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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, May 14, 2023, Vol. 27, No. 133

                            Headlines

225 LIBERTY 2016-225L: S&P Lowers Class E Certs Rating to 'B+(sf)'
APIDOS CLO XLV: Moody's Assigns (P)B3 Rating to $500,000 F Notes
BARCLAYS 2023-NQM1: Fitch Assigns Final 'Bsf' Rating on B-2 Certs
BFNS 2022-1: Moody's Lowers Rating on $10MM Class C Notes to B1
BLUE STREAM 2023-1: Fitch Assigns Final 'BB-sf' Rating on C Notes

BMARK 2023-V2: Fitch Assigns 'B-(EXP)' Rating on Cl. G-RR Certs
BRYANT PARK 2023-20: S&P Assigns Prelim BB- (sf) Rating on E Notes
CHASE HOME 2023-RPL1: Fitch Assigns Bsf Final Ratings on B-2 Certs
CIM TRUST 2023-R4: Fitch Assigns 'Bsf' Final Rating on Cl. B2 Notes
CITIGROUP 2023-SMRT: Fitch Gives BB+(EXP) Rating on Cl. HRR Certs

COMM 2013-300P: Fitch Lowers Rating on Class C Notes to 'B-sf'
COMM 2013-LC13: S&P Lowers Class E Certs Rating to 'D (sf')
EXETER 2023-2: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes
EXETER AUTOMOBILE 2023-2: Fitch Gives 'BB(EXP)' Rating on E Notes
FLAGSHIP CREDIT 2023-2: S&P Assigns BB-(sf) Rating on Cl. E Notes

FLATIRON CLO 23: Fitch Assigns BB-sf Rating on E Notes
FLATIRON CLO 23: Moody's Assigns B3 Rating to $1MM Class F Notes
GLS AUTO 2023-2: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
GOODLEAP SUSTAINABLE 2023-2: Fitch Gives BB(EXP) Rating on C Notes
JAY PARK CLO: Moody's Cuts Rating on $7MM Class E-R Notes to B3

JP MORGAN 2018-PTC: S&P Cuts Class D Certs Rating to 'B- (sf)'
JP MORGAN 2019-MFP: Moody's Lowers Rating on Cl. E Certs to B2
KEYCORP STUDENT 2004-A: Moody's Ups Rating on II-D Notes to Caa2
KKR CLO 49: Fitch Affirms 'BB-' Rating on E Notes, Outlook Stable
MFA 2023-NQM2: S&P Assigns Prelim B+(sf) Rating on Class B-2 Certs

MORGAN STANLEY 2014-C18: Fitch Alters Outlook on Bsf Rating to Neg.
NEW RESIDENTIAL 2023-1: Fitch Gives 'B(EXP)' Rating on B-5B Notes
OCTAGON INVESTMENT XIV: Moody's Cuts Rating on E-R Notes to Caa3
RAD CLO 19: Fitch Assigns Final 'BBsf' Rating on Class E Notes
SILVER POINT 2: Fitch Assigns 'BB(EXP)sf' Rating on Class E Notes

SLM STUDENT 2012-7: Fitch Affirms Rating at 'Bsf' on Two Tranches
STAR TRUST 2022-SFR3: Moody's Lowers Rating on Cl. D Bonds to Ba1
WHITEHORSE LTD X: Moody's Ups Rating on Class F Notes to Caa2
[*] Moody's Upgrades $44MM of US RMBS Deals Issued in 2021
[*] S&P Takes Various Actions on 115 Classes From 16 US RMBS Deals

[*] S&P Takes Various Actions on 117 Classes From 27 US RMBS Deals

                            *********

225 LIBERTY 2016-225L: S&P Lowers Class E Certs Rating to 'B+(sf)'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on two classes of commercial
mortgage pass-through certificates from 225 Liberty Street Trust
2016-225L, a U.S. CMBS transaction. At the same time, S&P affirmed
its ratings on five classes from the transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a 10-year, fixed-rate, interest-only (IO) mortgage
whole loan secured by the borrower's leasehold interest in a class
A office property located at 225 Liberty St. in Manhattan's World
Trade Center office submarket.

Rating Actions

S&P said, "The downgrades on classes E and F reflect our revised
valuation, which is lower than the valuation we derived in our last
review in October 2018 and at issuance due primarily to our higher
vacancy, operating expenses, and tenant improvement costs
assumptions. Specifically, the downgrades reflect our view that the
property's NCF is unlikely to return in the near term to the levels
we assumed in our last review and at issuance due to weakened
office submarket fundamentals from lower demand and longer
re-leasing timeframes as more companies adopt a hybrid work
arrangement. We also considered the material amount of square
footage that is being marketed for sublease, a strong indication
that the master tenants are unlikely to renew at expiration. We
believe the subordinate E and F classes are most exposed to adverse
valuation movements and refinance risk, particularly since the
servicer-reported debt service coverage (DSC) is a relatively low
1.35x based on a low 4.66% fixed interest rate and
servicer-reported year-end 2022 net cash flow (NCF), due to these
trends. Our affirmations on classes A, B, C, and D consider their
relatively low to moderately low debt per sq. ft. (ranging from
$165 per sq. ft. to $284 per sq. ft.), among other factors.

"In our last review, the property was 91.4% leased, compared with
93.5% at issuance. Since that time, reported occupancy dropped
slightly to 88.8% in 2020, 87.0% in 2021, and 88.6% in 2022. While
we have yet to receive an update from the servicer on the
property's utilization rate and any dark or sublet spaces, CoStar
noted that about 463,735 sq. ft. (19.1% of the total net rentable
area [NRA]) at the property is currently available and that about
385,290 sq ft. (15.9% of total NRA) is being marketed for
sublease.

"Our property-level analysis reflects those weakened office
submarket fundamentals and our belief that the property may face
challenges due to the concentrated lease expiries (in 2027 and
2028) of the tenants that have marketed their spaces for
subleasing. Reflecting these factors, we revised and lowered our
long-term sustainable NCF to $49.9 million (down 14.9% from our
last review and issuance NCF of $58.6 million and 13.4% from the
servicer-reported 2022 NCF of $57.6 million) by assuming an 82.5%
occupancy rate (in line with the current office submarket
fundamentals; see below), a $62.23-per-sq.-ft. base rent, a
$68.46-per-sq.-ft. gross rent, as calculated by S&P Global Ratings,
and a 56.9% operating expense ratio. Using an S&P Global Ratings
capitalization rate of 6.25% (unchanged from our last review and at
issuance) and including $20.6 million for the present value of
future rent steps for investment-grade tenants, we arrived at an
expected-case value of $818.6 million, or $337 per sq. ft.--a
decline of 15.2% from our last review value of $965.3 million, or
$398 per sq. ft.; 7.8% from our issuance value of $887.4 million,
or $366 per sq. ft.; and 41.5% from the issuance appraisal value of
$1.4 billion, or $577 per sq. ft. This yielded an S&P Global
Ratings loan-to-value ratio of 109.9% on the whole loan balance, up
from 93.2% in our last review and 101.4% at issuance.

"Specifically, the downgrade on class F to 'CCC (sf)' from 'B-
(sf)' reflects our view of the increased susceptibility to
liquidity interruption and elevated risk of default and loss based
on our revised lower expected-case value and current market
conditions."

Although the model-indicated ratings were lower than the classes'
current or revised ratings, S&P affirmed its ratings on classes A,
B, C, and D and tempered its downgrade on class E based on certain
weighed qualitative considerations. These include:

-- The potential that the property's operating performance could
improve above our current expectations if the return to office
trend in New York City gains momentum;

-- The property's desirable location in Brookfield Place in the
World Trade Center office submarket;

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

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

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

S&P will continue to monitor the performance of the property and
take further rating actions should market conditions continue to
change.

The affirmation on the class X IO certificates reflects S&P's
criteria for rating IO securities, in which the rating on the IO
securities would not be higher than that of the lowest-rated
reference class. The notional balance of the class X certificates
references classes A, B, and C.

Property-Level Analysis

The loan collateral includes a 44-story, 2.4 million-sq.-ft. class
A office tower built in 1987 and located at 225 Liberty St. in
Manhattan's World Trade Center office submarket. The subject
property is the largest of four office towers within Brookfield
Place (formerly known as the World Financial Center), a mixed-use
complex totaling approximately 7.1 million sq. ft. of office space
and approximately 340,000 sq. ft. of retail space. The property
includes floor plates ranging from 30,000 sq. ft. to 114,000 sq.
ft. and provides direct access to the luxury and lifestyle-oriented
and food and entertainment retail amenities at the Brookfield Place
Complex, which went through a $211 million redevelopment in 2016.
The property is subject to a ground lease that expires on June 17,
2069, approximately 43 years after loan maturity. The ground
lessor/fee owner is the Battery Park City Authority (BPCA), a
public-benefit corporation created by New York State under the
authority of the Urban Development Corp., and the ground lessee, by
assignment, is the borrower. The borrower is required to pay ground
base rent, which is fixed at $5.1 million annually with no
scheduled increases, as well as other rents, as specified in the
ground lease agreement. As of year-end 2022, the total reported
ground rent expense was $5.6 million.

The sponsor, Brookfield Financial Properties L.P., and its
affiliates purchased a 51% ownership interest in the property in
1996 and later purchased the remaining interest from Bank of
America. Between 2013 and 2016, the sponsor spent approximately
$71.6 million to renovate the property, which included two new
lobbies, a new facade, and elevator modernizations.

As previously discussed, the property's occupancy rate was
relatively stable, averaging 98.0% from 2016 through 2019. However,
it has since dropped, due primarily to the borrower not being able
to backfill all of the vacant space in a timely manner after a
major tenant, Bank of America, downsized and rolling tenants
vacated. The property was 88.6% leased as of the Dec. 31, 2022,
rent roll.

As of the December 2022, rent roll, the five largest tenants
comprised 64.5% of the NRA and included:

-- Time Inc. (Parent company: Meredith Corp.; 27.0% of NRA; $60.72
per sq. ft. in-place gross rent, as calculated by S&P Global
Ratings; December 2032 lease expiration with a no-cost termination
option on Dec. 31, 2027, exercisable with 18 months' notice);

-- Bank of New York Mellon ('AA-/Stable'; 13.1%; $67.33 per sq.
ft.; December 2034);

-- OFI Global Asset Management (11.8%; $71.25 per sq. ft.;
September 2028). According to CoStar, the tenant has marketed
75,721 sq. ft. of its leased space;

-- Saks & Company (9.4%; $92.16 per sq. ft.; December 2032); and
Bank of America ('A+/Stable'; 5.4%; $72.78 per sq. ft.; April
2036).

S&P said, "The property does not face concentrated rollover during
the loan term. However, we have assumed the largest tenant, Time
Inc., which is currently marketing approximately a third of its
space for sublease according to media reports, may exercise its
early termination option for at least a portion of its space in
December 2027. In addition, 19.4% of NRA expires in 2028, including
OFI Global Asset Management and Commerzbank Aktiengesellschaft
(5.2% of NRA), both of which have marketed a portion of their
spaces for sublease, which we assess constitutes a refinance risk.
The loan matures in February 2026."

According to CoStar, demand in the World Trade Center office
submarket, in which the property is situated, has been driven by
large tech and media companies due to the area's relatively
affordable rents and high concessions. However, demand remains
depressed as office utilization continues to be far below
pre-pandemic levels, leading to relatively flat rent growth and
negative net absorption of four- and five-star office properties
since 2021.

S&P said, "As of year-to-date May 2023, CoStar reported that for
four- and five-star office properties in the submarket, market rent
was $64.68 per sq. ft., the vacancy rate was 13.0%, and the
availability rate was 17.1%. This compares with a
$68.79-per-sq.-ft. market rent and a 10.8% vacancy rate for
like-quality properties in 2019. CoStar expects the submarket
vacancy rate to remain elevated at 15.4% in 2024 and 15.3% in 2025
and market rent to remain relatively flat at $62.74 per sq. ft. in
2024 and $62.85 per sq. ft. in 2025.

"As previously discussed, while the property is currently 11.4%
vacant, which is slightly better than the office submarket vacancy,
we considered the sizable amount of the NRA that is currently being
marketed for sublease, weakened office submarket fundamentals,
including the high availability rate, and the concession and tenant
improvements package that the borrower may need to offer to retain
and attract tenants at the property. As a result, we increased our
vacancy rate to 17.5% from 8.6% in the last review and 9.4% at
issuance and tenant improvement costs assumptions to reflect the
aforementioned risk when determining our long-term sustainable NCF
for the property."

Transaction Summary

The IO mortgage whole loan had an initial and current balance of
$900.0 million, pays an annual fixed interest rate of 4.657%, and
matures on Feb. 6, 2026. The whole loan is split into six senior A
notes totaling $459.0 million and three subordinate B notes
totaling $441.0 million. The $778.5 million trust balance (as of
the April 13, 2023, trustee remittance report) comprises three
senior A notes totaling $337.5 million and all the subordinate B
notes totaling $441.0 million. The other senior A notes are held in
Citigroup Commercial Mortgage Trust 2016-P3 ($40.5 million), Wells
Fargo Commercial Mortgage Trust 2016-C33 ($40.5 million), and DBJPM
2016-C1 Mortgage Trust ($40.5 million), all U.S. CMBS transactions.
The senior A notes are pari passu to each other and senior to the B
notes.

The loan had a current payment status, according to the April 2023
trustee remittance report. The master servicer, Wells Fargo Bank
N.A., reported a DSC of 1.35x for year-end 2022, down from 1.42x
for year-end 2021. There is no additional debt, and the trust has
not incurred any principal losses to date.

  Ratings Lowered

  225 Liberty Street Trust 2016-225L

  Class E to 'B+ (sf)' from 'BB- (sf)'
  Class F to 'CCC (sf)' from 'B- (sf)'

  Ratings Affirmed

  225 Liberty Street Trust 2016-225L

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



APIDOS CLO XLV: Moody's Assigns (P)B3 Rating to $500,000 F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to two
classes of notes to be issued by Apidos CLO XLV Ltd (the "Issuer"
or "Apidos CLO XLV ").                

Moody's rating action is as follows:

US$315,000,000 Class A-1 Senior Secured Floating Rate Notes due
2036, Assigned (P)Aaa (sf)

US$500,000 Class F Mezzanine Deferrable Floating Rate Notes due
2036, Assigned (P)B3 (sf)

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

RATINGS RATIONALE

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

Apidos CLO XLV is a managed cash flow CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
corporate loans. At least 90.0% of the portfolio must consist of
senior secured loans, eligible investments and cash, and up to
10.0% of the portfolio may consist of second Lien Loans, unsecured
Loans, first lien last out loans and permitted non-loan assets.
Moody's expect the portfolio to be approximately 90% ramped as of
the closing date.

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

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

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

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

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

Par amount: $500,000,000

Diversity Score: 70

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 8 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.


BARCLAYS 2023-NQM1: Fitch Assigns Final 'Bsf' Rating on B-2 Certs
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by Barclays Mortgage Loan
Trust 2023-NQM1 (BARC 2023-NQM1).

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

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

TRANSACTION SUMMARY

The certificates are supported by 699 nonprime loans with a total
balance of approximately $352.2 million as of the cutoff date.

Loans in the pool were primarily originated by Angel Oak Mortgage
Solutions LLC, Newfi Lending and Impac Mortgage Corp., or acquired
by Sutton Funding, LLC. Loans are currently serviced by Select
Portfolio Servicing, Inc.

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 5.9% above a long-term sustainable level (versus
7.8% on a national level as of March 2023, down 2.7% since the
prior quarter). The rapid gain in home prices through the pandemic
has begun to moderate with a decline observed in 3Q22. Driven by
strong gains in 1H22, home prices rose 5.8% YoY nationally as of
December 2022.

Non-QM Credit Quality (Negative): The collateral consists of 699
loans, totaling $352.2 million and seasoned approximately nine
months in aggregate. The borrowers have a moderate credit profile
(739 Fitch model FICO and 42.4% model debt to income [DTI] ratio),
which takes into account Fitch's converted debt service coverage
ratio (DSCR) values. The borrowers also have moderate leverage with
a 75.7% sustainable loan to value (sLTV) ratio and 72.6% original
combined LTV (cLTV). The pool consists of 58.4% of loans where the
borrower maintains a primary residence, while 37.5% comprise an
investor property. Additionally, 0.1% are safe-harbor qualified
mortgages (SHQMs) and 62.5% are non-qualified mortgages (non-QMs);
the QM rule does not apply to the remainder.

Fitch's expected loss in the 'AAAsf' stress is 21.00%. This is
mostly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Approximately 94.3% of the loans in
the pool were underwritten to less than full documentation, and
62.1% were underwritten to a bank statement program for verifying
income, which is not consistent with Appendix Q standards and
Fitch's view of a full documentation program. A key distinction
between this pool and legacy Alt-A loans is that these loans adhere
to underwriting and documentation standards required under the
Consumer Financial Protections Bureau's (CFPB) Ability to Repay
Rule, which reduces the risk of borrower default arising from lack
of affordability, misrepresentation or other operational quality
risks due to rigor of the rule's mandates with respect to the
underwriting and documentation of the borrower's ability to repay.

Fitch's treatment of alternative loan documentation increased the
'AAAsf' expected loss by 595bps relative to a fully documented
loan.

High Percentage of DSCR Loans (Negative): There are 299 DSCR
products in the pool (42.8% by loan count). These business-purpose
loans are available to real estate investors that are qualified on
a cash flow basis, rather than DTI, and borrower income and
employment are not verified. Compared to standard investment
properties, for DSCR loans, Fitch converts the DSCR values to a
DTI, and treats them as low documentation.

Fitch's expected loss for these loans is 27.4% in the 'AAAsf'
stress, which is driving the higher pool expected losses due to the
29.4% weighted average concentration.

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

Advances of delinquent P&I will be made on the mortgage loans for
the first 90 days of delinquency, to the extent such advances are
deemed recoverable. If the P&I advancing party fails to make a
required advance, the master servicer and then the paying agent
will be obligated to make such advance.

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

BARC 2023-NQM1 has a step-up coupon for the senior classes (A-1A,
A-1B, A-2 and A-3). After four years, the senior classes pay the
lesser of a 100-bp increase to the fixed coupon or the net weighted
average coupon (WAC) rate. Fitch expects the senior classes to be
capped by the net WAC. The unrated class B-3 interest allocation
goes toward the senior cap carryover amount for as long as the
senior classes are outstanding. This increases the P&I allocation
for the senior classes.

As a sensitivity to Fitch's rating stresses, Fitch took into
account a WAC deterioration that varied by rating stress. The WAC
cut was derived by assuming a 2.5% cut (based on the most common
historical modification rate) on 40% (historical Alt-A modification
percentage) of the performing loans. Although the WAC reduction
stress is based on historical modification rates, Fitch did not
include the WAC reduction stress in its testing of the delinquency
trigger.

Fitch viewed the WAC deterioration as more of a pre-emptive cut,
given the ongoing macroeconomic and regulatory environment. A
portion of borrowers will likely be impaired but will not
ultimately default due to modifications and reduced P&I.
Furthermore, this approach had the largest impact on the
back-loaded scenario.

RATING SENSITIVITIES

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

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

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 38.8% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

DATA ADEQUACY

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's data layout format.

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.


BFNS 2022-1: Moody's Lowers Rating on $10MM Class C Notes to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following notes issued by BFNS 2022-1:

US$6,750,000M Class B Deferrable Mezzanine Secured Fixed/Floating
Rate Notes due 2035, Downgraded to Ba1 (sf); previously on July 14,
2022 Definitive Rating Assigned Baa3 (sf)

US$10,000,000 Class C Deferrable Subordinate Secured Fixed/Floating
Rate Notes due 2035, Downgraded to B1 (sf); previously on July 14,
2022 Definitive Rating Assigned Ba3 (sf)

BFNS 2022-1, issued in July, 2022, is a collateralized debt
obligation (CDO) backed mainly by a portfolio of subordinated debt
issued by US community banks and their holding companies.

RATINGS RATIONALE

The rating actions are primarily a result of the deterioration in
the credit quality of the underlying portfolio since July 2022.
Based on Moody's calculations, the weighted average rating factor
(WARF) increased to 1562, from 1059 in July 2022.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, and weighted average recovery rate,
are based on its methodology and could differ from the trustee's
reported numbers. In its base case, Moody's analyzed the underlying
collateral pool as having a performing par (after treating
deferring securities as performing if they meet certain criteria)
of $138.65 million, defaulted/deferring par of $0, a weighted
average default probability of 13.0% (implying a WARF of 1562), and
a weighted average recovery rate upon default of 10%.

In addition to base case analysis, Moody's considered additional
scenarios where outcomes could diverge from the base case. The
additional scenarios include, among others, prepayment of
approximately 15% of the pool, and improved credit quality of the
portfolio.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating TruPS CDOs" published in July 2021.

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

The performance of the rated notes is subject to uncertainty. The
performance of the rated notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The portfolio consists primarily
of unrated assets whose default probability Moody's assesses
through credit scores derived using RiskCalc(TM) or credit
estimates. Because these are not public ratings, they are subject
to additional estimation uncertainty.


BLUE STREAM 2023-1: Fitch Assigns Final 'BB-sf' Rating on C Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Blue Stream Issuer, LLC, Secured Fiber Network Revenue Notes,
Series 2023-1.

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
Blue Stream
Issuer, LLC,
Secured Fiber
Network Revenue
Notes, Series
2023-1

   A-1            LT Asf    New Rating      A(EXP)sf
   A-2            LT Asf    New Rating      A(EXP)sf
   B              LT BBB-sf New Rating      BBB-(EXP)sf
   C              LT BB-sf  New Rating      BB-(EXP)sf
   R              LT NRsf   New Rating      NR(EXP)sf

Fitch has assigned final ratings and Rating Outlooks as follows:

- $70,000,000(a) series 2023-1, class A-1, 'Asf'; Outlook Stable;

- $297,800,000 series 2023-1, class A-2, 'Asf'; Outlook Stable;

- $55,800,000 series 2023-1, class B, 'BBB-sf'; Outlook Stable;

- $111,600,000 series 2023-1, class C, 'BB-sf'; Outlook Stable.

The following class is not rated by Fitch:

- $28,200,000(b) series 2023-1, class R.

(a) This note is a Variable Funding Note (VFN) and has a maximum
commitment of $70 million contingent on leverage consistent with
the class A-2 notes. This class will reflect a zero balance at
issuance.

(b) Horizontal credit risk retention interest representing 5% of
the 2023-1 notes.

TRANSACTION SUMMARY

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

The collateral consists of high-quality fiber networks that support
the provision of internet, cable, telephony and alarm services to a
portfolio of homeowners' associations (HOAs) and condominium
owners' associations (COAs), located exclusively in Florida. These
agreements are governed by long-term contracts with the
associations directly. The transaction also includes right-of-entry
(ROE) networks and supporting contracts, which represent a small
portion (4.5%) of Annualized Run-rate Revenue (ARRR) of the total
collateral pool.

The ratings reflect a structured finance analysis of the cash flows
from the ownership interest in the pledged fiber optic networks,
not an assessment of the corporate default risk of the ultimate
parent, Blue Stream Communications LLC.

KEY RATING DRIVERS

Net Cash Flow and Leverage: Fitch's net cash flow (NCF) on the pool
is $47.5 million, implying a 15.6% haircut to issuer NCF as of
March 2023. The debt multiple relative to Fitch's NCF on the rated
classes is 11.27x, versus the debt/issuer NCF leverage of 9.5x.

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,
long-term contractual cash flow, diverse and creditworthy customer
base, market position of the sponsor, 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 the development of an alternative technology for the
transmission of data could lead to downgrades;

- Fitch's NCF was 15.6% below the issuer's underwritten cash flow
as of March 2023. A further 10% decline in Fitch's NCF indicates
the following ratings based on Fitch's determination of Maximum
Potential Leverage: Class A to 'BBBsf' from 'Asf'; class B to
'BBsf' from 'BBB-sf'; class C to 'B-' 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 to 'Asf' from 'Asf'; class B to 'BBB+' from 'BBB-sf'; class C 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.


BMARK 2023-V2: Fitch Assigns 'B-(EXP)' Rating on Cl. G-RR Certs
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BMARK 2023-V2 Mortgage Trust Commercial Mortgage Pass-Through
certificates series 2023-V2 as follows:

   Entity/Debt      Rating        
   -----------      ------        
BMARK 2023-V2

   A-1          LT AAA(EXP)sf  Expected Rating
   A-2          LT AAA(EXP)sf  Expected Rating
   A-3          LT AAA(EXP)sf  Expected Rating
   A-S          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-RR         LT BBB-(EXP)sf Expected Rating
   F-RR         LT BB-(EXP)sf  Expected Rating
   G-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
   X-D          LT BBB(EXP)sf  Expected Rating

- $4,750,000 class A-1 'AAAsf'; Outlook Stable;

- $250,000,000 class A-2 'AAAsf'; Outlook Stable;

- $347,022,000 class A-3 'AAAsf'; Outlook Stable;

- $90,265,000 class A-S 'AAAsf'; Outlook Stable;

- $42,984,000 class B 'AA-sf'; Outlook Stable;

- $32,238,000 class C 'A-sf'; Outlook Stable;

- $19,343,000 class D 'BBBsf'; Outlook Stable;

- $8,596,000a,b class E-RR 'BBB-sf'; Outlook Stable;

- $18,268,000a,b class F-RR 'BB-sf'; Outlook Stable;

- $12,895,000a,b class G-RR 'B-sf'; Outlook Stable;

- $692,037,000b,c class X-A 'AAAsf'; Outlook Stable;

- $42,984,000b,c class X-B 'AA-sf'; Outlook Stable;

- $19,343,000b,c class X-D 'BBBsf'; Outlook Stable;

Fitch is not expected to rate the following classes:

- $33,313,341a,b class J-RR;

Notes:

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

(b) Classes E-RR, F-RR, G-RR, and J-RR Interest comprises the
transaction's horizontal risk retention interest.

(c) Notional amount and interest only. CE - Credit enhancement. NR
- Not rated.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 27 loans secured by 66
commercial properties having an aggregate principal balance of
$859,674,341 as of the cut-off date. The loans were contributed to
the trust by Citi Real Estate Funding Inc., German American Capital
Corporation, 3650 Real Estate Investment Trust 2 LLC, Goldman Sachs
Mortgage Company, Bank of Montreal, Barclays Capital Real Estate
Inc., JPMorgan Chase Bank, National Association. The Master
Servicer is expected to be Midland Loan Services, A Division of PNC
Bank, National Association and the Special Servicer is expected to
be 3650 REIT Loan Servicing LLC.

KEY RATING DRIVERS

Higher Leverage Compared to Recent Transactions: The pool has
higher leverage compared to recent multiborrower transactions rated
by Fitch. The pool's Fitch loan to value ratio (LTV) of 94.3% is
higher than the YTD 2023 average of 91.4%, but lower than the 2022
average of 99.3%. The Fitch net cash flow (NCF) and debt yield (DY)
of 10.0% is lower than the YTD 2023 of 10.3% and in line with the
2022 average of 9.9%. Excluding credit opinion loans, the pool's
Fitch LTV and DY are 98.7% and 9.7%, respectively, compared to the
equivalent conduit YTD 2023 LTV and DY averages of 95.2% and 10.1%,
respectively.

Below-Average Amortization: Based on scheduled balances at
maturity, the pool will pay down by only 0.8%, which is below the
YTD 2023 average of 2.6% and below the 2022 average of 3.3%. The
pool has 21 interest-only loans (84.2% of pool by balance), which
is higher than the 2023 YTD average of 71.0% and 2022 average of
77.5%.

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

Highly Concentrated Pool by Loan Size: The pool is highly
concentrated, with a Herfindahl score of 19.8. The top 10 loans
account for 66.0% of the pool. This represents a top 10 loan
concentration above the 2023 YTD and 2022 top 10 loan averages of
60.2% and 55.2%, respectively. The 2023 YTD and 2022 average
comparable Herfindahl scores are 19.6 and 23.7, respectively.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BB+sf' /
'BBsf' / 'B-sf' /less than 'CCCsf'

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

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

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

- 10% NCF Increase: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBB+sf' /
'BBBsf' / 'BBsf' / 'Bsf'

ESG CONSIDERATIONS

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


BRYANT PARK 2023-20: S&P Assigns Prelim BB- (sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bryant Park
Funding 2023-20 Ltd./Bryant Park Funding 2023-20 LLC's
floating-rate notes.

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

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

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Bryant Park Funding 2023-20 Ltd./Bryant Park Funding 2023-20 LLC

  Class A-1, $246.00 million: AAA (sf)
  Class A-2, $10.00 million: AAA (sf)
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $12.50 million: BB- (sf)
  Subordinated notes, $36.50 million: Not rated



CHASE HOME 2023-RPL1: Fitch Assigns Bsf Final Ratings on B-2 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Chase Home Lending
Mortgage Trust 2023-RPL1 (Chase 2023-RPL1).

   Entity/Debt       Rating                 Prior
   -----------       ------                 -----
Chase 2023-RPL1

   A-1-A         LT AAAsf New Rating   AAA(EXP)sf
   A-1-B         LT AAAsf New Rating   AAA(EXP)sf
   A-1           LT AAAsf New Rating   AAA(EXP)sf
   A-2           LT AAsf  New Rating    AA(EXP)sf
   M-1           LT Asf   New Rating     A(EXP)sf
   M-2           LT BBBsf New Rating   BBB(EXP)sf
   B-1           LT BBsf  New Rating    BB(EXP)sf
   B-2           LT Bsf   New Rating     B(EXP)sf
   B-3           LT NRsf  New Rating    NR(EXP)sf
   B-4           LT NRsf  New Rating    NR(EXP)sf
   B-5           LT NRsf  New Rating    NR(EXP)sf
   X             LT NRsf  New Rating    NR(EXP)sf
   B-X           LT NRsf  New Rating    NR(EXP)sf
   A-R           LT NRsf  New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed certificates to be
issued by Chase Home Lending Mortgage Trust 2023-RPL1 (Chase
2023-RPL1) as indicated above. The transaction is expected to close
on May 4, 2023. The certificates are supported by one collateral
group that consists of 2,565 seasoned performing loans (SPLs) and
re-performing loans (RPLs) with a total balance of approximately
$526.40 million, which includes $49.7 million, or 9.4%, of the
aggregate pool balance in non-interest-bearing deferred principal
amounts, as of the statistical calculation date.

The majority of the loans in the transaction were originated by
J.P. Morgan Chase Bank or Washington Mutual Bank (one loan was
originated by EMC Mortgage Corp.) and all loans have been held by
J.P. Morgan Chase since origination or acquisition of Washington
Mutual Bank and Bear Stearns/EMC Mortgage Corp. All the loans have
been serviced by J.P. Morgan Chase Bank N.A. since origination or
acquisition of Washington Mutual/EMC. Chase is considered an 'Above
Average' originator by Fitch. JPMorgan Chase Bank, N.A., rated
'RPS1-' by Fitch, is the named servicer for the transaction.

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

There is no Libor exposure in the transaction. The collateral is
100% fixed rate and the A-1 bonds are fixed rate and capped at the
net weighted average coupon (WAC)/available fund cap and the A-2
and subordinate bonds are based on the net WAC/available fund cap.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.1% above a long-term sustainable level (versus
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 3Q22. Driven by
the strong gains seen in 1H22, home prices rose 5.8% yoy nationally
as of December 2022.

Seasoned Performing and Reperforming Credit Quality (Mixed): The
collateral consists of 2,565 seasoned performing fixed-rate fully
amortizing and balloon mortgage loans secured by first liens on
primarily one- to four-family residential properties, planned unit
developments (PUDs), condominiums, townhouses, manufactured homes,
mobile homes, cooperatives and unimproved land, totaling $526
million, and seasoned approximately 205 months in aggregate
according to Fitch (202 months per the transaction documents). The
loans were originated mainly by Chase (37%) and Washington Mutual
(63%) with one loan was originated by EMC. The vast majority of the
loans originated by EMC and Washington Mutual, were modified by
Chase after they were acquired. All loans have been serviced by
J.P. Morgan Chase Bank N.A. since origination or since the loans
were acquired from Washington Mutual or EMC.

The borrower profile is typical of recent seasoned RPL transactions
that Fitch has seen recently. The borrowers have a moderate credit
profile (701 FICO according to Fitch and 726 per the transaction
documents) and low current leverage with an updated loan-to-value
(LTV) of 41.3% (original LTV of 76.6% as determined by Fitch), and
a sustainable LTV as determined by Fitch of 63.9%. Borrower debt to
incomes (DTIs) were not provided so Fitch assumed each loan had a
45% DTI in its analysis. 98.4% of the pool has been modified, with
27.2% of all the loans being borrower retention modifications. In
Fitch's analysis, Fitch only considered 71.2% of the pool as having
a modification, since these modifications were made due to credit
issues (Fitch does not consider loans that have a borrower
retention modification as having been modified in its analysis).

As of the cut-off date the pool is 100% current. 91.4% of loans
have been clean current with 22.7% being clean current for 24
months and 68.8% have been clean current for 36 months. The
majority of the prior delinquencies were related to COVID-19, and
the borrowers that were impacted by COVID-19 have successfully
completed their COVID-19 relief plan.

The pool consists of 87.9% of loans where the borrower maintains a
primary residence, while 12.1% are investment properties or second
homes. Fitch viewed the high percentage of primary residences as a
positive feature in its analysis.

There are loans in the pool with potential principal reduction
amounts, that total $17,143.54. Since this amount will be forgiven,
Fitch increased its loss expectation by this amount (the increase
in loss was not material).

There are six loans in the pool that were affected by a natural
disaster and incurred minor damage ranging from a max of $10,000 or
$25,000. Since the damage rep carves out damage on these loans,
Fitch reduced the updated property value by the amount of the
estimated damaged as determined by the property inspection. As a
result, the sLTV was increased for these loans which in turn
increased the loss severity (LS).

Geographic Concentration (Negative): Approximately 35.7% of the
pool is concentrated in California. The largest MSA concentration
is in the New York-Northern New Jersey-Long Island, NY-NJ-PA MSA
(15.5%), the Los Angeles-Long Beach-Santa Ana, CA MSA (14.5%) and
the Miami-Fort Lauderdale-Miami Beach, FL MSA (8.5%). The top three
MSAs account for 38.5% of the pool. As a result, there was a 1.01x
probability of default (PD) penalty for geographic concentration,
which increased the 'AAA' loss by 0.09%.

No Advancing (Positive): 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 LS are
less for this transaction than for those where the servicer is
obligated to advance P&I. Structural provisions and cash flow
priorities, together with increased subordination, provide for
timely payments of interest to the 'AAAsf' and 'AAsf' rated
classes.

Sequential Payment 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 certificates prior to other
principal distributions is highly supportive of timely interest
payments to that class with no advancing.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 39.6% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence review was
performed on 34% of the loans in the transaction pool. The
third-party due diligence described in Form 15E focused on
compliance review, payment history review, servicing comment
review, and title review. All loans in the compliance due diligence
sample set that are in the final pool received a compliance grade
of A or B with no material findings.

AMC conducted a tax and title review on 1,191 of the loans (46%).
The review found there are $218,427.22 in outstanding tax,
municipal, HOA liens (0.04% of the total pool balance). The
servicer confirmed they are monitoring for outstanding tax,
municipal, HOA liens and will advance as needed to maintain the
first lien position.

The servicer confirmed that all liens are in first lien position
and that lien status is being monitored and will be advanced on, as
needed. All the loans are serviced by Chase, and Chase stated they
follow standard servicing practices to monitor lien status, tax and
title issues (including municipal and HOA liens) and advance as
needed to maintain the first lien status of the loans.

A custodial review was conducted on all loans. There are 630
missing or defective documents that impact 488 loans in the pool,
which Chase is actively tracking down. Chase also consulted their
foreclosure attorney who confirmed that the majority of the missing
documents would not prevent a foreclosure. If Chase is not able to
obtain the missing documents by the time the loan goes to
foreclosure, and they are not able to foreclose, they will
repurchase the loan.

A pay history review was conducted on a sample set of loans by AMC.
This review that confirmed the pay strings are accurate and the
servicer confirmed the payment history was accurate for all the
loans. As a result, 100% of the pool had the payment history
confirmed.

Fitch considered the results of the due diligence in its analysis.
Fitch did not make any adjustments to the expected losses due to
the fact that the review resulted in no material findings and
mitigating factors. The mitigating factors that Fitch took into
consideration are that the outstanding tax and tile issues are
insignificant and would not have a material impact on the losses,
JPMorgan Chase is the servicer and is monitoring for tax/title
issues in order to maintain the first lien position, the servicer
confirmed the payment history on 100% of the loans, the custodian
is actively tracking down missing documents and the missing
documents would not prevent a foreclosure, and JPMorgan Chase is
the R&W provider who holds an investment-grade rating from Fitch.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 34.0% of the pool. The third-party due diligence was
generally consistent with Fitch's "U.S. RMBS Rating Criteria."
SitusAMC was engaged to perform the review. Loans reviewed under
this engagement were given compliance grades. Minimal exceptions
and waivers were noted in the due diligence reports. Refer to the
Third-Party Due Diligence section of the presale for more details.

AMC also performed a serving comment review, payment history
review, and data integrity review of the loans that had a
compliance review. 1,191 loans had a tax and title review performed
by AMC.

For 100% of the loans in the pool, Fitch also received confirmation
from the servicer on the payment history provided in the loan tape
and confirmation that all liens are in the first lien position.

JPMorgan Chase has a very robust process for confirming the data in
loan tape is accurate based on the documentation they have in the
loan files and servicing systems, which is a mitigating factor to
the limited data integrity review by AMC in addition to the R&W
being provided by JPMorgan Chase.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. Fitch received
loan-level information; however, this information was not provided
based on the American Securitization Forum's (ASF) data layout
format. Despite this difference in data presentation, Fitch
considered the data to be comprehensive. The data contained in the
data tape were reviewed by the due diligence company and no
material discrepancies were noted.

ESG CONSIDERATIONS

Chase 2023-RPL1 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in Chase 2023-RPL1, including an 'RPS1-' Fitch-rated servicer,
which has a positive impact on the rating profile and is relevant
to the rating in conjunction with other factors.

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


CIM TRUST 2023-R4: Fitch Assigns 'Bsf' Final Rating on Cl. B2 Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to CIM Trust 2023-R4 (CIM
2023-R4).

   Entity/Debt      Rating                 Prior
   -----------      ------                 -----
CIM 2023-R4

   A1           LT AAAsf New Rating   AAA(EXP)sf
   A2           LT AAsf  New Rating    AA(EXP)sf
   M1           LT Asf   New Rating     A(EXP)sf
   M2           LT BBBsf New Rating   BBB(EXP)sf
   B1           LT BBsf  New Rating    BB(EXP)sf
   B2           LT Bsf   New Rating     B(EXP)sf
   B3           LT NRsf  New Rating    NR(EXP)sf
   B4           LT NRsf  New Rating    NR(EXP)sf
   AIOS         LT NRsf  New Rating    NR(EXP)sf
   C            LT NRsf  New Rating    NR(EXP)sf
   R            LT NRsf  New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch rates the residential mortgage-backed notes to be issued by
CIM Trust 2023-R4 as indicated. The notes are supported by one
collateral group that consists of 3,744 loans with a total balance
of approximately $394.0 million, which includes $18.2 million, or
4.6%, of the aggregate pool balance in non-interest-bearing
deferred principal amounts as of the cutoff date. The pool
generally consists of seasoned performing loans (SPLs) and
reperforming loans (RPLs), and approximately 8.7% of the pool is
seasoned at less than 24 months as of the cutoff date and was
therefore considered to be a new origination by Fitch.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.9% above a long-term sustainable level (versus
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 3Q22. Driven by
the strong gains seen in 1H22, home prices rose 5.8% yoy nationally
as of December 2022.

Distressed Performance History (Negative): The collateral pool
consists primarily of peak-vintage loans, SPLs and RPLs. Of the
pool, 3.6% was 30 days delinquent as of the cutoff date.
Approximately 42.9% of the loans have been paying on time for at
least the past 24 months (defined as clean current by Fitch) and
48.8% of the loans are currently current, but have missed one or
more payments over the past 24 months. The remaining 4.7% of loans
are seasoned less than 24 months and have been paying on time since
origination. Roughly 60.4% of the loans have been modified.

Low Leverage (Positive): The pool consists of loans with a weighted
average (WA) original combined loan-to-value ratio (CLTV) of 80.3%
as calculated by Fitch. All seasoned loans received an updated
property valuation. 98.9% received a broker price opinion (BPO)
valuation, and the remining 1.1% received form 2055 or an automated
valuation model (AVM) value. AVMs were haircut based on the
provider and confidence score thresholds per Fitch criteria. This
translates to a WA sustainable LTV (sLTV) of 51.4% in the base
case. This indicates low leverage borrowers and added strength
compared with recently rated RPL transactions.

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

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

RATING SENSITIVITIES

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

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

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

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

CRITERIA VARIATION

Fitch's analysis incorporated one criteria variation from the "U.S.
RMBS Rating Criteria."

The variation is related to the primary valuation type for
new-origination first lien loans. Per the criteria, Fitch expects
to receive a full appraisal as primary valuation for all
new-origination first lien loans. Approximately 0.3% of the pool by
loan count (13 loans) is seasoned less than

24 months and did not receive a full appraisal at origination.
These loans received a drive-by, AVM or stated value as the primary
valuation type. All but six of the 13 loans received recent,
updated BPOs and a property valuation due diligence review. Fitch
used the lower of the original valuation and the updated valuation
in its LTV calculations and analysis. This variation had no rating
impact, as the number of loans affected represents a very small
portion of the overall pool and did not lead to a category-level
rating change.

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC and Clayton. A third-party regulatory
compliance review was completed on 100% of the loans in this
transaction. The scope of the due diligence review was consistent
with Fitch criteria for RPL collateral and also included a property
valuation review in addition to the regulatory compliance and pay
history review. All loans received an updated tax and title search
and review of servicing comments. Additionally, the pool includes
64 loans seasoned less than 24 months that received a full new
origination due diligence, which includes credit, compliance and
property valuation review.

Fitch considered this information in its analysis and, as a result,
made the following adjustments to its analysis: increased the LS
due to HUD-1 issues, increased liquidation timelines for loans
missing modification agreements, increased LS due to outstanding
delinquent property taxes or liens, and treated loans found to have
a prior lien as a second lien. These adjustments resulted in an
increase in the 'AAAsf' expected loss of approximately 0.25%.

ESG CONSIDERATIONS

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


CITIGROUP 2023-SMRT: Fitch Gives BB+(EXP) Rating on Cl. HRR Certs
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Citigroup Commercial Mortgage Trust 2023-SMRT commercial mortgage
pass-through certificates series 2023-SMRT as follows:

   Entity/Debt      Rating        
   -----------      ------        
CGCMT 2023-SMRT

   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 BBB-(EXP)sf Expected Rating
   HRR          LT BB+(EXP)sf  Expected Rating
   X            LT AA-(EXP)sf  Expected Rating

- $834,900,000 class A 'AAAsf'; Outlook Stable;

- $128,200,000 class B 'AA-sf'; Outlook Stable;

- $85,600,000 class C 'A-sf'; Outlook Stable;

- $103,100,000 class D 'BBB-sf'; Outlook Stable;

- $49,200,000 class E 'BBB-sf'; Outlook Stable;

- $74,000,000b class HRR 'BB+sf'; Outlook Stable;

- $963,100,000a class X 'AA-sf'; Outlook Stable.

(a) Notional amount and interest only.

(b) Horizontal risk retention interest representing approximately
5.0% of the estimated fair value of all classes.

All offered classes are offered pursuant to Rule 144a or Regulation
S.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in a
trust that will hold a $1.275 billion, five-year, fixed-rate,
interest-only mortgage loan. The mortgage will be secured by the
borrower's fee simple or fee simple/leasehold interest in a
portfolio of 136 self-storage facilities, comprising approximately
10.3 million sf across 82,597 self-storage units located in 19
states.

Loan proceeds were used to refinance approximately $1.0 billion of
existing debt, pay $20.0 million of closing costs and return
approximately $262.6 million of equity to the sponsor. The
certificates will follow a standard senior sequential-pay
structure, including voluntary prepayments.

The loan was originated by Citi Real Estate Funding Inc., who will
act as trust loan seller. KeyBank National Association is expected
to be the master servicer with Mount Street US (Georgia) LLP as
special servicer. Computershare Trust Company, N.A. will act as
trustee and certificate administrator. Park Bridge Lender Services
LLC will act as operating advisor. The transaction is scheduled to
close on May 24, 2023.

KEY RATING DRIVERS

Fitch Leverage: The $1.275 billion trust loan equates to debt of
approximately $124psf with a Fitch stressed debt service coverage
ratio (DSCR), loan to value ratio (LTV) and debt yield (DY) of
0.98x, 90.5% and 8.3%, respectively. Based on the total rated debt
and a blend of the Fitch and market cap rates, the transaction's
Fitch Base Case LTV is 69.4%. Fitch expects the Fitch Base Case LTV
for non-investment-grade tranches to not exceed 100%.

Geographic Diversity: The portfolio exhibits geographic diversity,
with 136 self-storage properties located across 19 states and 32
distinct MSAs. The largest three state concentrations account for
39.7% of the portfolio by allocated loan amount (ALA). This
includes Missouri (31 properties; 21.0% of the ALA), Kansas (14
properties; 9.0%) and Florida (eight properties; 9.7%). No other
state accounts for more than 8.5% of the ALA.

Thirty-seven properties representing 25.2% of the ALA are located
in the Kansas City, MO-KS metropolitan statistical area (MSA). No
other MSA accounts for more than 8.6% of the ALA. The portfolio's
effective MSA count is 9.8. Portfolios with lower effective MSA
counts are more concentrated than those with higher counts.

Institutional Sponsorship: The loan is sponsored by StorageMart, a
Columbia, Missouri based owner-operator of self-storage properties
that currently holds the second-largest self-storage portfolio
among privately-held companies, and the ninth-largest portfolio
overall within the United States. StorageMart was founded in 1999
following the merger of Storage Trust Realty and Public Storage.
The loan's collateral includes approximately 50.5% of the
properties within StorageMart's 274-property portfolio, and
approximately 41.8% of StorageMart's total self-storage units.

RATING SENSITIVITIES

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

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

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

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

- 10% NCF Decline: 'AAsf' / 'BBB+sf' / 'BBB-sf'/ 'BBsf'/ 'BB-sf';

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

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

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

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

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';

- 10% NCF Increase: 'AAAsf' / 'AA+sf' / 'AA-sf'/ 'BBB+sf'/
'BBB-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.


COMM 2013-300P: Fitch Lowers Rating on Class C Notes to 'B-sf'
--------------------------------------------------------------
Fitch Ratings has downgraded and removed from Rating Watch Negative
seven classes of COMM 2013-300P Mortgage Trust. Fitch has also
assigned Negative Rating Outlooks to five classes following their
downgrades.

   Entity/Debt         Rating              Prior
   -----------         ------              -----
COMM 2013-300P

   A1 12625XAA5    LT BBB-sf  Downgrade    AAAsf
   A1P 12625XAC1   LT BBB-sf  Downgrade    AAAsf
   B 12625XAG2     LT BB-sf   Downgrade    A-sf
   C 12625XAJ6     LT B-sf    Downgrade    BBB-sf
   D 12625XAL1     LT CCCsf   Downgrade    BB-sf
   E 12625XAN7     LT CCCsf   Downgrade    Bsf
   X-A 12625XAE7   LT BBB-sf  Downgrade    AAAsf

KEY RATING DRIVERS

The downgrades reflect a significantly lower Fitch sustainable
property net cash flow (NCF), which has dropped 22% since the last
rating action, from continued performance deterioration and weaker
market fundamentals. There has been a lack of progress by the
borrower on improving occupancy and cash flow given the slow
leasing activity and limited success with incorporating its own
Studio coworking concept into the property's rebranding.

Fitch has revised downward its assumption of sustainable long-term
rents and occupancy for the property, and incorporated a higher
Fitch-stressed capitalization rate of 8%, up from 7.75% at the last
rating action, to reflect increased office sector concerns and
credit contraction in the wake of bank sector stresses and
worsening macroeconomic conditions that have further constrained
loan refinance prospects.

The fixed-rate loan was transferred to the special servicer on
March 29, 2023, ahead of its upcoming August 2023 maturity. Neither
the servicer nor the borrower have provided any updates on
refinance prospects or a viable workout plan. The Negative Outlooks
reflect possible further downgrades should property NCF and
occupancy and/or market conditions deteriorate beyond Fitch's view
of sustainable performance.

Few new leases have been executed since the last rating action, and
they were generally at lower rental rates than previously expected.
Additionally, at the last rating action, Fitch was misinformed by a
servicer-provided September 2022 rent roll, which had indicated a
Studio lease would be executed on three additional floors, which
Colgate-Palmolive had subleased to WeWork, but were dark, totaling
approximately 110,000 sf. However, at the current rating action,
Fitch discovered the revenue being achieved on the Studio space,
which is only on the second floor of the property, was more
operational in nature, based on fee collections for desk/workspace
rentals, rather than a traditional lease in place.

Actual borrower-reported income for the Studio space in 2022 was
$3.3 million, and the three floors that were initially thought to
be utilized for this coworking concept remain vacant. Per the
special servicer, Studio has reportedly surrendered its existing
second-floor space at the property to move to a larger fifth-floor
space (5.2% of NRA).

Lower Fitch NCF: The servicer-reported YE 2022 NCF was $33.9
million with an NCF DSCR of 1.56x, compared with $26.5 million and
1.22x, respectively, at YE 2021. Fitch believes the current
servicer-reported cash flow is not reflective of sustainable
performance given continued occupancy issues, below-market rents
achieved on new leasing and upcoming lease rollover concerns.

Reported occupancy as of the December 2022 rent roll was 84%,
compared with 81% in August 2022, 78.5% in June 2021 89.7% in June
2020 and 98.9% in June 2019. However, Fitch estimates current
occupancy to be approximately 70% when factoring the dark WeWork
subleased spaces; occupancy is expected to increase to
approximately 76% when incorporating known new leasing activity to
date.

The updated Fitch sustainable property NCF of $29.5 million is 22%
below Fitch's last rating action NCF of $38 million and 47% below
Fitch's issuance NCF of $55.9 million.

The Fitch sustainable NCF of $29.5 million used leases in place as
of the December 2022 rent roll, with credit given to near-term
contractual rent bumps and tenants expected to take occupancy, in
addition to straight-lined rents for a portion of credit tenant
Colgate-Palmolive's lease through 2033. Fitch marked-to-market the
rents on the expiring Colgate-Palmolive space in June 2023,
including the three subleased dark WeWork floors, down to $85 psf
from in-place rents in excess of $125 psf. Additionally, two new
leases signed in 2022 were 4%-9% below Fitch's assumption of rent
at the last rating action given no lease terms were provided at the
time.

The Fitch sustainable NCF also assumes a lease up of vacant spaces
grossed up at a discounted market rate of $85 psf. Fitch lowered
its sustainable long-term occupancy assumption to 84.3%, based upon
the current submarket availability rate, from 85.6% at the last
rating action. According to Costar and as of 1Q23, the submarket
vacancy and availability rates and average asking rents were 13.3%,
15.7% and $89.30 psf, respectively.

New leasing activity in 2023 included two 10-year leases with 3i
Corporation and JLL Partners that commenced in March and January
2023, respectively, each for approximately 20,000 sf (combined,
5.2% of NRA) through June 2033. Tenant Maxim Group LLC executed a
lease on the former EnTrust Global LLC space for 2.5% of the NRA
that has a future commencement in March 2024 through June 2033.
Existing sub tenant, Ally Financial (7.1%), is going direct in July
2023 after Colgate Palmolive's lease expires on a lease through
August 2025. No lease terms were provided on any of the leasing
activity.

When factoring market rents at $85 psf, combined with contractual
rent bumps and straight-lined rent for investment-grade tenant, the
overall average rent for the office space is approximately $90 psf,
down from approximately $105 psf at the last rating action. Fitch
requested additional updates and details on overall leasing and
subleasing activity, but was not provided a response given the
loan's recent transfer to special servicing.

In 2020, Colgate Palmolive, which leased 65.3% of the NRA at
issuance, restructured its lease, downsizing to 52.7% of the NRA.
Colgate Palmolive extended its lease on 31.4% of the NRA through
June 2033 at a reduced rental rate that was 20% lower than the rate
it paid at the time of issuance. Of that remaining 21.3% of the
NRA, 14.2% of the NRA is vacant and will expire in June 2023.
Upcoming rollover also includes an additional 12% of the NRA by the
end of 2025.

High Fitch Leverage: Fitch's stressed DSCR and loan-to-value for
the loan are 0.68x and 131.3%, respectively.

Strong Location; ESG Factors: 300 Park Avenue consists of a
25-story, LEED Gold high-rise office building totaling 771,259 sf.
The property's LEED certification was upgraded to Gold in 2017 from
Silver at the time of issuance. The property's location borders the
Grand Central and Plaza submarkets and is situated between 49th and
50th Streets on the west side of Park Avenue. The location is four
blocks north of Grand Central Terminal and offers excellent
accessibility and proximity to public transportation.

The property underwent substantial renovations between 1998 and
2000, including a new lobby, elevator modernization and upgraded
building systems. Additionally, a facade renovation around the same
time completely transformed the property's exterior with new
windows, aluminum spandrel panels and retail storefronts. Fitch
assigned 300 Park Avenue a property quality grade of 'B+' at
issuance.

Limited Structural Features: The loan has no reserves, no structure
in place to mitigate the upcoming Colgate-Palmolive lease
expiration, springing cash management and there is no carve-out
guarantor.

Sponsorship: The loan sponsor is controlled by Prime Plus
Investments, Inc. (PPI), a private Maryland REIT. PPI is a
partnership of a Tishman Speyer-affiliated entity, the National
Pension Service of Korea and the second Swedish National Pension
Fund AP2, which owns 51.0% of PPI and an affiliate of GIC Real
Estate Private Ltd., a sovereign wealth fund established and funded
by the Singapore government, which owns the remaining 49%.

The magnitude of the rating actions on this transaction is based on
characteristics and performance of the 300 Park Avenue loan and is
not reflective of a change in Fitch's view on the overall office
sector. Fitch's analysis is asset-specific, with individual
considerations made on property cash flow, collateral
characteristics, leverage, and loan and transaction structure.

RATING SENSITIVITIES

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

Further downgrades are possible should property NCF and occupancy
and/or market conditions deteriorate beyond Fitch's view of
sustainable performance, including if new leases are signed at
rates significantly below market rates.

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

Upgrades are not considered likely given the current ratings
reflect Fitch's view of sustainable performance, but may be
possible with significant and sustained improvement in Fitch NCF,
positive leasing to occupancy levels and rates above market and
with greater certainty on the borrower's ability to refinance the
loan.

ESG CONSIDERATIONS

COMM 2013-300P has an ESG Relevance Score of '4' [+] for Waste &
Hazardous Materials Management; Ecological Impacts due to the
collateral's sustainable building practices including Green
building certificate credentials, which has a positive impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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


COMM 2013-LC13: S&P Lowers Class E Certs Rating to 'D (sf')
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on seven classes of
commercial mortgage pass-through certificates from three U.S. CMBS
transactions.

The downgrades on the affected classes reflect material accumulated
interest shortfalls that have been outstanding for at least five
consecutive months. Specifically, our downgrades on four of the six
principal- and interest-paying certificate classes from two U.S.
CMBS transactions to 'D (sf)' are due to accumulated interest
shortfalls that we expect to remain outstanding for the foreseeable
future, as well as our assessment that these classes may also incur
principal losses upon the eventual liquidation of the specially
serviced assets in the respective transactions.

The downgrade to 'D (sf)' on the class X-NCP interest-only (IO)
certificates from Palisades Center Trust 2016-PLSD reflects our
criteria for rating IO securities.

The interest shortfalls are primarily due to one or more factors:

-- The appraisal subordinate entitlement reduction (ASER) amounts
in effect for specially serviced assets,

-- The workout fees related to corrected mortgage loans,

-- The special servicing fees, or

-- The recovery of prior servicing advances.

S&P said, "Our analysis primarily considered ASER amounts based on
appraisal reduction amounts (ARAs) calculated using recent Member
of the Appraisal Institute (MAI) appraisals. We also considered
servicer-nonrecoverable advance declarations and special servicing
fees, which are likely, in our view, to cause recurring interest
shortfalls."

The servicer implements ARAs and resulting ASER amounts according
to each transaction's terms. Typically, these terms call for an ARA
equal to 25% of the loan's stated principal balance to be
implemented when it is 60 days past due and an appraisal or other
valuation is not available within a specified time frame. S&P
primarily considered ASER amounts based on ARAs calculated from MAI
appraisals when deciding which classes from the affected
transactions to downgrade to 'D (sf)'. This is because ARAs based
on a principal balance haircut are highly subject to change or even
reversal once the special servicer obtains the MAI appraisals.

Servicer-nonrecoverable advance declarations can prompt shortfalls
due to a lack of debt-service advancing, the recovery of previously
made advances after an asset was deemed nonrecoverable, or the
failure to advance trust expenses when nonrecoverable declarations
have been determined. Trust expenses may include but are not
limited to property operating expenses, property taxes, insurance
payments, and legal expenses.

Palisades Center Trust 2016-PLSD

S&P said, "We lowered our ratings on class A to 'CCC- (sf)' and
classes B, C, and D to 'D (sf)' from Palisades Center Trust
2016-PLSD, a U.S. stand-alone (single-borrower) CMBS transaction,
due to accumulated interest shortfalls that have been outstanding
for five consecutive months. Specifically, the downgrades on
classes B, C, and D to 'D (sf)' reflect our view that, based on
their positions in the payment waterfall, the accumulated interest
shortfalls will remain outstanding for the foreseeable future and
that these classes would incur principal losses upon the eventual
resolution of the sole loan in the trust, Palisades Center Mall,
which is currently with the special servicer.

"We lowered our rating on the class X-NCP IO certificates to 'D
(sf)' based on our criteria for rating IO securities, in which the
rating on the IO securities would not be higher than that of the
lowest-rated reference class. The notional amount of class X-NCP
references classes A, B, C, and D."

According to the April 13, 2023, trustee remittance report, the
current monthly interest shortfalls totaled $842,491 due to an ASER
amount based on a $209.2 million ARA on the underlying trust loan.

The current reported interest shortfalls have affected all classes
in the transaction.

If the accumulated interest shortfalls on class A remain
outstanding for a prolonged time, S&P may further lower its rating
to 'D (sf)'.

GS Mortgage Securities Corp. Trust 2018-3PCK

S&P lowered its rating to 'CCC- (sf)' on the class HRR certificates
from GS Mortgage Securities Corp. Trust 2018-3PCK, a U.S.
stand-alone (single-borrower) CMBS transaction, due to material
accumulated interest shortfalls that have been outstanding for nine
consecutive months.

According to the April 17, 2023, trustee remittance report, the
trust did not incur any interest shortfalls this month; however,
class HRR had accumulated interest shortfalls outstanding totaling
$361,213. The accumulated interest shortfalls resulted primarily
from the bonds having an overall higher interest rate than the
mortgage loan, which caused the class to experience interest
shortfalls from August 2022 through February 2023.

If the accumulated interest shortfalls on class HRR remain
outstanding for a prolonged period, we may further lower our rating
to 'D (sf)'.

COMM 2013-LC13 Mortgage Trust

S&P said, "We lowered our rating to 'D (sf)' on the class E
certificates from COMM 2013-LC13 Mortgage Trust, a U.S. CMBS
conduit transaction, due to accumulated interest shortfalls that we
expect to be outstanding for the foreseeable future, as well as our
assessment that this class would incur principal losses upon the
eventual resolution of the four specially serviced assets totaling
$67.5 million (13.6% of the pool) based on updated appraisal
values: Countrywood Crossing ($26.6 million; 5.4%), Doubletree
Midland ($17.3 million; 3.5%), Hampton Inn & Suites--Little Rock
($12.1 million; 2.4%), and 201 North Charles Street ($11.5 million;
2.3%). Class E has accumulated interest shortfalls outstanding for
eight consecutive months."

According to the April 12, 2023, trustee remittance report, the
current monthly interest shortfalls totaled $52,193 due primarily
to special servicing fees ($14,569) and ASER amounts ($36,817) on
the specially serviced assets.

The current reported interest shortfalls have affected all classes
subordinate to and including class E.

  Ratings Lowered

  Palisades Center Trust 2016-PLSD
  
  Class A to 'CCC- (sf)' from 'B- (sf)'
  Class B to 'D (sf)' from 'CCC- (sf)'
  Class C to 'D (sf)' from 'CCC- (sf)'
  Class D to 'D (sf)' from 'CCC- (sf)'
  Class X-NCP to 'D (sf)' from 'CCC- (sf)'

  GS Mortgage Securities Corp. Trust 2018-3PCK

  Class HRR to 'CCC- (sf)' from 'B- (sf)'

  COMM 2013-LC13 Mortgage Trust

  Class E to 'D (sf') from 'CCC- (sf)'



EXETER 2023-2: S&P Assigns Prelim BB (sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Exeter
Automobile Receivables Trust 2023-2's automobile receivables-backed
notes.

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

The preliminary ratings are based on information as of May 4, 2023.
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 61.96%, 52.93%, 44.12%,
33.07% and 27.58% credit support--hard credit enhancement and
haircut to excess spread--for the class A (collectively, classes
A-1, A-2, and A-3), B, C, D, and E notes, respectively, based on
stressed cash flow scenarios. These credit support levels provide
at least 2.70x, 2.40x, 2.00x, 1.50x, and 1.25x coverage of S&P's
expected cumulative net loss of 22.00% for classes A, B, C, D, and
E, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.50x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
are within its credit stability limits.

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

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

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

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

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Exeter Automobile Receivables Trust 2023-2

  Class A-1, $53.700 million: A-1+ (sf)
  Class A-2, $150.000 million: AAA (sf)
  Class A-3, $59.741 million: AAA (sf)
  Class B, $109.256 million: AA (sf)
  Class C, $91.218 million: A (sf)
  Class D, $95.982 million: BBB (sf)
  Class E, $62.967 million: BB (sf)



EXETER AUTOMOBILE 2023-2: Fitch Gives 'BB(EXP)' Rating on E Notes
-----------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
Exeter Automobile Receivables Trust (EART) 2023-2.

   Entity/Debt          Rating        
   -----------          ------        
Exeter Automobile
Receivables Trust
2023-2

   A-1              ST F1+(EXP)sf  Expected Rating
   A-2              LT AAA(EXP)sf  Expected Rating
   A-3              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

KEY RATING DRIVERS

Collateral Performance — Subprime Credit Quality: EART 2023-2 is
backed by collateral with subprime credit attributes, including a
weighted average (WA) FICO score of 571, a WA loan-to-value (LTV)
ratio of 114.72% and WA APR of 22.10%. In addition, 98.92% of the
loans are backed by used vehicles and the WA payment-to-income
(PTI) ratio is 12.12%.

Forward-Looking Approach to Derive Base Case Proxy: Fitch
considered economic conditions and future expectations by assessing
key macroeconomic and wholesale market conditions to derive the
series loss proxy. Although recessionary performance data from
Exeter are not available, the initial base case cumulative net loss
(CNL) proxy was derived utilizing 2006-2009 data from Santander
Consumer — as proxy recessionary static-managed portfolio data
— and 2016-2017 vintage data from Exeter to arrive at a
forward-looking base case CNL proxy of 20.00%.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) totals 62.60%, 46.55%, 33.15%, 19.05% and
9.80% for classes A, B, C, D and E, respectively. The class A CE
level is up from 2023-1. The class B, C, D and E CE levels are all
lower than in 2023-1, but CE for each class is up from those of
transactions prior to 2023-1. Excess spread is expected to be
11.70% per annum. Loss coverage for each class of notes is
sufficient to cover the respective multiples of Fitch's base case
CNL proxy of 20%.

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

ESG CONSIDERATIONS

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

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


FLAGSHIP CREDIT 2023-2: S&P Assigns BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Flagship Credit Auto
Trust 2023-2's automobile receivables-backed notes.

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

The ratings reflect S&P's view of:

-- The availability of approximately 44.69%, 38.92%, 30.46%,
24.05%, and 18.61% credit support--hard credit enhancement and
haircut to excess spread--for the class A (A-1, A-2, and A-3,
collectively), B, C, D, and E notes, respectively, based on final
post-pricing stressed cash flow scenarios. These credit support
levels provide at least 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x
coverage of S&P's expected net loss of 12.50% for the class A, B,
C, D, and E notes, respectively.

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

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

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

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

-- S&P's operational risk assessment of Flagship Credit Acceptance
LLC as servicer, along with our view of the company's underwriting
and the backup servicing arrangement with UMB Bank.

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

-- The transaction's payment and legal structures.

  Ratings Assigned

  Flagship Credit Auto Trust 2023-2

  Class A-1, $42.00 million: A-1+ (sf)
  Class A-2, $188.00 million: AAA (sf)
  Class A-3, $58.76 million: AAA (sf)
  Class B, $37.77 million: AA (sf)
  Class C, $51.10 million: A (sf)
  Class D, $36.18 million: BBB (sf)
  Class E, $36.19 million: BB- (sf)



FLATIRON CLO 23: Fitch Assigns BB-sf Rating on E Notes
------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Flatiron
CLO 23 LLC.

   Entity/Debt        Rating        
   -----------        ------        
Flatiron CLO 23
LLC

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

TRANSACTION SUMMARY

Flatiron CLO 23 LLC is an arbitrage cash flow collateralized loan
obligation (CLO) that will be managed by NYL Investors LLC. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $400.00
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. Issuers rated in the 'B' rating category denote a
highly speculative credit quality; however, the notes benefit from
appropriate credit enhancement and standard CLO structural
features.

Asset Security (Positive): The indicative portfolio consists of
100% first lien senior secured loans and has a weighted average
recovery assumption of 76.6%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
constitute up to 39% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 4.9-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

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

RATING SENSITIVITIES

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

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

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

DATA ADEQUACY

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

Overall, 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.


FLATIRON CLO 23: Moody's Assigns B3 Rating to $1MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Flatiron CLO 23 LLC (the "Issuer").  

Moody's rating action is as follows:

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

US$1,000,000 Class F Senior Secured Deferrable 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.

Flatiron CLO 23 LLC 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 first lien senior secured loans, cash, and eligible
investments, and up to 7.5% of the portfolio may consist of second
lien loans, unsecured loans and bonds. The portfolio is
approximately 95% ramped as of the closing date.

NYL Investors 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 four 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): 3013

Weighted Average Spread (WAS): 3.40%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 47.5%

Weighted Average Life (WAL): 8 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.


GLS AUTO 2023-2: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GLS Auto
Receivables Issuer Trust 2023-2's automobile receivables-backed
notes.

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

The preliminary ratings are based on information as of May 4, 2023.
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 56.17%, 47.42%, 36.91%,
27.30%, and 22.49% of credit support (hard credit enhancement and
haircut to excess spread) for the class A (A-1 and A-2), B, C, D
and E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide at
least 3.20x, 2.70x, 2.10x, 1.55x, and 1.27x our 17.50% expected
cumulative net loss (ECNL) for the class A, B, C, D, and E notes,
respectively.

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

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

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

-- S&P's operational risk assessment of Global Lending Services
LLC, as servicer, and our view of the company's underwriting and
backup servicing arrangement with Wilmington Trust N.A.

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

-- The transaction's payment and legal structures.

S&P's ECNL for GCAR 2023-2 is 17.50%, which is unchanged from GCAR
2023-1. It reflects:

-- GCAR's more recent outstanding series, which are showing signs
of performance deterioration with higher losses and delinquencies
and lower recovery rates compared with the more seasoned
transactions;

-- S&P's view that the GCAR 2023-2 collateral characteristics are
slightly stronger than those of GCAR 2023-1; and

-- S&P's forward-looking view of the auto finance sector,
including its outlook for a shallow recession for the first half of
this year and lower recovery rates.

  Preliminary Ratings Assigned

  GLS Auto Receivables Issuer Trust 2023-2

  Class A-1, $31.50 million: A-1+ (sf)
  Class A-2, $120.54 million: AAA (sf)
  Class B, $46.80 million: AA (sf)
  Class C, $42.86 million: A (sf)
  Class D, $44.82 million: BBB- (sf)
  Class E, $24.80 million: BB- (sf)



GOODLEAP SUSTAINABLE 2023-2: Fitch Gives BB(EXP) Rating on C Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the class A, B and C
notes issued by GoodLeap Sustainable Home Solutions Trust 2023-2
(GoodLeap 2023-2).

   Entity/Debt         Rating        
   -----------         ------        
GoodLeap
Sustainable
Home Solutions
Trust 2023-2

   A 38237AAA0     LT A-(EXP)sf   Expected Rating
   B 38237AAB8     LT BBB(EXP)sf  Expected Rating
   C 38237AAC6     LT BB(EXP)sf   Expected Rating

TRANSACTION SUMMARY

This is a securitization of 20-25 year consumer loans primarily
backed by solar equipment.

KEY RATING DRIVERS

LIMITED PERFORMANCE HISTORY DETERMINES 'Asf' CAP

Fitch has received approximately four years of solar loan
performance data relative to average loan terms of approximately 25
years. GoodLeap also offers IO, principal-only (PO) and fully
deferred loans, which respectively make up 12.1%, 5.0% and 4.7% of
the securitized portfolio. Home efficiency loans are a negligible
portion of this transaction's portfolio (0.01%).

EXTRAPOLATED ASSET ASSUMPTIONS

Referencing particularly the 2018 and 2019 default vintages, Fitch
used an annualized default rate (ADR) of 1.2% and certain
prepayment assumptions to develop its base case default
expectation. Fitch used a higher default assumption for IO loans
(9.4%) than for standard amortizing and deferred loans (9.0%). The
overall base case default rate is 9.05% and Fitch also assumed a
25% base case recovery rate. At 'Asf', the aggregate default and
recovery assumptions are 30.2% and 16%, respectively.

TRIGGER BREACH MATERIAL TO CASH FLOW ANALYSIS

The notes will initially amortize based on target
overcollateralization (OC) percentages. Should asset performance
deteriorate, first, additional principal will be paid to cover any
defaulted amounts; second, once the cumulative loss trigger is
breached, the payment waterfall will switch to "turbo" sequential
to the senior class. This feature means that the driving model
scenario has back-loaded defaults and a high level of prepayments,
and ultimately constrains the ratings.

STANDARD, REPUTABLE COUNTERPARTIES; NO SWAP

The transaction account is with Wilmington Trust (A/F1/Negative)
and the servicer's lockbox account is with KeyBank (A-/F1/Stable).
Commingling risk is mitigated by the daily transfer of collections,
high ACH share at closing and ratings of KeyBank.

ESTABLISHED LENDER, BUT NEW ASSETS

GoodLeap has grown to be one of the largest U.S. solar loan
lenders. Underwriting is mostly automated and in line with those of
other U.S. ABS originators. Other than the solar lending business,
GoodLeap also originates mortgage and sustainable home improvement
loans. Some loan servicing is outsourced to Genpact (UK) Limited,
the subservicer, while GoodLeap has increased its role in direct
servicing over time. Servicing disruption risk is further mitigated
by the appointment of Vervent, Inc. as the backup servicer.

RATING SENSITIVITIES

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

Additional performance data, that imply ADRs in excess of 1.2% or
show lower than expected prepayment rates may contribute to a
negative outlook or downgrade.

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

Increase of defaults (Class A / B / C)

+15%: 'BBB+sf' / 'BB+sf' / 'BB-sf'

+25%: 'BBBsf' / 'BB+sf' / 'B+sf'

+50%: 'BBB-sf' / 'BBsf' / 'Bsf'

Decrease of recoveries (Class A / B / C)

-15%: 'BBB+sf' / 'BBB-sf' / 'BBsf'

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

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

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

+15% / -15%: 'BBBsf' / 'BB+sf' / 'BB-sf'

+25% / -25%: 'BBBsf' / 'BBsf' / 'B+sf'

+50% / -50%: 'BB+sf' / 'B+sf' / 'CCCsf'

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

Fitch currently caps ratings in the 'Asf' category due to limited
data history. The rating cap may be lifted should more robust
performance data is provided; positive rating actions may also
result from data specific to the level of default after the ITC
timing, more data on recoveries, and the performance of IO loans.

Subject to those conditions, good transaction performance, credit
enhancement at the target OC levels and ADRs materially below 1.2%
would support an upgrade.

Decrease of defaults (Class A / B / C)

-15%: 'Asf' / 'BBB+sf' / 'BB+sf'

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

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

Increase of recoveries (Class A / B / C)

+15%: 'A-sf' / 'BBBsf' / 'BBsf'

+25%: 'A-sf' / 'BBBsf' / 'BBsf'

+50%: 'Asf' / 'BBBsf' / 'BB+sf'

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

-15% / +15%: 'Asf' / 'BBB+sf' / 'BB+sf'

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

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

DATA ADEQUACY

The historical information available for this originator was
limited in that originations began less than five years ago, while
the loan tenor can be as long as 25 years. Fitch applied a rating
cap at the 'Asf' category to address this limitation, as well as
default and recovery stresses at the high or median-high level of
the criteria range. The amortizing nature of the assets and the
application of an annual default rate to the static portfolio
allowed us to determine lifetime default assumptions.

In addition, Fitch considered proxy data from other originators and
borrower characteristics (including demographics and relatively
high FICO scores) to derive asset assumptions, as envisaged under
the Consumer ABS Rating Criteria. Taking into account this
analytical approach, the rating committee considered the available
data sufficient to support a rating in the 'Asf' category.

ESG CONSIDERATIONS

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


JAY PARK CLO: Moody's Cuts Rating on $7MM Class E-R Notes to B3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jay Park CLO, Ltd.:

US$45,600,000 Class B-R Secured Deferrable Floating Rate Notes due
2027 (the "Class B-R Notes"), Upgraded to Aa2 (sf); previously on
April 29, 2022 Upgraded to Aa3 (sf)

US$29,400,000 Class C-R Secured Deferrable Floating Rate Notes due
2027 (the "Class C-R Notes"), Upgraded to Baa2 (sf); previously on
October 31, 2018 Definitive Rating Assigned Baa3 (sf)

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

US$7,000,000 Class E-R Secured Deferrable Floating Rate Notes due
2027 (the "Class E-R Notes"), Downgraded to B3 (sf); previously on
October 31, 2018 Upgraded to B2 (sf)

Jay Park CLO, Ltd., originally issued in October 2016 and
refinanced in October 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 ended in July 2021.

RATINGS RATIONALE

The upgrade rating actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since April 2022. The Class
A-1-R notes have been paid down by approximately 35% or $107.0
million since that time. Based on Moody's calculation, the OC
ratios for the Class B-R and Class C-R notes are 129.71% and
115.5%, respectively, versus April 2022 levels of 123.85% and
114.15%, respectively.

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 Moody's calculation, the OC
ratio for the Class E-R notes is 105.6% versus April 2022 level of
106.9%.

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: $309,379,619

Defaulted par:  $3,067,735

Diversity Score: 52

Weighted Average Rating Factor (WARF): 2788

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.17%

Weighted Average Recovery Rate (WARR): 48.42%

Weighted Average Life (WAL): 2.86 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.


JP MORGAN 2018-PTC: S&P Cuts Class D Certs Rating to 'B- (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on seven classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2018-PTC, a U.S. CMBS
transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by the trust's fee simple and leasehold interests in the Peachtree
Center real estate-owned (REO) asset, an office and retail complex
totaling 2.5 million sq. ft. in downtown Atlanta.

Rating Actions

S&P said, "The downgrades of classes A, B, C, D, E, and HRR reflect
our revised valuation, which is lower than the valuation we derived
in our last review in April 2022 due primarily to declining
occupancy and deteriorating performance at the properties. Our
concerns also extend to the potential increase in the trust
exposure." Swept cash reserves and escrows, which have been used to
supplement debt service and interest accrued on the trust
certificates, were exhausted as of April 25, 2023, according to the
special servicer. Accordingly, the master servicer may start
advancing interest payment shortfalls, which would reduce liquidity
and recovery to the bondholders. The downgrades also consider that
the loan was foreclosed on and that the properties became REO less
than six months after the loan transferred to special servicing
because the loan sponsor and mezzanine lender were not able or
willing to cure the defaults.

The loan was transferred to the special servicer on March 22, 2022,
due to imminent monetary default. The loan matured on April 9,
2022, after its second one-year extension, and the borrower
indicated that it was not able to obtain financing to pay off the
loan or fulfill requirements to exercise its final one-year
extension option, which required a paydown the principal balance by
approximately $56.0 million to meet the debt yield test under the
loan documents. According to the special servicer, Situs Holdings
LLC (Situs), the borrower was unable to provide an acceptable
workout proposal to adequately deleverage the mortgage loan, and
the mezzanine lender declined to execute its option under the
transaction documents to pay off the trust loan in full.
Subsequently, Situs also stated that it engaged with an
unaffiliated third party on a potential note purchase that would
have resulted in a full payoff to the trust; however, the potential
buyer failed to perform and defaulted on its purchase. Situs filed
for foreclosure proceedings, and the trust acquired title to the
collateral property at public auction on Sept. 6, 2022. According
to media reports, there was limited public interest, and the
winning credit bid was $127.5 million. The mezzanine loan of $38.7
million made at issuance was also extinguished as part of the
foreclosure, per Situs.

S&P said, "Based on our current analysis and the disclosed July
2022 appraisal value of $192.4 million, we expect the master
servicer to begin advancing as early as the May 2023 payment date.
Situs indicated that an updated appraisal report was ordered in
March 2023. While Situs has not elaborated on the resolution
strategy, it expects the REO asset to liquidate by September 2025.
The rated final distribution date of the transaction is April
2031.

"We noted in our last review in April 2022 that the property
experienced declining occupancy rates after several major tenants,
including the first-, third-, and fifth-largest tenants at
issuance, vacated upon their lease expiration dates and the former
sponsors, Banyan Street Capital and Balandis Real Estate AG, were
not able to backfill vacant spaces in a timely manner. According to
the Dec. 31, 2022, rent roll, the portfolio's occupancy rate
further dropped to 47.5%, from 57.3% as of year-end 2021 and 69.7%
at issuance on Feb. 1, 2018.

"Our property-level analysis considers, among other factors noted
below, the weakened office submarket fundamentals and our
assessment that the property will continue to face challenges in
reletting the vacant space as the current property manager,
Transwestern, has not made any material leasing progress or
indicated that there are any substantial new leasing prospects.
After adjusting for anticipated tenant vacancy and tenants with
prolonged rent abatements, our analysis assumes an in-place
occupancy rate of 42.6%. Using an S&P Global Ratings
$24.13-per-sq.-ft. base rent, $25.12-per-sq.-ft. gross rent, and
67.5% operating expense ratio, we derived a revised net cash flow
(NCF) for the properties of $7.7 million, which is 9.2% lower than
our last review NCF of $8.4 million and 50.9% lower than our
issuance NCF of $15.6 million. Using an S&P Global Ratings
capitalization rate of 8.00% (unchanged from last review and at
issuance), we arrived at an expected-case valuation of $96.9
million ($39 per sq. ft.), a decline of 19.8% from our last review
value of $120.8 million ($49 per sq. ft.), 50.5% from our issuance
value of $195.5 million ($79 per sq. ft.), and 49.7% from the
updated July 2022 appraisal value of $192.4 million. Further, the
2022 appraisal value is 26.2% lower than the December 2017 issuance
appraised value of $260.8 million. This yielded an S&P Global
Ratings exposure-to-value ratio of 144.8% on the total liability
balance, up from 116.2% in our last review and 74.3% at issuance.

"Specifically, the downgrades on classes E to 'CCC (sf)' and HRR to
'CCC- (sf)' reflect our view that the susceptibility to liquidity
interruption and risk of default and loss are elevated based on our
revised lower expected case value and current market conditions. In
addition, the trust experienced $24,822 in interest shortfalls this
month related primarily to special servicing fees, and class HRR
had material accumulated interest shortfalls totaling $303,662
outstanding as of the April 14, 2023, trustee remittance report.
The servicer, Wells Fargo Bank N.A., specified in February 2023
that the trust will be reimbursed for shortfalls related to special
servicing fees; however, these shortfalls have not yet been
reimbursed and are still outstanding. If the accumulated interest
shortfalls on class HRR remain outstanding for a prolonged period,
we may further lower our rating to 'D (sf)'."

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

-- The portfolio properties' value-oriented positioning and
strategic location in downtown Atlanta, with access to major
arterial roadways and public transportation;

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

-- The moderate to significant market value decline based on the
revised July 2022 appraisal value that would be needed before these
classes experience principal losses;

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

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

S&P said, "We lowered our rating on the class X-EXT interest-only
(IO) certificates based on our criteria for rating IO securities,
in which the rating on the IO securities would not be higher than
that of the lowest-rated reference class. The notional amount of
the class X-EXT certificates references classes A, B, C, and D.

"We will continue to monitor for updates on the asset's resolution
strategy and timing. If we receive information that differs
materially from our expectations, such as an updated value from the
special servicer that is substantially below our revised
expected-case value, property performance that is materially below
our expectations, or a liquidation strategy that negatively impact
the transaction's liquidity and recovery, we may revisit our
analysis and take further rating actions."

Property-Level Analysis

The Peachtree Center REO asset comprises six class B office high
rise towers totaling 2.4 million sq. ft. and a 119,007-sq.-ft.
underground retail center located across several city blocks at the
intersection of Peachtree Center Avenue and John Portman Boulevard
in downtown Atlanta. Four of the office buildings in the
portfolio--North Tower (24 stories, 302,939 sq. ft., built in
1969), South Tower (24 stories, 306,904 sq. ft., built in 1969),
Harris Tower (27 stories, 395,027 sq. ft., built in 1976), and
International Tower (27 stories, 426,434 sq. ft., built in
1974)--surround the three-level, partially subterranean,
119,007-sq.-ft., 1975-built retail lifestyle center known as The
Hub, which is situated above the Peachtree Center MARTA light rail
station. Portions of the North Tower, South Tower, International
Tower, The Hub, and Harris Tower are subject to ground leases that
expire on Dec. 31, 2060. The other two office buildings, Marquis I
Tower (28 stories; 465,694 sq. ft.; built in 1984) and Marquis II
Tower (28 stories; 466,010 sq. ft.; built in 1988), have fee simple
ownership and stand on opposite sides of the Marriott Marquis
Hotel. The portfolio is accessible from Interstates 20, 75, and 85
and has a series of skywalks that connect the office buildings to
adjacent conference hotels and parking garages.

As previously discussed, the former owners and current property
manager were unsuccessful in attracting significant new tenants in
recent years, resulting in a steep decline in portfolio's occupancy
to its current 47.5% rate as of the Dec. 31, 2022, rent roll.
Similarly, according to the servicer-provided Dec. 31, 2022,
leasing activity report, various renewing tenants downsized and
were also offered substantial concessions, including free rent
periods between six months and four years and rent abatements up to
50.0% of reported base rent through lease expiration, while several
tenants are expected to vacate and move to nearby buildings or
office submarkets. According to the December 2022 rent roll, the
five largest tenants comprise 16.3% of net rentable area (NRA) and
are:

-- The General Services Administration (Federal Labor Relations
Authority, Nuclear Regulatory Commission, Federal Trade Commission,
Small Business Administration, Transportation Security
Administration, and Social Security Administration; 7.7% of NRA;
13.6% of S&P Global Ratings in-place gross rent; Between March 2023
and January 2037 lease expirations). Based on S&P's review of the
Dec. 31, 2022, leasing activity report, it assumed that the FTC and
Social Security Administration, comprising 1.7% of NRA, will vacate
and move to a nearby building upon their respective 2023 lease
expiration dates.

-- Atlanta Law Center Inc. (2.3%; 5.0%; July 2033).

-- Habitat for Humanity International Inc. (2.2%; 4.2%; December
2029).

-- ATL and SRTA (2.1%; 4.6%; May 2032).

-- Atlanta Regional Commission (2.0%; 4.2%; July 2032).

The property faces staggered tenant rollover by NRA; however, 14.0%
of in place gross rent (4.8% of NRA) rolls in 2023 and 17.3% (8.0%)
in 2024. The largest tenant rolling during this period is the
General Services Administration-Nuclear Regulatory Commission (4.3%
of NRA), which has a lease expiration of in November 2024.

According to CoStar, the Downtown Atlanta office submarket, where
the portfolio is situated, experienced an overall moderate increase
in vacancy and rent growth due to its proximity to the airport,
robust transit system, and lower office rents compared to other
nearby office submarkets, like Midtown and Buckhead. Four- and
five-star office properties in the submarket, however, reported a
spike in vacancies and stagnant asking rents during the pandemic,
while three-star office properties (equivalent to the subject's
overall quality) reported relatively stable submarket vacancy and
rent growth. As of year-to-date May 2023, four- and five-star
office properties in the submarket had a 24.5% vacancy rate, 30.7%
availability rate, and $31.91-per-sq.-ft. asking rent compared with
a 15.0% vacancy rate and $30.90-per-sq.-ft. asking rent in 2019.
Three-star office properties, on the other hand, had a 6.6% vacancy
rate, 5.1% availability rate, and $27.88-per-sq.-ft. asking rent,
compared with a 6.5% vacancy rate and $19.54-per-sq.-ft. asking
rent in 2019. CoStar projects vacancy to stay elevated for four-
and five-star office properties at 25.6% in 2024 and 24.8% in 2025
while the asking rent remains flat at $31.16 per sq. ft. in 2024
and $31.27 per sq. ft. in 2025. CoStar predicts vacancy for
three-star office properties will climb to 9.1% in 2024 and 9.2% in
2025 while asking rent flattens at $27.39 per sq. ft. in 2024 and
$27.54 per sq. ft. in 2025.

The portfolio's in-place 52.5% vacancy rate and $25.12-per-sq.-ft.
gross rent, as calculated by S&P Global Ratings, drastically
underperform the office submarket. S&P also partly attributed the
properties' low occupancy rate to the former owners moving existing
office tenants from the South Tower office building to other
buildings in the portfolio in their failed attempt to convert it to
multifamily use. While the building is currently nearly vacant, it
is unclear if construction work ever commenced and if the servicer
will follow the former owners' plans and advance the necessary
capital to convert the building to alternative use.

S&P said, "As previously mentioned, our analysis considers the lack
of material leasing activity at the properties, age and quality of
the portfolio, potential best use alternatives, and current
remaining ground lease term. As a result, we utilized a 42.6%
occupancy rate (after excluding vacating tenants or tenants with
long abatement periods), a $25.12-per-sq.-ft. S&P Global Ratings
gross rent, and a 67.5% operating expense ratio in determining our
sustainable NCF.

"We visited the portfolio properties on March 23, 2023, and found
them to be well-located in downtown Atlanta. We assessed that the
subject property appears dated, as do surrounding buildings,
consisting of mostly hotels. While we were not able to tour the
interior of the properties, we noted that the buildings' exterior
façades showed their ages, with small windows and narrow
footprints. Vehicle traffic was almost nonexistent, while
pedestrian activity was moderate. At the time of our midday visit,
we observed minimal foot traffic at the buildings' lobbies and
shared public courtyard space. The restaurants and food court at
the retail center were moderately busy with short lunchtime lines.
We noticed multiple vacant tenant spaces at the retail center.
Overall, we assessed that the portfolio comprises older class B
buildings and needs capital to remain competitive with other peer
properties and to attract new tenants amid post-COVID-19 work
trends."

Transaction Summary

Prior to the September 2022 foreclosure auction, the IO mortgage
whole loan had an initial and current balance of $140.3 million,
paid an annual floating interest rate indexed to one-month LIBOR
plus a weighted average spread of 3.81%, and had a fully extended
maturity date of April 9, 2023. The whole loan was split into two
pari passu notes, comprising the $115.3 million trust balance (as
of the April 14, 2023, trustee remittance report) and a nontrust
future advance note with a maximum principal balance of $25.0
million that was fully funded. After the foreclosure auction, the
trust consists of the Peachtree Center REO asset, and it is S&P's
understanding that there is not a current interest rate cap
agreement in place. To date, the trust has not incurred any
principal losses.

  Ratings Lowered

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PTC

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



JP MORGAN 2019-MFP: Moody's Lowers Rating on Cl. E Certs to B2
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on two classes of CMBS securities,
issued by J.P. Morgan Chase Commercial Mortgage Securities Trust
2019-MFP, Commercial Mortgage Pass-Through Certificates, Series
2019-MFP as follows:

Cl. A, Affirmed Aaa (sf); previously on Jul 18, 2019 Definitive
Rating Assigned Aaa (sf)

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

Cl. C, Affirmed A2 (sf); previously on Feb 9, 2022 Upgraded to A2
(sf)

Cl. D, Affirmed Baa2 (sf); previously on Feb 9, 2022 Upgraded to
Baa2 (sf)

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

Cl. F, Downgraded to Caa2 (sf); previously on Feb 9, 2022 Confirmed
at B3 (sf)

RATINGS RATIONALE

The ratings on the four P&I classes, Cl. A, Cl. B,  Cl. C, and Cl.
D, were affirmed because Moody's loan-to-value (LTV) ratio was
within acceptable range. Furthermore, Cl. A has benefited from
principal paydowns from prior property sales from the original
portfolio.

The ratings on the two P&I classes Cl. E and Cl. F were downgraded
due to an increase in Moody's LTV as a result of the decline in the
performance of the remaining properties. The loan transferred to
special servicing due to maturity default in July 2022. The
occupancy and net cash flow (NCF) for the remaining properties has
significantly declined since securitization. The loan has remained
current through the April 2023 remittance statement, however, the
NCF debt service coverage ratio (DSCR) on the remaining properties
is below 1.00X.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the April 17, 2023 distribution date, the transaction's
aggregate certificate balance is approximately $354.8 million
compared to $481.0 million at securitization, The reduction in
principal balance from securitization is due to principal paydowns
from property sales within the original portfolio. The
securitization is backed by an interest-only, floating-rate
mortgage loan originally collateralized by the borrowers' fee
simple interests in 43 multifamily properties (consisting of 39
multifamily properties and 4 student housing properties) located
across 10 states, but 7 properties have been previously sold and
released from the portfolio. Collectively, the remaining 36
properties located across 9 states offer a total of 6,974 apartment
units. The sponsor is the Chetrit Group, LLC, who acquired the
original portfolio in June 2019 for $518.2 million. The portfolio
is largely comprised of middle to low-income workforce housing
properties which had an average age of 40 years at loan origination
with most of the improvements being built between 1970 and 1979.

The portfolio's performance was negatively impacted by the
coronavirus pandemic and the properties were not able to generate
enough cash to fully cover debt service. Per servicer's commentary,
the original portfolio's consolidated NCF DSCR was 0.86X as of
September 2020, 0.86X in December 2021, and 0.52X in June 2022. The
rent roll as of July 2022 showed an overall occupancy of 74%, a
significant decrease from the overall occupancy of 88% at
securitization. Since July 2022 seven properties have been released
from the portfolio resulted in an aggregate principal paydown of
$126 million.

The loan transferred to special servicing in July 2022 due to
maturity default and the borrower elected not to utilize its
remaining extension options. Four properties in Ohio and three
properties in Tennessee were sold in October 2022 and March 2023,
respectively. The overall occupancy for the remaining 36 properties
was approximately 60%. The special servicer commentary indicates
they are dual tracking discussions with the borrower as well as
enforcement of rights and remedies under the loan documents. As of
the April 2023 remittance report, the loan remained current and
paid through April 2023 with no outstanding P&I advances. The loan
was classified as performing maturity balloon.

Moody's has NCF and capitalization rate on the remaining assets was
$19.5 million and 9.5%, respectively. Moody's LTV ratio is 173%
based on Moody's Value. Adjusted Moody's LTV ratio is 152% based on
Moody's Value using a cap rate adjusted for the current interest
rate environment. There is outstanding interest shortfalls totaling
$3,106 affecting Cl. HRR and no losses have been realized as of the
current distribution date.


KEYCORP STUDENT 2004-A: Moody's Ups Rating on II-D Notes to Caa2
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of Class II-D
from KeyCorp Student Loan Trust 2004-A. The underlying collateral
for this transaction includes loans originated under the Federal
Family Education Loan Program (FFELP) and private student loans
(PSLs). The FFELP and the PSLs collateral is separated into group I
and group II, respectively, with each group collateralizing its own
set of notes with independent reserve accounts and payment
waterfalls. The residual cash flow in each group can be used to
cover any payment shortfalls in the other group. The upgraded
tranche is from the PSL group, group II. FFELP student loans
backing the securitizations are guaranteed by the US Department of
Education for a minimum of 97% of defaulted principal and accrued
interest. Private student loans do not benefit from the US
government guarantee.

The complete rating actions are as follows:

Issuer: KeyCorp Student Loan Trust 2004-A

Class II-D, Upgraded to Caa2 (sf); previously on Dec 20, 2013
Affirmed Ca (sf)

RATINGS RATIONALE

The upgrade is a result of a continued build-up in
overcollateralization as a result of the transaction structures
that allow use of all available excess spread to pay down the Group
II tranches (the transaction is in full turbo mode). The ratio of
total assets to Class II-D liabilities of KeyCorp Student Loan
Trust 2004-A has been increasing and currently around 109%, and it
will build up more rapidly when it starts to receive principal
payments in the following quarter.

The rating action further reflects the high uncertainty in
performance of the loans in the pools as a result of weak economic
conditions.

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were "Moody's Approach to
Rating Securities Backed by FFELP Student Loans" published in April
2021.

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

Up

Moody's could upgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
higher ratings. Among the factors that could drive the ratings up
are increasing voluntary prepayment rates, and lower net losses on
the underlying loan pools than Moody's expectation for the PSL
portion.

Down

Moody's could downgrade the notes if, given Moody's expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Among the factors that could drive the ratings down
are continued low levels of voluntary prepayments, and declining
credit quality of the US government for the FFELP portion and
higher net losses on the underlying loan pools than Moody's
expectation for the PSL portion.


KKR CLO 49: Fitch Affirms 'BB-' Rating on E Notes, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class B, C and D
notes of KKR CLO 42 Ltd. (KKR 42), the class A-2, B-1, B-2, C, D,
and E notes of KKR CLO 49 Ltd. (KKR 49), and the class A loans
(A-L) and class A notes (A-N) (collectively, the class A debt), B,
C, D, and E notes of KKR Static CLO I Ltd. (KKR Static I). The
Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
KKR STATIC
CLO I LTD.

   A-L 48255QAC7   LT AAAsf  Affirmed    AAAsf
   A-N 48255QAA1   LT AAAsf  Affirmed    AAAsf
   B 48255QAE3     LT AA+sf  Affirmed    AA+sf
   C 48255QAG8     LT A+sf   Affirmed    A+sf
   D 48255QAJ2     LT BBB+sf Affirmed    BBB+sf
   E 48255RAA9     LT BB+sf  Affirmed    BB+sf

KKR CLO 49 Ltd.

   A-2 481939AC0   LT AAAsf  Affirmed    AAAsf
   B-1 481939AE6   LT AAsf   Affirmed     AAsf
   B-2 481939AG1   LT AAsf   Affirmed    AAsf
   C 481939AJ5     LT Asf    Affirmed    Asf
   D 481939AL0     LT BBB-sf Affirmed    BBB-sf
   E 481940AA2     LT BB-sf  Affirmed    BB-sf

KKR CLO 42 Ltd.

   B 48255EAC4     LT AAsf   Affirmed     AAsf
   C 48255EAE0     LT A+sf   Affirmed     A+sf
   D 48255EAG5     LT BBB-sf Affirmed     BBB-sf

TRANSACTION SUMMARY

KKR 42, KKR 49, and KKR Static I are broadly syndicated
collateralized loan obligations (CLOs) managed by KKR Financial
Advisors II, LLC. KKR 42 closed in June 2022 and will exit its
reinvestment period in July 2026. KKR 49 closed in July 2022 and
will exit its reinvestment period in July 2025. KKR Static I is a
static CLO that closed in July 2022. All three 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 due to the portfolios' stable performance
since their respective closing dates. For KKR Static I,
approximately 9.1% of the original aggregate balance of the class A
debt have amortized since closing, slightly increasing credit
enhancement levels on the rated classes.

The credit quality of all three portfolios as of March 2023
reporting remains at the 'B/B-' rating level. The Fitch weighted
average rating factors (WARF) for all CLOs' portfolios were 25.6 on
average, compared to average 25.5 at closing.

The portfolios for KKR 42 and KKR 49 consist of 255 obligors on
average, and the largest 10 obligors represent average 8.3% of the
portfolios. KKR Static I has 216 obligors, with the largest 10
obligors comprising 8.6% of the portfolio. There are no defaults in
any of the portfolios. Exposure to issuers with a Negative Outlook
and Fitch's watchlist is 14.4% and 7.5% for KKR 42, 13.0% and 6.7%
for KKR 49, and 11.3% and 6.3% for KKR Static I.

On average, first lien loans, cash and eligible investments
comprised 98.1% and fixed rated assets comprised 1.6% of all three
portfolios. Fitch's weighted average recovery rate of the
portfolios averaged 75.2%, compared to average 74.6% at closing.

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

Cash Flow Analysis

The rating actions for the classes of KKR Static I are in line with
the model implied ratings of the current portfolio, as defined in
Fitch's CLO criteria.

For KKR 42 and KKR 49, Fitch's analysis was based on a newly run
Fitch Stressed Portfolios (FSP) since the transactions are still in
their reinvestment periods. The FSP analysis stressed each of the
current portfolios from the latest trustee reports to account for
permissible concentration and CQT limits. The FSP analysis assumed
weighted average life of 6.13 years for KKR 42 and 6.21 years for
KKR 49. Weighted average spreads were stressed to the covenant
minimum levels of 3.47% for KKR 42 and 3.50% for KKR 49. Fixed rate
assets were stressed to 7.5% for KKR 42 and 5.0% for KKR 49. Other
FSP assumptions for both CLOs include 7.5% non-senior secured
assets and 7.5% CCC assets.

The rating actions are in line with the model implied ratings
(MIRs), except for the class B notes in KKR 42 and class B-1, B-2,
C, and D notes in KKR 49. Fitch affirmed these classes of notes at
one notch below their respective MIRs due to the minimal positive
cushions derived on the MIRs from the re-run FSPs, remaining
reinvestment periods for both CLOs, and growing macroeconomic
headwinds.

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 does 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 downgrades of up to two rating
notches for KKR 42 and KKR 49, and up to four notches for KKR
Static I, based on the MIRs.

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

- Upgrades may occur in the event of better-than-expected portfolio
credit quality and transaction performance.

- A 25% reduction of the mean default rate across all ratings,
along with a 25% increase of the recovery rate at all rating levels
for the current portfolio, would lead to upgrades of up to five
notches for KKR 42 and KKR 49, and up to three notches for KKR
Static I, based on the MIRs.

DATA ADEQUACY

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

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

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


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

The certificate issuance is an RMBS transaction backed by
first-lien (97.23%) and second-lien (2.77%), fixed- and
adjustable-rate, fully amortizing residential mortgage loans,
including some loans with interest-only features, secured by
single-family residences, planned unit developments, condominiums,
condotels, two- to four-family homes, five- to 10-unit multi-family
properties, and manufactured housing properties to both prime and
nonprime borrowers. The pool has 717 loans, which are primarily
non-qualified mortgage loans and ability-to-repay exempt.

The preliminary ratings are based on information as of May 5, 2023.
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The pool's collateral composition;

-- The transaction's credit enhancement;

-- The transaction's associated structural mechanics;

-- The transaction's representation and warranty framework;

-- The mortgage aggregator and mortgage originators;

-- The pool's geographic concentration; 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(i) Assigned

  MFA 2023-NQM2 Trust

  Class A-1, $230,009,000: AAA (sf)
  Class A-2, $33,814,000: AA (sf)
  Class A-3, $44,961,000: A (sf)
  Class M-1, $20,437,000: BBB (sf)
  Class B-1, $15,421,000: BB+ (sf)
  Class B-2, $15,420,000: B+ (sf)
  Class B-3, $11,519,844: Not rated
  Class A-IO-S, notional(ii): Not rated
  Class XS, notional(ii): Not rated
  Class R, not applicable: Not rated

(i)The collateral and structural information in this report
reflects the preliminary private placement memorandum received on
May 4, 2023. The preliminary ratings address the ultimate payment
of interest and principal. They do not address payment of the cap
carryover amounts.
(viii)The notional amount equals the loans' aggregate unpaid
principal balance.



MORGAN STANLEY 2014-C18: Fitch Alters Outlook on Bsf Rating to Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of five classes of Morgan
Stanley Bank of America Merrill Lynch Trust, commercial mortgage
pass-through certificates, series 2014-C18 (MSBAM 2014-C18). In
addition, Fitch has revised all five Rating Outlooks to Negative
from Stable.

Fitch has only rated the 300 North LaSalle B Note (300 North
LaSalle rake certificates) issued by MSBAM 2014-C18. These
certificates are subordinate in right of payment of interest and
principal to the 300 North LaSalle A notes and derive their cash
flow solely from the 300 North LaSalle Street loan. The 300 North
LaSalle rake certificates are generally not subject to losses from
any of the other loans collateralizing the MSBAM 2014-C18
transaction. Fitch does not rate any other classes issued by MSBAM
2014-C18.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
MSBAM 2014-C18
– 300 North
LaSalle Rake

   300-A 61763XBF2   LT AA-sf  Affirmed    AA-sf
   300-B 61763XBH8   LT A-sf   Affirmed     A-sf
   300-C 61763XBK1   LT BBB-sf Affirmed   BBB-sf
   300-D 61763XBM7   LT BB-sf  Affirmed    BB-sf
   300-E 61763XBP0   LT Bsf    Affirmed      Bsf

KEY RATING DRIVERS

The affirmations reflect the high asset quality and experienced
sponsorship. Although property net cash flow (NCF) is expected to
remain relatively stable through loan maturity, the Negative
Outlooks reflect the deteriorating Chicago office market
fundamentals and significant refinance risk as the loan approaches
its August 2024 maturity due to the expected departure of the
largest two tenants which represent 62.3% of the NRA. Downgrades
are possible with a lack of progress towards lease-up of
forthcoming vacant spaces. Fitch anticipates the potential for the
loan to default at or prior to maturity and transfer to special
servicing.

Fitch's base case analysis reflects an updated NCF of $37.1
million, which remains in line with expectations from issuance. In
addition to the base case, Fitch performed a sensitivity analysis
to account for a lower NCF of $32.9 million that reflects a higher
vacancy assumption given the high availability rates in the
submarket. The River North office submarket of Chicago reported a
high availability rate of 28.2% per Costar as of 1Q23, suggesting
softened demand and possibility that more tenants may reduce their
footprint and/or vacate their spaces as leases expire.

Occupancy Decline; Near-term Tenancy Contraction: As of the
December 2022 rent roll, occupancy declined to 92.6% from 96.6% as
of January 2022 due to Aviva (3.8% of the NRA) vacating at lease
expiration in March 2022.

The four largest tenants occupy 76.5% of the NRA and account for
75.4% of the total base rent. The four largest tenants include
Kirkland & Ellis, LLP (50.9% of NRA; lease expiration in February
2029), The Boston Consulting Group (BCG; 11.4%; December 2024),
Quarles and Brady LLP (7.7%; March 2031) and GTCR Leasing, LLC
(6.5%; March 2029). Approximately 4.8% of the NRA and 4.9% of base
rent expires prior to loan maturity.

Kirkland & Ellis, LLP has exercised their early termination option
and will end their lease on Feb. 28, 2025. As a result of the early
termination, the tenant has posted a $51.2 million ($75 psf of
Kirkland's space) letter of credit into a reserve account to be
used for re-leasing costs related to the vacated space. The second
largest tenant (11.4% of NRA), BCG, is expected to vacate at lease
expiration in December 2024, four months after loan maturity.

The sponsor, The Irvine Company, continues to proactively manage
the asset with plans for a $30 million renovation which will
include the expansion of the Chicago Cut steakhouse and updates to
common areas and amenities. Media reports also indicate a potential
new tenant to backfill the BCG space. In addition, GTCR (5.7%) has
executed a five-year extension and expansion of space by 11,000
sf.

Stable Near-Term Cash Flow with Growing Uncertainty: The
servicer-reported TTM NCF debt service coverage ratio (DSCR) as of
June 2022 was 1.71x which compares to 1.73x in the TTM period ended
June 2021. The non-rated senior portion of the debt began
amortizing in August 2019. The annual debt service payment of the
whole loan was approximately $27.0 million for FY 2022.

High Asset Quality and Market Positioning; ESG Factor: 300 North
LaSalle, which was constructed in 2009, is a 60-story, class A,
LEED Platinum certified, central business district office building
in the central business district of Chicago. The property is
located along the north bank of the Chicago River in the River
North neighborhood and features high-quality amenities. 300 North
LaSalle was assigned a property quality grade of 'A' at issuance.

High Fitch Leverage: The whole loan has a Fitch-stressed DSCR and
loan-to-value of 0.93x and 96.4%, respectively. Fitch incorporated
a higher Fitch-stressed capitalization rate of 8.25%, up from
7.75%, to account for deteriorating office conditions and migration
of tenants to newly developed product in the market.

Loan Structural Features: A DSCR trigger period will commence upon
an event of default or the DSCR dropping below 1.20x. During a DSCR
trigger period, the borrower is required to fund several reserve
accounts. The 10-year loan was interest-only for the first five
years of its term. In August 2019, it began amortizing on a 30-year
schedule for the remainder of the loan term. Currently, paydown
from amortization has only been allocated to the non-rated A-1, A-2
and A-3 bonds. Continued amortization will result in a scheduled
9.6% reduction of the original loan balance at maturity.

Experienced Sponsorship: The loan is sponsored by The Irvine
Company LLC, which dates its history back to 1864 and the Irvine
Ranch. Since then, the company has grown to be one of the largest
owners and managers of commercial real estate in California.

Concentration Risk: The Fitch-rated bonds are secured by a single
property and are therefore more susceptible to single-event risk
related to the market, sponsor or the largest tenants occupying the
property.

RATING SENSITIVITIES

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

Factors that lead to downgrades include a significant and sustained
decline in performance of the underlying asset and/or market
conditions. Downgrades could also factor in a prolonged workout
should the loan not refinance at maturity and the sponsor not being
able to successfully re-lease vacancies.

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

Upgrades are not considered likely given the current ratings
reflect Fitch's view of sustainable performance, but may be
possible with significant and sustained improvement in Fitch NCF,
positive leasing to occupancy levels and rates above market and
with greater certainty on the borrower's ability to refinance the
loan.

ESG CONSIDERATIONS

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


NEW RESIDENTIAL 2023-1: Fitch Gives 'B(EXP)' Rating on B-5B Notes
-----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by New Residential Mortgage Loan Trust 2023-1 (NRMLT
2023-1).

   Entity/Debt      Rating        
   -----------      ------        
NRMLT 2023-1

   A            LT AAA(EXP)sf Expected Rating
   B-1          LT AA(EXP)sf  Expected Rating
   B-2          LT A(EXP)sf   Expected Rating
   B-3          LT BBB(EXP)sf Expected Rating
   B-4          LT BB(EXP)sf  Expected Rating
   B-5A         LT B(EXP)sf   Expected Rating
   B-5B         LT B(EXP)sf   Expected Rating
   B-6          LT NR(EXP)sf  Expected Rating
   B-7          LT NR(EXP)sf  Expected Rating
   B-8          LT NR(EXP)sf  Expected Rating
   A-IO-S       LT NR(EXP)sf  Expected Rating
   XS-1         LT NR(EXP)sf  Expected Rating
   XS-2         LT NR(EXP)sf  Expected Rating
   R            LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The notes are supported by 1,215 seasoned performing and
reperforming loans, and newly originated guideline exception loans
that have a balance of $200.35 million as of the April 1, 2023
cutoff date. The recent origination loans were primarily originated
by Caliber Home Loans and NewRez LLC, while the seasoned loans were
from various originators, a majority of which were previously
securitized.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.9% above a long-term sustainable level (relative
to 7.8% on a national level as of 4Q22). The rapid gain in home
prices through the pandemic has seen signs of moderating with
declines observed in 3Q22 and 4Q22. Driven by the strong gains seen
in 1H22, home prices rose 5.8% YOY nationally as of December 2022.

Nonprime Credit Quality (Negative): The collateral consists of
1,215 loans, totaling $200 million and seasoned approximately 63
months in aggregate, according to Fitch, as calculated from
origination date. Of the pool loans, 3.9% comprise second lien
collateral. The borrowers have a moderate credit profile, with a
714 Fitch model FICO score and 41% debt to income (DTI) ratios, as
determined by Fitch after applying default values for missing data
(45% for pre-2009 loans and 55% for post-2009 loans). The
transaction has a weighted average (WA) sustainable loan to value
(sLTV) ratio of 76%, which reflects Fitch's overvaluation
assumption as well as haircuts to the provided updated property
values, as they were not all compatible with Fitch's criteria.

Of the pool, 84.9% consist of loans where the borrower maintains a
primary residence, while 15.1% are considered an investor property
or second home. Additionally, 37.6% are considered either qualified
mortgage (QM) or higher-price qualified mortgage (HPQM), 35.7% are
non-QM or the status could not be confirmed, and the remainder are
not subject to QM.

Guideline Exception Loans (Negative): More than 75% of the
collateral balance consists of loans that had underwriting defects
or exceptions to guidelines at origination with a substantial
portion originally underwritten to GSE guidelines. The exceptions
ranged from those that are immaterial to Fitch's analysis (loan
seasoning and MI issues), to those handled by Fitch's model due to
the tape attributes (prior delinquencies and LTVs above
guidelines), and to loans with potential compliance exceptions that
received loss adjustments (loans with miscalculated debt to income
[DTI] ratios leading to potential ATR issues).

Straight-Forward Deal Structure (Positive): Unlike nearly all
transactions that have been rated by Fitch, NRMLT 2023-1 benefits
from a combination of a straight-sequential deal structure with
servicer advancing of delinquent principal and interest (P&I) until
the point deemed nonrecoverable. This combination allows for a
simple payment waterfall, as the potential for leakage of principal
payments either to provide liquidity or as payments to subordinate
bonds is immaterial. While the transaction includes provisions to
use principal collections to ensure full payment of interest to the
bonds, it is not likely to be needed. The structure also allows for
the use of excess interest to repay current or previously allocated
realized losses, although this benefit is expected to be de
minimis.

Higher Operational Risk (Negative): This transaction has a higher
than average amount of operational risk compared to recently rated
seasoned and reperforming loan transactions as well as recently
originated nonprime transactions. The transaction has a meaningful
amount of compliance issues on the seasoned portion, the
above-mentioned guideline exceptions, updated values that, in
Fitch's opinion, are less compatible with this credit profile, as
well as a weaker representation, warranty and enforcement (RW&E)
mechanism framework. The combination of adjustments related to
these issues increased Fitch's 'AAAsf' loss expectation by
approximately 850bps.

ESG Transaction Parties and Operational Risk (Negative): The
transaction has an ESG score of 4 for Transaction Parties and
Operational Risk, which has an impact on the transaction due to the
adjustment for the rep and warranty framework without other
operational mitigants.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 40.1% at 'AAA'. The
analysis indicates that there is some potential for rating
migration with higher MVDs for all rated classes, compared with the
model projection. Specifically, a 10% additional decline in home
prices would lower all rated classes by one full category.

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

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

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

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

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

  - Loans with title issues received a 100% Loss Severity penalty;

  - Loans with a missing or indeterminate HUD-1 located in a state
    on Freddie Mac's 'Do Not Purchase List' received a 100% loss
    severity penalty;

  - Loans with a missing or indeterminate HUD-1 located in a state

    not on Freddie Mac's 'Do Not Purchase List' received a 5% loss
    severity add on;

  - Loans with high cost issues received a 200% loss severity;

  - Loans with impropert DTI calculations were run with a 55% DTI
    and a 100% loss severity penalty.

These adjustments resulted in an approximately 300bps increase to
Fitch's 'AAAsf' expected loss.

ESG CONSIDERATIONS

NRMLT 2023-1 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the higher than average
operational risk within the transition without sufficient
mitigants, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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


OCTAGON INVESTMENT XIV: Moody's Cuts Rating on E-R Notes to Caa3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Octagon Investment Partners XIV, Ltd.:

US$62,700,000 Class A-2-RR Senior Secured Floating Rate Notes due
2029 (the "Class A-2-RR Notes"), Upgraded to Aaa (sf); previously
on March 12, 2021 Assigned Aa1 (sf)

US$45,300,000 Class B-RR Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B-RR Notes"), Upgraded to A1 (sf);
previously on March 12, 2021 Assigned A2 (sf)

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

US$14,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class E-R Notes"), Downgraded to Caa3 (sf);
previously on August 13, 2020 Downgraded to Caa2 (sf)

Octagon Investment Partners XIV, Ltd., originally issued in
December 2012, refinanced in May 2017 and partially refinanced in
March 2021, is a managed cashflow CLO. The notes are collateralized
primarily by a portfolio of broadly syndicated senior secured
corporate loans. The transaction's reinvestment period ended in
July 2022.

RATINGS RATIONALE

The upgrade rating actions reflect a shortening of the portfolio's
weighted average life (WAL) and an improvement in portfolio credit
quality. Trustee-reported weighted average life has decreased from
4.06 years in April 2022[1], to 3.22 as of April 2023[2].
Additionally, trustee-reported weighted average rating factor
(WARF) has improved from 2598 in April 2022[3], to 2532 as of April
2023[4].

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 trustee's April 2023
report[5], the Interest Diversion Test (a proxy for the Class E-R
notes OC ratio) is reported at 101.92% versus a level of 103.25% in
May 2022[6].

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: $636,811,824

Defaulted par:  $7,701,224

Diversity Score: 69

Weighted Average Rating Factor (WARF): 2517

Weighted Average Spread (WAS): (before accounting for reference
rate floors): 3.26%

Weighted Average Recovery Rate (WARR): 46.69%

Weighted Average Life (WAL): 3.29 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.


RAD CLO 19: Fitch Assigns Final 'BBsf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to RAD
CLO 19, Ltd.

   Entity/Debt        Rating                    Prior
   -----------        ------                    -----
Rad CLO 19, Ltd.

   A-1            LT NRsf    New Rating     NR(EXP)sf

   A-2            LT AAAsf   New Rating    AAA(EXP)sf

   B              LT AAsf    New Rating    AA(EXP)sf

   C              LT Asf     New Rating    A(EXP)sf

   D              LT BBB-sf  New Rating    BBB-(EXP)sf

   E              LT BB-sf   New Rating    BB-(EXP)sf

   Subordinated
   Notes          LT NRsf    New Rating     NR(EXP)sf

TRANSACTION SUMMARY

RAD CLO 19, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.2, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.7. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.5% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.6% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.7%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate, while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 3.0 year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In 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-2, between
'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for
class C, between less than 'B-sf' and 'BB+sf' for class D; and
between less than 'B-sf' and 'B+sf' for class E.

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

Variability in key model assumptions, such as increases in recovery
rates and decreases in default rates, could result in an upgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
metrics; the minimum rating results under these sensitivity
scenarios are 'AAAsf' for class B, 'A+sf' for class C, 'A-sf' for
class D; and 'BBB+sf' for class E. Upgrade scenarios are not
applicable to the class A-2 notes as they are already in the
highest rating category of 'AAAsf'.

DATA ADEQUACY

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

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


SILVER POINT 2: Fitch Assigns 'BB(EXP)sf' Rating on Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Silver Point CLO 2, Ltd.

   Entity/Debt        Rating        
   -----------        ------        
Silver Point
CLO 2, Ltd.

   A-1            LT NR(EXP)sf   Expected Rating

   A-2            LT AAA(EXP)sf  Expected Rating

   B-1            LT AA(EXP)sf   Expected Rating

   B-2            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

   F              LT NR(EXP)sf   Expected Rating

   Subordinated
   Notes          LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Silver Point CLO 2, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Silver
Point CLO Management, LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400.0 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
100.0% first lien senior secured loans and has a weighted average
recovery assumption of 76.1%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
constitute up to 39.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 11.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with that of other
recent CLOs.

Portfolio Management (Neutral): The transaction has a 3.9-year
reinvestment period and reinvestment criteria similar to other
CLOs'. Fitch's analysis was based on a stressed portfolio created
by adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality test levels.

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In Fitch's stress scenarios, class A-2, B, C, D-1, D-2
and E notes can withstand default rates up to 56.5%, 51.9%, 47.4%
42.5%, 37.9% and 33.6%, respectively, assuming portfolio recovery
rates of 37.7%, 46.5%, 56.1%, 65.4%, 65.3% and 70.6% in Fitch's
'AAAsf', 'AAsf', 'Asf', 'BBB+sf', 'BBB-sf' and 'BBsf' scenarios,
respectively. The weighted average life (WAL) used for the
transaction stress portfolio is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period. In Fitch's opinion, these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between '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 '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-2 notes as it
is 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-1, 'Asf' for class D-2; and 'BBB+sf' for class E.


SLM STUDENT 2012-7: Fitch Affirms Rating at 'Bsf' on Two Tranches
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of all outstanding classes
of SLM Student Loan Trust 2011-3 and SLM Student Loan Trust 2012-7.
The Rating Outlooks for all classes across the two transactions
have been maintained.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
SLM Student Loan
Trust 2011-3

   A 78445UAA0     LT AAAsf  Affirmed   AAAsf
   B 78445UAD4     LT AAAsf  Affirmed   AAAsf

SLM Student Loan
Trust 2012-7

   A-3 78447KAC6   LT Bsf    Affirmed     Bsf
   B 78447KAD4     LT Bsf    Affirmed     Bsf

TRANSACTION SUMMARY

SLM 2011-3: The class A and class B notes passed all of Fitch's
credit and maturity stresses in cash flow modeling, and Fitch has
affirmed them at 'AAAsf'.

SLM 2012-7: The class A-3 notes did not pass Fitch's base case
stresses in cash flow modeling due to the notes not paying in full
prior to their legal final maturity date. The rating of the class B
notes is constrained by the rating of the senior notes, because of
an event of default (EOD) caused by the class A-3 notes not paying
in full prior to their legal final maturity date. The class B notes
will not receive principal or interest payments.

Fitch has affirmed the class A-3 and class B notes at 'Bsf',
supported by qualitative factors such as Navient's ability to call
the notes upon reaching 10% pool factor and the revolving credit
agreement allowing Navient to lend to the trust, which would then
be junior to the A-3 and B classes. Navient has the option but not
the obligation to lend to the trust, so Fitch does not give
quantitative credit to this agreement. However, this agreement
provides qualitative comfort that Navient is committed to limiting
investors' exposure to maturity risk. Navient Corporation's current
rating is 'BB-'/Stable.

KEY RATING DRIVERS

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

Collateral Performance: For all transactions, after applying the
default timing curve per criteria, the effective default rate is
unchanged from the cumulative default rate. Fitch applies the
standard default timing curve in its credit stress cash flow
analysis. Additionally, consolidation from the Public Service Loan
Forgiveness Program, which ended in October 2022, drove the
short-term inflation of CPR. Voluntary prepayments are expected to
return to historical levels. Fitch assumes the claim reject rate is
0.25% in the base case and 2.00% in the 'AAA' case.

SLM 2011-3: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 20.00% under the base
case scenario and a default rate of 60.00% under the 'AAA' credit
stress scenario. Fitch is maintaining the sustainable constant
default rate (sCDR) of 3.00% and the sustainable constant
prepayment rate (sCPR; voluntary and involuntary prepayments) of
9.50% in cash flow modeling. The trailing-12-month (TTM) levels of
deferment, forbearance, and income-based-repayment (IBR; prior to
adjustment) are 3.83% (3.95% at March 31, 2022), 13.18% (11.64%)
and 22.01% (21.43%). These assumptions are used as the starting
point in cash flow modelling and subsequent declines or increases
are modelled as per criteria.

The 31-60 DPD and the 91-120 DPD have decreased at March 31, 2023,
and are currently 3.76% for 31 DPD and 1.23% for 91 DPD compared to
4.09% and 1.36% at March 31, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.14%, based on
information provided by the sponsor.

SLM 2012-7: Based on transaction-specific performance to date,
Fitch assumes a cumulative default rate of 38.25% under the base
case scenario and a default rate of 100.00% under the 'AAA' credit
stress scenario, with an effective default rate of 99.22% after
applying the default timing curve, as per criteria. Fitch is
revising the sCDR upwards to 5.00% from 4.10% and maintaining the
sCPR of 10.00% in cash flow modeling.

The TTM levels of deferment, forbearance, and IBR are 5.71% (5.97%
at March 31, 2022), 19.36% (17.03%) and 23.96% (26.80%). These
assumptions are used as the starting point in cash flow modelling
and subsequent declines or increases are modelled as per criteria.
The 31-60 DPD and the 91-120 DPD have decreased at Feb. 28, 2023,
and are currently 5.50% for 31 DPD and 2.02% for 91 DPD compared to
5.99% and 2.42% at March 31, 2022 for 31 DPD and 91 DPD,
respectively. The borrower benefit is approximately 0.04%, based on
information provided by the sponsor

Basis and Interest Rate Risk: Basis risk for these transactions
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of the most recent distribution dates, approximately
99.78% and 99.86% of the student loans in SLM 2011-3 and SLM
2012-7, respectively, are indexed to LIBOR, with the rest indexed
to the 91-day T-bill rate. All notes in SLM 2011-3 and SLM 2012-7
are indexed to one-month LIBOR. Fitch applies its standard basis
and interest rate stresses to the transactions as per criteria.

Payment Structure: Credit enhancement (CE) is provided by
over-collateralization (OC), excess spread and for the class A
notes, subordination. As of the most recent collection period, the
senior parity ratios (including the reserve account) are 123.44%
(18.99% CE) and 113.83% (12.15% CE) for SLM 2011-3 and 2012-7,
respectively. The total parity ratios (including the reserve
account) are 106.49% (6.10% CE) and 101.37% (1.36% CE) for SLM
2011-3 and 2012-7, respectively.

Liquidity support is provided by a reserve account sized at 0.25%
of the outstanding pool balance. As of the most recent collection
period, the reserve accounts are at their floors of $1,197,172 and
$1,248,784 for SLM 2011-3 and 2012-7, respectively. SLM 2011-3 will
release cash when the target OC (excluding the reserve account) of
the greater of $10,000,000 or 5.50% is reached. SLM 2012-7 will
continue to release cash as long as 101.01% reported total parity
is maintained.

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

RATING SENSITIVITIES

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

SLM Student Loan Trust 2011-3

Current Ratings: class A 'AAAsf'; class B 'AAAsf'

Current Model-Implied Ratings: class A 'AAAsf' (Credit and Maturity
Stress); class B 'AAAsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

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

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

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

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

Maturity Stress Rating Sensitivity

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

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

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

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

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

- Remaining term increase 50%: class A 'AAAsf'; class B 'AAsf'.

SLM Student Loan Trust 2012-7

Current Ratings: class A 'Bsf'; class B 'Bsf'

Current Model-Implied Ratings: class A 'CCCsf' (Credit and Maturity
Stress); class B 'CCCsf' (Credit and Maturity Stress)

Credit Stress Rating Sensitivity

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

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

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

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

Maturity Stress Rating Sensitivity

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

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

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

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

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

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

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

SLM Student Loan Trust 2011-3

No upgrade credit or maturity stress sensitivity is provided for
either the class A or class B notes, as they are already at their
highest possible model-implied ratings.

SLM Student Loan Trust 2012-7

Credit Stress Sensitivity

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

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

Maturity Stress Sensitivity

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

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

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

ESG CONSIDERATIONS

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


STAR TRUST 2022-SFR3: Moody's Lowers Rating on Cl. D Bonds to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Class D from STAR
2022-SFR3 Trust, which was previously placed on review for
downgrade. The bonds in this transaction are backed by a loan
secured by a pool of single-family rental properties.

Issuer: STAR 2022-SFR3 Trust

Cl. D, Downgraded to Ba1 (sf); previously on Mar 9, 2023 Baa3 (sf)
Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The rating action is primarily driven by the impact of the nearly
450 basis point increase in SOFR, the index rate for the notes'
coupon, since deal closing. For single-borrower Single-Family
Rental (SFR) transactions, Moody's typically simulate a scenario in
which the borrower cannot refinance its loan at maturity and the
securitization must sell the properties. In Moody's approach,
Moody's assume that the master servicer will continue to advance
interest on the certificates until the properties are liquidated.
Moody's also estimate the interest accrued on the amount of
servicer advances. Due to the floating rate interest on the
certificates and the rise in rates since transaction closing,
interest payments due have increased significantly for the
transaction. As a result, a higher proportion of the liquidation
proceeds would be directed towards reimbursement of servicing
advances during a liquidation period, negatively impacting the
advance rate of the transaction.

The rating action is also driven by the recent decline in home
prices for the properties backing the loan, which has increased
Moody's Loan-to-Value (LTV) since closing. Moody's LTV is based on
Moody's expected recovery values, which represent the funds
expected to be generated by the liquidation of the underlying
rental properties in the event the issuer is unable to secure
refinancing before the final maturity date and the certificates
need to be repaid. Moody's calculate the updated Moody's value by
applying the realized home price appreciation/depreciation to each
property's assigned Moody's Value at closing. The home price
appreciation/depreciation applied to each property is based on
metropolitan statistical area (MSA) level data reported by Moody's
Analytics.

As of Jan 2023, prices of the single-family properties securing the
loan backing the transaction have declined approximately 4.99%
since closing, increasing the Moody's LTV to 105%, up from 99.5% at
closing. Vacancies have increased to 9.4%, up from 4.8% at closing,
while delinquencies have decreased to 4.3%, down from 6.1% at
closing. The average contractual monthly rents have increased by
5.6% since closing.

Moody's updated advance rate expectations incorporate, among other
factors, Moody's assessment of the representation and warranty
framework of the transaction, the due diligence findings of the
third-party reviews received at the time of issuance, and the
strength of the transaction's sponsor, property manager, and
servicer.

Principal Methodology

The principal methodology used in this rating was "Single-Family
Rental Securitizations Methodology" published in December 2022.

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

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of stress could
drive the ratings up. Transaction performance depends greatly on
the US macro economy and housing market. Property markets could
improve from Moody's original expectations resulting in
appreciation in the value of the mortgaged property and faster
property sales.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of stresses could drive the
ratings down. Transaction performance depends greatly on the US
macro economy and housing market. Property markets could
deteriorate from Moody's original expectations resulting in
depreciation in the value of the mortgaged property and slower
property sales.

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.


WHITEHORSE LTD X: Moody's Ups Rating on Class F Notes to Caa2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by WhiteHorse X, Ltd.:

US$27,500,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027 (the "Class D-R Notes") (current outstanding balance
of $4,228,176.03), Upgraded to Aaa (sf); previously on May 13, 2022
Upgraded to A1 (sf)

US$25,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class E Notes") (current outstanding balance of
$25,188,086.61), Upgraded to Baa2 (sf); previously on September 8,
2021 Upgraded to B3 (sf)

US$7,750,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2027 (the "Class F Notes") (current outstanding balance of
$8,625,152.60), Upgraded to Caa2 (sf); previously on August 18,
2020 Downgraded to Caa3 (sf)

WhiteHorse X, Ltd., originally issued in April 2015 and partially
refinanced 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 ended in April 2019.

RATINGS RATIONALE

These rating actions are primarily a result of deleveraging of the
senior notes and an increase in the transaction's
over-collateralization (OC) ratios since May 2022. The Class B and
Class C notes have been paid down completely and the Class D-R
Notes notes have been paid down by approximately 85% or $23.3
million since that time.  Based on the trustee's April 2023
report[1], the OC ratios for the Class D-R Notes and Class E notes
are reported at 231.55% and 118.81%, respectively, versus May 2022
levels[2] of 153.04% and 113.36%, respectively. Moody's notes that
the April 2023 trustee-reported OC ratios do not reflect the April
2023 payment distribution, when $22.3 million of principal proceeds
were used to pay down the Class D-R Notes.

Nevertheless, the credit quality of the portfolio has deteriorated
since May 2022. Based on the trustee's April 2023 report[3], the
weighted average rating factor (WARF) is currently 4271 compared to
3529 on May 2022[4].

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: $42,249,673

Defaulted par:  $5,303,883

Diversity Score: 15

Weighted Average Rating Factor (WARF): 3864

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.43%

Weighted Average Recovery Rate (WARR): 48.43%

Weighted Average Life (WAL): 1.95 years

Par haircut in OC tests and interest diversion test:  11.75%

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.

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.


[*] Moody's Upgrades $44MM of US RMBS Deals Issued in 2021
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 20 bonds from
two US residential mortgage-backed transactions (RMBS), backed by
prime jumbo and agency eligible non-owner occupied mortgage loans.

A list of Affected Credit Ratings is available at
https://bit.ly/3I0hMz7

Complete rating actions are as follows:

Issuer: Bayview MSR Opportunity Master Fund Trust 2021-INV4

Cl. B-1, Upgraded to Aa2 (sf); previously on Sep 29, 2021
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to A2 (sf); previously on Sep 29, 2021 Definitive
Rating Assigned A3 (sf)

Cl. B-3A, Upgraded to Baa2 (sf); previously on Sep 29, 2021
Definitive Rating Assigned Baa3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2021-INV3

Cl. B-1, Upgraded to Aa2 (sf); previously on Oct 6, 2021 Definitive
Rating Assigned Aa3 (sf)

Cl. B-1-IO*, Upgraded to Aa2 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Aa3 (sf)

Cl. B-1-IOW*, Upgraded to Aa2 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Aa3 (sf)

Cl. B-1-IOX*, Upgraded to Aa2 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Aa3 (sf)

Cl. B-1W, Upgraded to Aa2 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Aa3 (sf)

Cl. B-2, Upgraded to A1 (sf); previously on Oct 6, 2021 Definitive
Rating Assigned A2 (sf)

Cl. B-2-IO*, Upgraded to A1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned A2 (sf)

Cl. B-2-IOW*, Upgraded to A1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned A2 (sf)

Cl. B-2-IOX*, Upgraded to A1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned A2 (sf)

Cl. B-2W, Upgraded to A1 (sf); previously on Oct 6, 2021 Definitive
Rating Assigned A2 (sf)

Cl. B-3, Upgraded to Baa1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Baa2 (sf)

Cl. B-3-IO*, Upgraded to Baa1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Baa2 (sf)

Cl. B-3-IOW*, Upgraded to Baa1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Baa2 (sf)

Cl. B-3-IOX*, Upgraded to Baa1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Baa2 (sf)

Cl. B-3W, Upgraded to Baa1 (sf); previously on Oct 6, 2021
Definitive Rating Assigned Baa2 (sf)

Cl. B-4, Upgraded to Ba1 (sf); previously on Oct 6, 2021 Definitive
Rating Assigned Ba2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Oct 6, 2021 Definitive
Rating Assigned B2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating upgrades reflect the increased levels of credit
enhancement available to the bonds, the recent performance, and
Moody's updated loss expectations on the underlying pools.

In Moody's analysis Moody's considered the additional risk of
default on modified loans. Generally, Moody's apply a 7x multiple
to the Probability of Default (PD) for private label modified
mortgage loans and an 8x multiple to the PD for GSE-eligible
modified mortgage loans. However, Moody's may apply a lower
multiple to the PD for loans that were granted short-term payment
relief as long as there were no other changes to the loan terms,
such as a reduced interest rate or an extended loan term, which can
be used to lower the monthly payment on the loan. For loans granted
short-term payment relief, the servicer will generally defer the
missed payments, which could be added as a non-interest-bearing
balloon payment due at the end of the loan term. Alternatively, the
servicer could extend the maturity on the loan to match the number
of missed payments.

Moody's updated loss expectations on the pools incorporate, amongst
other factors, Moody's assessment of the representations and
warranties frameworks of the transactions, the due diligence
findings of the third-party reviews received at the time of
issuance, and the strength of the transaction's originators and
servicer.

Principal Methodologies

The principal methodology used in rating all classes except
interest-only classes was "Moody's Approach to Rating US RMBS Using
the MILAN Framework" published in April, 2023.

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.

An IO bond may be upgraded or downgraded, within the constraints
and provisions of the IO methodology, based on lower or higher
realized and expected loss due to an overall improvement or decline
in the credit quality of the reference bonds and/or pools.

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 115 Classes From 16 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed a review of its ratings on 115 classes
from 16 U.S. RMBS transactions issued between 2002 and 2007. The
review yielded 14 upgrades, 32 withdrawals, and 69 affirmations.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3NVQ4qY

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.
These considerations may include:

-- Collateral performance or delinquency trends,

-- Available subordination,

-- Erosion of or increases in credit support, and

-- Historical and/or outstanding missed interest payments or
interest shortfalls.

Rating Actions

S&P said, "The rating actions reflect our view regarding the
associated transaction-specific collateral performance and/or
structural characteristics, as well as the application of specific
criteria applicable to these classes.

"We upgraded seven ratings from Chase Mortgage Finance Trust Series
2007-A1 due to increased credit support. These classes have
benefitted from the failure of performance triggers and/or reduced
subordinate class principal distribution amounts, which has built
credit support for these classes as a percent of their respective
deal balance. Ultimately, we believe these classes have credit
support that is sufficient to withstand projected losses at higher
rating levels.

"We upgraded seven ratings from CHL Mortgage Pass-Through Trust
2003-46 due to decreased delinquencies. Total delinquent loans,
including foreclosure, real-estate owned, and bankrupt loans
decreased to 0.8% (as of April 2023) from 20.9% during the last
review. As a result, we believe these classes have credit support
that is sufficient to withstand losses at higher rating levels.

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

"In addition, we withdrew our ratings on 32 classes from seven
transactions due to the small number of loans remaining in the
related group. Once a pool has declined to a de minimis amount, its
future performance becomes more difficult to project. As such, we
believe there is a high degree of credit instability that is
incompatible with any rating level. Additionally, as a result, we
applied our principal-only criteria "Methodology For Surveilling
U.S. RMBS Principal-Only Strip Securities For Pre-2009
Originations," published Oct. 11, 2016, which resulted in
withdrawing one rating from one transaction."



[*] S&P Takes Various Actions on 117 Classes From 27 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 117 ratings from 27 U.S.
RMBS transactions issued between 2002 and 2007. The review yielded
six upgrades, 32 downgrades, eight withdrawals, and 71
affirmations.

A list of Affected Ratings can be viewed at:

               https://bit.ly/3McHHGo

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;

-- An increase or decrease in available credit support;

-- Available subordination and/or overcollateralization;

-- A small loan count;

-- Tail risk;

-- Historical missed interest payments or interest shortfalls;
and

-- Reduced interest payments due to loan modifications.

Rating Actions

The rating changes reflect S&P's view regarding the associated
transaction-specific collateral performance, structural
characteristics, and/or the application of specific criteria
applicable to these classes.

The upgrades primarily reflect the classes increased credit
support. Most of these transactions have failed their cumulative
loss triggers, which resulted in unscheduled principal payments
being directed to senior classes. This prevents credit support from
eroding and limits the affected classes' exposure to losses. As a
result, the upgrades reflect the classes' ability to withstand a
higher level of projected losses than we had previously
anticipated.

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

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

"We withdrew our ratings on seven classes from three transactions
due to the small number of loans remaining in the related group.
Once a pool has declined to a de minimis amount, its future
performance becomes more difficult to project. As such, we believe
there is a high degree of credit instability that is incompatible
with any rating level. Subsequently, we applied our interest-only
criteria and withdrew one rating from one transaction."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
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then-ending.

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Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

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