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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 18, 2023, Vol. 27, No. 168

                            Headlines

280 PARK 2017-280P: Fitch Affirms B- Rating on Class HRR Certs
AGL CLO 25: Fitch Assigns 'BB-sf' Rating on E Notes, Outlook Stable
AMUR EQUIPMENT 2023-1: Moody's Gives (P)Ba3 Rating to Cl. E Notes
AMUR EQUIPMENT 2023-1: S&P Affirms BB (sf) Rating on Cl. E Notes
BBCMS 2019-BWAY: Fitch Affirms 'B+' Rating to Class HRR Certs

BLACKROCK DLF 2021-2: DBRS Finalizes B Rating on Class W Notes
BRAVO RESIDENTIAL 2023-NQM4: Fitch Gives B(EXP) Rating on B-2 Certs
BSPRT 2021-FL6: DBRS Confirms B(low) Rating on Class H Notes
BVABS 2023-CAR3: Moody's Assigns (P)B3 Rating to Class F Notes
BX COMMERCIAL 2022-CSMO: DBRS Confirms BB Rating on Class F Certs

BX COMMERCIAL 2023-VLT2: DBRS Gives Prov. B Rating on HRR Certs
CHNGE MORTGAGE 2023-2: DBRS Gives Prov. B(high) Rating on B2 Certs
CIFC FUNDING 2018-III: Moody's Cuts $12MM F Notes Rating to Caa1
CITIGROUP COMMERCIAL 2014-GC19: DBRS Confirms BB Rating on F Certs
DBGS 2019-1735: S&P Assigns B (sf) Rating on Class F Certs

ELEVATION CLO 2014-2: Moody's Cuts $9MM F-R Notes Rating to Caa3
FIRST INVESTORS 2022-1: S&P Raises Class E Notes Rating to BB (sf)
FLAGSHIP CREDIT 2022-2: S&P Affirms Class E Note Rating to BB-(sf)
FREDDIE MAC 2017-SC01: Moody's Ups Rating on Cl. M-2 Debt From Ba1
FREDDIE MAC 2023-HQA1: DBRS Gives Prov. BB(high) on 16 Classes

GOODLEAP SUSTAINABLE 2023-2: Fitch Gives BB Rating on Cl. C Notes
HPS PRIVATE 2023-1: Moody's Gives Ba3 Rating to $36MM Cl. E Notes
IMSCI 2013-4: DBRS Confirms B(low) Rating on G Certs
JP MORGAN 2020-2: Moody's Upgrades Rating on 2 Tranches to Ba2
JP MORGAN 2023-4: Fitch Assigns Final 'B-' Rating on Cl. B-5 Certs

JPMBB COMMERCIAL 2015-C30: DBRS Confirms B Rating on X-E Certs
JUNIPER VALLEY: S&P Assigns BB-(sf) Rating on Class E Notes
MAGNETITE XXXVI: S&P Assigns BB- (sf) Rating on Class E Notes
MARANON LOAN 2023-1: S&P Assigns BB- (sf) Rating on Cl. E Notes
MORGAN STANLEY 2013-C7: Moody's Cuts Rating on 2 Tranches to Csf

MORGAN STANLEY 2013-C9: DBRS Puts B Rating on Cl. H Debt on Review
MORGAN STANLEY 2018-SUN: DBRS Confirms B Rating on Class G Certs
MORGAN STANLEY 2023-19: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
MULTI SECURITY 2005-RR4: DBRS Confirms CCC Rating on Class N Certs
NATIONAL COLLEGIATE 2007-A: Moody's Cuts Cl. B Notes Rating to Ba1

NEW RESIDENTIAL 2023-1: DBRS Finalizes B Rating on 2 Classes
OAKTOWN RE VI: Moody's Upgrades Rating on Cl. B-1 Notes to B1
ONE MARATHON VII: S&P Lowers Class D Notes Rating to 'CCC- (sf)'
OZLM VIII: Moody's Cuts Rating on $11.4MM E-RR Notes to Caa2
PIKES PEAK 11: Fitch Affirms BB- Rating on Class E Notes

PRIME STRUCTURED 2020-1: Moody's Ups Rating on Cl. F Certs to Ba3
PRKCM 2023-AFC2: S&P Assigns B (sf) Rating on Class B-2 Notes
SANDSTONE PEAK II: S&P Assigns BB- (sf) Rating on Class E Notes
SANTANDER BANK 2023-A: Moody's Gives B2 Rating to $19.25MM F Notes
SCULPTOR CLO XXXI: S&P Assigns Prelim BB- (sf) Rating on E Notes

SOHO TRUST 2021-SOHO: DBRS Confirms B Rating on 2 Classes
SOUND POINT V-R: Moody's Cuts Rating on $12MM Cl. F Notes to Caa2
STWD 2019-FL1: DBRS Confirms B Rating on Class G Notes
TELOS CLO 2014-5: S&P Lowers Class E-R Notes Rating to 'CCC (sf)'
TIKEHAU US IV: S&P Assigns BB- (sf) Rating on Class E Notes

WELLS FARGO 2015-C27: DBRS Confirms CCC Rating on Class E Certs
[*] Fitch Takes Actions on 11 U.S. CMBS 2019 Vintage Transactions
[*] Fitch Takes Actions on 12 US CMBS 2018 Vintage Transactions
[*] Moody's Upgrades $104.9MM of US RMBS Issued 2006-2007
[*] Moody's Upgrades $150.8MM of US RMBS Issued 2004-2006

[*] S&P Lowers Ratings on 22 Classes From 17 U.S. RMBS Transactions

                            *********

280 PARK 2017-280P: Fitch Affirms B- Rating on Class HRR Certs
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of seven classes of 280 Park
Avenue 2017-280P Mortgage Trust Commercial Mortgage Pass-Through
Certificates. In addition, Fitch has revised the Rating Outlooks on
classes C, D, E, F and HRR to Negative from Stable.

   Entity/Debt         Rating            Prior
   -----------         ------            -----
280 Park Avenue
Trust 2017-280P

   A 90205FAA8     LT AAAsf  Affirmed    AAAsf
   B 90205FAG5     LT AA-sf  Affirmed    AA-sf
   C 90205FAJ9     LT A-sf   Affirmed    A-sf
   D 90205FAL4     LT BBB-sf Affirmed    BBB-sf
   E 90205FAN0     LT BB-sf  Affirmed    BB-sf
   F 90205FAQ3     LT Bsf    Affirmed    Bsf
   HRR 90205FAS9   LT B-sf   Affirmed    B-sf

KEY RATING DRIVERS

The affirmations reflect the high quality and prime location of the
collateral, institutional sponsorship and property management, and
historically strong performance and quality tenancy. The building
has also demonstrated recent positive leasing momentum by signing
multiple new leases.

The Negative Outlooks on class C, D, E, F and HRR reflect the
upcoming tenant rollover at the property. Fitch will continue to
monitor performance and leasing at the property; downgrades are
possible should the property experience a significant and sustained
occupancy and/or cash flow deterioration beyond expectation of
sustainable performance, including the building not being able to
replace vacating office tenants at lease expiration and/or new
tenant leases signed at significantly lower rents than expected due
to the prolonged challenging market conditions.

Stable Performance: The servicer-reported YE 2022 net cash flow
(NCF) has been stable at $75.2 million compared with $75.7 million
at YE 2021.The YE 2022 NCF debt service coverage ratio (DSCR)
declined to 2.36x from 4.37x at YE 2021 due to an increase in debt
service by $14.6 million, solely from LIBOR fluctuations. The
property was 96.8% occupied as of the May 2023 rent roll, compared
with 95.2% as of the June 2022, 95.6% in March 2021 and 93.4% in
June 2020.

The Fitch sustainable NCF of $70.5 million used leases in place as
of the May 2023 rent roll, with credit given to near-term
contractual rent bumps, tenants with signed leases occupying in the
near term, and tenants in a rent abatement period.

Fitch marked-to-market the rents on six tenants with lease
expirations in 2023 and 2024 that are expected to vacate or are
paying above market, giving consideration for tenants on higher
floors. Average in-place rents for these tenants are $113 psf and
have been reduced to $98.50 psf. Fitch's sustainable long-term
occupancy assumption of 91%, which is above the submarket
occupancy, reflects the strong collateral quality and position in
the market. According to Costar, the submarket vacancy and
availability rates and average asking rents were 13.3%, 15.7% and
$89.30 psf, respectively.

The updated Fitch sustainable property NCF of $70.5 million is 2.7%
above Fitch's last rating action NCF of $68.6 million and 1.9%
below Fitch's issuance NCF of $71.9 million.

Fitch incorporated a higher Fitch-stressed capitalization rate of
7.25%, up from 7.00% at the last rating action, to reflect
increased office sector concerns and credit contraction in the wake
of bank sector stresses and worsening macroeconomic conditions that
have further constrained loan refinance prospects.

Upcoming Vacancy Concerns: While vacancy has remained stable, it is
expected to increase in 2023 and 2024 as six tenants comprising 21%
of NRA (24% of the base rent) will be vacating all or some their
space. The vacating tenants have average rents of approximately
$112 psf compared with the average in-place rents of approximately
$100 psf at the property. The expected increase in vacancy is
partially offset by the positive leasing momentum at the building.
In 2022 and 2023, over 70,000 sf in leases were signed with an
average rent of $101 psf, in line with the current in-place rents.
Additionally, the sponsor recently reported a 15-year renewal of
49,851 sf and expansion of 49,717 sf was signed with one of the
world's largest sovereign wealth funds.

High Overall Fitch Leverage: The $1.075 billion mortgage loan has a
Fitch DSCR and LTV of 0.79x and 110.6%, respectively, and debt of
$842 psf. The capital stack also includes a $125.0 million
mezzanine loan. The total debt Fitch DSCR and LTV are 0.71x and
123.4%, respectively, and the total debt amounts to $940 psf.

Upcoming Loan Maturity: The floating-rate loan is scheduled to
mature on Sept. 9, 2023; however, the borrower has the option to
exercise the fifth and final loan extension option to September
2024. The borrower would be required to purchase a replacement
interest rate cap in order to extend and at the start of the final
extended maturity date the spread will increase by 25 basis
points.

Creditworthy Tenancy: Over 20% of the NRA is leased to creditworthy
tenants, including Franklin Templeton, GIC, Orix USA, Wells Fargo
Advisors (Wells Fargo & Company is rated A+/F1/Outlook Stable).

High-Quality Asset in Strong Location: The collateral consists of a
fee simple interest in a 1.3 million-sf, LEED Gold certified, class
A office building located on Park Avenue between 48th and 49th
Streets in the Plaza office submarket of Midtown Manhattan. The
collateral consists of a 33-story east tower, a 43-story west tower
and a 17-story base building that connects the east and west
towers. The east tower was initially built in 1961, while the west
tower was completed in 1968. The property was formerly known as the
Bankers Trust Building. At issuance, Fitch assigned a property
quality grade of 'A'. The property includes 1.22 million sf of
office, 21,686 sf of retail and 14,841 sf of storage space.

The largest tenants are PJT Partners (11% of NRA through 2026),
Franklin Templeton Investments (10% through 2031), Cohen & Steers
(8% through January 2024; expected to vacate), Blue Mountain
Capital Management (6% through April 2024; expected to vacate) and
Investcorp International (6% through May 2035). The street-level
retail space at issuance was fully leased to Starbucks, Four
Seasons Restaurant, and Scottrade, which have vacated. The Four
Seasons space was re-leased to Fasano Restaurant through 2030 with
percentage rent lease terms. The restaurant opened in February 2022
and Baretto (bar and lounge space on the 2nd floor) opened in July
2022.

Institutional Sponsorship: The loan is sponsored by SL Green
(BBB-/Negative) and Vornado (BBB-/Negative), both of which are
major New York City landlords.

Capital Improvements: The sponsor acquired the property in 2011 and
has spent $142.5 million ($113 psf) on the redevelopment of the
building. The redevelopment included a complete redesigning of the
lobby and exterior plaza, installing a new breezeway, redeveloping
the public plazas, repositioning the retail space, upgrading the
elevators, electrical and plumbing systems, and installing a modern
HVAC system.

RATING SENSITIVITIES

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

- A significant and sustained deterioration in property NCF and/or
decline in property occupancy;

- Market conditions deteriorate beyond Fitch's view of sustainable
performance.

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

- A significant and sustained improvement in Fitch NCF, which could
stem from new leasing or increased rental income, or if the loan
were defeased.

ESG CONSIDERATIONS

280 Park Avenue Trust 2017-280P has an ESG Relevance Score of '4'
[+] for Waste & Hazardous Materials Management; Ecological Impacts
due to the collateral's sustainable building practices including
Green building certificate credentials, which has a positive impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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


AGL CLO 25: Fitch Assigns 'BB-sf' Rating on E Notes, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to AGL CLO
25 Ltd.

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

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

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 23.87, versus a maximum covenant, in accordance with
the initial expected matrix point of 26.64. 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 75.12% versus a
minimum covenant, in accordance with the initial expected matrix
point of 75.1%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 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 weighted average life (WAL) used for the
transaction stress portfolio and matrices analysis is 12 months
less than the WAL covenant to account for structural and
reinvestment conditions after the reinvestment period. In Fitch's
opinion, these conditions would reduce the effective risk horizon
of the portfolio during stress periods.

RATING SENSITIVITIES

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

Variability in key model assumptions, such as decreases in recovery
rates and increases in default rates, could result in a downgrade.
Fitch evaluated the notes' sensitivity to potential changes in such
a metric. The results under these sensitivity scenarios are as
severe as between '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 2023-1: Moody's Gives (P)Ba3 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
Series 2023-1 notes to be issued by Amur Equipment Finance
Receivables XII LLC (Amur 2023-1). Amur Equipment Finance, Inc.
(Amur) will sponsor the securitization, which will be backed by
fixed-rate loans and leases secured primarily by trucking,
transportation, industrial and construction equipment. Amur will
also be the servicer of the pool to be securitized. Amur 2023-1
will be Amur's twelfth transaction backed by somewhat similar
collateral and the sixth that Moody's will rate.

The complete rating actions are as follows:

Issuer: Amur Equipment Finance Receivables XII LLC, Series 2023-1

Class A-1 Notes, Assigned (P)P-1 (sf)

Class A-2 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa1 (sf)

Class C Notes, Assigned (P)A1 (sf)

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

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

RATINGS RATIONALE

The provisional ratings for the notes are based on the credit
quality of the equipment loan and lease pool to be securitized and
its expected performance, the historical performance of Amur's
managed portfolio and that of its prior securitizations, the
experience and expertise of Amur as the originator and servicer of
the underlying pool, the back-up servicing arrangement with UMB
Bank, N.A., the transaction structure including the level of credit
enhancement supporting the notes, and the legal aspects of the
transaction.

Key credit strengths of the transaction include a granular
collateral pool, a manual detailed underwriting process and a
sequential pay transaction structure. Key credit challenges include
a small sponsor and servicer, relatively weak collateral
performance and credit quality compared to some other
transportation originators, a high exposure to the trucking and
transportation industry, and a risk of weakening credit quality
owing to contract additions during the prefunding period.

Moody's median cumulative net loss expectation for the Amur 2023-1
collateral pool is 4.5% and loss at a Aaa stress is 28.00%. Moody's
cumulative net loss expectation and loss at a Aaa stress is based
on its analysis of the credit quality of the underlying collateral
pool and the historical performance of similar collateral,
including Amur's managed portfolio performance, the track-record,
ability and expertise of Amur to perform the servicing functions,
and current expectations for the macroeconomic environment during
the life of the transaction.

Additionally, in assigning a (P)P-1 (sf) rating to the Class A-1
Notes, Moody's considered the cash flows the underlying receivables
are expected to generate prior to the Class A-1 notes' legal final
maturity date.

The classes of notes will be paid sequentially. At transaction
closing, the Class A, Class B, Class C, Class D, and Class E notes
will benefit from 33.65%, 26.10%, 19.15%, 12.70%, and 9.90% of hard
credit enhancement, respectively. Initial hard credit enhancement
for the notes will consist of (1) subordination (except in the case
of the Class E notes), (2) initial over-collateralization of 8.90%
that can build to a target of 10.80% of the outstanding adjusted
discounted pool balance, and has a floor of 2.00%, and (3) a fully
funded, non-declining reserve account of 1.00% of the initial
adjusted discounted pool balance. The the transaction can also
benefit from excess spread. However, unlike prior Amur sponsored
deals, there is very little excess spread available as the discount
rate applied to the underlying contracts is similar to the expected
weighted average coupon rate on the notes and the expected
servicing fee. The sequential-pay structure and non-declining
reserve account will result in a build-up of credit enhancement
supporting the rated notes.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.

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

Up

Moody's could upgrade the ratings on the subordinate notes if
levels of credit protection are greater than necessary to protect
investors against current expectations of loss. Moody's then
current expectations of loss may be better than its original
expectations because of lower frequency of default by the
underlying obligors or slower depreciation in the value of the
equipment securing obligors' promise of payment. As the primary
drivers of performance, positive changes in the US macro economy
and the performance of various sectors in which the obligors
operate could also affect the ratings. This transaction has a
sequential pay structure and therefore credit enhancement will grow
as a percentage of the collateral balance as collections pay down
senior notes. Prepayments and interest collections directed toward
note principal payments will accelerate this build-up of
enhancement.

Down

Moody's could downgrade the notes if levels of credit protection
are insufficient to protect investors against current expectations
of portfolio losses. Credit enhancement could decline if excess
spread is not sufficient to cover losses in a given month. Losses
could rise above Moody's original expectations as a result of a
higher number of obligor defaults or deterioration in the value of
the equipment securing obligors' promise of payment. As the primary
drivers of performance, negative changes in the US macro economy
and the performance of various sectors in which the obligors
operate could also affect the ratings. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties and inadequate transaction
governance. Additionally, Moody's could downgrade the Class A-1
short term rating following a significant slowdown in principal
collections that could result from, among other reasons, high
delinquencies or a servicer disruption that impacts obligors'
payments.


AMUR EQUIPMENT 2023-1: S&P Affirms BB (sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Amur
Equipment Finance Receivables XII LLC's series 2023-1 equipment
contract-backed notes.

The note issuance is an ABS transaction backed by small- to
mid-ticket equipment finance contracts (loan/lease).

The preliminary ratings are based on information as of June 15,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 29.44%, 22.43%, 15.85%,
10.61%, and 8.76% in credit support (based on stressed breakeven
cash flow scenarios) for the class A, B, C, D, and E notes,
respectively. The credit support provides coverage of more than
5.0x, 4.0x, 3.0x, 2.0x, and 1.60x our stressed base cumulative net
losses based on S&P's 7.50%-8.00% base case expected gross loss
range for the class A, B, C, D, and E notes, respectively.

-- S&P's expectation that under a moderate ('BBB') stress
scenario, all else being equal, its ratings will be within the
credit stability limits specified by section A.4 of the Appendix
contained in "S&P Global Ratings Definitions," published June 9,
2023.

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

-- The pool's obligor diversification. Each individual obligor
represents 0.56% or less of the initial discounted pool balance,
which is below S&P's 1.50% threshold level to be considered as an
additive factor in its stressed loss calculations.

-- The series collateral characteristics, which are comparable to
prior AXIS transactions and concentrated in the transportation
sector.

-- Amur's outstanding and paid off securitization performance,
which was a key consideration in deriving our gross loss and
recovery rate expectations for this series.

-- S&P's operational risk assessment of Amur Equipment Finance
Inc. as servicer, its view of the company's underwriting, and the
company's backup servicing arrangement with UMB Bank N.A.

-- The transaction's payment and legal structures.

-- S&P's updated macroeconomic forecast and forward-looking view
of the transportation industry.

  Preliminary Ratings Assigned

  Amur Equipment Finance Receivables XII LLC (Series 2023-1)

  Class A-1, $43.00 million: A-1+ (sf)
  Class A-2, $235.97 million: AAA (sf)
  Class B, $31.27 million: AA (sf)
  Class C, $28.79 million: A (sf)
  Class D, $26.72 million: BBB (sf)
  Class E, $11.60 million: BB (sf)



BBCMS 2019-BWAY: Fitch Affirms 'B+' Rating to Class HRR Certs
-------------------------------------------------------------
Fitch Ratings has affirmed seven classes of BBCMS 2019-BWAY
Mortgage Trust (BBCMS 2019-BWAY) commercial mortgage pass-through
certificates. The Rating Outlooks for all classes have been revised
to Negative from Stable.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
BBCMS 2019-BWAY

   A 05492NAA1       LT  AAAsf   Affirmed  AAAsf
   B 05492NAC7       LT  AA-sf   Affirmed  AA-sf
   C 05492NAE3       LT  A-sf    Affirmed  A-sf
   D 05492NAG8       LT  BBB-sf  Affirmed  BBB-sf
   E 05492NAJ2       LT  BB-sf   Affirmed  BB-sf
   HRR 05492NAL7     LT  B+sf    Affirmed  B+sf
   X-NCP 05492NAQ6   LT  AAAsf   Affirmed  AAAsf

Class X-NCP is an interest-only class.

KEY RATING DRIVERS

Decline in Occupancy and Net Cash Flow: The Negative Rating
Outlooks reflect that downgrades are possible if the property net
cash flow (NCF), occupancy and/or market conditions deteriorate
beyond Fitch's view of sustainable performance through the loan's
extended maturity date. The property was negatively affected by the
pandemic, and is currently operating below the submarket for both
occupancy and rent.

The servicer reported NCF has declined to $22 million,
significantly below the $36.5 million issuer underwritten NCF.
Property operating expenses have increased as a percentage of
income as rental revenue has declined due to higher vacancy. Per
the year-end 2022 rent roll, occupancy declined to 83.9% from 86.1%
at year-end 2021 and 93.8% at issuance in 2019. The average in
place rent is approximately $61 psf and the property is about 16.1%
vacant. Per CoStar (May 2023), the Penn Plaza/Garment submarket has
a reported vacancy rate of 13.9% and average asking rents of
approximately $67 psf.

Fitch has updated its sustainable NCF to $30.4 million, which is
6.9% below Fitch's issuance NCF of $32.6 million. Fitch's updated
NCF considers leases-in-place as of the YE 2022 rent roll, with
credit given to near-term contractual rent escalations and minimal
lease-up, offset by tenants that have vacated or tenants with lease
expirations through 2024. Additionally, Fitch applied higher
leasing costs and capex assumptions in its updated analysis.

The property tenant roster is granular, with rollover of
approximately 16% through YE 2023 and 13.2% in 2024 per the YE 2022
rent roll. Several tenants, mainly apparel and garment related,
which typically have smaller footprints, have signed or renewed
leases per the servicer. The larger office tenants have leases that
expire after the loan's fully extended loan maturity in 2024. The
largest tenant is Comcast (Fitch rated A-/Outlook Stable; 9.3% of
NRA), which has a lease through December 2028. Other office tenants
include S. Rothschild & Co. (4.2% of NRA through June 2025), VCS
Group (3.8% of NRA through September 2028) and ES Sutton (2.8 % of
NRA through December 2028). As of the May 2023 servicer reporting,
the leasing reserve has a balance of $2.0 million.

Fitch Leverage: The loan, which represents a low total debt of $313
psf, has a Fitch stressed debt service coverage ratio and
loan-to-value of 0.91x and 98%, respectively, compared with 1.03x
and 85.9% at issuance. Fitch incorporated a higher stressed
capitalization rate of 8.5%, up from 8.0% in previous rating
actions to reflect increased office sector concerns and credit
contraction and leasehold interest.

Strong Collateral Quality and Recovery Expectations: The
affirmations primarily reflect the loan's low leverage and high
recovery expectations, the property's high-quality and strong
infill Manhattan location, and the experienced sponsorship. The
collateral consists of a leasehold interest in 1407 Broadway, a
49-story (1.1. million-sf) office building located in the Garment
District in Midtown Manhattan. The property is well situated in
proximity to Manhattan's public transportation hubs including Times
Square, Grand Central Terminal, New York Penn Station and the Port
Authority Bus Terminal. The sponsor acquired the property in 2015
and subsequently invested approximately $61 million in renovations
through 2018, including upgrading the common areas, retail
storefronts and HVAC.

Full-Term, Interest-Only Loan: The floating-rate mortgage loan is
interest only for the entire five-year, fully extended loan term.
The sponsor previously extended the loan to the second extended
maturity date of November 2023 with an additional one-year
extension option remaining. The sponsor would be required to
purchase a replacement interest rate cap in order to exercise the
extension.

Experienced Sponsorship: Shorenstein has sponsored thirteen
closed-end investment funds with total equity commitments of $9.5
billion, of which Shorenstein committed $798.5 million. Shorenstein
owns and operates office, residential and mixed-use properties
totaling over 20 million sf across the U.S. Since acquiring the
collateral property for $330 million in 2015, the sponsor invested
an additional $102 million in capital improvements and leasing
costs, for a total cost basis of $432 million.

Short-Term Leasehold Interest: The property is subject to a 76-year
ground lease through December 2030, with one 18-year renewal option
remaining, which would extend the ground lease through December
2048. Based on the fully extended loan term of five years, there
will be 24 years remaining on the ground lease at loan maturity.
The current ground lease payments are a fixed $414,000 per annum,
which are set to increase to a fixed $450,000 per annum on January
2031 through December 2048.

Single Asset Concentration: The transaction is secured by a single
property and is, therefore, more susceptible to single-event risk
related to the market, sponsor or the largest tenants occupying the
property.

RATING SENSITIVITIES

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

- Further deterioration in Fitch NCF.

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

- Significant and sustainable improvement in Fitch NCF.

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.


BLACKROCK DLF 2021-2: DBRS Finalizes B Rating on Class 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 2021-2, LLC, pursuant to the
Note Purchase and Security Agreement (the NPSA) dated as of May 20,
2021, and amended on August 2, 2022 (the Amendment), among
BlackRock DLF IX CLO 2021-2, 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 AA (high) (sf)
-- Class B Notes at A (high) (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
May 20, 2035.

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 May 20, 2035. The Class W Notes 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/DESCRIPTION

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 the
Eligibility Criteria (as defined in the NPSA). The current
transaction performance is also within DBRS Morningstar's
expectation. The Stated Maturity is May 20, 2035. The Reinvestment
Period ends on May 20, 2027.

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 DBRS
Morningstar's "Legal Criteria for U.S. Structured Finance" (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 135.27
Class C OC Ratio 128.66
Class D OC Ratio 119.22
Class E OC Ratio 110.75

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: 5.00%, Subject to the Collateral Quality
Matrix
Minimum WA Coupon Test: 6.0%
Maximum DBRS Morningstar Risk Score Test: 59.25, Subject to the
Collateral Quality Matrix
Minimum Diversity Score Test: 23, Subject to the Collateral Quality
Matrix
Minimum WA DBRS Morningstar Recovery Rate Test: 44.30%, Subject to
the Collateral Quality Matrix
Maximum WA Life Test: 7.0 years minus the product of (A) 0.25 and
(B) the number of Quarterly Payment Dates that have occurred since
the fifth anniversary of the Closing Date
Maximum Advance Rate: 87.13%, 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 38 compared with test
level of 23); 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
acceptable results. Along with satisfaction of the Eligibility
Criteria, they warranted 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.



BRAVO RESIDENTIAL 2023-NQM4: Fitch Gives B(EXP) Rating on B-2 Certs
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by BRAVO Residential Funding Trust 2023-NQM4 (BRAVO
2023-NQM4).

   Entity/Debt       Rating        
   -----------       ------        
BRAVO 2023-NQM4

   A-1           LT  AAA(EXP)sf Expected Rating
   A-2           LT  AA(EXP)sf  Expected Rating
   A-3           LT  A(EXP)sf   Expected Rating
   M-1           LT  BBB(EXP)sf Expected Rating
   B-1           LT  BB(EXP)sf  Expected Rating
   B-2           LT  B(EXP)sf   Expected Rating
   B-3           LT  NR(EXP)sf  Expected Rating
   XS            LT  NR(EXP)sf  Expected Rating
   AIOS          LT  NR(EXP)sf  Expected Rating
   SA            LT  NR(EXP)sf  Expected Rating
   R             LT  NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The notes are supported by 653 loans with a total interest-bearing
balance of approximately $295million as of the cut-off date.

Almost half of the loans in the pool were originated by ClearEdge
Lending LLC (ClearEdge) and Acra Lending (Acra). The remaining
loans were originated by multiple entities. The loans are serviced
by Select Portfolio Servicing, Inc. (SPS) and Acra Funding
(subserviced by ServiceMac).

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% above a long-term sustainable level (versus 7.8%
on a national level as of 4Q22, down 2.7% qoq). While up in the
first quarter of 2023, home prices are down on a year over year
basis as of March 2023.

Non-qualified Mortgage Credit Quality (Negative): The collateral
consists of 653 loans totaling $295 million and seasoned at
approximately nine months in aggregate, calculated as the
difference between the origination date and the cutoff date. The
borrowers have a moderate credit profile — a 730 model FICO and a
43% debt-to-income ratio (DTI), which includes mapping for debt
service coverage ratio (DSCR) loans — and leverage, as evidenced
by a 75% sustainable loan-to-value ratio (sLTV).

The pool comprises 56.0% of loans treated as owner-occupied, while
44.0% are treated as an investor property or second home, which
includes loans to foreign nationals or loans where residency status
was not confirmed. Additionally, 11% of the loans were originated
through a retail channel. Of the loans, 60.0% are non-QM.

Loan Documentation (Negative): Approximately 94.1% of the pool
loans were underwritten to less than full documentation and 56.3%
were underwritten to a 12-month or 24-month bank statement program
for verifying income, which is not consistent with Appendix Q
standards and Fitch's view of a full documentation program. A key
distinction between this pool and legacy Alt-A loans is that these
loans adhere to underwriting and documentation standards required
under the Consumer Financial Protections Bureau's (CFPB)
Ability-to-Repay/Qualified Mortgage Rule (ATR), which reduces the
risk of borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to the
rigors of the ATR mandates regarding underwriting and documentation
of the borrower's ability to repay. Additionally, 30.3% of the
loans % is DSCR product while the remaining is a mix of Asset
Depletion, CPA letter, Profit and Loss statements and Written
Verification of Employment documentation standards.

Modified Sequential Payment Structure (Mixed): The structure
distributes principal pro rata among the senior notes 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 trigger event occurs in a given period,
principal will be distributed sequentially to the class A-1, A-2
and A-3 notes until they are reduced to zero.

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

No P&I Advancing (Mixed): The servicers will not be advancing
delinquent monthly payments of principal and interest. Because P&I
advances made on behalf of loans that become delinquent and
eventually liquidate reduce liquidation proceeds to the trust, the
loan-level loss severities (LS) are less for this transaction than
for those where the servicer is obligated to advance P&I. The
downside to this is the additional stress on the structure, 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, excess spread and credit
enhancement to pay timely interest to senior notes during stressed
delinquency and cash flow periods.

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 38.9% at 'AAA'. The
analysis indicates that there is some potential for rating
migration with higher MVDs for all rated classes, compared with the
model projection. Specifically, a 10% additional decline in home
prices would lower all rated classes by one full category.

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

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

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

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

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

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

- Fitch lowered its loss expectations by approximately 44bps as a
result of the diligence review.

ESG CONSIDERATIONS

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


BSPRT 2021-FL6: DBRS Confirms B(low) Rating on Class H Notes
------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of notes issued
by BSPRT 2021-FL6 Issuer, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the collateral. In conjunction with this press release, DBRS
Morningstar has published a Surveillance Performance Update rating
report with in-depth analysis and credit metrics for the
transaction and business plan updates on select loans.

The transaction is a managed collateralized loan obligation pool
with a maximum funded balance of $700.0 million. According to the
April 2023 remittance report, the pool consists of 58 mortgages
secured by 82 properties with an aggregate trust balance of $686.0
million. Most loans are in a period of transition with plans to
stabilize and improve the asset value. The transaction is currently
in its 30-month reinvestment period, which will end with the
September 2023 Payment Date. As of April 2023 reporting, the
Reinvestment Account had a balance of $14.0 million. Since the
previous DBRS Morningstar rating action in November 2022, the
collateral manager has acquired seven loans into the trust,
totaling $31.4 million. Through April 2023, 46 loans with a former
cumulative trust balance of $371.4 million, have been repaid from
the transaction. This includes two loans, totaling $11.7 million,
which the collateral manager purchased out of the transaction at
par.

Sixteen of the outstanding loans, representing 22.7% of the current
trust balance, have maturity dates throughout 2023; however, all
loans have remaining extension options. While required performance
tests may not be met across all collateral properties, borrowers
and lenders may agree to terms to allow loan maturity dates to be
extended. Terms may include fresh equity contributions from
borrowers to pay down loan balances, fund operating and debt
service reserves, and purchase new interest rate cap agreements. As
of April 2023, there are no loans in special servicing, and 18
loans are on the servicer's watchlist, representing 57.6% of the
current trust balance. These loans are primarily being monitored
for low debt service coverage ratios (DSCRs) as the borrowers
execute their business plans. Occupancy rates and cash flow may
remain depressed at select properties as the borrowers work toward
property stabilization.

The transaction benefits from a significant concentration of loans
backed by multifamily properties representing 64.6% of the current
trust balance, followed by hotel properties (20.0% of the current
trust balance), and office properties (11.0% of the current trust
balance). The loans are primarily secured by properties in suburban
markets with 44 loans, representing 74.7% of the current trust
balance, in locations with DBRS Morningstar Market Ranks of 3, 4,
and 5. An additional seven loans, representing 19.6% of the pool,
are secured by properties in urban locations with DBRS Morningstar
Market Ranks of 6 and 7 and seven loans, representing 5.7% of the
pool, are secured by properties in tertiary markets. In terms of
leverage, the pool has a current weighted-average (WA) appraised
loan-to-value ratio (LTV) of 65.0% and a WA stabilized LTV ratio of
57.6%. By comparison, these figures were 69.7% and 59.3%,
respectively, as of November 2021. DBRS Morningstar recognizes the
current market value of the collateralized properties may have
declined given the increased interest rate and widening
capitalization rate environments currently facing borrowers and
lenders.

Through April 2023, the collateral manager has advanced $120.5
million in loan future funding to 45 individual borrowers to aid in
property stabilization efforts. The largest advance, $10.1 million,
was made to the borrower of the Cedar Grove Multifamily Portfolio,
which is secured by a portfolio of 15 multifamily properties across
North Carolina, South Carolina, and Oklahoma. The borrower's
business plan is to implement a value-add program that includes
upgrading and renovating exteriors, interiors, and amenities across
the portfolio to increase rental and occupancy rates. An additional
$82.6 million of loan future funding allocated to 33 individual
borrowers remains available. The largest unadvanced portion is also
allocated to the borrower of the aforementioned Cedar Grove
Multifamily Portfolio.

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



BVABS 2023-CAR3: Moody's Assigns (P)B3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by BVABS 2023-CAR3 (BOF-VII AL Funding Trust I).
This is the second auto loan transaction sponsored by Bayview Asset
Selector VII, LLC and the third sponsored by a Bayview
majority-owned affiliate. The notes will be backed by a pool of
prime retail automobile loans originated by U.S. Bank National
Association (A2, A1(cr), P-1) ("USB"), who is also the servicer for
the transaction.  

The complete rating actions are as follows:

Issuer: BVABS 2023-CAR3 (BOF-VII AL Funding Trust I)

Class A-1 Notes, Assigned (P)Aaa (sf)

Class A-2 Notes, Assigned (P)Aaa (sf)

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

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

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

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

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

RATINGS RATIONALE

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

Moody's expected median cumulative net loss expectation for BVABS
2023-CAR3 (BOF-VII AL Funding Trust I) is 0.65% and the loss at a
Aaa stress is 4.75%. Moody's based its cumulative net credit loss
expectation and loss at a Aaa stress on an analysis of the quality
of the underlying collateral; the historical credit loss
performance of similar collateral and managed portfolio
performance; the ability of USB to perform the servicing functions;
and current expectations for the macroeconomic environment during
the life of the transaction.

At closing, the Class A-1, Class A-2 notes, Class B notes, Class C
notes, Class D notes, Class E notes, and Class F notes are expected
to benefit from 12.50%, 7.52%, 6.02%, 3.70%, 2.90%, 2.00%, and
1.60% of hard credit enhancement, respectively. Hard credit
enhancement for the notes consists of a combination of
overcollateralization, subordination, and a reserve account for the
A-2 and B notes. The notes may also benefit from excess spread.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

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


BX COMMERCIAL 2022-CSMO: DBRS Confirms BB Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2022-CSMO
issued by BX Commercial Mortgage Trust 2022-CSMO:

-- Class A 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)
-- Class F at BB (sf)

All trends are Stable.

The rating confirmations reflect a deal that is early in its
lifecycle with limited reporting and no changes to the underlying
performance of the collateral since issuance. The transaction is
collateralized by The Cosmopolitan Las Vegas Resort & Casino, a
3,032-key hotel with approximately 110,000 square feet of casino
space, located on the Las Vegas Strip. The two-year floating-rate
loan pays interest-only and has three one-year extension options,
with a fully extend maturity date in June 2027. The $3.0 billion
loan, along with a $1.0 billion of sponsor equity, funded the
acquisition of the collateral by a joint venture 80.0% indirectly
owned by BREIT Operating Partnership L.P., a Blackstone Fund
Entity, and 20.0% owned by Stonepeak Partners LP. The borrower
entered into a 30-year triple-net master/operating lease with three
10-year renewal options with a wholly owned subsidiary of MGM
Resorts International (MGM). The lease payments will be fully
guaranteed by MGM.

According to the YE2022 financials, the loan reported a net cash
flow (NCF) of $190.8 million, compared to DBRS Morningstar NCF at
issuance of $353.1 million. This drop in NCF was primarily driven
by an increase in expenses but the reporting grouped several of its
expense items together, including real estate taxes and insurance,
with repairs and maintenance, and general and administrative
expenses. However, the YE2022 departmental revenue was reported at
$1.2 billion and departmental income at $697.8 million, both of
which are above the DBRS Morningstar departmental revenue of $1.0
billion and departmental income of $556.7 million. The deal closed
in June 2022 and as such, DBRS Morningstar expects the reporting to
stabilize as the deal seasons.

The YE2022 financials reported an occupancy rate, average daily
rate (ADR) and revenue per available room (RevPAR) of 98.9%,
$426.18, and $421.57, respectively. This compares well against the
issuance occupancy rate, ADR, and RevPAR of 90.0%, $449.60, and
$404.42, respectively. At issuance, the subject was reported to
have the highest RevPAR in its competitive set.

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




BX COMMERCIAL 2023-VLT2: DBRS Gives Prov. B Rating on HRR Certs
---------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-VLT2 to
be issued by BX Commercial Mortgage Trust 2023-VLT2 (BX
2023-VLT2):

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

All trends are Stable.

BX 2023-VLT2 is a single-asset/single-borrower transaction
collateralized by the borrower's fee-simple interest in two data
center properties and the borrower's leased-fee interest in one
data center property and one mixed-use development across four U.S.
states. DBRS Morningstar generally takes a positive view on the
credit profile of the overall transaction based on the portfolio's
favorable market position, affordable power rates, desirable
efficiency metrics, strong tenancy profile, and stability of cash
flows from the leased-fee assets. At the time, QTS comprised a
portfolio of 28 data center properties that supported 366 megawatts
(MW) of critical power. Currently, QTS' data center portfolio
consists of 36 properties in the United States and Europe totaling
approximately 1,200 MW of critical power.

Data centers, while having existed in one form for another for many
years, have become a key component in the modern global technology
industry. The advent of cloud computing, streaming media, file
storage, and artificial intelligence applications has increased the
need for these facilities over the last 10 years in order to
manage, store, and transmit data globally. While previous
incarnations of data centers were often constructed in existing
buildings and converted, the needs of the market have begun to
require purpose-built facilities that are engineered for this
single use.

From the standpoint of the physical plants, the data center assets
are heavily powered with over 80 MW of critical IT load. DBRS
Morningstar views the data center collateral as strong assets with
a strong critical infrastructure, including power and redundancy
that is built to accommodate technology needs of not only today,
but also well into the future.

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


CHNGE MORTGAGE 2023-2: DBRS Gives Prov. B(high) Rating on B2 Certs
------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2023-2 (the Certificates) to be
issued by CHNGE Mortgage Trust 2023-2 (CHNGE 2023-2 or the Trust):

-- $217.0 million Class A-1 at AAA (sf)
-- $19.2 million Class A-2 at AA (sf)
-- $22.1 million Class A-3 at A (sf)
-- $258.3 million Class A-4 at A (sf)
-- $14.7 million Class M-1 at BBB (sf)
-- $10.1 million Class B-1 at BB (high) (sf)
-- $7.5 million Class B-2 at B (high) (sf)

Class A-4 is an exchangeable certificate. This class can be
exchanged for combinations of the initial exchangeable certificates
as specified in the offering documents.

The AAA (sf) rating on the Class A-1 certificates reflects 29.30%
of credit enhancement provided by subordinated certificates. The AA
(sf), A (sf), BBB (sf), BB (high) (sf), and B (high) (sf) ratings
reflect 23.05%, 15.85%, 11.05%, 7.75%, and 5.30% of credit
enhancement, respectively.

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

This is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 616 mortgage loans with a total principal balance of
$306,994,031 as of the Cut-Off Date (May 1, 2023).

CHNGE 2023-2 represents the seventh securitization issued by the
Sponsor, Change Lending, LLC (Change or Change Lending), that is
composed entirely of loans from its Community Mortgage and EZ-Prime
programs, and its eighth overall. All of the loans in the pool were
originated by Change, which is certified by the U.S. Department of
the Treasury as a Community Development Financial Institution
(CDFI). As a CDFI, Change is required to lend at least 60% of its
production to certain target markets, which include low-income
borrowers or other underserved communities. In addition to the
above-mentioned transactions, DBRS Morningstar has rated other
transactions composed mostly of, as well as in lesser amounts of,
Change, and other CDFI, originated mortgage loans.

While loans originated by a CDFI are not required to comply with
the Consumer Financial Protection Bureau's (CFPB) Qualified
Mortgage (QM) and Ability-to-Repay (ATR) rules, the mortgages
included in this pool were made to generally creditworthy borrowers
with near-prime credit scores, low loan-to-value ratios (LTVs), and
robust reserves.

The loans in the pool were underwritten through Change's Community
Mortgage (99.5%) and E-Z Prime (0.5%) programs, both of which are
considered weaker than other origination programs because they do
not require income documentation verification. Generally,
underwriting practices of these programs focus on borrower credit,
borrower equity contribution, housing payment history, and liquid
reserves relative to monthly mortgage payments.

Although post-2008 crisis historical performance is still
relatively limited on these products compared to long-standing
sectors such as prime securitizations, DBRS Morningstar notes the
increasing number of rated transactions backed by CDFI originated
mortgage loans, and their performance history. For these
transactions, delinquencies have so far remained acceptable (with
no significant/material liquidations or losses to date), while
prepayments have also been acceptable as described in the
Historical Performance section. These rated transactions show
general performance trends in line with non-QM transactions of
similar vintages. DBRS Morningstar considered this while
determining the expected losses for the loans in its analysis, as
described in further detail in the Key Probability of Default
Drivers section of the related presale report.

On or after the earlier of (1) the distribution date occurring in
May 2026 and (2) the date on which the aggregate stated principal
balance of the loans falls to 30% or less of the Cut-Off Date
balance, at its option, the Depositor may redeem all of the
outstanding certificates at the redemption price (par plus
interest). Such optional redemption may be followed by a qualified
liquidation, which requires (1) a complete liquidation of assets
within the Trust and (2) proceeds to be distributed to the
appropriate holders of regular or residual interests.

The Sponsor will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 90 or more days
delinquent (not related to a Coronavirus Disease (COVID-19)
forbearance) under the Mortgage Bankers Association (MBA) method at
par plus interest, provided that such purchases in aggregate do not
exceed 7.5% of the total principal balance as of the Cut-Off Date.

Change is the Servicer for the transaction. NewRez LLC (Newrez)
doing business as (dba) Shellpoint Mortgage Servicing (Shellpoint;
90.1%) and LoanCare, LLC (LoanCare; 9.9%) are the Subservicers. The
Servicer will fund advances of delinquent principal and interest
(P&I) on any mortgage until such loan becomes 90 days delinquent,
contingent upon recoverability determination. The Servicer is also
obligated to make advances in respect of taxes, insurance premiums,
and reasonable costs incurred in the course of servicing and
disposing of properties.

In contrast to the previous six Change transactions backed by
Community Mortgage and E-Z Prime loans, which used pure sequential
payment structures with a single senior class, this transaction
employs a sequential-pay cash flow structure with a pro rata
principal distribution among the senior classes (Class A-1, A-2,
and A-3) subject to certain performance triggers related to
cumulative losses or delinquencies exceeding a specified threshold
(a Trigger Event). After a Trigger Event, principal proceeds can be
used to cover interest shortfalls on Class A-1 and then A-2 before
being applied sequentially to amortize the balances of the
certificates (IIPP). For all other classes, principal proceeds can
be used to cover interest shortfalls after the more senior tranches
are paid in full. This structure is similar to that of Change
2022-NQM1, and other issuers recent Non-QM transactions.

Of note, the Class A-1, A-2, and A-3 fixed rates step up by 100
basis points after the payment date in May 2027, and interest and
principal otherwise payable to the Class B-3 as accrued and unpaid
interest may also be used to pay related Cap Carryover Amounts.
Furthermore, excess spread can be used to cover realized losses and
prior period bond write-down amounts first, before being allocated
to unpaid cap carryover amounts to Class A-1, A-2, A-3, as well as
the Class M-1.

Class A-1, A-2, and A-3 may be exchanged for all or a portion of
the Class A-4 (or vice versa) as detailed in the offering
documents. In such cases, the Class A-4 will receive a
proportionate share of interest and principal funds, and/or
allocations of write-downs/write-ups, otherwise allocable to the
Class A-1, A-2, and A-3, as specified by the offering documents.

Under the U.S. Risk Retention Rules, CDFI loans fall within the
definition of "community-focused residential mortgages." A
securitization transaction containing only community-focused
residential mortgages is exempt under the U.S. Risk Retention Rules
and accordingly, the Sponsor will not be required to retain any
credit risk under Section 15G of the Securities Exchange Act of
1934 and the regulations promulgated thereunder. Notwithstanding
the exemption, Change has elected to initially retain the Class
B-3, A-IO-S, and XS certificates.

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


CIFC FUNDING 2018-III: Moody's Cuts $12MM F Notes Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CIFC Funding 2018-III, Ltd.:

US$61,500,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on July 20,
2018 Assigned Aa2 (sf)

US$30,300,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to A1 (sf);
previously on July 20, 2018 Assigned A2 (sf)

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

US$12,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Downgraded to Caa1 (sf); previously
on July 20, 2018 Assigned B3 (sf)

CIFC Funding 2018-III, Ltd., issued in July 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) compared to their
covenant levels. Moody's modeled WARF of 2886 compared to its
current covenant level of 3037, and WAS of 3.48% compared to its
current covenant level of 3.37%.

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 for the Class F
notes (as inferred by the interest diversion test) is reported at
105.32% versus May 2022 level[2] of 105.94%.

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: $592,707,341

Defaulted par:  $2,492,258

Diversity Score: 86

Weighted Average Rating Factor (WARF): 2886

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.48%

Weighted Average Recovery Rate (WARR): 47.27%

Weighted Average Life (WAL): 4.51 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 Rating:

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.


CITIGROUP COMMERCIAL 2014-GC19: DBRS Confirms BB Rating on F Certs
------------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-GC19 issued by Citigroup
Commercial Mortgage Trust 2014-GC19 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since the last rating action. The transaction
benefits from a relatively low concentration of loans secured by
office collateral, with only four loans, representing 6.7% of the
current pool, and one loan, representing 11.5% of the pool, secured
by a mixed-use property with a significant office component. Only
one of these five loans, representing 0.6% of the pool, is being
monitored on the servicer's watchlist and the five office-backed
loans reported a weighted-average (WA) YE2022 debt service coverage
ratio (DSCR) of 1.42 times (x). Given the shift in demand for
office space following the Coronavirus Disease (COVID-19) pandemic,
DBRS Morningstar anticipates upward pressure on vacancy rates in
the broader office market. With all five office-backed loans
scheduled to mature in Q1 2024, DBRS Morningstar applied stressed
loan-to-value (LTV) ratios to account for the possibility of value
declines and increased refinancing difficulties. Following these
adjustments, these loans reported WA expected losses (EL) over
35.0% greater than the pool WA EL.

The elevated refinance risks in the current environment for the
loans secured by office properties are partially mitigated by the
meaningful paydown since issuance and the increase in defeasance
since DBRS Morningstar's last review. As of the April 2023
remittance, 66 loans remain in the pool with a trust balance of
$662.5 million, representing a collateral reduction 34.8%. Since
DBRS Morningstar's last review, defeasance has increased by
approximately $44.1 million, as 31 loans, representing 41.9% of the
current pool, are fully defeased. In addition, just five loans,
representing 9.1% of the current pool, are being monitored on the
servicer's watchlist and one loan, Festival Plaza (Prospectus
ID#19, 1.7% of the current pool), is in special servicing and is
now real estate owned. DBRS Morningstar analyzed this loan with a
liquidation scenario, applying a haircut to the loan's most recent
appraised value of $6.2 million as of November 2022, resulting in
an implied loss severity in excess of 60.0%.

The largest loan in the pool, CityScape – East Office/Retail
(Prospectus ID#2, 11.5% of the current pool), is secured by a
mixed-use office/retail property in Phoenix, Arizona. The property
consists of 581,000 square feet (sf) of office space and 76,000 sf
of retail space. The loan has performed in line with DBRS
Morningstar's expectations, although cash flow had trended lower
each year through 2021 from 2018, culminating with occupancy
dropping to a low of 78.9% as of September 2022 following the
departures of several tenants. The DSCR dropped to 1.10x in 2020
and 2021 before increasing back to 1.42x as of YE2022. According to
the December 2022 rent roll, occupancy increased to 99.0% after
tenant Snell & Wilmer LLP (19.1% of net rentable area (NRA)) took
occupancy in November 2022 and signed a long-term lease to October
2037. The tenant is paying a base rent of $42.72 per square foot
(psf), significantly above the average base rent of $31.94 psf for
other office tenants at the property. There is no tenant rollover
scheduled in the next 12 months. With the increase in occupancy to
99.0% and lack of rollover in 2023, the loan appears to be
reasonably positioned ahead of its January 2024 maturity. DBRS
Morningstar did not make any probability of default adjustments in
the model for this loan; however, given the concerns in the broader
office market, a stressed LTV was applied, resulting in an elevated
EL that was approximately 40.0% greater than the WA pool EL.

The largest loan on the watchlist is 136-138 West 34th Street
(Prospectus ID#7, 4.5% of pool). The loan is secured by a 25,000-sf
retail building along 34th Street in Midtown Manhattan, and matures
in January 2024. Occupancy decreased to its current level of 50.0%
after Sprint Spectrum, one of the property's two tenants at
issuance, exercised an early termination option and vacated in
December 2020 prior to its November 2023 lease expiration. Sprint
Spectrum paid a termination fee of $1.2 million, which is being
held in reserve. A short-term lease was signed with Simple Capital
Partners in Q4 2022, temporarily bringing occupancy back to 100%;
however, as of April 2023, occupancy declined back to 50.0% after
the tenant vacated its space following its lease expiration in
February 2023. DBRS Morningstar inquired about the current leasing
prospects for this space and was notified by the servicer that the
borrower is in the early stages of interest from three prospective
tenants, with nothing concrete established to date. In absence of
any leasing activity, the property's cash flow will not be
sufficient to cover the loan's debt service. As of YE2021, the loan
reported a DSCR of 0.92x and, as of the T-9 period ended September
30, 2022, the loan reported a DSCR of 0.79x. The property's
remaining tenant, Kay Jewelers (50.0% of NRA), has a lease
expiration in December 2024. Given the lack of leasing activity and
depressed performance, DBRS Morningstar analyzed this loan with an
elevated probability of default, resulting in an EL over 75.0%
greater than the WA pool EL.

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


DBGS 2019-1735: S&P Assigns B (sf) Rating on Class F Certs
----------------------------------------------------------
S&P Global Ratings affirmed its ratings on seven classes of
commercial mortgage pass-through certificates from DBGS 2019-1735
Mortgage Trust, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a 10-year, fixed-rate, interest-only (IO) mortgage loan secured
by the borrower's fee simple interest in 1735 Market St., a class A
office property in Philadelphia.

Rating Actions

S&P said, "The affirmations on classes A, B, C, D, E, and F reflect
our expected-case valuation, which is unchanged from issuance. We
maintain our position that the property will continue to perform as
expected. According to the March 31, 2023, rent roll, the property
was 88.0% leased. We believe, based on the property's
trophy-quality and premier location in the Market Street West
office submarket, the borrower will continue to attract and retain
institutional-quality tenants at the property despite weakening
office fundamentals in Philadelphia.

"At issuance, the subject property was 92.2% leased. Since then,
the servicer reported that occupancy at the property declined at
the onset of the COVID-19 pandemic to 83.7% in 2020 and 82.9% in
2021. The borrower was able to sign new or renewal leases
representing about 10.8% of net rentable area (NRA) in 2022 and
early 2023, increasing occupancy at the property to 88.0%, as of
the March 2023 rent roll. We have yet to receive an update from the
servicer on any dark or sublet spaces; however, CoStar noted that
about 118,867 sq. ft., or 9.2% of total NRA, at the property is
currently being marketed for subleasing.

"Our current property-level analysis also considers the weakened
office submarket fundamentals due to lower demand and longer
re-leasing timeframes as companies continue to embrace a remote or
hybrid work arrangement. As a result, we utilized a 17.7% vacancy
rate (in line with the office submarket vacancy rate; see below),
an S&P Global Ratings base rent of $27.31 per sq. ft. and gross
rent of $40.47 per sq. ft., and 38.8% operating expense ratio to
arrive at our long-term sustainable net cash flow (NCF) of $24.4
million, unchanged from issuance and 6.4% lower than the
servicer-reported 2022 NCF of $26.0 million. Using a 7.0% S&P
Global Ratings capitalization rate (the same as at issuance), we
arrived at an expected-case valuation of $348.3 million, or $271
per sq. ft., which is in line with what we derived at issuance and
20.9% lower than the issuance as-is appraised value of $440.3
million. This yielded an S&P Global Ratings loan-to-value ratio of
89.4% on the trust balance, the same as at issuance."

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

Property-Level Analysis

The loan collateral is a 53-story, 1.28 million-sq.-ft. class A
office building located at 1735 Market St. in Philadelphia's
central business district (CBD). Approximately 1.17 million sq. ft.
of the collateral is office space, and 44,474 sq. ft. is ground
floor and sub-grade retail space, with the balance being storage
and management space. The property, built in 1990, has a 176-space
parking garage and features The Pyramid Club, a private social
club, on the 52nd floor. According to the issuance appraiser, it is
the only trophy-quality, multi-tenant office building that has
direct interior concourse access to SEPTA Suburban Station, the
city's primary commuter rail station in the submarket area. The
seller, Equity Commonwealth, spent $4.5 million in 2018 converting
the fifth floor to an amenity floor, which includes a bar, lockers,
outdoor seating, a coffee station, games, a fitness center, and
conference rooms. The current sponsors, Silverstein Properties,
Migdal Insurance Ltd., and Arden Group Inc. purchased the office
building in 2019 for an all-in acquisition cost of $475.6 million
or $370 per sq. ft.

Occupancy at the property ranged from 92.1% to 97.9% between 2010
and 2014. Starting in 2015, occupancy dropped steeply to 72.3% and
then further to 66.9% in 2016, after three major tenants vacated or
downsized. The prior owner was able to lease about 750,000 sq. ft.
including 600,000 sq. ft. of new leases, bringing occupancy up to
86.9% in 2018. As previously mentioned, while occupancy initially
dipped during the pandemic, it has since rebounded to 88.0% as of
the March 31, 2023, rent roll. The reported NCF was $32.3 million
in 2020, $28.6 million in 2021, and $26.0 million in 2022.

According to the March 2023 rent roll, the five largest office
tenants comprise 34.3% of NRA and are:

-- Ballard Spahr LLP (12.2% of NRA, 17.3% of in-place gross rent,
as calculated by S&P Global Ratings, January 2031 lease
expiration). The tenant did not renew its lease on unit 4400
(22,625 sq. ft.) upon its 2023 expiry; however, according to the
servicer, this space is now leased to UBS Financial Services Inc.
starting Feb. 1, 2023.

-- Towers Watson Delaware Inc. (7.6%, 8.0%, February 2031). The
tenant has contraction and termination options effective February
2026 and February 2028, respectively, subject to 12 months' notice
and termination fee payment. According to CoStar, the tenant has
marketed its space for subleasing.

-- Montgomery McCracken Walker (5.2%, 6.1%, May 2034). The tenant
has termination option effective May 2025, subject to 12 months'
notice and termination fee payment.

-- Brandywine Global Investment (5.2%, 5.6%, June 2028).
UBS Financial Services Inc. (4.2%, 2.7%, August 2023 and May
2034).

-- The property's notable rollover risk is in 2027 (8.1% of NRA,
7.9% of S&P Global Ratings' in-place gross rent), 2028 (13.2%,
15.0%), 2030 (10.7%, 13.2%), and 2031 (25.9%, 32.2%).

According to CoStar, the subject property is in the Market Street
West office submarket, which has experienced elevated vacancy and
availability rates since the pandemic. However, because the
submarket does not rely on the information and technology
industries, which are more prone to a hybrid or fully remote work
culture, and instead is driven by the health care, education, and
government sectors, which typically require in-person work
arrangements, availability rates are lower than other major CBDs
such as Chicago's Central Loop, New York City's Financial District,
Boston's Financial District, and Washington, D.C.'s CBD.
Nevertheless, like other office CBD markets, vacancy, and
availability rates have climbed, while asking rents are stagnant.
As of year-to-date June 2023, the four- and five-star office
properties in the submarket had a 17.7% vacancy rate, 22.3%
availability rate, and $35.58 per sq. ft. asking rent. This
compares with a 9.3% vacancy rate and $36.27 per sq. ft. asking
rent at issuance in 2019 and the property's current in-place
vacancy rate of 12.0% and S&P Global Ratings' gross rent of $40.47
per sq. ft. CoStar projects vacancy to continue to increase
year-over-year in the next several years, reaching 19.5% in 2024,
19.8% in 2025, and 20.3% in 2026, and asking rent to contract
slightly to $34.48 per sq. ft., $33.99 per sq. ft., and $33.45 per
sq. ft. for the same periods.

As previously discussed, to account for the deteriorating market
conditions and potential dark and/or sublet space at the property,
its utilized a 17.7% vacancy rate, which is higher than the
in-place 12.0% rate, in determining S&P's sustainable NCF.

S&P said, "We informally visited the property and its surrounding
area on May 16, 2023, and found it to be centrally located. The
building itself has a competitive edge, being connected to
Philadelphia's main commuter station, Suburban Station. At the time
of our visit, the surrounding area was lively with numerous
pedestrians walking around, as well as office workers going into
and out of the building. From the exterior, the building stood out
against other office buildings nearby. While we did not tour the
interior, we observed that the property's façade was modern and
well maintained. In addition, the renovated lobby appears
attractive and in good condition. We noted that some of the
ground-floor retail spaces in the building, like other ground-floor
retail spaces at nearby office properties, were vacant. At the side
of the building, there was a small outdoor seating area that was
clean and used by the office employees. Overall, the property
presented well, and we assessed that it warrants its class A
designation."

Transaction Summary

The IO mortgage loan had an initial and current balance of $311.375
million (as of the May 12, 2023, trustee remittance report), pays
an annual fixed interest rate of 4.21%, and matures on April 6,
2029.

The loan has a reported current payment status through its May 2023
payment date. The master servicer, KeyBank Real Estate Capital
(KeyBank), placed the loan on its watchlist due to water damage
caused by Hurricane Ida in the lowest level of the parking garage,
where the mechanical equipment is located. The sponsor received
about $1.9 million in insurance loss proceeds in 2022 and,
according to KeyBank, restoration on one of the two generators was
completed and work on the second generator is in progress. KeyBank
reported debt service coverage of 1.96x in 2022 and 2.15x in 2021.
To date, the trust has not incurred any principal losses.

  Ratings Affirmed

  DBGS 2019-1735 Mortgage Trust

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



ELEVATION CLO 2014-2: Moody's Cuts $9MM F-R Notes Rating to Caa3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Elevation CLO 2014-2, Ltd.:

US$27,000,000 Class C-R Secured Deferrable Floating Rate Notes due
2029 (the "Class C-R Notes"), Upgraded to Aa1 (sf); previously on
July 27, 2022 Upgraded to Aa3 (sf)

US$30,000,000 Class D-R Secured Deferrable Floating Rate Notes due
2029 (the "Class D-R Notes"), Upgraded to Baa2 (sf); previously on
June 16, 2020 Confirmed at Baa3 (sf)

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

US$9,000,000 Class F-R Secured Deferrable Floating Rate Notes due
2029 (the "Class F-R Notes"), Downgraded to Caa3 (sf); previously
on June 16, 2020 Downgraded to Caa2 (sf)

Elevation CLO 2014-2, Ltd., originally issued in March 2014 and
refinanced in October 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 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 July 2022. The Class
A-1L-R notes have been paid down by approximately 33.7% or $95.6
million since then. Based on Moody's calculation, the OC ratios for
the Class C-R and Class D-R notes are currently 126.67% and
114.21%, respectively, versus July 2022 levels of 121.86% and
112.73%, respectively.  

The downgrade rating action on the Class F-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 Moody's calculation, the OC ratio for the Class F-R notes is
currently 103.36% versus a July 2022 level of 104.39%. Furthermore,
Moody's calculated weighted average rating factor (WARF) has been
deteriorating and the WARF is currently 2664, compared to 2520 in
July 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: $346,251,321

Defaulted par: $7,681,957

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2664

Weighted Average Spread (WAS) (before accounting for reference rate
floors): SOFR + 3.44%

Weighted Average Recovery Rate (WARR): 46.91%

Weighted Average Life (WAL): 3.0 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.


FIRST INVESTORS 2022-1: S&P Raises Class E Notes Rating to BB (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes and affirmed
our rating on one class from First Investors Auto Owner Trust
2022-1. This is an ABS transaction backed by subprime retail auto
loan receivables.

The rating actions reflect:

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

-- S&P's remaining cumulative net loss (CNL) expectations and the
transaction's structure and credit enhancement levels; and

-- Other credit factors, including credit stability, payment
priorities under various scenarios, 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.

S&P said, "The transaction is performing worse than our initial
expectations. Elevated delinquencies, higher cumulative gross
losses, and marginally lower cumulative recoveries remain concerns
along with continued economic headwinds and possibly weaker
recovery rates. Based on these factors and taking into
consideration our expectation for the transaction's future
performance, we revised and increased our expected CNLs for the
series."

  Table 1

  Collateral Performance (%)(i)

                                    60+   
                            Pool   days  Current  Current  Current
  Series   Month   factor  delinq.  Ext.   CGL      CRR      CNL
  2022-1    15     60.41    4.36   2.41    7.62    43.21    4.29

  (i)As of the May 2023 distribution date.
  Delinq.--Delinquencies.
  Ext.--Extensions.
  CGL--Cumulative gross loss.
  CRR--Cumulative recovery rate.
  CNL--Cumulative net loss.

  Table 2

  CNL Expectations (%)

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

  2022-1   9.50 (9.25-9.75)         10.75

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

The transaction has a sequential principal payment structure in
which the notes are paid principal by seniority. The transaction
has credit enhancement consisting of a nonamortizing reserve
account, overcollateralization, subordination for the more senior
classes, and excess spread. As of the May 2023 distribution date,
the transaction is at its target overcollateralization level and
reserve level.

The raised and affirmed ratings reflect our view that the total
credit support as a percentage of the amortizing pool balance, as
of the collection period ended April 30, 2023, compared with our
expected remaining losses, is commensurate with the revised
ratings.

  Table 3

  Hard Credit Support(i)

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

  2022-1   A                 27.45                51.19
  2022-1   B                 22.10                42.33
  2022-1   C                 13.50                28.10
  2022-1   D                  6.40                16.35
  2022-1   E                  1.50                 8.23

(i)Calculated as a percentage of the total gross receivable pool
balance, consisting 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 analyzed the current hard credit enhancement compared
to the remaining expected CNL for those classes in which hard
credit enhancement alone--without credit to stressed excess
spread--was sufficient, in our opinion, to raise or affirm the
ratings. For the other classes, we incorporated a cash flow
analysis to assess the loss coverage level, giving credit to 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 for the series 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 expectation.

"In our view, the results demonstrated that the classes all have
adequate credit enhancement at the raised or affirmed ratings,
which is based on our analysis as of the collection period ended
April 30, 2023 (the May 2023 distribution date).

"We will continue to monitor the transaction's performance to
ensure the credit enhancement remains sufficient, in our view, to
cover our CNL expectations under our stress scenarios for each of
the rated classes."

  RATINGS RAISED

  First Investors Auto Owner Trust

                       Rating
  Series   Class   To         From

  2022-1   B       AA+ (sf)   AA (sf)
  2022-1   C       AA (sf)    A (sf)
  2022-1   D       A- (sf)    BBB (sf)
  2022-1   E       BB (sf)    BB- (sf)

  RATING AFFIRMED

  First Investors Auto Owner Trust

  Series   Class   Rating

  2022-1   A       AAA (sf)



FLAGSHIP CREDIT 2022-2: S&P Affirms Class E Note Rating to BB-(sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 11 classes from three
Flagship Credit Auto Trust (FCAT) transactions. At the same time,
S&P affirmed its ratings on five classes from the same
transactions. 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, and credit enhancement
levels; and

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

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

S&P said, "The FCAT 2021-4 transaction is performing in line with
our initial expectation, and our expected CNL is unchanged. The
performances for FCAT 2022-1 and FCAT 2022-2 are trending worse
than our initial CNL expectations. Elevated delinquencies coupled
with lower cumulative recoveries remain concerns, particularly for
FCAT 2022-2, which has fewer 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 increased our
expected CNLs for these transactions."

  Table 1

  Collateral Performance (%)(i)

                   Pool   Current   60+ day   Current
  Series   Mo.   Factor       CNL   delinq.       CRR

  2021-4    18    55.28      5.26      7.15     40.24
  2022-1    15    63.92      4.77      6.63     41.42
  2022-2    12    72.77      5.65      6.01     37.72

  (i)As of the May 2023 distribution date.
  Mo.--Month.
  CNL--Cumulative net loss.
  Delinq.--Delinquencies.
  CRR--Cumulative recovery rate.

  Table 2

  CNL Expectations (%)(i)

                      Original    Revised
                      lifetime   lifetime
  Series              CNL exp.   CNL exp.

  2021-4   11.50 [11.25-11.75]      11.50
  2022-1   11.50 [11.25-11.75]      12.50
  2022-2   11.75 [11.50-12.00]      13.50

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

Each transaction has a sequential principal payment structure--in
which the notes are paid principal by seniority--that will increase
the credit enhancement for the senior notes as the pool amortizes.
Each transaction also has credit enhancement in the form of a
non-amortizing reserve account, overcollateralization,
subordination for the more senior classes , and excess spread.
As of May 2023, distribution date, with the exception of FCAT
2022-2, each of the transaction is at its specified target
overcollateralization level. and all the transactions are at their
specified reserve levels.

The raised and affirmed ratings reflect our view that the total
credit support as a percentage of the amortizing pool balance as of
the collection period ended April 30, 2023, compared with S&P's
expected remaining losses, is commensurate with each rating.

Table 3
Hard Credit Support(i)(ii)

                      Total hard   Current total hard
                  credit support       credit support
Series   Class   at issuance (%)       (% of current)
2021-4   A                 31.00                59.17
2021-4   B                 23.05                44.79
2021-4   C                 12.50                25.71
2021-4   D                  5.50                13.05
2021-4   E                  1.50                 5.81
2022-1   A                 31.85                54.77
2022-1   B                 23.95                42.41
2022-1   C                 13.40                25.91
2022-1   D                  5.80                14.02
2022-1   E                  1.50                 7.29
2022-2   A-2               57.61                81.55
2022-2   A-3               34.80                50.20
2022-2   B                 27.40                40.03
2022-2   C                 17.30                26.15
2022-2   D                  9.20                15.02
2022-2   E                  2.65                 6.02

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

S&P said, "We incorporated an analysis of the current hard credit
enhancement compared to the remaining expected cumulative net loss
for those classes where hard credit enhancement alone without
credit to the expected excess spread was sufficient, in our view,
to support the rating actions. For other classes, we incorporated a
cash flow analysis to assess the loss coverage levels, giving
credit to stressed excess spread. Our various cash flow scenarios
included forward-looking assumptions on recoveries, the timing of
losses, and voluntary absolute prepayment speeds that we believe
are appropriate given the transaction's performance to date.

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

"In our view, the results demonstrated that all of the classes have
adequate credit enhancement at the raised or affirmed rating
levels, which is based on our analysis as of the collection period
ended April 30, 2023 (the May 2023 distribution date).

"We will continue to monitor the performance of the outstanding
transactions to ensure that the credit enhancement remains
sufficient, in our view, to cover our CNL  expectations under our
stress scenarios for each of the rated classes."

  RATINGS RAISED

  Flagship Credit Auto Trust

                        Rating
  Series   Class   To          From

  2021-4   B       AA+ (sf)    AA (sf)
  2021-4   C       AA (sf)     A (sf)
  2021-4   D       A- (sf)     BBB (sf)
  2021-4   E       BB (sf)     BB- (sf)
  2022-1   B       AA+ (sf)    AA (sf)
  2022-1   C       AA- (sf)    A (sf)
  2022-1   D       BBB+ (sf)   BBB (sf)
  2022-1   E       BB (sf)     BB- (sf)
  2022-2   B       AA+ (sf)    AA (sf)
  2022-2   C       AA- (sf)    A (sf)
  2022-2   D       BBB+ (sf)   BBB (sf)

  RATINGS AFFIRMED

  Flagship Credit Auto Trust

  Series   Class   Rating

  2021-4   A       AAA (sf)
  2022-1   A       AAA (sf)
  2022-2   A-2     AAA (sf)
  2022-2   A-3     AAA (sf)
  2022-2   E       BB- (sf)



FREDDIE MAC 2017-SC01: Moody's Ups Rating on Cl. M-2 Debt From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four 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: Freddie Mac Whole Loan Securities Trust, Series 2017-SC01

Cl. M-1, Upgraded to Aaa (sf); previously on Sep 30, 2022 Upgraded
to Aa2 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Apr 10, 2019 Upgraded
to Ba1 (sf)

Issuer: Freddie Mac Whole Loan Securities Trust, Series 2017-SC02

Cl. M-1, Upgraded to Aa1 (sf); previously on Sep 30, 2022 Upgraded
to Aa3 (sf)

Issuer: Freddie Mac Whole Loan Securities, Series 2016-SC02

Cl. M-2, Upgraded to Baa1 (sf); previously on Dec 26, 2018 Upgraded
to Baa3 (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.

These transactions include a structural deal mechanism that Federal
Home Loan Mortgage Corp. will stop advancing principal and interest
on any real-estate owned (REO) property or loans that are 180 days
or more delinquent. The interest distribution amount will be
reduced by the interest accrued on the stop advance mortgage loans
and this interest reduction will be allocated reverse sequentially
first to the subordinate bonds, then to the mezzanine bonds, and
then to senior bonds. The elevated delinquency levels in the
transactions could increase the risk of interest shortfalls due to
stop advancing.  However, interest accrued but not paid on the stop
advance loans will be recovered from the liquidation proceeds,
borrower payments, modification or repurchases and added to the
interest remittance amount. Additionally, to the extent that the
class B certificate is outstanding, the transaction allows for its
accrued interest and certain principal payments to be re-directed
to cover interest shortfall to the rated bonds, with a
corresponding write-down of Class B principal balance. As of June
2023 none of the affected classes have outstanding interest
shortfall.

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.


FREDDIE MAC 2023-HQA1: DBRS Gives Prov. BB(high) on 16 Classes
--------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Structured Agency Credit Risk (STACR) REMIC 2023-HQA1 Notes (the
Notes) to be issued by Freddie Mac STACR REMIC Trust 2023-HQA1
(STACR 2023-HQA1):

-- $127.0 million Class M-1A at A (low) (sf)
-- $127.0 million Class M-1B at BBB (sf)
-- $31.5 million Class M-2A at BBB (low) (sf)
-- $31.5 million Class M-2B at BB (high) (sf)
-- $63.0 million Class M-2 at BB (high) (sf)
-- $63.0 million Class M-2R at BB (high) (sf)
-- $63.0 million Class M-2S at BB (high) (sf)
-- $63.0 million Class M-2T at BB (high) (sf)
-- $63.0 million Class M-2U at BB (high) (sf)
-- $63.0 million Class M-2I at BB (high) (sf)
-- $31.5 million Class M-2AR at BBB (low) (sf)
-- $31.5 million Class M-2AS at BBB (low) (sf)
-- $31.5 million Class M-2AT at BBB (low) (sf)
-- $31.5 million Class M-2AU at BBB (low) (sf)
-- $31.5 million Class M-2AI at BBB (low) (sf)
-- $31.5 million Class M-2BR at BB (high) (sf)
-- $31.5 million Class M-2BS at BB (high) (sf)
-- $31.5 million Class M-2BT at BB (high) (sf)
-- $31.5 million Class M-2BU at BB (high) (sf)
-- $31.5 million Class M-2BI at BB (high) (sf)
-- $31.5 million Class M-2RB at BB (high) (sf)
-- $31.5 million Class M-2SB at BB (high) (sf)
-- $31.5 million Class M-2TB at BB (high) (sf)
-- $31.5 million Class M-2UB at BB (high) (sf)

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

The A (low) (sf), BBB (sf), BBB (low) (sf), and BB (high) (sf)
ratings reflect 3.000%, 2.000%, 1.750%, and 1.500% of credit
enhancement, respectively. Other than the specified classes above,
DBRS Morningstar does not rate any other classes in this
transaction.

STACR 2023-HQA1 is the 28th transaction in the STACR HQA series.
The Notes are subject to the credit and principal payment risk of a
certain reference pool (the Reference Pool) of residential mortgage
loans held in various Freddie Mac-guaranteed mortgage-backed
securities (MBS). As of the Cut-Off Date, the Reference Pool
consists of 37,756 greater-than-20-year fully amortizing first-lien
fixed-rate mortgage loans underwritten to a full documentation
standard, with original loan-to-value (LTV) ratios greater than
80%. The mortgage loans were acquired on or after January 1, 2022
and were securitized by Freddie Mac between January 1, 2022 and
January 31, 2022.

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

The coupon rates for the Notes are based on the 30-Day average
Secured Overnight Financing Rate (SOFR). There are replacement
provisions in place in the event that SOFR is no longer available,
please see the Private Placement Memorandum (PPM) for more details.
DBRS Morningstar did not run interest rate stresses for this
transaction, as the interest is not linked to the performance of
the reference obligations (the Reference Obligations). Instead, the
trust will use the net investment earnings on the eligible
investments together with Freddie Mac's transfer amount payments to
pay interest to the Noteholders.

In this transaction, approximately 1.2% of the loans were
originated using property values determined by using Freddie Mac's
automated collateral evaluation (ACE) assessment rather than a
traditional full appraisal. Loans where the property values were
determined by using ACE assessments generally have better LTVs and
debt-to-income (DTI) ratios, as shown in the table below.

The calculation of principal payments to the Notes will be based on
actual principal collected on the Reference Pool. For STACR HQA
transactions, beginning with the STACR 2018-HQA2 transaction, there
has been a revision to principal allocation. The scheduled
principal in earlier transactions was allocated pro rata between
the senior and nonsenior (mezzanine and subordinate) tranches,
regardless of deal performance, while the unscheduled principal was
allocated pro rata subject to certain performance tests being met.
For the more recent transactions, the scheduled and unscheduled
principal will be combined and will be allocated pro rata between
the senior and nonsenior tranches only if the performance tests are
satisfied.

For STACR 2023-HQA1, the minimum credit enhancement test is not set
to fail at the Closing Date. This allows rated classes to receive
principal payments from the First Payment Date, provided the other
two performance tests—delinquency test and cumulative net loss
test—are met. Additionally, the nonsenior tranches will also be
entitled to the supplemental subordinate reduction amount if the
offered reference tranche percentage increases to 5.50%.

The interest payments for these transactions are not linked to the
performance of the Reference Obligations, except to the extent that
modification losses have occurred. The Class B-3H's Notes coupon
rate will be zero, which may reduce the cushion that rated classes
have to the extent any modification losses arise. Additionally,
payment deferrals will be treated as modification events and could
lead to modification losses. Please see the PPM for more details.

The Notes will be scheduled to mature on the payment date in May
2043, but they will be subject to mandatory redemption prior to the
scheduled maturity date upon the termination of the CAA.

The Sponsor of the transaction will be Freddie Mac. Citibank, N.A.
(rated AA (low) and R-1 (middle) with Stable trends by DBRS
Morningstar) will act as the Indenture Trustee and Exchange
Administrator. Wilmington Trust, National Association (rated AA
(low) and R-1 (middle) with Stable trends by DBRS Morningstar) will
act as the Owner Trustee. The Bank of New York Mellon (rated AA
(high) and R-1 (high) with Stable trends by DBRS Morningstar) will
act as the Custodian.

The Reference Pool consists of approximately 5.7% and 0.2% of loans
originated under the Home Possible and HFA Advantage programs,
respectively. Home Possible is Freddie Mac's affordable mortgage
product designed to expand the availability of mortgage financing
to creditworthy low- to moderate-income borrowers.

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

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

The transaction assumptions consider DBRS Morningstar's baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary: Baseline Macroeconomic Scenarios for Rated
Sovereigns: April 2023 Update, dated 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.

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




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

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

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

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

LIMITED PERFORMANCE HISTORY DETERMINES 'Asf' CAP

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

EXTRAPOLATED ASSET ASSUMPTIONS

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

TRIGGER BREACH MATERIAL TO CASH FLOW ANALYSIS

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

STANDARD, REPUTABLE COUNTERPARTIES; NO SWAP

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

ESTABLISHED LENDER, BUT NEW ASSETS

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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


HPS PRIVATE 2023-1: Moody's Gives Ba3 Rating to $36MM Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings to eight classes of
notes issued and one class of loans incurred by HPS Private Credit
CLO 2023-1, LLC (the "Issuer" or "HPS 2023-1").  

Moody's rating action is as follows:

US$157,500,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

Up to US$112,500,000 Class A-L Senior Secured Floating Rate Notes
due 2035, Definitive Rating Assigned Aaa (sf)

US$112,500,000 Class A-L Loans maturing 2035, Definitive Rating
Assigned Aaa (sf)

US$10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

US$41,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

US$5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

US$29,000,000 Class C Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned A2 (sf)

US$35,000,000 Class D Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned Baa3 (sf)

US$36,000,000 Class E Secured Deferrable Floating Rate Notes due
2035, Definitive Rating Assigned Ba3 (sf)

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

On the closing date, the Class A-L Notes and Class A-L Loans have a
principal balance of $0 and $112,500,000 respectively. At any time,
the Class A-L Loans may be converted in whole or in part to Class
A-L Notes, thereby decreasing the principal balance of the Class
A-L Loans and increasing, by the corresponding amount, the
principal balance of the Class A-L Notes. The aggregate principal
balance of the Class A-L Loans and Class A-L Notes will not exceed
$112,500,000, less the amount of any principal repayments. Neither
Class A-L Notes nor any other Notes may be converted into Class A-L
Loans.

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.

HPS 2023-1 is a managed cash flow CLO. The rated debt will be
collateralized primarily by middle market loans. At least 90.0% of
the portfolio must consist of first lien senior secured loans, cash
and eligible investments, up to 7.5% of the portfolio may consist
of first-lien last-out loans, and up to 4.0% of the portfolio may
consist of second lien loans. The portfolio is approximately 80%
ramped as of the closing date.

HPS Investment 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 four year
reinvestment period.

In addition to the Rated Debt, the Issuer issued 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 debt 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: 35

Weighted Average Rating Factor (WARF): 3664

Weighted Average Spread (WAS): 5.50%

Weighted Average Coupon (WAC): 7.00%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 7.09 years

Methodology Underlying the Rating Action:

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

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

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


IMSCI 2013-4: DBRS Confirms B(low) Rating on G Certs
----------------------------------------------------
DBRS Limited upgraded its rating on one class of Commercial
Mortgage Pass-Through Certificates, Series 2013-4 issued by
Institutional Mortgage Securities Canada Inc. (IMSCI) 2013-4 as
follows:

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

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

-- Class A-2 at AAA (sf)
-- Class C at A (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at B (high) (sf)
-- Class G at B (low) (sf)

The rating on Class X has been withdrawn as the transaction is in
its wind-down period with limited cash flow stream remaining on the
interest-only (IO) bond given the near-term maturity of the
remaining loans. All trends are Stable.

The rating upgrade for Class B reflects the significantly increased
credit support for that class as the transaction is in wind down,
with all remaining loans scheduled to mature within the next 12
months. The rating confirmations generally reflect the overall
stable performance of the transaction since DBRS Morningstar's last
review in November 2022, as well as DBRS Morningstar's expectation
that most of the remaining loans will successfully repay at or
within a relatively short time following their scheduled maturity
dates. There are, however, three loans, representing 37.9% of the
pool, on the servicer's watchlist that DBRS Morningstar is
continuing to monitor as the loans are performing below
expectations, with no updates reported on repayment plans.

As of the May 2023 remittance, 11 of the original 33 loans remain
in the pool, representing a collateral reduction of 69.6% since
issuance, as a result of scheduled loan amortization and loan
repayment. Since DBRS Morningstar's last review, the Franklin
Suites loan (Prospectus ID#12), which previously had some
performance issues, repaid in full as of January 2023, ahead of its
scheduled maturity date, contributing a principal paydown of $7.6
million. One loan, representing 14.6% of the pool balance, is
secured by collateral that has been fully defeased. By property
type, the pool is most concentrated by retail and office
properties, which represent 40.0% and 24.8% of the pool balance,
respectively.

The largest loan on the servicer's watchlist, Burnhamthorpe Square
(Prospectus ID#2; 19.4% of the pool), is secured by six
multitenanted office buildings in Etobicoke, Ontario. The loan was
added to the servicer's watchlist in August 2021 because of a low
debt service coverage ratio (DSCR) after the former largest tenant,
Canada Bread Company (8.6% of net rentable area (NRA)), vacated
upon lease expiration in 2016, bringing occupancy down to 68.4% as
of March 2021. According to the September 2022 rent roll, the
property was 66.0% occupied, with approximately seven tenants,
representing 11.9% of the NRA, scheduled to expire over the next 12
months; including the second-largest tenant, SGI Canada Insurance
(7.0% of the NRA, expiring December 2023). Based on the most recent
financials, the loan reported a YE2021 DSCR of 0.84 times (x),
compared with the YE2019 DSCR of 1.86x. Although the property has
experienced some recent leasing momentum according the servicer's
most recent commentary, there is continued uncertainty related to
end-user demand and investor appetite for this property type,
increasing the credit risk profile for this loan. The loan
initially had a scheduled maturity in July 2023; however, the
servicer granted an extension through March 2024.

Nelson Ridge (Prospectus ID#4, 10.6% of the pool), the
second-largest loan on the servicer's watchlist, is part of a pari
passu whole loan secured by a multifamily property in Fort
McMurray, Alberta. The loan has been in special servicing twice,
and, in both cases, it was returned to the master servicer as a
corrected loan, generally receiving forbearance, modification, or
amendments to either of those agreements as required. The loan is
actively under forbearance through December 2023, as the lender has
agreed not to enforce any items of existing default. In addition,
it appears the loans maturity was recently extended to March 2024;
however, the servicer has noted another extension will likely be
required.

While the local economy continues to be disrupted by the downturn
of the oil industry, property occupancy has recently increased to
92.0% as of March 2023 from 60.0% as of February 2019. While
occupancy has increased, the average rental rate has dropped to
$1,343/unit as of March 2023 from $1,433/unit as of February 2019.
According to Canada Mortgage and Housing Corporation's Historical
Rental Market Statistics Summary, the subject was performing
slightly above its competitors as the Wood Buffalo submarket
reported an average rental rate of $1,301 and vacancy of 12.7% as
of October 2022. Given the sustained performance declines, however,
coverage is expected to remain below expectations, hovering around
break-even. As of the YE2021 financials (most recent received) the
loan reported a coverage of 0.68x, when the property was 82.2%
occupied. The loan sponsor, Lanesborough Real Estate Investment
Trust, which provides 100% recourse, continues to fund debt service
shortfalls out of pocket and has been cooperative and proactive in
working with the servicer to resolve outstanding issues. The loan
is also 100% guaranteed by both 2668921 Manitoba Ltd. (Manitoba)
and Shelter Canadian Properties Ltd., the parent company of
Manitoba.

Although the borrower's commitment to the watch listed loans is
apparent and has been frequently demonstrated with principal
paydown, the sustained cash flows and/or low occupancy figures
continue to present increased refinance risks for these loans as
they reach maturity. DBRS Morningstar used a hypothetical
liquidation scenario for the loans on the servicer's watchlist
based on a stressed value for each of the collateral properties,
which suggested that any potential losses, should a default and
liquidation ultimately occur within the near to moderate term,
would be contained in the unrated Class H.

At issuance, DBRS Morningstar shadow-rated one loan, Calloway
Courtenay (Prospectus ID#1, 23.4% of the pool), as investment
grade. This assessment was supported by the loan's strong
sponsorship provided by SmartCentres REIT (formerly Calloway REIT).
With this review, DBRS Morningstar confirms that the performance of
the loan remains consistent with investment-grade characteristics.

Notes: All figures are in Canadian dollars unless otherwise noted.




JP MORGAN 2020-2: Moody's Upgrades Rating on 2 Tranches to Ba2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five bonds
issued by J.P. Morgan Mortgage Trust 2020-2. The collateral backing
this deal consists of prime jumbo and agency eligible mortgage
loans.

Complete rating actions are as follows:

Issuer: J.P. Morgan Mortgage Trust 2020-2

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 Ba2 (sf); previously on Aug 15, 2022 Upgraded
to Ba3 (sf)

Cl. B-5-Y, Upgraded to Ba2 (sf); previously on Aug 15, 2022
Upgraded to Ba3 (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 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 Methodology

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.


JP MORGAN 2023-4: Fitch Assigns Final 'B-' Rating on Cl. B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-4 (JPMMT 2023-4).

   Entity/Debt     Rating               Prior
   -----------     ------               -----
JPMMT 2023-4

   1-A-2       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-3       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-3-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-4       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-4-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-4-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-5       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-5-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-5-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-6       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-6-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-6-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-7       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-7-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-7-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-8       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-8-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-8-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-9       LT AAAsf  New Rating    AAA(EXP)sf
   1-A-9-A     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-9-X     LT AAAsf  New Rating    AAA(EXP)sf
   1-A-10      LT AAAsf  New Rating    AAA(EXP)sf
   1-A-10-A    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-10-X    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-11      LT AAAsf  New Rating    AAA(EXP)sf
   1-A-11-A    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-11-X    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-12      LT AAAsf  New Rating    AAA(EXP)sf
   1-A-12-A    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-12-X    LT AAAsf  New Rating    AAA(EXP)sf
   1-A-13      LT AA+sf  New Rating    AA+(EXP)sf
   1-A-13-A    LT AA+sf  New Rating    AA+(EXP)sf
   1-A-13-X    LT AA+sf  New Rating    AA+(EXP)sf
   1-A-X-1     LT AA+sf  New Rating    AA+(EXP)sf
   2-A-2       LT AAAsf  New Rating    AAA(EXP)sf
   2-A-3       LT AAAsf  New Rating    AAA(EXP)sf
   2-A-3-X     LT AAAsf  New Rating    AAA(EXP)sf
   2-A-4       LT AAAsf  New Rating    AAA(EXP)sf
   2-A-4-A     LT AAAsf  New Rating    AAA(EXP)sf
   2-A-4-X     LT AAAsf  New Rating    AAA(EXP)sf
   2-A-5       LT AAAsf  New Rating    AAA(EXP)sf
   2-A-5-A     LT AAAsf  New Rating    AAA(EXP)sf
   2-A-5-X     LT AAAsf  New Rating    AAA(EXP)sf
   2-A-6       LT AA+sf  New Rating    AA+(EXP)sf
   2-A-6-A     LT AA+sf  New Rating    AA+(EXP)sf
   2-A-6-X     LT AA+sf  New Rating    AA+(EXP)sf
   2-A-X-1     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

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-4 (JPMMT
2023-4) as indicated above. The certificates are supported by 626
loans with a total balance of approximately $451.47 million as of
the cutoff date. The pool consists of prime-quality fixed-rate
mortgages from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (52.5%) with the remaining 47.5% of the loans
originated by various originators, each contributing less than 10%
to the pool. The loan-level representations and warranties are
provided by the various originators, MAXEX or Verus (aggregators).

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 28.1% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
Sept. 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase).

Since Chase will service these loans after the transfer date, Fitch
performed its analysis assuming Chase is the servicer for these
loans. The other main servicer in the transaction is United
Wholesale Mortgage, LLC (servicing 52.5% of the loans); the
remaining 19.4% of the loans are being serviced by various
servicers, each contributing less than 10% to the pool. It should
be noted that loanDepot.com owns the mortgage servicing rights and
is performing the daily servicing operations for 9.65% of the pool,
Cenlar is no longer acting as the sub-servicer for the loans
serviced by loanDepot.com. Nationstar Mortgage LLC (Nationstar)
will be the master servicer.

Most of the loans (94.4%) qualify as safe-harbor qualified mortgage
(SHQM) or SHQM (average prime offer rate [APOR]); the remaining
5.6% qualify as QM rebuttable presumption, QM agency rebuttable
presumption, or QM rebuttable presumption (APOR).

There is no exposure to Libor in this transaction. The collateral
comprises 100% fixed-rate loans, and the certificates are fixed
rate and capped at the net weighted average coupon (WAC) or based
on the net WAC.

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 7.2% 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
begun to moderate, with a decline in 3Q 2022. Driven by the strong
gains in 1H22, home prices rose 5.8% yoy nationally as of December
2022.

High Quality Mortgage Pool (Positive): The pool consists of
high-quality, fixed-rate, fully amortizing loans with maturities of
up to 30 years. Most of the loans (94.4%) qualify as SHQM or SHQM
(APOR); the remaining 5.6% qualify as QM rebuttable presumption, QM
agency rebuttable presumption, or QM rebuttable presumption (APOR).
The loans were made to borrowers with strong credit profiles,
relatively low leverage and large liquid reserves.

The loans are seasoned at an average of six months, according to
Fitch (four months per the transaction documents). The pool has a
WA original FICO score of 761, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
68.8%, as determined by Fitch, of the loans have a borrower with an
original FICO score equal to or above 750. In addition, the
original WA combined loan-to-value (CLTV) ratio of 76.5%,
translating to a sustainable loan-to-value (sLTV) ratio of 81.7%,
represents moderate borrower equity in the property and reduced
default risk compared with a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans comprise 68.9%
of the pool, while the remaining 31.1% represents conforming loans.
However, in Fitch's analysis, Fitch considered HPQM GSE eligible
loans to be nonconforming. As a result, Fitch viewed the pool as
having 73.7% nonconforming loans 26.3% conforming loans. All of the
loans are designated as QM loans, with 55.2% of the pool originated
by a retail and correspondent channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments, townhouses, and single-family attached dwellings
constitute 90.8% of the pool; condominiums and site condos make up
8.3%; and multifamily homes make up 0.9%. The pool consists of
loans with the following loan purposes: purchases (91.4%), cashout
refinances (6.5%) and rate-term refinances (2.1%). Fitch views
favorably that there are no loans to investment properties and the
majority of the mortgages are purchases.

A total of 159 loans in the pool are over $1.0 million, and the
largest loan is approximately $2.99 million.

Of the pool, 27.2% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(10.6%), followed by the Miami-Fort Lauderdale-Miami Beach, FL MSA
(4.8%) and Phoenix-Mesa-Scottsdale, AZ MSA (3.7%). The top three
MSAs account for 19% of the pool. As a result, no probability of
default (PD) penalty was applied for geographic concentration.

Shifting-Interest Structure with Full Advancing (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 maintain subordination for a
longer period should losses occur later in the life of the
transaction. The applicable credit support percentage feature
redirects subordinate principal to classes of higher seniority if
specified credit enhancement (CE) levels are not maintained.

The servicers will provide full advancing for the life of the
transaction; each servicer is expected to advance delinquent
principal and interest (P&I) on loans that entered into a
coronavirus pandemic-related forbearance plan. 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.

Nationstar is the master servicer and will advance if the servicer
is unable to do so. If the master servicer is unable to advance,
then the securities administrator (Citibank) will advance.

CE Floor (Positive): A CE or senior subordination floor of 2.20%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 1.30% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 39.7% 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

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

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

DATA ADEQUACY

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

Fitch also utilized data files provided by the issuer on its SEC
Rule 17g-5 designated website. Fitch received loan level
information based on the ResiPLS data layout format, and the data
are considered comprehensive. The data contained in the ResiPLS
layout data tape were

ESG CONSIDERATIONS

JPMMT 2023-4 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in JPMMT 2023-4, including strong transaction due diligence, an
'Above Average' aggregator, the majority of the pool originated by
an 'Above Average' originator, and the majority of the pool being
serviced by an 'RPS1-' servicer. All of these attributes have a
positive impact on the credit profile that resulted in a reduction
in expected losses and are relevant to the ratings in conjunction
with other factors.

Although this transaction has loans purchased in connection with
the sponsor's Elevate Diversity and Inclusion program or the
sponsor's Clean Energy program, Fitch did not take these programs
into consideration when assigning an ESG Relevance Score, as the
programs did not directly affect the expected losses assigned or
were not relevant to the rating, in Fitch's view.

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.


JPMBB COMMERCIAL 2015-C30: DBRS Confirms B Rating on X-E Certs
--------------------------------------------------------------
DBRS Limited confirmed the ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2015-C30 issued by JPMBB
Commercial Mortgage Securities Trust 2015-C30 as follows:

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

All trends are Stable with the exception of Class F which has a
rating that generally does not carry a trend in commercial
mortgage-backed securities (CMBS). The rating confirmations reflect
the overall stable performance of the transaction since the last
rating action in November 2022.

As of the April 2023 remittance, 56 of the original 70 loans remain
in the pool, representing a collateral reduction of 23.5% since
issuance. Eight loans, representing 6.4% of the current pool
balance, are fully defeased. There are 14 loans, representing 19.9%
of the pool, on the servicer's watchlist and two loans,
representing 9.8% of the pool, in special servicing. The pool is
concentrated by property type, with office representing
approximately 52% of the total pool balance. There is continued
uncertainty related to end-user demand and investor appetite for
this property type. DBRS Morningstar anticipates upward pressure on
vacancy rates in the broader office market, challenging landlords'
efforts to backfill vacant space, and, in certain instances,
contributing to value declines, particularly for assts in noncore
markets and/or with disadvantages in location, building quality, or
amenities offered. Where applicable, DBRS Morningstar increased the
Probability of Default penalties, and, in certain cases, applied
stressed loan-to-value (LTV) ratios for loans that are secured by
office properties. The weighted-average expected loss for office
loans was approximately 35.0% higher than the weighted-average pool
expected loss.

The largest loan in special servicing, Sunbelt Portfolio
(Prospectus ID#3, 5.9% of the pool), is secured by the fee-simple
interests in a portfolio of two office properties in Birmingham,
Alabama, and one in Columbia, South Carolina. The loan transferred
to special servicing in February 2022 for imminent monetary
default. As of the April 2023 remittance, the loan is pending
return to the master servicer. Based on the YE2022 rent roll, the
properties were 70.9% occupied, compared with the YE2021 and YE2020
occupancy rates of 82.6% and 67.2%, respectively. The properties
have experienced a steady financial decline because of fluctuations
in occupancy, and, as of the most recent financials reporting, the
loan reported a whole-loan debt service coverage ratio (DSCR) of
1.10 times (x) at YE2022, a decline from 1.38x at YE2021 and
in-line with 1.11x at YE2020. The portfolio's location within
secondary and tertiary markets will likely limit demand as the
sponsor works to build occupancy and recover lost cash flow—these
issues will present refinance challenges ahead of loan maturity. As
such, DBRS Morningstar's analysis includes a stressed LTV and an
elevated Probability of Default to increase the expected loss.

The only other loan in special servicing is One City Centre
(Prospectus ID#12, 3.9% of the pool), which is secured by the
borrower's fee interest in a 602,122-square-foot (sf) office
property in Houston's central business district. The loan
transferred to special servicing in April 2021 because of imminent
default related to the borrower's unwillingness to fund operating
shortfalls after the former largest tenant, Waste Management, which
comprised 40.5% of net rentable area (NRA) and 50.2% of total rent
at issuance, vacated upon its lease expiration in December 2020.
Per the April 2023 special servicer commentary, an affiliate of the
borrower continues to manage the property, but there has been
minimal interest in the property. A discounted payoff and
recapitalization plan were discussed with the borrower but a formal
proposal has yet to be provided. As of December 2022, the property
was only 25.0% occupied, flat from the 25.0% occupancy at YE2021,
and well below 82.6% at issuance. Similarly, the YE2022 DSCR was
negative at -0.84x, compared with -0.80x at YE2021, and 1.78x at
YE2020. Given the extended resolution timeline, declining
performance metrics, lack of leasing activity, and weakened Houston
office market fundamentals, DBRS Morningstar assumed a liquidation
scenario for the subject loan, resulting in an expected loss
severity in excess of 80%.

The largest loan on the servicer's watchlist, Castleton Park loan
(Prospectus ID#6, 4.6% of the pool), is secured by a 903,325-sf
office park that is made up of 31 office buildings in a northeast
suburb of Indianapolis. The loan was placed on the servicer's
watchlist in December of 2020 for low DSCR, driven primarily by a
steady decline in occupancy and average rental rate since issuance.
As of the December 2022 rent roll, the total occupancy was reported
at 54.0%, with approximately 17.0% of the NRA subject to lease
expirations in the next 12 months. The largest tenants are Royal
United Financial Services LLC (6.2% of the NRA, lease expiry in
February 2025), followed by Community Health Network, Inc. (5.4% of
the NRA, lease expiry in February 2025), and Johnson Controls (4.5%
on the NRA, lease expiry in July 2033). According to a Q4 2022 Reis
report, the vacancy rate in the northeast Indianapolis submarket
was reported at 22.1%. As of the most recent financials, the loan
reported a trailing nine months DSCR of 0.45x, compared with the
YE2021 and YE2020 figures of 0.67x and 1.09x, respectively. DBRS
Morningstar's analysis includes a stressed LTV and an elevated
Probability of Default, resulting in an expected loss that is
approximately triple the pool average.

At issuance, DBRS Morningstar shadow-rated the Pearlridge Center
(Prospectus ID#2, 7.1% of pool) and Scottsdale Quarter (Prospectus
ID#11, 4.1% of pool) loans as investment grade. The collateral for
both loans has generally performed above DBRS Morningstar's
expectations and historically reported healthy DSCRs. DBRS
Morningstar confirmed that the performance of these loans remains
consistent with investment-grade loan characteristics with this
review.

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




JUNIPER VALLEY: S&P Assigns BB-(sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Juniper Valley Park CLO
Ltd.'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 Blackstone CLO Management LLC.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Juniper Valley Park CLO Ltd.

  Class A-1, $308.00 million: Not rated
  Class A-L loans, $65.00 million: Not rated
  Class A-L notes, $0.00 million: Not rated
  Class A-2, $5.00 million: Not rated
  Class B, $75.00 million: AA (sf)
  Class C (deferrable), $36.00 million: A (sf)
  Class D (deferrable), $36.90 million: BBB- (sf)
  Class E (deferrable), $18.90 million: BB- (sf)
  Subordinated notes, $54.51 million: Not rated


MAGNETITE XXXVI: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its 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 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

  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 BB- (sf) Rating on Cl. E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 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 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 debt through portfolio
identification and ongoing management; and

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

  Ratings Assigned

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

  Class A, $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



MORGAN STANLEY 2013-C7: Moody's Cuts Rating on 2 Tranches to Csf
----------------------------------------------------------------
Moody's Investors Service has affirmed the rating on one class and
downgraded the ratings on six classes in Morgan Stanley Bank of
America Merrill Lynch Trust 2013-C7 ("MSBAM 2013-C7"), Commercial
Mortgage Pass-Through Certificates, Series 2013-C7 as follows:

Cl. C, Downgraded to Ba2 (sf); previously on Dec 12, 2022
Downgraded to Ba1 (sf)

Cl. D, Downgraded to Caa3 (sf); previously on Dec 12, 2022
Downgraded to Caa2 (sf)

Cl. E, Downgraded to C (sf); previously on Dec 12, 2022 Downgraded
to Caa3 (sf)

Cl. F, Downgraded to C (sf); previously on Dec 12, 2022 Affirmed
Caa3 (sf)

Cl. G, Affirmed C (sf); previously on Dec 12, 2022 Affirmed C (sf)

Cl. PST, Downgraded to Ba2 (sf); previously on Dec 12, 2022
Downgraded to Baa1 (sf)

Cl. X-B*, Downgraded to Ba2 (sf); previously on Dec 12, 2022
Downgraded to Baa2 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

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 and poorly performing loans.
Five loans, representing 83% of the pool are in special servicing,
with the two largest Solomon Pond Mall (44.4% of the pool) and
Valley West Mall (20.3% of the pool) secured by regional mall
properties that have suffered significant declines in performance
in recent years and both recognized appraisal reductions greater
than 65% of their current loan balance based on updated appraisal
values in 2023. Another specially serviced loan, 494 Broadway, is
secured by a New York City mixed-use property with significant
revenue and occupancy declines and the loan has been deemed
non-recoverable as of the May 2023 remittance statement. As a
result of the appraisal reduction and non-recoverability
determination, interest shortfalls have increased significantly in
recent months and Moody's expect these shortfalls to continue and
potentially increase due to the performance of the remaining loans
in the pool. In Moody's rating analysis Moody's also analyzed loss
and recovery scenarios to reflect the recovery value, the current
cash flow the property and timing to ultimate resolution on the
remaining loans and properties in the pool.

The rating on one P&I class, Cl. G, was affirmed because the
ratings are consistent with Moody's expected loss.

The rating on one IO Class, Cl. X-B, was downgraded based on
paydowns of higher rated classes and the decline in credit quality
of the remaining referenced class. Cl. X-B originally referenced
both Cl. B and Cl. C, however, Cl. B has now paid off in full.

The rating on the exchangeable class, (PST), was downgraded based
on paydowns of higher rated classes and the decline in credit
quality of the remaining referenced exchangeable class. Cl. PST
originally referenced C. A-S, Cl. B and Cl. C, however, both Cl.
A-S and Cl. B have paid off in full.

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

Moody's rating action reflects a base expected loss of 63.6% of the
current pooled balance, compared to 28.2% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.1% of the
original pooled balance, compared to 7.7% 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 a significant improvement in
pool performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 83% of the pool is in
special servicing and Moody's has identified additional troubled
loan representing 10% of the pool. In this approach, Moody's
determines a probability of default for each specially serviced and
troubled loan that it expects will generate a loss and estimates a
loss given default based on a review of broker's opinions of value
(if available), other information from the special servicer,
available market data and Moody's internal data. The loss given
default for each loan also takes into consideration repayment of
servicer advances to date, estimated future advances and closing
costs. Translating the probability of default and loss given
default into an expected loss estimate, Moody's then applies the
aggregate loss from specially serviced and troubled loans to the
most junior classes and the recovery as a pay down of principal to
the most senior classes.

DEAL PERFORMANCE

As of the May 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 86.1% to $193.8
million from $1.4 billion at securitization. The certificates are
collateralized by 13 mortgage loans ranging in size from less than
1% to 44.4% of the pool. Five loans, representing 83% of the pool
are in special servicing and all of them have passed their original
maturity dates. The remaining eight non-specially serviced loans,
representing 17% of the pool were current on their debt service
payments.

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 four, down from nine at Moody's last review.

Two loans, constituting 10.8% 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.

One loan has been liquidated from the pool, resulting in a realized
loss of $2.7 million (for a loss severity of 17.2%) and a realized
loss of $1 million has been incurred due to the servicer
reimbursement for non-recoverable advances on the specially
serviced loan, 494 Broadway Loan ($18.5 million – 9.5% of the
pool).

As of the May 2023 remittance statement cumulative interest
shortfalls were $3.3 million and impact up to Cl. D. Moody's
anticipates interest shortfalls will continue because of the
non-recoverable determination and 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 largest specially serviced loan is the Solomon Pond Mall ($86.0
million – 44.4% of the pool), which is secured by a 399,200
square foot (SF) portion of an 884,700 SF regional mall in
Marlborough, Massachusetts. The mall is anchored by non-collateral
Macy's and JC Penny, with a Sear's that closed in 2021. The
collateral is anchored by a 15 screen Regal Cinemas theatre. The
mall transferred to the special servicer in May 2020 for imminent
default and a receiver was appointed in September 2021 after
modification terms were not able to be reached. The loan has now
passed its maturity date in November 2022 and was last paid through
its April 2023 payment date. The property's net operating income
(NOI) has declined annually since 2017 due to lower rental
revenues. The 2022 year-end NOI DSCR was 55% lower than in 2013.
The loan sponsor, Simon Property Group, has identified this
property under their "Other Properties" designation. The loan has
amortized nearly 22% since securitization, however, a March 2023
appraisal valued the property 85% lower than at securitization and
the master servicer has identified a 70% appraisal reduction (based
on the outstanding loan balance) as of the May 2023 remittance
report. The loan had a 1.13X NOI DSCR based on amortizing payments
and an interest rate of 4.0%. Special servicer commentary indicates
the receiver is working to stabilize the property and all options
for dispositions are being considered. Moody's anticipates a
significant loss on this loan.

The second largest specially serviced loan is the Valley West Mall
($39.3 million – 20.3% of the pool), which is secured by an
856,400 SF regional mall in Des Moines, Iowa. The property had been
anchored by Younkers and Von Maur, which closed in 2018 and 2022
respectively, leaving JC Penny as the only remaining anchor. The
loan transferred to the special servicer in August 2019 and is last
paid through its July 2022 payment date. The property's performance
has declined annually since 2017 and as of December 2022, the
property was 51% occupied. The property's reported 2022 NOI was 49%
lower than in 2013. A February 2023 appraisal valued the property
81% lower than at securitization and the master servicer has
identified a 65% appraisal reduction as of the May 2023 remittance
report. Special servicer commentary indicates a receiver has been
appointed and has filed for foreclosure. Moody's anticipates a
significant loss on this loan.

The third largest specially serviced loan is the 494 Broadway
($18.5 million – 9.5% of the pool), which is secured by a
4-story, 13,102 SF mixed use property located in the SoHo
neighborhood of New York City. The loan transferred to the special
servicer in July 2019 due to imminent monetary default. Foreclosure
was filed and a receiver was appointed in February 2020. The
property was only 21% leased as of December 2022 and the loan DSCR
has been at or below 0.10X since 2020. As of the May 2023
remittance report, the loan was deemed non-recoverable. Special
servicer commentary indicates that a note sale is being considered
as the primary exit strategy at this time.

The fourth largest specially serviced loan is the 440 Broadway
($10.4 million – 5.4% of the pool), which is secured by a
two-story, 8,655 SF single tenant retail property located in the
SoHo neighborhood of New York City. The loan was unable to payoff
at its scheduled maturity in January 2023 and transferred to the
special servicer due to the maturity default. The sole tenant, Foot
Locker, has a current lease expiration in June 2023 and servicer
commentary indicated the tenant wishes to enter into a short-term
extension of approximately one year and then vacate. The most
recent appraisal value in March 2023 was 47% below the value at
securitization and approximately equal to the outstanding loan
balance. Special servicer commentary indicates that a foreclosure
complaint was filed and a motion for receiver will be filed soon.

The remaining specially serviced loan is secured by a 125-key
limited-service hotel located in Lexington, Kentucky, constituting
3.7% of the pool. The property performance has annually improved
since 2020 and the loan had an NOI debt service coverage ratio
(DSCR) of 1.42x as of September 2022. Servicer commentary indicates
the borrower is working on refinancing the loan.

Moody's has also assumed a high default probability for one poorly
performing loan, 3555 Timmons ($18.8 million – 9.7% of the pool).
The loan is secured by a 225,900 SF office property located in
Houston, Texas. The property's NOI has declined annually since
securitization and the 2022 year-end NOI DSCR was 0.95X based on
amortizing payments and an interest rate of 4.3%. The loan
transferred to the special servicer in August 2022 ahead of its
December 2022 maturity date. A two-year maturity extension was
agreed and returned to the master servicer in February 2023. The
loan has amortized nearly 25% since securitization.

Moody's has estimated an aggregate loss of $123.3 million (a 71.3%
expected loss on average) from these specially serviced and
troubled loans.

The pool also contains seven non-specially serviced performing
loans (7.1% of the pool), each secured by a single tenant retail
property leased to Walgreens. The loans have amortized on average
44% since securitization and have Moody's LTVs of 83% or lower.


MORGAN STANLEY 2013-C9: DBRS Puts B Rating on Cl. H Debt on Review
------------------------------------------------------------------
DBRS, Inc. placed its ratings on all classes of Commercial Mortgage
Pass-Through Certificates, Series 2013-C9 issued by Morgan Stanley
Bank of America Merrill Lynch Trust 2013-C9 Under Review with
Negative Implications as follows:

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

There are no trends for these rating actions.

At the last rating action in February 2023, DBRS Morningstar
changed the trend on Class H to Negative from Stable because of
ongoing concerns with the largest loan in the pool, Milford Plaza
Fee (Prospectus ID#1), which is in special servicing. At that time,
the loan represented 24.3% of the pool balance; however, as of the
April 2023 remittance, the loan currently represents 51.4% of the
pool balance because of loan repayments. This loan is pari passu
with the Morgan Stanley Bank of America Merrill Lynch Trust
2013-C10 transaction, which is not rated by DBRS Morningstar. The
loan is secured by the ground-leased fee interest under a hotel
condominium of the Milford Plaza Hotel, in the Times Square
District neighborhood of Manhattan, New York. The outlook
surrounding the resolution of the loan had deteriorated as a result
of the prolonged workout period and the inability to complete a
recent sale with an executed purchase agreement in place. DBRS
Morningstar also noted concerns related to the change in use of the
hotel and the noncompliance of the hotel tenant to remit cash to
the lender.

With the April 2023 remittance, the loan was deemed as
nonrecoverable and $17.8 million of loss affected the trust, which
eroded about half of the unrated Class J and left an outstanding
balance of $18.9 million. In addition, the servicer reported
$494,450 of nonrecoverable interest, with a cumulative balance of
$1.8 million of interest shortfalls, which affected Classes D
through J. DBRS Morningstar has outstanding questions for the
servicer related to the calculation performed to reach the
nonrecoverability determination amount. The servicer confirmed that
the June 2022 appraisal is the most recent report, noting a value
of $365.0 million, a decline from the issuance value of $368.0
million but above the outstanding whole-loan balance of $275.0
million. When accounting for outstanding servicer advances and
other expenses, the total whole-loan exposure is estimated to be
approximately $340.0 million. The servicer indicated an updated
appraisal has been ordered.

With this review, given the uncertainty around the
nonrecoverability determination for the Milford Plaza Fee loan and
the pool has become concentrated since last review as the loan now
represents half of the pool balance, DBRS Morningstar placed the
ratings of all classes Under Review with Negative Implications
until more information becomes available in the coming months. It
is DBRS Morningstar's expectation to evaluate the information as
part of the process to resolve the Under Review with Negative
Implications status within a 90-day period, but the resolution
period may extend further depending on the information received
from the servicer.

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


MORGAN STANLEY 2018-SUN: DBRS Confirms B Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-SUN issued by Morgan Stanley
Capital I Trust 2018-SUN as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which remains in line with DBRS Morningstar's
expectations from last review. The floating-rate interest-only (IO)
loan is secured by the fee-simple interest in two luxury beachfront
hotels totaling 327 keys in Santa Monica, California. Loan proceeds
of $356.6 million and mezzanine debt of $73.4 million (held outside
of the trust) refinanced existing debt of $415.0 million. The loan
was previously in special servicing in April 2020 following the
sponsor's request for a forbearance; ultimately, a modification was
approved in December 2020 that required the borrower to bring all
delinquent debt service and reserve deposits current. In addition,
the sponsors contributed $3.5 million in cash to satisfy all legal
fees and ancillary costs incurred by the special servicer. In
consideration for the borrower's commitment, the special servicer
agreed to accept a cure of loan defaults and conditionally waive
the pursuit of accrued default interest unless further monetary
default occurs over the remainder of the loan term. The loan was
transferred back to the master servicer in April 2021. The loan is
scheduled to mature in July 2023 but has two one-year extension
options remaining with a fully extended maturity in July 2025.

The Shutters on the Beach (Shutters) hotel consists of 198 guest
rooms, three food and beverage locations, a spa, and approximately
8,600 square feet (sf) of meeting space. The Casa del Mar hotel
consists of 129 guest rooms, one restaurant and bar/lounge, a spa,
and roughly 11,000 sf of meeting space. The properties are the only
hotels directly on the beach in the Santa Monica market, giving the
collateral portfolio a significant advantage over the few direct
competitors. Both hotels are recognized as two of the premier
luxury hotels in Southern California, and their respective
restaurants derive considerable income from non-hotel guests.

According to the most recent STR report provided to DBRS
Morningstar, for the trailing 12 months (T-12) ended June 30, 2022,
Shutters reported an occupancy rate, average daily rate (ADR), and
revenue per available room (RevPAR) of 72.9%, $789.93, and $575.66,
respectively, representing a RevPAR penetration of 141.3%. This is
a significant improvement from the RevPAR of $422.99 for the T-12
ended December 31, 2021, and is in line with pre-pandemic levels.
Casa del Mar reported an occupancy rate, ADR, and RevPAR of 68.6%,
$812.77, and $557.66, respectively, for the T-12 ended June 30,
2022, representing a RevPAR penetration of 142.5%. RevPAR has
improved from $406.49 for the T-12 ended December 31, 2021, and is
in line with pre-pandemic levels.

Based on the YE2022 financials, the loan reported a net cash flow
(NCF) of $29.4 million, an improvement over the YE2021 NCF of $11.3
million, YE2019 NCF of -$9.0 million, and DBRS Morningstar NCF of
$26.1 million. Despite the NCF improvement, the debt service
coverage ratio declined to 1.15 times (x), down from 1.28x at
YE2021 as a result of rising interest rates, which resulted in a
146.2% increase in debt service obligations between YE2021 and
YE2022. According to the loan documents at issuance, the borrower
is required to purchase an interest rate cap agreement with each
extension executed, but if the borrower is unable to replace the
agreement, an extension would not be permitted and the borrower
would be required to repay the loan. The loan is structured with a
cash flow sweep in the event the debt yield falls below 6.25% at
any time during the third extension and onward. Based on the most
recent financials, the YE2022 debt yield on the trust debt was
5.86%. DBRS Morningstar has requested an update from the servicer
regarding the status of a cash sweep, and as applicable, the
balance of the cash management account. According to the April 2023
loan-level reserve report, approximately $4.0 million is held
across all reserves, including $1.1 million in furniture, fixtures,
and equipment reserves and $2.9 million in other reserves.

Although rising interest rates have increased the refinance risk
for this transaction, DBRS Morningstar notes mitigating factors
that include the high property quality, favorable location, high
barriers to entry, and stable portfolio performance (which
rebounded to pre-pandemic levels in 2022), along with the sponsor's
continued commitment to the property as evidenced by the
significant equity injection with the loan modification. The DBRS
Morningstar value of $336.4 million is derived from the DBRS
Morningstar NCF figure of $26.1 million and a cap rate of 7.75%,
which represents a 43.1% haircut from the issuance value of $591.4
million. Although the higher interest rate environment has recently
pushed cap rates upward, the in-place cash flows are also up by
more than $3.0 million from the DBRS Morningstar NCF figure.

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



MORGAN STANLEY 2023-19: Fitch Assigns 'BB-sf' Rating on Cl. E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Morgan
Stanley Eaton Vance CLO 2023-19, Ltd.

   Entity/Debt         Rating                   Prior
   -----------         ------                   -----
Morgan Stanley
Eaton Vance
CLO 2023-19, Ltd.

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

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

   B               LT AAsf   New Rating     AA(EXP)sf

   C               LT Asf    New Rating     A(EXP)sf

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

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

   Subordinated
   Notes           LT NRsf  New Rating      NR(EXP)sf

TRANSACTION SUMMARY

Morgan Stanley Eaton Vance CLO 2023-19, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Morgan Stanley Eaton Vance CLO Manager 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 23.55, versus a maximum covenant, in accordance with
the initial expected matrix point of 25. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
99.5% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 76.05% versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.3%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 42.5% 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 5.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

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

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-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 its rating analysis according to its applicable rating
methodologies indicates that is adequately reliable.


MULTI SECURITY 2005-RR4: DBRS Confirms CCC Rating on Class N Certs
------------------------------------------------------------------
DBRS, Inc. confirmed the Commercial Mortgage-Backed Securities
Pass-Through Certificates, Series 2005-RR4, Class N issued by Multi
Security Asset Trust LP, Series 2005-RR4 (MSAT 2005-RR4) at CCC
(sf). There is no trend, as the Class N certificate has a rating
that does not typically carry a trend in commercial mortgage-backed
securities (CMBS) ratings.

The rating confirmation reflects DBRS Morningstar's unchanged
credit view for the only outstanding underlying bond. The Class H
certificate of PMAC 1999-C1 (not rated by DBRS Morningstar) is the
remaining bond that contributes to the MSAT 2005-RR4 structure.
Since the last rating action, there have been minimal changes to
the performance for the underlying assets left outstanding in the
PMAC 1999-C1 transaction. The largest remaining asset in the
transaction, Regal Cinemas, Inc. (93.2% of the current underlying
pool balance), is secured by a single-tenant Regal Cinemas movie
theater in Fredericksburg, Virginia, with a lease that runs through
June 2023, co-terminus with the loan's original maturity.
Performance has typically hovered around breakeven, but with
restrictions imposed after the onset of the Coronavirus Disease
(COVID-19) pandemic, the tenant became delinquent on rental
payments and transferred to special servicing. The asset is now
real estate owned.

A November 2020 appraisal valued the property at $3.1 million,
which is significantly below the issuance value of $8.2 million and
suggests a loan-to-value (LTV) ratio of nearly 150% on the
outstanding trust exposure of approximately $4.4 million. The high
LTV and the erosion of credit support in the underlying capital
structure suggests a realized loss to the rated certificate is
possible.

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




NATIONAL COLLEGIATE 2007-A: Moody's Cuts Cl. B Notes Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service has downgraded Class B and Class C issued
by National Collegiate Trust 2007-A ("NCT 2007-A"). The underlying
collateral for this transaction includes private student loans,
which are not guaranteed by the US government.  

The complete rating actions are as follows:

Issuer: National Collegiate Trust 2007-A

Cl. B, Downgraded to Ba1 (sf); previously on Mar 11, 2019
Downgraded to Baa2 (sf)

Cl. C, Downgraded to Ba2 (sf); previously on Jul 20, 2017
Downgraded to Baa3 (sf)

RATINGS RATIONALE

The downgrade primarily reflects the increased risk that the notes
will not fully pay down by their legal final maturity dates, and
considers the level of parity available to the notes.

Moody's expected lifetime default as a percentage of original pool
balance is 20.80% and Moody's remaining default as a percentage of
current pool balance is 4.5%. The default expectation reflects
updated performance trends on the underlying pool.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating US Private Student Loan-Backed Securities"
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 up. Losses could decline below Moody's expectations.

Down

Levels of credit protection that are lower than necessary to
protect investors against current expectations of loss could drive
the ratings down. Losses could increase above Moody's expectations.



NEW RESIDENTIAL 2023-1: DBRS Finalizes B Rating on 2 Classes
------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage-Backed Notes, Series 2023-1 (the Notes) issued by New
Residential Mortgage Loan Trust 2023-1 (NRMLT 2023-1 or the Trust).
In addition, DBRS Morningstar assigned new ratings to the Class
B-5A and Class B-5B notes, which were issued in place of the Class
B-5 notes. DBRS Morningstar has discontinued its provisional rating
on the Class B-5 notes.

-- $138.1 million Class A at AAA (sf)
-- $11.5 million Class B-1 at AA (sf)
-- $10.5 million Class B-2 at A (sf)
-- $8.5 million Class B-3 at BBB (sf)
-- $5.5 million Class B-4 at BB (sf)
-- $2.8 million Class B-5A at B (sf)
-- $2.8 million Class B-5B at B (sf)

The AAA (sf) rating on the Class A notes reflects 31.05% of credit
enhancement provided by subordinated notes in the transaction. The
AA (sf), A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect
25.30%, 20.05%, 15.80%, 13.05%, and 10.30% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of newly
originated and seasoned, performing and reperforming, first- and
second-lien residential mortgages, funded by the issuance of the
Notes. The Notes are backed by 1,215 loans with a total principal
balance of $200,346,263 as of the Cut-Off Date (April 1, 2023).

The portfolio is approximately 61 months seasoned on average,
though the loan ages are quite dispersed, ranging from three to 358
months. The majority of the loans had origination guideline or
document deficiencies, which prevented such loans being sold to
Fannie Mae, Freddie Mac, or another purchaser, and the loans were
subsequently put back to the sellers. In its analysis, DBRS
Morningstar assessed such defects and applied certain penalties,
consequently increasing expected losses on the mortgage pool.

NewRez LLC (NewRez) originated 72.0% of the pool, which includes
most of the loans with guideline or document deficiencies. DBRS
Morningstar did not receive originator information on certain loans
(5.2%) and the remaining originators each comprised less than 5.0%
of the pool.

In the portfolio, 19.0% of the loans are modified. The
modifications happened more than two years ago for 66.9% of the
modified loans. Within the pool, 250 mortgages have
non-interest-bearing deferred amounts, which equates to 2.1% of the
total principal balance. Unless specified otherwise, all statistics
on the mortgage loans in the related report are based on the
current balance, including the applicable non-interest-bearing
deferred amounts.

Certain loans in the pool (30.5%) are not subject to or are exempt
from the Consumer Financial Protection Bureau Ability-to-Repay
(ATR)/Qualified Mortgage (QM) rules because of seasoning or because
they are business purpose loans. The loans subject to the ATR rules
are designated as QM Safe Harbor (37.4%), Non-QM (31.2%), and QM
Rebuttable (0.9%) by unpaid principal balance (UPB).

NRZ Sponsor XIII LLC (the Seller) acquired certain mortgage loans
prior to the Cut-Off Date and will acquire the remaining Mortgage
Loans on the Closing Date, and, through a wholly owned subsidiary,
New Residential Funding 2023-1 LLC (the Depositor), will contribute
the loans to the Trust. As the Sponsor, Rithm Capital Corp. or one
of its majority-owned affiliates will acquire and retain a 5%
eligible horizontal residual interest in the Notes, consisting of
the Class B-5B, Class B-6, Class B-7, Class B-8, and Class XS
notes, in the aggregate, to satisfy the credit risk retention
requirements.

Since May 2014, 28 seasoned securitizations have been issued from
the NRMLT core shelf. These securitizations contained highly
seasoned loans sourced from prior deal collapses. Although the
historical performance for prior NRMLT deals has been generally
satisfactory with low losses (


OAKTOWN RE VI: Moody's Upgrades Rating on Cl. B-1 Notes to B1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven bonds
from two mortgage insurance credit risk transfer transactions
issued in 2021. These transactions were issued to transfer to the
capital markets the credit risk of private mortgage insurance (MI)
policies, by National Mortgage Insurance Corporation (Oaktown Re),
and Enact Mortgage Insurance Corporation (Triangle Re), the ceding
insurers, on a portfolio of residential mortgage loans.

Complete rating actions are as follows:

Issuer: Oaktown Re VI Ltd.

Cl. B-1, Upgraded to B1 (sf); previously on Nov 17, 2022 Upgraded
to B2 (sf)

Cl. M-1B, Upgraded to A3 (sf); previously on Nov 17, 2022 Upgraded
to Baa2 (sf)

Cl. M-1C, Upgraded to Baa3 (sf); previously on Nov 17, 2022
Upgraded to Ba1 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Nov 17, 2022 Upgraded
to B1 (sf)

Issuer: Triangle Re 2021-2 Ltd.

Cl. M-1B, Upgraded to A2 (sf); previously on Nov 17, 2022 Upgraded
to A3 (sf)

Cl. M-1C, Upgraded to Baa2 (sf); previously on Nov 17, 2022
Upgraded to Baa3 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Nov 17, 2022 Upgraded
to Ba3 (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.

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.


ONE MARATHON VII: S&P Lowers Class D Notes Rating to 'CCC- (sf)'
----------------------------------------------------------------
S&P Global Ratings lowered its rating on the class D notes from
Marathon CLO VII Ltd., a U.S. cash flow CLO transaction managed by
Marathon Asset Management, to 'CCC- (sf)' from 'CCC (sf)' and
removed the rating from CreditWatch with negative implications. At
the same time, S&P affirmed its 'BBB- (sf)' rating on the class C
notes.

The rating actions follow its review of the transaction's
performance using data from the April 2023 and May 2023 trustee
reports.

Since S&P's November 2021 rating action, the class A-2-R and B-R
notes have received full payment of principal and interest due;
therefore, the ratings have been discontinued. The class C notes
are now the controlling class and have received paydowns totaling
$22.3 million.

Class C benefitted from the de-levering of the senior tranches and
has led to an increase in the class C overcollateralization (O/C)
ratio to 192.81% from 120.31%. The affirmed 'BBB- (sf)' rating on
class C reflects our view that the credit support is commensurate
with this rating level.

The de-levering from senior note paydowns is currently outweighing
the growing concentration risk and high 'CCC' exposure of the
portfolio.

Though the amount of 'CCC' assets held in the portfolio has
decreased by par to $16.30 million as of the April 2023 trustee
report from $29.16 million as of the October 2021 trustee report
that we used in our November 2021 analysis, the 'CCC' bucket now
represents more than 62% of the remaining portfolio.

The higher proportion of CCC bucket in turn increased the haircuts
for the purpose of O/C calculations. This, plus the continued
deferring of interest for the class D notes, has led to a decline
in the class D O/C ratio to 84.40% from 98.99%. Both the O/C and
interest coverage ratios are showing a downward trend, and the
portfolio is no longer well-diversified.

S&P said, "Due to the decline in its credit support, we lowered our
rating on the class D notes to 'CCC- (sf)' in line with our 'CCC'
criteria, as we believe that this class will not be able to
withstand any stress scenario and, in our view, would be dependent
on favorable conditions in order not to default.

"As this transaction has paid down significantly, the current
portfolio is now highly concentrated and no longer
well-diversified. As a result, we did not generate cash flows.
Instead, our analysis and rating decision examined other metrics
and qualitative factors, such as the credit quality of the
remaining assets that support the rated notes, the remaining life
of the transaction, and the paydown history.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and will take rating actions as we deem
necessary."



OZLM VIII: Moody's Cuts Rating on $11.4MM E-RR Notes to Caa2
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by OZLM VIII, LTD.:

US$29,100,000 Class B-R3 Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B-R3 Notes"), Upgraded to Aa1 (sf);
previously on December 29, 2021 Assigned Aa3 (sf)

US$36,900,000 Class C-RR Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class C-RR Notes"), Upgraded to A3 (sf);
previously on September 21, 2021 Upgraded to Baa1 (sf)

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

US$11,400,000 Class E-RR Secured Deferrable Floating Rate Notes due
2029 (the "Class E-RR Notes"), Downgraded to Caa2 (sf); previously
on August 14, 2020 Downgraded to Caa1 (sf)

OZLM VIII, LTD., originally issued in September 2014, partially
refinanced in May 2017, refinanced in November 2018, and partially
refinanced in December 2021, is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in 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 May 2022. In particular,
the Class A-1R3 notes have been paid down by approximately 25.2% or
$92.6 million since that time. Based on the trustee's May 2023
report[1], the OC ratios for the Class B and Class C notes are
reported at 126.63% and 115.23%, respectively, versus May 2022[2]
levels of 122.04% and 113.07%, respectively.

The downgrade rating action on the Class E-RR notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the OC ratio for the Class E notes is
currently at 103.9%, compared to the May 2022 level of 104.2%. The
credit quality of the portfolio has also deteriorated since May
2022. Based on the trustee's May 2023 report[3], weighted average
rating factor (WARF) is 2573 compared to 2462 in May 2022[4].

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: $469,836,083

Defaulted par: $2,875,065

Diversity Score: 68

Weighted Average Rating Factor (WARF): 2538

Weighted Average Spread (WAS) before accounting for reference rate
floors): 3.16%

Weighted Average Recovery Rate (WARR): 46.59%

Weighted Average Life (WAL): 3.7 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.


PIKES PEAK 11: Fitch Affirms BB- Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class B, C, D and E
notes of Pikes Peak CLO 11 Ltd. (Pikes Peak 11). The Rating
Outlooks on all rated tranches remain Stable.

   Entity/Debt        Rating            Prior
   -----------        ------            -----
Pikes Peak
CLO 11 Ltd.

   B 72132KAE5    LT AAsf   Affirmed    AAsf
   C 72132KAG0    LT Asf    Affirmed    Asf
   D 72132KAJ4    LT BBB-sf Affirmed    BBB-sf
   E 72132LAA1    LT BB-sf  Affirmed    BB-sf

TRANSACTION SUMMARY

Pikes Peak 11 is a broadly syndicated collateralized loan
obligation (CLO) managed by Partners Group US Management CLO, LLC.
Pikes Peak 11 closed in June 2022 and will exit its reinvestment
period in July 2026. The CLO is secured primarily by first-lien,
senior secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are driven by the portfolio's stable performance
since the last rating action. As of May 2023 reporting, the Fitch
weighted average rating factor increased to 25.4 (B/B-) compared to
25.1 (B/B-) at closing.

The portfolio remains diversified across 218 obligors, with the
largest 10 obligors comprising 6.2% of the portfolio (excluding
cash). Exposure to issuers with a Negative Outlook and Fitch's
watchlist is 12.9% and 4.2%, respectively. There have been no
defaults.

First lien loans, cash and eligible investments comprised 100% of
the portfolio, and Fitch's weighted average recovery rate of the
portfolio increased to 74.4%, compared to 74.0% at closing.

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

Cash Flow Analysis

Fitch conducted updated cash flow analyses based on newly run Fitch
Stressed Portfolio (FSP) since this transaction is still in its
reinvestment period. The FSP analysis stressed the current
portfolio from the latest trustee report to account for permissible
concentration and CQTs limits. The FSP analysis assumed a weighted
average life of 6.18 years, 5.0% second lien assets, and 5.0% fixed
rate assets.

Fitch affirmed all tranches one notch below their model-implied
ratings (MIRs) as defined in Fitch's CLOs and Corporate CDOs Rating
Criteria due to the marginal break-even default rate cushions at
their respective MIRs amid anticipated macroeconomic recessionary
environment.

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 classes' 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 one notch for
the class D notes, two notches for the class B and C notes, and
three notches for the class E notes, 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 an upgrade of one notch
for the class C notes, two notches for the class B notes, and five
notches for the class D and E notes, based on MIRs.

DATA ADEQUACY

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

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

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


PRIME STRUCTURED 2020-1: Moody's Ups Rating on Cl. F Certs to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded Series 2020-1 subordinate
notes issued by Prime Structured Mortgage (PriSM) Trust. The
transaction is a securitization of prime, fixed rate mortgage loans
originated by RFA Bank Canada, First National Financial LP and CMLS
Financial Ltd., with a remaining pool balance of CAD353,833,029 as
of March 31, 2023.

The complete rating actions are as follows:

Issuer:  Prime Structured Mortgage (PriSM) Trust, Mortgage-Backed
Certificates, Series 2020-1

Cl. B Certificate, Upgraded to Aaa (sf); previously on February 28,
2020 Definitive Rating Assigned Aa1 (sf)

Cl. C Certificate, Upgraded to Aa1 (sf); previously on February 28,
2020 Definitive Rating Assigned Aa2 (sf)

Cl. D Certificate, Upgraded to Aa2 (sf);  previously on February
28, 2020 Definitive Rating Assigned A1 (sf)

Cl. E Certificate, Upgraded to A2 (sf); previously on February 28,
2020 Definitive Rating Assigned Baa3 (sf)

Cl. F Certificate, Upgraded to Ba3 (sf); previously on February 28,
2020 Definitive Rating Assigned B1 (sf)

RATING RATIONALE

The upgrade was primarily due to a build-up of credit enhancement
as the pool has amortized. The lifetime cumulative net loss (CNL)
expectation for the transaction remained unchanged at 0.45% for the
Series 2020-1.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

This methodology was calibrated based on settings specific for
Canada.

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

Significantly different loss assumptions compared with Moody's
expectations at close, due to either a change in economic
conditions from Moody's central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater unemployment,
worsening household affordability and a weaker housing market could
result in a downgrade of the ratings. A deterioration in the note's
available credit enhancement could also result in a downgrade of
the ratings.


PRKCM 2023-AFC2: S&P Assigns B (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to PRKCM 2023-AFC2 Trust's
mortgage-backed notes.

The note issuance is an RMBS transaction backed by first-lien,
fixed- and adjustable-rate, fully amortizing residential mortgage
loans to both prime and nonprime borrowers (some with interest-only
periods). The loans are secured by single-family residential
properties, planned unit developments, condominiums, townhomes, and
two- to four-family residential properties. The pool consists of
725 loans, which are primarily ability-to-repay (ATR)-exempt loans
and non-qualified mortgage/ATR-compliant loans.

After S&P assigned the preliminary ratings on June 5, 2023, the M-1
class was updated to a fixed-rate bond subject to the pool's net
weighted average coupon. The assigned final ratings are unchanged
from the preliminary ratings after analyzing the updated structure
and final bond coupons.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage originator, AmWest Funding Corp.; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool. S&P said, "Per our latest macroeconomic update, we
continue to expect that the U.S. will fall into a shallow recession
in 2023. Also, we now expect U.S. GDP to decline 0.30% from its
peak in first-quarter 2023 to its third-quarter trough. If correct,
this will beat the 2001 recession as the softest recession since
1960. Although safeguards from the Federal Reserve and other
regulators have stabilized conditions, banking concerns increase
risks of a worse outcome. Chances for a worsening recession have
increased, with inflation moderating faster than expected in our
baseline forecast. As a result, we continue to maintain the revised
outlook per the April 2020 update to the guidance to our RMBS
criteria, which increased the archetypal 'B' projected foreclosure
frequency to 3.25% from 2.50%."

  Ratings Assigned

  PRKCM 2023-AFC2 Trust(i)

  Class A-1, $195,324,000: AAA (sf)
  Class A-2, $33,082,000: AA (sf)
  Class A-3, $38,938,000: A (sf)
  Class M-1, $17,095,000: BBB (sf)
  Class B-1, $12,188,000: BB (sf)
  Class B-2, $9,972,000: B (sf)
  Class B-3, $9,972,547: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The ratings address the ultimate payment of interest and
principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $316,571,548.

N/A--Not applicable.



SANDSTONE PEAK II: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Sandstone Peak II
Ltd./Sandstone Peak CLO II LLC's floating-rate notes.

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

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

  Sandstone Peak II Ltd./Sandstone Peak CLO II LLC

  Class A, $250.00 million: AAA (sf)
  Class B, $54.00 million: AA (sf)
  Class C (deferrable), $23.60 million: A (sf)
  Class D (deferrable), $20.80 million: BBB- (sf)
  Class E (deferrable), $12.60 million: BB- (sf)
  Subordinated notes, $36.44 million: Not rated



SANTANDER BANK 2023-A: Moody's Gives B2 Rating to $19.25MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
Santander Bank Auto Credit-Linked Notes, Series 2023-A (SBCLN
2023-A) notes issued by Santander Bank, N.A. (SBNA).

SBCLN 2023-A is the first credit linked notes transaction issued by
SBNA in 2023 to transfer credit risk to noteholders through a
hypothetical tranched financial guaranty on a reference pool of
auto loans.

The complete rating actions are as follows:

Issuer: Santander Bank, N.A.

Series: Santander Bank Auto Credit-Linked Notes, Series 2023-A

$5,500,000, 6.026%, Class A-2 Notes, Definitive Rating Assigned Aaa
(sf)

$42,350,000, 6.493%, Class B Notes, Definitive Rating Assigned Aa2
(sf)

$13,200,000, 6.736%, Class C Notes, Definitive Rating Assigned A2
(sf)

$16,500,000, 7.076%, Class D Notes, Definitive Rating Assigned Baa2
(sf)

$10,450,000, 10.068%, Class E Notes, Definitive Rating Assigned Ba2
(sf)

$19,250,000, 13.752%, Class F Notes, Definitive Rating Assigned B2
(sf)

RATINGS RATIONALE

The rated notes are fixed-rate obligations secured by a cash
collateral account. There is also a letter of credit in place to
cover up to five months of interest in case of a failure to pay by
Santander Bank, N.A. or as a result of a FDIC conservator or
receivership.  This deal is unique in that the source of principal
payments for the notes will be a cash collateral account held by a
third party with a rating of A2 or P-1 by Moody's.  SBNA will pay
principal in the unlikely event that the cash collateral account
does not have enough funds.  The transaction also benefits from a
Letter of Credit provided by a third party with a rating of A2 or
P-1 by Moody's.  As a result, the rated notes are not capped by the
LT Issuer rating of Santander Bank, N.A. (Baa1).

The credit risk exposure of the notes depends on the actual
realized losses incurred by the reference pool. This transaction
has a pro-rata structure, which is more beneficial to the
subordinate bondholders than the typical sequential-pay structure
for US auto loan transactions. However, the subordinate bondholders
will not receive any principal unless performance tests are
satisfied.

The ratings are based on the quality of the underlying collateral
and its expected performance, the strength of the capital
structure, and the experience and expertise of Santander Consumer
USA Inc. as the servicer.

Moody's median cumulative net loss expectation for the 2023-A
reference pool is 2.25% and a loss at a Aaa stress of 8.50%.  The
median cumulative net loss at 2.25% for 2023-A is 0.25% higher than
that assigned for 2022-C and the loss at a Aaa stress at 8.50% for
2023-A is 0.50% higher than that assigned for 2022-C, the last
transaction Moody's rated. Moody's based its cumulative net loss
expectation on an analysis of the credit quality of the underlying
collateral; the historical performance of similar collateral,
including securitization performance and managed portfolio
performance; the ability of Santander Consumer USA Inc. to perform
the servicing functions; and current expectations for the
macroeconomic environment during the life of the transaction.

At closing, the Class A-2, B notes, Class C notes, Class D notes,
Class E notes and Class F notes benefit 12.00%, 8.15%, 6.95%,
5.45%, 4.50%, and 2.75% of hard credit enhancement, respectively.
Hard credit enhancement for the notes consists of subordination.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

Moody's could downgrade the notes if given current expectations of
portfolio losses, levels of credit enhancement are consistent with
lower ratings. Credit enhancement could decline if realized losses
reduce available subordination. Moody's expectation of pool losses
could rise as a result of a higher number of obligor defaults or
deterioration in the value of the vehicles securing an obligor's
promise of payment. Portfolio losses also depend greatly on the US
job market, the market for used vehicles, and poor servicing. Other
reasons for worse-than-expected performance include error on the
part of transaction parties, inadequate transaction governance, and
fraud.


SCULPTOR CLO XXXI: S&P Assigns Prelim BB- (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Sculptor CLO
XXXI Ltd./Sculptor CLO XXXI LLC's fixed- and floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Sculptor Loan Advisor LLC, a
subsidiary of Sculptor Capital Management L.P.

The preliminary ratings are based on information as of June 15,
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 debt through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  Sculptor CLO XXXI Ltd./Sculptor CLO XXXI LLC

  Class A, $189.00 million: AAA (sf)
  Class B-1, $29.00 million: AA (sf)
  Class B-2, $10.00 million: AA (sf)
  Class C-1 (deferrable), $6.50 million: A (sf)
  Class C-2 (deferrable), $10.00 million: A (sf)
  Class D (deferrable), $0.00 million: BBB- (sf)
  Class D loan (deferrable), $17.70 million: BBB- (sf)
  Class E (deferrable), $0.00 million: BB- (sf)
  Class E loan (deferrable), $7.80 million: BB- (sf)
  Subordinated notes, $30.70 million: Not rated



SOHO TRUST 2021-SOHO: DBRS Confirms B Rating on 2 Classes
----------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2021-SOHO issued by SOHO Trust
2021-SOHO as follows:

-- Class A at A (low) (sf)
-- Class B at BBB (low) (sf)
-- Class C at BB (low) (sf)
-- Class D at B (sf)
-- Class HRR at B (sf)

All trends are Stable.

The rating confirmations reflect the stable performance of the
transaction since the last rating action, which remains in line
with DBRS Morningstar's expectations from issuance.

The collateral consists of the borrower's fee-simple interest in a
786,891-square-foot (sf), Class A office/retail property known as
One SoHo Square, comprising two adjacent mid-rise office buildings
separated by an adjoined 19-story glass tower on the northwest
corner of Sixth Avenue and Spring Street in Manhattan's SoHo
neighborhood. The submarket has seen an increased demand in leasing
over the past few years, most notably from technology companies,
with Google, Facebook, and Amazon taking space in the vicinity. The
sponsor, Stellar Management (Stellar), purchased the assets in 2012
and subsequently invested approximately $268.0 million in base
building upgrades to reposition the asset. Stellar has more than 35
years of ownership and management experience in New York City and
currently owns more than 2.0 million sf of office space, and more
than 12,000 residential units across 100 buildings in New York City
and Miami.

Whole loan proceeds of $785.0 million comprise 23 promissory notes:
20 senior A notes totaling $470.0 million and three junior B notes
totaling $315.0 million. The subject transaction totals $316.0
million and consists of three senior A notes with an aggregate
principal balance of $1.0 million and the three junior B notes. The
remaining companion senior A notes are securitized in other
transactions not rated by DBRS Morningstar. Additionally, the
mortgage lenders provided a $120.0 million mezzanine loan for a
total debt of $905.0 million. The all-in DBRS Morningstar
loan-to-value ratio, inclusive of the mezzanine debt, is high at
109.9%.

The property benefits from its investment-grade tenancy, which
includes the three largest tenants at the property: Flatiron Health
(Flatiron) (28.0% of the net rentable area (NRA), expiring February
2031), Aetna Inc. (13.3% of the NRA, expiring July 2029), and MAC
Cosmetics (11.1% of the NRA, expiring March 2034). In addition,
five tenants, collectively representing 59.8% of the NRA, are
headquartered at the property and have long-term leases. There is
minimal rollover risk with only 22.3% of the NRA scheduled to roll
throughout the loan term. The earliest lease expiration, Warby
Parker, is scheduled to expire in January 2025. Tenants at the
property pay an average rental rate of $40.50 per square foot
(psf), which, according to Reis, is below the South Broadway
submarket average rental rate of $57.00 psf as of YE2022. The
YE2022 vacancy rate of 8.4% remains in line with the submarket
vacancy of 11.5%.

Two tenants, Flatiron and Juul Labs (Juul; 6.9% of the NRA), have
space marketed for sublease. Juul listed its entire 55,000-sf space
for sublease, with Flatiron initially putting all of its space in
the West building (48.7% of its space, 13.6% of the NRA) up for
sublease, but later reduced the square footage listed for sublease
to less than 15.0% of the NRA. According to a September 23, 2022,
article by The Real Deal, Flatiron had successfully subleased
30,700 sf (13.7% of its space, 3.8% of the NRA) to Yotpo Ltd.
(Yotpo), which took effect on October 1, 2022. The overall space
available for sublease at the property decreased to 8.0% of total
NRA after Yotpo took occupancy.

For the trailing nine months ended September 30, 2022, the
annualized net cash flow (NCF) was reported at $56.9 million
(reflecting a debt service coverage ratio (DSCR) of 2.04 times
(x)), in line with the YE2021 figure of $56.7 million (a DSCR of
2.05x) and the DBRS Morningstar NCF of $54.7 million at issuance.
Although there is some subleasing activity and the loan's leverage
point is considered high, these downside risks are mitigated by the
property's strong tenancy, minimal tenant rollover, and desirable
location. DBRS Morningstar expects that the asset will continue to
perform in line with its original projections.

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




SOUND POINT V-R: Moody's Cuts Rating on $12MM Cl. F Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sound Point CLO V-R, Ltd.:

US$66,000,000 Class B Senior Secured Floating Rate Notes due 2031
(the "Class B Notes"), Upgraded to Aa1 (sf); previously on July 18,
2018 Assigned Aa2 (sf)

US$30,000,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2031 (the "Class C Notes"), Upgraded to A1 (sf);
previously on July 18, 2018 Assigned A2 (sf)

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

US$12,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2031 (the "Class F Notes"), Downgraded to Caa2 (sf); previously
on September 22, 2020 Confirmed at B3 (sf)

Sound Point CLO V-R, Ltd., issued in July 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 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 a lower weighted average rating factor
(WARF) and higher weighted average spread (WAS) compared to the
respective covenant levels. Moody's modeled a WARF of 2694 and a
WAS of 3.44% compared to the current covenant levels of 2863 and
3.40%, respectively. The deal has also benefited from a shortening
of the portfolio's weighted average life since May 2022.

The downgrade action on the Class F notes reflects the specific
risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the total collateral balance, including
principal collections and estimated recoveries from defaulted
securities, is $577.8 million, or $22.2 million less than the $600
million initial par amount targeted during the deal's ramp-up.
Based on Moody's calculation, the over-collateralization (OC) ratio
for the Class F notes is currently 102.44%.

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: $576,858,971

Defaulted par:  $7,919,328

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2694

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.44%

Weighted Average Recovery Rate (WARR): 47.11%

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.


STWD 2019-FL1: DBRS Confirms B Rating on Class G Notes
------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of notes
issued by STWD 2019-FL1, Ltd. (STWD 2019-FL1):

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class F at BB (sf)
-- Class G at B (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 18.4% since issuance. The increased credit
support to the bonds serves as a mitigant to potential adverse
selection in the transaction as five loans are secured by office
properties (28.8% of the current trust balance). Because of
complications initially arising from 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 declining demand for
office product across tenants, investors, and lenders alike, there
is greater uncertainty regarding the borrowers' exit strategies
upon loan maturity. 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 $897.8 million with 16 loans remaining in the trust. The
transaction had an initial 24-month reinvestment period that ended
with the August 2021 payment date; however, the collateral manager
was granted a 90-day extension to contribute additional collateral
as allowed per the transaction documents. Since the previous DBRS
Morningstar rating action in November 2022, the loan count remains
the same; however, the pool has been paid down by $21.3 million as
a result of collateral releases on the Woodbury Portfolio and
principal payments on the Park Fifth loan in conjunction with a
maturity extension. The remaining loans in the transaction beyond
the office concentration noted above include seven loans secured by
multifamily properties (39.4% of the current trust balance) and two
loans secured by hotel properties (15.1% of the current trust
balance). The transaction's property type concentration has
remained relatively stable since April 2022, when 37.2% of the
trust balance was secured by multifamily, 27.8% of the trust
balance was secured by office collateral, and 13.5% of the trust
balance was secured by hospitality properties.

The remaining loans are primarily secured by properties in urban
and suburban markets. Seven loans, representing 76.2% of the pool,
are secured by properties in urban markets, as defined by DBRS
Morningstar, with a DBRS Morningstar Market Rank of 6 or 7. Six
loans representing 23.8% of the pool are secured by properties with
a DBRS Morningstar Market Rank of 4 or 5, which denotes a suburban
market. In comparison with the pool composition in April 2022,
properties in urban markets represented 69.1% of the collateral,
and properties in suburban markets was similar at 29.9% 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.

In total, the lender has advanced $78 million in loan future
funding to nine of the remaining individual borrowers to aid in
property stabilization efforts. The largest loan advances include
$25 million to the borrower of the Hyatt Regency Houston loan,
which went to fund renovations of guest rooms, meeting rooms, and
public spaces across the property. The loan, which is now fully
funded, is on the servicer's watchlist for upcoming maturity risk
as the loan matures in July 2023; however, the loan includes three
12-month extension options through 2026, with two remaining. DBRS
Morningstar analyzed this loan with an elevated POD resulting in an
expected loss (EL) more than 150.0% higher than the pool's WA EL.

In addition, loan advances totaling $14.7 million have been made to
the borrower of the 700 Louisiana and 600 Prairie Street loan. The
loan, which is secured by a 1.3 million-square-foot, Class A office
building and parking garage in downtown Houston, represents the
largest loan in the pool at 10.7% of the current trust balance.
While the sponsors are progressing with planned capital
expenditures as the loan is nearly fully funded, the loan continues
to underperform in terms of occupancy and cash flow as occupancy
remains little changed year over year at 69% (versus 68% the year
prior), while the loan reported a net operating income debt service
coverage ratio (DSCR) of 0.86 times (x) as of YE2022. According to
the collateral manager, the loan is in the process of being
extended by three months ahead of the June 2023 maturity as the
sponsor markets the property for sale. DBRS Morningstar analyzed
this loan with an elevated POD resulting in an EL more than 150.0%
higher than the pool's WA EL.

An additional $50.2 million of unadvanced loan future funding
allocated to seven individual borrowers remains outstanding. The
largest individual allocation of unadvanced future funding, $15.0
million, is for the borrower of the Hope & Flower loan, which is
secured by a multifamily property in downtown Los Angeles. Loan
future funding is tied to a property's performance based earn-out,
and according to an update from the collateral manager, it does not
expect the property to achieve the performance thresholds.

While there are no loans are in special servicing, eight loans,
representing 62.3% of the current trust balance, are on the
servicer's watchlist for upcoming maturity or performance issues.
The largest loan on the servicer's watchlist, Minkin Multifamily
LLC (Prospectus ID#3; 10.6% of the current pool balance), is
secured by an eight-property, mid-rise multifamily portfolio
totaling 805 units in Queens, New York, and New Rochelle, New York.
The loan is on the servicer's watchlist for the upcoming final loan
maturity date in July 2023. As of YE2022, the portfolio was 93.0%
occupied and reported a DSCR of 1.07x, a slight decline from the
in-place DSCR of 1.14x at loan closing. According to the collateral
manager, the borrower is actively securing agency takeout financing
for the subject loan as well as for the Minkin Multifamily S-Corp
loan, which is also backed by the sponsor and securitized in the
STWD 2019-FL1 transaction. DBRS Morningstar expects both refinance
loans to close prior to the respective loan maturity dates.

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



TELOS CLO 2014-5: S&P Lowers Class E-R Notes Rating to 'CCC (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its rating on the class E-R notes from
Telos CLO 2014-5 Ltd., a U.S. cash flow CLO transaction managed by
Telos Asset Management LLC and removed the rating from CreditWatch
with negative implications. At the same time, S&P raised its rating
on the class C-R notes and affirmed its ratings on the class A-2-R,
B-R, and D-R notes from the same transaction.

The rating actions follow S&P's review of the transaction's
performance using data from the April 2023 trustee reports.
Although the same portfolio backs all of the tranches, there can be
circumstances such as this one, where the ratings on the tranches
may move in opposite directions due to support changes in the
portfolio. This transaction is experiencing opposing rating
movements because it faced both principal paydowns (which increased
the senior credit support) and principal losses (which decreased
the junior credit support).

S&P said, "Since our November 2021 rating action, the class A-1-R
notes have received full payment of principal and interest due;
therefore, the ratings have been discontinued. The class A-2-R
notes are now the controlling class and have received paydowns
totaling $36.0 million. These paydowns resulted in improved
reported overcollateralization (O/C) ratios for the class A-2-R,
B-R, C-R, and D-R notes; however, the O/C ratio for the class E-R
has since declined due to elevated 'CCC' and default-rated assets
when comparing the April 30, 2023, trustee report to the Oct. 4,
2021, report from our previous rating actions."

Since the previous rating action:

-- The class A/B O/C ratio has increased to 245.06% from 157.25%.

-- The class C O/C ratio has increased to 154.57% from 133.41%.

-- The class D O/C ratio has increased to 120.46% from 119.51%.

-- The class E O/C ratio has decreased to 94.17% from 105.67%.

The affirmed 'AAA (sf)' ratings on the class A-2-R and B-R notes
reflect S&P's view that the credit support for each is commensurate
with this rating level.

S&P said, "On a standalone basis, the results of the cash flow
analysis indicated a higher rating on the class C-R and D-R notes.
Our upgrade of the class C-R notes reflects the significantly
improved credit support, owing to continued paydown of the senior
notes; however, because of thehigher concentrations of 'CCC' rated
and defaulted collateral obligations and increased concentration
risk in the pool, we limited the upgrade to offset future potential
credit migration in the underlying collateral.

"Our affirmation of the rating on the class D-R notes cites similar
rationale to the upgrade of the class C-R notes, differing in that
the class D-R notes only experienced a marginal increase in credit
support since our previous rating actions, maintains lower payment
priority as compared to the class C-R notes, and is backed
partially by a portion of distressed assets. Due to these reasons,
in addition to the higher concentrations of 'CCC' rated and
defaulted collateral obligations and increased concentration risk
in the pool, we affirmed our rating on the class D-R notes to
offset future potential credit migration in the underlying
collateral, despite the higher rating implied by the results of the
cash flow analysis.

"We lowered our rating on the class E-R notes to 'CCC (sf)' due to
the decline in its overall credit support. In line with our
guidance and ratings definitions, this class is currently
vulnerable to nonpayment, and is dependent upon favorable economic
conditions to meet its financial commitment, due to its ongoing
deferral of interest and low coverage ratios.

"Though the amount of 'CCC' assets held in the portfolio has
decreased by par to $23.31 million as of the April 30, 2023,
trustee report from $27.37 million as of the Oct. 4, 2021, trustee
report that we used in our November 2021 analysis, the 'CCC' bucket
now represents 19.7% of the remaining portfolio. The higher
proportion of the 'CCC' bucket in turn increased the haircuts for
the purpose of O/C calculations. This, plus the continued deferral
of interest for the class E-R notes, has led to a decline in the
class E O/C ratio. Both the O/C and interest coverage ratios are
failing as of the April 2023 trustee reports and are showing a
downward trend. The portfolio diversity continues to decrease. In
the event of adverse economic conditions, the issuer is not likely
to have the capacity to meet its financial commitment; however, the
class is currently covered by sufficient collateral and may not
face near term payment deficiency.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and will take rating actions as we deem
necessary.

"In line with our criteria, our cash flow scenarios applied
forward-looking assumptions on the expected timing and pattern of
defaults, and recoveries upon default, under various interest rate
and macroeconomic scenarios. In addition, our analysis considered
the transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis--and other qualitative factors as
applicable--demonstrated, in our view, that all of the rated
outstanding classes have adequate credit enhancement available at
the rating levels associated with these rating actions."

  Rating Raised

  Telos CLO 2014-5 Ltd.

   Class C-R to 'AA+ (sf)' from 'AA (sf)'

  Rating Lowered And Removed From CreditWatch Negative

  Telos CLO 2014-5 Ltd.

   Class E-R to 'CCC (sf)' from 'B- (sf)/Watch Neg'

  Ratings Affirmed

  Telos CLO 2014-5 Ltd.

   Class A-2-R: 'AAA (sf)'
   Class B-R: 'AAA (sf)'
   Class D-R: 'BBB+ (sf)'



TIKEHAU US IV: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Tikehau US CLO IV
Ltd./Tikehau US CLO IV LLC's floating-rate notes. The transaction
is managed by Tikehau Structured Credit Management LLC.

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

The ratings reflect:

-- 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

  Tikehau US CLO IV Ltd./Tikehau US CLO IV LLC

  Class A-1, $300.00 million: AAA (sf)
  Class A-2, $10.00 million: AAA (sf)
  Class B, $67.50 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D-1 (deferrable), $20.00 million: BBB (sf)
  Class D-2 (deferrable), $7.50 million: BBB- (sf)
  Class E (deferrable), $16.25 million: BB- (sf)
  Subordinated notes, $50.55 million: Not rated



WELLS FARGO 2015-C27: DBRS Confirms CCC Rating on Class E Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C27 issued by Wells Fargo
Commercial Mortgage Trust 2015-C27 as follows:

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

All trends are Stable with the exception of Classes E and F, 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 underlying
collateral, which remains in line with DBRS Morningstar's
expectations since the last rating action. As of the April 2023
remittance report, 75 of the original 95 loans remain in the pool,
representing a collateral reduction of 25.0% since issuance as a
result of loan amortization, loan repayments, and loan
liquidations. Seventeen loans, representing 11.8% of the pool, have
been fully defeased. Four loans, representing 13.8% of the pool,
are in special servicing. Since DBRS Morningstar's last rating
action, two loans previously in special servicing, representing
0.9% of the pool at the time of the last rating action, were repaid
in full with no loss to the trust, and one has become real estate
owned.

The CCC (sf) and C (sf) ratings on Classes E and F, respectively,
reflect DBRS Morningstar's loss expectations for the specially
serviced loans, which includes the largest loan in the pool,
Westfield Palm Desert (Prospectus ID#1; 7.9% of the pool), as well
as DBRS Morningstar's cautious outlook on loans secured by office
properties. Although the pool benefits from the relatively low
concentration of loans backed by office properties (18.9%), the
bulk of these loans are secured within the top 15 loans in the
pool, representing 16.6% of the pool balance, including the
second-largest specially serviced loan, 300 East Lombard
(Prospectus ID#9; 3.1% of the pool), and generally exhibit
significantly weaker performance than the pool as a whole. As such,
DBRS Morningstar applied additional stress to the analysis of these
loans given the low investor appetite for the property type and the
locations of these properties in secondary and tertiary markets,
resulting in a weighted-average expected loss (EL) at approximately
125.2% of the pool average EL.

The largest specially serviced loan is secured by a
572,724-square-foot (sf) portion of the 977,888-sf Westfield Palm
Desert regional mall in Palm Desert, California. The pari passu
$125.0 million interest-only (IO) whole loan transferred to special
servicing in August 2020 because of payment default and, as of the
April 2023 remittance, the loan remains delinquent. A receiver was
appointed in October 2021, shortly after which the property was
rebranded as The Shops at Palm Desert. The special servicer is
reportedly pursuing foreclosure. The property's occupancy rate has
declined to 80.8% as of January 2023 from 95.9% at issuance.
According to the servicer-reported financials, the annualized net
cash flow (NCF) for the year-to-date period ended June 30, 2022,
was $10.2 million, which is an increase from the YE2021 and YE2020
figures of $6.6 million and $9.0 million, respectively, but remains
below the issuer's NCF of $12.7 million. Per the January 2023
financial package, total in-line sales for 2022 were $385.39 per
square foot (psf), a 25.3% drop from the previous year.

Overall, DBRS Morningstar expects performance to decline in the
near to medium term. A major tenant, Tristone Cinemas (previously
3.3% of the net rentable area (NRA)), closed in February 2023. More
than 35 additional tenants representing more than 15.0% of the NRA
have leases scheduled to expire over the next 12 months, including
a major tenant, Dick's Sporting Goods (4.7% of the NRA; expiration
in January 2024). The receiver continues to tour prospective
tenants. The most recent appraisal is dated July 2022 and valued
the property at $68.0 million. Although this represents a 23.2%
improvement from the July 2021 appraised value of $55.2 million,
the updated figure is well below the issuance value of $212.0
million. DBRS Morningstar's analysis, which includes a liquidation
scenario based on a stress to the most recent appraisal, is
indicative of a loss severity of nearly 75.0%.

The second-largest loan in special servicing is 300 East Lombard
(Prospectus ID#9; 3.1% of the pool), secured by a 20-story,
225,485-sf office property in the Baltimore central business
district. The loan was transferred in March 2022 because of
imminent monetary default. According to the special servicer, the
loan has not yet made the April 2023 payment. After the property
lost its largest tenant, Ballard Spahr (previously 15.0% of the
NRA), upon its lease expiration in April 2022, occupancy dropped to
65.9%, where it currently remains as of YE2022 reporting, well
below the occupancy rate of 96.0% at issuance. The debt service
coverage ratio (DSCR) has declined as a result and was reported to
be 0.54 times (x) for the trailing six-month period ended June
2022. Although the borrower has received approval to commence a
major lease with the State of Maryland, the signed effective rent
of $23.76 psf is below the average submarket asking rent of $27.87
psf according to Reis. In addition, approximately 15 tenants
(approximately 26.2% of the NRA) have lease expirations scheduled
in the next 12 months, including the second-largest tenant, Offit
Kurman P.A. (7.0% of the NRA, expiration in May 2023).

DBRS Morningstar believes the sponsor will have challenges
backfilling the space in the near term given the sluggish market
conditions, highlighted by a submarket vacancy rate of 17.9% as of
February 2023, indicating significantly increased credit risk from
issuance. DBRS Morningstar took a conservative approach in its
analysis of this loan, given the uncertainty of the office market
and upcoming rollover, by incorporating a stressed loan-to-value
(LTV) ratio and an elevated probability of default (POD), resulting
in an EL that is double the pool average.

The largest loan on the servicer's watchlist, 312 Elm (Prospectus
ID#3; 27.2% of the pool), is secured by an office property in
Cincinnati and is being monitored on the servicer's watchlist for
low cash flows as a result of sustained decline in occupancy. A
previous major tenant, the General Services Administration, vacated
in 2018, causing the property's occupancy to fall to 65.0%. Two new
tenant leases were signed in 2021, bringing occupancy up to 70%.
However, the property's largest tenant, Gannett (28.9% of the NRA),
vacated the property at its lease expiration in December 2022,
bringing occupancy down again, to 49.1% as of YE2022. The YE2022
NCF, although up 21.2% compared with the previous year, represents
a -30.9% variance from the issuance figure and is expected to
decline further following Gannett's exit. DBRS Morningstar projects
the resulting DSCR will dip below 1.0x. An additional two tenants,
representing 2.7% of the NRA, have lease expirations in the next 12
months. According to Reis, the submarket vacancy is at 15.6% as of
February 2023, putting the property well below market occupancy.
DBRS Morningstar's analysis includes a stressed LTV and an elevated
POD to reflect its concerns for this loan, resulting in an EL that
is triple the pool average.

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


[*] Fitch Takes Actions on 11 U.S. CMBS 2019 Vintage Transactions
-----------------------------------------------------------------
Fitch Ratings, on June 12, 2023, downgraded 14, upgraded six and
affirmed 152 classes from 11 U.S. CMBS 2019 vintage conduit
transactions. In addition, the Rating Outlooks for eight classes
were revised to Negative from Stable and three classes were
assigned Negative Outlooks following downgrades. The Rating
Outlooks remain Negative on 10 classes. Fitch has also removed all
classes from these transactions from Under Criteria Observation
(UCO).

Fitch will be publishing a supplemental Deal Tool. It will include
Fitch Ratings' loan-level analytical assumptions and loss
expectations for these transactions.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CSAIL 2019-C15

   A-2 22945DAC7    LT AAAsf  Affirmed    AAAsf
   A-3 22945DAE3    LT AAAsf  Affirmed    AAAsf
   A-4 22945DAG8    LT AAAsf  Affirmed    AAAsf
   A-S 22945DAQ6    LT AAAsf  Affirmed    AAAsf
   A-SB 22945DAJ2   LT AAAsf  Affirmed    AAAsf
   B 22945DAS2      LT AA-sf  Affirmed    AA-sf
   C 22945DAU7      LT A-sf   Affirmed     A-sf
   D 22945DAY9      LT BBB-sf Affirmed   BBB-sf
   E-RR 22945DBA0   LT BBB-sf Affirmed   BBB-sf
   F-RR 22945DBC6   LT BB-sf  Affirmed    BB-sf
   G-RR 22945DBE2   LT CCCsf  Affirmed    CCCsf
   X-A 22945DAL7    LT AAAsf  Affirmed    AAAsf
   X-B 22945DAN3    LT AA-sf  Affirmed    AA-sf
   X-D 22945DAW3    LT BBB-sf Affirmed   BBB-sf

MSC 2019-L2

   A-2 61768HAT3    LT AAAsf  Affirmed    AAAsf
   A-3 61768HAV8    LT AAAsf  Affirmed    AAAsf
   A-4 61768HAW6    LT AAAsf  Affirmed    AAAsf
   A-S 61768HAZ9    LT AAAsf  Affirmed    AAAsf
   A-SB 61768HAU0   LT AAAsf  Affirmed    AAAsf
   B 61768HBA3      LT AA-sf  Affirmed    AA-sf
   C 61768HBB1      LT A-sf   Affirmed     A-sf
   D 61768HAC0      LT BBBsf  Affirmed    BBBsf
   E 61768HAE6      LT BBB-sf Affirmed   BBB-sf
   F-RR 61768HAG1   LT Bsf    Downgrade   BB-sf
   G-RR 61768HAJ5   LT B-sf   Affirmed     B-sf
   X-A 61768HAX4    LT AAAsf  Affirmed    AAAsf
   X-B 61768HAY2    LT AA-sf  Affirmed    AA-sf
   X-D 61768HAA4    LT BBB-sf Affirmed   BBB-sf

JPMCC 2019-COR5

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

CSAIL 2019-C16

   A-1 12596WAA2    LT AAAsf  Affirmed    AAAsf
   A-2 12596WAB0    LT AAAsf  Affirmed    AAAsf
   A-3 12596WAC8    LT AAAsf  Affirmed    AAAsf
   A-S 12596WAG9    LT AAAsf  Affirmed    AAAsf
   A-SB 12596WAD6   LT AAAsf  Affirmed    AAAsf
   B 12596WAH7      LT AA-sf  Affirmed    AA-sf
   C 12596WAJ3      LT A-sf   Affirmed     A-sf
   D 12596WAM6      LT BBB-sf Affirmed   BBB-sf
   E-RR 12596WAP9   LT BBB-sf Affirmed   BBB-sf
   F-RR 12596WAR5   LT B+sf   Downgrade   BB-sf
   G-RR 12596WAT1   LT B-sf   Affirmed     B-sf
   X-A 12596WAE4    LT AAAsf  Affirmed    AAAsf
   X-B 12596WAF1    LT A-sf   Affirmed     A-sf
   X-D 12596WAK0    LT BBB-sf Affirmed   BBB-sf

BMARK 2019-B10

   A-1 08162VAA6    LT AAAsf  Affirmed    AAAsf
   A-2 08162VAB4    LT AAAsf  Affirmed    AAAsf
   A-3 08162VAD0    LT AAAsf  Affirmed    AAAsf
   A-4 08162VAE8    LT AAAsf  Affirmed    AAAsf
   A-M 08162VAG3    LT AAAsf  Affirmed    AAAsf
   A-SB 08162VAC2   LT AAAsf  Affirmed    AAAsf
   B 08162VAH1      LT AA-sf  Affirmed    AA-sf
   C 08162VAJ7      LT A-sf   Affirmed     A-sf
   D 08162VAV0      LT BBBsf  Affirmed    BBBsf
   E 08162VAX6      LT BBsf   Downgrade  BBB-sf
   F 08162VAZ1      LT B-sf   Affirmed     B-sf
   G 08162VBB3      LT CCCsf  Affirmed    CCCsf
   X-A 08162VAF5    LT AAAsf  Affirmed    AAAsf
   X-B 08162VAK4    LT A-sf   Affirmed     A-sf
   X-D 08162VAM0    LT BBsf   Downgrade  BBB-sf
   X-F 08162VAP3    LT B-sf   Affirmed     B-sf
   X-G 08162VAR9    LT CCCsf  Affirmed    CCCsf

MSC 2019-H6

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

WFCM 2019-C49

   A-1 95001WAW8    LT AAAsf  Affirmed    AAAsf
   A-2 95001WAX6    LT AAAsf  Affirmed    AAAsf
   A-3 95001WAY4    LT AAAsf  Affirmed    AAAsf
   A-4 95001WBA5    LT AAAsf  Affirmed    AAAsf
   A-5 95001WBB3    LT AAAsf  Affirmed    AAAsf
   A-S 95001WBE7    LT AAAsf  Affirmed    AAAsf
   A-SB 95001WAZ1   LT AAAsf  Affirmed    AAAsf
   B 95001WBF4      LT AA-sf  Affirmed    AA-sf
   C 95001WBG2      LT A-sf   Affirmed     A-sf
   D 95001WAC2      LT BBB-sf Affirmed   BBB-sf
   E-RR 95001WAE8   LT BBB-sf Affirmed   BBB-sf
   F-RR 95001WAG3   LT BBsf   Affirmed     BBsf
   G-RR 95001WAJ7   LT B-sf   Affirmed     B-sf
   H-RR 95001WAL2   LT CCCsf  Affirmed    CCCsf
   X-A 95001WBC1    LT AAAsf  Affirmed    AAAsf
   X-B 95001WBD9    LT A-sf   Affirmed     A-sf
   X-D 95001WAA6    LT BBB-sf Affirmed   BBB-sf

GSMS 2019-GC39

   A-1 36260JAA5    LT AAAsf  Affirmed    AAAsf
   A-2 36260JAB3    LT AAAsf  Affirmed    AAAsf
   A-3 36260JAC1    LT AAAsf  Affirmed    AAAsf
   A-4 36260JAD9    LT AAAsf  Affirmed    AAAsf
   A-AB 36260JAE7   LT AAAsf  Affirmed    AAAsf
   A-S 36260JAH0   LT AAAsf   Affirmed    AAAsf
   B 36260JAJ6     LT AA-sf   Affirmed    AA-sf
   C 36260JAK3     LT A-sf    Affirmed     A-sf
   D 36260JAL1     LT BBBsf   Affirmed    BBBsf
   E 36260JAQ0     LT BBB-sf  Affirmed   BBB-sf
   F 36260JAS6     LT Bsf     Downgrade   BB-sf
   G-RR 36260JAU1  LT CCCsf   Downgrade    B-sf
   X-A 36260JAF4   LT AAAsf   Affirmed    AAAsf
   X-B 36260JAG2   LT A-sf    Affirmed     A-sf
   X-D 36260JAN7   LT BBB-sf  Affirmed   BBB-sf

CF 2019-CF1

   A-1 12529MAA6   LT AAAsf   Affirmed    AAAsf
   A-2 12529MAB4   LT AAAsf   Affirmed    AAAsf
   A-3 12529MAD0   LT AAAsf   Affirmed    AAAsf
   A-4 12529MAE8   LT AAAsf   Affirmed    AAAsf
   A-5 12529MAF5   LT AAAsf   Affirmed    AAAsf
   A-S 12529MAJ7   LT AAAsf   Affirmed    AAAsf
   A-SB 12529MAC2  LT AAAsf   Affirmed    AAAsf
   B 12529MAK4     LT AA-sf   Affirmed    AA-sf
   C 12529MAL2     LT A-sf    Affirmed     A-sf
   D 12529MCY2     LT BBBsf   Affirmed    BBBsf
   E 12529MCZ9     LT BBB-sf  Affirmed   BBB-sf
   F 12529MDA3     LT BB-sf   Affirmed    BB-sf
   G 12529MDB1     LT B-sf    Affirmed     B-sf
   X-A 12529MAG3   LT AAAsf   Affirmed    AAAsf
   X-B 12529MAH1   LT A-sf    Affirmed     A-sf
   X-D 12529MCV8   LT BBB-sf  Affirmed   BBB-sf
   X-F 12529MCW6   LT BB-sf   Affirmed    BB-sf
   X-G 12529MCX4   LT B-sf    Affirmed     B-sf

UBS 2019-C16

   A-2 90276YAB9   LT AAAsf   Affirmed    AAAsf
   A-3 90276YAD5   LT AAAsf   Affirmed    AAAsf
   A-4 90276YAE3   LT AAAsf   Affirmed    AAAsf
   A-S 90276YAH6   LT AAAsf   Affirmed    AAAsf
   A-SB 90276YAC7  LT AAAsf   Affirmed    AAAsf
   B 90276YAJ2     LT AA-sf   Affirmed    AA-sf
   C 90276YAK9     LT A-sf    Affirmed     A-sf
   D 90276YAN3     LT BBB+sf  Affirmed   BBB+sf
   D-RR 90276YAQ6  LT BBB-sf  Downgrade   BBBsf
   E-RR 90276YAS2  LT BB+sf   Downgrade  BBB-sf
   F-RR 90276YAU7  LT BB-sf   Downgrade   BB+sf
   G-RR 90276YAW3  LT B-sf    Downgrade   BB-sf
   H-RR 90276YAY9  LT CCCsf   Downgrade    B-sf
   X-A 90276YAF0   LT AAAsf   Affirmed    AAAsf
   X-B 90276YAG8   LT A-sf    Affirmed     A-sf

WFCM 2019-C50

   A-2 95001XAX4   LT AAAsf   Affirmed    AAAsf
   A-3 95001XAY2   LT AAAsf   Affirmed    AAAsf
   A-4 95001XBA3   LT AAAsf   Affirmed    AAAsf
   A-5 95001XBB1   LT AAAsf   Affirmed    AAAsf
   A-S 95001XBC9   LT AAAsf   Affirmed    AAAsf
   A-SB 95001XAZ9  LT AAAsf   Affirmed    AAAsf
   B 95001XBD7     LT AA-sf   Affirmed    AA-sf
   C 95001XBE5     LT A-sf    Affirmed     A-sf
   D 95001XAJ5     LT BBBsf   Affirmed    BBBsf
   E 95001XAL0     LT BBsf    Downgrade  BBB-sf
   F 95001XAN6     LT Bsf     Affirmed      Bsf
   G 95001XAQ9     LT CCCsf   Affirmed    CCCsf
   X-A 95001XBF2   LT AAAsf   Affirmed    AAAsf

   X-D 95001XAA4   LT BBsf    Downgrade  BBB-sf
   X-F 95001XAC0   LT Bsf     Affirmed      Bsf
   X-G 95001XAE6   LT CCCsf   Affirmed    CCCsf

KEY RATING DRIVERS

Criteria Update: The rating actions reflect the impact of the
updated U.S. and Canadian Multiborrower CMBS Rating Criteria,
published on May 22, 2023, and incorporate any changes in loan
performance and/or credit enhancement (CE) since its prior rating
action of these transactions between January and April 2023.

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 3.02% to 5.75%.

These transactions have concentrations of Fitch Loans of Concern
(FLOCs) averaging 17.5% (ranging from 3.7% to 31.3%) and specially
serviced loans averaging 3.8% (ranging from 0.0% to 12.7%).

Downgrades reflect the impact of the criteria and higher expected
losses on FLOCs, most notably larger top 15 loans and specially
serviced assets in the transactions. The transactions with
downgrades have concentrations of FLOCs averaging in excess of 18%,
primarily consisting of office and retail assets.

Upgrades reflect the impact of the criteria on classes in
transactions with increased CE and stable performance since Fitch's
prior rating action. The six upgraded classes were from the MSC
2019-H6 transaction, which has a low FLOC concentration of 7.7%,
and the lowest weighted average Fitch-stressed loan to value (LTV)
and highest weighted-average Fitch-stressed debt service coverage
ratio (DSCR) amongst the 11 transactions at 79.8% and 1.70x,
respectively.

The Negative Outlooks in the following transactions reflect
performance concerns and/or an additional sensitivity scenario that
applies higher default and/or loss expectations on the loans noted
below.

BMARK 2019-B10: Saint Louis Galleria (5.0% of the pool), 101
California (3.3%) and 166 Geary Street (1.6%).

CF 2019-CF1: 65 Broadway (12.8%), 625 North Michigan Avenue (6.7%)
and 394 Broadway loan (2.5%).

CSAIL 2019-C15: Embassy Suites Portland Washington Square (6.9%),
Saint Louis Galleria (4.1%) and Continental Towers (3.1%).

CSAIL 2019-C16: Embassy Suites Seattle Bellevue (5.4%), Hampton Inn
Livonia (1.4%) and Comfort Suites Grand Rapids North (0.8%).

JPMCC 2019-COR5: Brooklyn Renaissance Plaza (9.0%), Hampton Roads
Office Portfolio (7.0%) and Gateway Center (4.2%).

UBS 2019-C16: The Colonnade Office Complex (7.7%), SkyLoft Austin
(5.9%) and 16300 Roscoe Blvd (1.3%).

WFCM 2019-C49: Residence Inn Denver City Center (6.3%), Shops at
Trace Fork (5.3%) and The Nostrand Avenue Shopping Center (3.5%).

WFCM 2019-C50: 839 Broadway (2.8%), InnVite Hospitality Portfolio
(2.3%) and 24 Commerce Street (1.7%).

The Negative Outlooks in the following transactions reflect the
high concentration of office and/or specially serviced (SS) loans.

- GSMS 2019-GC39 (office, 38.8%);

- MSC 2019-L2 (office, 38.7%; SS loans, 10.7%).

Change to Credit Enhancement: As of the March 2023 distribution
date, paydown since issuance averaged 4.2% (ranging from 1.1% to
14.4%). No losses have been incurred to date.

Defeasance: On average, the transactions have a 2.9% concentration
of defeasance; with the largest concentrations in MSC 2019-L2
(9.1%) and WFCM 2019-C49 (6.1%).

Fitch is currently evaluating the treatment of defeased loans in
CMBS transactions and may consider higher stress assumptions on
government obligations that have a rating lower than 'AAA'. The
U.S. sovereign rating remains at 'AAA'/Rating Watch Negative.

RATING SENSITIVITIES

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

The Negative Outlooks reflect possible future downgrades stemming
from concerns with potential further declines in performance that
could result in higher expected losses on FLOCs. If expected losses
do increase, downgrades to these classes are anticipated.

Downgrades to 'AAAsf' and 'AAsf' category rated classes could occur
if deal-level expected losses increase significantly and/or
interest shortfalls occur. For 'AAAsf' rated bonds, additional
stresses applied to defeased collateral if the U.S. sovereign
rating is lower than 'AAA' could also contribute to downgrades.

Downgrades to 'Asf' and 'BBBsf' category rated classes could occur
if deal-level losses increase significantly on non-defeased loans
in the transactions and with outsized losses on larger FLOCs.

Downgrades to 'BBsf' and 'Bsf' category rated classes are possible
with higher expected losses from continued performance of the FLOCs
and with greater certainty of near-term losses on specially
serviced assets and other FLOCs.

Downgrades to distressed ratings of 'CCCsf' through 'Csf' would
occur as losses become more certain and/or as losses are incurred.

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

Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with significantly increased CE from paydowns, coupled with
stable-to-improved pool-level loss expectations and performance
stabilization of FLOCs. Upgrades of these classes to 'AAAsf' will
also consider the concentration of defeased loans in the
transaction.

Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' category rated classes are not likely
until the later years in a transaction and only if the performance
of the remaining pool is stable and there is sufficient CE to the
classes.

Upgrades to distressed ratings of 'CCCsf' through 'Csf' are not
expected, but possible with better than expected recoveries on
specially serviced loans or significantly higher values on FLOCs.

ESG CONSIDERATIONS

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


[*] Fitch Takes Actions on 12 US CMBS 2018 Vintage Transactions
---------------------------------------------------------------
Fitch Ratings, on June 12, 2023, downgraded 14, upgraded 10 and
affirmed 149 classes from 12 U.S. CMBS 2018 vintage conduit
transactions. In addition, the Rating Outlook for one class was
revised to Negative from Stable; six classes from three
transactions were assigned Stable Outlooks, and one class was
assigned a Negative Outlook following downgrades. The Rating
Outlooks remain Negative on 10 classes. Fitch has also removed all
classes from these transactions from Under Criteria Observation
(UCO).

Fitch will be publishing a supplemental Deal Tool. It will include
loan-level analytical assumptions and loss expectations for these
transactions.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BENCHMARK 2018-B3

   A-2 08161BAV5    LT AAAsf  Affirmed    AAAsf
   A-3 08161BAW3    LT AAAsf  Affirmed    AAAsf
   A-4 08161BAX1    LT AAAsf  Affirmed    AAAsf
   A-5 08161BAY9    LT AAAsf  Affirmed    AAAsf
   A-AB 08161BAZ6   LT AAAsf  Affirmed    AAAsf
   A-S 08161BBA0    LT AAAsf  Affirmed    AAAsf
   B 08161BBB8      LT AA-sf  Affirmed    AA-sf
   C 08161BBC6      LT A-sf   Affirmed    A-sf
   D 08161BAA1      LT BBB-sf Affirmed    BBB-sf
   E-RR 08161BAC7   LT BBB-sf Affirmed    BBB-sf
   F-RR 08161BAE3   LT BBsf   Downgrade   BB+sf
   G-RR 08161BAG8   LT B+sf   Downgrade   BB-sf
   H-RR 08161BAJ2   LT B-sf   Affirmed    B-sf
   X-A 08161BBD4    LT AAAsf  Affirmed    AAAsf
   X-B 08161BBE2    LT AA-sf  Affirmed    AA-sf
   X-D 08161BAN3    LT BBB-sf Affirmed    BBB-sf

Wells Fargo
Commercial
Mortgage Trust
2018-C45

   A-3 95001NAX6    LT AAAsf  Affirmed    AAAsf
   A-4 95001NAY4    LT AAAsf  Affirmed    AAAsf
   A-S 95001NBB3    LT AAAsf  Affirmed    AAAsf
   A-SB 95001NAW8   LT AAAsf  Affirmed    AAAsf
   B 95001NBC1      LT AAsf   Upgrade     AA-sf
   C 95001NBD9      LT A-sf   Affirmed    A-sf
   D 95001NAC2      LT BBBsf  Upgrade     BBB-sf
   E-RR 95001NAE8   LT BBB-sf Affirmed    BBB-sf
   F-RR 95001NAG3   LT BBsf   Affirmed    BBsf
   G-RR 95001NAJ7   LT Bsf    Affirmed    Bsf
   H-RR 95001NAL2   LT CCCsf  Affirmed    CCCsf
   X-A 95001NAZ1    LT AAAsf  Affirmed    AAAsf
   X-B 95001NBA5    LT A-sf   Affirmed    A-sf
   X-D 95001NAA6    LT BBBsf  Upgrade     BBB-sf

UBS 2018-C10

   A-2 90276FAT1    LT AAAsf  Affirmed    AAAsf
   A-3 90276FAV6    LT AAAsf  Affirmed    AAAsf
   A-4 90276FAW4    LT AAAsf  Affirmed    AAAsf
   A-S 90276FAZ7    LT AAAsf  Affirmed    AAAsf
   A-SB 90276FAU8   LT AAAsf  Affirmed    AAAsf
   B 90276FBA1      LT AAsf   Upgrade     AA-sf
   C 90276FBB9      LT A-sf   Affirmed    A-sf
   D 90276FAC8      LT BBB-sf Affirmed    BBB-sf
   D-RR 90276FAE4   LT BBB-sf Affirmed    BBB-sf
   E-RR 90276FAG9   LT BB-sf  Affirmed    BB-sf
   F-RR 90276FAJ3   LT B-sf   Affirmed    B-sf
   X-A 90276FAX2    LT AAAsf  Affirmed    AAAsf
   X-B 90276FAY0    LT AAsf   Upgrade     AA-sf
   X-D 90276FAA2    LT BBB-sf Affirmed    BBB-sf   

BANK 2018-BNK12

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

BANK 2018-BNK11

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

GSMS 2018-GS10

   A-1 36250SAA7   LT AAAsf  Affirmed    AAAsf
   A-2 36250SAB5   LT AAAsf  Affirmed    AAAsf
   A-3 36250SAC3   LT AAAsf  Affirmed    AAAsf
   A-4 36250SAD1   LT AAAsf  Affirmed    AAAsf
   A-5 36250SAE9   LT AAAsf  Affirmed    AAAsf
   A-AB 36250SAF6  LT AAAsf  Affirmed    AAAsf
   A-S 36250SAJ8   LT AAAsf  Affirmed    AAAsf
   B 36250SAK5     LT AA-sf  Affirmed    AA-sf
   C 36250SAL3     LT A-sf   Affirmed    A-sf
   D 36250SAM1     LT BBBsf  Affirmed    BBBsf
   E 36250SAR0     LT BBB-sf Affirmed    BBB-sf
   F 36250SAT6     LT BB-sf  Affirmed    BB-sf
   G-RR 36250SAV1  LT B-sf   Affirmed    B-sf
   X-A 36250SAG4   LT AAAsf  Affirmed    AAAsf
   X-B 36250SAH2   LT AA-sf  Affirmed    AA-sf
   X-D 36250SAP4   LT BBB-sf Affirmed    BBB-sf

JPMDB 2018-C8

   A-2 46591AAX3   LT AAAsf  Affirmed    AAAsf
   A-3 46591AAZ8   LT AAAsf  Affirmed    AAAsf
   A-4 46591ABA2   LT AAAsf  Affirmed    AAAsf
   A-S 46591ABE4   LT AAAsf  Affirmed    AAAsf
   A-SB 46591ABB0  LT AAAsf  Affirmed    AAAsf
   B 46591ABF1     LT AA-sf  Affirmed    AA-sf
   C 46591ABG9     LT A-sf   Affirmed    A-sf
   D 46591AAG0     LT BBsf   Downgrade   BBB-sf
   E 46591AAJ4     LT B+sf   Downgrade   BB+sf
   F 46591AAL9     LT B-sf   Downgrade   BB-sf
   G 46591AAN5     LT CCCsf  Downgrade   B-sf
   X-A 46591ABC8   LT AAAsf  Affirmed    AAAsf
   X-B 46591ABD6   LT AA-sf  Affirmed    AA-sf
   X-D 46591AAA3   LT BBsf   Downgrade   BBB-sf
   X-EF 46591AAC9  LT B-sf   Downgrade   BB-sf
   X-G 46591AAE5   LT CCCsf  Downgrade   B-sf

WFCM 2018-C43

   A-3 95001LAT9   LT AAAsf  Affirmed    AAAsf
   A-4 95001LAU6   LT AAAsf  Affirmed    AAAsf
   A-S 95001LAX0   LT AAAsf  Affirmed    AAAsf
   A-SB 95001LAS1  LT AAAsf  Affirmed    AAAsf
   B 95001LAY8     LT AAsf   Upgrade     AA-sf
   C 95001LAZ5     LT A+sf   Upgrade     A-sf
   D 95001LAC6     LT BBB-sf Affirmed    BBB-sf
   E 95001LAE2     LT BB-sf  Affirmed    BB-sf
   F 95001LAG7     LT B-sf   Affirmed    B-sf
   X-A 95001LAV4   LT AAAsf  Affirmed    AAAsf
   X-B 95001LAW2   LT A+sf   Upgrade     A-sf
   X-D 95001LAA0   LT BBB-sf Affirmed    BBB-sf

CGCMT 2018-B2

   A-2 17327FAB2   LT AAAsf  Affirmed    AAAsf
   A-3 17327FAC0   LT AAAsf  Affirmed    AAAsf
   A-4 17327FAD8   LT AAAsf  Affirmed    AAAsf
   A-AB 17327FAE6  LT AAAsf  Affirmed    AAAsf
   A-S 17327FAF3   LT AAAsf  Affirmed    AAAsf
   B 17327FAG1     LT AAsf   Upgrade     AA-sf
   C 17327FAH9     LT A-sf   Affirmed    A-sf
   D 17327FAJ5     LT BBB-sf Affirmed    BBB-sf
   E 17327FAL0     LT CCCsf  Affirmed    CCCsf
   F 17327FAN6     LT CCCsf  Affirmed    CCCsf
   X-A 17327FBG0   LT AAAsf  Affirmed    AAAsf
   X-B 17327FBH8   LT AAsf   Upgrade     AA-sf
   X-D 17327FBJ4   LT BBB-sf Affirmed    BBB-sf
   X-E 17327FBK1   LT CCCsf  Affirmed    CCCsf
   X-F 17327FAY2   LT CCCsf  Affirmed    CCCsf

UBS 2018-C15

   A-3 90278LAX7   LT AAAsf  Affirmed    AAAsf
   A-4 90278LAY5   LT AAAsf  Affirmed    AAAsf
   A-S 90278LBB4   LT AAAsf  Affirmed    AAAsf
   A-SB 90278LAW9  LT AAAsf  Affirmed    AAAsf
   B 90278LBC2     LT AA-sf  Affirmed    AA-sf
   C 90278LBD0     LT A-sf   Affirmed    A-sf
   D 90278LAC3     LT BBB+sf Affirmed    BBB+sf
   D-RR 90278LAE9  LT BBB-sf Affirmed    BBB-sf
   E-RR 90278LAG4  LT BB+sf  Affirmed    BB+sf
   F-RR 90278LAJ8  LT B+sf   Downgrade   BB-sf
   G-RR 90278LAL3  LT B-sf   Affirmed    B-sf
   X-A 90278LAZ2   LT AAAsf  Affirmed    AAAsf
   X-B 90278LBA6   LT AA-sf  Affirmed    AA-sf

GSMS 2018-GS9

   A-2 36255NAR6   LT AAAsf  Affirmed    AAAsf
   A-3 36255NAS4   LT AAAsf  Affirmed    AAAsf
   A-4 36255NAT2   LT AAAsf  Affirmed    AAAsf
   A-AB 36255NAU9  LT AAAsf  Affirmed    AAAsf
   A-S 36255NAX3   LT AAAsf  Affirmed    AAAsf
   B 36255NAY1     LT AA-sf  Affirmed    AA-sf
   C 36255NAZ8     LT A-sf   Affirmed    A-sf
   D 36255NAA3     LT BBB-sf Affirmed    BBB-sf
   E 36255NAE5     LT BB-sf  Affirmed    BB-sf
   F-RR 36255NAG0  LT B-sf   Affirmed    B-sf
   X-A 36255NAV7   LT AAAsf  Affirmed    AAAsf
   X-B 36255NAW5   LT AA-sf  Affirmed    AA-sf
   X-D 36255NAC9   LT BBB-sf Affirmed    BBB-sf

WFCM 2018-C44

   A-2 95001JAT4   LT AAAsf  Affirmed    AAAsf
   A-3 95001JAU1   LT AAAsf  Affirmed    AAAsf
   A-4 95001JAW7   LT AAAsf  Affirmed    AAAsf
   A-5 95001JAX5   LT AAAsf  Affirmed    AAAsf
   A-S 95001JBA4   LT AAAsf  Affirmed    AAAsf
   A-SB 95001JAV9  LT AAAsf  Affirmed    AAAsf
   B 95001JBB2     LT AA-sf  Affirmed    AA-sf
   C 95001JBC0     LT A-sf   Affirmed    A-sf
   D 95001JAC1     LT BBB-sf Affirmed    BBB-sf
   E-RR 95001JAE7  LT BB+sf  Downgrade   BBB-sf  
   F-RR 95001JAG2  LT B-sf   Affirmed    B-sf
   G-RR 95001JAJ6  LT CCCsf  Affirmed    CCCsf
   X-A 95001JAY3   LT AAAsf  Affirmed    AAAsf
   X-B 95001JAZ0   LT AA-sf  Affirmed    AA-sf
   X-D 95001JAA5   LT BBB-sf Affirmed     BBB-sf

KEY RATING DRIVERS

Criteria Update: The rating actions reflect the impact of the
updated U.S. and Canadian Multiborrower CMBS Rating Criteria,
published on May 22, 2023, and incorporate any changes in
performance and/or credit enhancement (CE) since Fitch's prior
rating actions in these transactions between January and April
2023.

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 3.26% to 6.12%. These transactions have
concentrations of Fitch Loans on Concern (FLOCs) averaging 16.8%
(ranging from 4.2% to 27.9%) and specially serviced loans averaging
2.9% (ranging from 0.3% to 12.7%).

Downgrades reflect the impact of the criteria and higher expected
losses on FLOCs, most notably larger top 15 loans and specially
serviced assets in the transactions. The transactions with
downgrades have concentrations of FLOCs in excess of 18% primarily
consisting of office and retail assets. Of the 14 downgrades, seven
(including three interest-only classes) are in the JPMDB 2018-C8
transaction. These downgrades reflect high loss expectations for
three FLOCs in the top 15, including Lakewood Forest Plaza (2.7%),
Twelve Oaks Mall (2.6%), and Constitution Plaza (4.7%), which
transferred to special servicing in May 2023 for maturity default.

Upgrades reflect the impact of the criteria on classes in
transactions with increased CE and stable performance since Fitch's
prior rating action. The four transactions with upgrades have low
concentrations of FLOCs (averaging 13.3%), lower weighted average
Fitch-stressed loan to value (LTV) and higher weighted average
Fitch-stressed debt service coverage ratio (DSCR) compared to the
other transactions in this rating action.

The Negative Outlooks in the following transactions reflect
performance concerns and/or an additional sensitivity scenario that
applies higher default and/or loss expectations on the loans noted
below.

BMARK 2018-B3: 315 West 36th Street (3.2% of pool) and overall
exposure to office properties with substantial declines in
occupancy and potential difficulty in re-tenanting vacant space.

BANK 2018-BNK12: Fair Oaks Mall (8.6%) and overall regional mall
exposure which totals 18.1%.

CGCMT 2018-B2: Park Place East and Park Place West (5.3%) and
Warwick Mall (1.7%).

GSMS 2018-GS10: GSK North American HQ loan (8.7%).

UBS 2018-C15: Saint Louis Galleria (9.8%), 16300 Roscoe Blvd (3.7%)
and Homewood Suites Columbia/Laurel (3.1%).

WFCM 2018-C44: Dulaney Center (6.2%) and 3200 North First Street
(2.7%).

Minimal Change to Credit Enhancement: As of the March 2023
distribution date, there has been limited paydown since issuance
averaging 8.7% (ranging from 1.5% to 28.6%). Minimal losses have
been incurred to date and do not exceed 0.5% of the original
transaction balances.

Defeasance: On average, the transactions have a 4% concentration of
defeasance with the largest concentrations in WFCM 2018-C43 (8.8%)
and UBS 2018-C15 (6.9%).

Fitch is currently evaluating the treatment of defeased loans in
CMBS transactions and may consider higher stress assumptions on
government obligations that have a rating lower than 'AAA'. The
U.S. sovereign rating remains at 'AAA'/Rating Watch Negative.

RATING SENSITIVITIES

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

The Outlook revisions to Negative from Stable reflect possible
future downgrades stemming from concerns with potential further
declines in performance that could result in expected losses on
FLOCs. If expected losses increase, downgrades to these classes are
anticipated.

Downgrades to 'AAAsf' rated bonds could occur if deal-level
expected losses increase significantly and/ or interest shortfalls
occur. For 'AAAsf' rated bonds, additional stresses applied to
defeased collateral if the U.S. sovereign rating is lower than
'AAA' could also contribute to downgrades.

Downgrades on 'AAsf', 'Asf' and 'BBB' category rated classes could
occur if deal-level losses increase significantly on non-defeased
loans in the transactions and with outsized losses on larger
FLOCs.

Downgrades to 'BBsf' and 'Bsf' category rated classes are possible
with higher expected losses on FLOCs and with greater certainty of
near-term losses on specially serviced assets and other FLOCs.

Downgrades to distressed ratings of 'CCCsf' through 'Csf' will
occur as losses become more certain and/or as losses are incurred.

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

Upgrades to 'AAsf' and 'Asf' rated classes are possible with
significantly increased CE from paydowns, coupled with
stable-to-improved pool-level loss expectations and performance
stabilization of FLOCs. Upgrades of these classes to 'AAAsf' will
also consider the concentration of defeased loans in the
transaction.

Upgrades to the 'BBBsf' rated classes would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is likelihood for interest shortfalls.

Upgrades to 'BBsf' and 'Bsf' rated classes are not likely until the
later years in a transaction and only if the performance of the
remaining pool is stable and there is sufficient CE to the
classes.

Upgrades to distressed ratings of 'CCCsf' through 'Csf' are not
likely but would be possible with better than expected recoveries
on specially serviced loans or significantly higher values on
FLOCs.

ESG CONSIDERATIONS

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


[*] Moody's Upgrades $104.9MM of US RMBS Issued 2006-2007
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five bonds
from three US residential mortgage-backed transactions (RMBS),
backed by subprime mortgages issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Saxon Asset Securities Trust 2007-1, Mortgage Loan Asset
Backed Certificates, Series 2007-1

Cl. A-1, Upgraded to Ba3 (sf); previously on Jun 27, 2017 Upgraded
to B2 (sf)

Cl. A-2d, Upgraded to Baa1 (sf); previously on Aug 23, 2022
Upgraded to Baa3 (sf)

Issuer: SG Mortgage Securities Trust 2006-OPT2

Cl. A-1, Upgraded to Baa1 (sf); previously on Jun 21, 2019 Upgraded
to Baa3 (sf)

Cl. A-2, Upgraded to B1 (sf); previously on May 25, 2017 Upgraded
to B3 (sf)

Issuer: Specialty Underwriting and Residential Finance Series
2006-AB1

Cl. A-4, Upgraded to B2 (sf); previously on Jun 21, 2019 Upgraded
to Caa1 (sf)

RATINGS RATIONALE

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

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

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

Up

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

Down

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

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


[*] Moody's Upgrades $150.8MM of US RMBS Issued 2004-2006
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 20 bonds from
14 US residential mortgage-backed transactions (RMBS), backed
subprime mortgages issued by multiple issuers.

Complete rating actions are as follows:

Issuer: NovaStar Mortgage Funding Trust, Series 2004-4

Cl. M-6, Upgraded to Aaa (sf); previously on Dec 20, 2018 Upgraded
to Aa1 (sf)

Issuer: Ownit Mortgage Loan Trust 2006-5

Cl. A-1B, Upgraded to Caa3 (sf); previously on Jul 14, 2010
Downgraded to C (sf)

Issuer: RAMP Series 2004-RS10 Trust

Cl. M-I-1, Upgraded to Baa2 (sf); previously on Jun 14, 2018
Upgraded to Ba1 (sf)

Issuer: RAMP Series 2005-EFC1 Trust

Cl. M-5, Upgraded to Aa3 (sf); previously on May 24, 2019 Upgraded
to A2 (sf)

Issuer: RAMP Series 2005-EFC2 Trust

Cl. M-6, Upgraded to A1 (sf); previously on Dec 17, 2019 Upgraded
to A3 (sf)

Issuer: RAMP Series 2005-EFC3 Trust

Cl. M-6, Upgraded to A1 (sf); previously on May 24, 2019 Upgraded
to Baa1 (sf)

Issuer: RAMP Series 2005-EFC4 Trust

Cl. M-4, Upgraded to Aaa (sf); previously on Sep 30, 2019 Upgraded
to Aa2 (sf)

Cl. M-5, Upgraded to Baa2 (sf); previously on Sep 30, 2019 Upgraded
to Ba1 (sf)

Issuer: RAMP Series 2005-EFC5 Trust

Cl. M-3, Upgraded to Aa3 (sf); previously on Dec 17, 2019 Upgraded
to A2 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Dec 17, 2019 Upgraded
to Ba3 (sf)

Issuer: RAMP Series 2005-EFC6 Trust

Cl. M-3, Upgraded to Aa3 (sf); previously on Dec 17, 2019 Upgraded
to A2 (sf)

Issuer: RAMP Series 2005-RS5 Trust

Cl. M-5, Upgraded to Baa2 (sf); previously on May 24, 2019 Upgraded
to Ba1 (sf)

Cl. M-6, Upgraded to Caa3 (sf); previously on Mar 20, 2009
Downgraded to C (sf)

Issuer: RAMP Series 2005-RS7 Trust

Cl. M-2, Upgraded to Aa2 (sf); previously on Dec 20, 2018 Upgraded
to A1 (sf)

Cl. M-3, Upgraded to Baa3 (sf); previously on Dec 20, 2018 Upgraded
to Ba2 (sf)

Issuer: RAMP Series 2005-RS8 Trust

Cl. M-2, Upgraded to Baa2 (sf); previously on Jun 21, 2019 Upgraded
to Ba1 (sf)

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

Issuer: RAMP Series 2005-RZ3 Trust

Cl. M-4, Upgraded to Aa2 (sf); previously on Mar 11, 2020 Upgraded
to A2 (sf)

Cl. M-5, Upgraded to Ba3 (sf); previously on Mar 11, 2020 Upgraded
to B2 (sf)

Issuer: RAMP Series 2006-EFC1 Trust

Cl. M-2, Upgraded to Aa3 (sf); previously on Dec 20, 2019 Upgraded
to A2 (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.

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

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

Up

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

Down

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

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


[*] S&P Lowers Ratings on 22 Classes From 17 U.S. RMBS Transactions
-------------------------------------------------------------------
S&P Global Ratings lowered its ratings on 22 classes from 17 U.S.
RMBS transactions issued between 2003 and 2008, including two U.S.
RMBS re-securitized real estate mortgage investment conduits
(re-REMIC) transactions.

A list of Affected Ratings can be viewed at:

              https://rb.gy/ehrc8

S&P said, "The downgrades reflect our assessment of the observed
interest shortfalls/missed interest payments on the affected
classes during recent remittance periods. These ratings actions are
consistent with our "S&P Global Ratings Definitions," published
June 9, 2023, which imposes a maximum rating threshold on classes
that have incurred missed interest payments resulting from credit
or liquidity erosion. In applying our ratings definitions, we
looked to see if the applicable class received additional
compensation beyond the imputed interest due as direct economic
compensation for the delay in interest payments (e.g., interest on
interest) and if the missed interest payments will be repaid by the
maturity date.

"Since these classes receive additional compensation for
outstanding interest shortfalls, our analysis considers the
likelihood that the missed interest payments, including the
capitalized interest, would be reimbursed under our various rating
scenarios.

"We will continue to monitor our ratings on securities that
experience interest shortfalls/missed interest payments, and we
will further adjust our ratings as we consider appropriate."



                            *********

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