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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, June 4, 2023, Vol. 27, No. 154

                            Headlines

A10 SACM 2021-LRMR: DBRS Confirms B Rating on Class F Certs
AGL CLO 25: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
AMUR EQUIPMENT XI: DBRS Confirms B Rating on Class F Notes
ANCHORAGE CAPITAL 26: Fitch Assigns 'BB+sf' Rating on Cl. E Notes
ANCHORAGE CAPITAL 26: Moody's Gives B3 Rating to $500,000 F Notes

APIDOS CLO XLV: Moody's Assigns B3 Rating to $500,000 Cl. F Notes
APIDOS CLO XX: Moody's Cuts Rating on $8MM Class E-R Notes to Caa2
BARINGS CLO 2017-I: Moody's Cuts Rating on $10MM F Notes to Caa1
BARINGS CLO 2023-II: Fitch Assigns BB-(EXP) Rating on Cl. E Notes
BLACKROCK DLF IX CLO 2021-1: DBRS Finalizes B Rating on W Notes

BRYANT PARK 2023-20: S&P Assigns BB- (sf) Rating on Class E Notes
BURNHAM PARK CLO: Moody's Cuts Rating on $21.45MM E-R Notes to B1
BX 2023-DELC: DBRS Gives Prov. B(high) Rating on Class HRR Certs
CARVANA AUTO 2023-P2: S&P Assigns BB+ (sf) Rating on Class N Notes
CD 2016-CD1: DBRS Cuts Class F Rating to CCC

CFCRE COMMERCIAL 2016-C6: DBRS Confirms B Rating on X-F Certs
CIG AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes
CITIGROUP 2023-SMRT: Fitch Gives Final 'BB+sf' Rating on HRR Certs
COMM 2014-CCRE14: Moody's Lowers Rating on Cl. E Certs to Caa3
COMM 2014-CCRE15: Moody's Lowers Rating on Cl. F Certs to Caa2

FANNIE MAE 2023-R04: S&P Assigns BB-(sf) Rating on Cl. 1B-1 Notes
GS MORTGAGE 2023-PJ3: Fitch Assigns Final B-sf Rating on B-5 Certs
HOMES TRUST 2023-NQM2: Fitch Gives 'B-sf' Rating on Cl. B2 Certs
JAMESTOWN CLO V: Moody's Withdraws Ca Rating on $8MM Class F Notes
JP MORGAN 2018-WPT: DBRS Confirms B(low) Rating on 2 Classes

JPMBB COMMERCIAL 2014-C22: DBRS Confirms C Rating on 4 Classes
KREST COMMERCIAL 2021-CHIP: DBRS Confirms B Rating on F Debt
LOANCORE 2021-CRE4: DBRS Confirms BB Rating on Class F Certs
LOBEL AUTOMOBILE 2023-1: DBRS Finalizes BB Rating on Class D Notes
MAGNETITE XXXVI: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes

MARANON LOAN 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
MFA 2023-NQM2: DBRS Finalizes B(high) Rating on Class B-2 Certs
MORGAN STANLEY 2015-UBS8: DBRS Confirms C Rating on 3 Classes
MORGAN STANLEY 2019-PLND: DBRS Cuts Class G Rating to C
MOSAIC SOLAR 2023-3: Fitch Gives Final BB-sf Rating on Cl. D Notes

NYT 2019-NYT: Fitch Affirms BB-sf Rating on F Certs, Outlook Stable
OBX TRUST 2023-INV1: Fitch Gives BB(EXP) Rating to Class B-4 Certs
PICO INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
PRESTIGE AUTO 2023-1: DBRS Finalizes BB Rating on Class E Notes
RASC TRUST: Moody's Hikes $102MM of US RMBS Issued 2004-2005

SALUDA GRADE 2023-SEQ3: Fitch Gives Final 'B-' Rating on B2 Notes
SOUND POINT XX: Moody's Lowers Rating on $40MM Class E Notes to B1
SREIT TRUST 2021-FLWR: DBRS Confirms B(low) Rating on F Certs
SSC 1110 KENNEBEC: Case Summary & Largest Unsecured Creditors
STARWOOD RETAIL 2014-STAR: DBRS Confirms C Rating on 6 Classes

UBS-BARCLAYS 2012-C2: Moody's Lowers Rating on 2 Tranches to Caa3
UNITED AUTO 2022-2: S&P Affirms B (sf) Rating on Class E Notes
US CAPITAL VI: Moody's Ups Rating on $60MM Cl. A-2 Notes From Ba1
VELOCITY COMMERCIAL 2023-2: DBRS Finalizes B Rating on 3 Classes
WIND RIVER 2014-1: Moody's Cuts Rating on $11.7MM F Notes to Caa3

WOODMONT 2023-11: S&P Assigns BB- (sf) Rating on Class E Notes
[*] Fitch Affirms 17 Tranches in Three Bain Capital CLOs
[*] Moody's Upgrades $25MM of US RMBS Issued 2019-2020
[*] Moody's Upgrades $68.3MM of US RMBS Issued 2020
[*] S&P Takes Various Actions on 272 Classes From 10 US RMBS Deals


                            *********

A10 SACM 2021-LRMR: DBRS Confirms B Rating on Class F Certs
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2021-LRMR issued by A10 SACM
2021-LRMR as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
collateral, which has remained consistent with DBRS Morningstar's
expectations at issuance. The loan is secured by the borrower's
fee-simple and leasehold interests in Larimer Square, a
246,000-square-foot (sf) mixed-use property consisting of retail
and office components in Denver. Larimer Square is a protected
historic district and comprises 26 buildings, including a parking
garage on 12 separate real estate tax parcels. Two of the buildings
are subject to ground leases. The four-year loan pays interest-only
payments for three years and has a conditional performance test
determinant of amortization during its fourth year. The loan is
also structured with two 12-month extension options.

The fully funded loan amount of $88.7 million consisted of an
initial loan balance of $61.0 million and $27.7 million of future
funding. Initial loan proceeds were used to recapitalize the
sponsor's purchase of Larimer Square, while future funding, along
with future sponsor equity, will be used to execute the sponsor's
business plan of completing capital improvements and leasing up the
property to market occupancy and rental rates. The lender is
expected to fund $21.1 million of future funding toward capital
improvements and $6.6 million toward leasing costs, with the
sponsor expected to contribute $13.3 million of additional equity
to help cover capital improvements (a 31.1% share) and leasing
costs (a 35.0% share) on a pari passu basis.

The renovations were budgeted at $30.9 million and will be
completed in three phases. Phase I consists of repairs to the roof
and facades on the majority of the 26 buildings at a cost of $2.3
million. Phase II mainly consists of the redevelopment of the
Granite, Buerger-Sussex, and Lincoln Hall buildings to repurpose
the space for large office tenant users. In addition, these
buildings will receive infrastructure upgrades related to
mechanical, electrical, and plumbing with some modifications to
ingress/egress points at a total budgeted cost of $16.0 million.
Phase III consists of improvements to the streetscape and general
improvements to the exterior of the overall property at a cost of
$2.0 million.

According to the collateral manager, Phase I is expected to be
completed by spring 2023, Phase II is currently in preconstruction,
and 36% of the streetscape and general upgrades have been
completed. Through November 2022, $3.9 million (20.0%) of the
future funding component had been advanced to the borrower as the
current funded A note balance is $64.9 million. The remaining
available dollars for capital expenditure and tenant leasing costs
are $17.3 million and $6.6 million, respectively. It was also noted
that the Borrower is considering increasing the scope of the
renovation program, budgeted at an additional $17.0 million, which
would be funded entirely out of pocket. The borrower has received
the necessary approvals required to pursue the additional
development with a targeted construction start date in Q3 2023.
DBRS Morningstar requested further detail regarding the scope of
this work and whether the execution of this project will delay the
timeline on the completion of the current business plan; however,
an update was not provided by the collateral manager at the time of
this review. DBRS Morningstar credits this recent development as a
positive consideration in its analysis as it strengthens the
sponsor's commitment to the property.

The sponsor's ultimate goal for the subject is to develop the
property into a 24-hour destination for the local population, while
catering to office and retail demands. At closing, restaurants
represented approximately 70.0% of the retail space, which the
sponsor plans to reduce to approximately 55.0%, with a goal to
retain only restaurant tenants with high sales volume. Replacement
tenants offering a wider range of goods and services are expected
to be targeted to backfill the potential vacant suites. As leases
roll, the sponsor plans to increase rents to market, while adding
strong and national retailers to its tenant roster. Lastly, the
sponsor will be converting office leases to a triple net (NNN)
structure upon renewal or new leasing activity.

According to the December 2022 rent roll, the subject was 53.5%
occupied, compared with the YE2021 and issuance occupancy rates of
58.5% and 66.0%, respectively. Occupancy is expected to remain
depressed as the sponsor continues to implement its capital
improvement program prior to initiating its lease-up strategy.
According to Reis, retail properties in the Midtown/Central
Business District (CBD) submarket of Denver reported a Q1 2023
vacancy rate of 6.6% with an average five-year forecast vacancy
rate of 7.5%, while office properties in the CBD submarket reported
a Q1 2023 vacancy rate of 22.3%, with an average five-year forecast
vacancy rate of 20.2%. DBRS Morningstar analyzed the loan with a
stabilized vacancy rate of approximately 10.0% for the entire
portfolio, which is in line with the appraiser's estimate. In
regard to rental rates, DBRS Morningstar assumed a rental rate of
$50.00 per sf (psf) NNN for both retail and restaurant space with
new and renewal leasing costs of $75.00 psf and $40.00 psf,
respectively. DBRS Morningstar analyzed office space with a rental
rate of $35.00 psf NNN with new and renewal leasing costs of $35.00
psf and $18.00 psf, respectively.

The DBRS Morningstar stabilized net cash flow (NCF) was $7.2
million, a variance of -21.1% from the sponsor's projected
stabilized NCF of $9.2 million. DBRS Morningstar valued the
collateral at a stabilized value of $96.4 million based on the
concluded NCF and a capitalization rate of 7.50%. The loan is
structured with a $25.0 million limited guaranty by the sponsor,
which may be terminated upon the loan meeting certain performance
metrics including an average occupancy rate of 90.0% for a period
of six months, a debt yield of 9.0% for a period of three months,
and a loan-to-value ratio of 60.0% based on an updated appraisal.

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


AGL CLO 25: Fitch Assigns 'BB-(EXP)sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned Expected Ratings and Rating Outlooks to
AGL CLO 25 Ltd.

   Entity/Debt        Rating        
   -----------        ------        
AGL CLO 25 Ltd.

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

TRANSACTION SUMMARY

AGL CLO 25 Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by AGL
CLO Credit Management LLC. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $400 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.64, versus a maximum covenant, in accordance with
the initial expected matrix point of 26.88. 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
99.75% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.29% versus a
minimum covenant, in accordance with the initial expected matrix
point of 75.18%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 44.5% 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 five-year
reinvestment period and reinvestment criteria similar to other
CLOs. Fitch's analysis was based on 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 WAL used for the transaction stress portfolio
and matrices analysis is 12 months less than the WAL covenant to
account for structural and reinvestment conditions after the
reinvestment period. Fitch believes these conditions would reduce
the portfolio's effective risk horizon 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 'BBBsf' and 'AA+sf' for class A-2; between
'BB+sf' and 'A+sf' for class B; between 'B-sf' and 'BBB+sf' for
class C; between less than 'B-sf' and 'BB+sf' for class D; and
between less than 'B-sf' and 'B+sf' for class E.

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

Upgrade scenarios are not applicable to the class A-2 notes, as
these notes are in the highest rating category of 'AAAsf'.

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

DATA ADEQUACY

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

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


AMUR EQUIPMENT XI: DBRS Confirms B Rating on Class F Notes
----------------------------------------------------------
DBRS, Inc. upgraded nine ratings and confirmed 14 ratings on the
following classes of securities included in four Amur Equipment
Finance transactions:

Amur Equipment Finance Receivables VIII LLC:
-- Series 2020-1, Class B Notes confirmed at AAA (sf)
-- Series 2020-1, Class C Notes upgraded to AAA (sf) from AA (sf)
-- Series 2020-1, Class D Notes upgraded to AA (sf) from A (sf)
-- Series 2020-1, Class E Notes upgraded to A (sf) from BBB (sf)
-- Series 2020-1, Class F Notes upgraded to BBB (sf) from BB (sf)

Amur Equipment Finance Receivables IX LLC:
-- Series 2021-1, Class A-2 Notes confirmed at AAA (sf)
-- Series 2021-1, Class B Notes upgraded to AAA (sf) from AA
(high) (sf)
-- Series 2021-1, Class C Notes upgraded to AA (low) (sf) from A
(high) (sf)
-- Series 2021-1, Class D Notes upgraded to BBB (high) (sf) from
BBB (sf)
-- Series 2021-1, Class E Notes upgraded to BB (high) (sf) from BB
(sf)
-- Series 2021-1, Class F Notes confirmed at B (sf)

Amur Equipment Finance Receivables X LLC:
-- Series 2022-1, Class A-2 Notes confirmed at AAA (sf)
-- Series 2022-1, Class B Notes upgraded to AA (high) (sf) from AA
(sf)
-- Series 2022-1, Class C Notes confirmed at A (sf)
-- Series 2022-1, Class D Notes confirmed at BBB (sf)
-- Series 2022-1, Class E Notes confirmed at BB (sf)
-- Series 2022-1, Class F Notes confirmed at B (sf)

Amur Equipment Finance Receivables XI LLC:
-- Series 2022-2, Class A-2 Notes confirmed at AAA (sf)
-- Series 2022-2, Class B Notes confirmed at AA (sf)
-- Series 2022-2, Class C Notes confirmed at A (sf)
-- Series 2022-2, Class D Notes confirmed at BBB (sf)
-- Series 2022-2, Class E Notes confirmed at BB (sf)
-- Series 2022-2, Class F Notes confirmed at B (sf)

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios For
Rated Sovereigns: April 2023 Update," published on April 28, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar’s
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

-- The currently available hard credit enhancement in the form of
overcollateralization, subordination (as applicable), and amounts
of deposit in the cash reserve account, as well as the change in
the level of protection afforded by each form of credit enhancement
since the closing of each transaction.

-- The collateral performance on the transactions are within
expectation with low levels of cumulative net loss to date.

-- The relative benefit from obligor and geographic
diversification of collateral pools.

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


ANCHORAGE CAPITAL 26: Fitch Assigns 'BB+sf' Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Anchorage
Capital CLO 26, Ltd.

   Entity/Debt        Rating        
   -----------        ------        
Anchorage
Capital CLO 26,
Ltd.

   A-1            LT NRsf   New Rating
   A-2            LT AAAsf  New Rating
   B              LT AAsf   New Rating
   C-1            LT Asf    New Rating
   C-2            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

Anchorage Capital CLO 26, Ltd. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO) that will be managed by
Anchorage Collateral Management L.L.C. Net proceeds from the
issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $300.0 million of
primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
95.8% first-lien senior secured loans and has a weighted average
recovery assumption of 72.9%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate while the
top five obligors can represent up to 11.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between 'BBB+sf' and 'AA+sf' for class A-2, between
'BB+sf' and 'A+sf' for class B, between 'Bsf' and 'BBB+sf' for
class C, between less than 'B-sf' and 'BB+sf' for class D, and
between less than 'B-sf' and 'BBsf' for class E.

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

Upgrade scenarios are not applicable to the class A-2 notes, as
these notes are in the highest rating category of 'AAAsf'.

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

DATA ADEQUACY

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

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


ANCHORAGE CAPITAL 26: Moody's Gives B3 Rating to $500,000 F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes issued by Anchorage Capital CLO 26, Ltd.  (the "Issuer" or
"Anchorage 26").  

Moody's rating action is as follows:

US$180,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

US$500,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2034, 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.

Anchorage 26 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 and eligible investments, and up to
7.5% of the portfolio may consist of second lien loans, unsecured
loans, and permitted non-loan assets. The portfolio is
approximately 80% ramped as of the closing date.

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

In addition to the Rated Notes, the Issuer issued six 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: $300,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3337

Weighted Average Spread (WAS): 3.70%  

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 47.00%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

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

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

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


APIDOS CLO XLV: Moody's Assigns B3 Rating to $500,000 Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to two classes of
notes 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, Definitive Rating Assigned Aaa (sf)

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

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

RATINGS RATIONALE

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

Apidos CLO XLV Ltd is a managed cash flow CLO. The issued notes
will be collateralized primarily by broadly syndicated senior
secured corporate loans. At least 90.0% of the portfolio must
consist of first lien senior secured loans, 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. The portfolio is 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 issued 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): 47.0%

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.


APIDOS CLO XX: Moody's Cuts Rating on $8MM Class E-R Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Apidos CLO XX:

US$54,800,000 Class A-2RR Senior Secured Floating Rate Notes due
2031 (the "Class A-2RR Notes"), Upgraded to Aaa (sf); previously on
July 16, 2018 Assigned Aa2 (sf)

US$26,300,000 Class B-RR Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class B-RR Notes"), Upgraded to Aa3 (sf);
previously on July 16, 2018 Assigned A2 (sf)

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

US$8,000,000 Class E-R Mezzanine Deferrable Floating Rate Notes due
2031 (the "Class E-R Notes"), Downgraded to Caa2 (sf); previously
on July 16, 2018 Assigned B3 (sf)

Apidos CLO XX, originally issued in February 2015 and most recently
refinanced in October 2020, is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period will end in July 2023.

RATINGS RATIONALE

The upgrade rating actions reflect the benefit of the short period
of time remaining before the end of the deal's reinvestment period
in July 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF) and higher weighted average spread (WAS) compared to their
respective covenant levels. Moody's modeled a WARF of 2804 and a
WAS of 3.37% compared to their current respective covenant levels
of 3033 and 3.25%.

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
total collateral balance, including principal collections and
recoveries from defaulted securities, is $487.9 million, or $12.1
million less than the $500 million Target Initial Par Amount during
the deal's ramp-up.

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

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

Performing par and principal proceeds balance: $486,809,097

Defaulted par:  $3,236,269

Diversity Score: 86

Weighted Average Rating Factor (WARF): 2804

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.37%

Weighted Average Recovery Rate (WARR): 47.48%

Weighted Average Life (WAL): 4.28 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.


BARINGS CLO 2017-I: Moody's Cuts Rating on $10MM F Notes to Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings CLO Ltd. 2017-I:

US$32,500,000 Class B-1 Senior Secured Floating Rate Notes due 2029
(the "Class B-1 Notes"), Upgraded to Aaa (sf); previously on August
4, 2017 Upgraded to Aa1 (sf)

US$5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2029
(the "Class B-2 Notes"), Upgraded to Aaa (sf); previously on August
4, 2017 Assigned Aa1 (sf)

US$37,500,000 Class C Secured Deferrable Mezzanine Floating Rate
Notes due 2029 (the "Class C Notes"), Upgraded to Aa3 (sf);
previously on September 12, 2022 Upgraded to A1 (sf)

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

US$10,000,000 Class F Secured Deferrable Mezzanine Floating Rate
Notes due 2029 (the "Class F Notes"), Downgraded to Caa1 (sf);
previously on August 4, 2017 Definitive Rating Assigned B3 (sf)

Barings CLO Ltd. 2017-I, originally issued in August 2017, is a
managed cashflow CLO. The notes are collateralized primarily by a
portfolio of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in July 2022.

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 September 2022. The Class
A-1 notes have been paid down by approximately 5.3% or $16.0
million since then. Based on Moody's calculation, the OC ratios for
the Class A/B and Class C notes are currently 135.28% and 122.24%,
respectively, versus the September 2022 levels of 134.50% and
122.04%, respectively.

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on Moody's calculation, the OC
ratio for the Class F notes is 104.74% versus the September 2022
level of 105.16%.

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: $474,217,515

Defaulted par:  $5,992,429

Diversity Score: 76

Weighted Average Rating Factor (WARF): 2629

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.35%

Weighted Average Recovery Rate (WARR): 47.49%

Weighted Average Life (WAL): 3.47 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.


BARINGS CLO 2023-II: Fitch Assigns BB-(EXP) Rating on Cl. E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Barings CLO Ltd. 2023-II.

   Entity/Debt        Rating        
   -----------        ------        
BARINGS CLO
LTD. 2023-II

   A-1            LT AAA(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              LT BBB-(EXP)sf Expected Rating
   E              LT BB-(EXP)sf  Expected Rating
   Subordinated   LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Barings CLO LTD. 2023-II (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Barings LLC. Net proceeds from the issuance of the secured and
subordinated notes will provide financing on a portfolio of
approximately $500 million of primarily first lien senior secured
leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B+/B', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 23.17, versus a maximum covenant, in
accordance with the initial expected matrix point of 25.67. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from appropriate credit
enhancement and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.8% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76.98% versus a
minimum covenant, in accordance with the initial expected matrix
point of 74.48%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 38.5% 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 does not have a
reinvestment period; however, the issuer has the ability to extend
the weighted average life of the portfolio as a result of maturity
amendments. Fitch's analysis was based on a stressed portfolio
incorporating potential maturity amendments on the underlying loans
as well as a one-notch downgrade on the Fitch Issuer Default Rating
Equivalency Rating for assets with a Negative Outlook on the
driving rating of the obligor. The shorter risk horizon means the
transaction is less vulnerable to underlying price movements,
economic conditions and asset performance.

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

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

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-1 and A-2
notes, as these notes are in the highest rating category of
'AAAsf'.

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

DATA ADEQUACY

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

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


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

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

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

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

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

RATING RATIONALE

The rating action is a result of DBRS Morningstar's surveillance
review of the transaction. DBRS Morningstar finalized its
provisional ratings on the Secured Notes, as the Phase II Funding
Date has occurred and the transaction is in compliance with its
Eligibility Criteria (each capitalized term as defined in the
NPSA). The current transaction performance is also within DBRS
Morningstar's expectation. The Stated Maturity is March 30, 2031.
The Reinvestment Period ends on March 30, 2025.

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

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

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

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

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

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

Collateral Quality Tests:

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

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate MM
loans; (2) the adequate diversification of the portfolio of
collateral obligations (the current DScore of 39 compared with test
level of 30); and (3) no long-dated assets that mature after the
Stated Maturity are permitted to be purchased. Some challenges were
identified as follows: (1) the WA credit quality of the underlying
obligors may fall below investment grade and may not have public
ratings and (2) the underlying collateral portfolio may be
insufficient to redeem the Secured Notes in an Event of Default.

The transaction is performing according to the contractual
requirements of the NPSA and the Amendment. As of March 15, 2023,
the Issuer is in compliance with all Coverage and Collateral
Quality Tests, as well as the Concentration Limitation tests. There
were no defaulted obligations registered in the underlying
portfolio as of March 15, 2023.

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

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

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


BRYANT PARK 2023-20: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 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 ratings reflect S&P's view of:

-- The diversification of the collateral pool;

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

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

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

  Ratings Assigned

  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



BURNHAM PARK CLO: Moody's Cuts Rating on $21.45MM E-R Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Burnham Park CLO, Ltd.:

US$63,250,000 Class B-R Senior Secured Floating Rate Notes due 2029
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on
October 21, 2019 Affirmed Aa2 (sf)

US$39,050,000 Class C-R Secured Deferrable Floating Rate Notes due
2029 (the "Class C-R Notes"), Upgraded to A1 (sf); previously on
October 21, 2019 Affirmed A2 (sf)

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

US$21,450,000 Class E-R Secured Deferrable Floating Rate Notes due
2029 (the "Class E-R Notes"), Downgraded to B1 (sf); previously on
October 21, 2019 Affirmed Ba3 (sf)

Burnham Park CLO, Ltd., originally issued in October 2016 and
partially refinanced in November 2018 and October 2019, 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 October 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-R
notes have been paid down by approximately 32.5% or $114.2 million
since April 2022. Based on the trustee's April 2023 report[1], the
OC ratios for the Class A-R/B-R and Class C-R notes are reported at
133.87% and 120.09%, respectively, versus April 2022 levels of
130.87% and 119.62%, respectively. Moody's notes that the April
2023 trustee-reported OC ratios do not reflect the April 2023
payment distribution, when $39.3 million of principal proceeds were
used to pay down the Class A-R Notes.

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's April 2023 report[1], the OC ratio for the Class E-R
notes is reported at 105.69% versus the April 2022[2] level of
107.40%. Furthermore, the trustee-reported weighted average rating
factor (WARF) and weighted average spread (WAS) have been
deteriorating and the April 2023 levels[1] are 2940 and 3.37%,
respectively, compared to 2832 and 3.52%, respectively, in April
2022[2].

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: $413,159,261

Defaulted par:  $3,736,159

Diversity Score: 66

Weighted Average Rating Factor (WARF): 2766

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.28%

Weighted Average Recovery Rate (WARR): 47.33%

Weighted Average Life (WAL): 4.03 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.


BX 2023-DELC: DBRS Gives Prov. B(high) Rating on Class HRR Certs
----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-DELC
(the Certificates) to be issued by BX 2023-DELC, Mortgage Trust (BX
2023-DELC).

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

All trends are Stable.

The BX 2023-DELC transaction is a $950 million IO, floating-rate
mortgage loan with an initial two-year loan term and three
successive one-year extension options. The loan is secured by the
fee-simple and leasehold interests held by the borrower and the
fee-simple interest held by HdC North Beach Development, LLP in the
Hotel del Coronado, a full-service luxury hotel with 681 guest
rooms and 220 third-party condominium owned keys on Coronado Island
in San Diego. The resort has served as an iconic American landmark
since opening in 1888, highlighted by the resort's Victorian
architecture, and spans across 29 acres on the beachfront of the
Pacific Ocean. DBRS Morningstar has a positive view on the
collateral and believes the NCF on Hotel del Coronado is
sustainable and will continue to grow over the term of the loan
considering the hotel's irreplaceable beachfront location, the
significant capital invested into the property with continued
near-term investment, and the property's strong financial
performance.

The resort offers several guest room buildings, and all offer a
unique guest room experience with different price points depending
on the size, distinctive exterior and interior designs, and
architectural styles. The guest room selections include standard
hotel rooms with various ocean and courtyard views; connected and
community-based condominium hotel units; and private and exclusive
condominium villas and cottages with their own entrance,
restaurants, and concierge services. The Victorian building, for
instance, currently has 367 rooms, but no two rooms are alike in
layout and configuration. The resort blends Victorian architecture
that exudes historic charm and simultaneously offers a wide array
of modern amenities. Some buildings still preserve certain sections
of the original wooden architecture dated back more than 100 years
ago. The resort features 10 F&B outlets, 10 retailers, poolside
bars/lounges, and approximately 237,000 sf of indoor/outdoor
function space catered for various events. In addition to a variety
of outdoor activities including surf lessons, sailing, a virtual
reality snorkeling experience, biking, and golf outings, there is
also a historic Ice House Museum and various tours on site to learn
about the Hotel del Coronado's rich heritage. DBRS Morningstar
believes the resort will continue to attract targeted guest groups
by fulfilling their various needs and providing them with unique
experiences within the multitude of activities it offers. In
addition to room and F&B revenue, the resort has also consistently
generated approximately 15% of its total revenue in ancillary
income from beach and recreation operations, its spa and fitness
offerings, retail outlets, club membership dues and related
services fees, etc. over the past few years including 2020 amid the
Coronavirus Disease (COVID-19) pandemic. DBRS Morningstar views the
diversification of operations as a credit positive because the
resort's cash flow will be less susceptible to revenue swings than
that of traditional resort hotels, making it more resilient during
economic downturns.

The sponsor has invested heavily in the property since acquiring it
in 2015, and the improvements have bolstered the property's
position within the luxury hospitality segment on the West Coast.
DBRS Morningstar views the value-add renovation and constant upkeep
of the resort as a key element to sustain and enhance the hotel's
performance because luxury resorts' guests typically demand new,
high-quality, and exceptional guest rooms and amenities. DBRS
Morningstar also expects to see the resort benefiting from the
recent addition of the Shore House and Southpointe Event Center,
which is projected to add condominium profit-sharing, meeting,
banquet, and F&B revenue from both transient and group guests.
According to the property manager, about 50% of the F&B patrons are
not guests at the Hotel del Coronado, demonstrating strong local
F&B demand at the resort. There is a remaining $166.8 million
($412,978/key based on 404 keys) in planned capital improvements at
the iconic Victorian building. Part of the project involves
converting some of the suites into 37 standard rooms given the
group segmentation at the resort and at the same time complementing
and optimizing the revenue at the newly built suite product, the
Shore House. While the capital improvements could ultimately boost
the resort's room rates, room nights, and F&B revenue, the
renovation funds have not been reserved at closing. Instead, the
sponsor is expected to deliver to the lender a $142.5 million
Construction Guaranty to fund the remaining renovations of the
Victorian building which, after the borrower has contributed $16.3
million towards the outstanding work, will be decreased by the
amount of funds contributed by the borrower. DBRS Morningstar
projects a 10% per night ADR increase once the renovation is
completed and stabilized, which is a 50% discount to the
appraisal's estimated ADR premium.

The property was previously securitized in the BBCMS 2017-DELC
transaction, and it has been a consistent and solid performer in
the market, achieving RevPAR penetrations of above 100% since 2016.
The rate growth at the property was partly due to the overall
market's recovery from the pandemic, but it was also due to the
increased pricing power management has achieved following the
extensive renovations. DBRS Morningstar forecasts minimal growth in
occupancy of 71.3% upon stabilization for the hotel (excluding the
Shore House property), which is in line with its long-term
performance. DBRS Morningstar's stabilized ADR of $690.95 per key
is based on a 10% growth rate for the Victorian building (excluding
the Shore House property). DBRS Morningstar's stabilized RevPAR
estimate of $492.80 per key represents a 7.7% increase over the
property's (excluding the Shore House) T-12 ending March 2023
RevPAR. The DBRS Morningstar Stabilized EBITDA for the property
(excluding the Shore House) is less than 1.0% above the property's
T-12 ended March 2023 EBITDA.

The local market benefits from its strong base in tourism,
proximity to the Pacific Ocean, and access to surrounding areas of
San Diego County. Local demographics are generally favorable and
show an affluent community. There is limited competition and
currently no new construction or development for similar product in
the area. The resort's performance has risen year over year, and
DBRS Morningstar expects the recent and planned renovations will
continue to keep the property competitive.

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


CARVANA AUTO 2023-P2: S&P Assigns BB+ (sf) Rating on Class N Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to Carvana Auto Receivables
Trust 2023-P2's automobile asset-backed notes series 2023-P2.

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

The ratings reflect S&P's view of:

-- The availability of 15.14%, 12.31%, 9.82%, 6.27%, and 6.80%
credit support (hard credit enhancement and haircut to excess
spread) for the class A (collectively, class A-1, A-2, A-3, and
A-4), B, C, D, and N notes, respectively, based on stressed cash
flow scenarios. These credit support levels provide over 5.00x,
4.00x, 3.00x, 2.00x, and 1.73x coverage of S&P's expected
cumulative net loss of 2.75% for the class A, B, C, D, and N notes,
respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x 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 N notes, respectively, are within its
credit stability limits.

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

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

-- S&P's operational risk assessment of Bridgecrest Credit Co. LLC
as servicer, as well as the backup servicing agreement with Vervent
Inc.

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

-- The transaction's payment and legal structures.

  Ratings Assigned

  Carvana Auto Receivables Trust 2023-P2

  Class A-1, $47.00 million: A-1+ (sf)
  Class A-2, $126.33 million: AAA (sf)
  Class A-3, $126.32 million: AAA (sf)
  Class A-4, $78.86 million: AAA (sf)
  Class B, $14.03 million: AA (sf)
  Class C, $11.56 million: A (sf)
  Class D, $8.67 million: BBB (sf)
  Class N(i), $11.00 million: BB+ (sf)

(i)The class N notes will be paid to the extent funds are available
after the overcollateralization target is achieved, and they will
not provide any enhancement to the senior classes.



CD 2016-CD1: DBRS Cuts Class F Rating to CCC
--------------------------------------------
DBRS Limited downgraded the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-CD1 issued by CD 2016-CD1
Mortgage Trust as follows:

-- Class X-D to B (high) from BB (sf)
-- Class E to B (sf) from BB (low) (sf)
-- Class F to CCC (sf) from B (sf)

The following classes were confirmed:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class X-C at BBB (sf)
-- Class D at BBB (low) (sf)

DBRS Morningstar also discontinued the rating on Class X-E, given
the downgrade to the reference Class F certificate noted above. In
addition, DBRS Morningstar changed the trends on Classes C, D, X-B,
and X-C to Negative from Stable. The trends on Class E and X-D
remain Negative. Class F has a commercial mortgage-backed security
(CMBS) rating that does not carry a trend. All other trends are
Stable.

The downgrades and Negative trends reflect DBRS Morningstar's
increased concerns with the largest watchlist loan, Westfield San
Francisco Centre (Prospectus ID#3; representing 10.3% of the pool),
which was analyzed with a stressed loan-to-value ratio (LTV) and
elevated probability of default, and the specially serviced loans,
most notably 401 South State Street (Prospectus ID#15; representing
2.4% of the pool), which was analyzed with an elevated expected
loss.

Westfield San Francisco Centre is secured by 553,366 square feet
(sf) of retail space and 241,155 sf of office space, representing a
combined 794,521-sf portion of a regional mall in San Francisco.
The loan went on the servicer's watchlist in December 2021 for
declining occupancy and financial performance. Total collateral
occupancy was 87.0% as of December 2022, which is in line with the
past two years but down from 95.6% at issuance. Occupancy for the
office space has declined to 52.8% as of YE2022 from 100.0% at
issuance, primarily driven by former tenants Crunchyroll
(previously 29.7% of office net rentable area (NRA)) and TrustArc
(previously 11.7% of office NRA) vacating at lease expiration.
While these tenants represented 41.4% of office NRA, they
represented a combined total of only 12.6% of the collateral NRA.
The retail occupancy is 95.5% as of YE2022, compared with 93.7% at
issuance. The mall’s two anchor tenants, Bloomingdale's and
Nordstrom, are not collateral for the subject loan.

Nordstrom, which currently has two stores in downtown San
Francisco, recently announced it will be closing both locations,
including at the subject property, amid challenges stemming from
the pandemic including increases in crime and significantly reduced
foot traffic resulting from remote and hybrid work models. This is
likely to hinder property performance, as it may trigger cotenancy
clauses and make it more challenging to attract in-line tenants.
While the loan has never reported any defaults, DBRS Morningstar
also notes that sponsor Unibail-Rodamco-Westfield has previously
announced plans to shed its U.S. portfolio. The property reported a
net cash flow of $18.8 million for the trailing nine month period
ended September 30, 2022, representing a debt service coverage
ratio (DSCR) of 0.98 times (x), down from 1.05x at YE2021 and 1.68x
at YE2020. The DBRS Morningstar Term DSCR at issuance was 2.54x. As
part of this review, DBRS Morningstar removed the investment-grade
shadow rating previously assigned to this loan. DBRS Morningstar's
analysis also includes an elevated probability of default and
stressed LTV, resulting in an increased expected loss.

The largest specially serviced loan, 401 South State Street, is
secured by a 487,022-sf, Class B office property in Chicago. The
loan transferred to special servicing in June 2022 for payment
default stemming from Coronavirus Disease (COVID-19)
pandemic-related hardships following the departure of former single
tenant Robert Morris University Illinois (previously 75.0% of NRA)
and remains delinquent. The tenant vacated in April 2020 and
stopped making rent payments. In October 2021, a rent claim
recovered $3.9 million against the former tenant and represented
the final rent payment. According to the servicer commentary, a
foreclosure sale occurred in March 2023. At issuance, the as-is
dark value of the property was $46.5 million; however, given the
weakening Chicago office market, especially given recent shifts in
space utilization, DBRS Morningstar believes the value has further
declined. The loan is part of a $47.8 million whole loan at
issuance with a nontrust pari passu companion note held in CGCMT
2016-P4, which is not rated by DBRS Morningstar. DBRS
Morningstar’s analysis includes a liquidation scenario, based on
a DBRS Morningstar value that represents a significant stress to
the issuance dark value, resulting in an implied loss severity
exceeding 80.0%.

The increase to expected losses for these pivotal loans is
mitigated by the overall stable performance of most of the
remaining loans since issuance. At issuance, the pool consisted of
32 fixed-rate loans secured by 58 commercial properties with a
total trust balance of $703.2 million. As of the April 2023
remittance, 30 loans remain in the trust, with an aggregate
principal balance of $595.1 million, reflecting a collateral
reduction of 15.4% since issuance following loan repayments,
scheduled loan amortization, and loan liquidations. In addition,
six loans, representing 6.2% of the pool, are secured by collateral
that has fully defeased. There are seven loans, representing 32.7%
of the pool, on the servicer’s watchlist and three loans,
representing 5.1% of the pool, in special servicing.

The transaction is concentrated by property type with approximately
44.3% of the nondefeased loans in the trust secured by office
properties, including the two largest loans. Although nonspecially
serviced office properties reported generally healthy credit
metrics, there is continued uncertainty related to end-user demand
and investor appetite for this property type. Retail and mixed-use
properties constitute 19.4% and 11.7% of the current pool balance,
respectively. DBRS Morningstar applied probability of default
penalties and stressed LTVs in certain instances.

At issuance, DBRS Morningstar shadow-rated the 10 Hudson Yards
(Prospectus ID#1; 11.2% of the trust balance) and Vertex
Pharmaceuticals HQ (Prospectus ID#9; 5.6% of the trust balance)
because of investment-grade tenancy, strong sponsorship, and
high-quality finishes. With this review, DBRS Morningstar confirmed
that the performance of the loans remains consistent with
investment-grade loan characteristics.

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


CFCRE COMMERCIAL 2016-C6: DBRS Confirms B Rating on X-F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2016-C6 issued by CFCRE
Commercial Mortgage Trust 2016-C6 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (low) (sf)
-- Class X-E at BB (high) (sf)
-- Class E at BB (sf)
-- Class X-F at B (sf)
-- Class F at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
this transaction, which has remained in line with DBRS
Morningstar's expectations since the last review. Per the April
2023 remittance, 42 of the original 45 loans remain in the trust,
with an aggregate balance of $724.2 million, representing a
collateral reduction of 8.0% since issuance. The pool benefits from
nine loans that are fully defeased, representing 11.7% of the pool.
There are seven loans on the servicer's watchlist, representing
16.7% of the pool, which are primarily being monitored for declines
in occupancy and/or debt service coverage ratios (DSCRs). There are
three loans in special servicing, representing 6.1% of the pool.
Since the last review, the Marriott Saddle Brook loan (Prospectus
ID#36, formerly 0.7% of the pool balance) was liquidated from the
trust via a receivership sale in March 2023 with a loss of $2.2
million contained to the nonrated Class G Certificate. Class G has
been reduced by nearly 20% with a balance of $24.6 million
remaining.

The transaction is concentrated by property type with approximately
28.0% of the pool secured by office properties. Loans backed by
office properties were generally stressed given unfavorable
conditions of the current office landscape and generally low
investor appetite for this property type. Where applicable, DBRS
Morningstar applied probability of default (POD) and/or
loan-to-value ratio (LTV) stresses in the analysis to increase the
expected loss of these loans. The resulting weighted-average
expected loss of office loans was approximately 50.0% above the
weighted-average pool expected loss.

The largest loan in special servicing, Waterstone 7 Portfolio
(Prospectus ID#8, 3.0% of the current pool balance), is secured by
a portfolio of seven retail properties totaling 279,937 square feet
(sf) across New Hampshire (six properties) and Massachusetts (one
property). The loan has been in special servicing since 2018
because of a nonpermitted equity transfer. The issue was supposed
to be resolved sooner, but challenges arising from the Coronavirus
Disease (COVID-19) pandemic, along with issues surrounding a liquor
store lease, prolonged the loan's stay with the special servicer.
However, the special servicer and borrower executed a settlement
agreement curing the events of default and are working toward
returning the loan to the master servicer.

According to the December 2022 rent rolls, the portfolio's
occupancy was 96.4%, generally in line with the YE2021 and YE2020
occupancy rates of 94.2% and 96.1%, respectively. According to the
most recent financial reporting, the loan had a trailing six-month
ended June 30, 2022, DSCR of 1.13 times (x), compared with the
YE2021 and YE2020 DSCRs of 1.30x and 1.22x, respectively. The loan
has been cash managed since November 2017 because of an event of
default trigger. As part of the settlement agreement executed, the
loan will continue to be cash managed for the remaining term of the
loan. DBRS Morningstar has requested an update from the servicer
regarding the balance of the cash management account. Based on the
November 2022 appraisal, the property's value was $24.2 million,
below the March 2022 value of $26.3 million and the issuance value
of $34.9 million but slightly above the outstanding loan balance of
$21.8 million. Given the value decline and the challenges that the
portfolio has encountered, leading to a prolonged stay with the
special servicer, DBRS Morningstar applied a stressed LTV and an
elevated POD, resulting in an expected loss that is approximately
200% above the expected loss of the pool.

The largest loan on the servicer's watchlist is the 7th & Pine
Seattle Retail & Parking loan (Prospectus ID#4, 8.3% of the current
pool balance), which is secured by a 950-stall parking garage and
ground-level retail space within the Seattle central business
district. The loan was added to watchlist in November 2020 because
of a low DSCR, which was most recently reported at 0.84x as of
YE2022, compared with the YE2021 and YE2020 DSCRs of 0.57x and
0.47x, respectively. The decline in net cash flow was primarily
driven by a decrease in occupancy, which was 83.2% at YE2022,
compared with pre-pandemic and issuance levels of 100.0%. The
YE2020 base rental revenue decreased by approximately 30.0% from
YE2019. The loan is currently cash managed, although it's unlikely
any meaningful amounts would be trapped considering the DSCR has
fallen below breakeven in the past several years. According to the
April 2023 loan-level reserve report, there is $1.2 million held
across reserves, including approximately $994,000 held in other
reserves. Given the sustained low performance, DBRS Morningstar
analyzed this loan with an elevated POD, resulting in an expected
loss that is 25% above the expected loss of the pool.

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


CIG AUTO 2021-1: DBRS Confirms BB Rating on Class E Notes
---------------------------------------------------------
DBRS, Inc. upgraded three ratings and confirmed four ratings from
two CIG Auto Receivables Trust transactions (CIG Auto Receivables
Trust 2020-1 and CIG Auto Receivables Trust 2021-1).

The Affected Ratings Are Available at https://bit.ly/3INJoYC  

CIG Auto Receivables Trust 2021-1

-- Class A Notes AAA(sf)        Confirmed
-- Class B Notes AAA(sf)        Confirmed
-- Class C Notes AA (high)(sf)  Upgraded
-- Class D Notes BBB (sf)       Confirmed
-- Class E Notes BB (sf)        Confirmed

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - April 2023 Update, published on April 28, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar’s
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance. CIG Auto Receivables Trust 2020-1
has amortized to a pool factor of 20.43% and has a current
cumulative net loss (CNL) of 6.00%, which is tracking below DBRS
Morningstar's initial base-case loss expectation. CIG Auto
Receivables Trust 2021-1 has amortized to a pool factor of 46.73%
and has a current CNL of 8.77%. While the current CNL is tracking
above DBRS Morningstar's initial base-case loss expectation,
available credit enhancement is sufficient to support the current
rating levels.

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

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

-- The transaction's capital structure and form and sufficiency of
available credit enhancement. The current level of hard credit
enhancement and estimated excess spread are sufficient to support
the DBRS Morningstar-projected remaining CNL assumption at a
multiple of coverage commensurate with the ratings.


CITIGROUP 2023-SMRT: Fitch Gives Final 'BB+sf' Rating on HRR Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Citigroup Commercial Mortgage Trust 2023-SMRT commercial mortgage
pass-through certificates series 2023-SMRT as follows:

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

   A             LT AAAsf   New Rating    AAA(EXP)sf
   B             LT AA-sf   New Rating    AA-(EXP)sf
   C             LT A-sf    New Rating     A-(EXP)sf
   D             LT BBB-sf  New Rating   BBB-(EXP)sf
   E             LT BBB-sf  New Rating   BBB-(EXP)sf
   HRR           LT BB+sf   New Rating    BB+(EXP)sf
   X             LT AAAsf   New Rating    AA-(EXP)sf

- $834,300,000 class A 'AAAsf'; Outlook Stable;

- $128,050,000 class B 'AA-sf'; Outlook Stable;

- $85,650,000 class C 'A-sf'; Outlook Stable;

- $103,800,000 class D 'BBB-sf'; Outlook Stable;

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

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

- $834,300,000a class X 'AAAsf'; Outlook Stable.

(a) Notional amount and interest only.

(b) Horizontal risk retention interest.

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

Since Fitch published its expected ratings on May 8, 2023, the
final deal structure has been updated, and class X now references
class A only (rather than classes A and B). Fitch has updated the
final rating for class X to 'AAAsf' (from 'AA-(EXP)sf'). The final
rating of class X reflects the rating of the lowest referenced
tranche with payable interest that has an impact on the IO
payments, consistent with Fitch's Global Structured Finance Rating
Criteria.

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 is secured by the
borrower's fee simple and 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 $22.3 million of closing costs and return
approximately $249.9 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 will act as
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.

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 2014-CCRE14: Moody's Lowers Rating on Cl. E Certs to Caa3
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on seven classes
and downgraded the ratings on five classes in COMM 2014-CCRE14
Mortgage Trust, Commercial Pass-Through Certificates, Series
2014-CCRE14 as follows:

Cl. A-2, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed Aaa
(sf)

Cl. A-3, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed
Aaa (sf)

Cl. B, Downgraded to A2 (sf); previously on May 12, 2022 Affirmed
Aa3 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on May 12, 2022 Affirmed
A3 (sf)

Cl. D, Downgraded to B1 (sf); previously on May 12, 2022 Affirmed
Ba2 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on May 12, 2022
Downgraded to Caa2 (sf)

Cl. F, Affirmed C (sf); previously on May 12, 2022 Downgraded to C
(sf)

Cl. PEZ, Downgraded to A2 (sf); previously on May 12, 2022 Affirmed
Aa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on May 12, 2022 Affirmed
Aaa (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on five principal and interest (P&I) classes were
affirmed because of their significant credit support and the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio and Moody's stressed debt service coverage ratio (DSCR) are
within acceptable ranges. These classes will also benefit from
principal paydowns and amortization as the remaining loans approach
their maturity dates and defeased loans now represent 25% of the
pool.

The ratings on four P&I classes were downgraded due to higher
anticipated losses and increased risk of interest shortfalls due to
the exposure to specially serviced loans, and potential refinance
challenges for certain large loans with upcoming maturity dates.
The largest specially serviced loan is the 175 West Jackson loan
(4% of the pool), which is secured by an office property with
recent declines in net operating income (NOI) and occupancy. The
largest loan in the pool is the Google and Amazon Office Portfolio
Loan (15.1% of the pool), which has significant tenant
concentration risk with the 100% lease rollover by September 2024.
Furthermore, all of the remaining loans mature by January 2024 and
given the higher interest rate environment and loan performance,
certain loans may be unable to pay off at their maturity date.

The rating on one P&I class was affirmed because the ratings are
consistent with Moody's expected loss plus realized losses.

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

The rating on the exchangeable class, Cl. PEZ, was downgraded due
to a decline in the credit quality of its referenced exchangeable
classes.

Moody's rating action reflects a base expected loss of 5.1% of the
current pooled balance, compared to 3.0% at Moody's last review.
Moody's base expected loss plus realized losses is now 6.3% of the
original pooled balance, compared to 4.7% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the May 12, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 31.5% to $943.3
million from $1.37 billion at securitization. The certificates are
collateralized by 41 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 63.8% of the pool. Seventeen loans,
constituting 25.3% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 8, compared to 9 at Moody's last review.

Twelve loans, constituting 33.2% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Seven loans have been liquidated from the pool, resulting in an
aggregate realized loss of $39.3 million (for an average loss
severity of 46%). One loan, constituting 3.8% of the pool, is
currently in special servicing.

The largest specially serviced loan is the 175 West Jackson Loan
($35.8 million - 3.8% of the pool), which represents a pari passu
portion of a $251 million mortgage loan. The loan is secured by a
Class A, 22-story office building totaling 1.45 million square feet
(SF) and located within the CBD of Chicago, IL. Property
performance has declined steadily since 2015, with occupancy
declining to 62% in December 2022 from 86% in 2015, and the
year-end 2022 net operating income (NOI) was 58% lower than
underwritten levels. The loan previously transferred to special
servicing in March 2018 for imminent monetary default and was
subsequently assumed by Brookfield Property Group as the new
sponsor, in connection with the purchase of the property for $305
million, and returned to the master servicer in August 2018. In
November 2021, the loan transferred to special servicing again for
imminent monetary default. The most recent appraisal value was 52%
lower than the value at securitization and an appraisal reduction
has been recognized as of the May 2023 remittance. As of the May
2023 remittance, this loan was last paid through October 2022. The
special servicer commentary indicates that a receiver has been
appointed and the servicer is in discussions with the borrower
about potential cooperative marketing and sale of the property or a
deed-in-lieu.

Moody's has also assumed a high default probability for two poorly
performing loans, constituting 2.7% of the pool, and has estimated
an aggregate loss of $21.8 million (a 36% expected loss on average)
from these troubled loans and the specially serviced loans.  The
largest troubled loan is the 16530 Ventura Boulevard loan ($18.1
million – 1.9% of the pool), which is secured by the leasehold
interest in a six-story, 157,414 SF, office building located in
Encino, California. The September 2022 rent roll indicated the
property was 41% leased, compared to 85% at securitization. The
loan has amortized by 16.0% since securitization. The other
troubled loan is secured by an open-air shopping center located in
Fort Worth, Texas.

As of the May 2023 remittance statement cumulative interest
shortfalls were $4.63 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

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

Moody's received full year 2021 operating results for 64% of the
pool and full year 2022 operating results for 94% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 116%, compared to 103% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 37.1% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.0%.

Moody's actual and stressed conduit DSCRs are 1.19X and 0.97X,
respectively, compared to 1.32X and 1.05X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 60
Hudson Street Loan ($155.0 million – 16.4% of the pool), which
represents a pari-passu portion of a $280.0 million mortgage loan.
The loan is secured by a 24-story, mission critical
telecommunications and data center building located in the Tribeca
neighborhood of New York City. The property is widely regarded as
one of the world's most connected telecommunications and data
center buildings. As of December 2022, the property was 64% leased,
compared to 73% in December 2021 and the 75% at securitization.
Moody's structured credit assessment and stressed DSCR are aaa
(sca.pd) and 1.63X, respectively.

The other loan with a structured credit assessment is the 625
Madison Avenue loan ($109.7 million - 11.6% of the pool), which
represents a pari-passu portion of a $195 million first mortgage
loan. The loan is secured by the fee interest in a 0.81-acre parcel
of land located at 625 Madison Avenue between East 58th and East
59th Street in New York City. The property is also encumbered with
$195 million of mezzanine debt. The fee interest is subject to a
ground lease pursuant to which the ground tenant constructed,
developed, and owns the improvements that sit on top of the ground.
The current ground lease expired on June 30, 2022. Based on the
appraisal value of the land without any improvements, the rent was
projected to increase to $20.7 million per annum in 2022. The
higher ground rent is being currently deliberated over in
arbitration.  The improvements consist of a 17-story, mixed-use
building, and the ground tenant's interest in the improvements is
not collateral for the 625 Madison Avenue loan. Moody's structured
credit assessment is aa3 (sca. pd).

The top three conduit loans represent 22.4% of the pool balance.
The largest loan is the Google and Amazon Office Portfolio Loan
($145.6 million –15.1% of the pool), which represents a
pari-passu portion of a $424.9 million mortgage. The property is
also encumbered by $67.8 million of mezzanine debt. The loan is
secured by an office portfolio located in Sunnyvale, California.
The Moffett Towers Building D (Amazon Building) is a newly
constructed eight-story, Class A office building containing 357,481
SF. It is part of a seven-building campus. A2Z Development, a
wholly owned subsidiary of Amazon, will use the space for design
and product development for the Kindle e-reader. The Google Campus
is comprised of four, four-story, Class A office buildings totaling
700,328 SF, which is part of a six-building office campus known as
Technology Corners. As of the May 2023 remittance, this loan has
amortized by 7.8% since securitization. Due to the single tenant
risk, Moody's incorporated a lit/dark analysis. While the loan has
maintained a high DSCR over its term, it may face heighted
refinance risk due to the tenant concentration and near-term lease
expiration date eight months after loan maturity. Moody's LTV and
stressed DSCR are 132% and 0.79X, respectively, compared to 105%
and 0.97X at the last review.

The second largest loan is the Highland Hills Apartments Loan
($46.2 million – 4.9% of the pool), which is secured by an
826-unit student housing property located in Mankato, Minnesota.
The property was constructed in three separate phases between 1963
and 2011. The property is located directly across from Minnesota
State University. Per the September 2022 rent roll, the property
was 94% occupied, compared to 81% in December 2020 and the 99% at
securitization. The loan has amortized by 15.8% since
securitization. Moody's LTV and stressed DSCR are 136% and 0.79X,
respectively, compared to 126% and 0.86X at the last review.

The third largest loan is the Kalahari Resort and Convention Center
Loan ($23.3 million – 2.5% of the pool), which represents a pari
passu portion of a $101.3 million while loan. The loan is secured
by an indoor waterpark resort hotel in Sandusky, Ohio, with 491
rooms, a 174,000 SF indoor water park, 218,000 SF of meeting space
and numerous other activities/amenities. Property performance had
declined during the pandemic but has since recovered and the
year-end 2022 NOI was 66% higher than at securitization. Year-end
2022 occupancy was 64%, compared to 65% at year-end 2021, though
NOI increased 8% year-over-year.  The loan has also amortized 22%
since securitization. Moody's LTV and stressed DSCR are 73% and
1.69X, respectively, compared to 76% and 1.62X at the last review.


COMM 2014-CCRE15: Moody's Lowers Rating on Cl. F Certs to Caa2
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on seven classes in COMM 2014-CCRE15
Mortgage Trust, Commercial Pass-Through Certificates, Series
2014-CCRE15 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Jul 30, 2020 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Jul 30, 2020 Affirmed Aaa
(sf)

Cl. A-M, Affirmed Aaa (sf); previously on Jul 30, 2020 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Jul 30, 2020 Affirmed
Aaa (sf)

Cl. B, Downgraded to A2 (sf); previously on Feb 10, 2022 Upgraded
to Aa2 (sf)

Cl. C, Downgraded to Baa2 (sf); previously on Feb 10, 2022 Upgraded
to A2 (sf)

Cl. D, Downgraded to Ba2 (sf); previously on Feb 10, 2022 Upgraded
to Baa2 (sf)

Cl. E, Downgraded to B1 (sf); previously on Feb 10, 2022 Confirmed
at Ba2 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Jul 30, 2020
Downgraded to B3 (sf)

Cl. PEZ, Downgraded to A2 (sf); previously on Feb 10, 2022 Upgraded
to Aa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jul 30, 2020 Affirmed
Aaa (sf)

Cl. X-B*, Downgraded to Baa3 (sf); previously on Feb 10, 2022
Upgraded to A3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four principal and interest (P&I) classes were
affirmed because of their significant credit support and the
transaction's key metrics, including Moody's loan-to-value (LTV)
ratio are within acceptable ranges. These classes will also benefit
from principal paydowns and amortization as the remaining loans
approach their maturity dates and defeased loans now represent 24%
of the pool.

The ratings on five classes were downgraded due to higher
anticipated losses and increased risk of interest shortfalls due to
the exposure to specially serviced loans, and potential refinance
challenges for certain large loans with upcoming maturity dates.
The largest loan in the pool is the Google and Amazon Office
Portfolio Loan (17.7% of the pool), which has significant tenant
concentration risk with 100% lease rollover by September 2024. The
second largest loan, 25 West 45th Street Loan (11% of the pool), is
secured by an office property with recent declines in net operating
income (NOI) and occupancy. Furthermore all of the remaining loans
mature by February 2024 and given the higher interest rate
environment and loan performance, certain loans may be unable to
pay off at their maturity date.

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

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

The rating on the exchangeable class, Cl. PEZ, was downgraded due
to a decline in the credit quality of its referenced exchangeable
classes.

Moody's rating action reflects a base expected loss of 7.9% of the
current pooled balance, compared to 4.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 6.3% of the
original pooled balance, compared to 4.4% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the May 12, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 43.2% to $572.4
million from $1.0 billion at securitization. The certificates are
collateralized by 31 mortgage loans ranging in size from less than
1% to 17% of the pool, with the top ten loans (excluding
defeasance) constituting 66.5% of the pool. Eleven loans,
constituting 23.7% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 8, compared to 12 at Moody's last review.

Six loans, constituting 23.7% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $19.0 million (for an average loss
severity of 54%). Two loans, constituting 4.5% of the pool, is
currently in special servicing.

The largest specially serviced loan is the River Falls Shopping
Center Loan ($15.1 million – 2.6% of the pool), which is secured
by an approximately 288,000 square feet (SF) portion of an 873,000
SF retail center located in Clarksville, Indiana. The property was
originally constructed in 1990 as an indoor regional mall,
redeveloped into a power center in 2005, and was renovated in 2013.
The loan transferred to special servicing in May 2020 for imminent
monetary default at the borrower's request due to hardships related
to the pandemic. The borrower and lender entered into a forbearance
agreement effective September 2021. Property performance has
declined with the NOI DSCR at 1.10X in June 2022 compared to 1.77X
in December 2020 and 1.52X at securitization. The borrower has
indicated that Harbor Freight will be absorbing the vacated JoAnn
Fabric space and they have submitted a request to the special
servicer for approvals. The borrower continues to comply with the
terms of the forbearance agreement and has repaid all deferred
amounts outstanding. As of the May 2023 remittance, this loan was
current on P&I payments, and has amortized by 15.9% since
securitization.

The second largest specially serviced loan is the 840 Westchester
loan ($10.8 million – 1.9% of the pool), which is secured by the
borrower's lease hold interest in a mixed-use development located
in the Bronx, New York. The second largest tenant, Rite Aid (29% of
the NRA) vacated prior to lease expiration in August 2027. This
loan transferred to special servicing in January 2021 due to
payment default. As of May remittance, this loan was less than one
month delinquent on P&I payments and has amortized by 22.3% since
securitization.

Moody's has also assumed a high default probability for three
poorly performing loans, constituting 17.6% of the pool, and has
estimated an aggregate loss of $35.4 million (a 28% expected loss
on average) from these troubled loans and the specially serviced
loans.  The largest troubled loan is the 25 West 45th Street loan
($65.3 million – 11.4% of the pool), which is secured by the fee
simple interest in a 17-story, 185,000 SF, office building located
in New York, New York. Property performance has declined as a
result of decline in occupancy. The November 2022 rent roll
indicated the property was 82% leased, compared to 95% at
securitization. The loan has amortized by 6.7% since
securitization. The second largest troubled loan is the 600
Commonwealth Loan ($32.8 million – 5.7% of the pool), which is
secured by the borrower's fee simple interest in an office building
located in Los Angeles, California. The December 2022 rent roll
indicated the property was 64% leased, compared to 92% at
securitization. The loan has amortized by 11.9% since
securitization.

As of the May 2023 remittance statement cumulative interest
shortfalls were $1.67 million. Moody's anticipates interest
shortfalls will continue because of the exposure to specially
serviced loans and/or modified loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications
and extraordinary trust expenses.

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

Moody's received full year 2021 operating results for 27% of the
pool and full year 2022 operating results for 70% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 111%, compared to 109% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 32.0% to the most recently available net
operating income (NOI). Moody's value reflects a weighted average
capitalization rate of 10.0%.

Moody's actual and stressed conduit DSCRs are 1.26X and 1.03X,
respectively, compared to 1.29X and 0.96X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest loan with a structured credit assessment is the 625
Madison Avenue loan ($84.7 million - 14.8% of the pool), which
represents a pari-passu portion of a $195 million first mortgage
loan. The loan is secured by the fee interest in a 0.81-acre parcel
of land located at 625 Madison Avenue between East 58th and East
59th Street in New York City. The property is also encumbered with
$195 million of mezzanine debt. The fee interest is subject to a
ground lease pursuant to which the ground tenant constructed,
developed, and owns the improvements that sit on top of the ground.
The current ground lease expired on June 30, 2022. Based on the
appraisal value of the land without any improvements, the rent was
projected to increase to $20.7 million per annum in 2022. The
higher ground rent is currently being deliberated over in
arbitration.  The improvements consist of a 17-story, mixed-use
building, and the ground tenant's interest in the improvements is
not collateral for the 625 Madison Avenue loan. Moody's structured
credit assessment is aa3 (sca. pd).

The top three conduit loans represent 25.6% of the pool balance.
The largest loan is the Google and Amazon Office Portfolio Loan
($101.4 million –17.7% of the pool), which represents a
pari-passu portion of a $416.9 million mortgage. The property is
also encumbered by $67.8 million of mezzanine debt. The loan is
secured by an office portfolio located in Sunnyvale, California.
The Moffett Towers Building D (Amazon Building) is a newly
constructed eight-story, Class A office building containing 357,481
SF. It is part of a seven-building campus. A2Z Development, a
wholly owned subsidiary of Amazon, will use the space for design
and product development for the Kindle e-reader. The Google Campus
is comprised of four, four-story, Class A office buildings totaling
700,328 SF, which is part of a six-building office campus known as
Technology Corners. As of the May 2023 remittance, this loan has
amortized by 7.8% since securitization. Due to the single tenant
risk, Moody's incorporated a lit/dark analysis. While the loan has
maintained a high DSCR over its term, it may face heighted
refinance risk due to the tenant concentration and near-term lease
expiration date eight months after loan maturity. Moody's LTV and
stressed DSCR are 132% and 0.79X.

The second largest loan is the One Sun Plaza Loan ($30.9 million
– 5.4% of the pool), which is secured by the fee simple /
leasehold (Fee simple in 2017) interest in three adjacent Class-A
office buildings, known as One Sun Plaza, located on a 9.54-acre
parcel of land located approximately six miles north of the
Albuquerque, NM, CBD. The buildings were developed between 1998 and
2004 and contain a total of 262,753 SF of rentable area, a
five-story parking garage containing 503 spaces, and two open
parking lots containing 383 spaces (3.4 per 1,000 SF). Per the
December 2022 rent roll, the property was 100% occupied, compared
to 89% in December 2020 and the 98% at securitization. As of May
2023 remittance, the loan is current on P&I payments and has
amortized by 16.2% since securitization. Moody's LTV and stressed
DSCR are 95% and 1.12X, respectively, compared to 96% and 1.1X at
the last review.

The third largest loan is the Best Western Plus Hawthorne Terrace
loan ($14.3 million – 2.5% of the pool), which is secured by the
borrower's fee simple interest, in an 83-room limited service hotel
that was built in 1926, renovated in 2010, located in Chicago,
Illinois. The property is situated roughly 6 miles north of
downtown Chicago, and 15 miles southeast of O'Hare International
Airport. In July 2020, this loan transferred to special servicing
due to payment default related to covid.  The loan was returned to
the master servicer in August 2020 after receiving a modification.
As of May 2023 remittance, this loan has amortized by 15.9% since
securitization and is current on P&I payments. Moody's LTV and
stressed DSCR are 102% and 1.27X, respectively.


FANNIE MAE 2023-R04: S&P Assigns BB-(sf) Rating on Cl. 1B-1 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Fannie Mae Connecticut
Avenue Securities Trust 2023-R04's notes.

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

The ratings reflect:

-- The credit enhancement provided by the subordinated reference
tranches and the associated structural deal mechanics;

-- The REMIC structure, which reduces the counterparty exposure to
Fannie Mae for periodic principal and interest payments but also
pledges the support of Fannie Mae (as a highly rated counterparty)
to cover any shortfalls on interest payments and make up for any
investment losses;

-- The issuer's aggregation experience and the alignment of
interests between the issuer and the noteholders in the
transaction's performance, which we believe enhances the notes'
strength;

-- The enhanced credit risk management and quality control
processes Fannie Mae uses in conjunction with the underlying R&W
framework; and

-- The potential impact that current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "On April 17, 2020, we updated our mortgage
outlook and corresponding archetypal foreclosure frequency levels
to account for the potential impact of the COVID-19 pandemic on the
overall credit quality of collateralized pools. While
pandemic-related performance concerns have since waned, we continue
to maintain our updated 'B' foreclosure frequency for the
archetypal pool at 3.25%, given our current outlook for the U.S.
economy. With rising interest rates and inflation, the ongoing
Russia-Ukraine conflict, escalating tensions over Taiwan, and the
China slowdown exacerbating supply-chain and pricing pressures, the
U.S. economy appears to be teetering toward recession."

  Ratings Assigned

  Fannie Mae Connecticut Avenue Securities Trust 2023-R04

  Class 1A-H(i), $19,816,052,580: NR
  Class 1M-1, $377,100,000: BBB+ (sf)
  Class 1M-1H(i), $19,847,811: NR
  Class 1M-2A(ii), $62,850,000: BBB+ (sf)
  Class 1M-AH(i), $3,307,969: NR
  Class 1M-2B(ii), $62,850,000: BBB (sf)
  Class 1M-BH(i), $3,307,969: NR
  Class 1M-2C(ii), $62,850,000: BBB (sf)
  Class 1M-CH(i), $3,307,969: NR
  Class 1M-2(ii), $188,550,000: BBB (sf)
  Class 1B-1A(ii), $65,809,000: BB+ (sf)
  Class 1B-AH(i), $43,873,948: NR
  Class 1B-1B(ii), $65,809,000: BB- (sf)
  Class 1B-BH(i), $43,873,948: NR
  Class 1B-1(ii), $131,618,000: BB- (sf)
  Class 1B-2, $67,898,000: B- (sf)
  Class 1B-2H(i), $67,899,934: NR
  Class 1B-3H(i), $125,351,940: NR

  Related combinable and recombinable notes exchangeable    
  classes(iii)

  Class 1E-A1, $62,850,000: BBB+ (sf)
  Class 1A-I1, $62,850,000(iv): BBB+ (sf)
  Class 1E-A2, $62,850,000: BBB+ (sf)
  Class 1A-I2, $62,850,000(iv): BBB+ (sf)
  Class 1E-A3, $62,850,000: BBB+ (sf)
  Class 1A-I3, $62,850,000(iv): BBB+ (sf)
  Class 1E-A4, $62,850,000: BBB+ (sf)
  Class 1A-I4, $62,850,000(iv): BBB+ (sf)
  Class 1E-B1, $62,850,000: BBB (sf)
  Class 1B-I1, $62,850,000(iv): BBB (sf)
  Class 1E-B2, $62,850,000: BBB (sf)
  Class 1B-I2, $62,850,000(iv): BBB (sf)
  Class 1E-B3, $62,850,000: BBB (sf)
  Class 1B-I3, $62,850,000(iv): BBB (sf)
  Class 1E-B4, $62,850,000: BBB (sf)
  Class 1B-I4, $62,850,000(iv): BBB (sf)
  Class 1E-C1, $62,850,000: BBB (sf)
  Class 1C-I1, $62,850,000(iv): BBB (sf)
  Class 1E-C2, $62,850,000: BBB (sf)
  Class 1C-I2, $62,850,000(iv): BBB (sf)
  Class 1E-C3, $62,850,000: BBB (sf)
  Class 1C-I3, $62,850,000(iv): BBB (sf)
  Class 1E-C4, $62,850,000: BBB (sf)
  Class 1C-I4, $62,850,000(iv): BBB (sf)
  Class 1E-D1, $125,700,000: BBB (sf)
  Class 1E-D2, $125,700,000: BBB (sf)
  Class 1E-D3, $125,700,000: BBB (sf)
  Class 1E-D4, $125,700,000: BBB (sf)
  Class 1E-D5, $125,700,000: BBB (sf)
  Class 1E-F1, $125,700,000: BBB (sf)
  Class 1E-F2, $125,700,000: BBB (sf)
  Class 1E-F3, $125,700,000: BBB (sf)
  Class 1E-F4, $125,700,000: BBB (sf)
  Class 1E-F5, $125,700,000: BBB (sf)
  Class 1-X1, $125,700,000(iv): BBB (sf)
  Class 1-X2, $125,700,000(iv): BBB (sf)
  Class 1-X3, $125,700,000(iv): BBB (sf)
  Class 1-X4, $125,700,000(iv): BBB (sf)
  Class 1-Y1, $125,700,000(iv): BBB (sf)
  Class 1-Y2, $125,700,000(iv): BBB (sf)
  Class 1-Y3, $125,700,000(iv): BBB (sf)
  Class 1-Y4, $125,700,000(iv): BBB (sf)
  Class 1-J1, $62,850,000: BBB (sf)
  Class 1-J2, $62,850,000: BBB (sf)
  Class 1-J3, $62,850,000: BBB (sf)
  Class 1-J4, $62,850,000: BBB (sf)
  Class 1-K1, $125,700,000: BBB (sf)
  Class 1-K2, $125,700,000: BBB (sf)
  Class 1-K3, $125,700,000: BBB (sf)
  Class 1-K4, $125,700,000: BBB (sf)
  Class 1M-2Y, $188,550,000: BBB (sf)
  Class 1M-2X, $188,550,000(iv): BBB (sf)
  Class 1B-1Y, $131,618,000: BB- (sf)
  Class 1B-1X, $131,618,000(iv): BB- (sf)
  Class 1B-2Y, $67,898,000(iv): B- (sf)
  Class 1B-2X, $67,898,000(iv): B- (sf)

(i)Reference tranche only and will not have corresponding notes.
Fannie Mae retains the risk of these tranches.
(ii)The class 1M-2 noteholders may exchange all or part of that
class for proportionate interests in the class 1M-2A, 1M-2B, and
1M-2C notes and vice versa. The class 1B-1 noteholders may exchange
all or part of that class for proportionate interests in the class
1B-1A and 1B-1B notes and vice versa. The class 1M-2A, 1M-2B,
1M-2C, 1B-1A, 1B-1B, and 1B-2 noteholders may exchange all or part
of those classes for proportionate interests in the classes of RCR
notes as specified in the offering documents.
(iii)See the offering documents for more detail on possible
combinations.
(iv)Notional amount.
NR--Not rated.



GS MORTGAGE 2023-PJ3: Fitch Assigns Final B-sf Rating on B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates issued by GS Mortgage-Backed
Securities Trust 2023-PJ3 (GSMBS 2023-PJ3).

   Entity/Debt       Rating                  Prior
   -----------       ------                  -----
GSMBS 2023-PJ3

   A-1           LT AA+sf  New Rating   AA+(EXP)sf
   A-1-X         LT AA+sf  New Rating   AA+(EXP)sf
   A-2           LT AA+sf  New Rating   AA+(EXP)sf
   A-3           LT AAAsf  New Rating   AAA(EXP)sf
   A-3A          LT AAAsf  New Rating   AAA(EXP)sf
   A-3-X         LT AAAsf  New Rating   AAA(EXP)sf
   A-4           LT AAAsf  New Rating   AAA(EXP)sf
   A-4A          LT AAAsf  New Rating   AAA(EXP)sf
   A-5           LT AAAsf  New Rating   AAA(EXP)sf
   A-5-X         LT AAAsf  New Rating   AAA(EXP)sf
   A-6           LT AAAsf  New Rating   AAA(EXP)sf
   A-7           LT AAAsf  New Rating   AAA(EXP)sf
   A-7-X         LT AAAsf  New Rating   AAA(EXP)sf
   A-8           LT AAAsf  New Rating   AAA(EXP)sf
   A-9           LT AAAsf  New Rating   AAA(EXP)sf
   A-9-X         LT AAAsf  New Rating   AAA(EXP)sf
   A-10          LT AAAsf  New Rating   AAA(EXP)sf
   A-11          LT AAAsf  New Rating   AAA(EXP)sf
   A-11-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-12          LT AAAsf  New Rating   AAA(EXP)sf
   A-13          LT AAAsf  New Rating   AAA(EXP)sf
   A-13-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-14          LT AAAsf  New Rating   AAA(EXP)sf
   A-15          LT AAAsf  New Rating   AAA(EXP)sf
   A-15-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-16          LT AAAsf  New Rating   AAA(EXP)sf
   A-17          LT AAAsf  New Rating   AAA(EXP)sf
   A-17-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-18          LT AAAsf  New Rating   AAA(EXP)sf
   A-19          LT AAAsf  New Rating   AAA(EXP)sf
   A-19-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-20          LT AAAsf  New Rating   AAA(EXP)sf
   A-21          LT AAAsf  New Rating   AAA(EXP)sf
   A-21-X        LT AAAsf  New Rating   AAA(EXP)sf
   A-22          LT AAAsf  New Rating   AAA(EXP)sf
   A-23          LT AA+sf  New Rating   AA+(EXP)sf
   A-23-X        LT AA+sf  New Rating   AA+(EXP)sf
   A-24          LT AA+sf  New Rating   AA+(EXP)sf
   A-X           LT AA+sf  New Rating   AA+(EXP)sf
   B-1           LT AA-sf  New Rating   AA-(EXP)sf
   B-2           LT A-sf   New Rating   A-(EXP)sf
   B-3           LT BBB-sf New Rating   BBB-(EXP)sf
   B-4           LT BB-sf  New Rating   BB-(EXP)sf
   B-5           LT B-sf   New Rating   B-(EXP)sf
   B-6           LT NRsf   New Rating   NR(EXP)sf
   A-IO-S        LT NRsf   New Rating   NR(EXP)sf
   A-3L          LT WDsf   Withdrawn    AAA(EXP)sf
   A-4L          LT WDsf   Withdrawn    AAA(EXP)sf
   A-16L         LT  WDsf  Withdrawn    AAA(EXP)sf
   A-22L         LT WDsf   Withdrawn    AAA(EXP)sf

TRANSACTION SUMMARY

The certificates are supported by 315 prime-jumbo and agency
conforming loans with a total balance of approximately $362.2
million as of the cut-off date. The transaction is expected to
close on May 31, 2023.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to its updated view
on sustainable home prices, Fitch views the home price values of
this pool as 6.2% 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
been moderating, with a decline observed in 3Q22. Driven by the
strong gains seen in 1H22, home prices rose 2.0% yoy nationally as
of February 2023.

High-Quality Mortgage Pool (Positive): The collateral consists of
30-year, fixed-rate mortgage (FRM) fully amortizing loans seasoned
at approximately eight months in aggregate.

The collateral comprises primarily prime-jumbo loans and less than
2% agency conforming loans. Borrowers in this pool have moderate
credit profiles (a 756 model FICO), but lower than what Fitch has
observed for other prime-jumbo securitizations. The sustainable
loan-to-value ratio (sLTV) is 78.6% and the mark-to-market combined
LTV ratio (CLTV) is 73.4%. Fitch treated 100% of the loans as full
documentation collateral, and all the loans are qualified mortgages
(QMs). Of the pool, 85% are loans for which the borrower maintains
a primary residence, while 15% are for second homes.

Additionally, 60.7% of the loans were originated through a retail
channel or a correspondent's retail channel. Expected losses in the
'AAA' stress amount to 8.0%, similar to those of prior issuances
and other prime-jumbo shelves.

Shifting-Interest Deal Structure (Mixed): The mortgage cash flow
and loss allocation are based on a senior-subordinate,
shifting-interest structure whereby the subordinate classes receive
only scheduled principal and are locked out from receiving
unscheduled principal or prepayments for five years. The lockout
feature helps to maintain subordination for a longer period should
losses occur later in the life of the deal.

The applicable credit support percentage feature redirects
subordinate principal to classes of higher seniority if specified
credit enhancement (CE) levels are not maintained. Due to the
leakage to the subordinate bonds, the shifting-interest structure
requires more CE. While there is only minimal leakage to the
subordinate bonds early in the life of the transaction, the
structure is more vulnerable to defaults occurring at a later stage
compared with a sequential or modified-sequential structure.

To help mitigate tail risk, which arises as the pool seasons and
fewer loans are outstanding, a subordination floor of 3.00% of the
original balance will be maintained for the senior notes, and a
subordination floor of 2.00% of the original balance will be
maintained for the subordinate notes.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model projected 39.0% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

SUMMARY OF FINANCIAL ADJUSTMENTS

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

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

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


HOMES TRUST 2023-NQM2: Fitch Gives 'B-sf' Rating on Cl. B2 Certs
----------------------------------------------------------------
Fitch Ratings assigns final ratings to the residential
mortgage-backed certificates to be issued by HOMES 2023-NQM2 Trust
(HOMES 2023-NQM2).

   Entity/Debt       Rating                   Prior
   -----------       ------                   -----
HOMES 2023-NQM2

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

TRANSACTION SUMMARY

The certificates are supported by 764 non-prime loans with a total
balance of approximately $330 million as of the cut-off date.

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to its updated view
on sustainable home prices, Fitch considers the home price values
of this pool as 5.6% 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. Home
prices rose 2.0% YOY nationally as of February 2023.

Non-QM Credit Quality (Negative): The collateral consists of 764
loans, totaling $330 million and seasoned approximately seven
months in aggregate. The borrowers have a moderate credit profile
(726 Fitch model FICO). The borrowers also have moderate leverage
with a 76.3% sustainable loan-to-value (sLTV) ratio and 72%
original combined LTV (cLTV). The pool consists of 55.6% of loans
where the borrower maintains a primary residence, while 41.2%
constitute an investor property. Additionally, 59% are
non-qualified mortgage (non-QM, or NQM), while the remainder are
generally not applicable to QM/Ability to Repay (ATR) rules.

Fitch's expected loss in the 'AAAsf' stress is 24.5%. This is
mostly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Approximately 96% of the loans in
the pool were underwritten to less than full documentation, and 47%
(by loan count) 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) ATR Rule (or the
Rule), which reduces the risk of borrower default arising from lack
of affordability, misrepresentation or other operational quality
risks due to rigor of the Rule's mandates with respect to the
underwriting and documentation of the borrower's ATR.

Fitch's treatment of alternative loan documentation increased the
'AAAsf' expected loss by 610bps relative to a fully documented
loan.

High Percentage of DSCR Loans (Negative): There are 364 debt
service coverage ratio (DSCR) products in the pool (46.6% by loan
count). These business-purpose loans are available to real estate
investors qualified on a cash flow basis, rather than
debt-to-income (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 ratio and treats
them as low documentation.

Fitch's expected loss for these loans is 32.6% in the 'AAAsf'
stress, which is driving the higher pool expected losses due to the
33.2% weighted average (WA) concentration. The WA DSCR is 1.11x.
2.55% have DSCR ratios less than 0.75x.

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

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

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

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). Starting with the payment date in June 2027, the senior
classes pay the lesser of a 100-bp increase to the fixed coupon or
the net WA coupon (WAC) rate. Fitch expects the senior classes to
be capped by the Net WAC. Additionally, beginning at issuance, the
unrated class B-3 interest allocation goes toward the senior cap
carryover amount for as long as the senior cap carryover amount is
greater than zero. This increases the P&I allocation for the senior
classes as long as class B-3 is not written down.

As additional analysis 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 benchmark scenario.

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 38.7% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


JAMESTOWN CLO V: Moody's Withdraws Ca Rating on $8MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn the following rating of
Jamestown CLO V Ltd.:

US$8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2027 (current tranche balance of $3,147,535.33) (the "Class F
Notes"), Withdrawn (sf); previously on October 2, 2020 Downgraded
to Ca (sf)

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.



JP MORGAN 2018-WPT: DBRS Confirms B(low) Rating on 2 Classes
------------------------------------------------------------
DBRS Limited confirmed its ratings on the following Commercial
Mortgage Pass-Through Certificates, Series 2018-WPT issued by J.P.
Morgan Chase Commercial Mortgage Securities Trust 2018-WPT:

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

DBRS Morningstar changed the trends on Classes D-FX, E-FX, F-FX,
G-FX, D-FL, E-FL, F-FL, G-FL, X-FL and XB-FX to Negative from
Stable to reflect declines in performance metrics compared with
DBRS Morningstar's expectations and elevated refinance risk for the
loan maturity in July 2023. The loan was transferred to the special
servicer with the May 2023 remittance; no servicer commentary has
been provided, but the transfer appears to be related to the
upcoming maturity. The trends on all other classes are Stable.

The collateral loan is secured by the fee and leasehold interests
in a portfolio of 147 properties, consisting of nearly 9.9 million
square feet (sf) of office and flex space with a loan balance of
$1.1 billion as of the April 2023 reporting, reflecting a 0.3%
collateral reduction since issuance. Built between 1972 and 2013,
the portfolio includes 88 office properties (6.5 million sf) and 59
flex buildings (3.4 million sf). Located across four states
(Pennsylvania, Florida, Minnesota, and Arizona), the collateral
encompasses five distinct metropolitan statistical areas (MSAs) and
more than 15 submarkets. The largest concentration of properties is
in the Philadelphia MSA, with 69 properties totaling 40.3% of the
allocated loan balance (ALB) at issuance, followed by the Tampa MSA
(34 properties; 16.5% of the ALB), the Minneapolis MSA (19
properties; 13.0% of the ALB), the Phoenix MSA (14 properties;
12.9% of the ALB), and the Southern Florida MSA (11 properties;
17.3% of the ALB). These properties are generally in dense suburban
markets that benefit from favorable accessibility and proximity to
their respective central business districts.

Property releases are permitted upon the following provisions: (1)
a prepayment of 115% of the original allocated loan amount (ALA)
and (2) a remaining portfolio loan-to-value ratio (LTV) equal to or
less than the issuance LTV or the LTV prior to the release.
Specific to the 155 Great Valley Parkway asset, there is a tenant
with a purchase option at a price that is greater than the release
price of 110% of the ALA.

The mortgage loan is split into (1) a floating-rate component of
approximately $255.0 million, with a two-year initial term and
three one-year extension options and (2) a five-year fixed-rate
loan totaling $1.02 billion, comprising the $850.0 million trust
balance and three companion loans totaling $170.0 million. The
companion loans are secured across three other DBRS
Morningstar-rated transactions, including BMARK 2018-B5, BMARK
2018-B6, and BMARK 2018-B7, as well as a fourth deal, BMARK
2018-B8, which was not rated by DBRS Morningstar.

According to the September 2022 financials, the annualized and
consolidated net cash flow (NCF) for the trailing nine months ended
September 30, 2022, was reported at $98.9 million (reflecting a
debt service coverage ratio (DSCR) of 1.48 times (x)), a 2.2%
decline from the YE2021 figure of $101.1 million (a DSCR of 1.57x)
and the DBRS Morningstar NCF of $101.2 million. The cash flow
decline was predominantly due to decreases in base rent and expense
reimbursements following a drop in occupancy since YE2021. The
servicer reporting reflects a September 2022 occupancy of 81.6%,
down from 84.1% at YE2021 and a continuation of a three-year
downward occupancy trend since 2019.

The high office concentration in the pool in addition to DBRS
Morningstar's cautious outlook for the office sector is a concern
for refinancing at loan maturity in July 2023. According to the
servicer, the previously noted plan by the borrower to release 68
properties for the purpose of refinancing has fallen through. DBRS
Morningstar notes that the sustained decline in cash flows and
limited options for borrowers looking to refinance loans backed by
office properties have significantly increased the risks for this
loan since last review. Given these stresses, DBRS Morningstar
updated the LTV sizing in the analysis for this review to reflect
an updated DBRS Morningstar value of $1.1 billion, based on the
8.8% cap rate used when ratings were assigned in 2020 and the
YE2022 NCF of $98.9 million. This value represents a 36.1% variance
from the issuance appraised value of $1.63 billion and is a decline
from the DBRS Morningstar value of $1.2 billion, derived in 2020
and based on a DBRS Morningstar NCF of $104.7 million. The updated
DBRS Morningstar value implies an LTV of 99.3% for the combined
floating- and fixed-rate portions of the loan, as compared with the
issuance LTV of 67.6%. The updated sizing suggested downward
pressure on the ratings at the bottom of the capital stack,
supporting the Negative trends on 10 classes as listed above.

The DBRS Morningstar ratings assigned to Classes E-FL, E-FX, F-FL,
F-FX, G-FL, and G-FX are higher than the results implied by the LTV
sizing benchmarks. These variances are warranted given uncertain
loan-level event risk with the loan's recent transfer to special
servicing and upcoming maturity; DBRS Morningstar notes that the
loan continues to perform above breakeven, with a relatively stable
occupancy rate overall. The trend on all 10 of the classes showing
these variances have Negative trends to reflect the downward
pressure resulting from the analysis with this review.

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


JPMBB COMMERCIAL 2014-C22: DBRS Confirms C Rating on 4 Classes
--------------------------------------------------------------
DBRS Limited confirmed all ratings of the Commercial Mortgage
Pass-Through Certificates, Series 2014-C22 issued by JPMBB
Commercial Mortgage Securities Trust 2014-C22 as follows:

-- Class A-3A1 at AAA (sf)
-- Class A-3A2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at A (high) (sf)
-- Class C at BB (high) (sf)
-- Class EC at BB (high) (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)
-- Class G at C (sf)

Classes D, E, F, and G are assigned ratings which typically do not
carry trends for commercial mortgage-backed security (CMBS)
ratings. All other trends are Stable. The liquidation scenarios
analyzed for four loans suggested losses will be incurred through
Class E, nearly eroding the full balance of that class and leaving
only a small amount of cushion for Class D. However, given the
Class D certificate has a total balance of $61.6 million, there is
a sizable buffer against loss for the BB (high) (sf)-rated Class C,
supporting the rating confirmation and Stable trend.

Overall, the rating confirmations and Stable trends reflect DBRS
Morningstar's loss expectations for the transaction, which remain
relatively unchanged from the last review. As of the April 2023
remittance, 64 of the original 76 loans remain in the pool, with an
aggregate principal balance of $905.3 million, reflecting a
collateral reduction of 20.3% since issuance as a result of loan
repayments and scheduled amortization. In addition, 31 loans,
representing 16.2% of the pool, are fully defeased. There are 15
loans, representing 28.7% of the pool, on the servicer's watchlist
and three loans, representing 5.4% of the pool, in special
servicing. Two specially serviced loans, 200 Newport Avenue
(Prospectus ID#21; representing 1.6% of the pool) and Junction
Plaza (Prospectus ID#73; representing 0.3% of the pool), are real
estate owned.

The majority of DBRS Morningstar's liquidated loss expectations for
this pool are the result of the outlook for the largest watchlisted
loan, Las Catalinas Mall (Prospectus ID#3; 8.3% of the pool). The
loan is secured by a 355,200-square foot (sf) portion of an
enclosed shopping mall in Caguas, Puerto Rico. The loan returned to
the master servicer in May 2021 as a corrected mortgage with the
maturity date extended to June 2026. Most notably, the loan
modification also contains a provision that provides the borrower a
discounted payoff option available in August 2023 to repay the loan
at a discounted amount of $72.5 million without any fee or
prepayment penalty. The most recent value reported by the special
servicer was as of August 2020, with the appraiser's as-is estimate
at $62.0 million and a stabilized value estimate of $77.5 million.

The property's occupancy rate has struggled following the loss of
one collateral anchor tenant, Kmart (previously 34.5% of the
collateral NRA), and one non-collateral anchor tenant, Sears.
According to the September 2022 reporting, the collateral portion
of the subject was 49.6% occupied, in line with previous years. The
annualized year-to-date net cash flow for the nine-month period
ended September 30, 2022, was $8.4 million and the debt service
coverage ratio was 1.85 times. The loan is pari passu, with the
$75.0 million A-1 note securitized in the subject transaction, and
the A-2 note securitized in JPMBB 2014-C23 (not rated by DBRS
Morningstar). Given the borrower's option to prepay the loan at a
significant discount in August of this year, DBRS Morningstar
assumed a liquidation scenario based on the August 2020 appraisal's
as-is value, which resulted in a loss severity of approximately
55.0%.

The largest specially serviced loan, 10333 Richmond (Prospectus
ID#7; 3.7% of the pool), is secured by a 218,600-sf office building
in Houston. The loan has been in special servicing since December
2017 following the loss of several tenants and the related cash
flow declines that created debt service shortfalls not funded by
the borrower. As of the September 2022 reporting, the property was
51.0% occupied, compared with 47.6% at YE2021. The servicer
commentary reported the foreclosure process had been initiated and
discussions to resolve the borrower's default and recourse
liability are ongoing. DBRS Morningstar liquidated the loan in its
analysis with a 15.0% haircut to the October 2022 value of $13.8
million, resulting in an implied loss severity exceeding 75.0%. The
liquidation scenario also considers outstanding and potential
future advances, with the haircut providing cushion against further
value decline amid the uncertainty for office property types.

The second-largest specially serviced loan, 200 Newport Avenue
(Prospectus ID#21; representing 1.6% of the pool), is secured by a
143,000-sf Class B office building approximately 6 miles south of
Boston, in Quincy, Massachusetts. The loan transferred to special
servicing in August 2022 for imminent default following the loss of
the former single tenant, State Street Bank, which vacated the
property at lease expiry in March 2021. The property was
foreclosed, and the trust now holds the title. DBRS Morningstar's
liquidation scenario considered a 15.0% haircut to the October 2022
value of $13.8 million, resulting in an implied loss severity
exceeding 30.0%. This liquidation scenario also considers
outstanding and expected future advances, with the 15% haircut to
the appraiser's value estimate to cushion against further value
volatility as the loan is resolved.

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



KREST COMMERCIAL 2021-CHIP: DBRS Confirms B Rating on F Debt
------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of KREST
Commercial Mortgage Securities Trust 2021-CHIP, Series 2021-CHIP,
as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations at issuance. The transaction is collateralized by the
fee-simple interest in HQ @ First, a 603,666-square-foot (sf), LEED
Gold-certified office campus in San Jose, California. The $408.0
million whole loan comprises of $230 million in senior debt and
$178.0 million in junior debt. The subject transaction of $267.0
million consists of $89.0 million of senior debt and the entire
junior debt. The 10-year, fixed-rate loan is interest-only (IO) and
is structured with an Anticipated Repayment Date of August 2031 and
a final maturity date of November 2034. The sponsor is KKR Real
Estate Select Trust Inc., a private real-estate investment trust
for individual investors sponsored by KKR & Co. Inc. and at
issuance, contributed $136.3 million of equity to facilitate the
acquisition of the subject at a purchase price of $535.0 million.

The property was designed and constructed in 2010 as a
built-to-suit for network equipment producer, Brocade
Communications Systems, which occupied the campus until its
acquisition by Broadcom, Inc. in 2017. In 2019, investment-grade
tenant, Micron Technology, Inc. (Micron) executed a 16-year lease
for 100% of the property to serve as its Silicon Valley
headquarters. The property benefits from long-term,
institutional-quality tenancy which results in a stable, long-term
cash flow stream with 3% annual contractual rent increases.
Micron's lease expires on December 31, 2034, and has two five-year
extension options at fair market rate as long as the tenant is not
in default under the lease. Micron leased the entire property with
the intention of growing into the space over time but has subleased
approximately 20.0% of the net rentable area to Zscaler until
September 2026, which uses the space as its headquarters. Zscaler's
sublease is structured with contractual expansion options in
October 2022 and October 2025.

As per a recent news article by Boise Dev published in February
2023, Micron plans to lay off about 7,200 employees worldwide,
which is approximately 15.0% of the workforce. It was noted that
the demand for semiconductor chips has been decreasing, which
lowered company earnings and subsequently led to cost cutting
efforts and potential layoffs that are expected to carry through
the end of the fiscal year 2023. DBRS Morningstar inquired whether
these layoffs are expected to reflect at the subject but no updates
were available at the time of this review. According to Reis,
office properties in the Airport/Milpitas submarket reported a Q1
2023 vacancy rate of 27.8%, with an asking rent of $35.61 per sf
(psf), compared with the Q1 2022 vacancy rate of 24.6% and asking
rent of $35.61 psf, which is relatively lower than Micron’s
rental rate of $42.62 psf for 2023.

Based on the most recent financials, the loan reported a trailing
nine months ended September 30, 2022, debt service coverage ratio
(DSCR) of 2.09 times (x), compared with the DBRS Morningstar DSCR
of 2.16x at issuance. The DBRS Morningstar net cash flow analysis
includes straight-lining of Micron's rent over the loan term given
its consideration as a long-term credit tenant.

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


LOANCORE 2021-CRE4: DBRS Confirms BB Rating on Class F Certs
------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2021-CRE4 issued by
LoanCore 2021-CRE4 Issuer Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the increased credit support to
the bonds as a result of successful loan repayment, resulting in a
collateral reduction of 33.7% since issuance. The increased credit
support to the bonds serves as a mitigant to potential adverse
selection in the transaction as four loans are secured by office
properties, representing 51.3% of the current trust loan balance.
As a result of complications initially arising from impacts of the
Coronavirus Disease (COVID-19) pandemic and the ongoing challenges
with leasing available space, the borrowers of these loans have
generally been unable to increase occupancy and rental rates to
initially projected levels, resulting in lower-than-expected cash
flows.

While all loans remain current, given the decline in desirability
for office product across tenants, investors, and lenders alike,
there is greater uncertainty regarding the borrowers' exit
strategies upon loan maturity. In the analysis for this review,
DBRS Morningstar evaluated these risks by stressing the current
property values for five loans, representing 59.9% of the current
trust balance, collateralized by both office and nonoffice property
types. The stressed loan-to-value (LTV) ratios ranged between
100.9% and 195.9% on an as-is basis. That analysis suggested the
rated bonds remain sufficiently insulated (relative to the
respective rating categories) against potential liquidated losses.
In conjunction with this press release, DBRS Morningstar has
published a Surveillance Performance Update report with in-depth
analysis and credit metrics for the transaction and with business
plan updates on select loans.

As of the April 2023 remittance, the trust reported an outstanding
balance of $398.0 million with 10 loans remaining in the trust. The
transaction is static and was structured with a 36-month
Replenishment Period that will expire with the January 2024 Payment
Date. Through this date, the collateral manager can acquire funded
loan participation interests into the trust. As of April 2023
reporting, the Replenishment Account had a balance of $13.8
million. Since the previous DBRS Morningstar rating action in
November 2022, there has been collateral reduction of $18.8 million
as a result of the successful repayment of one loan. The remaining
loans in the transaction beyond the office concentration noted
above include three loans secured by retail properties (22.8% of
the current trust loan balance), two loans secured by multifamily
properties (22.1% of the current trust loan balance), and one loan
secured by a mixed-use property (3.7% of the current trust loan
balance). The transaction's property type concentration has
remained relatively stable since July 2022 when 51.6% of the trust
loan balance was secured by office collateral, 20.7% of the trust
loan balance was secured by retail collateral, and 19.9% of the
trust loan balance was secured by multifamily collateral.

The remaining loans are primarily secured by properties in urban
and suburban markets. Four loans, representing 28.8% of the pool,
are secured by properties in urban markets, as defined by DBRS
Morningstar, with a DBRS Morningstar Market Rank of 6, 7, or 8. Six
loans, representing 71.2% of the pool, are secured by properties
with a DBRS Morningstar Market Rank of 3, 4, or 5, denoting a
suburban market. In comparison with the pool composition in July
2022, properties in urban markets represented 29.2% of the
collateral, and properties in suburban markets represented 70.8% of
the collateral. The location of the assets within urban markets
potentially serves as a mitigant to loan maturity risk, as urban
markets have historically shown greater liquidity and investor
demand.

Leverage across the pool has reportedly improved since issuance as
the current weighted-average (WA) as-is appraised value LTV ratio
is 77.2% with a current WA stabilized LTV ratio of 62.6%. In
comparison, these figures were 80.0% and 73.4%, respectively, at
issuance and 73.9% and 66.9%, respectively, as of July 2022. DBRS
Morningstar recognizes these values may be inflated as the
individual property appraisals were completed in 2020 and do not
reflect the current rising interest rate or widening capitalization
rate environments.

Through March 2023, the lender had advanced $57.3 million in loan
future funding to four of the remaining individual borrowers to aid
in property stabilization efforts. The largest loan advances
included $30.7 million to the borrower of the Horizon Sunnyvale
loan and $24.2 million to the borrower of the 15000 Aviation loan.
Future funding dollars for each borrower were provided to complete
capital improvement plans, fund leasing costs, and provide carry
reserves during the renovation program. The Horizon Sunnyvale loan
is secured by an office property in Sunnyvale, California, while
the 15000 Aviation loan is secured by an office property in
Hawthorne, California.

An additional $34.0 million of loan future funding allocated to
five individual borrowers remains available. The largest individual
allocation, $10.1 million, is allocated to the borrower of the One
Whitehall loan, which is secured by an office property in Lower
Manhattan, New York. The funds are available to primarily fund
accretive leasing costs with an additional $2.0 million allocated
for debt service shortfalls. Since loan closing in 2020, the
borrower has yet to request any advances from available future
funding dollars.

As of the April 2023 reporting, two loans were in special servicing
and three loans on the servicer's watchlist, representing 7.5% and
21.2% of the current trust balance, respectively. The 60 Tenth
Avenue loan (Prospectus ID#16; 3.7% of the current trust balance)
is secured by a single-story retail property in the Meat Packing
District of Manhattan. The loan has a current A note balance of
$46.0 million, with a $14.9 million piece in the trust. The loan
transferred to special servicing at the March 2023 maturity date
and is categorized as a matured nonperforming loan. At loan
closing, the borrower's business plan was to secure new long-term
leases at the property, but it has only been able to secure
short-term leases with tenants using the collateral as pop-up
space. The property is not cash flowing, and there are no extension
options. A recent request from the special servicer detailed a new
12-month tenant lease for 62.0% of the net rentable area, which
would provide $1.9 million of annual rental income. The revenue is
expected to cover operating expenses but not debt service. The loan
is sponsored by Savanna Real Estate Fund III, L.P., which is seen
as a mitigant given the sponsor's experience in the New York
market; however, according to the collateral manager, discussions
regarding the cure of the maturity default remain ongoing. At
issuance, the property had an in-place valuation of $80.0 million;
however, DBRS Morningstar believes the current market value of the
property has likely declined.

The other specially serviced loan, 1404-1408 3rd Street Promenade
(Prospectus ID#14; 3.5% of the current trust balance), is secured
by mixed-use property in Santa Monica, California. The loan
transferred to special servicing in December 2022 for maturity
default as the loan matured in September 2022 and the borrower's
takeout financing was delayed. The borrower's business plan was to
demolish the existing improvements and secure construction
financing to complete a redevelopment project. According to an
update from the collateral manager, the demolition was completed,
and the sponsor is expected to close on construction takeout
financing in the next 60 days. In conjunction with the multiple
executed loan extensions, the loan has been paid down by $3.5
million.

The largest loan on the servicer's watchlist, Horizon Sunnyvale
(Prospectus ID#4; 13.2% of the current trust balance), is secured
by an office property in Sunnyvale. The loan has been flagged for
its pending May 2023 maturity as well as prolonged low cash flow as
the property is only 1.0% occupied. The borrower's business plan
was to implement a significant $21.5 million capital improvement
plan and lease the property to stabilization. Although the
renovation plan was completed, the borrower has been unsuccessful
in securing new tenants. The loan has been modified twice
previously and has been paid down by $4.0 million. The loan has a
current balance of $52.5 million with an additional $7.0 million
available to fund leasing costs. The loan remains current and
according to the collateral manager, discussions regarding an
additional loan extension are ongoing. Any extension agreement is
expected to include fresh sponsor equity into the operating and
debt service reserve.

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


LOBEL AUTOMOBILE 2023-1: DBRS Finalizes BB Rating on Class D Notes
------------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes (the Notes) issued by Lobel Automobile Receivables
Trust 2023-1 (the Issuer or LOBEL 2023-1):

-- $116,690,000 Class A Notes at AA (sf)
-- $22,378,000 Class B Notes at A (sf)
-- $14,886,000 Class C Notes at BBB (sf)
-- $24,776,000 Class D Notes at BB (sf)

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

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

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

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms in which
they have invested. For this transaction, the ratings address the
payment of timely interest on a monthly basis and principal by the
legal final maturity date.

(2) The DBRS Morningstar CNL assumption is 18.00% based on the pool
composition.

(3) The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: April 2023 Update," published on April 28, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

(4) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

(5) The quality and consistency of historical static pool data for
Lobel originations since 2012.

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

Lobel is an indirect auto finance company focused primarily on
independent dealers. The company provides financing to subprime
borrowers who are unable to obtain financing through traditional
sources, such as banks, credit unions, and captive finance
companies.

The rating on the Class A Notes reflects 43.10% of initial hard
credit enhancement provided by the subordinated Notes in the pool,
the reserve account (1.50%), and overcollateralization (10.55%).
The ratings on the Class B, C, and D Notes reflect 31.90%, 24.45%,
and 12.05% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

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


MAGNETITE XXXVI: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Magnetite
XXXVI Ltd./Magnetite XXXVI 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 BlackRock Financial Management Inc.,
a subsidiary of BlackRock Inc.

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

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

-- The diversification of the collateral pool;

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

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

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

  Preliminary Ratings Assigned

  Magnetite XXXVI Ltd./Magnetite XXXVI LLC

  Class A, $288.000 million: Not rated
  Class B, $54.000 million: AA (sf)
  Class C (deferrable), $24.750 million: A (sf)
  Class D (deferrable), $28.125 million: BBB- (sf)
  Class E (deferrable), $14.625 million: BB- (sf)
  Subordinated notes, $42.600 million: Not rated



MARANON LOAN 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Maranon Loan
Funding 2023-1 Ltd.'s floating-rate debt.

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

The preliminary ratings are based on information as of May 26,
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

  Maranon Loan Funding 2023-1 Ltd./Maranon Loan Funding 2023-1 LLC

  Class A-N, $204.00 million: AAA (sf)
  Class A-L, $30.00 million: AAA (sf)
  Class B, $42.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A- (sf)
  Class D (deferrable), $20.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $53.80 million: Not rated



MFA 2023-NQM2: DBRS Finalizes B(high) Rating on Class B-2 Certs
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2023-NQM2 (the
Certificates) issued by MFA 2023-NQM2 Trust:

-- $230.0 million Class A-1 at AAA (sf)
-- $33.8 million Class A-2 at AA (high) (sf)
-- $44.9 million Class A-3 at A (high) (sf)
-- $20.4 million Class M-1 at BBB (high) (sf)
-- $15.4 million Class B-1 at BB (high) (sf)
-- $15.4 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 certificates reflects 38.10%
of credit enhancement provided by subordinate certificates. The AA
(high) (sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B
(high) (sf) ratings reflect 29.00%, 16.90%, 11.40%, 7.25%, and
3.10% of credit enhancement, respectively.

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime and nonprime primarily (97.2%)
first-lien residential mortgages funded by the issuance of the
Certificates. The Certificates are backed by 717 mortgage loans
with a total principal balance of $371,581,844 as of the Cut-Off
Date (March 31, 2023).

The pool is, on average, 11 months seasoned with loan age ranges
from two months to 66 months. The top two originators are Castle
Mortgage Corporation dba Excelerate Capital (48.8% of the pool) and
Citadel Servicing Corporation dba Acra Lending (44.5% of the pool).
The Servicers are Planet Home Lending, LLC (55.5% of the pool) and
Citadel Servicing Corporation (CSC; 44.5% of the pool). ServiceMac,
LLC will subservice all but four of the CSC-serviced mortgage loans
under a subservicing agreement.

Although the applicable mortgage loans were originated to satisfy
the Consumer Financial Protection Bureau's (CFPB) Ability-to-Repay
(ATR) rules, they were made to borrowers who generally do not
qualify for agency, government, or private-label nonagency prime
jumbo products for various reasons. In accordance with the QM/ATR
rules, 59.0% of the loans are designated as non-QM. Approximately
40.9% and 2.4% of the loans are made to investors for business
purposes and foreign nationals, respectively, which are not subject
to the QM/ATR rules.

In addition, second-lien mortgage loans make up 2.8% of the pool.
These 28 closed-end second-lien loans were originated by Fund Loans
and have lower CLTV (58.5%) and a higher average FICO (731) than
the pool weighted-average CLTV and FICO.

The Sponsor, directly or indirectly through a majority-owned
affiliate, will retain the Class XS and an eligible horizontal
interest consisting of some portion of the Class B-3 representing
at least 5% of the aggregate fair value of the Certificates to
satisfy the credit risk-retention requirements under Section 15G of
the Securities Exchange Act of 1934 and the regulations promulgated
thereunder. Additionally, the Sponsor will initially own the Class
M-1, Class B-1, Class B-2 and Class A-IO-S Certificates and the
portion of the Class B-3 Certificates not required to be held to
satisfy the U.S. credit risk retention rules.

On or after the earlier of (1) three years after the Closing Date
or (2) the date when the aggregate unpaid principal balance (UPB)
of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Depositor, at its option, may redeem all of the
outstanding Certificates at a price equal to the class balances of
the related Certificates plus accrued and unpaid interest,
including any Cap Carryover Amounts, any pre-closing deferred
amounts due to the Class XS Certificates, and other amounts
described in the transaction documents (optional redemption). After
such purchase, the Depositor must complete a qualified liquidation,
which requires (1) a complete liquidation of assets within the
trust and (2) proceeds to be distributed to the appropriate holders
of regular or residual interests.

On any date following the date on which the aggregate UPB of the
mortgage loans is less than or equal to 10% of the Cut-Off Date
balance, the Servicing Administrator will have the option to
terminate the transaction by purchasing all of the mortgage loans
and any real estate owned (REO) property from the issuer at a price
equal to the sum of the aggregate UPB of the mortgage loans (other
than any REO property) plus accrued interest thereon, the lesser of
the fair market value of any REO property and the stated principal
balance of the related loan, and any outstanding and unreimbursed
servicing advances, accrued and unpaid fees, and expenses that are
payable or reimbursable to the transaction parties, as described in
the transaction documents (optional termination). An optional
termination is conducted as a qualified liquidation.

For this transaction, the Servicers will not fund advances of
delinquent principal and interest (P&I) on any mortgage. However,
the Servicers are obligated to make advances in respect of taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing of properties (servicing advances).

Of note, if a Servicer defers or capitalizes the repayment of any
amounts owed by a borrower in connection with the borrower's loan
modification, the Servicer is entitled to reimburse itself from the
excess servicing fee (applicable to the loans serviced by such
Servicer), first, and from principal collections, second, for any
previously made and unreimbursed servicing advances related to the
capitalized amount at the time of such modification.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior tranches subject
to certain performance triggers related to cumulative losses or
delinquencies exceeding a specified threshold (Trigger Event).
Principal proceeds can be used to cover interest shortfalls on the
Class A-1, A-2, and A-3 Certificates before being applied
sequentially to senior and subordinate Certificates. For the Class
A-3 Certificates (only after a Trigger Event) and more subordinate
Certificates, principal proceeds can be used to cover interest
shortfalls after the more senior Certificates are paid in full.
Also, the excess spread can be used to cover realized losses by
reducing the balance of the Class A Certificates and then,
sequentially, of the other Certificates, before being allocated to
unpaid Cap Carryover Amounts due to Class A-1 down to Class A-3.
Class B-1 and Class B-2 are principal-only certificates and are not
entitled to distributions of interest on any distribution date and
do not have pass-through rates.

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


MORGAN STANLEY 2015-UBS8: DBRS Confirms C Rating on 3 Classes
-------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-UBS8 issued by
Morgan Stanley Capital I Trust 2015-UBS8 as follows:

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

DBRS Morningstar changed the trends on Classes E and X-D to Stable
from Negative. All other Classes have Stable trends, with the
exception of Classes F, G, and H, which have ratings that do not
typically carry a trend in commercial mortgage-backed securities
(CMBS) ratings.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations. The C (sf) rating on Classes F, G, and H reflects the
loss expectations for the specially serviced loans in the pool,
which are discussed in detail below. Since last review, the
Radisson – Buena Park (Prospectus ID#11), which was previously in
special servicing, has repaid from the trust in full, with no loss
to the trust. In terms of the pool concentration, loans backed by
retail properties represented approximately 44.0% of the pool,
including three (25.0% of the pool) of the top five loans. Office
concentration is relatively low, representing 12.5% of the pool. In
general, the office sector has been challenged, given the low
investor appetite for the property type and high vacancy rates in
many submarkets given the shift in workplace dynamics. In the
analysis for this review, loans backed by office and other
properties that were showing declines from issuance or otherwise
exhibiting increased risks from issuance were analyzed with
stressed scenarios to increase expected losses as applicable. The
credit risk profile of the loans of concern are reflected in the C
(sf) ratings, while the overall performance of the remaining loans
is generally healthy, thereby supporting the trend change on
Classes E and X-D from Negative to Stable.

As per the April 2023 remittance, 55 of the original 57 loans
remain in the pool, representing a collateral reduction of 13.3%
since issuance. Ten loans, representing 13.9% of the pool, are
fully defeased. Five loans, representing 7.7% of the pool, are in
special servicing. In addition, thirteen loans, representing 30.6%
of the pool, are on the servicer's watchlist, and are being
monitored for low occupancy rates, cashflows, and debt service
coverage ratios (DSCR).

The largest loan in special servicing, Mall de las Aguilas
(Prospectus ID#6; 3.2% of the pool balance), is secured by a
350,000-square foot (sf) portion of a 450,000-sf regional mall in
Eagle Pass, Texas, which is on the United States–Mexico border.
The loan transferred to special servicing in June 2020 because of
challenges arising from the pandemic-related closure of the border,
and the property became real estate owned in July 2021. The
servicer will attempt to stabilize the property before marketing it
for sale. According to the financials for the trailing nine months
ended September 30, 2022, the collateral's occupancy rate was 73.1%
with a DSCR of 0.71 times (x), compared with the YE2021 occupancy
rate of 68.5% and DSCR of 1.05x. The mall is anchored by JCPenney
(18.0% of the net rentable area (NRA)), which recently extended its
lease to May 2024 from November 2022 and is paying an annual rental
rate of $3.11 per square foot (psf) compared with the previous rate
of $3.85 psf. The property is also anchored by a noncollateral
Burlington. Given the sustained low performance and the significant
value decline from issuance, DBRS Morningstar analyzed this loan
with a liquidation scenario, resulting in a loss severity in excess
of 75.0%.

The largest loan on the servicer's watchlist, 525 Seventh Avenue
(Prospectus ID#1; 9.6% of the pool balance), is secured by a
23-story 505,273-sf office building in Midtown Manhattan. The loan
was added to the watchlist in February 2022 because of a decline in
net cash flow (NCF). According to the most recent financials, the
annualized NCF for the trailing nine months ended September 30,
2022, was reported at $12.0 million (reflecting a DSCR of 1.17x),
unchanged from the YE2021 figure and below the issuance figure of
$16.6 million (a DSCR of 1.75x). As of September 2022, the property
occupancy rate of 86.0% was slightly higher than the YE2021 figure
of 85.0% but below the 96.0% occupancy rate at issuance.

Per the leasing update, two of the top five tenants, representing
9.3% of the NRA, had lease expirations scheduled through to YE2023,
including Beyond Inc. (5.7% of NRA, lease expires in May 2023) and
B&J Fabrics Inc. (3.6% of NRA, lease expired in March 2023);
however, according to the servicer, Beyond Inc. extended its lease
for an additional 10-year term and expanded into the 20th floor,
while B&J Fabrics Inc. extended its lease for an additional eight
years. The servicer also confirmed the lease renewal of 10 other
tenants (6.2% of NRA) for at least three additional years. Although
the leasing traction at the subject is a positive development,
given the decline in performance from issuance, DBRS Morningstar
took a conservative approach in its review and applied a stressed
loan-to-value ratio, resulting in an expected loss that was
approximately 45.0% above the weighted-average expected loss for
the pool.

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


MORGAN STANLEY 2019-PLND: DBRS Cuts Class G Rating to C
-------------------------------------------------------
DBRS Limited downgraded its ratings on two classes of the
Commercial Mortgage Pass-Through Certificates, Series 2019-PLND
issued by Morgan Stanley Capital I Trust 2019-PLND as follows:

-- Class F to B (high) (sf) from BB (low) (sf)
-- Class G to C (sf) from B (low) (sf)

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

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

The trend on Class F remains Negative, while the trend on Class E
was changed to Stable from Negative with this review. All other
trends are Stable with the exception of G, which now has a rating
that generally does not carry a trend in commercial mortgage-backed
securities (CMBS).

The transaction is secured by a $240.0 million first-lien mortgage
loan on two Hilton-branded full-service hotels located on adjacent
city blocks in Portland, Oregon. The Hilton Portland Downtown
(Hilton Downtown) and The Duniway Portland (the Duniway) are
situated near the corner of SW Taylor Street and SW 6th Avenue in
Portland's downtown core. The two hotels, combined, contain 782
rooms, approximately 63,000 square feet of meeting space, and three
food and beverage outlets. The rating downgrades on Classes F and G
are reflective of the increased loss expectations for the loan,
which is in special servicing. Since the last rating action in June
2022, the loan's total exposure has grown by $28.7 million given an
increase in outstanding advances. The Negative trend on Class F
reflects uncertainty in the ability to secure a buyer for the
properties in the current environment, which could lead to a
lengthy disposition timeline and increased expenses to the trust.

The loan initially transferred to the special servicer for monetary
default in June 2020, and, since that time, the loan has passed its
initial maturity date of May 2021, was foreclosed in January 2023,
and is now real estate owned. The loan was previously sponsored by
Brookfield Asset Management Inc.

At issuance, the portfolio's combined value was $340.6 million. The
most recent appraisals, dated June 2022, place the combined value
of both properties at $297.7 million. Although the most recent
value remains above the total trust amount, the appraised value is
somewhat inflated given the loan has outstanding principal and
interest (P&I) advances totaling $28.7 million, as of the April
2023 remittance. DBRS Morningstar's approach included an
recoverability analysis, which is based on a stress to the most
recent appraised value and implies a liquidated value per room of a
little over $300,000.

For the trailing 12-month (T-12) period ended February 2023, STR
reported that occupancy, average daily rate, and revenue per
available room (RevPAR) were 48.5%, $173.66, and $84.24,
respectively, for the Hilton Downtown, and 49.3%, $182.54, and
$90.04, respectively, for the Duniway. For the same T-12 period,
the two properties achieved RevPAR penetrations of 103.4% and
96.8%, relative to their competitive sets. Both properties
exhibited improvements across all or some of these metrics from the
prior year.

As of YE2022, the portfolio reported a debt service coverage ratio
(DSCR) of 0.46 times (x), up from the YE2021 and YE2020 figures of
-0.06x and -0.28x, respectively. Net cash flow (NCF) for YE2022
increased to $8.6 million as compared with negative figures in 2021
and 2020. The loan is structured with an adjustable rate, which has
increased the debt service amount to $18.6 million at YE2022 from
the $12.2 million at issuance.

The value decline, combined with expectations for a delayed
disposition timeline in a saturated market with tightened access to
liquidity, constrain the mitigation provided by the portfolio’s
improvements in occupancy and cash flow. DBRS Morningstar projects
expenses to the trust will increase, and the current valuation
suggests degradation of credit support for the junior-most rated
bonds.

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




MOSAIC SOLAR 2023-3: Fitch Gives Final BB-sf Rating on Cl. D Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to notes issued by Mosaic
Solar Loan Trust 2023-3 (Mosaic 2023-3).

   Entity/Debt      Rating                   Prior
   -----------      ------                   -----
Mosaic Solar
Loan Trust
2023-3

   A            LT AA-sf  New Rating    AA-(EXP)sf
   B            LT A-sf   New Rating    A-(EXP)sf
   C            LT BBB-sf New Rating    BBB-(EXP)sf
   D            LT BB-sf  New Rating    BB-(EXP)sf

TRANSACTION SUMMARY

Fitch rates the Mosaic 2023-3 class A, B, C and D notes as listed.
This is a securitization of consumer loans backed by residential
solar equipment. All the loans were originated by Solar Mosaic, LLC
(Mosaic), one of the oldest established solar lenders in the U.S.;
it has originated solar loans since 2014.

KEY RATING DRIVERS

Limited History Determines 'AAsf' Cap: Residential solar loans in
the U.S. typically have long terms, many of which are 25 years (and
for a small portion, 30 years). For Mosaic, more than eight years
of performance data are available, which compares favorably with
the other solar ABS that Fitch currently rates, and the solar
industry at large. 2023-3 is the first Mosaic deal that contains
assets whose payments are deferred for up to six months (7.5% of
the closing portfolio as of April 30 cut-off date). These assets
are originated under more stringent criteria, but default data is
not yet available for them.

Extrapolated Asset Assumptions: Fitch considered both
originator-wide data and previous Mosaic transactions to set a
lifetime default expectation of 8.3%. Fitch has also assumed a 30%
base case recovery rate. Fitch's rating default rates (RDRs) for
'AA-sf', 'A-sf', 'BBB-sf' and 'BB-sf' are, respectively, 33.5%,
24.9%, 17.8% and 12.6%; Fitch's rating recovery rates (RRRs) are
19%, 21.8%, 24.0% and 26.0%, respectively. Fitch considered the
deferred assets' impact on expected default rates, but found the
limited exposure to have negligible impact. Additionally, the
transaction incorporates two prefunding periods where new loans can
be added; Fitch considers the eligibility criteria sufficient to
ensure that the credit quality of the subsequent loans remains in
line with or better than the initial portfolio, hence not affecting
Fitch assumptions.

Target OC and Amortization Trigger: Class A and B notes will
amortize based on target overcollateralization (OC) percentages.
The target OC is 100% of the outstanding adjusted balance for the
first 16 months, ensuring that there is no leakage of funds
initially, irrespective of the collateral performance; then it
falls to 24.5%. Should the escalating cumulative loss trigger be
breached, the payment waterfall will switch to turbo sequential,
deferring any interest payments for class C and D, and, thus,
accelerating the senior note deleveraging. The repayment timing of
classes C and D is highly sensitive to the timing of a trigger
breach.

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

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

RATING SENSITIVITIES

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

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

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

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

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

-50%: 'AA-'/'A-'/'BBB-'/'BB-'.

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

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

+25%: 'A+'/'A-'/'BBB-'/'BB-';

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

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

-10%: 'AA-'/'A-'/'BBB-'/'BB-';

-25%: 'AA-'/'A-'/'BBB-'/'BB-';

-50%: 'AA-'/'A-'/'BBB-'/'BB-'.

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

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

+25% / -25%: 'A+'/'A-'/'BBB-'/'BB-';

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

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

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

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

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

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

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

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

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

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

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

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

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

+50%: 'AA+'/'AA'/'A'/'BBB+'.

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

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

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

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

CRITERIA VARIATION

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

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

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 Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on comparing or re-computing certain
information with respect to 150 relevant loan contracts. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


NYT 2019-NYT: Fitch Affirms BB-sf Rating on F Certs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed seven classes of NYT 2019-NYT Mortgage
Trust Commercial Mortgage Pass-Through Certificates. The Rating
Outlooks remain Stable.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
NYT 2019-NYT

   A 62954PAA8       LT AAAsf  Affirmed    AAAsf
   B 62954PAG5       LT AA-sf  Affirmed    AA-sf
   C 62954PAJ9       LT A-sf   Affirmed    A-sf
   D 62954PAL4       LT BBB-sf Affirmed    BBB-sf
   E 62954PAN0       LT BB-sf  Affirmed    BB-sf
   F 62954PAQ3       LT BB-sf  Affirmed    BB-sf
   X-EXT 62954PAE0   LT BBB-sf Affirmed    BBB-sf

KEY RATING DRIVERS

Stable Performance: The affirmations and Stable Outlooks reflect
the performance of the property, high asset quality and experienced
sponsorship. Occupancy for the collateral has improved to 98.5% as
of the April 2023 rent roll, higher than 90.6% as of June 2022 due
to Datadog backfilling vacated Osler Hoskin (8.6% of NRA) and
Goodwin Proctor (8.5% of NRA) spaces. The most recent
servicer-reported YE 2022 net cash flow (NCF) debt service coverage
ratio (DSCR) was 2.61x as compared to 4.56x at YE 2021 for the
interest-only (IO) loan. The sponsor has two one-year extension
options remaining.

Largest tenant, Clearbridge (27.2% of NRA), and Goodwin Procter
(8.5%) have indicated intentions to vacate at their respective
lease expirations. A new lease has been signed with Datadog for 45%
of the NRA, which is a direct lease and an expansion of existing
sublease space. Datadog will occupy the vacated Clearbridge,
Goodwin Procter, and Osler Hoskin floors, taking possession of
space in phases as existing tenants vacate. The weighted average
base rent of the new lease with Datadog is within 3% of the
in-place rent of the departing tenants. In addition, the sponsor
will be contributing significant tenant improvement funds toward
the buildout of space for Datadog.

Collateral Quality: The collateral represents 738,385 sf, comprised
of 709,678 sf of office, 23,044 sf of ground floor retail, and
5,663 sf of storage/other space, of the 1.3 million sf New York
Times Building located at 242 W. 41st Street in New York. The
collateral office space includes 23 office condominium units
spanning floors 28 through 52. Fitch assigned the property a
quality grade of 'A-' at issuance. The property was completed in
2007 incorporating various environmentally sustainable features
promoting increased energy efficiency while more than 80% of the
submarket's inventory was constructed prior to 2000.

Accessible Location: The subject occupies the entire block along
Eighth Avenue in between West 40th and West 41st Streets in the
Times Square neighborhood of the New York CBD. The collateral
features immediate access to public transportation, with the Port
Authority Bus Terminal located directly across the street, and the
Times Square subway station within a five-minute walk.

Institutional Sponsorship: The sponsors of the loan are owned by
affiliates of Brookfield Property Partners, a global leader in real
estate investment and management. Brookfield Property Partners is a
publicly listed (NYSE: BPY) real estate company of Brookfield Asset
Management. BPY's portfolio includes an ownership interest in
approximately 132 office properties totaling 92 million sf and 109
retail properties totaling 110 million sf.

Loan Structure: The mortgage is $515.0 million, represented by the
interests in four promissory notes, which, together with four
junior promissory notes that are not included in the trust,
evidence a two-year (with five, one-year extension options),
floating-rate, whole loan secured by a first-lien mortgage on the
leasehold interest of the borrower. The loan is IO for the entire
term. The initial maturity date was Dec. 9, 2020; however, the
borrower has exercised their third 12-month extension option
through December 2023. The sponsor has two one-year extension
options remaining.

High Aggregate Leverage: The $515.0 million mortgage loan has a
Fitch DSCR and loan-to-value (LTV) of 1.01x and 87.50,
respectively, and debt of $697 psf. The total debt package includes
a $120.0 million B-note and $115.0 million mezzanine loan,
resulting in a total debt Fitch DSCR and LTV of 0.70x and 126.7%,
respectively.

Full-Term, Interest-Only Loan: The loan is IO for the entire
seven-year, fully extended loan term.

RATING SENSITIVITIES

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

A downgrade to classes A and B is not considered likely due to the
position in the capital structure, but may occur should interest
shortfalls occur. A downgrade to classes C and D is possible if
there is a material and sustained decline in the property's
occupancy or cash flow. Classes E and F may be downgraded with
material declines in property performance and valuation.

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

Upgrades to the investment-grade classes are possible should
performance of the underlying property improve significantly. The
lower tranches are less likely to be upgraded, even with improved
performance, given the single-property exposure and concentration
risk. Classes would not be upgraded beyond 'Asf' if there is any
likelihood of interest shortfalls. Defeasance and paydown would not
play a role in contemplated an upgrade, given the single-borrower
and non-amortizing nature of the securitized 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.


OBX TRUST 2023-INV1: Fitch Gives BB(EXP) Rating to Class B-4 Certs
------------------------------------------------------------------
Fitch Ratings issued a correction of a release on OBX 2023-INV1
Trust originally published on May 3, 2023.  Fitch has corrected the
rating for class B-4 to 'BB(EXP)sf' from 'BBB(EXP)sf' due to an
analytical input error.

The amended release is as follows:

Fitch Ratings has assigned expected ratings to OBX 2023-INV1
Trust.

   Entity/Debt      Rating        
   -----------      ------        
OBX 2023-INV1
Trust

   A-1          LT AAA(EXP)sf  Expected Rating
   A-2          LT AAA(EXP)sf  Expected Rating
   A-3          LT AAA(EXP)sf  Expected Rating
   A-4          LT AAA(EXP)sf  Expected Rating
   A-5          LT AAA(EXP)sf  Expected Rating
   A-6          LT AAA(EXP)sf  Expected Rating
   A-7          LT AAA(EXP)sf  Expected Rating
   A-8          LT AAA(EXP)sf  Expected Rating
   A-9          LT AAA(EXP)sf  Expected Rating
   A-10         LT AAA(EXP)sf  Expected Rating
   A-11         LT AAA(EXP)sf  Expected Rating
   A-12         LT AAA(EXP)sf  Expected Rating
   A-13         LT AA+(EXP)sf  Expected Rating
   A-14         LT AA+(EXP)sf  Expected Rating
   A-15         LT AA+(EXP)sf  Expected Rating
   A-16         LT AA+(EXP)sf  Expected Rating
   A-IO1        LT AA+(EXP)sf  Expected Rating
   A-IO2        LT AAA(EXP)sf  Expected Rating
   A-IO4        LT AAA(EXP)sf  Expected Rating
   A-IO6        LT AAA(EXP)sf  Expected Rating
   A-IO8        LT AAA(EXP)sf  Expected Rating
   A-IO10       LT AAA(EXP)sf  Expected Rating
   A-IO12       LT AAA(EXP)sf  Expected Rating
   A-IO14       LT AA+(EXP)sf  Expected Rating
   A-IO16       LT AA+(EXP)sf  Expected Rating
   B-1A         LT AA(EXP)sf   Expected Rating
   B-1          LT AA(EXP)sf   Expected Rating
   B-IO1        LT AA(EXP)sf   Expected Rating
   B-2A         LT A(EXP)sf    Expected Rating
   B-2          LT A(EXP)sf    Expected Rating
   B-IO2        LT A(EXP)sf    Expected Rating
   B-3A         LT BBB(EXP)sf  Expected Rating
   B-3          LT BBB(EXP)sf  Expected Rating
   B-IO3        LT BBB(EXP)sf  Expected Rating
   B-4          LT BB(EXP)sf   Expected Rating
   B-5          LT B(EXP)sf    Expected Rating
   B-6          LT NR(EXP)sf   Expected Rating
   A-1-A        LT AAA(EXP)sf  Expected Rating
   A-2-A        LT AAA(EXP)sf  Expected Rating
   R            LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed notes issued
by OBX 2023-INV1 Trust (OBX 2023-INV1), as indicated above. The
notes are supported by 910 fixed-rate, first lien conforming
mortgage loans underwritten through Fannie Mae and Freddie Mac's
automated underwriting systems (AUS), primarily investment
properties and one second home.

The collateral pool has a total balance of approximately $315
million as of the cutoff date. The loans were originated by
loanDepot.com LLC (loanDepot) and were subsequently acquired by an
affiliate of the Rep and Warranty Provider (MFA Financial, Inc.)
and then sold to Bank of America National Association (BANA) prior
to the closing date. On the closing date, Onslow Bay Financial LLC,
the seller, will purchase the Mortgage Loans from BANA.

Distributions of P&I and loss allocations are based on a
traditional senior subordinate, shifting interest structure.
LoanDepot is the named servicer and will be responsible for making
full advances in respect of delinquent P&I for the life of the
transaction, with Computershare Trust Company, N.A (Computershare),
as master servicer.

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 7.8% 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.

Prime Credit Quality (Positive): The collateral consists of 15-year
and 30-year fixed-rate, first lien, conforming loans, underwritten
through Fannie Mae and Freddie Mac's AUS. All loans were
underwritten using a GSE AUS and were treated as full documentation
in Fitch's analysis. The loans are seasoned approximated 21 months,
as calculated by Fitch, and roughly 67.4% were originated through a
retail channel. The borrowers have a strong credit profile (768
FICO and 34% debt to income [DTI]) and low leverage (58% sLTV).

Non-Owner-Occupied and Multi-Family Loans (Negative): The pool
consists of 99.9% investor properties. All loans were underwritten
to the borrower's credit risk, unlike investor cash flow loans,
which are underwritten to the property's income. Single-family
homes account for 65.8% of the pool, condos account for 14.5%, and
multifamily homes make up the remaining 19.7%. Fitch views investor
property multifamily homes as riskier than owner-occupied
single-family homes as rental property owners who rely on income
from rent to repay the mortgage are exposed to risks, such as a
high vacancy rate. To account for the additional risk, Fitch
adjusts the PD upwards by 35% from the baseline for multifamily
homes. Additionally, there were eight loans (0.65% by UPB) made to
foreign national borrowers.

For the loss analysis of this pool, Fitch used a customized version
of the U.S. RMBS Loan Loss model that has a 1.25x PD penalty for
agency investor loans. The 1.25x PD penalty was applied to 100% of
the loans in the pool, as all loans were underwritten using a GSE
AUS. Post-crisis performance indicates that loans underwritten to
Fannie Mae's Desktop Underwriter (DU) and Freddie Mac's Loan
Product Advisor (LPA) guidelines have relatively lower default
rates compared to normal investor loans used in regression data
with all other attributes controlled. The implied penalty has been
reduced to approximately 25% for agency eligible investor loans in
the customized model from approximately 55% for regular investor
loans in the production model.

Shifting Interest Structure with Full Servicer Advancing (Mixed):
The mortgage cash flow and loss allocations are based on a
senior-subordinate, shifting-interest structure, whereby the
subordinate classes receive only scheduled principal and are locked
out from receiving unscheduled principal or prepayments for five
years. The lockout feature helps maintain subordination for a
longer period should losses occur later in the life of the deal.
The applicable credit support percentage feature redirects
subordinate principal to classes of higher seniority if specified
CE levels are not maintained. Due to the leakage to the subordinate
bonds the shifting interest structure requires more credit
enhancement.

The servicer will provide full advancing for the life of the
transaction. Although full P&I advancing will provide liquidity to
the certificates, it will also increase the loan-level loss
severity (LS) since the servicer looks to recoup P&I advances from
liquidation proceeds, which results in less recoveries.
Computershare, as master servicer, will advance if the servicer
fails to do so.

Subordination Floor (Positive): A CE or senior subordination floor
of 1.00% has been considered in order to mitigate potential
tail-end risk and loss exposure for senior tranches as pool size
declines and performance volatility increases due to adverse loan
selection and small loan count concentration. Also, a junior
subordination floor of 0.70% will be maintained to mitigate tail
risk, which arises as the pool seasons and fewer loans are
outstanding. Additionally, the stepdown tests do not allow
principal prepayments to subordinate bondholders in the first five
years following deal closing.

RATING SENSITIVITIES

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

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 40.0% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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'.

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.


PICO INDUSTRIES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: PICO Industries, Inc.
        PO Box 83865
        Gaithersburg, MD 20883

Business Description: PICO Industries offers ornamental railings
                      and stairs for the residential and
                      commercial markets in and around Washington.

                      PICO offers substantial expertise in
                      engineering, fabrication, and erection.

Chapter 11 Petition Date: June 1, 2023

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 23-13867

Debtor's Counsel: Michael Coyle, Esq.
                  THE COYLE LAW GROUP LLC
                  7061 Deepage Drive
                  Suite 101-B
                  Columbia, MD 21045
                  Tel: 410-884-3180
                  Email: mcoyle@thecoylelawgroup.com

Total Assets: $336,247

Total Liabilities: $3,687,097

The petition was signed by Stephen Levin as director.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/GBA2Y6Q/PICO_Industries_Inc__mdbke-23-13867__0001.0.pdf?mcid=tGE4TAMA


PRESTIGE AUTO 2023-1: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of notes issued by Prestige Auto Receivables Trust 2023-1
(PART 2023-1 or the Issuer):

-- $41,100,000 Class A-1 Notes at R-1 (high) (sf)
-- $90,160,000 Class A-2 Notes at AAA (sf)
-- $43,590,000 Class B Notes at AA (high) (sf)
-- $40,950,000 Class C Notes at A (high) (sf)
-- $32,030,000 Class D Notes at BBB (high) (sf)
-- $34,230,000 Class E Notes at BB (sf)

DBRS Morningstar upgraded its rating on Class B to AA (high) (sf)
from its provisional rating of AA (sf), upgraded its rating on
Class C to A (high) (sf) from its provisional rating of A (sf), and
also upgraded its rating on Class D to BBB (high) (sf) from its
provisional rating of BBB (sf) because of the additional credit
enhancement from lower final pricing coupons compared with the
estimated provisional coupons provided for its assignment of
provisional ratings.

RATING RATIONALE/DESCRIPTION

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

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

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

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested. For this transaction, the ratings address the
timely payment of interest on a monthly basis and the payment of
principal by the Legal Final Maturity Date.

(2) The transaction parties' capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar has performed an operational review of
Prestige Financial Services, Inc. (Prestige or the Company) and
considers the entity to be an acceptable originator and servicer of
subprime auto receivables. Additionally, the transaction has an
acceptable backup servicer.

-- The Company's management team has extensive experience. The
Company has been lending to the subprime auto sector since 1994 and
has considerable experience lending to Chapter 7 and 13 obligors.

(3) The credit quality of the collateral and performance of
Prestige's auto loan portfolio.

-- Prestige shared vintage CNL data with DBRS Morningstar broken
down by credit tier, payment-to-income ratio, and other buckets.

-- The Company continues to evaluate and adjust its underwriting
standards as necessary to target and maintain the credit quality of
its loan portfolio.

-- The DBRS Morningstar rating category loss multiples for each
rating assigned are within the published criteria.

(4) The DBRS Morningstar CNL assumption is 17.00% based on the
cutoff date pool composition.

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns – April 2023 Update," published on April 28,
2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

(5) The legal structure and presence of legal opinions that address
the true sale of the assets to the Issuer, the non-consolidation of
the special-purpose vehicle with Prestige, and that the Trust has a
valid first-priority security interest in the assets (consistent
with the DBRS Morningstar Legal Criteria for U.S. Structured
Finance).

The ratings on the Class A-1 and Class A-2 Notes reflect 59.00% of
initial hard credit enhancement provided by subordinated notes in
the pool (48.25%), the reserve account (1.00%), and OC (9.75%). The
ratings on the Class B, Class C, Class D, and Class E Notes reflect
45.05%, 31.95%, 21.70%, and 10.75% of initial hard credit
enhancement, respectively. Additional credit support may be
provided from excess spread available in the structure.

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


RASC TRUST: Moody's Hikes $102MM of US RMBS Issued 2004-2005
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 19 bonds from
nine US residential mortgage-backed transactions (RMBS) issued by
RASC, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: RASC Series 2004-KS10 Trust

Cl. M-2, Upgraded to Aa3 (sf); previously on May 31, 2019 Upgraded
to A2 (sf)

Cl. M-3, Upgraded to Baa2 (sf); previously on May 31, 2019 Upgraded
to Ba1 (sf)

Issuer: RASC Series 2004-KS5 Trust

Cl. A-I-5, Upgraded to Aa3 (sf); previously on Jan 23, 2019
Upgraded to A2 (sf)

Cl. A-I-6, Upgraded to Aa2 (sf); previously on Jan 23, 2019
Upgraded to A1 (sf)

Issuer: RASC Series 2004-KS8 Trust

Cl. M-I-2, Upgraded to A3 (sf); previously on Mar 18, 2020 Upgraded
to Baa2 (sf)

Issuer: RASC Series 2005-AHL2 Trust

Cl. M-2, Upgraded to A3 (sf); previously on Jun 11, 2018 Upgraded
to Baa2 (sf)

Issuer: RASC Series 2005-EMX1 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Feb 24, 2020 Upgraded
to Aa2 (sf)

Cl. M-2, Upgraded to Baa1 (sf); previously on Feb 24, 2020 Upgraded
to Ba1 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Jun 21, 2019 Upgraded
to Caa2 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010
Downgraded to C (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded
to C (sf)

Issuer: RASC Series 2005-EMX4 Trust

Cl. M-3, Upgraded to A1 (sf); previously on Mar 18, 2020 Upgraded
to Baa1 (sf)

Issuer: RASC Series 2005-KS1 Trust

Cl. M-2, Upgraded to A2 (sf); previously on Mar 27, 2018 Upgraded
to Baa1 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Mar 27, 2018 Upgraded
to B3 (sf)

Issuer: RASC Series 2005-KS10 Trust

Cl. M-2, Upgraded to Aaa (sf); previously on Dec 20, 2018 Upgraded
to Aa1 (sf)

Cl. M-3, Upgraded to Baa1 (sf); previously on Dec 19, 2019 Upgraded
to Ba1 (sf)

Issuer: RASC Series 2005-KS3 Trust

Cl. M-6, Upgraded to Aa3 (sf); previously on Jun 21, 2019 Upgraded
to A3 (sf)

Cl. M-7, Upgraded to Baa1 (sf); previously on Jun 21, 2019 Upgraded
to Ba1 (sf)

Cl. M-8, Upgraded to Caa3 (sf); previously on Mar 5, 2013 Affirmed
C (sf)

RATINGS RATIONALE

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

Principal Methodologies

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

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

Up

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

Down

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

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


SALUDA GRADE 2023-SEQ3: Fitch Gives Final 'B-' Rating on B2 Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Saluda Grade
Alternative Mortgage Trust 2023-SEQ3 (GRADE 2023-SEQ3).

   Entity/Debt       Rating                   Prior
   -----------       ------                   -----
Saluda Grade
Alternative
Mortgage Trust
2023-SEQ3

   A1            LT AAAsf  New Rating    AAA(EXP)sf
   A2            LT AA-sf  New Rating    AA-(EXP)sf
   A3            LT A-sf   New Rating    A-(EXP)sf
   M1            LT BBB-sf New Rating    BBB-(EXP)sf
   B1            LT BB-sf  New Rating    BB-(EXP)sf
   B2            LT B-sf   New Rating    B-(EXP)sf
   B3            LT NRsf   New Rating    NR(EXP)sf
   AIOS          LT NRsf   New Rating    NR(EXP)sf
   G             LT NRsf   New Rating    NR(EXP)sf
   XS            LT NRsf   New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch has rated the residential mortgage-backed notes issued by
Saluda Grade Alternative Mortgage Trust 2023-SEQ3 (GRADE
2023-SEQ3), as indicated. The notes are supported by 2,587
primarily newly originated second lien residential mortgage loans
with a total balance of $232.7 million.

Spring EQ, LLC is the originator for 100% of the loans, 55.8% of
which are closed-end second (CES) lien fixed-rate loans and 44.2%
are home equity line of credit (HELOC) adjustable-rate loans (43.1%
second lien and 1.1% first lien). Percentages are based on the
current HELOC utilization rate.

Fitch's analysis incorporated the HELOC maximum available draw
amount, which is expected to be $139.7 million (with a utilization
rate of 73.6%, as of the cutoff date). The data in this presale are
based on the higher total pool balance, $269.5 million, that
considers the maximum available draw amount for HELOC loans, unless
otherwise noted.

Distributions of P&I and loss allocations are based on a
senior-subordinate, sequential structure. The sequential-pay
structure locks out principal to the subordinated notes until the
most senior notes outstanding are paid in full. To the extent the
holders of class G certificates are required to fund additional
draws, the class G balance will increase. Class G is paid
sequentially in the waterfall and receives interest payments after
class B3, and principal payments prior to the notes. The servicer
will not advance delinquent (DQ) 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 6.6% above a long-term sustainable level (vs. 7.8%
on a national level as of March 2023, down 2.7% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating with a decline observed in 3Q22. Driven by
the strong gains seen in 1H22, home prices rose 5.8% YoY nationally
as of December 2022.

Closed-End Second Liens and HELOCs (Negative): Based on the current
HELOC utilization rate, 55.8% of the loans are newly originated CES
mortgages and 44.2% are newly originated HELOCs. Fitch's analysis
incorporated the HELOC maximum available draw amount, and
therefore, 48.2% were treated as CES liens and 51.8% were treated
as HELOCs. The utilization rate on the HELOCs is 73.6%. Borrowers
of HELOC loans have the ability to draw down additional amounts,
and to account for the potential higher principal balance and
related risks, Fitch incorporated the maximum draw amount in its
loan-to-value ratio (LTV) calculations and loss analysis.

Fitch assumes no recovery and 100% loss severity (LS) on second
liens loans based on the historical behavior of second lien loans
in economic stress scenarios. Fitch also assumes second lien loans
default at a rate comparable to first lien loans; after controlling
for credit attributes, no additional penalty was applied.

Moderate Credit Quality (Mixed): The pool generally consists of new
origination, CES, fixed-rate and HELOC adjustable-rate loans,
seasoned approximately six months (as calculated by Fitch), with a
moderate credit profile -- weighted average (WA) model credit score
of 736, a 39.7% debt to income ratio and a relatively high
sustainable LTV (sLTV) of 81.4%. Roughly 98.4% of the loans were
treated as full documentation in Fitch's analysis. None of the
loans have experienced any prior modifications since origination.
Thirty-four loans were flagged previously DQ due to a temporary
payment interruption as a result of servicing transfer. Fitch did
not penalize the delinquencies and considered those loans as
current in its analysis.

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

Second lien loans that become DQ for 180 days or more under the
Mortgage Bankers Association (MBA) methodology, may be charged-off
or considered a realized loss by the servicer (with the consent of
the administrator) to the extent it is determined that no
significant recovery is possible through foreclosure proceedings or
other liquidation of the related mortgaged property, therefore,
will cause the most subordinated class to be written down. Despite
the 100% LS assumed for each defaulted second lien loan, Fitch
views the writedown feature positively, as cash flows will not be
needed to pay timely interest to the 'AAAsf' and 'AA-sf' rated
notes during loan resolution by the servicer. In addition,
subsequent recoveries realized after the writedown at 180 days' DQ
will be passed on to bondholders as principal.

No Servicer P&I Advances (Mixed): The servicer will not advance DQ
monthly payments of P&I, which reduces liquidity to the trust. P&I
advances made on behalf of loans that become DQ and eventually
reduce liquidation proceeds to the trust. Structural provisions and
cash flow priorities, together with increased subordination,
provide for timely payments of interest to the 'AAAsf' and 'AA-sf'
rated classes.

RATING SENSITIVITIES

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper 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 39.3% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

CRITERIA VARIATION

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

The variation is related to the primary valuation type for
new-origination first lien loans. Per criteria, Fitch expects to
receive a full appraisal as primary valuation for all
new-origination first lien loans. Six loans or 0.23% of the pool by
loan count did not have a full appraisal as their primary
valuation.

For one of the six loans (0.02% by loan count of the total pool),
Fitch received a Form 2055 (Exterior-Only) as the primary valuation
type. The exterior-only valuations were applied the maximum 20%
haircut, consistent with the Fitch treatment for automated
valuation model (AVM) values by an unnamed AVM provider or a
non-Fitch-reviewed vendor. In addition, five new origination first
lien loans utilized an AVM as their primary valuation. Fitch
applied haircuts ranging from 2.5% to 5.0% depending on the
associated confidence score of the AVM and the vendor provider, per
criteria. The six loans had low leverage with an sLTV of 43.0%
(relative to 81.6% for the whole pool) and a high WA FICO of 749.

ESG CONSIDERATIONS

Saluda Grade Alternative Mortgage Trust 2023-SEQ3 has an ESG
Relevance Score of '4' for Transaction Parties & Operational Risk
due to, which has a negative impact on the credit 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.


SOUND POINT XX: Moody's Lowers Rating on $40MM Class E Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
note issued by Sound Point CLO XX, Ltd.:

US$88,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on June 28,
2018 Assigned Aa2 (sf)

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

US$40,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class E Notes"), Downgraded to B1 (sf); previously
on August 21, 2020 Confirmed at Ba3 (sf)

Sound Point CLO XX, Ltd., issued in June 2018, is a managed
cashflow CLO. The notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period will end in July 2023.

RATINGS RATIONALE

The upgrade reflects the benefit of the short period of time
remaining before the end of the deal's reinvestment period in July
2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower WARF compared to the covenant
level.  Moody's modeled a WARF of 2764 compared to its current
covenant level of 2939. The deal has also benefited from a
shortening of the portfolio's weighted average life since April
2022.

The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
calculation, the total collateral par balance, including recoveries
from defaulted securities, is $769.6 million, or $30.4 million less
than the $800 million initial par amount targeted during the deal's
ramp-up. Furthermore, the Moody's calculated weighted average
spread (WAS) has been deteriorating and the current level is 3.49%
compared to 3.82% in April 2022.

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: $ 766,928,680

Defaulted par:  $ 13,092,026

Diversity Score: 81

Weighted Average Rating Factor (WARF): 2764

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.49%

Weighted Average Recovery Rate (WARR): 46.95%

Weighted Average Life (WAL): 4.21 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.


SREIT TRUST 2021-FLWR: DBRS Confirms B(low) Rating on F Certs
-------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2021-FLWR issued by SREIT Trust
2021-FLWR (the Issuer) as follows:

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

All trends are Stable.

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

The transaction is collateralized by a portfolio of 16 Class A
multifamily assets totaling 5,260 units spread across 11 unique
metropolitan statistical areas (MSAs) within six states. The
borrower used whole loan proceeds of $796.5 million, alongside
$385.0 million of sponsor equity, to facilitate the acquisition of
the portfolio for approximately $1.09 billion ($216,300 per unit).
The loan benefits from experienced sponsorship by Starwood, which
owns nearly 350 multifamily properties totaling approximately
88,000 units in the United States.

The two-year, floating-rate loan, structured with an initial
maturity date in July 2023, has three one-year extension options
and pays interest only (IO) through the fully extended maturity
date. To hedge exposure to Libor, at issuance, the borrower entered
into an interest rate cap agreement with a strike price of 1.00%
and a five-year term, consistent with the fully extended loan
maturity. According to the servicer, the borrower intends to
exercise its first one-year loan extension option along with a new
rate cap agreement that has a rate conversion from Libor to SOFR.
The loan has a partial pro rata/sequential-pay structure, which
allows for pro rata paydowns across the capital structure for the
first 20% of the unpaid principal balance. The borrower can release
individual properties subject to customary debt yield and
loan-to-value ratio (LTV) tests. The prepayment premium for the
release of individual assets is 105.0% of the allocated loan amount
(ALA) on the first 15.0% of the original principal balance, and
110.0% of the ALA for the release of individual assets thereafter,
which DBRS Morningstar considers to be weaker than a generally
credit-neutral standard of 115.0%.

The underlying properties were constructed between 2006 and 2017,
and generally exhibit high-quality finishes and comprehensive
amenities. The properties are located in generally strong,
high-growth markets, with geographic concentrations in Texas and
Florida representing 78.2% of the total units and 76.8% of the
total purchase price.

As of the September 2022 rent rolls, the portfolio had a weighted
average (WA) occupancy rate of 95.0%, generally in line with the
occupancy rate of 95.3% at year-end (YE) 2021 and 96.2% at
issuance. The annualized trailing nine-month net cash flow (NCF) of
$50.5 million, as of September 2022, reflects an 11.8% increase
from the YE2021 NCF of $45.2 million, a 12.6% increase from the
Issuer's NCF of $44.8 million and an increase of 22.4% from the
DBRS Morningstar NCF of $41.3 million at issuance. Based on Q3 2022
reporting, the loan had a healthy WA debt service coverage ratio
(DSCR) of 2.67 times (x), down from 3.49x at YE2021 and 3.17x at
issuance because of an increased interest rate.

DBRS Morningstar anticipates the portfolio will continue to perform
in line with issuance expectations and has maintained the issuance
estimated value of the portfolio at approximately $660.4 million
($125,556 per unit), implying a DBRS Morningstar LTV of 120.6%. To
account for the high leverage, DBRS Morningstar reduced its LTV
benchmark targets by 2.5% across the capital structure. The high
leverage point and the lack of scheduled amortization pose
potentially elevated refinance risk at loan maturity; however, the
DBRS Morningstar LTV on the last dollar of rated debt is much lower
at 98.5%.

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


SSC 1110 KENNEBEC: Case Summary & Largest Unsecured Creditors
-------------------------------------------------------------
Ten affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                          Case No.
    ------                                          --------
    SSC 1110 Kennebec MD, LLC                       23-00140
    810 7th Street NE
    Washington, DC 20002

    SSC 3233 Fifteenth DC, LLC                      23-00141
    810 7th Street NE
    Washington, DC 20002

    SSC 1901 Brooks MD, LLC                         23-00142
    810 7th Street NE
    Washington, DC 20002

    SSC 1323 I DC, LLC                              23-00143
    810 7th Street NE
    Washington, DC 20002

    SSC 1321 Fifth DC, LLC                          23-00144
    810 7th Street NE
    Washington, DC 20002

    SSC 1321 Fifth Canopy DC, LLC                   23-00145
    810 7th Street NE
    Washington, DC 20002

    SSC 116 Irvington DC, LLC                       23-00146
    810 7th Street NE
    Washington, DC 20002

    SSC 116 Irvington Canopy DC, LLC                23-00147
    810 7th Street NE
    Washington, DC 20002

    SSC 2501 N DC, LLC                              23-00148
    810 7th Street NE
    Washington, DC 20002

    SSC 3320 Wheeler DC, LLC                        23-00149
    810 7th Street NE
    Washington, DC 20002

Business Description: The Debtors are engaged in the electric
                      power generation, transmission and
                      distribution business.

Chapter 11 Petition Date: May 31, 2023

Court: United States Bankruptcy Court
       District of Columbia

Judge: Hon. Elizabeth L. Gunn

Debtors' Counsel: Bradford F. Englander, Esq.
                  WHITEFORD, TAYLOR & PRESTON LLP
                  3190 Fairview Park Drive
                  Suite 800
                  Falls Church, VA 22042-4510
                  Tel: (703) 280-9081
                  Email: benglander@whitefordlaw.com
SSC 1110's
Estimated Assets: $1 million to $10 million

SSC 1110's
Estimated Liabilities: $10 million to $50 million

SSC 3233's
Estimated Assets: $0 to $50,000

SSC 3233's
Estimated Liabilities: $10 million to $50 million

SSC 1901's
Estimated Assets: $1 million to $10 million

SSC 1901's
Estimated Liabilities: $10 million to $50 million

SSC 1323's
Estimated Assets: $1 million to $10 million

SSC 1323's
Estimated Liabilities: $10 million to $50 million

SSC 1321 Fifth DC's
Estimated Assets: $1 million to $10 million

SSC 1321 Fifth DC's
Estimated Liabilities: $10 million to $50 million

SSC 1321 Fifth Canopy's
Estimated Assets: $0 to $50,000

SSC 1321 Fifth Canopy's
Estimated Liabilities: $10 million to $50 million

SSC 116 Irvington's
Estimated Assets: $1 million to $10 million

SSC 116 Irvington's
Estimated Liabilities: $10 million to $50 million

SSC 116 Irvington Canopy's
Estimated Assets: $0 to $50,000

SSC 116 Irvington Canopy's
Estimated Liabilities: $10 million to $50 million

SSC 2501's
Estimated Assets: $1 million to $10 million

SSC 2501's
Estimated Liabilities: $10 million to $50 million

SSC 3320's
Estimated Assets: $1 million to $10 million

SSC 3320's
Estimated Liabilities: $10 million to $50 million

The petitions were signed by Karl Unterlechner as authorized
person.

Full-text copies of the petitions containing, among other items,
lists of the Debtors' largest unsecured creditors are available for
free at PacerMonitor.com at:

https://www.pacermonitor.com/view/CD7NRFY/SSC_1110_Kennebec_MD_LLC__dcbke-23-00140__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/DTZZOKY/SSC_3233_Fifteenth_DC_LLC__dcbke-23-00141__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/BCW5CLY/SSC_1901_Brooks_MD_LLC__dcbke-23-00142__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/F776XNI/SSC_1323_I_DC_LLC__dcbke-23-00143__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/LGNJJTQ/SSC_1321_Fifth_DC_LLC__dcbke-23-00144__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/K5BBS6A/SSC_1321_Fifth_Canopy_DC_LLC__dcbke-23-00145__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/4ZZWQMA/SSC_116_Irvington_DC_LLC__dcbke-23-00146__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/77LQELY/SSC_116_Irvington_Canopy_DC_LLC__dcbke-23-00147__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/FLK36EQ/SSC_2501_N_DC_LLC__dcbke-23-00148__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/E4XQGSY/SSC_3320_Wheeler_DC_LLC__dcbke-23-00149__0001.0.pdf?mcid=tGE4TAMA


STARWOOD RETAIL 2014-STAR: DBRS Confirms C Rating on 6 Classes
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2014-STAR issued by
Starwood Retail Property Trust 2014-STAR as follows:

-- Class A at C (sf)
-- Class B at C (sf)
-- Class C at C (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)

All classes have ratings that do not typically carry trends in
commercial mortgage-backed securities (CMBS) ratings.

The rating confirmations reflect the expectation of sizable losses
upon the resolution of the underlying loan, which is collateralized
by a retail portfolio and has been in special servicing since a
maturity default in 2019. The ratings on all classes mirror those
assigned by DBRS Morningstar in 2020, except for Class A, which was
initially rated B (sf) before a downgrade in 2021 to the current
rating of C (sf). The downgrade was reflective of an updated
appraisal amount of $210.6 million for the portfolio as of December
2020, down from the most recent appraised value available when
ratings were assigned of $366.7 million, which was dated March
2020. The most recent value provided since that time showed a small
decline to $207.0 million as of February 2021, with no updated
values finalized by the special servicer since. Based on haircuts
to the appraiser's value estimates, DBRS Morningstar expects
liquidated losses through the Class A certificate. There are
interest shortfalls on all classes, with the cumulative amount
outstanding at $44.2 million as of the April 2023 remittance.

The underlying loan is a $681.6 million floating-rate loan secured
by three regional malls and one lifestyle center. The Mall at
Wellington Green is a 1.3 million-square-foot (sf) indoor regional
mall in Palm Beach County, Florida. The subject is anchored by City
Furniture and noncollateral anchors Macy's, Dillard's, and
JCPenney. At issuance, Nordstrom was in place on a ground lease but
closed in 2019. MacArthur Center is a 928,000-sf regional mall in
downtown Norfolk, Virginia, anchored by Dillard's on a ground lease
and Regal Cinemas. Northlake Mall is a 1.1 million-sf regional mall
in Charlotte, North Carolina. The collateral includes 540,000 sf of
retail space, with Dick's Sporting Goods and AMC Theatres as the
original collateral anchor tenants, while other noncollateral
anchors include Dillard's, Macy's, and Belk. Dick's Sporting Goods
vacated the property in February 2021. The Mall at Partridge Creek
is a 626,000-sf lifestyle center in Clinton Township, Michigan,
about 30 miles north of downtown Detroit. The property's only
remaining anchor is MJR Digital Cinemas, as Nordstrom vacated in
September 2019 and Carson's vacated in 2018 following its
bankruptcy filing.

The loan initially matured in 2017, with extension options
available that were subject to debt yield hurdle requirements;
however, those could not be met, and as a result the sponsor was
required to make a principal paydown of $25.0 million and monthly
principal payments of $800,000 to satisfy a loan modification to
extend the maturity to 2019. With the paydown amounts, the loan
balance was ultimately reduced by approximately $44 million.
Despite the deleveraging, the borrower was still unable to repay at
the extended maturity given sustained occupancy and cash flow
declines for the portfolio, and the loan was transferred to special
servicing.

The initial resolution strategy considered another loan
modification, but ultimately the borrower agreed to an orderly
transition of the properties to a receiver that will work toward
stabilizing the assets prior to disposition. One of the collateral
malls, MacArthur Center, has since been listed for sale, and the
special servicer reports discussions are ongoing with interested
buyers. The timing of the sale for the remaining properties has yet
to be determined.

As of the April 2023 remittance, the principal balance of the loan
totaled $681.6 million, with outstanding servicer advances and
other amounts bringing the total trust exposure to $728.9 million.
According to the servicer, there is $54.6 million held in the cash
management reserve that can be used for capital expenditures,
operating expenses, repay advances, and other property expenses and
serves as additional cash collateral.

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


UBS-BARCLAYS 2012-C2: Moody's Lowers Rating on 2 Tranches to Caa3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on five classes in UBS-Barclays
Commercial Mortgage Trust 2012-C2, Commercial Mortgage Pass-Through
Certificates, Series 2012-C2:

Cl. A-S-EC, Downgraded to B1 (sf); previously on Dec 22, 2022
Downgraded to Ba2 (sf)

Cl. B-EC, Downgraded to Caa3 (sf); previously on Dec 22, 2022
Downgraded to Caa2 (sf)

Cl. C-EC, Downgraded to C (sf); previously on Dec 22, 2022 Affirmed
Caa3 (sf)

Cl. D, Affirmed C (sf); previously on Dec 22, 2022 Affirmed C (sf)

Cl. E, Affirmed C (sf); previously on Dec 22, 2022 Affirmed C (sf)

Cl. F, Affirmed C (sf); previously on Dec 22, 2022 Affirmed C (sf)

Cl. G, Affirmed C (sf); previously on Dec 22, 2022 Affirmed C (sf)

Cl. EC, Downgraded to Caa3 (sf); previously on Dec 22, 2022
Downgraded to Caa1 (sf)

Cl. X-A*, Downgraded to B1 (sf); previously on Dec 22, 2022
Downgraded to Ba2 (sf)

Cl. X-B*, Affirmed C (sf); previously on Dec 22, 2022 Downgraded to
C (sf)

*  Reflects interest-only classes

RATINGS RATIONALE

The ratings on three P&I classes were downgraded due to anticipated
losses and interest shortfall risks from the remaining loans in
special servicing, which represent 100% of the pool balance. As of
the May 2023 remittance, three special serviced loans (53% of the
pool) have been deemed non-recoverable and two are secured by
regional malls that have had significantly declines in cash flow
and value in recent years. The pool also contains one additional
mall loan, Southland Center Mall (20% of the pool), that is being
monitored in special servicing ahead of its already extended July
2023 maturity date and one office loan, Trenton Office Portfolio
(18% of the pool), that has significant tenant concentration risk.
Due to all loans in special servicing and the non-recoverability on
three of these loans interest shortfalls have impacted up to Cl.
B-EC. Three of the specially serviced loans (Louis Joliet Mall,
Crystal Mall, and Neuro Care Medical Office) were part of a recent
auction and reportedly under contract for sale.

The ratings on four P&I classes were affirmed at C (sf) due to the
ratings being consistent with Moody's expected loss.

The ratings on one IO class, Cl. X-A, was downgraded due to
paydowns of highly rated classes and a decline in the credit
quality of its referenced class.

The ratings on one IO class, Cl. X-B, was affirmed based on the
credit quality of its referenced classes.

The ratings on one exchangeable class, Cl. EC, was downgraded due
to the decline in credit quality of its referenced exchangeable
classes.

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

Moody's rating action reflects a base expected loss of 48.9% of the
current pooled balance, compared to 49.5% at Moody's last review.
Moody's base expected loss plus realized losses is now 16.4% of the
original pooled balance, compared to 16.6% at the last review.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 100% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for particular specially serviced loans that
it expects will generate a loss and estimates a loss given default
based on a review of broker's opinions of value (if available),
other information from the special servicer, available market data
and Moody's internal data. The loss given default for each loan
also takes into consideration repayment of servicer advances to
date, estimated future advances and closing costs. Translating the
probability of default and loss given default into an expected loss
estimate, Moody's then applies the aggregate loss from specially
serviced loans to the most junior classes and the recovery as a pay
down of principal to the most senior classes.

DEAL PERFORMANCE

As of the May 2023 distribution date, the transaction's aggregate
certificate balance has decreased by 74% to $320 million from $1.22
billion at securitization. The certificates are collateralized by
seven mortgage loans (including two cross-collateralized loans)
that are currently in special servicing and have passed their
original scheduled maturity dates or are already REO.

The transaction has already incurred a realized loss of $42.6
million. Three loan exposures (53% of the pool) are already REO and
have been deemed non-recoverable by the master servicer. These
three loans are also reportedly under contract for sale based on a
recent auction. One loan, the Westgate Mall Loan (9% of the pool),
has recognized an appraisal reduction amount based on its most
recent appraisal values being below the outstanding loan balances.

As of the May 2023 remittance statement cumulative interest
shortfalls were $14.1 million and impact up to Cl. B-EC. While
certain interest shortfalls may be repaid upon the sale of the REO
assets, Moody's anticipates interest risks will remain due to the
exposure to specially serviced loans. Interest shortfalls are
caused by special servicing fees, including workout and liquidation
fees, appraisal entitlement reductions (ASERs), loan modifications,
extraordinary trust expenses and non-recoverable determinations.

The largest specially serviced exposure is the Louis Joliet Mall
Loan ($85.0 million – 26.6% of the pool), which is secured by a
359,000 square foot (SF) portion of a 975,000 SF regional mall
located in Joliet, Illinois. At securitization the mall was
anchored by Macy's, Sears, JC Penney and Carson Pirie Scott & Co
(all non-collateral). However, former anchor tenants Sears and
Carson Pirie Scott & Co. and two major collateral tenants, MC Sport
and Toys R Us, previously closed their stores in 2018 or earlier.
The property performance declined significantly since
securitization and the 2020 NOI was 47% lower than in 2012.  The
loan originally transferred to special servicing in May 2020 and
became REO in January 2022. The loan was interest-only for the
entire term and had an original loan maturity in July 2022. The
most recent appraisal value was 43% below the outstanding loan
balance and as of the May 2023 remittance statement the loan has
been declared non-recoverable by the master servicer. Moody's
anticipates a significant loss on this loan.

The second largest specially serviced loan is the Crystal Mall Loan
($81.0 million – 25.3% of the pool), which is secured by a
518,500 SF portion of a 783,300 SF super-regional mall located in
Waterford, Connecticut. At securitization the mall contained three
anchors: Macy's, Sears, and JC Penney (Macy's and Sears were
non-collateral anchors). Sears closed its store at this location in
2018 and the space remains vacant. The property performance
declined significantly since securitization and the year-end 2021
NOI was 60% lower than 2012. The loan transferred to special
servicing in July 2020 and became REO in November 2022.  The most
recent appraisal value was 83% below the outstanding loan balance
and as of the May 2023 remittance statement the loan has been
declared non-recoverable by the master servicer. Moody's
anticipates a significant loss on this loan.

The third largest loan in special servicing is the Southland Center
Mall Loan ($63.4 million – 19.8% of the pool), which is secured
by a 611,000 SF portion of a 903,500 SF super-regional mall located
in Taylor, Michigan. The mall is currently anchored by Macy's
(non-collateral) and JC Penney. Other major tenants include Best
Buy and a 12-screen, all-digital, Cinemark multiplex theater. The
property's net operating income (NOI) has generally declined since
2019 but remains above levels at securitization. The full-year 2021
NOI was 9% higher than 2012 performance and the annualized NOI
through September 2022 is in-line with 2021 performance. The loan
has amortized 19% since securitization and the NOI DSCR as of
September 2022 was 1.81X based on a 5.1% interest rate and
amortizing payments. The loan sponsor is Brookfield Properties. The
loan transferred to special servicing in June 2022 and was
previously extended through July 2023. A September 2022 appraisal
valued the property 42% below the value at securitization but above
the current outstanding loan balance. As of the May 2023 remittance
statement, it was last paid through March 2023 and is being
monitored in special servicing ahead of its extended maturity
date.

The fourth largest specially serviced loan is the Trenton Office
Portfolio Loan ($58.8 million – 18.4% of the pool), which is
secured by two Class-A midrise office buildings containing an
aggregate 473,658 SF located in downtown Trenton, New Jersey. As of
September 2022, the buildings were approximately 96% leased,
unchanged since 2013. The largest tenant, the State of New Jersey,
occupying 409,617 SF (86% of NRA), had an original lease expiration
of December 2022.  The loan transferred to special servicing in May
2022 and failed to payoff at its June 2022 maturity date and was
subsequently extended to January 2023. The servicer reported that
the borrower was still negotiating a lease renewal with the State
of New Jersey.  The borrower did not pay off the loan in January
2023 and is currently negotiating an additional extension that
includes the paydown of the loan with excess cash flow. The loan
has amortized 20% since securitization and was last paid through
February 2023.

The fifth specially serviced loan is the Westgate Mall ($28.4
million – 8.9% of the pool), which is secured by a 453,544 SF
portion of a regional mall. The mall's anchors include
non-collateral Dillard's and Belk, as well as JC Penney. A former
anchor, Sears (193,000 SF), vacated in September 2018 and the space
remains vacant. Major collateral tenants include Dick's Sporting
Goods (lease expiration January 2030) and Bed Bath & Beyond (36,000
SF), which recently announced Chapter 11 Bankruptcy and plans to
wind down its business. As of December 2022, total occupancy was
95%, compared to 88% in December 2019, and 95% at closing. The
property's performance has declined since 2012 due lower rental
revenues, and 2022 NOI was 36% lower than in 2012. The loan has
amortized nearly 29% since securitization and the December 2022 NOI
DSCR was 1.35X based on amortizing payments and an interest rate of
5.0%. The loan transferred to special servicing in July 2022 due to
the maturity default and the loan Sponsor, CBL & Associates
Properties, Inc. ("CBL"), has indicated they are cooperating with
foreclosure. Based on the September 2022 appraisal value being 24%
below the outstanding loan balance, the master servicer has already
recognized $9 million appraisal reduction as of the May 2023
remittance statement and the loan was last paid through March
2023.

The remaining specially serviced loan is the Neuro Care Medical
Office ($3.2 million - 1.0% of the pool). The loan is secured by a
two story medical building located in Canton, Ohio.  The property
is vacant due to a tenant bankruptcy and became REO earlier in
2022.


UNITED AUTO 2022-2: S&P Affirms B (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes from three
United Auto Credit Securitization Trust (UACST) transactions. At
the same time, S&P affirmed its ratings on three classes. These are
ABS transactions backed by subprime retail auto loan receivables.

The rating actions reflect:

-- Each transaction's collateral performance to date and S&P's
expectations regarding future collateral performance;

-- S&P's remaining cumulative net loss (CNL) expectations for each
transaction;

-- The transactions' structures;

-- The transactions' credit enhancement levels; and

-- Other credit factors, including credit stability, payment
priorities under various scenarios, and sector- and issuer-specific
analyses, and S&P's most recent macroeconomic outlook, which
incorporates a baseline forecast for U.S. GDP and unemployment.

Considering all these factors, S&P believes the notes'
creditworthiness is consistent with the raised and affirmed
ratings.

  Table 1

  Collateral Performance(i)

                        Pool   Current   Extensions       60+ day
  Series   Month   factor(%)   CNL (%)          (%)   delinq. (%)

  2021-1   26          25.75     11.90         3.11          3.74
  2022-1   15          49.42     13.18         3.97          4.25
  2022-2   10          67.46     10.96         4.11          3.81

  (i)As of the May 2023 distribution date.
  CNL--Cumulative net loss.

S&P said, "The UACST 2021-1 transaction is performing marginally
better than our prior expectations. The performances of UACST
2022-1 and UACST 2022-2 are trending marginally worse than our
initial CNL expectations. Elevated delinquencies coupled with lower
cumulative recoveries remain concerns, particularly for UACST
2022-2, which has less months of performance and a higher pool
factor, and is more exposed to the prevailing adverse economic
headwinds and possibly weaker recovery rates.

"Based on these factors and taking into consideration our
expectation for the transactions' future performance, we revised
and lowered our expected CNL for UACST 2021-1 and increased it for
UACST 2022-1. The expected CNL for UACST 2022-2, which was
increased on April 18, 2023, is unchanged."

  Table 2

  CNL Expectation (%)

               Initial         Prior        Current
              lifetime      lifetime       lifetime
  Series      CNL exp.      CNL exp.(i)     CNL exp.(ii)

  2021-1   21.25-22.25   15.50-16.50          15.00
  2022-1         20.50           N/A          22.00
  2022-2         20.25         25.50          25.50

  (i)As of the March 2022 distribution date for series 2021-1 and
as of the April 2023 distribution date for series 2022-2.
  (ii)As of the May 2023 distribution date.
  CNL exp.--Cumulative net loss expectations.
  N/A--Not applicable.

The transactions have a sequential principal payment structure with
credit enhancement consisting of overcollateralization, a
nonamortizing reserve account, subordination for the more senior
tranches, and excess spread. As of the May 2023 distribution date,
UACST 2021-1 and UACST 2022-1 are at their target
overcollateralization and reserve levels. UACST 2022-2's reserve is
at its target, but its overcollateralization is below the required
target level.

The raised and affirmed ratings reflect S&P's view that the total
credit support as a percentage of the amortizing pool balance, as
of the collection period ended April 30, 2023 (the May 2023
distribution date), compared with its expected remaining losses, is
commensurate with the revised ratings.

  Table 3

  Hard Credit Support(i)

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

  2021-1   D                   18.95                67.92
  2021-1   E                   10.95                36.85
  2021-1   F                    5.60                16.08
  2022-1   B                   44.00                89.11
  2022-1   C                   32.25                65.34
  2022-1   D                   19.25                39.03
  2022-1   E                    8.50                17.29
  2022-2   A                   57.50                81.67
  2022-2   B                   46.30                65.06
  2022-2   C                   36.50                50.53
  2022-2   D                   24.35                32.53
  2022-2   E                   12.00                14.22

  (i)Calculated as a percentage of the total receivables pool
balance, which consists of a reserve account,
overcollateralization, and, if applicable, subordination. Excludes
excess spread that can also provide additional enhancement.
  (ii)As of the May 2023 distribution date.

S&P said, "We incorporated an analysis of the current hard credit
enhancement compared to the remaining expected CNL for those
classes in which hard credit enhancement alone (without credit to
the stressed excess spread) was sufficient, in our view, to raise
or affirm the ratings at 'AAA (sf)'. For the other classes, we
incorporated a cash flow analysis to assess the loss coverage
level, giving credit to stressed excess spread. Our various cash
flow scenarios included forward-looking assumptions on recoveries,
timing of losses, and voluntary absolute prepayment speeds that we
believe are appropriate, given each transaction's performance to
date.

"In addition to our break-even cash flow analysis, we also
conducted sensitivity analyses to determine the impact that a
moderate ('BBB') stress scenario would have on our ratings if
losses began trending higher than our revised base-case loss
expectations.

"In our view, the results demonstrated that the classes all have
adequate credit enhancement at the raised and affirmed rating
levels. We will continue to monitor the transactions' performance
to determine if the credit enhancement remains sufficient, in our
view, to cover our cumulative net loss expectations under our
stress scenarios for each rated class."


  RATINGS RAISED

  United Auto Credit Securitization Trust 2021-1

              Rating
  Class   To          From

  D       AAA (sf)    A+ (sf)
  E       AA+ (sf)    BBB+ (sf)
  F       BBB+ (sf)   BB+ (sf)

  United Auto Credit Securitization Trust 2022-1

              Rating
  Class   To         From

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

  United Auto Credit Securitization Trust 2022-2
  
              Rating

  Class   To         From
  B       AAA (sf)   AA (sf)
  C       AA- (sf)   A (sf)


  RATINGS AFFIRMED

  United Auto Credit Securitization Trust 2022-2

  Class   Rating

  A       AAA (sf)
  D       BBB (sf)
  E       B (sf)



US CAPITAL VI: Moody's Ups Rating on $60MM Cl. A-2 Notes From Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by U.S. Capital Funding VI, Ltd.:

US$375,000,000 Class A-1 Floating Rate Senior Notes Due 2043 (the
"Class A-1 Notes") (current balance of $128,119,318.23), Upgraded
to A1 (sf); previously on May 12, 2021 Upgraded to A3 (sf)

US$60,000,000 Class A-2 Floating Rate Senior Notes Due 2043 (the
"Class A-2 Notes"), Upgraded to Baa3 (sf); previously on May 12,
2021 Upgraded to Ba1 (sf)

U.S. Capital Funding VI, Ltd., issued in June 2007, is a
collateralized debt obligation (CDO) backed mainly by a portfolio
of bank trust preferred securities (TruPS).

RATINGS RATIONALE

The rating actions are primarily a result of the deleveraging of
the Class A-1 notes, and an increase in the transaction's
over-collateralization (OC) ratios since May 2022.

The Class A-1 notes have paid down by approximately 8.4% or $11.8
million since May 2022, using principal proceeds from the
redemption of the underlying assets and the diversion of excess
interest proceeds. Based on Moody's calculations, the OC ratios for
the Class A-1 and Class A-2 notes have improved to 176.1% and
120.0%, respectively, from levels of 168.4% and 117.9% a year ago,
respectively. The Class A-1 notes will continue to benefit from the
diversion of excess interest and the use of proceeds from
redemptions of any assets in the collateral pool.

The 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 $225.7 million, defaulted/deferring par of $104.4 million, a
weighted average default probability of 5.78% (implying a WARF of
598), 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 scenario includes, among others, deteriorating credit
quality of the portfolio.

Methodology Used for the Rating Action:

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

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

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


VELOCITY COMMERCIAL 2023-2: DBRS Finalizes B Rating on 3 Classes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the Mortgage-Backed
Certificates, Series 2023-2 (the Certificates) issued by Velocity
Commercial Capital Loan Trust 2023-2 (VCC 2023-2 or the Issuer) as
follows:

-- $133.8 million Class A at AAA (sf)
-- $7.7 million Class M-1 at AA (sf)
-- $15.6 million Class M-2 at A (low) (sf)
-- $15.9 million Class M-3 at BBB (sf)
-- $29.2 million Class M-4 at BB (sf)
-- $17.4 million Class M-5 at B (sf)
-- $3.4 million Class M-6 at B (low) (sf)
-- $133.8 million Class A-S at AAA (sf)
-- $133.8 million Class A-IO at AAA (sf)
-- $7.7 million Class M1-A at AA (sf)
-- $7.7 million Class M1-IO at AA (sf)
-- $15.6 million Class M2-A at A (low) (sf)
-- $15.6 million Class M2-IO at A (low) (sf)
-- $15.9 million Class M3-A at BBB (sf)
-- $15.9 million Class M3-IO at BBB (sf)
-- $29.2 million Class M4-A at BB (sf)
-- $29.2 million Class M4-IO at BB (sf)
-- $17.4 million Class M5-A at B (sf)
-- $17.4 million Class M5-IO at B (sf)
-- $3.4 million Class M6-A at B (low) (sf)
-- $3.4 million Class M6-IO at B (low) (sf)

Classes A-IO, M1-IO, M2-IO, M3-IO, M4-IO, M5-IO, and M6-IO are
interest-only (IO) certificates. The class balances represent
notional amounts.

Classes A, M-1, M-2, M-3, M-4, M-5, and M-6 are exchangeable
certificates. These classes can be exchanged for combinations of
initial exchangeable certificates as specified in the offering
documents.

The AAA (sf) ratings on the Certificates reflect 40.90% of credit
enhancement (CE) provided by subordinated certificates. The AA
(sf), A (low) (sf), BBB (sf), BB (sf), B (sf), and B (low) (sf)
ratings reflect 37.50%, 30.60%, 23.60%, 10.70%, 3.00%, and 1.50% of
CE, respectively.

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

Velocity Commercial Capital Loan Trust 2023-2 (VCC 2023-2 or the
Issuer) is a securitization of a portfolio of newly originated
fixed, first-lien residential mortgages collateralized by investor
properties with one to four units (residential investor loans) and
small-balance commercial mortgages (SBC) collateralized by various
types of commercial, multifamily rental, and mixed-use properties.
The securitization is funded by the issuance of the Certificates,
which are backed by 675 mortgage loans with a total principal
balance of $226,439,361 as of the Cut-Off Date (April 1, 2023).

Approximately 64.2% of the pool comprises residential investor
loans and about 35.8% is SBC loans. All loans in this
securitization were originated by Velocity Commercial Capital, LLC
(Velocity or VCC). The loans were underwritten to program
guidelines for business-purpose loans where the lender generally
expects the property (or its value) to be the primary source of
repayment (No Ratio). The lender reviews the mortgagor's credit
profile, but it does not rely on the borrower's income to make its
credit decision. However, the lender considers the property-level
cash flow or minimum debt service coverage ratio (DSCR) in
underwriting SBC loans with balances of more than $750,000 for
purchase transactions and more than $500,000 for refinance
transactions. Because the loans were made to investors for business
purposes, they are exempt from the Consumer Financial Protection
Bureau's Ability-to-Repay (ATR) rules and TILA-RESPA Integrated
Disclosure rule.

PHH Mortgage Corporation (PMC) will service all loans within the
pool for a servicing fee of 0.30% per annum. In addition, Velocity
will act as a Special Servicer servicing the loans that defaulted
or became 60 or more days delinquent under Mortgage Bankers
Association (MBA) method and other loans, as defined in the
transaction documents (Specially Serviced Loans). The Special
Servicer will be entitled to receive compensation based on an
annual fee of 0.75% and the balance of Specially Serviced Loans.
Also, the Special Servicer is entitled to a liquidation fee equal
to 2.00% of the net proceeds from the liquidation of a Specially
Serviced Loan, as described in the transaction documents.

The Servicer will fund advances of delinquent principal and
interest (P&I) until the advances are deemed unrecoverable. Also,
the Servicer is obligated to make advances with respect to taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing properties.

U.S. Bank National Association (rated AA (high) with a Stable trend
by DBRS Morningstar) will act as the Custodian. U.S. Bank Trust
Company, National Association will act as the Trustee.

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

On or after the later of (1) the three-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Closing Date
balance, the Depositor may purchase all outstanding Certificates
(Optional Purchase) at a price equal to the sum of the remaining
aggregate balance of the Certificates plus accrued and unpaid
interest, and any fees, expenses, and indemnity payments due and
unpaid to the transaction parties, including any unreimbursed P&I
and servicing advances, and other amounts due as applicable. The
Optional Purchase will be conducted concurrently with a qualified
liquidation of the Issuer.

Additionally, if on any date on which the unpaid mortgage loan
balance and the value of real estate owned (REO) properties has
declined to less than 10% of the initial mortgage loan balance as
of the Cut-off Date, the Directing Holder, the Special Servicer, or
the Servicer, in that order of priority, may purchase all of the
mortgages, REO properties, and any other properties from the Issuer
(Optional Termination) at a price specified in the transaction
documents. The Optional Termination will be conducted as a
qualified liquidation of the Issuer. The Directing Holder
(initially, the Seller) is the representative selected by the
holders of more than 50% of the Class XS certificates (the
Controlling Class).

The transaction uses a structure sometimes referred to as a
modified pro rata structure. Prior to the Class A credit
enhancement (CE) falling below 10.0% of the loan balance as of the
Cut-off Date (Class A Minimum CE Event), the principal
distributions allow for amortization of all senior and subordinate
bonds based on CE targets set at different levels for performing
(same CE as at issuance) and nonperforming (higher CE than at
issuance) loans. The target principal balance of each class is
determined based on the CE targets and the performing and
nonperforming (those that are 90 or more days MBA delinquent, in
foreclosure, are REO, or subject to a servicing modification within
the prior 12 months) loan amounts. As such, the principal payments
are paid on a pro rata basis, up to the target principal balance of
each class so long as no loans in the pool are nonperforming. If
the share of nonperforming loans grows, the corresponding CE target
increases. Thus, the principal payment amount increases for the
senior and senior subordinate classes and falls for the more
subordinate bonds. The goal is to distribute the appropriate amount
of principal to the senior and subordinate bonds each month, always
maintaining the desired level of CE, based on the performing and
nonperforming pool percentages. After the Class A Minimum CE Event,
the principal distributions are made sequentially.

Relative to the sequential pay structure, the modified pro rata
structure is more sensitive to the timing of the projected defaults
and losses as the losses may be applied at a time when the amount
of credit support is reduced as the bonds' principal balances
amortize over a life of the transaction. That said, the excess
spread can be used to cover realized losses after being allocated
to the unpaid net weighted average coupon shortfalls (Net WAC Rate
Carryover Amounts). Please see the Cash Flow Structure and Features
section of the report for more details.

COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) METHODOLOGY

The collateral for the small balance commercial (SBC) portion of
the pool consists of 200 individual loans secured by 200 commercial
and multifamily properties with an average cutoff date loan balance
of $405,890. None of the mortgage loans are cross-collateralized or
cross-defaulted with each other. Given the complexity of the
structure and granularity of the pool, DBRS Morningstar applied its
"North American CMBS Multi-Borrower Rating Methodology" (the CMBS
Methodology).

The commercial mortgage-backed securities (CMBS) loans have a
weighted-average (WA) fixed interest rate of 11.40%. This is
approximately 87 basis points (bps) higher than the VCC 2023-1
transaction, 215 bps higher than the VCC 2022-5 transaction, 309
bps higher than the VCC 2022-4 transaction, and more than 450 bps
higher than the VCC 2022-3, VCC 2022-2, and VCC 2022-1
transactions, highlighting the recent increase in interest rates.
Most of the loans have original loan term lengths of 30 years and
fully amortize over 30-year schedules. However, 12 loans, which
represent 7.7% of the SBC pool, have an initial interest-only (IO)
period ranging from 60 months to 120 months.

Most SBC loans were originated between April 2022 and March 2023
(99.4% of the cutoff pool balance), with one loan originated in
April 2015 (0.6% of the cutoff pool balance), resulting in a WA
seasoning of 2.4 months. The SBC pool has a WA original term length
of 359.5 months, or nearly 30 years. Based on the current loan
amount, which reflects approximately 59 bps of amortization, and
the current appraised values, the SBC pool has a WA loan-to-value
(LTV) ratio of 60.4%. However, DBRS Morningstar made LTV
adjustments to 27 loans that had an implied capitalization rate
more than 200 bps lower than a set of minimal capitalization rates
established by the DBRS Morningstar Market Rank. The DBRS
Morningstar minimum capitalization rates range from 5.0% for
properties in DBRS Morningstar Market Rank 8 to 8.0% for properties
in DBRS Morningstar Market Rank 1. This resulted in a higher DBRS
Morningstar LTV of 64.4%. Lastly, all loans fully amortize over
their respective remaining terms, resulting in 100% expected
amortization; this amount of amortization is greater than what is
typical for CMBS conduit pools. DBRS Morningstar’s research
indicates that, for CMBS conduit transactions securitized between
2000 and 2021, average amortization by year has ranged between 6.5%
and 22.0%, with a median rate of 16.5%.

As contemplated and explained in DBRS Morningstar's "Rating North
American CMBS Interest-Only Certificates" methodology, the most
significant risk to an IO cash flow stream is term default risk. As
DBRS Morningstar noted in the methodology, for a pool of
approximately 63,000 CMBS loans that had fully cycled through to
their maturity defaults, the average total default rate across all
property types was approximately 17%, the refinance default rate
was 6% (approximately one-third of the total default rate), and the
term default rate was approximately 11%. DBRS Morningstar
recognizes the muted impact of refinance risk on IO certificates by
notching the IO rating up by one notch from the Reference
Obligation rating. When using the 10-year Idealized Default Table
default probability to derive a probability of default (POD) for a
CMBS bond from its rating, DBRS Morningstar estimates that, in
general, a one-third reduction in the CMBS Reference Obligation POD
maps to a tranche rating that is approximately one notch higher
than the Reference Obligation or the Applicable Reference
Obligation, whichever is appropriate. Therefore, similar logic
regarding term default risk supported the rationale for DBRS
Morningstar to reduce the POD in the CMBS Insight Model by one
notch because refinance risk is largely absent for this SBC pool of
loans.

The DBRS Morningstar CMBS Insight Model does not contemplate the
ability to prepay loans, which is generally seen as credit positive
because a prepaid loan cannot default. The CMBS predictive model
was calibrated using loans that have prepayment lockout features.
Those loans' historical prepayment performance is close to a 0%
conditional prepayment rate. If the CMBS predictive model had an
expectation of prepayments, DBRS Morningstar would expect the
default levels to be reduced. Any loan that prepays is removed from
the pool and can no longer default. This collateral pool does not
have any prepayment lockout features, and DBRS Morningstar expects
this pool will have prepayments over the remainder of the
transaction. DBRS Morningstar applied a 5.0% reduction to the
cumulative default assumptions to provide credit for expected
prepayments. This assumption reflects DBRS Morningstar's opinion
that in a rising interest rate environment fewer borrowers may
elect to prepay their loan.

As a result of higher interest rates and lending spreads, the SBC
pool has a significant increase in interest rates compared with
prior VCC transactions. Consequently, more than 70% of the deal has
less than a 1.0 times (x) Issuer net operating income (NOI) debt
service coverage ratio (DSCR), which is a larger composition than
previous VCC transactions in 2022. Additionally, although the DBRS
Morningstar CMBS Insight Model does not contemplate FICO scores, it
is important to point out that the WA FICO score of 717 for the SBC
loans is lower than prior transactions. With regard to the
aforementioned concerns, DBRS Morningstar applied a 5.0% penalty to
the fully adjusted cumulative default assumption to account for
risks given these factors. A comparison of the subject deal to
previous VCC securitizations is shown on page 9 of the related
presale report.

The SBC pool is quite diverse based on loan count and size, with an
average cutoff date loan balance of $405,890, a concentration
profile equivalent to that of a transaction with 107 equal-size
loans, and a top 10 loan concentration of 20.8%. Increased pool
diversity helps to insulate the higher-rated classes from event
risk.

The loans are mostly secured by traditional property types (i.e.,
multifamily, retail, office, and industrial), with no exposure to
higher-volatility property types, such as hotels or other lodging
facilities.

All loans in the SBC pool fully amortize over their respective
remaining loan terms, reducing refinance risk.

As classified by DBRS Morningstar for modeling purposes, the SBC
pool contains a significant exposure to office (24.5% of the SBC
pool) and retail (22.5% of the SBC pool), which are two of the
higher-volatility asset types in the pool. Loans counted as retail
include those identified as automotive and potentially commercial
condominium. Combined, retail and office properties represent 47.3%
of the SBC pool balance. Retail, which has struggled because of the
Coronavirus Disease (COVID-19) pandemic, is the third-largest asset
type in the transaction. DBRS Morningstar applied a 20.5% reduction
to the net cash flow (NCF) for retail properties and a 31.3%
reduction to the NCF for office assets in the SBC pool, which is
above the average NCF reduction applied for comparable property
types in CMBS analyzed deals.

DBRS Morningstar did not perform site inspections on loans within
its sample for this transaction. Instead, DBRS Morningstar relied
upon analysis of third-party reports and online searches to
determine property quality assessments. Of the 85 loans DBRS
Morningstar sampled, 13 were Average quality (23.7%), 64 were
Average – (71.1%), and eight were Below Average (5.2%). DBRS
Morningstar assumed unsampled loans were Average – quality, which
has a slightly increased POD level. This is consistent with the
assessments from sampled loans and other SBC transactions rated by
DBRS Morningstar.

Limited property-level information was available for DBRS
Morningstar to review. Asset summary reports, property condition
reports, Phase I/II environmental site assessment (ESA) reports,
and historical cash flows were generally not available for review
in conjunction with this securitization. DBRS Morningstar received
and reviewed appraisals for the top 30 loans, which represent 39.8%
of the SBC pool balance. These appraisals were issued between
February 2022 and March 2023 when the respective loans were
originated. DBRS Morningstar was able to perform a loan-level cash
flow analysis on the top 30 loans. The NCF haircuts for the top 30
loans ranged from -2.5% to -100.0%, with an average of -28.5%. No
ESA reports were provided nor required by the Issuer; however, all
of the loans have an environmental insurance policy that provides
coverage to the Issuer and the securitization trust in the event of
a claim. No probable maximum loss information or earthquake
insurance requirements are provided. Therefore, a loss severity
given default penalty was applied to all properties in California
to mitigate this potential risk.

DBRS Morningstar received limited borrower information, net worth
or liquidity information, and credit history. Additionally, the WA
interest rate of the deal is 11.40%, which is indicative of the
broader increased interest rate environment and represents a large
increase over previous VCC deals. DBRS Morningstar initially
assumed loans had Weak sponsorship scores, which increases the
stress on the default rate. The initial assumption of Weak reflects
the generally less sophisticated nature of small balance borrowers
and assessments from past small balance transactions rated by DBRS
Morningstar.

RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) METHODOLOGY

The collateral pool consists of 475 mortgage loans with a total
balance of approximately $145.3 million collateralized by one- to
four-unit investment properties. Velocity underwrote the mortgage
loans to No Ratio program guidelines for business-purpose loans.

The transaction assumptions consider DBRS Morningstar's baseline
macroeconomic scenarios for rated sovereign economics, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns: April 2023 Update," dated April 28, 2023. These
baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse coronavirus pandemic scenarios, which were
first published in April 2020.

The ratings reflect transactional strengths that, for residential
investor loans, include the following:
-- Improved underwriting standards,
-- Robust loan attributes and pool composition, and
-- Satisfactory third-party due-diligence review.

The transaction also includes the following challenges:
-- Residential investor loans underwritten to No Ratio lending
programs, and
-- Representations and warranties framework.

The full description of the strengths, challenges, and mitigating
factors is detailed in the related Presale Report.

DBRS Morningstar incorporates a dynamic cash flow analysis in its
rating process. A baseline of four prepayment scenarios, two
default timing curves, and two interest rate stresses were applied
to test the resilience of the rated classes. DBRS Morningstar ran a
total of 16 cash flow scenarios at each rating level for this
transaction. Additionally, WA coupon deterioration stresses were
incorporated in the runs.

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


WIND RIVER 2014-1: Moody's Cuts Rating on $11.7MM F Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Wind River 2014-1 CLO Ltd.:

US$65,400,000 Class B-RR Senior Secured Floating Rate Notes due
2031 (the "Class B-RR Notes"), Upgraded to Aa1 (sf); previously on
May 31, 2018 Assigned Aa2 (sf)

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

US$11,700,000 Class F Secured Deferrable Floating Rate Notes due
2031 (the "Class F Notes"), Downgraded to Caa3 (sf); previously on
July 21, 2020 Downgraded to Caa2 (sf)

Wind River 2014-1 CLO Ltd., originally issued in May 2014,
partially refinanced in March 2017, and refinanced in full in May
2018, is a managed cashflow CLO. The notes are collateralized
primarily by a portfolio of broadly syndicated senior secured
corporate loans. The transaction's reinvestment period will end in
July 2023.

RATINGS RATIONALE

The upgrade rating actions reflect the benefit of the short period
of time remaining before the end of the deal's reinvestment period
in July 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF) and higher weighted average spread (WAS) levels compared to
their covenant levels. Moody's modeled a WARF of 2851 and WAS of
3.62% compared to their current respective covenant levels of 2946
and 3.40%.

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's May 2023
report[1], the over-collateralization (OC) ratio (inferred from the
Interest diversion test ratio) for the Class F notes is reported at
102.36% versus the May 2022 level of 103.35%[2].

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: $566,307,507

Defaulted par: $8,356,155

Diversity Score: 77

Weighted Average Rating Factor (WARF): 2851

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.62%

Weighted Average Recovery Rate (WARR): 46.99%

Weighted Average Life (WAL): 4.4 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.


WOODMONT 2023-11: S&P Assigns BB- (sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Woodmont 2023-11 Trust's
floating-rate notes.

The note issuance is a CLO securitization governed by investment
criteria and backed primarily by middle-market speculative-grade
(rated 'BB+' or lower) senior secured term loans. The transaction
is managed by MidCap Financial Services Capital Management LLC.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool.

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

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

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

  Ratings Assigned

  Woodmont 2023-11 Trust

  Class A-1, $522.00 million: AAA (sf)
  Class A-2, $36.00 million: AAA (sf)
  Class B, $54.00 million: AA (sf)
  Class C (deferrable), $72.00 million: A+ (sf)
  Class D (deferrable), $54.00 million: BBB (sf)
  Class E (deferrable), $54.00 million: BB- (sf)
  Certificates, $113.82 million: Not rated



[*] Fitch Affirms 17 Tranches in Three Bain Capital CLOs
--------------------------------------------------------
Fitch Ratings, on May 26, 2023, has affirmed the ratings on seven
classes of notes in Bain Capital Credit CLO 2022-4, Limited (Bain
4), four classes of notes in Bain Capital Credit CLO 2022-5,
Limited (Bain 5) and six classes of notes in Bain Capital Credit
CLO 2022-6 (Bain 6). The Rating Outlooks on all rated tranches
remain Stable.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
Bain Capital Credit
CLO 2022-5, Limited

   A 05685JAA7     LT AAAsf  Affirmed    AAAsf
   C 05685JAE9     LT Asf    Affirmed      Asf
   D 05685JAG4     LT BBB-sf Affirmed   BBB-sf
   E 05685KAA4     LT BB-sf  Affirmed    BB-sf

Bain Capital Credit
CLO 2022-4, Limited

   A-1 05685BAA4   LT AAAsf  Affirmed    AAAsf
   A-2 05685BAC0   LT AAAsf  Affirmed    AAAsf
   B-1 05685BAE6   LT AAsf   Affirmed     AAsf
   B-2 05685BAL0   LT AAsf   Affirmed     AAsf
   C 05685BAG1     LT Asf    Affirmed      Asf
   D 05685BAJ5     LT BBB-sf Affirmed   BBB-sf
   E 05685CAA2     LT BB-sf  Affirmed    BB-sf

Bain Capital Credit
CLO 2022-6, Limited

   A-1 05685LAA2   LT AAAsf  Affirmed    AAAsf
   A-2 05685LAC8   LT AAAsf  Affirmed    AAAsf
   B 05685LAE4     LT AAsf   Affirmed     AAsf
   C 05685LAJ3     LT Asf    Affirmed      Asf
   D 05685LAL8     LT BBB-sf Affirmed   BBB-sf
   E 05685MAA0     LT BB-sf  Affirmed    BB-sf

TRANSACTION SUMMARY

Bain 4, Bain 5 and Bain 6 are broadly syndicated collateralized
loan obligations (CLOs) managed by Bain Capital Credit U.S. CLO
Manager II, LP. The transactions closed in June, July and August
2022 and will exit their reinvestment periods in July 2027, July
2025 and October 2027, respectively for Bain 4, Bain 5 and Bain 6.
The 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 closing. The current average credit quality across the three
CLO portfolios, as measured by the Fitch weighted average rating
factor (WARF), is at 24.3 ('B/B-'), unchanged from the average
WARFs of the indicative porfolios at closing. On average, the
portfolios consist of 365 obligors, and the largest 10 obligors
represent 5.4% of the portfolio (excluding cash). There were two
reported defaults across the portfolios. Bain 4 had 0.1% exposure
to Avaya, LLC, Bain 4 and Bain 5 had 0.1% and 0.2% exposure to
National Cinemedia, LLC, respectively. On average, exposure to
issuers with a Negative Outlook and Fitch's watchlist is 16.4% and
5.0%, respectively.

Senior secured loans comprise 98.3% and fixed rate assets comprise
2.7% of the portfolios, on average. Fitch's weighted average
recovery rate (WARR) of the portfolios was 75.4% on average,
compared to 75.6% at closing.

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

Cash Flow Analysis

Fitch conducted updated cash flow analysis based on newly run Fitch
Stressed Portfolio (FSP) since the transaction is still in its
reinvestment period. The FSP analysis stressed the current
portfolio from the latest trustee report to account for permissible
concentration limits. The FSP analysis was based on a weighted
average life of 7.25, 6.25 and 7.50 years, respectively for Bain 4,
Bain 5 and Bain 6. The weighted average spread, WARR and WARF were
stressed to the relevant Fitch test matrix points.

The ratings are in line with their respective model-implied ratings
(MIRs), as defined in Fitch's CLOs and Corporate CDOs Rating
Criteria. The Stable Outlooks reflect Fitch's expectation that the
notes have sufficient level of credit protection to withstand
potential deterioration in the credit quality of the portfolios in
stress scenarios commensurate with each class' rating.

RATING SENSITIVITIES

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

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

- A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to downgrades of up to one notch
for Bain 4 and Bain 5, and 3 notches for Bain 6, based on 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 Bain 4 and 6 notches for Bain 5 and Bain 6, based on
MIRs. The 'AAAsf'-rated notes would incur no rating impact, as
their ratings are at the highest level on Fitch's scale and cannot
be upgraded.

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.


[*] Moody's Upgrades $25MM of US RMBS Issued 2019-2020
------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 11 bonds from
three US residential mortgage-backed transactions (RMBS), backed by
prime jumbo and agency eligible mortgage loans.

Complete rating actions are as follows:

Issuer: Provident Funding Mortgage Trust 2019-1

Cl. B-3, Upgraded to Aaa (sf); previously on Aug 18, 2022 Upgraded
to Aa2 (sf)

Cl. B-4, Upgraded to Aa3 (sf); previously on Aug 18, 2022 Upgraded
to A2 (sf)

Cl. B-5, Upgraded to Baa2 (sf); previously on Aug 18, 2022 Upgraded
to Baa3 (sf)

Issuer: RCKT Mortgage Trust 2019-1

Cl. B-3, Upgraded to Aa1 (sf); previously on Sep 1, 2022 Upgraded
to Aa3 (sf)

Cl. B-4, Upgraded to A3 (sf); previously on Sep 1, 2022 Upgraded to
Baa2 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Oct 17, 2019
Definitive Rating Assigned B1 (sf)

Issuer: RCKT Mortgage Trust 2020-1

Cl. B-2, Upgraded to Aaa (sf); previously on Aug 5, 2022 Upgraded
to Aa1 (sf)

Cl. B-2A, Upgraded to Aaa (sf); previously on Aug 5, 2022 Upgraded
to Aa1 (sf)

Cl. B-3, Upgraded to Aa3 (sf); previously on Aug 5, 2022 Upgraded
to A2 (sf)

Cl. B-4, Upgraded to A3 (sf); previously on Aug 5, 2022 Upgraded to
Baa2 (sf)

Cl. B-5, Upgraded to B1 (sf); previously on Feb 19, 2020 Definitive
Rating Assigned B2 (sf)

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 agency-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, servicers 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,
servicers could extend the maturity on the loan to match the number
of missed payments.

RCKT Mortgage Trust 2019-1 and RCKT Mortgage Trust 2020-1 feature a
structural deal mechanism that the servicer and the securities
administrator will not advance principal and interest to loans that
are 120 days or more delinquent. The interest distribution amount
will be reduced by the interest accrued on the stop advance
mortgage loans (SAML) and this interest reduction will be allocated
reverse sequentially first to the subordinate bonds, then to the
senior support bond, and then pro-rata among senior bonds. Once a
SAML is liquidated, the net recovery from that loan's liquidation
is allocated first to pay down the loan's outstanding principal
amount and then to repay its accrued interest. The recovered
accrued interest on the loan is used to repay the interest
reduction incurred by the bonds that resulted from that SAML. The
elevated delinquency levels in these transactions have increased
the risk of interest shortfalls due to stop advancing.

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 these ratings 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.

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


[*] Moody's Upgrades $68.3MM of US RMBS Issued 2020
---------------------------------------------------
Moody's Investors Service has upgraded the ratings of 30 bonds from
four US residential mortgage-backed transactions (RMBS), backed by
prime jumbo and agency eligible mortgage loans

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2020-1

Cl. B-3, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa3 (sf)

Cl. B-3-A, Upgraded to Aa1 (sf); previously on Aug 15, 2022
Upgraded to Aa3 (sf)

Cl. B-4, Upgraded to A2 (sf); previously on Aug 15, 2022 Upgraded
to Baa1 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Oct 19, 2021 Upgraded
to Ba3 (sf)

Cl. B-5-Y, Upgraded to Ba1 (sf); previously on Oct 19, 2021
Upgraded to Ba3 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-3

Cl. B-2, Upgraded to Aaa (sf); previously on Aug 15, 2022 Upgraded
to Aa1 (sf)

Cl. B-2-A, Upgraded to Aaa (sf); previously on Aug 15, 2022
Upgraded to Aa1 (sf)

Cl. B-2-X*, Upgraded to Aaa (sf); previously on Aug 15, 2022
Upgraded to Aa1 (sf)

Cl. B-3, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa3 (sf)

Cl. B-3-A, Upgraded to Aa1 (sf); previously on Aug 15, 2022
Upgraded to Aa3 (sf)

Cl. B-3-X*, Upgraded to Aa1 (sf); previously on Aug 15, 2022
Upgraded to Aa3 (sf)

Cl. B-4, Upgraded to A2 (sf); previously on Aug 15, 2022 Upgraded
to Baa1 (sf)

Cl. B-5, Upgraded to Baa3 (sf); previously on Aug 15, 2022 Upgraded
to Ba2 (sf)

Cl. B-5-Y, Upgraded to Baa3 (sf); previously on Aug 15, 2022
Upgraded to Ba2 (sf)

Cl. B-X*, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa2 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-4

Cl. B-3, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa3 (sf)

Cl. B-3-A, Upgraded to Aa1 (sf); previously on Aug 15, 2022
Upgraded to Aa3 (sf)

Cl. B-3-X*, Upgraded to Aa1 (sf); previously on Aug 15, 2022
Upgraded to Aa3 (sf)

Cl. B-4, Upgraded to A2 (sf); previously on Aug 15, 2022 Upgraded
to Baa1 (sf)

Cl. B-X*, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa2 (sf)

Issuer: J.P. Morgan Mortgage Trust 2020-5

Cl. B-2, Upgraded to Aaa (sf); previously on Aug 15, 2022 Upgraded
to Aa1 (sf)

Cl. B-2-A, Upgraded to Aaa (sf); previously on Aug 15, 2022
Upgraded to Aa1 (sf)

Cl. B-2-X*, Upgraded to Aaa (sf); previously on Aug 15, 2022
Upgraded to Aa1 (sf)

Cl. B-3, Upgraded to Aa2 (sf); previously on Aug 15, 2022 Upgraded
to A1 (sf)

Cl. B-3-A, Upgraded to Aa2 (sf); previously on Aug 15, 2022
Upgraded to A1 (sf)

Cl. B-3-X*, Upgraded to Aa2 (sf); previously on Aug 15, 2022
Upgraded to A1 (sf)

Cl. B-4, Upgraded to A2 (sf); previously on Aug 15, 2022 Upgraded
to Baa1 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Aug 15, 2022 Upgraded
to Ba2 (sf)

Cl. B-5-Y, Upgraded to Ba1 (sf); previously on Aug 15, 2022
Upgraded to Ba2 (sf)

Cl. B-X*, Upgraded to Aa1 (sf); previously on Aug 15, 2022 Upgraded
to Aa2 (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 pool.

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 agency-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, servicers 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,
servicers 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.

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 272 Classes From 10 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of the ratings on 272
classes from 10 U.S. RMBS transactions issued between 2013 and
2018. The review yielded 117 upgrades and 155 affirmations.

A list of Affected Ratings can be viewed at:

           https://rb.gy/e5h6c

S&P said, "For all transactions, we performed credit analysis using
updated loan-level information from which we determined foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. In addition, we used the same mortgage
operational assessment, representation and warranty, and due
diligence factors that were applied at issuance. In addition, we
applied a 1.05x loss coverage adjustment to New Residential
Mortgage Loan Trust series 2014-3, 2016-1, 2016-4, 2017-1, 2017-2,
2017-3, and 2018-1 due to performance and seasoning of pre-COVID 19
pandemic loan modifications in the mortgage pools of these
transactions. For the 2016 vintage and later New Residential
Mortgage Loan Trust transactions, we maintained a 100% loss
severity assumption for outstanding loans that were determined to
have a grade D regulatory compliance exception at transaction
origination. For these transactions, only a sample of the loans in
the pool had a due diligence review at closing; therefore, we
extrapolated the percentage of loans graded D in the sample to the
remainder of the pool. We also adjusted loss coverage levels
accordingly, based on our increase in loss severity."

The upgrades primarily reflect deleveraging due to the respective
transactions benefiting from low or zero accumulated losses to date
and, although declining, elevated observed prepayment speeds over
the past year, which resulted in a greater percentage of credit
support for the rated classes. In addition, improved loan-to-value
ratios due to significant home price appreciation resulted in lower
projected default expectations. Ultimately, S&P believes these
classes have sufficient credit support to withstand projected
losses at higher rating levels.

The affirmations reflect S&P's view that the classes' projected
collateral performance relative to its projected credit support
remain relatively consistent with its previous expectations.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by the application of its criteria. These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes. These considerations include:

-- Collateral performance (including prepayment and delinquency
trends),

-- Priority of principal payments,

-- Priority of loss allocation, and

-- Available subordination and excess spread.



                            *********

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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is compiled on the Friday prior to publication.  Prices reported
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