

(a) horizontal credit risk retention interest.

TRANSACTION SUMMARY

The PGA National Resort Commercial Mortgage Trust 2023-RSRT (PGA
2023-RSRT) certificates represent the beneficial interests in a
trust that holds a two-year (with three one-year extension
options), floating-rate, interest-only $250 million mortgage loan
secured by a first priority mortgage lien on the fee simple
interests in the 339-key (plus 21 cottages) PGA National Resort, a
full service resort hotel and golf course located in Palm Beach
Gardens, FL. The loan has not yet closed, and loan proceeds will be
used to refinance approximately $199.4 million of existing debt,
fund upfront reserves, pay closing costs and return approximately
$46.3 million of cash equity to the sponsor.

The loan sponsor is Brookfield Real Estate Partners III (BSREP III)
and several related entities, collectively. The transaction is
scheduled to close on April 21, 2023.

The borrowers consist of two entities, BSREP III PBG Golf LLC and
BSREP III PBG Resort LLC. The hotel is leased by the latter
borrower to BSREP III PBG Resort TRS LLC, as operating lessee. The
hotel portion of the property is managed by Crescent Hotel
Management Services, LLC, and the golf courses are managed by
Sequoia Management Services LLC d/b/a ClubLife Management LLC.

KEY RATING DRIVERS

Moderate Fitch Stressed Leverage: Fitch's stressed loan-to-value
ratio (LTV) ratio, base case LTV, and debt yield (DY) for the total
$250 million of trust debt are 94.3%, 81.6%, and 10.9%,
respectively. The Fitch leverage metrics are based on a stressed
cap rate of 10.25% and a net cash flow (NCF) of $27.2 million, a
significant stress to current market metrics.

High Quality Asset with Unique Amenities: The newly renovated hotel
features six golf courses totaling 99 holes. This includes The
Champion course, which has hosted nearly 40 professional golf
events including a RyderCup, a PGA Championship, 19 Senior PGA
Championships and 17 Honda Classic tournaments. Other amenities
include 60,000 sf of event space, a 35,000-sf fitness center, a
40,000-sf spa, eight food and beverage (F&B) outlets and a private
membership club providing varying access to the property amenities.
Fitch assigned the PGA National Resort a property quality grade of
"B+".

Recent Capital Investment: Since its acquisition in December 2018
for $232 million, the sponsor has invested approximately $105.3
million in renovations that included a full guestroom and corridor
overhaul, the repositioning and creation of the eight F&B outlets,
the introduction of two new golf courses, a renovated spa, improved
meeting space and a member's club, as well as addressing deferred
maintenance left by the prior owner. In addition, the sponsor has
purchased and renovated 21 two-bedroom cottages offering larger
floorplans and more in-unit amenities.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAsf'/A-sf'/'BBB-sf'/'BBsf'/'Bsf'/'B-sf';

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

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

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

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

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

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

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.


PRKCM 2023-AFC1: DBRS Finalizes B Rating on Class B-2 Notes
-----------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2023-AFC1 (the Notes) issued by PRKCM
2023-AFC1 Trust (the Trust):

-- $292.8 million Class A-1 at AAA (sf)
-- $48.8 million Class A-2 at AA (high) (sf)
-- $64.9 million Class A-3 at A (high) (sf)
-- $30.6 million Class M-1 at BBB (high) (sf)
-- $23.4 million Class B-1 at BB (sf)
-- $18.4 million Class B-2 at B (sf)

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

The AAA (sf) rating on the Notes reflects 41.15% of credit
enhancement provided by subordinated Notes. The AA (high) (sf), A
(high) (sf), BBB (high) (sf), BB (sf), and B (sf) ratings reflect
31.35%, 18.30%, 12.15%, 7.45%, and 3.75% of credit enhancement,
respectively.

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

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

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

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

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

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

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

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

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

The Sponsor, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of a portion of the Class B-2 Notes, the Class
B-3 Notes, and the Class XS Notes, collectively representing at
least 5% of the fair value of the Notes, to satisfy the credit
risk-retention requirements under Section 15G of the Securities
Exchange Act of 1934 and the regulations promulgated thereunder.

On any date on or after the earlier of (1) the payment date
occurring in February 2026 or (2) on or after the payment date when
the aggregate stated principal balance of the mortgage loans is
reduced to less than or equal to 20% of the Cut-Off Date balance,
the Sponsor may terminate the Issuer (Optional Termination) by
purchasing the loans, any real estate owned (REO) properties, and
any other property remaining in the Issuer at the optional
termination price, specified in the transaction documents. After
such a purchase, the Sponsor will have to complete a qualified
liquidation, which requires a complete liquidation of assets within
the Trust and the distribution of proceeds to the appropriate
holders of regular or residual interests.

The Controlling Holder in the transaction is a majority holder (or
majority holders if there is no single majority holder) of the
outstanding Class XS Notes, initially, the Seller. The Controlling
Holder will have the option, but not the obligation, to repurchase
any mortgage loan that becomes 90 or more days delinquent under the
Mortgage Banker Association (MBA) Method (or in the case of any
mortgage loan that has been subject to a forbearance plan related
to the impact of the Coronavirus Disease (COVID-19) pandemic, on
any date from and after the date on which such loan becomes 90 or
more days delinquent under the MBA Method from the end of the
forbearance period) at the repurchase price (par plus interest),
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

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

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

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


READY CAPITAL 2019-6: DBRS Confirms BB Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates issued by Ready Capital Mortgage
Trust 2019-6 as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect the continued
performance of the transaction since DBRS Morningstar's last
review. As of the February 2023 remittance, 55 of the original 89
loans remain in the pool, representing a collateral reduction of
40.5% since issuance. At issuance, the pool contained a mix of
stabilized properties along with short-term bridge loans, secured
by properties in a period of transition with plans to stabilize.
Although the majority of loans are fixed-rate, the loans backing
transitional properties had a hybrid interest rate structure that
features a fixed rate for the loan portion held within the trust
but a floating rate for the future funding component outside of the
trust. At issuance, five loans had future funding components;
however, four such loans have repaid from the trust, with the Back
Bay Center loan (Prospectus ID#6, 6.4% of the pool balance)
remaining. There is one loan in special servicing and 21 loans on
the servicer's watchlist, representing 0.4% and 41.7% of the
current pool balance, respectively. With the February 2023
remittance, one loan liquidated from the trust (Prospectus ID#18,
Waynesboro Industrial), with no loss to the trust.

The largest loan on the servicer's watchlist, 1001 Ross (Prospectus
ID#2, 9.6% of the pool balance), is secured by a mixed-use property
consisting of 201 multifamily units and 30,165 square feet (sf) of
ground-level retail in downtown Dallas. The loan was added to the
servicer's watchlist for a low debt service coverage ratio (DSCR).
At issuance, the sponsor's business plan was to implement a $3.5
million capital improvement plan to modernize interior and exterior
finishes, including $2.4 million ($16,597 per unit) for apartment
interiors, which has not been completed fully. The largest former
retail tenant, CVS, vacated in January 2020, and the sponsor
planned to use $1.4 million held in an available leasing reserve to
back-fill the space; however, no replacement tenant has been
identified to date.

According to the September 2022 rent roll, the property was 84.9%
occupied, compared with the year-end (YE) 2021 and YE2020 occupancy
rates of 73.5% and 85.8%, respectively. The multifamily portion was
92.2% occupied with an average rental rate of $1,479 per unit,
compared with the issuance occupancy rate of 95.0% and average
rental rate of $1,276 per unit. The retail portion of the property
was 44.3% occupied with an average rental rate of $22.52 per square
foot (psf), compared with the issuance occupancy rate of 38.9% and
average rental rate of $19.49 psf. According to the most recent
financial reporting, the loan reported a trailing nine-month ended
September 30, 2022, DSCR of 0.75 times (x), compared with YE2021,
YE2020, and DBRS Morningstar Stabilized DSCRs of 0.69x, 0.55x, and
1.15x, respectively. DBRS Morningstar analyzed this loan with a
stressed probability of default (POD) to increase the loan's
expected loss with this review given the lack of retail leasing
traction and overall delays in the business plan.

The second-largest loan on the servicer's watchlist is 777 East
12th Street (Prospectus ID#5, 7.3% of the pool balance), originally
transferred to the special servicer in April 2020 for imminent
monetary default. The loan is secured by a four-story mixed-use
property in the Fashion District of Los Angeles. The ground-floor
spaces are leased to tenants in the wholesale retail market with
relatively small unit sizes. The loan was added to the servicer's
watchlist in December 2021 because of a low DSCR, with a trailing
three-month ended March 31, 2022, DSCR reported at 0.63x, comparing
unfavorably with YE2021, YE2020, and YE2019 DSCRs of 0.89x, 1.14x,
and 1.37x, respectively. The most recent decline in DSCR is
attributable to a significant increase in expenses, particularly
utilities, repairs and maintenance, and management fees. The
property was 84.6% occupied as of the September 2022 rent roll,
with a new tenant taking occupancy in October 2022, which would
increase occupancy to 88.1% as compared with the January 2021
occupancy of 70.5% and the March 2020 occupancy rate of 83.6%. The
largest tenants at the property include Pacific City Bank (18.8% of
net rentable area (NRA); lease expiration in August 2023, extended
from prior lease expiry of December 2021), Che Ran Jung Moon (9.9%
of NRA, month to month), and Jea Whan You (5.6% of NRA, month to
month). The tenant base primarily operated on month-to-month
leases, resulting in fluctuating occupancy rates. Given the net
cash flow, which has declined over the past few years, and the
upcoming rollover of the largest tenant, DBRS Morningstar analyzed
this loan with a stressed POD to increase its expected loss with
this review.

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


SFO COMMERCIAL 2021-555: DBRS Confirms BB Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2021-555 issued by SFO
Commercial Mortgage Trust 2021-555 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since issuance. The transaction is collateralized by
555 California Street Campus, a 1.8 million-square foot Class A
office complex in the North Financial District of San Francisco.
The Campus comprises three LEED Gold-certified and Energy
Star-rated office buildings—555 California Street, 345 Montgomery
Street, and 315 Montgomery Street. The $1.2 billion two-year
floating-rate loan is interest only for the full term with an
initial scheduled maturity in May 2023 and five one-year extension
options available for a fully extended maturity date of May 2028.
At issuance, a rate cap agreement was in place with an initial
Libor strike rate of 4.00%. The loan is sponsored by a 70/30 joint
venture between Vornado Realty L.P. and Donald J. Trump.

The loan was added to the servicer's watchlist in February 2023
because of its upcoming initial maturity date in May 2023. Per the
servicer, the extension request has been received from the borrower
and is currently under review. According to the loan terms, during
an extension term the strike price on the rate cap will be the
greater of 4.00% and the annual rate, which, when added to the sum
of the spread and, if applicable, the alternate rate spread
adjustment, would result in a debt service coverage ratio (DSCR)
equal to or greater than 1.10 times (x). As of the most recent
reporting, the financials for the trailing 12 months ended
September 30, 2022, reported a debt service coverage ratio (DSCR)
of 2.12 times (x), compared with the YE2021 DSCR of 2.60x and the
DBRS Morningstar DSCR of 3.37x at issuance. The variance from the
DBRS Morningstar DSCR is the result of straight-line rent credit
treatment given to the tenant Bank of America (BofA) over the loan
term as BofA is an investment-grade tenant (rated AA by DBRS
Morningstar). In addition, the loan is structured with a floating
interest rate, which contributed a 38.9% increase in the debt
service obligation, raising it to $34.4 million in 2022 from $24.7
million in 2021.

As of the October 2022 rent roll, the property was 93.7% occupied
with a rental rate of $79.78 per square foot (psf), relatively in
line with the 92.7% occupancy and average rental rate of $91.85 psf
at issuance. The largest collateral tenants include BofA (18.1% of
the net rentable area (NRA), expiry in September 2025), Kirkland &
Ellis (8.4% of the NRA, expiry in October 2026), and Morgan Stanley
(7.3% of the NRA, expiry in October 2028). Near-term rollover risk
is minimal at 5.9% of the NRA through 2023 and 2024, with moderate
risk in 2025 when leases representing 16.2% of the NRA are
scheduled to roll. The 345 Montgomery building remains vacant but
is being actively marketed for lease following a $60.8 million
renovation to turn the space into creative office use, completed in
2021.

Per the Q4 2022 Reis report, the North Financial District submarket
reported an average asking rental rate of $68.32 psf and vacancy
rate of 12.5% for all Class A office properties, compared with the
Q4 2021 asking rental rate of $68.52 psf and vacancy rate of 9.7%.
Despite the general uncertainty surrounding office demand and
increasing debt service commitment, mitigating factors include the
subject's excellent location, good asset quality, significant
reserves, sponsorship commitment, and steady performance since
issuance.

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


SG COMMERCIAL 2019-787E: DBRS Confirms BB(low) Rating on F Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2019-787E
issued by SG Commercial Mortgage Securities Trust 2019-787E:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the underlying collateral, which remains in line with DBRS
Morningstar's expectations. The collateral consists of a
513,638-square-foot, 10-story Class A mixed-use building, known as
787 Eleventh Avenue, with office as well as automotive retail
showroom and service center space. The building is well located in
Manhattan's Automotive Row, which is also home to 20 other
automotive dealers. The retail-auto showroom and service space
(representing approximately 52.1% of the net rentable area (NRA))
is 100% leased to Jaguar Land Rover and Nissan/Infiniti, two
high-quality tenants with initial lease terms that run three years
beyond the loan's maturity in 2029. Combined, the two tenants
contribute more than half of the collateral's base rent.

The loan is sponsored by Adam Flatto and William Ackman, who
acquired the building in 2015 for $255.5 million. Upon acquisition,
an additional $275.2 million was spent through 2019 to reposition
what was once an industrial property to a high-end automotive
showroom and Class A office. The sponsors have since focused on
attracting life science and biotech tenants to the property's
office component. In February 2021, the Icahn School of Medicine at
Mount Sinai (Mount Sinai) leased approximately 36.2% of the NRA,
which includes the space previously occupied by Regus (formerly
19.3% of NRA), through 2054. Several news sources point to the
sponsor's plans to build out the space recently leased by Mount
Sinai to specialized clinical, lab, and research use. According to
the June 2022 rent roll, the property was 100% leased, though Mount
Sinai has not yet taken occupancy.

Based on the September 2022 financials, loan performance improved
over the previous year but is still below the DBRS Morningstar
figure. The annualized net cash flow (NCF) for the trailing
nine-month period was $17.0 million, a slight increase over the
YE2021 figure but a 20.9%, or $4.5 million, decline from the DBRS
Morningstar NCF derived in 2020 as Mount Sinai was receiving rent
abatements given its major tenant improvement build-out. According
to the most recent servicer update, the tenant is likely to take
occupancy and begin paying rent in 2024. During the Mount Sinai
rent abatement period, the borrower is required to deposit the
minimum of the quarterly debt service shortfall or $600,000 into a
free rent reserve to cover debt service shortfalls. As Mount
Sinai's initial base rent exceeds the rent the previous tenant
paid, DBRS Morningstar expects rental revenue and NCF to
stabilize.

The transaction consists of a $187.5 million portion of a $410
million whole loan that pays interest only for the full term and
matures in 2029. The whole loan is composed of $175.0 million of
senior companion loans, a $117.5 million subordinate A note, and a
$117.5 million junior B note. The subject securitization contains
the $70.0 million A-1A note and the subordinate $117.5 million A-2
note. Noncontrolling A notes with a combined $105.0 million trust
balance are included in the CSAIL 2019-C16, BBCMS 2019-C3, and
CSAIL 2019-C15 securitizations. DBRS Morningstar only rates two of
the companion note commercial mortgage-backed securities
transactions in CSAIL 2019-C16 and CSAIL 2019-C15.

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


SHACKLETON 2013-IV-R: Moody's Ups $27.75MM C Notes Rating From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Shackleton 2013-IV-R CLO, Ltd.:

US$32,000,000 Class A-2a Senior Secured Floating Rate Notes due
2031 (the "Class A-2a Notes"), Upgraded to Aa1 (sf); previously on
April 15, 2018 Definitive Rating Assigned Aa2 (sf)

US$11,750,000 Class A-2b-R Senior Secured Fixed Rate Notes due 2031
(the "Class A-2b-R Notes"), Upgraded to Aa1 (sf); previously on
October 26, 2020 Assigned Aa2 (sf)

US$3,000,000 Class A-2c-R Senior Secured Floating Rate Notes due
2031 (the "Class A-2c-R Notes"), Upgraded to Aa1 (sf); previously
on October 26, 2020 Assigned Aa2 (sf)

US$21,000,000 Class B Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class B Notes"), Upgraded to A1 (sf);
previously on April 15, 2018 Definitive Rating Assigned A2 (sf)

US$27,750,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to Baa3 (sf);
previously on September 14, 2020 Downgraded to Ba1 (sf)

Shackleton 2013-IV-R CLO, Ltd., originally issued in April 2018 and
partially refinanced in October 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 will end in April 2023.

RATINGS RATIONALE

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
April 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF), and higher weighted average spread (WAS) compared to their
respective covenant levels.  Moody's modeled a WARF of 2870
compared to its current covenant level of 3079 and WAS of 3.56%
compared to its covenant level of 3.42%.

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: $404,959,940

Defaulted par: $5,851,938

Diversity Score: 82

Weighted Average Rating Factor (WARF): 2870

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.56%

Weighted Average Recovery Rate (WARR): 47.90%

Weighted Average Life (WAL): 4.5 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.


SIERRA TIMESHARE 2023-1: Fitch Gives Final BB-sf Rating on D Notes
------------------------------------------------------------------
Fitch Ratings has assigned Final ratings and Rating Outlooks to
notes issued by Sierra Timeshare 2023-1 Receivables Funding LLC
(2023-1)
  
   Entity/Debt         Rating                 Prior
   -----------         ------                 -----
Sierra Timeshare
2023-1
Receivables
Funding LLC

   A               LT AAAsf New Rating   AAA(EXP)sf
   B               LT Asf   New Rating   A(EXP)sf
   C               LT BBBsf New Rating   BBB(EXP)sf
   D               LT BB-sf New Rating   BB-(EXP)sf

TRANSACTION SUMMARY

The notes are backed by a pool of fixed-rate timeshare loans
originated by Wyndham Vacation Resorts, Inc. (WVRI) and Wyndham
Resort Development Corporation (WRDC). Both entities are indirect,
wholly owned operating subsidiaries of Travel + Leisure Co. (T+L,
formerly Wyndham Destinations, Inc.) This is T+L's 45th public
Sierra transaction.

KEY RATING DRIVERS

Borrower Risk — Shifting Collateral Composition: Approximately
70.0% of Sierra 2023-1 consists of WVRI-originated loans; the
remainder of the pool comprises WRDC loans. Fitch has determined
that, on a like-for-like FICO basis, WRDC's receivables perform
better than WVRI's. The weighted average (WA) original FICO score
of the pool is 734, higher than 731 in Sierra 2022-3 and the
highest for the platform to date. Additionally, compared with the
prior transaction, the 2023-1 pool has overall stronger FICO
distribution and slightly higher concentration in WVRI loans.

Forward-Looking Approach on CGD Proxy — Increasing CGDs: Similar
to other timeshare originators, T+L's delinquency and default
performance exhibited notable increases in the 2007-2008 vintages,
and stabilizing in 2009 and thereafter. However, more recent
vintages, from 2014 through 2019, have begun to show increasing
gross defaults versus prior vintages dating back to 2009, partially
driven by increased paid product exits (PPEs). Fitch's cumulative
gross default (CGD) proxy for this pool is 22.50% (down from 23.00%
for 2022-3). Given the current economic environment, Fitch used
proxy vintages that reflect a recessionary period, along with more
recent vintage performance, specifically of 2007-2009 and 2016-2019
vintages.

Structural Analysis — Lower Credit Enhancement (CE): The initial
hard CE for class A, B, C and D notes is 67.75%, 43.50%, 21.75% and
11.25%, respectively. CE is lower for all classes relative to
2022-3, mainly due to lower overcollateralization (OC) compared to
the prior transaction. Hard CE comprises OC, a reserve account and
subordination. Soft CE is also provided by excess spread and is
expected to be 7.99% per annum. Loss coverage for all notes is able
to support default multiples of 3.25x, 2.25x, 1.50x and 1.17x for
'AAAsf', 'Asf', 'BBBsf' and 'BB-sf', respectively.

Originator/Seller/Servicer Operational Review — Quality of
Origination/Servicing: T+L has demonstrated sufficient capabilities
as an originator and servicer of timeshare loans. This is evidenced
by the historical delinquency and loss 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. Decreased
default coverage may make certain note ratings susceptible to
potential negative rating actions, depending on the extent of the
decline in coverage.

Therefore, Fitch conducts sensitivity analyses by stressing both a
transaction's initial base case 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 CGD and prepayment sensitivities
include 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 the notes to unexpected deterioration of a trust's
performance.

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

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


SIERRA TIMESHARE 2023-1: Moody's Assigns Ba2 Rating to Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Sierra Timeshare 2023-1 Receivables Funding LLC
(Sierra 2023-1). Sierra 2023-1 is backed by a pool of timeshare
loans originated by Wyndham Resort Development Corporation (WRDC),
Wyndham Vacation Resorts, Inc. (WVRI) and certain WVRI affiliates.
WVRI and WRDC are wholly owned subsidiaries of Wyndham Vacation
Ownership, Inc. (WVO). WVO, in turn, is a wholly owned subsidiary
of Travel + Leisure Co. (T+L, Ba3 stable). T+L is a global
timeshare company engaged in developing and acquiring vacation
ownership resorts, marketing and selling VOIs, offering consumer
financing in connection with such sales and providing property
management services to property owners' associations (POAs).
Wyndham Consumer Finance, Inc. (WCF) will act as the servicer of
the transaction and T+L will act as the performance guarantor.     
              

Issuer: Sierra Timeshare 2023-1 Receivables Funding LLC

Class A Notes, Definitive Rating Assigned Aaa (sf)

Class B Notes, Definitive Rating Assigned A2 (sf)

Class C Notes, Definitive Rating Assigned Baa2 (sf)

Class D Notes, Definitive Rating Assigned Ba2 (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 WCF as servicer.

Moody's expected median cumulative net loss expectation for Sierra
2023-1 is 21.3% and the loss at a Aaa stress is 60%. 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 WCF to perform the servicing
functions; and current expectations for the macroeconomic
environment during the life of the transaction.

At closing, the Class A notes, Class B notes, Class C notes and
Class D notes are expected to benefit from 67.75%, 43.50%, 21.75%
and 11.25% 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.


SOUND POINT XVIII: Moody's Cuts Rating on $32MM Cl. D Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sound Point CLO XVIII, Ltd:

US$66,900,000 Class A-2A Senior Secured Floating Rate Notes due
2031 (the "Class A-2A Notes"), Upgraded to Aa1 (sf); previously on
January 23, 2018 Assigned Aa2 (sf)

US$21,100,000 Class A-2B-R Senior Secured Fixed Rate Notes due 2031
(the "Class A-2B-R Notes"), Upgraded to Aa1 (sf); previously on
October 2, 2020 Assigned Aa2 (sf)

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

US$32,000,000 Class D Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class D Notes"), Downgraded to B1 (sf); previously
on September 9, 2020 Confirmed at Ba3 (sf)

Sound Point CLO XVIII, Ltd., originally issued in January 2018 and
partially refinanced in October 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 January 2023.

RATINGS RATIONALE

The upgrade rating actions reflect an expectation that the notes
will begin to be repaid in order of seniority, given the end of the
deal's reinvestment period in January 2023. During the amortization
period, the deal will also benefit from a shortening of the
weighted average life of the portfolio, which corresponds to a
reduction in portfolio default risk Nevertheless the credit quality
of the portfolio has deteriorated over the last year. In
particular, the trustee-reported weighted average rating factor
(WARF) is currently reported at 2980 in March 2023 [1] compared to
2777 in March 2022[2].

The downgrade rating action on the Class D notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's calculation, the OC ratio for the Class D notes is
reported at 105.19% in March 2023 [3] versus 105.87% in March
2022[4]. The total reported collateral, including principal
collections and expected recoveries on defaulted securities, is
$770.4 million[5], versus $800.0 million initially targeted during
the deal's ramp-up. Furthermore, in addition to WARF deterioration,
the trustee-reported weighted average spread (WAS) has declined and
is currently reported at 3.49% in March 2023 [6] compared to 3.79%
in March 2022[7].

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: $767,212,406

Defaulted par:  $11,526,266

Diversity Score: 81

Weighted Average Rating Factor (WARF): 2786

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.44%

Weighted Average Recovery Rate (WARR): 47.08%

Weighted Average Life (WAL): 4.15 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.


STONE STREET: DBRS Confirms BB Rating on Class C Notes
------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes issued by
Stone Street Receivables Funding 2015-1, LLC:

-- Series 2015-1, Class A Notes at AAA (sf)
-- Series 2015-1, Class B Notes at BBB (sf)
-- Series 2015-1, Class C Notes at BB (sf)

The rating actions are based on the following analytical
considerations:

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

-- The generally high credit quality of annuity providers and
their improved capitalization positions and risk-management
frameworks, which have been enhanced since the global financial
crisis of 2008–09.

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

-- The transaction's capital structure, and form and sufficiency
of available credit enhancement.

-- The transaction's performance to date, with zero defaults.


SYMPHONY CLO XIX: Moody's Cuts Rating on $10MM Cl. F Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Symphony CLO XIX, Ltd. (the "upgraded notes"):

US$57,500,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on April
12, 2018 Assigned Aa2 (sf)

US$27,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class C Notes"), Upgraded to A1 (sf); previously on
April 12, 2018 Assigned A2 (sf)

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

US$10,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Downgraded to Caa1 (sf); previously
on April 12, 2018 Assigned B3 (sf)

Symphony CLO XIX, Ltd., issued in April 2018 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 will end in April 2023.

RATINGS RATIONALE

These upgrade rating actions reflect the benefit of the short
period of time remaining before the end of the deal's reinvestment
period in April 2023. In light of the reinvestment restrictions
during the amortization period which limit the ability of the
manager to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will be maintained and continue
to satisfy certain covenant requirements. In particular, Moody's
assumed that the deal will benefit from lower weighted average
rating factor (WARF) compared to the covenant level. Moody's
modeled a WARF of 3010 compared to its current covenant level of
3160. The upgraded notes also benefited from a shortening of the
portfolio's weighted average life since March 2022.

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 the trustee's March 2023[1]
report, the OC ratio for the Class F notes (as inferred from the
interest diversion test ratio) is reported at 104.33% versus March
2022[2] level of 105.64%. Additionally, based on Moody's
calculation, the total collateral par balance, including recoveries
from defaulted securities, is $490.6 million, or $9.4 million less
than the $500.0 million initial par amount targeted during the
deal's ramp-up.

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: $489,180,141

Defaulted par: $7,491,690

Diversity Score: 86

Weighted Average Rating Factor (WARF): 3010

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.55%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 47.7%

Weighted Average Life (WAL): 4.5 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.


TEXAS DEBT 2023-I: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 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 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.

  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 2013-C5: Moody's Lowers Rating on Cl. C Certs to Ba3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on two classes
and downgraded the ratings on five classes of UBS-Barclays
Commercial Mortgage Trust 2013-C5, Commercial Mortgage Pass-Through
Certificates, Series 2013-C5, as follows:

Cl. B, Downgraded to Baa1 (sf); previously on May 10, 2022
Downgraded to A2 (sf)

Cl. C, Downgraded to Ba3 (sf); previously on May 10, 2022
Downgraded to Ba1 (sf)

Cl. D, Downgraded to Caa2 (sf); previously on May 10, 2022
Downgraded to Caa1 (sf)

Cl. E, Affirmed Caa3 (sf); previously on May 10, 2022 Downgraded to
Caa3 (sf)

Cl. F, Affirmed C (sf); previously on May 10, 2022 Affirmed C (sf)

Cl. X-B*, Downgraded to Baa1 (sf); previously on May 10, 2022
Downgraded to A2 (sf)

Cl. EC, Downgraded to Ba1 (sf); previously on May 10, 2022
Downgraded to Baa1 (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three P&I classes were downgraded due to potential
losses and increased risk of interest shortfalls due to the
significant exposure to specially serviced loans. Four of the
remaining loans, representing 98% of the pool, are in special
servicing and the two largest loans, Valencia Town Center (68% of
the pool) and Harborplace (21% of the pool) are enclosed retail
properties that have suffered significant declines in performance
since 2019.

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

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

The rating on the exchangeable class, Cl. EC, was downgraded based
on the credit quality of its referenced exchangeable classes and
the principal paydowns of higher quality reference classes. Cl. EC
originally referenced classes A-S, B and C, however, as of the
March 2023 remittance statement Cl. A-S has paid off in full.

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 54.1% of the
current pooled balance, compared to 14.1% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.6% of the
original pooled balance, compared to 10.8% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization 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 or 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 98% of the pool is in
special servicing. 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 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 81% to $286 million
from $1.49 billion at securitization. The certificates are
collateralized by six remaining mortgage loans, four of which (98%
of the pool balance) are in special servicing.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $2.4 million (for an average loss
severity of 23%).

The largest specially serviced loan is the Valencia Town Center
Loan ($195.0 million – 68.2% of the pool), which is secured by a
646,121 SF portion of a 1.1 million SF super-regional mall located
in Valencia, California. The mall is currently anchored by Macy's
and JC Penney. A former anchor, Sears (122,000 SF), vacated in 2018
and the space remains vacant. The three anchor units are not
included as collateral for the loan. Major collateral tenants
include a 12-screen Edward's Theater (68,780 SF; lease expiration
in May 2024) and Gold's Gym (29,100 SF; lease expiration in
November 2027). The property benefits from strong demographics and
being the only mall serving the Santa Clarita Valley submarket. The
collateral was 92% leased as of December 2022, compared to 82%
leased as of December 2021, 85% in December 2019 and 96% in
September 2017. Inline occupancy was 84% in December 2021, compared
to 92% in December 2019 and 95% in December 2018. The property's
NOI generally improved from securitization through year-end 2018,
but has declined in recent years and performance is now well below
expectations at securitization. The property's 2022 NOI increased
$10 million year-over-year from its low in 2021, however, the 2022
NOI was still nearly 29% lower than in 2013. The loan was
interest-only with a 3.6% interest rate for its entire term and had
an in-place NOI DSCR of 2.22X as of December 2022, compared to
2.69X in 2019 and 3.19X at securitization. The loan transferred to
special servicing in September 2022 due to imminent maturity
default and has now passed its original maturity date in January
2023. The loan has continued to make its interest only debt service
payments through the March 2023 remittance statement and the
special servicer is dual tracking a proposed transfer of ownership
and modification with foreclosure.

The second largest specially serviced loan is the Harborplace Loan
($60.0 million – 21.0% of the pool), which is secured by a
leasehold interest in an approximately 149,000 SF lifestyle retail
center in Baltimore, Maryland. The property is located on the
harbor waterfront near the Baltimore central business district
(CBD). Several major tenants have vacated the property since
securitization eventually triggering co-tenancy provisions which
resulted in additional tenant departures. The loan's DSCR has been
below 1.00X since 2017 due to lower rental revenues and higher
expenses and the loan transferred to special servicing in February
2019 due to payment default. The property was 49% leased as of
December 2022, compared to 61% in December 2021, 52% in September
2020, 64% in January 2020 and 95% at securitization. Special
servicer commentary indicates that the receiver has found a buyer
for the property and the servicer and buyer are reviewing a
potential loan assumption and modification. The loan has amortized
almost 21% since securitization but has accumulated over $13
million in cumulative loan advances. Furthermore, the most recent
appraisal value from August 2020 valued the property 58% below the
outstanding loan balance.

The third largest specially serviced loan is the Village Greens
Shopping Center ($18.2 million – 6.4% of the pool), which is
secured by a grocery-anchored shopping center located in Staten
Island, New York. The loan passed its original maturity date and
has since been brought current on its monthly debt service payments
in March 2023. The servicer commentary indicates that the borrower
is requesting a short-term forbearance while it secures financing
to pay off the loan. Through September 2022, the NOI was in line
with expectations at securitization with the two largest tenants
(64% of the NRA) having lease expiration in 2028 or later.

The remaining specially serviced loan is secured by a portfolio of
two office properties located in Canton, Ohio. Moody's estimates an
aggregate $155 million loss for the specially serviced loans (59%
expected loss on average).

As of the March 2023 remittance statement cumulative interest
shortfalls were $3.2 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 two non-specially serviced loans represent less than 2% of the
pool balance. Both are secured by single tenant retail properties
that with leases ending after 2030 that have passed their original
maturity but are current and amortizing.


WAMU COMMERCIAL 2007-SL2: Moody's Ups Rating on Cl. F Certs to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
and affirmed the rating on one class in Wamu Commercial Mortgage
Securities Trust 2007-SL2, Commercial Mortgage Pass-Through
Certificates, Series 2007-SL2 as follows:

Cl. E Certificate, Upgraded to Baa3 (sf); previously on Jun 10,
2022 Upgraded to Ba2 (sf)

Cl. F Certificate, Upgraded to B2 (sf); previously on Jun 10, 2022
Upgraded to Caa1 (sf)

Cl. G Certificate, Affirmed C (sf); previously on Jun 10, 2022
Affirmed C (sf)

RATINGS RATIONALE

The ratings on two P&I classes were upgraded based primarily on an
increase in credit support resulting from loan paydowns and
amortization. The deal has paid down 14% since Moody's last review
and 97% since securitization.

The rating on one P&I class was affirmed because the rating is
consistent with Moody's expected loss and realized losses. This
class has already experienced a 2% loss from previously liquidated
loans.

Moody's rating action reflects a base expected loss of 10.0% of the
current pooled balance, compared to 6.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 4.1% of the
original pooled balance, compared to 4.0% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION:

The principal methodology used in these ratings was "US and
Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations
Methodology" published in July 2022.

DEAL PERFORMANCE

As of the March 27, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 97% to $25.3 million
from $842.1 million at securitization. The certificates are
collateralized by 59 mortgage loans ranging in size from less than
1% to 5.7% of the pool, with the top ten loans constituting 41.2%
of the pool. The remaining loans in the pool have terms to maturity
ranging from 105 months to 166 months, with a weighted average time
to maturity of 164 months.

Loans representing 94% of the current pool balance had an original
loan balance below $2 million and the average current principal
balance of the remaining loans is approximately $430,000. Smaller
loans have historically exhibited higher default and severity rates
compared to properties typically found in CMBS securitizations.

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 38, compared to a Herf of 43 at Moody's last
review.

As of the March 2023 remittance report, loans representing 100%
were current or within their grace period on their debt service
payments. Three loans, representing 5.9% of the pool, indicate the
borrower has received loan modifications.

Seventeen loans, constituting 31.5% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seventy loans have been liquidated from the pool, resulting in an
aggregate realized loss of $31.8 million (for an average loss
severity of 44%).  There are currently no loans in special
servicing. However, Moody's has assumed a high default probability
for eight poorly performing loans, constituting 16.0% of the pool,
and has estimated an aggregate loss of $1.9 million (a 46% expected
loss based on average) from these troubled loans.

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 80% of the
pool and full year 2022 operating results for 8% of the pool.
Moody's weighted average conduit LTV is 78%, compared to 77% at
Moody's last review. Moody's conduit component excludes troubled
loans. Moody's net cash flow (NCF) reflects a weighted average
haircut of 21% to the most recently available net operating income
(NOI). Moody's value reflects a weighted average capitalization
rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.69X and 1.68X,
respectively, compared to 1.94X and 1.62X 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.


WELLS FARGO 2019-C50: Fitch Affirms CCCsf Rating on 2 Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed 17 classes of Wells Fargo Commercial
Mortgage (WFCM) Trust 2019-C50 commercial mortgage pass-through
certificates. The Rating Outlooks for classes F and X-F have been
revised to Stable from Negative.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
WFCM 2019-C50

   A-2 95001XAX4   LT AAAsf  Affirmed    AAAsf
   A-3 95001XAY2   LT AAAsf  Affirmed    AAAsf    
   A-4 95001XBA3   LT AAAsf  Affirmed    AAAsf
   A-5 95001XBB1   LT AAAsf  Affirmed    AAAsf
   A-S 95001XBC9   LT AAAsf  Affirmed    AAAsf
   A-SB 95001XAZ9  LT AAAsf  Affirmed    AAAsf
   B 95001XBD7     LT AA-sf  Affirmed    AA-sf
   C 95001XBE5     LT A-sf   Affirmed    A-sf
   D 95001XAJ5     LT BBBsf  Affirmed    BBBsf
   E 95001XAL0     LT BBB-sf Affirmed    BBB-sf
   F 95001XAN6     LT Bsf    Affirmed    Bsf
   G 95001XAQ9     LT CCCsf  Affirmed    CCCsf
   X-A 95001XBF2   LT AAAsf  Affirmed    AAAsf
   X-B 95001XBG0   LT A-sf   Affirmed    A-sf
   X-D 95001XAA4   LT BBB-sf Affirmed    BBB-sf
   X-F 95001XAC0   LT Bsf    Affirmed    Bsf
   X-G 95001XAE6   LT CCCsf  Affirmed    CCCsf

KEY RATING DRIVERS

Stable Loss Expectations: Overall pool loss expectations have
remained relatively stable; the Outlook revisions on classes F and
X-F to Stable from Negative reflects consistent pool performance
compared to the last rating action. Fitch has identified nine Fitch
Loans of Concern (FLOCs) (21.8% of the pool balance), primarily due
to deteriorating performance and upcoming rollover concerns. Six
loans (12.7%) are in special servicing. Thirteen loans (19%) 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 4.9%.

The largest contributor to loss and specially serviced loan, 24
Commerce Street (1.7%), is secured by a 171,892-sf office building
located in downtown Newark, NJ. The loan transferred to the special
servicer a second time in May 2020 for imminent monetary default
after being returned to the master servicer in October 2019.
Servicer commentary indicates the Special Servicer is working
towards a loan sale while continuing to monitor foreclosure
litigation. Fitch's base case loss of approximately 41% is based on
a recent appraisal which reflects a value psf of $74.

The second largest contributor to loss and specially serviced loan,
InnVite Hospitality Portfolio (2.3%), is secured by five hotels
located in Ohio with 468 rooms. There are five different franchises
including nationally recognized brands including Hilton, Wyndham,
Choice Hotels and Best Western Hotels and Resorts. The loan
transferred to the special servicer in May 2020 for imminent
monetary default. The special servicer has appointed a receiver and
is proceeding with foreclosure. Fitch's base case loss of
approximately 27% is based on a recent appraisal which reflects a
value per key of $38,974.

Increased Credit Enhancement (CE): As of the March 2023
distribution date, the pool's aggregate balance has been reduced by
10.2% to $842.6 million from $938 million at issuance. Since
issuance, two loans have prepaid early ($46 million combined
balance at issuance). In addition, one loan paid off after
transferring to the special servicer and one loan was liquidated
with a $2.7 million loss. One loan (1.9%) is fully defeased.
Twenty-two loans representing 41.1% of the pool had a partial
interest-only component, and thirteen loans (26%) are full term
interest-only loans. Interest shortfalls totaling $985,840 are
currently impacting the non-rated class NR.

Property Type Concentration: The highest concentration is retail
(32.4%), followed by hotel (19.1%), office (17.5%), and
self-storage (8.6%).

Pari Passu Loans: Eight loans comprising 27.8% of the pool are part
of a pari passu loan combination.

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', 'BBBsf' 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 'Bsf' and 'CCCsf' 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 classes 'BBBsf' and '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 'Bsf' and 'CCCsf' 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.


WIND RIVER 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Wind River
2023-1 CLO Ltd./Wind River 2023-1 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 First Eagle Alternative Credit LLC.

The preliminary ratings are based on information as of April 10,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

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

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

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

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

  Preliminary Ratings Assigned

  Wind River 2023-1 CLO Ltd./Wind River 2023-1 CLO LLC

  Class A, $305.00 million: AAA (sf)
  Class B, $62.50 million: AA (sf)
  Class C-1 (deferrable), $22.50 million: A (sf)
  Class C-2 (deferrable), $15.00 million: A (sf)
  Class D (deferrable), $22.50 million: BBB- (sf)
  Class E (deferrable), $20.00 million: BB- (sf)
  Subordinated notes, $56.40 million: Not rated



WORLDWIDE PLAZA 2017-WWP: DBRS Confirms BB Rating on Class F Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2017-WWP issued by
Worldwide Plaza Trust 2017-WWP as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations. The transaction is secured by a Class A office
property in Manhattan. Whole-loan proceeds of $940.0 million and
$260.0 million of mezzanine debt facilitated the recapitalization
financing of the collateral and cover closing costs. The whole-loan
consists of $616.3 million of senior debt and $323.7 million of
junior debt, of which the entirety of the junior debt and $381.3
million of the senior debt is held in the trust.

The fixed-rate loan is interest-only (IO) through its 10-year term,
maturing in November 2027, and is sponsored by a joint venture
between SL Green Realty Corporation and RXR Realty LLC. The
property totals 1.8 million square feet (sf) and occupies an entire
block between 49th Street and 50th Street at 825 Eighth Avenue in
New York City's Midtown West submarket. The property also includes
10,592 sf of ground-level retail space, and the C and E subway
lines are accessible via a station beneath the building.

According to the December 2022 rent roll, the property was 89.5%
occupied. The two largest tenants, Nomura Holding America, Inc.
(Nomura; 38.0% of the net rentable area (NRA), lease expires in
September 2033) and Cravath, Swaine & Moore LLP (Cravath; 30.1% of
the NRA, lease expires in August 2024), uses the space as their
respective headquarters. In 2019, Cravath announced its plans to
relocate its footprint at the subject to Two Manhattan West at its
lease expiration in 2024. Cravath began subleasing portions of its
space to subtenants, including AMA Consulting Engineers, P.C. (AMA;
30,756 sf) and McCarter & English, LLP (33,233 sf), with AMA
signing a direct lease at the subject after Cravath's lease
expiration for that unit.

A significant area of concern is that Cravath's contractual rental
rate is $98.02 per sf (psf), well above the submarket's average
asking rental rate of $69.36 psf, per a Q4 2022 Reis report.
Excluding Cravath's rental rate, the property's average rental rate
is $67.79 psf, trailing behind the submarket average. Although
worrisome, those concerns are partially mitigated by the fact that
the subject is in a highly desirable location in the Midtown West
submarket and benefits from its high-quality finishes and strong
sponsorship. The loan is structured with a springing rollover
reserve account to begin sweeping cash in August 2023, one year
prior to Cravath's lease expiration, until $42.4 million is
deposited into the account to aid with future re-leasing of
Cravath's space equal to $76.96 psf. At issuance, Nomura occupied
819,906 sf (40.0% of NRA) of space but exercised its right to
reduce its space in January 2022. The tenant gave back two floors
and paid a termination fee of $10.9 million, which is currently
held in reserves. The tenant now occupies 38.0% of NRA but has
another option to reduce its footprint further or terminate its
lease in whole or in parts in January 2027, on the condition that
18 months' notice is provided along with a termination fee equal to
six months of fixed rent on the terminated space.

As of the YE2022 financials, the property reported a net cash flow
(NCF) and debt service coverage ratio of $73.8 million and 2.18
times (x), respectively. This compares with the YE2021 NCF, YE2020
NCF, and DBRS Morningstar NCF of $83.8 million, $69.5 million, and
$73.3 million, respectively. The YE2021 financials reported an
expense reimbursement figure of $32.4 million, which is above
historical figures that generally average around $25 million.

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


[*] DBRS Confirms 21 Classes From Seven U.S. RMBS Transactions
--------------------------------------------------------------
DBRS, Inc. confirmed 21 classes from seven U.S. residential
mortgage-backed securities (RMBS) transactions.

The Affected Ratings Are Available at https://bit.ly/3KrWfjk

The rating confirmations reflect asset performance and
credit-support levels that are consistent with the current
ratings.

The transaction assumptions consider DBRS Morningstar's baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns: December 2022 Update," published on December 21, 2022
(https://www.dbrsmorningstar.com/research/407678). These baseline
macroeconomic scenarios replace DBRS Morningstar's moderate and
adverse Coronavirus Disease (COVID-19) pandemic scenarios, which
were first published in April 2020.

Notes: The principal methodology applicable to the ratings is U.S.
RMBS Surveillance Methodology (March 3, 2023;
https://www.dbrsmorningstar.com/research/410498).


[*] DBRS Confirms Ratings on 74 Classes of Real Estate Transactions
-------------------------------------------------------------------
DBRS Limited conducted its surveillance review of eight
small-balance commercial real estate (CRE) transactions, which
included 108 classes. DBRS Morningstar confirmed its ratings on 74
classes across all of the transactions, upgraded its ratings on 33
classes across four transactions, and discontinued its rating on
one class as the bond had fully repaid with the February 2023
remittance. All trends are Stable.

The Affected Ratings are available at https://bit.ly/3UlrdOv

The ratings have been removed from Under Review with Developing
Implications where they were placed on November 4, 2022, when DBRS
Morningstar finalized its "North American CMBS Multi-Borrower
Rating Methodology" (the NA Multiborrower Methodology) and North
American CMBS Insight Model Version 1.1.0.0 (the CMBS Model). As
small-balance CRE structures are typically more complex and
granular, the Under Review designation was used to allow for the
additional time necessary to complete the full analysis (inclusive
of the cash flow modeling for certain deals) following the adoption
of the CMBS Model.

The rating confirmations reflect the overall stable performances of
these transactions, which have generally remained in line with DBRS
Morningstar's expectations. The rating upgrades were primarily the
result of increased credit support as a result of loan payoffs,
amortization, and prepayments.

Per the February 2023 reporting, 2,490 loans are secured across the
small-balance CRE transactions (excluding BVRT 2021-5F, which is a
resecuritization of Silver Hill Trust 2019-SBC1), with an aggregate
outstanding balance of $1.06 billion. There are 111 loans,
representing 4.7% of the aggregate outstanding balance, that were
30+ days delinquent, 38 of which, representing 2.0% of the
aggregate outstanding balance, were listed as either 120+ days
delinquent, in foreclosure, real estate owned, or with borrowers in
bankruptcy. In determining the probability of default (POD) and
loss severity given default (LGD) levels in the CMBS Model as part
of its review, DBRS Morningstar elevated the POD for all delinquent
loans, with incrementally more punitive treatment based on the
length of delinquency or workout strategy to appropriately reflect
the increased credit risk. Certain POD adjustments were also
considered for loans secured by non-traditional property types, as
well as amortization and prepayment, in addition to certain LGD
adjustments considered for the lack of environmental reporting.

Most of the loans that have been repaid since issuance across all
transactions were paid in advance of their respective maturity
dates, with most repayments including applicable prepayment
penalties. Based on the most recent reporting available, these
pools had weighted-average life, trailing-12-month, and
trailing-three-month constant prepayment (CPR) rates of 12.3%,
12.2%, and 8.5%, respectively. Given the increasing interest rate
environment and related property trade disruption in the CRE
market, CPR rates have recently begun to slow, excluding the
Cherrywood SB Commercial Mortgage Loan Trust 2016-1, which has a
more significant concentration of recent/near-term maturities
leading to higher CPR rates.

The DBRS Morningstar CMBS Model does not contemplate the ability to
prepay loans, which is generally seen as credit positive because a
prepaid loan cannot default. As a result, DBRS Morningstar applied
the fully adjusted default assumptions and model-generated severity
figures from the DBRS Morningstar CMBS Model to the RMBS Insight
1.3: U.S. Residential Mortgage-Backed Securities Model (the RMBS
Model; excluding AOMT 2020-SBC1 and Cherrywood 2016-1), which is
adept at modeling sequential and pro rata structures.

As part of the RMBS Model, DBRS Morningstar incorporated four CPR
stresses: 5.0%, 10.0%, 15.0%, and 20.0%. Additional assumptions in
the RMBS Model generally included a 22-month recovery lag period
(excluding Sutherland Commercial Mortgage Trust 2021-SBC10 (SCMT
2021-SBC10), which assumed a recovery lag of six months given the
seasoning of the deal), 100% servicer advancing, and three default
curves (uniform, front, and back). The shape and duration of the
default curves were based on the RMBS loss curves. Lastly, rates
were also stressed, both upward and downward, based on their
respective loan indices.

Generally, these pools are well-diversified, a factor that combines
with the increased credit support to the rated classes from
issuance (excluding the SCMT 2019-SBC8 and SCMT 2021-SBC10 deals,
which have pro rata structures) to generally reduce the loan-level
event risk of the transaction. There are noteworthy risks for the
transactions, however, in that property quality is generally
considered to be Average-/Below Average based on those properties
sampled and that the loan sponsors are generally less sophisticated
operators of CRE with limited real estate portfolios and
experience. These risks are partially mitigated by borrower or
guarantor recourse, regardless of credit history. DBRS Morningstar
notes that ongoing property financials are not provided as part of
the surveillance reviews.

ESG CONSIDERATIONS

Excluding the SCMT 2021-SBC10 transaction, there were no
environmental, social, and governance factors that had a
significant or relevant effect on the credit analysis for these
rating actions.

DBRS Morningstar concluded that the environmental factor was
applicable to the credit analysis for SCMT 2021-SBC10. At issuance,
limited to no property-level information was available for review,
including property condition reports and Phase I/II environmental
site assessment reports. As a result, DBRS Morningstar applied an
LGD penalty that resulted in a significant effect on the credit
analysis. There were no social or governance factors that had a
significant or relevant effect on the credit analysis.

DBRS Morningstar also notes material deviations, defined as three
or more notches from the respective Models applied, for five
classes across five transactions, as the quantitative results
suggested directionally higher and lower ratings for these
classes.

Classes B2 and B2 from the AOMT 2020-SBC1 and Cherrywood 2016-1
deals, respectively, reported material deviations from the CMBS
Model. These material deviations were warranted given the uncertain
loan level event risk not captured in the CMBS Model.

Classes B3, F, and E from the OMLT 2020-SBC1, SCMT 2019-SBC8, and
SCMT 2021-SBC10 deals, respectively, reported material deviations
from the RMBS Model. These material deviations were warranted given
that certain risks were not fully reflected in the RMBS Model.

Classes that are interest-only (IO) certificates reference a single
rated tranche or multiple rated tranches. The IO rating mirrors the
lowest-rated applicable reference obligation tranche adjusted
upward by one notch if senior in the waterfall.

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


[*] DBRS Reviews 114 Classes From 17 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 114 classes from 17 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 114 classes
reviewed, DBRS Morningstar upgraded 57 ratings, confirmed 43
ratings, and discontinued 14 ratings.

The Affected Ratings are available at https://bit.ly/3zJ2t9g

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The discontinued ratings reflect the full
repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of
re-performing collateral.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- Ajax Mortgage Loan Trust 2019-D, Mortgage-Backed Securities,
Series 2019-D, Class A-3

-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class
B2

-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes,
Series 2018-RP3, Class M-2

-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes,
Series 2018-RP3, Class M-3

-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes,
Series 2018-RP3, Class B-1

-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes,
Series 2018-RP3, Class B-2

-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes,
Series 2019-RP1, Class M-2

-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes,
Series 2019-RP1, Class M-3

-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes,
Series 2019-RP1, Class B-1

-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes,
Series 2019-RP1, Class B-2

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class M-2

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class M-3

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class B-1

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class B-2

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class B-3

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class A-3

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class A-4

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class A-6

-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes,
Series 2021-RP2, Class A-7

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class M-1

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class M-2

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class B-1

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class B-2

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class B-3

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class A-4

-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes,
Series 2021-RP3, Class A-5

-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series
2017-RPL1, Class M2

-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series
2017-RPL1, Class B1

-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series
2017-RPL1, Class B2

-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9,
Class M-2

-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9,
Class B-1

-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9,
Class B-2

Notes: The principal methodology applicable to the ratings is the
U.S. RMBS Surveillance Methodology (March 3, 2023;
https://www.dbrsmorningstar.com/research/410498).



[*] DBRS Reviews 165 Classes From 21 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 165 classes from 21 U.S. residential
mortgage-backed securities (RMBS) transactions. All 21 transactions
are generally classified as reperforming transactions. Of the 165
classes reviewed, DBRS Morningstar upgraded 112 ratings and
confirmed 53 ratings.

The Affected Ratings are available at https://bit.ly/3nUL1fv

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade or that
the actual deal or tranche performance is not fully reflected in
the projected cash flows/model output.

-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1,
Class M-3

-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1,
Class B-1

-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1,
Class B-2

-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed
Securities, Series 2018-RPL1, Class M2

-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed
Securities, Series 2018-RPL1, Class B1

-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed
Securities, Series 2018-RPL1, Class B2

-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes,
Series 2020-RPL1, Class A-5

-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes,
Series 2020-RPL1, Class M-2

-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes,
Series 2020-RPL1, Class B-1

-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes,
Series 2020-RPL1, Class B-2

-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed
Securities, Series 2017-3, Class B1

-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed
Securities, Series 2018-2, Class B1

-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed
Securities, Series 2018-2, Class B2

-- Mill City Mortgage Loan Trust 2018-3, Mortgage Backed
Securities, Series 2018-3, Class B1

-- Mill City Mortgage Loan Trust 2018-3, Mortgage Backed
Securities, Series 2018-3, Class B2

-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed
Securities, Series 2018-4, Class A4

-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed
Securities, Series 2018-4, Class M3

-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed
Securities, Series 2018-4, Class B1

-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes,
Series 2019-1, Class A4

-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes,
Series 2019-1, Class M3

-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes,
Series 2019-1, Class B1

-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes,
Series 2019-1, Class B2

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class A3

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class A4

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class M2

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class M3A

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class M3B

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class M3

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class B1A

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class B1B

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class B1

-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed
Securities, Series 2019-GS2, Class B2A

-- MetLife Securitization Trust 2019-1, Residential
Mortgage-Backed Securities, Series 2019-1, Class M3

-- MetLife Securitization Trust 2019-1, Residential
Mortgage-Backed Securities, Series 2019-1, Class B1

-- MetLife Securitization Trust 2019-1, Residential
Mortgage-Backed Securities, Series 2019-1, Class B2

-- New Residential Mortgage Loan Trust 2018-RPL1, Mortgage-Backed
Notes, Series 2018-RPL1, Class B-1

-- New Residential Mortgage Loan Trust 2018-RPL1, Mortgage-Backed
Notes, Series 2018-RPL1, Class B-2

-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed
Notes, Series 2019-RPL2, Class M-1

-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed
Notes, Series 2019-RPL2, Class M-2

-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed
Notes, Series 2019-RPL2, Class B-1

-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed
Notes, Series 2019-RPL2, Class B-2

-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed
Notes, Series 2019-RPL2, Class A-4

-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed
Notes, Series 2019-RPL3, Class M-1

-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed
Notes, Series 2019-RPL3, Class M-2

-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed
Notes, Series 2019-RPL3, Class B-1

-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed
Notes, Series 2019-RPL3, Class B-2

-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed
Notes, Series 2019-RPL3, Class A-4

-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed
Notes, Series 2020-RPL1, Class M-1

-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed
Notes, Series 2020-RPL1, Class M-2

-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed
Notes, Series 2020-RPL1, Class B-1

-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed
Notes, Series 2020-RPL1, Class B-2

-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed
Notes, Series 2020-RPL1, Class A-4


[*] DBRS Reviews 575 Classes From 53 U.S. RMBS Transactions
-----------------------------------------------------------
DBRS, Inc. reviewed 575 classes from 53 U.S. residential
mortgage-backed securities (RMBS) transactions. Of the 53
transactions, 33 are generally classified as re-performing
transactions, seven as non-qualified mortgage transactions, seven
as second-lien transactions, two as small balance commercial
transactions, two as subprime transactions, one as a seasoned
transaction, and one as a manufactured housing transaction. Of the
575 classes reviewed, DBRS Morningstar upgraded 213 ratings,
confirmed 352 ratings, and discontinued 10 ratings.

The Affected ratings are available at https://bit.ly/3mhYA8d

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings. The discontinued ratings reflect the full
repayment of principal to bondholders.

The ratings assigned to the securities listed below differ from the
ratings implied by the quantitative model. DBRS Morningstar
considers these differences material deviations; however, in these
cases, the ratings on the subject securities may reflect additional
seasoning being warranted to substantiate a further upgrade.

-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities,
Series 2016-4, Class B3

-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities,
Series 2016-5, Class B2

-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities,
Series 2016-5, Class B3

-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities,
Series 2017-1, Class B2

-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities,
Series 2017-2, Class B2

-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities,
Series 2017-2, Class B3

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class B1

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities
Series 2017-3, Class B2

-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities,
Series 2017-3, Class B3

-- Towd Point Mortgage Trust 2017-4, Asset Backed Securities
Series 2017-4, Class B1

-- Towd Point Mortgage Trust 2017-4, Asset Backed Securities
Series 2017-4, Class B2

-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities,
Series 2017-5, Class B1

-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities,
Series 2017-5, Class B2

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class B1

-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities
Series 2017-6, Class B2

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities,
Series 2018-1, Class M2

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities,
Series 2018-1, Class B1

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities,
Series 2018-1, Class B2

-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities,
Series 2018-1, Class B3

-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities
Series 2018-2, Class M2

-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities
Series 2018-2, Class B1

-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities
Series 2018-2, Class B2

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class M2

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class B1

-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities
Series 2018-3, Class B2

-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities,
Series 2018-6, Class M1

-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities,
Series 2018-6, Class M2

-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities,
Series 2018-6, Class B1

-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities,
Series 2018-6, Class B2

-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities,
Series 2018-6, Class A4

-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities,
Series 2019-1, Class M1

-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities,
Series 2019-1, Class M2

-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities,
Series 2019-1, Class B1

-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities,
Series 2019-1, Class B2

-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities,
Series 2019-1, Class A4

-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities,
Series 2019-2, Class M2

-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities,
Series 2019-2, Class B1

-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities,
Series 2019-2, Class B2

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class B1

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class B2

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2A

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2B

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2C

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2D

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2E

-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities,
Series 2019-3, Class M2X

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class M2

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B1

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B2

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B3

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class M2A

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class M2AX

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class M2B

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class M2BX

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B1A

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B1AX

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B1B

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class B1BX

-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities,
Series 2019-4, Class A5

-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-1,
Class M

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class M-1

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class M-2

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class B-1

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class B-2

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class A-4

-- GS Mortgage-Backed Securities Trust 2022-RPL2, Mortgage-Backed
Securities, Series 2022-RPL2, Class A-5

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class M-1

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class M-2

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class B-1

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class B-2

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class B-3

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class A-4

-- Citigroup Mortgage Loan Trust 2022-RP1, Mortgage-Backed Notes,
Series 2022-RP1, Class A-5

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IO

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3A

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3B

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3C

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3D

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3E

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3F

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3G

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-3H

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOA

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOB

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOC

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOD

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOE

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOF

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B3-IOG

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IO

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4A

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4B

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4C

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4D

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4E

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4F

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4G

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-4H

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOA

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOB

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOC

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOD

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOE

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOF

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B4-IOG

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-5

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-5A

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-5B

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-5C

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-5D

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B5-IOA

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B5-IOB

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B5-IOC

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B5-IOD

-- New Residential Mortgage Loan Trust 2020-2, Mortgage-Backed
Notes, Series 2020-2, Class B-7

-- MFA 2021-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2021-NQM1, Class M-1

-- MFA 2021-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2021-NQM1, Class B-1

-- MFA 2021-NQM1 Trust, Mortgage Pass-Through Certificates, Series
2021-NQM1, Class B-2

-- Starwood Mortgage Residential Trust 2021-2, Mortgage
Pass-Through Certificates, Series 2021-2, Class A-3

-- Starwood Mortgage Residential Trust 2021-2, Mortgage
Pass-Through Certificates, Series 2021-2, Class M-1

-- Starwood Mortgage Residential Trust 2021-2, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-1

-- Starwood Mortgage Residential Trust 2021-2, Mortgage
Pass-Through Certificates, Series 2021-2, Class B-2

-- Verus Securitization Trust 2020-2, Mortgage Pass-Through
Certificates, Series 2020-2, Class M-1

-- Verus Securitization Trust 2020-2, Mortgage Pass-Through
Certificates, Series 2020-2, Class B-1

-- Verus Securitization Trust 2020-2, Mortgage Pass-Through
Certificates, Series 2020-2, Class B-2

-- Verus Securitization Trust 2021-2, Mortgage-Backed Notes,
Series 2021-2, Class A-3

-- Verus Securitization Trust 2021-2, Mortgage-Backed Notes,
Series 2021-2, Class M-1

-- Verus Securitization Trust 2021-2, Mortgage-Backed Notes,
Series 2021-2, Class B-1

-- Verus Securitization Trust 2021-2, Mortgage-Backed Notes,
Series 2021-2, Class B-2

-- Verus Securitization Trust 2021-R3, Mortgage-Backed Notes,
Series 2021-R3, Class A3

-- Verus Securitization Trust 2021-R3, Mortgage-Backed Notes,
Series 2021-R3, Class M1

-- Verus Securitization Trust 2021-R3, Mortgage-Backed Notes,
Series 2021-R3, Class B1

-- Verus Securitization Trust 2021-R3, Mortgage-Backed Notes,
Series 2021-R3, Class B2

-- Visio 2021-1R Trust, Mortgage-Backed Notes, Series 2021-1R,
Class A-3

-- Visio 2021-1R Trust, Mortgage-Backed Notes, Series 2021-1R,
Class M-1

-- Visio 2021-1R Trust, Mortgage-Backed Notes, Series 2021-1R,
Class B-1

-- Visio 2021-1R Trust, Mortgage-Backed Notes, Series 2021-1R,
Class B-2

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M-3

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M-4

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M-5

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M3-A

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M3-IO

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M4-A

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M4-IO

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M5-A

-- Velocity Commercial Capital Loan Trust 2021-1, Mortgage-Backed
Certificates, Series 2021-1, Class M5-IO

Notes: The principal methodology applicable to the ratings is the
U.S. RMBS Surveillance Methodology (March 3, 2023;
https://www.dbrsmorningstar.com/research/410498).


[*] Moody's Upgrades $164MM of US RMBS Issued 2004 to 2007
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of nine bonds
from five US residential mortgage-backed transactions (RMBS),
backed by Alt-A and subprime mortgages issued by multiple issuers.

A list of Affected Ratings is available at https://bit.ly/41e48iR

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-HE1

Cl. AV-3, Upgraded to Ba1 (sf); previously on Jun 27, 2022 Upgraded
to Ba3 (sf)

Cl. AV-4, Upgraded to Ba2 (sf); previously on Jun 27, 2022 Upgraded
to B1 (sf)

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust, Series 2005-WF1

Cl. I-A, Upgraded to Aa3 (sf); previously on Jul 5, 2018 Upgraded
to A1 (sf)

Issuer: RAMP Series 2004-KR2 Trust

Cl. M-II-1, Upgraded to Ba1 (sf); previously on Jun 16, 2015
Upgraded to Ba2 (sf)

Cl. M-I-2, Upgraded to Ba1 (sf); previously on Jun 21, 2019
Upgraded to Ba2 (sf)

Issuer: Soundview Home Loan Trust 2007-NS1, Asset-Backed
Certificates, Series 2007-NS1

Cl. A-3, Upgraded to A3 (sf); previously on Jun 27, 2022 Upgraded
to Baa2 (sf)

Cl. A-4, Upgraded to Baa1 (sf); previously on Jun 27, 2022 Upgraded
to Baa3 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-3

Cl. M3, Upgraded to Aaa (sf); previously on Jan 14, 2020 Upgraded
to Aa1 (sf)

Cl. M4, Upgraded to B2 (sf); previously on Jun 11, 2018 Upgraded to
Caa1 (sf)

RATINGS RATIONALE

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

Principal Methodologies

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

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

Up

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

Down

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

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


[*] S&P Takes Various Actions on 35 Classes From 10 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 35 classes from 10 U.S.
RMBS transactions issued between 1999 and 2007. The review yielded
eight upgrades, eight downgrades, and 19 affirmations.

A list of Affected Rating can be viewed at:

               https://bit.ly/3UArs8E

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- Available subordination and/or overcollateralization;

-- Erosion of or increases in credit support; and

-- Historical and/or outstanding missed interest payments/interest
shortfalls.

Rating Actions

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

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

"We lowered our rating on two classes from AMRESCO Residential
Securities Corp. Mortgage Loan Trust 1999-1 and two classes from
Citigroup Mortgage Loan Trust 2006-NC2 due to ultimate interest
repayments being unlikely at the previous rating level, based on
our assessment of missed interest payments to the affected class
during recent remittance periods. The lowered rating was derived by
applying our "S&P Global Ratings Definitions," published Nov. 10,
2021, which impose a maximum rating threshold on classes that have
incurred interest shortfalls resulting from credit or liquidity
erosion. In applying our ratings definitions, we looked to see if
the applicable class received additional compensation beyond the
imputed interest due as direct economic compensation for the delay
in interest payment, which this class has. As such, we used our
projections in determining the likelihood that the missed interest
would be reimbursed under various scenarios and lowered the
rating."



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