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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, July 2, 2023, Vol. 27, No. 182

                            Headlines

A10 BRIDGE 2021-D: DBRS Confirms B Rating on Class G Notes
ACRES COMMERCIAL 2021-FL1: DBRS Confirms B(low) Rating on G Notes
AMMC CLO XIII: Moody's Lowers Rating on 2 Tranches to B1
AMUR EQUIPMENT 2023-1: S&P Assigns BB+(sf) Rating on Class E Notes
AVERY POINT IV: S&P Affirms 'B- (sf)' Rating on Class E Notes

BAIN CAPITAL 2023-2: Fitch Assigns 'BB-sf' Rating on Class E Notes
BALLYROCK CLO 24: S&P Assigns BB- (sf) Rating on Class D Notes
BANK5 2023-5YR2: Fitch Assigns 'B-(EXP)sf' Rating on 2 Tranches
BENCHMARK 2023-B39: Fitch Gives B-(EXP)sf Rating on Cl. J-RR Certs
BMO 2023-C5: Fitch Assigns B-sf Rating on Two Tranches

BX TRUST 2017-CQHP: DBRS Confirms CCC Rating on Class F Certs
CIM TRUST 2023-I2: S&P Assigns Prelim 'B (sf)' Rating on E Notes
CITIGROUP 2022-GC48: DBRS Confirms BB(low) Rating on YL-C Certs
CITIGROUP COMMERCIAL 2014-GC21: DBRS Confirms B Rating on X-D Certs
COMM 2013-CCRE7: Moody's Lowers Rating on Cl. G Certs to C

COMM 2015-CCRE24: DBRS Confirms B Rating on Class E Certs
COMM 2020-CBM: DBRS Confirms BB(low) Rating on Class F Certs
CSMC 2018-SITE: DBRS Confirms BB Rating on Class HRR Certs
DRYDEN 107: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
EXETER AUTOMOBILE 2022-5: S&P Lowers Class E Notes Rating to 'BB-'

EXETER AUTOMOBILE 2023-3: Fitch Gives 'BB(EXP)sf' Rating on E Debt
FANNIE MAE 2023-R05: S&P Assigns Prelim B(sf) Rating on 1B-2 Notes
HOMES 2023-NQM2: DBRS Finalizes B(high) Rating on Class B-2 Certs
HPS LOAN 2023-18: S&P Assigns B- (sf) Rating on Class F Notes
JP MORGAN 2022-DATA: DBRS Confirms BB Rating on Class E Certs

JP MORGAN 2023-HE1: Fitch Assigns B(EXP)sf Rating on Cl. B-2 Certs
MANHATTAN WEST 2020-1MW: DBRS Confirms BB(high) Rating on HRR Certs
MORGAN STANLEY 2018-MP: DBRS Confirms BB Rating on Class E Certs
MSBAM COMMERCIAL 2012-CKSV: DBRS Confirms B(high) Rating on D Certs
ONE TRALEE IV: S&P Lowers Class F Notes Rating to CCC+ (sf)

PARALLEL 2023-1: S&P Assigns Prelim BB- (sf) Rating on D Notes
READY CAPITAL 2021-FL6: DBRS Confirms B(low) Rating on G Notes
RIN VI LLC: Moody's Assigns Ba3 Rating to $7.5MM Class E Notes
SHACKLETON 2013-III: S&P Affirms B+ (sf) Rating on Class E-R Notes
SLM STUDENT 2010-1: Moody's Lowers Rating on Class A Notes to B1

US AUTO 2021-1: Moody's Lowers Rating on Class E Notes to Ca
WFRBS COMMERCIAL 2024-C23: Fitch Cuts Rating to B-sf on 2 Tranches
[*] DBRS Reviews 193 Classes From 19 US RMBS Transactions
[*] DBRS Reviews 208 Classes From 16 US RMBS Transactions
[*] DBRS Takes Actions on 7 American Credit Trust Transactions

[*] DBRS Takes Rating Actions on 8 Flagship Credit Trust Deals
[*] S&P Takes Various Actions on 46 Classes From 17 U.S. RMBS Deals
[*] S&P Takes Various Actions on 49 Classes from 8 U.S. RMBS Deals

                            *********

A10 BRIDGE 2021-D: DBRS Confirms B Rating on Class G Notes
----------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of notes
issued by A10 Bridge Asset Financing 2021-D, LLC:

-- Class A-1 FL at AAA (sf)
-- Class A-1 FX 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 26.9% 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 (32.5% 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. For access to this
report, please click on the link under Related Documents below or
contact us at info@dbrsmorningstar.com.

The initial collateral consisted of 26 loans secured by 31 mostly
transitional properties with an initial balance of $304.4 million.
As of the May 2023 remittance, the trust reported an outstanding
balance of $229.8 million with 18 loans remaining in the trust.
Since the previous DBRS Morningstar rating action in November 2022,
two loans totaling $40.7 million have paid in full. The remaining
loans in the transaction beyond the office concentration noted
above include five loans secured by multifamily properties (29.1%
of the current trust balance) and two loans secured by student
housing properties (11.6% of the current trust balance). The
transaction's property type concentration has remained relatively
stable since issuance, when 30.3% of the trust balance was secured
by office, 27.8% of the trust balance was secured by multifamily
collateral, and 17.0% of the trust balance was secured by student
housing properties.

The remaining loans are primarily secured by properties in urban
and suburban markets. Ten loans, representing 48.6% of the pool,
are secured by properties with a DBRS Morningstar Market Rank of 4
or 5, which denotes a suburban market. Three loans, representing
21.6% of the pool, are secured by properties in urban markets, as
defined by DBRS Morningstar, with a DBRS Morningstar Market Rank of
5, 6, or 7. In comparison with the pool composition at issuance,
properties in suburban markets represented 55.1% of the collateral,
and properties in urban markets represented 14.9% of the
collateral.

In total, the lender has advanced $32.5 million in loan future
funding to 13 of the remaining individual borrowers to aid in
property stabilization efforts. The largest advance, $15.5 million,
was made to the borrower of the 1450 Infinite Drive loan, which is
secured by a 161,655-square-foot (sf) office property in
Louisville, Colorado. The funds are being used to reposition the
property into a life sciences property, complete with research and
development and laboratory space, and fund leasing costs. Occupancy
decreased to 54.9% from 63.4% at closing as two former tenants
vacated upon their respective lease expirations. Since then, the
property's second-largest tenant, KBI Bio Pharma, Inc., renewed its
lease for an additional 11 years beyond its January 2024 lease
expiration and expanded its footprint by additional 3,812 sf, which
will increase occupancy to 57.5%. The lease, which will commence in
February 2024, includes a rental rate of $45.00 per sf (psf) triple
net with 2.0% annual rent increases. The tenant will also receive
12 months of free rent and tenant improvements of $150 psf on the
existing space and $185 psf on the expansion space. DBRS
Morningstar analyzed this loan with an elevated probability of
default (POD), resulting in an expected loss in excess of 150.0%
higher than the pool's weighted-average (WA) expected loss.

An additional $47.2 million of unadvanced loan future funding
allocated to 15 individual borrowers remains outstanding. The
largest individual allocation of unadvanced future funding, $8.4
million, is allocated to the borrower of the 99 Rhode
Island–Exeter loan. The loan, which represents the largest
remaining loan in the pool at 10.0% of the current cumulative trust
loan balance, is secured by a Class B office building in the South
of Market office submarket of San Francisco. While the loan is not
on the servicer's watchlist, DBRS Morningstar is highlighting the
loan given the property's prolonged vacancy. The subject has been
vacant since December 2019; however, between projected future
borrower equity and loan future funding, there is $100.00 psf of
potential leasing dollars to execute new leases, which should be
sufficient provided the borrower can secure tenants. The changing
market conditions and overall desirability for office product in
San Francisco, however, are expected to continue to be challenges
for the borrower. DBRS Morningstar analyzed this loan with an
elevated POD resulting in an expected loss of nearly 150.0% higher
than the pool's WA expected loss.

While there are no loans on the servicer's watchlist, one loan,
representing 1.3% of the current cumulative trust loan balance, is
in special servicing. The Colonial Landing loan, which is secured
by a 92-unit multifamily property in Hampton, Virginia, transferred
to special servicing in October 2022 for imminent maturity default,
ahead of the loan's pending November 2022 maturity date. The loan
was structured with two 12-month extension options; however, the
lender and borrower are not likely to come to an extension
agreement as the collateral manager stated the borrower was
notified in March 2023 the lender would initiate foreclosure
proceedings. As of March 2023, the occupancy rate was reported at
45.0%, a significant decline from the 97.8% physical occupancy rate
at loan closing. The lender is dual tracking the foreclosure
process and selling the note at auction, which is expected to occur
in three months once at all agreements are singed. The property was
valued at $6.3 million at issuance, above the current outstanding
loan balance of $3.9 million and current cumulative advances
outstanding of $0.4 million. Given the decline in performance with
minimal operating cash flow and the current the financing
environment, the current market value of the property may have
declined, though multifamily property demand has remained
relatively stable. DBRS Morningstar analyzed this loan with an
elevated POD resulting in an expected loss of nearly 300% higher
than the pool's WA expected loss.

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


ACRES COMMERCIAL 2021-FL1: DBRS Confirms B(low) Rating on G Notes
-----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of notes
issued by ACRES Commercial Realty 2021-FL1:

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

All trends are Stable.

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

The transaction closed in May 2021 with an initial collateral pool
of 33 floating-rate mortgage loans secured by 37 mostly
transitional real estate properties, with a cut-off pool balance of
$802.6 million. Most loans were in a period of transition with
plans to stabilize and improve asset value. The transaction was
structured with a Reinvestment Period through the May 2023 Payment
Date. As the Reinvestment Period has not ended, any subsequent loan
repayment proceeds will be used to pay down the bonds
sequentially.

As of the May 2023 remittance, the pool comprises 32 loans secured
by 33 properties with a cumulative trust balance of $801.8 million,
as there has been minimal collateral reduction of 0.1%. Since
issuance, 27 loans with a former cumulative trust balance of $592.0
million have been successfully repaid from the pool. Only one of
those loans, 209 West Jackson, which had a former trust balance of
$22.8 million, was purchased out of the trust by the collateral
manager as a credit risk asset. Of the original 33 loans, only 10
loans, representing 33.3% of the current trust balance, remain in
the transaction as of May 2023 reporting. Since the previous DBRS
Morningstar rating action in November 2022, five loans with a
current trust balance of 17.2% have been added to the trust.

The transaction is concentrated by property type, as 19 loans are
secured by multifamily properties, representing 65.3% of the
current trust balance, and eight loans are secured by office
properties, representing 21.3% of the current trust balance. The
remaining pool consists of loans secured by hotel, self-storage,
and student housing properties. In comparison, as of March 2022
reporting, loans secured by multifamily properties represented
71.9% of the trust balance while loans secured by office properties
represented 20.4% of the trust balance.

While all loans secured by office collateral remain current, given
the decline in desirability for office product across tenants,
investors, and lenders alike, there is greater uncertainty
regarding the borrowers' exit strategies upon loan maturity as 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. In its analysis, DBRS
Morningstar applied probability of default adjustments to three
loans secured by office properties: Latham Square, 225 East
Colorado, and 960 Penn Avenue (0.7%); these cumulatively represent
8.0% of the current trust balance. The adjustments resulted in loan
expected loss levels ranging from approximately one to two times
the transaction-wide expected loss.

The remaining loans are primarily secured by properties in urban
and suburban markets. Six loans, representing 19.7% of the pool,
are secured by properties in urban markets, as defined by DBRS
Morningstar, with a DBRS Morningstar Market Rank of 6, 7, or 8.
Twenty-four loans, representing 73.8% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 3, 4, or 5,
denoting a suburban market. In comparison, in March 2022,
properties in urban markets represented 23.3% of the collateral and
properties in suburban markets represented 69.7% of the collateral.
The location of the assets within urban markets potentially serves
as a mitigant to loan maturity risk, as urban markets have
historically shown greater liquidity and investor demand.

Leverage across the pool has remained relatively in line with
issuance levels as the current weighted-average (WA) as-is
appraised value loan-to-value (LTV) ratio is 70.8%, with a current
WA stabilized LTV ratio of 65.0%. In comparison, these figures were
69.1% and 64.6%, respectively, at issuance and 70.1% and 64.4%,
respectively, as of March 2022. DBRS Morningstar recognizes that
select property values may be inflated as the majority of the
individual property appraisals were completed in 2021 and 2022 and
may not reflect the current rising interest rate or widening
capitalization rate environments.

Through March 2023, the lender has advanced cumulative loan future
funding of $46.8 million to 23 individual borrowers to aid in
property stabilization efforts. The largest advances have been made
to the borrowers of the Latham Square ($5.7 million) and 2201
Renaissance ($5.5 million) loans, which are secured by office
properties in Oakland, California, and King of Prussia,
Pennsylvania, respectively. Funds were advanced to each borrower to
complete capital improvements and to fund accretive leasing costs
at each property. An additional $33.8 million of loan future
funding allocated to 26 individual borrowers remains available. The
largest portion of available funds, $6.5 million, is allocated to
the borrower of the Plaza West loan, which is secured by an office
property in Kansas City, Missouri. The available funds are solely
available to fund accretive leasing costs.

As of the May 2023 remittance, there are no loans on the servicer's
watchlist, and there are two loans in special servicing,
representing 6.2% of the current trust balance. The larger of the
two loans, Century Skyline (5.5% of the current trust balance), was
transferred in May 2023 for potential payment default. The loan is
secured by a multifamily property in Atlanta, and, according to the
collateral manager, the borrower's original business plan to
renovate all 225 units has stalled. Reportedly, only 85 units have
been upgraded and the borrower has chosen to not continue the unit
upgrade program. Additionally, one of the loan guarantors passed
away and has yet to be replaced as required by the loan documents.
The property was briefly listed for sale in February 2023 but
garnered offers of only approximately $50.0 million, below the
$53.5 million purchase price. The loan is not reporting as
delinquent and the sponsorship group is reportedly discussing
options to improve performance; however, in its current analysis,
DBRS Morningstar assumed an elevated probability of default to
realize the increased credit risk. The resulting loan-level
expected loss is approximately 1.2 times the transaction-wide
expected loss.

The other loan in special servicing, 960 Penn Avenue (0.7% of the
current trust balance), is secured by an office property in
downtown Pittsburgh. The loan originally transferred in August 2022
for imminent maturity default; however, the loan was modified and
extended to August 2023. Terms of the modification included a $1.0
million principal curtailment, and the borrower was required to
purchase a new interest rate cap agreement. The loan remains cash
managed and, according, to the collateral manager, the property was
60.8% occupied as of March 2023. The borrower does have one
remaining 12-month extension option but property performance may
not achieve the minimum 9.5% debt yield and maximum 65.0% LTV
tests. The property was reappraised in July 2022 with a value of
$9.0 million (current LTV of 63.1%); however, when the property was
briefly listed for sale in Q3 2022, offers ranged from $7.8 million
to $8.8 million, suggesting the current market value may be lower.
Given the pending August 2023 maturity date, difficult financing
market, and non-stabilized nature of the property, DBRS Morningstar
adjusted the probability of default on the loan in its analysis as
noted above, resulting in a loan-level expected loss approximately
two times the transaction-wide expected loss.

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


AMMC CLO XIII: Moody's Lowers Rating on 2 Tranches to B1
--------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by AMMC CLO XIII, Limited:

US$20,500,000 Class A3-R2 Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class A3-R2 Notes"), Upgraded to Aaa (sf);
previously on August 18, 2022 Upgraded to Aa2 (sf)

US$24,500,000 Class B1L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B1L-R Notes"), Upgraded to A3 (sf);
previously on August 18, 2022 Upgraded to Baa2 (sf)

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

US$10,500,000 Class B2L1-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L1-R Notes"), Downgraded to B1 (sf);
previously on October 7, 2020 Confirmed at Ba3 (sf)

US$10,500,000 Class B2L2-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B2L2-R Notes"), Downgraded to B1 (sf);
previously on October 7, 2020 Confirmed at Ba3 (sf)

US$10,500,000 Class B3L-R Senior Secured Deferrable Floating Rate
Notes due 2029 (the "Class B3L-R Notes"), Downgraded to Ca (sf);
previously on October 7, 2020 Downgraded to Caa2 (sf)

AMMC CLO XIII, Limited, originally issued in December 2013 and
refinanced fully in July 2017 and partially April 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 August 2022. The Class
A1-R2 notes have been paid down by approximately 50.7% or $112.08
million since then. Based on Moody's calculation, the OC ratios for
the Class A-3L and Class B-1L notes are currently 131.87% and
116.02%, respectively, versus August 2022 levels of 122.67% and
113.16%, respectively.

The downgrade rating actions on the Class B-2L and Class B-3L 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 ratios for the Class B-2L and
Class B-3L notes are currently 105.19% and 100.47%, respectively,
versus August 2022 levels of 106.10% and 102.90%, respectively. The
Class B-3L OC ratio is failing the current trigger level of
101.40%. Furthermore, the weighted average rating factor (WARF) has
been deteriorating and based on Moody's calculation, the current
level is 2755, compared to 2663 in August 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: $236,452,260

Defaulted par: $1,128,679

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2755

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.34%

Weighted Average Recovery Rate (WARR): 47.14%

Weighted Average Life (WAL): 3.41 years

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


AMUR EQUIPMENT 2023-1: S&P Assigns BB+(sf) Rating on Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned 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 ratings reflect:

-- The availability of approximately 30.46%, 23.55%, 17.03%,
11.69%, and 9.82% in credit support (based on stressed final
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 1.73x 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 S&P's stressed cash flow modeling
scenarios, which we believe are appropriate for the assigned
ratings.

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

  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)



AVERY POINT IV: S&P Affirms 'B- (sf)' Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B- (sf)' and 'CC (sf)' ratings on
the class E and F notes, respectively, from Avery Point IV CLO
Ltd.

The rating actions follow its review of the transaction's
performance, based on data from the May 2023 trustee report.

Since S&P's January 2023 rating actions, the transaction had total
paydown of $46.59 million. These paydowns paid off the class C-R
and D notes, continued to pay down the class E notes, and improved
the class E reported overcollateralization (O/C) ratio to 118.27%
from 108.56% since the December 2022 trustee report.

However, the portfolio became concentrated during this period and
its overall credit quality has declined since S&P's January 2023
rating actions. Assets in the 'CCC' rating category now constitute
a larger percentage of the remaining portfolio, rising to 14.2%
from 11.1%, even though they decreased to $4.63 million from $9.14
million. Defaulted assets also increased to $9.88 million from
$7.03 million. The trustee-reported weighted average life of the
portfolio fell to 1.64 years from 2.02 years as assets in the
portfolio mature and the proceeds were used to pay down the
outstanding notes.

S&P said, "The portfolio is now highly concentrated, with only 13
obligors remaining. Given the lack of diversification, we did not
generate cash flows for this transaction. Instead, our analysis and
rating decisions examined other metrics and qualitative factors,
such as the credit quality of the remaining assets, rating of
assets backing the notes, and the subordination levels.

"We affirmed our rating on the class E notes, based on the current
credit enhancement level and the class' reliance on 'CCC+' rated
assets to be repaid in full. Although this class is backed by
'CCC+' rated assets, it does not meet our definition of 'CCC' risk,
given its expected paydowns, improvement in O/C, and current O/C
and interest coverage levels.

"We affirmed our rating on the class F notes in line with our 'CC
(sf)' rating definition, as there is now a virtual certainty of
default for this class. Based on our analysis, class F is deferring
interest, and we believe the total value of the assets that are
currently held in the transaction is not sufficient to cover the
principal and deferred interest balance for this class.

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



BAIN CAPITAL 2023-2: Fitch Assigns 'BB-sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to Bain
Capital Credit CLO 2023-2, Limited.

   Entity/Debt           Rating                   Prior
   -----------           ------                   -----
Bain Capital
Credit CLO
2023-2, Limited

   A-1               LT AAAsf  New Rating    AAA(EXP)sf

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

   B-1               LT AAsf   New Rating     AA(EXP)sf

   B-2               LT AAsf   New Rating     AA(EXP)sf

   C-1               LT Asf    New Rating     A(EXP)sf

   C-2               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

Bain Capital Credit CLO 2023-2, Limited (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) that will
be managed by Bain Capital Credit U.S. CLO Manager II, L.P. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $500.0
million of primarily first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 24.48, versus a maximum covenant, in accordance with
the initial expected matrix point of 26.25. 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
99.7% first-lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 75.4% 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 38% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.1-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
adjusting the indicative portfolio to reflect permissible
concentration limits and collateral quality 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.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


BALLYROCK CLO 24: S&P Assigns BB- (sf) Rating on Class D Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to Ballyrock CLO 24
Ltd./Ballyrock CLO 24 LLC's floating-rate notes. The transaction is
managed by Ballyrock Investment Advisors 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:

-- 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

  Ballyrock CLO 24 Ltd./Ballyrock CLO 24 LLC

  Class A-1, $283.50 million: AAA (sf)
  Class A-2, $58.50 million: AA (sf)
  Class B (deferrable), $22.50 million: A (sf)
  Class C (deferrable), $27.00 million: BBB (sf)
  Class D (deferrable), $15.75 million: BB- (sf)
  Subordinated notes, $42.00 million: Not rated



BANK5 2023-5YR2: Fitch Assigns 'B-(EXP)sf' Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BANK5 2023-5YR2 commercial mortgage pass-through certificates
series 2023-5YR2 as follows:

   Entity/Debt        Rating        
   -----------        ------        
BANK5 2023-5YR2

   A-1           LT  AAA(EXP)sf  Expected Rating
   A-2-1         LT  AAA(EXP)sf  Expected Rating
   A-2-1-1       LT  AAA(EXP)sf  Expected Rating
   A-2-1-2       LT  AAA(EXP)sf  Expected Rating
   A-2-1-X1      LT  AAA(EXP)sf  Expected Rating
   A-2-1-X2      LT  AAA(EXP)sf  Expected Rating
   A-2-2         LT  AAA(EXP)sf  Expected Rating
   A-3           LT  AAA(EXP)sf  Expected Rating
   A-3-1         LT  AAA(EXP)sf  Expected Rating
   A-3-2         LT  AAA(EXP)sf  Expected Rating
   A-3-X1        LT  AAA(EXP)sf  Expected Rating
   A-3-X2        LT  AAA(EXP)sf  Expected Rating
   A-S           LT  AAA(EXP)sf  Expected Rating
   A-S-1         LT  AAA(EXP)sf  Expected Rating
   A-S-2         LT  AAA(EXP)sf  Expected Rating
   A-S-X1        LT  AAA(EXP)sf  Expected Rating
   A-S-X2        LT  AAA(EXP)sf  Expected Rating
   B             LT  AA-(EXP)sf  Expected Rating
   B-1           LT  AA-(EXP)sf  Expected Rating
   B-2           LT  AA-(EXP)sf  Expected Rating
   B-X1          LT  AA-(EXP)sf  Expected Rating
   B-X2          LT  AA-(EXP)sf  Expected Rating
   C             LT  A-(EXP)sf   Expected Rating
   C-1           LT  A-(EXP)sf   Expected Rating
   C-2           LT  A-(EXP)sf   Expected Rating
   C-X1          LT  A-(EXP)sf   Expected Rating
   C-X2          LT  A-(EXP)sf   Expected Rating
   D             LT  BBB(EXP)sf  Expected Rating
   E             LT  BBB-(EXP)sf Expected Rating
   F             LT  BB-(EXP)sf  Expected Rating
   G             LT  B-(EXP)sf   Expected Rating
   H             LT  NR(EXP)sf   Expected Rating
   RR            LT  NR(EXP)sf   Expected Rating
   RR Interest   LT  NR(EXP)sf   Expected Rating
   X-A           LT  AAA(EXP)sf  Expected Rating
   X-B           LT  AA-(EXP)sf  Expected Rating
   X-D           LT  BBB-(EXP)sf Expected Rating
   X-F           LT  BB-(EXP)sf  Expected Rating
   X-G           LT  B-(EXP)sf   Expected Rating
   X-H           LT  NR(EXP)sf   Expected Rating

- $5,300,000 class A-1 'AAAsf'; Outlook Stable;
- $100,000,000ab class A-2-1 'AAAsf'; Outlook Stable;
- $0b class A-2-1-1 'AAAsf'; Outlook Stable
- $0bc class A-2-1-X1 'AAAsf'; Outlook Stable;
- $0b class A-2-1-2 'AAAsf'; Outlook Stable;
- $0bc class A-2-1-X2 'AAAsf'; Outlook Stable;
- $100,000,000ad class A-2-2 'AAAsf'; Outlook Stable;
- $243,623,000ab class A-3 'AAAsf'; Outlook Stable;
- $0b class A-3-1 'AAAsf'; Outlook Stable;
- $0bc class A-3-X1 'AAAsf'; Outlook Stable;
- $0b class A-3-2 'AAAsf'; Outlook Stable;
- $0bc class A-3-X2 'AAAsf'; Outlook Stable;
- $448,923,000c class X-A 'AAAsf'; Outlook Stable;
- $76,958,000b class A-S 'AAAsf'; Outlook Stable;
- $0b class A-S-1 'AAAsf'; Outlook Stable;
- $0bc class A-S-X1 'AAAsf'; Outlook Stable;
- $0b class A-S-2 'AAAsf'; Outlook Stable;
- $0bc class A-S-X2 'AAAsf'; Outlook Stable;
- $26,454,000b class B 'AA-sf'; Outlook Stable;
- $0b class B-1 'AA-sf'; Outlook Stable;
- $0bc class B-X1 'AA-sf'; Outlook Stable;
- $0b class B-2 'AA-sf'; Outlook Stable;
- $0bc class B-X2 'AA-sf'; Outlook Stable;
- $103,412,000c class X-B 'AA-sf; Outlook Stable;
- $20,843,000b class C 'A-sf'; Outlook Stable;
- $0b class C-1 'A-sf'; Outlook Stable;
- $0bc class C-X1 'A-sf'; Outlook Stable;
- $0b class C-2 'A-sf'; Outlook Stable;
- $0bc class C-X2 'A-sf'; Outlook Stable;
- $15,231,000d class D 'BBBsf'; Outlook Stable;
- $7,215,000d class E 'BBB-sf'; Outlook Stable;
- $22,446,000cd class X-D 'BBB-sf'; Outlook Stable;
- $14,430,000d class F 'BB-sf'; Outlook Stable;
- $14,430,000cd class X-F 'BB-sf'; Outlook Stable;
- $10,421,000d class G 'B-sf'; Outlook Stable;
- $10,421,000cd class X-G 'B-sf'; Outlook Stable.

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

- $20,843,741d class H;

- $20,843,741cd class X-H;

- $26,738,618de class RR;

- $7,015,000de RR Interest.

(a) The initial certificate balances of classes A-2-1, A-2-2 and
A-3 are unknown and expected to be $443,623,000 in aggregate,
subject to a 5% variance. The certificate balances will be
determined based on the final pricing of those classes of
certificates. The expected class A-2-1 balance range is $0 to
$200,000,000, the expected class A-2-2 balance range is $0 to
$100,000,000 and the expected class A-3 balance range is
$243,623,000 to $443,623,000. Fitch's certificate balances for
class A-2-1 is assumed at the midpoint of its range. Fitch's
certificate balance for class A-2-2 is assumed at the top point of
its range. Fitch's certificate balance for class A-3 is assumed at
the bottom point of its range.

(b) Exchangeable Certificates. The class A-2-1, class A-3, class
A-S, class B and class C are exchangeable certificates. Each class
of exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates, and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the surrendered
classes of certificates.

The class A-2-1 may be surrendered (or received) for the received
(or surrendered) classes A-2-1-1, A-2-1-X1, A-2-1-2 and A-2-1-X2.
The class A-3 may be surrendered (or received) for the received (or
surrendered) classes A-3-1, A-3-X1, A-3-2 and A-3-X2. The class A-S
may be surrendered (or received) for the received (or surrendered)
classes A-S-1, A-S-X1, A-S-2 and A-S-X2. The class B may be
surrendered (or received) for the received (or surrendered) classes
B-1, B-X1, B-2 and B-X2. The class C may be surrendered (or
received) for the received (or surrendered) classes C-1, C-X1, C-2
and C-X2. The ratings of the exchangeable classes would reference
the ratings of the associate referenced or original classes.

(c) Notional amount and interest only.

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

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

The expected ratings are based on information provided by the
issuer as of June 20, 2023.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 20 loans secured by 35
commercial properties having an aggregate principal balance of
$675,072,360 as of the cut-off date. The loans were contributed to
the trust by Wells Fargo Bank, National Association, JPMorgan Chase
Bank, National Association Morgan Stanley Mortgage Capital Holdings
LLC and Bank of America, National Association. The Master Servicer
is expected to be Wells Fargo Bank, N.A. and the Special Servicer
is expected to be CWCapital Asset Management LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 62.8% of the loans by
balance, cash flow analysis of 100% of the pool and asset summary
reviews on 100% of the pool.

KEY RATING DRIVERS

Lower Fitch Leverage: The pool has lower leverage than recent
multiborrower transactions rated by Fitch. The pool's Fitch loan-to
value ratio (LTV) of 86.2% is better than both the 2023
year-to-date (YTD) and 2022 averages of 94.9% and 106.4%,
respectively. The pool's Fitch net cash flow debt yield (DY) of
11.3% is better than the 2023 YTD and 2022 averages of 10.3% and
9.9%, respectively. The pool's Fitch LTV and DY excluding credit
opinion loans are 92.4% and 10.9%, respectively, which compares
favorably with the equivalent conduit 2023 YTD LTV and DY averages
of 95.2% and 10.1 %, respectively.

Highly Concentrated Pool: The pool is more concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 74.1 % of the pool, materially worse than the 2023 YTD and
2022 averages of 60.2% and 55.2%, respectively. Fitch measures loan
concentration risk with an effective loan count, which accounts for
both the number and size of loans in the pool. The pool's effective
loan count is 16.1.

Shorter Duration Loans: The pool is 100.0% comprised of loans with
five-year terms, whereas standard conduit transactions have
historically included mostly loans with 10-year terms. Fitch's
historical loan performance analysis shows that five-year loans
have a modestly lower probability of default than 10-year loans,
all else being equal. This is mainly attributed to the shorter
window of exposure to potential adverse economic conditions. Fitch
considered its loan performance regression in its analysis of the
pool.

Credit Opinion Loans: Three loans representing 20.3% of the pool
received an investment-grade credit opinion on a stand-alone basis.
The pool's total credit opinion percentage is higher than the 2023
YTD average of 15.8% and the 2022 average of 14.4%. Miracle Mile
Shops (9.9% of pool) received a standalone credit opinion of
AA-sf*. Back Bay Office (8.9%) received a standalone credit opinion
of AAAsf*. 1201 Third Avenue (1.5%) received a standalone credit
opinion of BBB+sf*.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 0.9%, which is worse than both the 2023
YTD and 2022 averages of 2.6% and 3.3%, respectively. The pool has
15 interest-only loans (81.0% of pool), which is worse than both
the 2023 YTD and 2022 averages of 71.0% and 77.5%, respectively. In
addition, there is one partial interest-only loan representing 2.4%
of the pool.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BB+sf' /
'BBsf' / 'Bsf' / '

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

ESG CONSIDERATIONS

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


BENCHMARK 2023-B39: Fitch Gives B-(EXP)sf Rating on Cl. J-RR Certs
------------------------------------------------------------------
Fitch Ratings has issued a presale report on Benchmark 2023-B39
Mortgage Trust, commercial mortgage pass-through certificates
series 2023-B39.

   Entity/Debt      Rating        
   -----------      ------        
BMARK 2023-B39

   A-1          LT  AAA(EXP)sf  Expected Rating
   A-2          LT  AAA(EXP)sf  Expected Rating
   A-4          LT  AAA(EXP)sf  Expected Rating
   A-5          LT  AAA(EXP)sf  Expected Rating
   A-S          LT  AAA(EXP)sf  Expected Rating
   A-SB         LT  AAA(EXP)sf  Expected Rating
   B            LT  AA-(EXP)sf  Expected Rating
   C            LT  A-(EXP)sf   Expected Rating
   D-RR         LT  BBB+(EXP)sf Expected Rating
   E-RR         LT  BBB(EXP)sf  Expected Rating
   F-RR         LT  BBB-(EXP)sf Expected Rating
   G-RR         LT  BB-(EXP)sf  Expected Rating
   J-RR         LT  B-(EXP)sf   Expected Rating
   K-RR         LT  NR(EXP)sf   Expected Rating
   X-A          LT  AA(EXP)sf  Expected Rating
   X-B          LT  AA-(EXP)sf  Expected Rating

- $7,664,000 class A-1 'AAAsf'; Outlook Stable;
- $201,276,000 class A-2 'AAAsf'; Outlook Stable;
- $75,000,000a class A-4 'AAAsf'; Outlook Stable;
- $340,919,000a class A-5 'AAAsf'; Outlook Stable;
- $9,679,000 class A-SB 'AAAsf'; Outlook Stable;
- $634,538,000b class X-A 'AAAsf'; Outlook Stable;
- $158,634,000b class X-B 'AA-sf'; Outlook Stable;
- $120,109,000 class A-S 'AAAsf'; Outlook Stable;
- $38,525,000 class B 'AA-sf'; Outlook Stable;
- $28,917,000 class C 'A-sf'; Outlook Stable;
- $10,742,000cd class D-RR 'BBB+sf'; Outlook Stable;
- $9,065,000cd class E-RR 'BBBsf'; Outlook Stable;
- $9,065,000cd class F-RR 'BBB-sf'; Outlook Stable;
- $16,996,000cd class G-RR 'BB-sf'; Outlook Stable;
- $11,331,000cd class J-RR 'B-sf'; Outlook Stable;

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

- $27,195,263cd class K-RR.

a) The initial certificate balances of classes A-4 and A-5 are not
yet known but are expected to be $415,919,000 subject to a 5%
variance. The certificate balances will be determined based on the
final pricing of those classes of certificates. The expected class
A-4 balance range is $0 - $150,000,000, and the expected class A-5
balance range is $265,919,000 - $415,919,000. Balances for classes
A-4 and A-5 reflect the maximum and minimum of each range.

b) Notional amount and interest only;

c) Privately placed and pursuant to Rule 144A;

d) Horizontal Risk Retention Interest classes.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 23 loans secured by 160
commercial properties with an aggregate principal balance of
$906,483,263 as of the cutoff date. The loans were contributed to
the trust by German American Capital Corporation, Citigroup Global
Markets Realty Corp., Goldman Sachs Mortgage Company and JPMorgan
Chase Bank, National Association. The master servicer is expected
to be Midland Loan Services, a Division of PNC Bank N.A and the
special servicer is expected to be K-Star Asset Management.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions. The pool has lower
leverage compared to recent multiborrower transactions rated by
Fitch Ratings. The pool's Fitch loan-to value ratio (LTV) of 79.9%
is lower than both the YTD 2023 and 2022 averages of 91.4% and
99.3%, respectively. The pool's Fitch NCF debt yield (DY) of 11.8%
is higher than the YTD 2023 and 2022 averages of 10.3% and 9.9%,
respectively. Excluding credit opinion loans, the pool's Fitch LTV
and DY are 90.0% and 11.0%, respectively, compared to the
equivalent conduit YTD 2023 LTV and DY averages of 95.2% and 10.1%,
respectively.

Investment-Grade Credit Opinion Loans. Six loans representing 32.6%
of the pool received an investment-grade credit opinion, which is
above the 2023 YTD and 2022 averages of 15.8% and 14.4%,
respectively. Fashion Valley (9.4% of the pool) received a
standalone credit opinion of 'AAA-sf', Pacific Design Center (7.1%)
received a standalone credit opinion of 'BBB-sf', Back Bay Office
(5.5%) received a standalone credit opinion of 'AAAsf', Scottsdale
Fashion Square (4.5%) received a standalone credit opinion of
'AAsf', Miracle Mile (3.3%) received a standalone credit opinion of
'AA-sf' and Harborside 2-3 (2.8%) received a standalone credit
opinion of 'BBBsf'.

Highly Concentrated Pool by Loan Size: The pool is more
concentrated than recently rated Fitch transactions. The top 10
loans in the pool make up 67.1% of the pool, higher than the
YTD2023 and 2022 levels of 60.2% and 55.2%, respectively. The
pool's effective loan count of 17.6 is lower than the 2023 YTD and
2022 average effective loan count of 19.6 and 23.7, respectively.

Below-Average Amortization. Based on the scheduled balances at
maturity, the pool will pay down by 2.3%, which is below the 2023
YTD and 2022 averages of 2.6% and 3.3%, respectively. The pool has
17 interest-only loans, or 87.1% of pool by balance, which is
higher than the 2023 YTD and 2022 averages of 71.0% and 77.5%,
respectively.

RATING SENSITIVITIES

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

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

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

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

- 10% NCF Decline:
'AAsf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB+sf'/'BBsf'/'Bsf'.

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

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

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

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

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

SUMMARY OF FINANCIAL ADJUSTMENTS

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

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.


BMO 2023-C5: Fitch Assigns B-sf Rating on Two Tranches
------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to BMO 2023-C5 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2023-C5.

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
BMO 2023-C5

   A-1            LT AAAsf  New Rating    AAA(EXP)sf
   A-2            LT AAAsf  New Rating    AAA(EXP)sf
   A-4            LT AAAsf  New Rating    AAA(EXP)sf
   A-5            LT AAAsf  New Rating    AAA(EXP)sf
   A-SB           LT AAAsf  New Rating    AAA(EXP)sf
   X-A            LT AAAsf  New Rating    AAA(EXP)sf
   A-S            LT AAAsf  New Rating    AAA(EXP)sf
   B              LT AA-sf  New Rating    AA-(EXP)sf
   X-B            LT AA-sf  New Rating    A-(EXP)sf
   C              LT  A-sf  New Rating    A-(EXP)sf
   D              LT BBBsf  New Rating    BBB(EXP)sf
   X-D            LT BBBsf  New Rating    BBB(EXP)sf
   E              LT BBB-sf New Rating    BBB-(EXP)sf
   X-E            LT BBB-sf New Rating    BBB-(EXP)sf
   F-RR           LT BB-sf  New Rating    BB-(EXP)sf
   X-FRR          LT BB-sf  New Rating    BB-(EXP)sf
   G-RR           LT B-sf   New Rating    B-(EXP)sf
   X-GRR          LT B-sf   New Rating    B-(EXP)sf
   J-RR           LT NRsf   New Rating    NR(EXP)sf
   X-JRR          LT NRsf   New Rating    NR(EXP)sf
   RR-I           LT NRsf   New Rating    NR(EXP)sf

- $12,893,000 class A-1 'AAAsf'; Outlook Stable;

- $111,092,000 class A-2 'AAAsf'; Outlook Stable;

- $95,000,000a class A-4 'AAAsf'; Outlook Stable;

- $217,830,000a class A-5 'AAAsf'; Outlook Stable;

- $13,883,000 class A-SB 'AAAsf'; Outlook Stable;

- $450,698,000b class X-A 'AAAsf'; Outlook Stable;

- $70,824,000 class A-S 'AAAsf'; Outlook Stable;

- $31,388,000 class B 'AA-sf'; Outlook Stable;

- $126,357,000b class X-B 'AA-sf'; Outlook Stable;

- $24,145,000 class C 'A-sf'; Outlook Stable;

- $12,877,000c class D 'BBBsf'; Outlook Stable;

- $12,877,000bc class X-D 'BBBsf'; Outlook Stable;

- $6,438,000c class E 'BBB-sf'; Outlook Stable;

- $6,438,000bc class X-E 'BBB-sf'; Outlook Stable;

- $12,073,000cd class FRR 'BB-sf'; Outlook Stable;

- $12,073,000bcd class X-FRR 'BB-sf'; Outlook Stable;

- $8,048,000cd class GRR 'B-sf'; Outlook Stable;

- $8,048,000bcd class X-GRR 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following class:

- $27,364,241cd class JRR;

- $27,364,241bcd class X-JRR.

- $13,743,821e class RRI.

a) Since Fitch published its expected ratings on May 18, 2023, the
balances for classes A-4 and A-5 were finalized. At the time the
expected ratings were published, the initial certificate balances
of classes A-4 and A-5 were expected to be $312,830,000 in
aggregate, subject to a 5% variance. The classes above reflect the
final ratings and deal structure.

b) Notional amount and interest only (IO).

c) Privately placed and pursuant to Rule 144A.

d) Horizontal risk retention interest.

e) Vertical risk retention interest.

Additionally, at the time the presale was issued, class X-B (which
is tied to the classes A-S, B, and C) was rated 'A-(EXP)sf',
reflecting class C, the lowest rated tranche. Since Fitch published
its expected ratings, the class C pass-through rates was finalized
and will be variable rate (WAC), equal to the weighted average of
the net mortgage interest rates on the mortgage loan, and therefore
its payable interest will not have an impact on the IO payments for
class X-B.

Fitch updated class X-B to 'AA-sf' (from 'A-(EXP)sf' at the time of
the presale) reflecting the lowest tranche (class B) whose payable
interest has an impact on the IO payments. This is consistent with
Appendix 4 of Fitch's "Global Structured Finance Rating Criteria."

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which 34 are loans secured by 190
commercial properties having an aggregate principal balance of
about $657.6 million as of the cut-off date. The loans were
contributed to the trust by Bank of Montreal, Citi Real Estate
Funding Inc., KeyBank National Association, Zions Bancorporation,
N.A., BSPRT CMBS Finance, LLC, 3650 Real Estate Investment Trust 2
LLC, Starwood Mortgage Capital LLC, German American Capital
Corporation and UBS AG. The master servicer is expected to be
Midland Loan Services, a Division of PNC Bank, National
Association, and the special servicer is expected to be Rialto
Capital Advisors, LLC.

KEY RATING DRIVERS

Higher Leverage than Recent Transactions: The pool has higher
leverage than recent Fitch-rated transactions. The pool's Fitch
loan-to value ratio (LTV) of 94.5% is higher than the YTD 2023
average of 89.8% but lower than the 2022 average of 99.3%. However,
the pool's Fitch net cash flow (NCF) debt yield (DY) of 10.6% is
higher than both the YTD 2023 average of 10.5% and the 2022 average
of 9.9%. Excluding credit opinion loans, the pool's Fitch LTV and
DY are 98.0% and 10.2%, respectively, compared with the equivalent
conduit YTD 2023 LTV and DY averages of 76.9% and 10.1%,
respectively.

Lower Pool Concentration: The pool has lower pool concentration
than recently rated Fitch transactions. The top 10 loans in the
pool make up 56.4% of the pool, lower than the YTD 2023 average of
62.5% and in line with the 2022 average of 55.2%.

Property Type Concentration: Loans secured by industrial properties
represent 25.1% of the pool by balance, higher than the YTD 2023
and 2022 averages of 16.5% and 11.1%, respectively. Some CMBS
property types have a higher average likelihood of default than
others. Industrial property types are on the lower end of
likelihood to default under Fitch's "Exposure Draft: U.S. and
Canadian Multiborrower CMBS Rating Criteria."

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Ernst & Young LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

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.


BX TRUST 2017-CQHP: DBRS Confirms CCC Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2017-CQHP issued by BX Trust
2017-CQHP as follows:

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

All trends are Stable, excluding Class F, which has a rating that
does not generally carry a trend in commercial mortgage-backed
securities (CMBS). The rating confirmations reflect minimal changes
to the overall performance of the underlying collateral, which
remains in line with DBRS Morningstar's expectations since the last
rating action.

The transaction is collateralized by a single loan secured by a
portfolio of four Club Quarters Hotels totaling 1,228 keys across
four major U.S. cities: San Francisco (346 keys; 39.4% of allocated
loan amount (ALA)), Chicago (429 keys; 26.4% of ALA), Boston (178
keys; 18.2% of ALA), and Philadelphia (275 keys; 16.0% of ALA). The
collateral has been challenged since the onset of the Coronavirus
Disease (COVID-19) pandemic in early 2020. Since that time, DBRS
Morningstar has taken several rating actions to reflect the
increased risks, including three consecutive downgrade actions in
2020, 2021, and 2022, given the sustained performance declines and
a sponsor who has suggested a willingness to walk away from the
properties and subject loan. The portfolio was most recently
appraised in October 2022 with a combined value of $360.0 million,
reflecting a slight increase over the May 2021 combined appraised
value of $330.2 million, but a -14.8% variance from the issuance
value of $422.5 million. While collateral performance continues to
show signs of recovery, the loan reports $31.1 million in
outstanding servicer advances as of the May 2023 remittance,
increasing the loan's total exposure to $304.8 million. In its
analysis for this review, DBRS Morningstar considered a
hypothetical stressed value scenario, as further described below,
that suggested an implied loan to value (LTV) figure in excess of
100%, based on the total loan exposure.

The $273.7 million loan, along with $61.3 million of mezzanine debt
and $8.1 million of sponsor equity, refinanced $336.1 million in
existing debt and paid closing costs. The sponsor for this loan is
Blackstone Real Estate Partners VII, L.P. (Blackstone). The loan
transferred to special servicing in June 2020 for imminent monetary
default and is currently flagged as a nonperforming matured balloon
loan. According to the servicer, Blackstone has advised that it is
not willing to inject additional capital to fund operating expenses
or debt service payments. While there were discussions about the
potential purchase of the mezzanine loan and media sources
previously indicated that the collateral had been listed for sale,
the servicer has confirmed neither of these strategies are actively
being pursued. As of the date of this publication, a resolution
strategy has not been finalized.

For the trailing 12-month (T-12) period ended February 28, 2023,
the portfolio reported weighted-average (WA) occupancy rate,
average daily rate, and revenue per available room (RevPAR) figures
of 63.4%, $186, and $119, respectively. The WA RevPAR for the prior
T-12 period was reported as $65. The WA RevPAR penetration rate for
the T-12 period was 77.0%, compared with 69.0% for the prior T-12
period, suggesting the properties continue to underperform relative
to their competitive sets. Although performance metrics have been
trending positively year over year since bottoming out in 2020, it
is unlikely the portfolio will stabilize to pre-pandemic figures in
the near to medium term. The subject properties rely heavily on
commercial segmentation because of the brand's focus on business
travel and member-driven corporate demand, which has seen a longer
recovery period than other demand segmentations. According to the
financials for the nine months ended September 30, 2022, all four
properties reported positive net cash flows (NCF) for the first
time since 2019; however, all NCFs were still below breakeven, with
a consolidated trust loan debt service coverage ratio of 0.68
times.

Given the loan being in default, the borrower's unwillingness to
fund shortfalls, and the likelihood of an extended resolution
timeline, DBRS Morningstar's analysis for this review is based on
the updated appraised values for the collateral hotels as those
generally represent a more market-based value. Although the as-is
appraised value for the portfolio has increased since the last
review, DBRS Morningstar considered a stressed scenario based on a
haircut to the most recent appraised values to reflect potential
volatility that could be experienced over the remainder of the
workout period. The results of that analysis suggested an as-is LTV
of 105.8% on the total loan exposure. The stressed LTV is largely
in line with DBRS Morningstar's expectations from the last review,
supporting the rating confirmations and Stable trends.

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


CIM TRUST 2023-I2: S&P Assigns Prelim 'B (sf)' Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CIM Trust
2023-I2's mortgage-backed notes.

The note issuance is an RMBS securitization backed by fixed- and
adjustable-rate, business purpose, investor, interest only, and
fully amortizing residential mortgage loans that are secured by
first liens on primarily single-family residential properties,
planned unit developments, condominiums, townhouses, two- to
four-family properties, and condotels to non-conforming (both prime
and nonprime) borrowers. The pool consists of 1,023 loans backed by
1,049 properties that are exempt from the qualified mortgage and
ability-to-repay rules; of the 1,023 loans, seven are
cross-collateralized, which were broken down to their constituents
at the property level (making up 33 properties).

The preliminary ratings are based on information as of June 23,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral included in the pool;

-- The credit enhancement provided in the transaction;

-- The representation and warranty framework;

-- The transaction's associated structural mechanics;

-- The pool's geographic concentration;

-- The transaction's mortgage loan originators/aggregator; and

-- The potential impact that 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. Although safeguards from the Federal Reserve and other
regulators have stabilized conditions, banking concerns increase
risks of a worse outcome and chances for a worsening recession have
increased, with inflation moderating faster than expected in our
baseline forecast. As a result, we continue to maintain the revised
outlook per the April 2020 update to the guidance to our RMBS
criteria, which increased the archetypal 'B' projected foreclosure
frequency to 3.25% from 2.50%.

  Preliminary Ratings Assigned

  CIM Trust 2023-I2(i)

  Class A-1, $135,246,000: AAA (sf)
  Class A-2, $25,046,000: AA (sf)
  Class A-3, $26,477,000: A (sf)
  Class M-1, $15,981,000: BBB (sf)
  Class B-1, $12,761,000: BB (sf)
  Class B-2, $9,899,000: B (sf)
  Class B-3, $6,918,000: Not rated
  Class B-4, $6,202,036: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The collateral and structural information in this report
reflects the term sheet dated June 21, 2023. The preliminary
ratings address the ultimate payment of interest and principal.
(ii)The notional amount equals the aggregate stated principal
balance of the mortgage loans.
N/A--Not applicable.



CITIGROUP 2022-GC48: DBRS Confirms BB(low) Rating on YL-C Certs
---------------------------------------------------------------
DBRS Limited confirmed its ratings on the Yorkshire & Lexington
Towers Loan-Specific Certificates issued by Citigroup Commercial
Mortgage Trust 2022-GC48 as follows:

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

All trends are Stable. The rating confirmations reflect the stable
performance of the transaction, which remains in line with DBRS
Morningstar's expectations from issuance.

The transaction is secured by the borrower's fee-simple interest in
two multifamily properties, totaling 808 units, in Manhattan's
Upper East Side neighborhood. The 21-story Yorkshire Towers
building is significantly larger, with 681 residential units and
63,778 square feet (sf) of commercial space, than the 15-story
Lexington Towers building, which consists of 127 residential units
and approximately 17,000 sf of commercial space. At issuance, there
were 503 market-rate units (62.3% of the total) and 305
rent-stabilized units (37.7% of the total) across the two
properties.

The $221.5 million subject transaction consists of the two junior B
notes that are part of a larger $714.0 million whole loan. The
whole loan consists of 18 senior A notes totaling $318.0 million,
two junior B notes totaling $221.5 million, and four mezzanine
loans totaling $174.5 million. Whole loan proceeds were primarily
used to refinance $550.0 million of existing debt, return $55.3
million of borrower equity, fund $20.3 million of various upfront
reserves, and cover closing costs. The fixed-rate loan is interest
only throughout its five-year term and is scheduled to mature in
June 2027, with no extension options available.

In addition to 57 unit renovations that have already been
completed, the sponsor plans to carry out a $6.5 million renovation
and has identified 311 units that will be renovated over the next
three years. More specifically, the business plan contemplates 283
traditional renovations (estimated cost of $19,382 per unit) and 28
major renovations (estimated cost of $37,143 per unit). The major
renovations are more complex, combining multiple units into a
single floorplan or materially altering floorplans. When the unit
size or floorplan is materially altered, rent stabilization
regulations allow for the rent-stabilized legal rent to be reset to
the first rent achieved following the renovation. Once renovations
have been completed, the subject's unit count is expected to
decrease to 793 units, consisting of 492 market-rate and 301
rent-stabilized units. While DBRS Morningstar considers there to be
an inherent risk in the business plan, it also believes that there
are appropriate loan structures in place to mitigate the risk,
including a $6.5 million upfront unit upgrade reserve and a $5.9
million upfront supplemental income reserve that will cover any
income lost while units are undergoing renovation. DBRS Morningstar
requested an update on the ongoing renovations; however, as of this
press release, no updated information was received.

According to the February 2023 rent roll, the residential portion
of the towers had a combined occupancy rate of 92.5%, with rental
rates of $5,156 per unit and $2,717 per unit for fair market and
stabilized units, respectively. While vacancy showed a moderate
decline from 96.4% in March 2022, likely as a result of the ongoing
renovations, rental rates improved from $4,930 per unit and $2,636
per unit for fair market and stabilized units, respectively, in
March 2022. According to Reis, the Upper East Side submarket
reported Q1 2023 average effective rental and vacancy rates of
$5,027 per unit and 2.5%, respectively. Historically, the submarket
has benefited from high barriers to entry, and, as of March 2023,
Reis reports there will be no new competitive supply introduced to
the submarket through YE2025.

DBRS Morningstar's net cash flow derived at issuance was $29.4
million, a 16.9% haircut to the Issuer's figure of $35.4 million,
as the DBRS Morningstar net cash flow assumptions do not include
any stabilization credit. DBRS Morningstar concluded that the
capitalization rate for the collateral was 5.75%, which resulted in
a DBRS Morningstar estimated value of nearly $511.4 million,
implying DBRS Morningstar loan-to-value ratios (LTVs) of 105.5% on
the secured debt balance of $539.5 million and 139.6% on the total
debt of $714.0 million. The DBRS Morningstar concluded value
estimate represents variances of -46.4% and -51.6% from the
appraiser's as-is and as-stabilized value estimates, respectively.
If the sponsor is able to successfully carry out its business plan,
leverage would considerably improve as the appraiser's stabilized
value estimate of $1.1 billion indicates an LTV of 67.5% on the
whole loan of $714.0 million.

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


CITIGROUP COMMERCIAL 2014-GC21: DBRS Confirms B Rating on X-D Certs
-------------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2014-GC21 issued by Citigroup
Commercial Mortgage Trust 2014-GC21 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction since the last rating action. As of the May 2023
remittance, 52 of the original 70 loans remain in the pool with a
current trust balance of $670.9 million, representing a collateral
reduction of 35.5% since issuance. Twenty loans, representing 24.5%
of the current pool balance, are fully defeased. There is only one
loan in special servicing, Talbot Town Center & 32 North Washington
Street (Prospectus ID#42, 1.2% of the pool), and only six loans,
representing 7.8% of the pool, are on the servicer's watchlist.
Office properties represent 4.6% of the current pool balance, which
is a low concentration. 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, given the low investor appetite
for the property type and the locations of these properties in
secondary and tertiary markets. The weighted-average expected loss
for office loans was approximately double the weighted-average pool
expected loss.

The largest loan on the servicer's watchlist, Lanes Mill
Marketplace (Prospectus ID#9, 3.1% of the pool), is secured by a
145,370-square-foot (sf) retail power center in Howell, New Jersey.
The loan was added to the servicer's watchlist in November 2018 for
a low debt service coverage ratio (DSCR), and performance remains
depressed as of this review.

The subject is situated in a high-traffic commercial corridor and
is shadow-anchored by Target and Lowe's. As of the December 2022
rent roll, the collateral was 98.1% occupied. The property is
anchored by a grocery store, Stop & Shop (45.7% of net rentable
area (NRA), lease expiry in December 2028), with additional major
tenants Crest Furniture (16.9% of NRA, lease expiry in April 2028)
and Five Below (5.2% of NRA, lease expiry in January 2024).

As of YE2022, the property reported a DSCR of 0.82 times (x) and a
net cash flow (NCF) of $1.2 million, which remains below the DBRS
Morningstar NCF of $1.7 million primarily because of a lower
reported base rent and a granular uptick in expenses. Leasing
activity since the height of the Coronavirus Disease (COVID-19)
pandemic has been strong. Occupancy had dropped to 75.9% in 2020
but improved to 98.1% as of December 2022. Tenant sales have dipped
significantly since issuance, with Stop & Shop reporting YE2021
sales of $294.43 per sf (psf) compared with the issuance figure of
$446.00 psf. Leases representing 11.8% of the NRA are scheduled to
expire in the next 12 months.

The only loan in special servicing, Talbot Town Center & 32 North
Washington Street (Prospectus ID#42, 1.2% of the pool), is secured
by a 108,950-sf retail center in Easton, Maryland. The loan
transferred to special servicing in May 2021 following a borrower
request for pandemic relief. As of the May 2023 remittance, the
special servicer's reported workout strategy is a discounted
payoff; however, the borrower continues to attempt to secure
takeout financing ahead of its April 2024 maturity date. A February
2021 appraisal valued the combined properties at $6.7 million,
which is below the current loan balance of $7.8 million. DBRS
Morningstar's analysis includes a liquidation scenario, based on a
stress to the most recent appraised value, with an implied loss
severity in excess of 35%.

DBRS Morningstar also continues to monitor the largest loan in the
pool, Maine Mall (Prospectus ID#1, 18.6% of the pool), as it
approaches its maturity date in April 2024. The loan was previously
on the servicer's watchlist for a low DSCR. The loan is secured by
730,444-sf portion of a 1.0 million-sf super-regional mall
approximately 6 miles from the central business district in
Portland, Maine. Previously, the servicer and the sponsor,
Brookfield Properties Retail Group, executed a forbearance
agreement in November 2020. Brookfield provided rent deferrals to
multiple tenants in 2020, and the loan has never been delinquent.
Although occupancy has remained stable at 94.0% as of March 2023,
the servicer reported NCF and DSCR figures of $15.4 million and
1.39x, respectively, with the NCF remaining well below the $20.4
million NCF at issuance. Given the property type, secondary market
location, decline in revenue, and near-term maturity, DBRS
Morningstar applied an elevated probability of default in its
analysis.

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


COMM 2013-CCRE7: Moody's Lowers Rating on Cl. G Certs to C
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings on four
classes in COMM 2013-CCRE7 Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2013-CCRE7 as follows:

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

Cl. E, Downgraded to Caa2 (sf); previously on Oct 12, 2022
Downgraded to B3 (sf)

Cl. F, Downgraded to Caa3 (sf); previously on Oct 12, 2022
Downgraded to Caa2 (sf)

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

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 significant exposure to specially serviced loans. Two loans,
representing 98% of the pool, are in special servicing and the
largest specially serviced loan (68% of the pool) is secured by a
regional mall that has been delinquent since March 2023 and was
unable to payoff at its April 2023 maturity date. Furthermore, the
other specially serviced loan has recognized a 44% appraisal
reduction (based on the outstanding balance) as of the June 2023
remittance statement due to the most recent reported appraisal
value. 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.

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 49.8% of the
current pooled balance, compared to 7.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 5.6% of the
original pooled balance, compared to 4.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 98% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced 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 June 12, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 91% to $82.2 million
from $936.2 million at securitization. The certificates are
collateralized by three mortgage loans, two of which are in special
servicing.

The largest specially serviced loan is the Lakeland Square Mall
Loan ($55.7 million – 67.7% of the pool), which is secured by a
535,937 square feet (SF) component of an 883,290 SF regional mall
located in Lakeland, Florida, approximately 35 miles east of Tampa.
At securitization, the property was anchored by Dillard's
(non-collateral), J.C. Penney, Macy's (non-collateral), and Sears
(non-collateral). Macy's and Sears closed their stores at this
location in 2017 and 2018, respectively. Junior anchors Sports
Authority vacated its space in late 2016, but was subsequently
backfilled by a 42,000 SF Urban Air Adventure Park. Another junior
anchor Burlington Stores (formerly known as Burlington Coat
Factory) relocated to a shopping center nearby in Fall 2022. As of
April 2023, the collateral was 86% leased with an inline occupancy
of 87%.  The mall's reported 2020 and 2021 NOIs saw a decrease of
6% and 14%, respectively, from the 2019 NOI.  While the 2022 NOI
bounced back to the 2019 level, the loan was unable to payoff at
its April 6, 2023 maturity date and transferred to special
servicing on April 15, 2023. As of the June 2023 remittance
statement, the loan has amortized 21% since securitization. The
property's cash flow remains sufficient to cover its in-place debt
service obligations and the 2022 NOI DSCR was 1.67X based on
amortizing payments and a 4.2% interest rate. As of the June 2023
remittance date, the loan was last paid through its March 2023
payment date and is classified as "non-performing maturity
balloon".

The second largest specially serviced loan is the 20 Church Street
Loan ($24.8 million – 30.1% of the pool), which is secured by a
419,000 SF office tower located in the CBD of Hartford,
Connecticut. The loan transferred to special servicing in March
2022 due to payment default. As of March 2023, the property was 77%
leased, compared to 79% as of March 2022 and 87% as of December
2020. Special servicer commentary indicates a foreclosure action
has been filed on this loan. A March 2023 appraisal valued the
property 50% below the securitization value and 30% below the
outstanding loan balance. As of the June 2023 remittance date, the
loan has amortized 20% since securitization and was last paid
through its July 2022 payment date.

Moody's has estimated an aggregate loss of $40.9 million (a 51%
expected loss on average) for the specially serviced loans.

The sole performing loan is the Publix at Mountain Cave Crossing
Loan ($1.8 million – 2.2% of the pool), which is secured by a
single tenant shopping center located in Huntsville, Alabama. As of
March 2023, the property was fully occupied by the single tenant
with a lease expiration in March 2028. As of the June 2023
remittance date, the loan has amortized 37% since securitization.
Moody's LTV on the loan is 57%.


COMM 2015-CCRE24: DBRS Confirms B Rating on Class E Certs
---------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-CCRE24 issued by COMM
2015-CCRE24 Mortgage Trust as follows:

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

All trends are Stable with the exception of Class G, which has a
rating that does 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 review.

As of the May 2023 remittance report, 72 of the original 81 loans
remain in the pool, representing a collateral reduction of 19.9%
since issuance as a result of scheduled loan amortization, loan
repayments, and one loan liquidation. There are 14 loans,
representing 13.4% of the pool, that are fully defeased. Excluding
collateral that has been defeased, the pool is most concentrated by
retail, hotel, and office properties, with loans representing
23.4%, 22.1%, and 12.7% of the pool, respectively. There are
currently 12 loans, representing 27.3% of the pool, on the
servicer's watchlist, generally being monitored for low debt
service coverage ratios (DSCR).

While there is only one loan that is currently in special
servicing, representing 0.7% of the pool, the borrower for the
Westin Portland loan (Prospectus ID#8, 4.6% of the pool) has
recently requested the loan be transferred back to the special
servicer as it is unable to cover operational shortfalls, according
to the servicer commentary. DBRS Morningstar's analysis includes
liquidation scenarios for both of these loans. The implied losses
total more than $22.0 million, which would partially erode the
balance of the first loss piece, Class H.

The Westin Portland loan is secured by a 19-story, full-service,
205-key luxury hotel in the central business district of Portland,
Oregon. The loan was transferred to the special servicer in June
2020 for payment default following sustained performance declines,
which were exacerbated by the Coronavirus Disease (COVID-19)
pandemic. A loan modification was executed in September 2022,
including $5.0 million of new borrower equity to cure the loan.
While the loan was reinstated in December 2022, performance has
continued to struggle, and the borrower has requested the loan be
returned to the special servicer.

The hotel's performance initially declined in 2017 because of a
combination of new hospitality properties delivered to the
submarket and the sponsor's conversion of the hotel to the Dossier
boutique brand from the original Westin flag, which was completed
in 2018. Despite a rebranding of the hotel, performance did not
stabilize prior to the onset of the pandemic, when the hotel was
closed for most of the time between March 2020 and October 2021.
The property's restaurant tenant remains closed and is not expected
to reopen. For the period ended January 31, 2023, the property
reported trailing 12-month (T-12) occupancy, average daily rate,
and revenue per available room (RevPAR) figures of 37.8%, $142, and
$54, respectively. The RevPAR penetration rate for the T-12 period
was 59.6%, indicating the property continues to underperform
relative to its competitive set.

According to the September 30, 2022, T-12 financials, the loan
reported a net cash flow of -$1.9 million (reflecting a DSCR of
-0.51 times (x)), a substantial decline from both the YE2019 and
issuance figures of $2.3 million (a DSCR of 0.63x) and $6.2 million
(a DSCR of 1.69x), respectively. The most recent appraisal is dated
August 2022 and valued the property at $44.9 million, below the
December 2021 value of $50.2 million and the issuance value of
$83.6 million. DBRS Morningstar's analysis, which includes a
liquidation scenario based on a stress to the most recent
appraisal, indicates a loss severity of nearly 40.0%.

While the concentration of office properties is relatively low, it
is notable that these loans exhibited weaker performance than the
pool as a whole. Given the cautious outlook DBRS Morningstar has on
office assets, the analysis for this review included a further
stress of these loans to test the durability of the ratings,
resulting in a weighted-average expected loss that is nearly three
times the pool average expected loss.

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


COMM 2020-CBM: DBRS Confirms BB(low) Rating on Class F Certs
------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-CBM issued by COMM 2020-CBM
Mortgage Trust as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class X-NCP at AAA (sf)
-- Class B at AA (sf)
-- Class X-CP at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since the last rating action in July 2022. At that
time, DBRS Morningstar changed the trends on Classes E and F to
Stable from Negative given the general improvement in performance
of the underlying collateral, which had previously faced
disruptions as a result of the Coronavirus Disease (COVID-19)
pandemic.

The underlying $684.0 million loan is secured by a first-priority
mortgage on the fee and leasehold interests in 52 limited-service
hotel properties totaling 7,677 keys. The trust loan is part of a
split loan structure composed of seven senior promissory notes in
the aggregate principal amount of $298.0 million, one junior
promissory note in the aggregate principal amount of $286.0
million, and four senior promissory non-trust notes totaling $100.0
million. The debt contributed to the transaction consists of the
seven senior promissory notes and one junior promissory note
totaling $584.0 million.

The portfolio primarily includes older-vintage hotels, with 47
properties, representing 90.4% of the rooms, built in 1989 or
earlier. All the hotels operate under the Courtyard by Marriott
flag, benefiting from strong brand recognition as well as
brand-wide reservation systems, marketing, and loyalty programs.
The properties are located across 25 states, with concentrations in
California, Florida, Illinois, and Colorado representing 25.2%,
7.6%, 7.1%, and 6.6% of the allocated loan amount, respectively.
There was a $99.0 million reserve established at closing to fund
capital improvements across the portfolio. As of the May 2023
loan-level reserve report, approximately 84.5% of the original
$99.0 million reserve has been depleted, with a current balance of
$15.4 million. In addition, the servicer noted that a second
reserve of approximately $70.0 million was slated to be collected
over the first four years of the loan term to fund additional
improvements to properties within the portfolio.

The loan transferred to special servicing in April 2020 in
conjunction with the borrower's request for coronavirus-related
relief. Although the lender agreed to modification terms that
included forbearance, the borrower ultimately abandoned the request
for relief, and the loan returned to the master servicer in May
2020. As of the May 2023 remittance report, the loan is performing
and remains current.

Based on the YE2022 reporting, occupancy and cash flow have
improved substantially, although they remain below pre-pandemic
levels. The portfolio's consolidated occupancy has steadily
improved from 29.7% at YE2020 to 56.4% at YE2021 and 62.3% at
YE2022 but still trails the issuer's underwritten occupancy figure
of 71.6%. On an aggregate basis, the portfolio has typically
outperformed its competitive sets, with occupancy, average daily
rates, and revenue per available room penetration rates higher than
100% since 2016. Increased capital investment funded through the
reserves will likely help the portfolio maintain and continue to
grow its competitive position, while improving the overall
financial performance of underperforming assets.

According to the financial reporting for the trailing 12-month
period ended December 31, 2022, the loan reported a net cash flow
(NCF) of $61.9 million (reflecting a debt service coverage ratio
(DSCR) of 2.50 times (x)), substantially higher than the YE2021
figure of $34.3 million (a DSCR of 1.40x) and the YE2020 figure of
-$15.7 million (a DSCR of -0.64x) but still trailing the issuer's
underwritten figure of $84.8 million (a DSCR of 3.46x). The DBRS
Morningstar NCF, which was derived to assign ratings in September
2020, was $80.1 million (a DSCR of 3.26x). DBRS Morningstar applied
a cap rate of 9.0%, which resulted in a DBRS Morningstar value of
$888.4 million, a variance of 25.0% from the appraised value of
$1.2 billion at issuance. The DBRS Morningstar value implies a
loan-to-value ratio (LTV) of 77.0%, compared with the LTV of 57.7%
on the appraised value at issuance.

The sponsor for the transaction is CBM Joint Venture Limited
Partnership, a joint venture between affiliates of Clarion
Partners, LLC (Clarion) and the Michigan Office of Retirement
Services (the majority equity interest holder). Clarion acquired
the portfolio and other interests between 2005 and 2012, investing
$370.4 million into capital expenditures prior to issuance with an
ongoing commitment to the portfolio as evidenced by the continued
capital investment through established reserves.

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


CSMC 2018-SITE: DBRS Confirms BB Rating on Class HRR Certs
----------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2018-SITE issued by CSMC
2018-SITE as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect the overall
stable performance for the transaction, which remains in line with
DBRS Morningstar's expectations at issuance.

The transaction is secured by a portion of first-lien mortgages on
a portfolio of 10 cross-collateralized and cross-defaulted retail
properties across nine states, encumbering the borrower's
fee-simple interest on each property. The portfolio includes seven
power centers and three community centers in 10 distinct markets,
totaling 3.4 million square feet (sf). The largest state
concentrations are Arizona (representing 20.2% of net rentable area
(NRA)), North Carolina (representing 19.8% of NRA), and Connecticut
(representing 16.6% of NRA). The transaction is sponsored by a
joint venture between China Life Merchants Group Limited, owning an
80.0% interest, and SITE Centers Corp., owning the remaining 20.0%
interest and also managing the properties.

The $314.3 million subject transaction consists of two promissory
notes: one senior trust note (A-1) and the subordinate B-Note.
Additionally, there is a $50.0 million pari passu A-2 Note held
outside of the trust in the CSAIL 2019-C15 transaction (rated by
DBRS Morningstar). The loan is interest-only (IO) throughout the
five-year loan term and is scheduled to mature in April 2024. The
loan agreement allows for prepayment in whole without a prepayment
fee, any time on or after April 6, 2023.

As of the December 2022 reporting, the portfolio was 92.7%
occupied, down from 95.2% the prior year. The portfolio's largest
tenants are Lowe's (representing 6.3% of NRA), Kohl's (representing
5.7% of NRA), and AMC Theatres (representing 5.6% of NRA). Several
properties benefit from investment-grade tenants, including Lowe's,
Kohl's, Ross Dress For Less, TJX Companies, and Best Buy.
Additionally, several properties have grocery anchors or are
shadow-anchored by major non-collateral tenants including Target
(three properties) and Sam's Club (one property). The properties
all benefit from prime locations near high-traffic areas, and
complementary retail and demand generators including regional
malls, universities, or convention centers.

The portfolio reported a consolidated net cash flow (NCF) figure of
$42.6 million at YE2022, down from $44.8 million at YE2021, and a
debt service coverage ratio of 2.41 times (x), down from 2.53x at
YE2021. The decrease is mostly a result of the slight decrease in
occupancy, resulting from rollover. Most of the rollover can be
attributed to Brookside Marketplace in Tinley Park, Illinois, and
Towne Center Prado in Marietta, Georgia, which reported YE2022
occupancy rates of 93.2% and 94.0%, down from 100.0% and 99.3% at
YE2021, respectively. Two properties, Ahwatukee Foothills Towne
Center in Phoenix and Ashley Crossing in Charleston, South
Carolina, have seen a slight increase in occupancy, and reported
YE2022 occupancy rates of 98.5%, and 93.9%, up from 92.6%, and
91.9% at YE2021, respectively. The remaining properties experienced
slight occupancy decreases, with the exception of Route 22 Retail
Center in Union, New Jersey, which remained unchanged from the
prior year at 87.5%.

Overall, despite the slight decrease in performance across the
portfolio, DBRS Morningstar anticipates performance will remain
relatively stable in the near to moderate term given the
geographical diversification, prime locations, and granular rent
roll across the portfolio. While cash flow has slightly declined at
the property, the YE2022 figure of $42.6 million remains above the
DBRS Morningstar derived NCF of $35.8 million.

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


DRYDEN 107: S&P Assigns Prelim BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Dryden 107
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 PGIM Inc.

The preliminary ratings are based on information as of June 27,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Dryden 107 CLO Ltd./Dryden 107 CLO LLC

  Class A-1, $246.00 million: AAA (sf)
  Class A-2, $14.00 million: Not rated
  Class B, $44.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $33.60 million: Not rated



EXETER AUTOMOBILE 2022-5: S&P Lowers Class E Notes Rating to 'BB-'
------------------------------------------------------------------
S&P Global Ratings lowered its rating on the class E notes from
Exeter Automobile Receivables Trust (EART) 2022-5 to 'BB- (sf)'
from 'BB (sf)' and removed the ratings from CreditWatch with
negative implications.

The rating action reflects:

-- The transaction's structure, collateral performance (see table
1), and level of credit enhancement to date (see table 2);

-- S&P's remaining cumulative net loss (CNL) expectations
regarding future collateral performance (see table 3); and

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

S&P said, "Considering all these factors, we believe the notes'
creditworthiness is consistent with the lowered rating. The
transaction's collateral performance is trending worse than our
original CNL expectation, although it only has eight months of
performance. Cumulative gross losses for EART 2022-5 are
significantly higher than prior issuances from 2016 through 2021
(at performance month eight), which, coupled with below-average
cumulative recoveries, is resulting in elevated CNLs. Delinquencies
and extensions, while having normalized, remain a concern. From the
January 2023 performance month, excess spread was not sufficient to
cover net losses, resulting in a decline in the dollar amount of
overcollateralization. However, overcollateralization as a
percentage of the current receivables balance increased in the
collection months of March, April, and May."

  Table 1

  EART 2022-5 collateral performance (%)

             Pool   61+ days                                       
     
  Mo.(i)   factor    delinq.   Ext.    CGL     CRR    CNL

  Oct-22    97.49       0.74   0.62   0.00       -   0.01
  Nov-22    95.77       3.09   0.23   0.08   26.23   0.06
  Dec-22    93.67       5.73   0.50   0.55   16.17   0.46
  Jan-23    90.67       7.28   0.94   1.95   15.07   1.65
  Feb-23    87.57       6.93   2.41   3.41   17.64   2.81
  Mar-23    84.13       5.85   4.71   4.96   24.38   3.75
  Apr-23    81.45       5.78   5.16   6.07   27.21   4.42
  May-23    78.66       6.25   5.68   7.13   28.85   5.07

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

  Table 2

  EART 2022-5 overcollateralization summary

                                        Current    Target
  Mo.(i) Current (%)(ii) Target (%)(ii) ($ mil.)  ($ mil.)(iii)

  22-Oct       8.51          18.00       53.33      112.86

  22-Nov       9.48          18.00       58.41      110.87

  22-Dec      10.24          18.00       61.68      108.43

  23-Jan      10.19          18.00       59.45      104.96

  23-Feb      10.16          18.00       57.21      101.37

  23-Mar      10.35          18.00       56.01       97.39

  23-Apr      10.64          18.00       55.74       94.29

  23-May      10.97          18.00       55.50       91.06

(i)As of the monthly collection period.
(ii)Percentage of the current collateral pool balance.
(iii)Product of the target percentage and the current collateral
pool balance as of the end of the related collection period.

EART--Exeter Automobile Receivables Trust.
Mo.--Month.

In view of the series' performance to date, which is trending worse
than our initial CNL expectations along with continued adverse
economic headwinds and weaker (but improving) recovery rates, S&P
raised its expected CNL. If the current pace of losses continues,
S&P may consider a higher loss expectation to be more appropriate
during future surveillance.

  Table 3

  CNL expectations (%)

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

  2022-5      18.75         22.50

  (i)As of the collection period ended May 31, 2023.
  CNL exp.--Cumulative net loss expectations.

The transaction has a sequential principal payment structure with
credit enhancement consisting of overcollateralization, a
nonamortizing reserve account, subordination for the more senior
tranches, and excess spread. As of the May 2023 collection month
(June 2023 distribution), EART 2022-5's reserve account was at its
required level, but its overcollateralization amount was below the
target level.

The lowered rating on EART 2022-5's class E notes reflects S&P's
view that the total credit support (as a percentage of the
amortizing pool balance) as of the collection period ended May 2023
(June 2023 distribution), compared with its expected remaining
losses, is commensurate with the revised rating.


  Table 4

  Hard Credit Support(i)

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

  2022-5   E                 8.32                12.97

(i)Calculated as a percentage of the total receivable pool balance,
which consists of a reserve account and overcollateralization.
Excludes excess spread that can also provide additional
enhancement.
(ii)As of the collection period ended May 31, 2023.

S&P said, "For EART 2022-5's class E notes, we incorporated a cash
flow analysis to assess the loss coverage levels for the notes,
giving credit to stressed excess spread. Our 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. Additionally,
we conducted sensitivity analyses to determine the impact that a
moderate ('BBB') stress level scenario would have on our ratings if
losses trended higher than our revised base-case loss expectations.


"In our view, the results demonstrated that the class E notes have
adequate credit enhancement at the lowered rating level which is
based on our analysis as of the collection period ended May 31,
2023. We will continue to monitor the performance of EART 2022-5 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."



EXETER AUTOMOBILE 2023-3: Fitch Gives 'BB(EXP)sf' Rating on E Debt
------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
Exeter Automobile Receivables Trust (EART) 2023-3.

   Entity/Debt         Rating        
   -----------         ------        
Exeter Automobile
Receivables
Trust 2023-3

   A-1            ST  F1+(EXP)sf  Expected Rating
   A-2            LT  AAA(EXP)sf  Expected Rating
   A-3            LT  AAA(EXP)sf  Expected Rating
   B              LT  AA(EXP)sf   Expected Rating
   C              LT  A(EXP)sf    Expected Rating
   D              LT  BBB(EXP)sf  Expected Rating
   E              LT  BB(EXP)sf   Expected Rating

KEY RATING DRIVERS

Collateral Performance - Subprime Credit Quality: EART 2023-3 is
backed by collateral with subprime credit attributes, including a
weighted average (WA) FICO score of 575, a WA loan-to-value (LTV)
ratio of 114.24% and WA APR of 21.81%. In addition, 97.61% of the
loans are backed by used vehicles and the WA payment-to-income
(PTI) ratio is 12.19%.

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

Payment Structure - Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) totals 62.65%, 47.75%, 34.65%, 21.30% and
9.35% for classes A, B, C, D and E, respectively. The class A, B,
C, and D CE levels are up from 2023-2. The class E CE level is
lower than in 2023-2. CE for each class is up from those of
transactions prior to 2022-5. Excess spread is expected to be
11.11% per annum. Loss coverage for each class of notes is
sufficient to cover the respective multiples of Fitch's base case
CNL proxy of 20%.

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

ESG CONSIDERATIONS

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

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


FANNIE MAE 2023-R05: S&P Assigns Prelim B(sf) Rating on 1B-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Fannie Mae
Connecticut Avenue Securities Trust 2023-R05's notes.

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

The preliminary ratings are based on information as of June 26,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P' view of:

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

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

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

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

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

  Preliminary Ratings Assigned

  Fannie Mae Connecticut Avenue Securities Trust 2023-R05

  Class 1A-H(i), $19,183,142,534: NR
  Class 1M-1, $288,202,000: A- (sf)
  Class 1M-1H(i), $15,168,729: NR
  Class 1M-2A(ii), $76,853,000: BBB+ (sf)
  Class 1M-AH(i), $4,045,862: NR
  Class 1M-2B(ii), $76,853,000: BBB+ (sf)
  Class 1M-BH(i), $4,045,862: NR
  Class 1M-2C(ii), $76,853,000: BBB (sf)
  Class 1M-CH(i), $4,045,862: NR
  Class 1M-2(ii), $230,559,000: BBB (sf)
  Class 1B-1A(ii), $63,707,000: BB+ (sf)
  Class 1B-AH(i), $42,472,756: NR
  Class 1B-1B(ii), $63,707,000: BB- (sf)
  Class 1B-BH(i), $42,472,756: NR
  Class 1B-1(ii), $127,414,000: BB- (sf)
  Class 1B-2, $92,022,000: B (sf)
  Class 1B-2H(i), $39,438,650: NR
  Class 1B-3H(i), $151,685,365: NR

  Related combinable and recombinable notes exchangeable
classes(iii)

  Class 1E-A1, $76,853,000: BBB+ (sf)
  Class 1A-I1, $76,853,000(iv): BBB+ (sf)
  Class 1E-A2, $76,853,000: BBB+ (sf)
  Class 1A-I2, $76,853,000(iv): BBB+ (sf)
  Class 1E-A3, $76,853,000: BBB+ (sf)
  Class 1A-I3, $76,853,000(iv): BBB+ (sf)
  Class 1E-A4, $76,853,000: BBB+ (sf)
  Class 1A-I4, $76,853,000(iv): BBB+ (sf)
  Class 1E-B1, $76,853,000: BBB+ (sf)
  Class 1B-I1, $76,853,000(iv): BBB+ (sf)
  Class 1E-B2, $76,853,000: BBB+ (sf)
  Class 1B-I2, $76,853,000(iv): BBB+ (sf)
  Class 1E-B3, $76,853,000: BBB+ (sf)
  Class 1B-I3, $76,853,000(iv): BBB+ (sf)
  Class 1E-B4, $76,853,000: BBB+ (sf)
  Class 1B-I4, $76,853,000(iv): BBB+ (sf)
  Class 1E-C1, $76,853,000: BBB (sf)
  Class 1C-I1, $76,853,000(iv): BBB (sf)
  Class 1E-C2, $76,853,000: BBB (sf)
  Class 1C-I2, $76,853,000(iv): BBB (sf)
  Class 1E-C3, $76,853,000: BBB (sf)
  Class 1C-I3, $76,853,000(iv): BBB (sf)
  Class 1E-C4, $76,853,000: BBB (sf)
  Class 1C-I4, $76,853,000(iv): BBB (sf)
  Class 1E-D1, $153,706,000: BBB+ (sf)
  Class 1E-D2, $153,706,000: BBB+ (sf)
  Class 1E-D3, $153,706,000: BBB+ (sf)
  Class 1E-D4, $153,706,000: BBB+ (sf)
  Class 1E-D5, $153,706,000: BBB+ (sf)
  Class 1E-F1, $153,706,000: BBB (sf)
  Class 1E-F2, $153,706,000: BBB (sf)
  Class 1E-F3, $153,706,000: BBB (sf)
  Class 1E-F4, $153,706,000: BBB (sf)
  Class 1E-F5, $153,706,000: BBB (sf)
  Class 1-X1, $153,706,000(iv): BBB+ (sf)
  Class 1-X2, $153,706,000(iv): BBB+ (sf)
  Class 1-X3, $153,706,000(iv): BBB+ (sf)
  Class 1-X4, $153,706,000(iv): BBB+ (sf)
  Class 1-Y1, $153,706,000(iv): BBB (sf)
  Class 1-Y2, $153,706,000(iv): BBB (sf)
  Class 1-Y3, $153,706,000(iv): BBB (sf)
  Class 1-Y4, $153,706,000(iv): BBB (sf)
  Class 1-J1, $76,853,000: BBB (sf)
  Class 1-J2, $76,853,000: BBB (sf)
  Class 1-J3, $76,853,000: BBB (sf)
  Class 1-J4, $76,853,000: BBB (sf)
  Class 1-K1, $153,706,000: BBB (sf)
  Class 1-K2, $153,706,000: BBB (sf)
  Class 1-K3, $153,706,000: BBB (sf)
  Class 1-K4, $153,706,000: BBB (sf)
  Class 1M-2Y, $230,559,000: BBB (sf)
  Class 1M-2X, $230,559,000(iv): BBB (sf)
  Class 1B-1Y, $127,414,000: BB- (sf)
  Class 1B-1X, $127,414,000(iv): BB- (sf)
  Class 1B-2Y, $92,022,000: B (sf)
  Class 1B-2X, $92,022,000(iv): B (sf)

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



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

-- $218.7 million Class A-1 at AAA (sf)
-- $31.5 million Class A-2 at AA (sf)
-- $23.4 million Class A-3 at A (sf)
-- $18.0 million Class M-1 at BBB (low) (sf)
-- $9.9 million Class B-1 at BB (high) (sf)
-- $8.4 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 certificates reflects 33.75%
of credit enhancement provided by subordinate certificates. The AA
(sf), A (sf), BBB (low) (sf), BB (high) (sf), and B (high) (sf)
ratings reflect 24.20%, 17.10%, 11.65%, 8.65%, and 6.10% of credit
enhancement, respectively.

This transaction is a securitization of a portfolio of fixed-rate
prime and nonprime first-lien residential mortgages funded by the
issuance of the Certificates. The Certificates are backed by 764
loans with a total principal balance of approximately $330,084,520
as of the Cut-Off Date (April 30, 2023).

Approximately 78.8% of loans in the pool by balance were originated
by HomeXpress Mortgage Corp. (HomeX), and about 21.2% were sourced
by other originators, each individually accounting for less than
10.0% of loans in the pool.

HOMES 2023-NQM2 represents the second-rated securitization of the
prime and nonprime first-lien residential mortgage loans issued by
the Sponsor, APF Holdings I, L.P., from the HOMES shelf. The
Sponsor is a special-purpose entity owned by funds managed or
affiliated with Ares Alternative Credit Management LLC (Ares). The
loans were purchased by a fund managed by Ares from the HomeX and
Angel Oak and will be assigned to the Sponsor, another Ares-managed
fund entity, on the Closing Date.

Specialized Loan Servicing LLC and Select Portfolio Servicing, Inc.
will act as the Servicers for 36.7% and 63.3% of loans.

Wilmington Savings Fund Society, FSB will act as the Securities
Administrator, Trustee, and Certificate Registrar. Computershare
Trust Company, N.A. (rated BBB with a Stable trend by DBRS
Morningstar) will serve as the Custodian.

The pool is about eight months seasoned on a weighted-average
basis; although, seasoning may span from four to 12 months.

In accordance with U.S. credit risk retention requirements, the
Sponsor, either directly or through a majority-owned affiliate,
will retain an eligible horizontal residual interest consisting of
the Class X Certificates and the required portion of the Class B-3
Certificates, representing not less than 5% economic interest in
the transaction, to satisfy the requirements under Section 15G of
the Securities and Exchange Act of 1934 and the regulations
promulgated thereunder. Such retention aligns the Sponsor and
investor interest in the capital structure.

Although the applicable mortgage loans were originated to satisfy
the Consumer Financial Protection Bureau (CFPB) ability-to-repay
(ATR) rules, they were made to borrowers who generally do not
qualify for the agency, government, or private-label nonagency
prime products for various reasons described above. In accordance
with the CFPB Qualified Mortgage (QM)/ATR rules, 58.9% of the loans
are designated as non-QM. Approximately 41.1% of the loans are made
to investors for business purposes and are thus not subject to the
QM/ATR rules.

Neither Servicer nor any other transaction party will have any
obligation to make any advances of any delinquent scheduled monthly
principal and interest (P&I) payments due on any of the loans.
However, each Servicer is obligated to make advances in respect of
taxes, insurance premiums, and reasonable costs incurred in the
course of servicing and disposing of properties (Servicing
Advances). If any Servicer fails to make the Servicing Advances on
a delinquent loan, the recovery amount upon liquidation may be
reduced.

The Depositor (APF Securitization O4B-23B LLC) may, at its option,
on any date on or after the date that is the earlier of (1) the
distribution date occurring in May 2026, and (2) the date on which
the total loan balance is less than or equal to 30% of the loan
balance as of the Cut-Off Date, purchase all outstanding
certificates at a price equal to the outstanding class balance plus
accrued and unpaid interest, including any cap carryover amounts
any amounts deferred by the Servicers in connection with loan
modifications after the Cut-off Date (Optional Redemption) and any
outstanding pre-closing deferred amounts. An Optional Redemption
will be followed by a qualified liquidation, which requires a
complete liquidation of assets within the Trust and the
distribution of proceeds to the appropriate holders of regular or
residual interests.

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

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

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.


HPS LOAN 2023-18: S&P Assigns B- (sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to HPS Loan Management
2023-18 Ltd./HPS Loan Management 2023-18 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 HPS Investment Partners 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

  HPS Loan Management 2023-18 Ltd./HPS Loan Management 2023-18 LLC

  Class A, $244.00 million: Not rated
  Class B, $57.00 million: AA (sf)
  Class C (deferrable), $23.60 million: A (sf)
  Class D (deferrable), $21.00 million: BBB- (sf)
  Class E (deferrable), $12.80 million: BB- (sf)
  Class F (deferrable), $8.00 million: B- (sf)
  Subordinated A and B notes, $43.67 million: Not rated



JP MORGAN 2022-DATA: DBRS Confirms BB Rating on Class E Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all Classes of the Commercial
Mortgage Pass-Through Certificates, Series 2022-DATA issued by J.P.
Morgan Chase Commercial Mortgage Securities Trust 2022-DATA as
follows:

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

All trends are Stable.

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

The transaction is collateralized by a 238,000-square-foot
hyperscale data center with 46.2 megawatts (MW) of critical IT
load. The property is 100.0% leased to Google LLC (Google) through
2029 and was purpose-built to suit the tenant's needs. DBRS
Morningstar views the collateral favorably, given its strong
critical infrastructure, including market leading power and
redundancy capabilities.

The borrower used whole loan proceeds of $391.1 million, alongside
$394.6 million of equity, to acquire the property for $709.0
million. The interest-only (IO) loan was structured with a 10-year
term, maturing in May 2032, with no extension options. The loan
benefits from strong sponsorship by TechCore, a joint venture of GI
Partners, a private equity firm and California Public Employees
Retirement System.

The property is in a prime location within Loudon County, Virginia,
in a corridor referred to as Data Centre Alley, which has various
advantages for data center operators, including superior
connectivity via an existing fiber network, low costs for power,
and tax incentives for operators. The property has good power input
with multiple feeds from the electrical grid to reduce the risk of
a short-term disruption in power. Additionally, the cooling
infrastructure is robust with a large network of chillers and
consists of a process water system that reduces the need to
constantly operate the chillers, effectively reducing electricity
usage. The asset is one of the newest on the market, having been
completed in 2019. DBRS Morningstar believes that the current
tenant, or any replacement tenant, would find that the property is
not only suitable for its current needs, but has the flexibility to
grow as the industry's needs evolve.

Since taking occupancy, Google has slowly ramped up its usage and
steadily added equipment. Power usage was reported at 17 MW, as of
May 2022, meaning that Google has room to grow at the property as
its own needs increase. Google may terminate its lease any time
after March 2024, and while this creates a risk that the property
could be left with no revenue after that date, DBRS Morningstar has
considered certain mitigating factors. From a financial standpoint,
an exercise of the termination option requires 18 months' notice
and the payment of a termination fee equal to the present value of
all remaining lease payments. The termination fee could be as high
as $143.6 million, or $603 per square foot (psf), should Google
exercise the option in 2024, or $90.7 million if the lease is
terminated in 2026. This payment would be equal to about 45% of the
outstanding loan balance and would provide cash that could be used
to update the center to attract a new tenant. A cash flow sweep
would also be triggered upon notice of termination that would
impound additional cash during the 18-month notice period. As of
the date of this release, Google's termination option has not been
exercised. Further, the configuration of the property was built
with flexibility in mind, so that if Google was to terminate the
lease, the property would be leasable to a single user or multiple
users.

According to the most recent reporting for the period ending June
2022, the annualized net cash flow (NCF) of $27.9 million is 16.8%
higher than the DBRS Morningstar NCF of $23.9 million, and the
YE2022 debt service coverage ratio (DSCR) of 2.18x is above the
DBRS Morningstar DSCR of 1.87x. DBRS Morningstar's NCF analysis
includes a higher capital expenditure and replacement reserve
conclusion than budgeted at issuance, given the specialized
property type. Loan leverage based on the appraised value is low at
45% appraised loan-to-value ratio (LTV); the DBRS Morningstar LTV
is 90%. The appraised dark value is $522.0 million, which provides
adequate coverage for the loan in the event that the tenant vacates
the property.

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


JP MORGAN 2023-HE1: Fitch Assigns B(EXP)sf Rating on Cl. B-2 Certs
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to JP Morgan Mortgage
Trust 2023-HE1 (JPMMT 2023-HE1).

   Entity/Debt        Rating        
   -----------        ------        
JPMMT 2023-HE1

   A-1            LT  AAA(EXP)sf  Expected Rating
   M-1            LT  AA(EXP)sf   Expected Rating
   M-2            LT  A(EXP)sf    Expected Rating
   M-3            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
   B-4            LT  NR(EXP)sf   Expected Rating
   BX             LT  NR(EXP)sf   Expected Rating
   A-IO-S         LT  NR(EXP)sf   Expected Rating
   X              LT  NR(EXP)sf   Expected Rating
   R              LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
backed by a second-lien prime open home equity line of credit
(HELOC) on residential properties to be issued J.P. Morgan Mortgage
Trust 2023-HE1 (JPMMT 2023-HE1) as indicated above. This is the
first transaction rated by Fitch that includes prime quality
second-lien HELOCs with open draws on the JPMMT shelf and the
inaugural second-lien HELOC transaction on the JPMMT shelf.

The loans associated with the draws allocated to the participation
certificate are 2,269 non-seasoned performing prime quality
second-lien HELOC loans with a current outstanding balance, as of
the cutoff date, of $186.39 million (the collateral balance based
on the maximum draw amount is $224.38 million, as determined by
Fitch). As of the cutoff date, 100% of the HELOC lines are
currently open or on a temporary freeze and may be opened in the
future. The aggregate available credit line amount, as of the
cutoff date, is expected to be $37.99 million per the transaction
documents. As of the cutoff date the HELOC is 88.4% utilized per
the transaction documents.

The main originators in the transaction are United Wholesale
Mortgage and loanDepot.com LLC. All other originators make up less
than 10% of the pool. The loans are serviced by Specialized Loan
Servicing LLC and loanDepot.com, LLC.

Distributions of principal are based on a modified sequential
structure subject to the transaction's performance triggers.
Interest payments are made sequentially to all classes except the
B-4, which is a principal only class, while losses are allocated
reverse sequentially once excess spread is depleted.

Draws will be funded by JPMMAC. This transaction will not use a
variable funding note (VFN) structure, rather it will use
participation certificates. JPMMT 2023-HE1 is only entitled to cash
flows based on the amount that has been drawn as of the cutoff
date. The remaining available draws will be allocated to JPM PC if
they are drawn in the future. See the Highlights section for a
description.

In Fitch's analysis, Fitch assumes 100% of the HELOCs are 100%
drawn day one. As a result all percentages are based off the
maximum HELOC draw amount.

The servicers, Specialized Loan Servicing LLC and loanDepot.com,
LLC, will not be advancing delinquent monthly payments of principal
and interest (P&I).

The collateral comprises 100% adjustable-rate loans adjusted based
on the Prime Rate, none of which reference LIBOR. The certificates
are floating rate and use SOFR as the index and are capped at the
net weighted average coupon (WAC) or are entitled to principal
only.

There is no exposure to LIBOR in this transaction.

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 6.3% above a long-term sustainable level (vs. 7.8%
on a national level as of March 2023, down 2.7% since last
quarter). The rapid gain in home prices through the pandemic has
begun to moderate, with a decline in 3Q22. Driven by the strong
gains in 1H22, home prices rose 5.8% yoy nationally as of December
2022.

High Quality Prime Mortgage Pool (Positive):Participation interest
in a fixed pool of draws related to 2,269 prime quality performing
adjustable-rate open-ended HELOCs that have a 10 year,
interest-only period and maturities of 20 or 30 years. The
open-ended HELOCs are secured by second-liens on primarily one- to
three-family residential properties (including planned unit
developments), condominiums, and townhouses, totaling $224 million
(includes max HELOC draw amount). The loans were made to borrowers
with strong credit profiles and relatively low leverage.

The loans are seasoned at an average of six months, according to
Fitch (three months per the transaction documents). The pool has a
weighted average (WA) original FICO score of 747, as determined by
Fitch, which is indicative of very high credit quality borrowers.
Approximately 46.2%, as determined by Fitch, of the loans have a
borrower with an original FICO score equal to or above 750. The
original WA combined loan-to-value as determined by Fitch (CLTV) of
68.9% translates to a sustainable loan-to-value (sLTV) of 73.4%.

The transaction documents stated a weighted average drawn LTV of
15.4% and a weighted average drawn CLTV of 66.6%. The LTVs
represent moderate borrower equity in the property and reduced
default risk compared with a borrower CLTV over 80%. There was
46.2% of the pool originated by a retail and correspondent
channel.

100% of the loans are underwritten to full documentation. Based on
Fitch's review of the of the documentation, Fitch considered 97.9%
of the loans to be fully documented.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments (PUDs), townhouses, and single-family attached
dwellings constitute 95.6% of the pool; condominiums and site
condos make up 3.1%; and multifamily homes make up 1.3%. The pool
consists of loans with the following loan purposes: purchases
(2.1%), cashout refinances (97.9%) and rate-term refinances (less
than 0.1%). Fitch views favorably that there are no loans to
investment properties.

None of the loans in the pool are over $1.0 million, and the
largest maximum draw amount is approximately $500,000. Of the pool,
41.4% is concentrated in California. The largest MSA concentration
is in the Los Angeles-Long Beach-Santa Ana, CA MSA (14.8%),
followed by the Riverside-San Bernardino-Ontario, CAMSA (7.1%) and
Miami-Fort Lauderdale-Miami Beach, FLMSA (5.9%). The top three MSAs
account for 28% of the pool. As a result, no probability of default
(PD) penalty was applied for geographic concentration.

Second-Lien HELOC Collateral (Negative): The entirety of the
collateral pool is composed of second-lien HELOC loans originated
by United Wholesale Mortgage, loanDepot.com LLC, and other
originators. Fitch assumed no recovery and 100% loss severity (LS)
on second-lien loans based on the historical behavior of
second-lien loans in economic stress scenarios. Fitch assumes
second-lien loans default at a rate comparable to first lien loans,
after controlling for credit attributes, no additional penalty was
applied.

Modified Sequential Structure with No Advancing of DQ P&I (Mixed):
The proposed structure is a modified sequential in which principal
is distributed pro-rata to the A-1, M-1, M-2, and M-3 classes to
the extent that the performance triggers are passing. To the extent
they are failing, it is paid sequentially. The transaction also
benefits from excess spread that can be used to reimburse for
realized and cumulative losses and cap carryover amounts.

The transaction also has a lockout feature which benefits the more
senior class(es) if performance deteriorates. If the Applicable
Credit Support Percentage of the M-1, M-2, or M-3 classes is less
than the sum of (i) 150% of the Original Applicable Credit Support
Percentage for that class, plus (ii) 50% of the Non-Performing Loan
Percentage, plus (iii) the Charged-off Loan Percentage, then that
class is locked out of receiving principal payments and the
principal payments are redirected to the most senior class.

To the extent any class of certificates is a Locked-Out Class, each
class of certificates subordinate to such Locked-Out Class will
also be a Locked-Out Class. Due to this lockout feature, the M
classes will be locked out starting day one.

The A-1, M classes, B-1, B-2, and B-3 are floating rate classes
based on the SOFR index and capped at the Net WAC. The B-4 is a
principal only class and is not entitled to receive interest. If
there is no longer excess spread to absorb losses, losses will be
allocated to all the classes reverse sequentially starting with
B-4.

The servicer will not be advancing delinquent monthly payments of
principal and interest.

180 Day Charge Off Feature (Positive): Loans that become 180 days
delinquent based on the MBA delinquency method (except for loans
that are in a forbearance plan) will be charged off. The 180 day
charge-off feature will result in losses being incurred sooner
while there is a larger amount of excess interest to protect
against losses. This compares favorably to a delayed liquidation
scenario where the loss occurs later in the life of the deal and
less excess is available.

In the additional analysis scenario the M-1 class took a $367.00
period interest shortfall in period 113 that was recovered in full
by period 116 in the 'AAsf' backloaded benchmark down stress. The
class paid timely interest in all other 'AAsf' scenarios in the
additional analysis cash flow run and in all the 'AAsf' scenarios
in the base cash flow run that did not stress the WAC. Per Fitch's
criteria, a class does not need to pass all the cash flow
scenarios/stresses to be assigned that rating.

Fitch assigned a 'AAsf' rating to M-1 due to the fact that the
interest shortfall was small (not material), occurred late in the
transactions life, was repaid quickly, and that the periodic
interest shortfall only occurred in the additional analysis cash
flow run in the backloaded benchmark down stress (this stress is a
very conservative stress that is not likely to occur).

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 39.1% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence described in
Form 15E focused on four areas: compliance review, credit review,
valuation review and data integrity. Fitch considered this
information in its analysis and, as a result, Fitch decreased its
loss expectations by 0.93% at the 'AAAsf' stress due to 100% due
diligence with no material findings.

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 was 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 reviewed by the due diligence companies, and
no material discrepancies were noted.

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.



MANHATTAN WEST 2020-1MW: DBRS Confirms BB(high) Rating on HRR Certs
-------------------------------------------------------------------
DBRS Limited confirmed the following ratings of the Commercial
Mortgage Pass-Through Certificates, Series 2020-1MW issued by
Manhattan West 2020-1MW Mortgage Trust:

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

All trends are Stable.

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

The transaction is collateralized by a trophy 70-story Class A
office building in the Hudson Yards submarket of Manhattan, one of
the most desirable office locations in Manhattan as large space
users have opted to move west and sign major leases. The borrower
used whole-loan proceeds of $1.8 billion to refinance existing
construction financing held by a syndicate of banks scheduled to
mature in April 2021, return equity to the sponsor, fund up-front
reserves, and pay closing costs. The transaction benefits from
experienced institutional sponsorship in the form of a joint
venture partnership between Brookfield Property Partners L.P. (BPY)
and the Qatar Investment Authority, noted at issuance, combined
with Blackstone Real Estate, which acquired a 49% stake in One
Manhattan West in March 2022. BPY, together with its affiliate
Brookfield Asset Management, is one of the largest commercial
landlords in New York City. BPY's core office portfolio includes
interests in 134 Class A office buildings totaling 72.6 million
square feet in gateway markets around the world.

The seven-year loan pays a fixed-rate interest of 2.341% on an
interest-only basis through the September 2027 maturity of the
loan. The building is a component of BPY's larger Manhattan West
mixed-use development project and was delivered in July 2019, with
tenants taking occupancy through Q3 2020. The asset benefits from
long-term, institutional-grade tenancy with a weighted-average
remaining lease term of approximately 14 years. None of the leases
in place roll during the loan term and the existing tenants have
contractual rent increases built into many of their leases. The
earliest scheduled lease expirations of any of the major tenants
(Skadden, Arps, Slate, Meagher, & Flom LLP, Ernst & Young,
Accenture, National Hockey League, and McKool Smith A Professional
Corporation), which together are responsible for more than 85% of
base rent, is almost eight full years after loan maturity. The
property's tenancy is heavily concentrated, with the top three
tenants (Skadden, E&Y, and Accenture) accounting for nearly 75% of
the building's net rentable area and a little more than 70% of base
rent.

According to the YE2022 rent roll, the property had a physical
occupancy rate of 98.2% with an average rental rate of $93.04 per
square foot (psf), up slightly from 96.6% and $91.03 psf,
respectively, at March 2022. The servicer reported the net cash
flow and debt service coverage ratio at $110.9 million and 3.11
times (x), respectively, for YE2022, compared with $105.3 million
and 2.96x, respectively, for YE2021, and $34.6 million and 0.97x,
respectively, for YE2020, reflecting overall healthy performance
metrics.

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


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

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

All trends are Stable. The rating confirmations reflect minimal
changes to the overall performance of the underlying collateral,
which remains in line with DBRS Morningstar's expectations since
the last rating action.

The loan is secured by the fee-simple and leasehold interests in
the Millennium Partners Portfolio, which consists of eight
cross-collateralized retail and office condominiums in dense urban
locations, including New York, Boston, Miami, San Francisco, and
Washington, D.C. The collateral consists of approximately 1.5
million square feet (sf) of commercial space along with parking
garages at the Four Seasons Miami; Ritz-Carlton Washington, D.C.;
and Ritz-Carlton Georgetown Retail properties. The loan is
sponsored by Millennium Partners, a Manhattan-based real estate
development and management company focused on luxury mixed-use
properties in gateway cities across the U.S. As of June 2023, the
sponsor's portfolio has been valued at more than $4.0 billion with
its owned-portfolio including more than 2,900 luxury condominiums,
1.2 million sf of office space, and 1.0 million sf of retail
space.

The properties are in desirable, centrally located markets that
have minimal available space for future competitive developments,
and most of the condominium properties are part of larger,
higher-end luxury uses and include quality fit-outs. All eight
properties are subject to complex condominium structures, which are
not controlled by the borrowers. The portfolio is geographically
diverse as the properties are located in four states and the
District of Columbia. The whole loan loan-to-value ratio (LTV)
totaled 120.3%, based on the DBRS Morningstar value of $822.7
million, while the total mortgage debt reflects an LTV of 86.3%.

The subject whole loan has a 10-year interest-only (IO) term with a
$710.0 million first mortgage and $280.2 million of mezzanine debt
held outside the trust. Of the first mortgage amount, $225.9
million consists of non-pooled pari passu notes that were
securitized in the following DBRS Morningstar-rated commercial
mortgage-backed securities (CMBS) transactions: BANK 2019-BN16, MSC
2018-L1, and BANK 2018-BN14. The loan is also securitized in the
non-DBRS Morningstar-rated transaction, BANK 2018-BNK15.

According to the financials for the trailing nine-month period
ended September 30, 2022, the loan had an annualized net cash flow
(NCF) of $50.4 million (reflecting a debt service coverage ratio
(DSCR) of 1.63 times (x)), a slight decline from the YE2021 figure
of $54.0 million (a DSCR of 1.75x) and the DBRS Morningstar NCF of
$55.9 million. The recent decline in NCF was primarily driven by
the 6.8% dip in base rent, as occupancy fluctuated moderately
during 2022. According to the servicer, 31 tenants (14.5% of net
rentable area (NRA)) had lease expirations in 2022 and 12 tenants
(5.5% of NRA) elected to vacate upon lease expiration; however, 10
tenants (6.8% of NRA) have since signed new leases, with rental
rates generally above the respective property average. As of
September 2022, portfolio occupancy was reported at 93.4%, compared
with 90.8% in April 2022 and 95.6% at issuance.

The Lincoln Triangle property in New York had the lowest reported
occupancy rate at 53.0%, according to the servicer reporting, after
two of its three tenants, Banana Republic and Century 21,
(collectively representing 45.0% of property NRA) vacated. The
remaining tenant, The New York City School Construction Authority
(55.0% of property NRA), however, has recently signed a long-term
lease. As of September 2022, the remaining seven properties in the
portfolio had occupancy rates that were above 90.0%. Additionally,
there is minimal rollover risk in 2023 with only 3.3% of portfolio
NRA scheduled to expire. Given the borrower's dedication to
backfilling vacant space and the desirable locations of the
collateral, DBRS Morningstar expects the transaction to continue
performing in line with issuance expectations.

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


MSBAM COMMERCIAL 2012-CKSV: DBRS Confirms B(high) Rating on D Certs
-------------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2012-CKSV issued by MSBAM
Commercial Mortgage Securities Trust 2012-CKSV as follows:

-- Class A-2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (low) (sf)
-- Class B at A (high) (sf)
-- Class C at BBB (low) (sf)
-- Class D at B (high) (sf)
-- Class CK at BBB (low) (sf)

All trends are Stable. The rating confirmations and Stable trends
reflect DBRS Morningstar's expectation that performance will remain
stable following the recent modification and transfer back to the
master servicer for both of the underlying loans, Clackamas Town
Center (Clackamas) and Sun Valley Shopping Center (Sunvalley), as
of the first quarter of 2023. The loans transferred to special
servicing ahead of the scheduled 2022 maturity dates. The approved
loan modifications extend the maturity dates to 2024, subject to
certain criteria specific to each loan, as further discussed below.
As part of the loan modifications, any special servicing fees
incurred to date or going forward will be the borrower's
responsibility.

All certificates rated by DBRS Morningstar, except for Class CK,
are pooled certificates backed by two separate loans. Both loans
are secured by a regional mall. There is also one rake bond, the
Class CK certificate, which is backed by the Clackamas loan only.
As of the April 2023 remittance, the Clackamas loan had a senior
component balance of $186.3 million and a subordinate component
balance of $24.6 million, while the Sunvalley loan had a senior
balance of $150.1 million. The loans are not cross-collateralized
or cross-defaulted. The Clackamas loan is sponsored by a joint
venture between Brookfield Property Partners L.P. and Teacher's
Retirement System of the State of Illinois, while the Sunvalley
loan is sponsored by Simon Property Group after its acquisition of
The Taubman Realty Group Limited Partnership in December 2020.

The weaker of the two underlying loans, Sunvalley, is secured by a
1.2 million-square-foot (sf) portion of a 1.4 million-sf regional
mall in Concord, California. Collateral anchors include JCPenney,
Macy's, and Macy's Men & Home as well as a noncollateral Sears,
which remains open. At issuance, the subject was valued at $350.0
million; however, the August 2022 appraisal obtained by the special
servicer showed the value had since declined to $170.0 million on
an as-is basis and $187.0 million on a stabilized basis. The loan
modification approved by the servicer as of February 2023 included
a two-year initial maturity extension to September 2024 and one
additional one-year extension option. The extension options are
subject to a payment of 1.0% of the outstanding loan amount at the
time of extension and the satisfaction of a trailing 12-month
debt-yield minimum threshold of 11.0% during the extension period.
The borrower was also required to remit $2.5 million to the reserve
accounts at the closing of the loan modification with those funds
to be used for leasing costs incurred over the extension periods.
The loan will remain in cash management during the full extension
period.

As of the December 2022 rent roll, the Sunvalley property was 95.6%
occupied, remaining stable compared with 93.0% at YE2021 and 94.0%
at YE2020. The largest collateral tenants are JCPenney (17.8% of
the net rentable area (NRA), lease expiry in May 2027), Macy's
(16.8% of the NRA, lease expiry in July 2028), and Macy's Men &
Home (14.9% of NRA, lease expiry August 2029). According to the
YE2022 tenant sales report, in-line tenants reported sales of $392
per square foot (psf), compared with the YE2021 and YE2020 figures
of $415 psf and $292 psf, respectively. Although the collateral has
seen improvement from the lows of the Coronavirus Disease
(COVID-19) pandemic at YE2020, sales remain below the issuance
sales of $453 psf. As of the most recent financial reporting, the
YE2022 debt service coverage ratio (DSCR) was reported at 1.25
times (x), relative to the YE2021 and YE2020 DSCRs of 0.96x and
1.19x, respectively. At contribution, the loan reported a net cash
flow (NCF) of $23.8 million, compared with the pre-pandemic NCF of
$17.8 million at YE2019, the YE2021 NCF of $10.9 million, and the
YE2022 figure of $14.4 million.

Although the loan modification and new commitment by the sponsor in
the capital contributed to close the loan modification are
encouraging signs, DBRS Morningstar notes the loan remains
challenged given the sales declines from issuance, exposure to
Sears (which is down to a handful of stores remaining), and value
decline implied by the August 2022 appraisal. In the analysis for
the loan with this review, DBRS Morningstar considered a stressed
value that was based on a haircut to the YE2022 NCF of $14.4
million and a capitalization rate of 9.3%, which is in line with
the appraiser's figure. The resulting DBRS Morningstar value of
$152.2 million suggests a loan-to-value (LTV) ratio of
approximately 100% and is below the as-is value of $170.0 million
in the August 2022 appraisal. Positive and negative qualitative
adjustments to the LTV sizing benchmarks (which combined for a
negative adjustment of 0.50%) were carried forward from the
analysis in 2020 when the ratings were assigned.

The Clackamas loan is secured by a 631,537-sf portion of a 1.4
million-sf, two-level, super-regional mall in Happy Valley, Oregon.
This is the clearly stronger performer of the two assets in the
pool, but there have still been some modest declines in performance
since issuance when the subject was valued at $370 million. The
special servicer obtained an updated appraisal dated October 2022
that showed the value declined to $342 million on an as-is basis.
The appraiser estimated the stabilized value was flat from the
issuance figure of $370 million. The terms of the loan modification
extended the maturity to October 2024, which required the borrower
to pay the loan down by $5 million paydown, consent to cash
management and the remittance of all excess cash to the lender, and
several other minor provisions.

As of the January 2023 rent roll, the collateral portion of the
property was 91.0% occupied with 16.2% of the NRA scheduled to roll
within the next 12 months. The largest collateral tenants include
Century Theatres (11.1% of the NRA, lease expiry in December 2022),
Dave & Buster's (5.7% of the NRA, lease expiry January 2030), and
Forever 21 (5.3% of the NRA, lease expiry in January 2024). An
update has been requested for the Century Theatres lease expiration
in December 2022; the tenant remains in place as of May 2023
according to the property's website. The noncollateral anchor
tenants include Macy's; Macy's Home Store; JCPenney; and Dick's
Sporting Goods, which backfilled the previously dark Sears space.
The noncollateral Nordstrom permanently closed in August 2020;
however, the tenant continues to pay rent according to the January
2023 rent roll. According to the February 2022 tenant sales report
(most recent report on file with DBRS Morningstar), tenants smaller
than 10,000 sf reported YE2021 sales of $561 psf compared with the
YE2020 sales figure of $351 psf and YE2019 sales figure of $493
psf. In total, in-line tenants reported YE2021, YE2020, and YE2019
and issuance sales figures of $519 psf, $322 psf, $451 psf, and
$432 psf, respectively. As per the most recent financial reporting,
the DSCR for the trailing three months ended March 31, 2022, was
reported at 2.73x, compared with the YE2021 and YE2020 DSCRs of
2.33x and 2.41x, respectively.

Given the relatively stable performance of the Clackamas asset,
DBRS Morningstar maintained the value derived in 2020 when the
ratings were assigned. The DBRS Morningstar NCF figure of $21.4
million (based on a haircut to the cash flows reported by the
servicer as of YE2019) and capitalization rate of 7.8% resulted in
a value of $275.9 million. A positive adjustment of 1.0% was made
to the LTV sizing benchmarks to account for the property's superior
position within the market and high-quality build. The value was
below the as-is value estimate of $342 million as of the October
2022 remittance, and the resulting LTV of 76.4% on the total debt
amount is considered reasonable. Overall, the analysis suggests
refinance prospects should be relatively healthy in 2024,
particularly following the nearly two years of excess cash flow
sweeps required by the loan modification.

The DBRS Morningstar ratings assigned to the pooled Class A-2 is
higher than the results implied by the LTV sizing benchmarks. This
is largely driven by the high LTV implied by the DBRS Morningstar
value for the Sunvalley property. The variance is warranted given
the uncertain loan-level event risk for that loan, which has
recently shown moderately increased performance with an increased
DSCR and capital injection by the sponsor as part of the loan
modification to extend the maturity. In addition, the DBRS
Morningstar value is 10.4% and 18.6% below the appraiser's as-is
and stabilized value estimates, respectively, suggesting there is
some cushion against the market-based values in the analysis.
Finally, should the Sunvalley loan be liquidated, the DBRS
Morningstar value suggests the most junior pooled certificate rated
by DBRS Morningstar (Class D), would fully absorb any loss and that
certificate currently has a rating of B (high) (sf), which
indicates highly speculative credit quality.

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


ONE TRALEE IV: S&P Lowers Class F Notes Rating to CCC+ (sf)
-----------------------------------------------------------
S&P Global Ratings lowered its rating on the class F notes from
Tralee CLO IV Ltd., a U.S. cash flow CLO transaction. S&P also
removed this rating from CreditWatch, where S&P placed it with
negative implications on April 21, 2023. At the same time, S&P
affirmed their ratings on the class A, B, C, D, and E notes from
the same transaction.

The downgrade reflects the decrease in credit support available to
the class F notes due to an increase in defaults and a higher
percentage of 'CCC' assets in the portfolio. As the transaction
continues to amortize, the amount of 'CCC' assets held in the
portfolio has increased as a percentage to 9.20% from 8.55%, even
though the balance of these assets declined slightly to $32.83
million (as of the May 2023 trustee report) from $33.17 million (as
of the August 2021 trustee report that we used in our October 2021
rating action). The trustee reported an increase in defaulted
assets to $4.25 million from $0.44 million over the same time
period.

All trustee-reported overcollateralization (O/C) ratios as of the
May 2023 report declined compared with October 2021:

-- The class A/B O/C ratio declined to 127.17% from 127.73%.
-- The class C O/C ratio declined to 116.40% from 117.81%.
-- The class D O/C ratio declined to 109.15% from 111.04%.
-- The class E O/C ratio declined to 103.66% from 105.87%.

The decline in the O/C ratio on the class E notes has also led to
an O/C test failure.

S&P said, "The class F notes did not pass our cash flow analysis,
on a standalone basis, at a 'B-' rating level. At this time, the
lowered rating is limited to one notch, as we believe the class
meets our 'CCC' criteria but would be dependent on favorable market
conditions, based on overall weakened quality of the asset pool.
However, further paydowns or improvements could improve this class
in the future.

"Our affirmations on the remaining ratings in the transaction
reflect the classes' cash flow results and adequate credit support.
Though cash flow results indicated higher ratings for the class B,
C, D, and E notes, our actions considered that portions of the
unscheduled principal proceeds are held back for potential
reinvestments, which is permitted per the transaction's documents.
As a result, although the transaction began amortizing as of
January 2022, it has only paid down about 11.68% of the class A
balance. Future paydowns could improve the O/C levels, but
additional par loss and increases to 'CCC' assets and defaults may
alternatively worsen available credit support.

"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.

"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."

  RATING LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE

  Tralee CLO IV Ltd.

                  Rating
  Class       To              From

  Class F     CCC+ (sf)        B- (sf)

  RATINGS AFFIRMED
   
  Tralee CLO IV Ltd.
            
  Class       Rating

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



PARALLEL 2023-1: S&P Assigns Prelim BB- (sf) Rating on D Notes
--------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Parallel
2023-1 Ltd./Parallel 2023-1 LLC's floating-rate notes. The
transaction is managed by DoubleLine Capital LP.

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 preliminary ratings are based on information as of June 22,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- S&P's view of the collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  Parallel 2023-1 Ltd./Parallel 2023-1 LLC

  Class A-1, $240.00 million: Not rated
  Class A-2, $64.00 million: AA (sf)
  Class B (deferrable), $20.00 million: A (sf)
  Class C (deferrable), $22.40 million: BBB- (sf)
  Class D (deferrable), $12.60 million: BB- (sf)
  Subordinated notes, $39.45 million: Not rated



READY CAPITAL 2021-FL6: DBRS Confirms B(low) Rating on G Notes
--------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
Ready Capital Mortgage Financing 2021-FL6, LLC (the Issuer) as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance, as well as the increased credit
support to the bonds since issuance as a result of successful loan
repayment. Since issuance, there has been collateral reduction of
9.0%. In conjunction with this press release, DBRS Morningstar has
published a Surveillance Performance Update report with in-depth
analysis and credit metrics for the transaction and with business
plan updates on select loans. For access to this report, please
click on the link under Related Documents below or contact us at
info@dbrsmorningstar.com.

The initial collateral pool consisted of 52 floating-rate mortgage
assets with an aggregate cutoff date balance of $652.5 million
secured by 55 mortgaged properties. The majority of assets were in
transition with stated business plans to increase property cash
flow and value. The collateral pool for the transaction is static;
however, the Issuer has the right to use principal proceeds to
acquire funded loan future funding participations subject to stated
criteria during the Permitted Funded Companion Participation
Acquisition Period. This period is expected to end with the July
2023 Payment Date. As of the May 2023 remittance, the pool
comprises 30 loans secured by 31 properties with a cumulative trust
balance of $571.9 million. There was approximately $22.2 million in
the Permitted Funded Companion Participation Account.

The transaction is concentrated by property type, as 26 loans are
secured by multifamily properties, representing 93.9% of the
current cumulative trust loan balance. The remaining loans are
secured by mixed-use, retail, and industrial collateral. The
transaction benefits as no loans are secured by office properties.
In comparison, as of the March 2022 reporting, loans secured by
multifamily properties represented 90.7% of the trust balance while
loans secured by industrial properties represented 5.3% of the
trust balance.

The remaining loans are primarily secured by properties in suburban
markets. Twenty-two loans, representing 81.1% of the pool, are
secured by properties in suburban markets, as defined by DBRS
Morningstar, with a DBRS Morningstar Market Rank of 3, 4, or 5. An
additional five loans, representing 13.3% of the pool, are secured
by properties with a DBRS Morningstar Market Rank of 6 or 7,
denoting an urban market. In comparison, in March 2022, properties
in suburban markets represented 80.6% of the collateral and
properties in urban markets represented 12.6% of the collateral.

Leverage across the pool has remained relatively in line with
issuance levels as the current weighted-average (WA) as-is
appraised value loan-to-value (LTV) ratio is 74.5%, with a current
WA stabilized LTV ratio of 66.2%. In comparison, these figures were
73.2% and 65.5%, respectively, at issuance and 73.4% and 65.6%,
respectively, as of March 2022. DBRS Morningstar recognizes that
select property values may be inflated as the majority of the
individual property appraisals were completed in 2021 and 2022 and
may not reflect the current rising interest rate or widening
capitalization rate environments.

Through April 2023, the lender has advanced cumulative loan future
funding of $36.6 million to 28 of the remaining 30 individual
borrowers to aid in property stabilization efforts, excluding any
funds advanced at loan closing as working capital. The largest
advance ($5.8 million) has been made to the borrower of the 79
Metcalf Apartments loan, which is secured by a multifamily property
in Overland Park, Kansas. Funds were advanced to the borrower to
complete capital improvements across the property as its business
plan is to renovate all existing units, convert previous storage
space to 20 additional units, and upgrade common areas and property
exteriors. The loan is currently on the servicer's watchlist for a
low debt service coverage ratio (DSCR), which was 0.53 times at
YE2022. Business interruption was expected at issuance as the
borrower progresses through its business plan to upgrade units and
bring down units back online. At YE2022, the property was 85.0%
occupied with an average rental rate of $1,037/unit. The loan
remains current as the borrower is funding shortfalls out of
pocket. The loan was also modified in April 2022 to provide the
borrower with an additional $100,000 into the working capital
reserve, which DBRS Morningstar views as credit neutral.

An additional $26.2 million of the loan future funding allocated to
29 of the remaining individual borrowers remains available. The
largest portion of available funds, $3.6 million, is allocated to
the borrower of the Desert Gardens loan, which is secured by a
multifamily property in Glendale, Arizona. The available funds are
for the borrower's total $5.3 million capital improvement plan,
which includes the renovation of all unit interiors as well as
upgrades to property amenities and exteriors. Total loan future
funding of $6.9 million included a $1.7 million earnout that was
released to the borrower 30 days after loan closing to accommodate
a 1031 exchange.

As of the May 2023 remittance, no loans are in special serving and
eight loans are on the servicer's watchlist, representing 21.7% of
the current trust balance. The loans have been flagged for poor
financial performance with below breakeven DSCRs and declining
occupancy rates; however, all loans remain current and performance
is ultimately expected to improve as borrowers complete their
business plans to increase rental rates, occupancy and cash flow.

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


RIN VI LLC: Moody's Assigns Ba3 Rating to $7.5MM Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned ratings to seven classes of
notes issued by RIN VI LLC (the "Issuer" or "RIN VI").

Moody's rating action is as follows:

US$167,000,000 Class A-1 Floating Rate Senior Notes due 2035,
Assigned Aaa (sf)

US$25,000,000 Class A-2 Fixed Rate Senior Notes due 2035, Assigned
Aaa (sf)

US$31,000,000 Class B-1 Floating Rate Senior Notes due 2035,
Assigned Aa2 (sf)

US$5,000,000 Class B-2 Floating Rate Senior Notes due 2035,
Assigned Aa3 (sf)

US$12,000,000 Class C Deferrable Floating Rate Mezzanine Notes due
2035, Assigned A3 (sf)

US$13,500,000 Class D Deferrable Floating Rate Mezzanine Notes due
2035, Assigned Baa3 (sf)

US$7,500,000 Class E Deferrable Floating Rate Mezzanine Notes due
2035, Assigned Ba3 (sf)

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

RATINGS RATIONALE

The rationale for the ratings is based on Moody's methodology and
considers all relevant risks, particularly those associated with
the project finance collateralized loan obligations' (PF CLO)
portfolio and structure.

RIN VI is a managed cash flow PF CLO. The issued notes will be
collateralized primarily by broadly syndicated senior secured
project finance and corporate infrastructure loans. At least 50.0%
of the portfolio must consist of project finance infrastructure
loans and eligible investments. The PF CLO permits up to 45% of the
portfolio to be in project finance loans in the electricity (gas)
contracted,  merchant or power renewables sectors. At least 96.0%
of the portfolio must consist of senior secured loans and eligible
investments, up to 4% of the portfolio may consist of second lien
loans or permitted debt securities (i.e., senior secured bonds,
senior secured notes, second priority senior secured note and
high-yield bonds). The portfolio is approximately 80% ramped as of
the closing date.

RREEF America L.L.C., a subsidiary of DWS Group GmbH & Co. KGaA
(the "Portfolio Advisor") will direct the selection, acquisition
and disposition of the assets on behalf of the Issuer and may
engage in trading activity, including discretionary trading, during
the transaction's five year reinvestment period. Thereafter, the
manager may not reinvest and all proceeds received will be used to
amortize the notes in sequential order.

In addition to the Rated Notes, the Issuer issued subordinated
notes.

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

Moody's ratings of the Rated Notes also took into account the
concentrated nature of the portfolio. The PF CLO's indenture allows
for a portfolio that is highly concentrated by sector and
individual asset size. Up to 45% of the portfolio's assets may be
in the electricity (gas) contracted, merchant or power renewables
sectors. The five largest sub-sectors could constitute up to 61% of
the portfolio, with the largest sub-sector potentially being up to
45% of the portfolio. Additionally, the portfolio may have minimum
of 50 obligors with the largest obligor potentially comprising up
to 3.75% of the portfolio. Credit deterioration in a single sector
or in a few obligors could have an outsized negative impact on the
PF CLO portfolio's overall credit quality. In Moody's analysis,
Moody's considered several stress scenarios taking consideration of
the potential concentrated nature of the portfolio.

Moody's modeled the transaction by applying the Monte Carlo
simulation framework in Moody's CDOROM(TM), as described in the
"Project Finance and Infrastructure Asset CLOs Methodology" rating
methodology published in November 2021 and by using a cash flow
model which estimates expected loss on a CLO's tranche, as
described in the "Moody's Global Approach to Rating Collateralized
Loan Obligations" rating methodology published in December 2021.

Moody's also applied a default probability stress on the WARF
covenant listed for the project finance pool in accordance with
Footnote 12 in "Project Finance and Infrastructure Asset CLOs
Methodology." For project finance loans with a WARR of 75%, the
default probability stress is 120% and for project finance loans
with a WARR of 65%, the default probability stress is approximately
57.1%.

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

Par amount: $300,000,000

Weighted Average Rating Factor (WARF) of Project Finance Loans:
2003

Weighted Average Rating Factor (WARF) of Corporate Infrastructure
Loans: 2755

Weighted Average Spread (WAS): 3.31%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR) of Project Finance Loans:
64.7%

Weighted Average Recovery Rate (WARR) of Corporate Infrastructure
Loans: 42.1%

Weighted Average Life (WAL): 8.0 years

Permitted Debt Securities and Second Lien Loans: 4.0%

Total Obligors: 50

Largest Obligor: 3.75%

Largest 5 Obligors: 18.5%

B2 Default Probability Rating Obligations: 17.0%

B3 Default Probability Rating Obligations: 10.0%

Project Finance Infrastructure Obligors: 50.0%

Corporate Power Infrastructure Obligors: 16%

Power Infrastructure Obligors: 48.5%

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "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.


SHACKLETON 2013-III: S&P Affirms B+ (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings lowered its rating on the class F-R notes from
Shackleton 2013-III CLO Ltd., a U.S. cash flow CLO transaction
managed by Alcentra NY LLC. At the same time, S&P removed the
rating from CreditWatch, where it was placed with negative
implications on April 21, 2023. S&P also affirmed its ratings on
the class A-R, B-R, C-R, D-R, and E-R notes from the same
transaction.

The rating actions follow its review of the transaction's
performance, based on data from the June 2023 trustee reports.

Since S&P's October 2021 rating action, the class A-R notes had
total paydowns of $51.74 million. These paydowns resulted in slight
improvement in reported overcollateralization (O/C) ratios for the
senior most class. However, the O/C ratio for the remaining classes
have declined since the Aug. 2, 2021, trustee report.

Since S&P's last rating actions on Oct. 25, 2021:

-- The class A/B O/C ratio has increased to 132.66% from 131.19%.

-- The class C O/C ratio has decreased to 118.23% from 118.72%.

-- The class D O/C ratio has decreased to 109.95% from 111.39%.

-- The class E O/C ratio has decreased to 104.27% from 106.29%.

-- The class E O/C coverage ratio is failing as of the June 2023
trustee reports; and it continues to fail, despite interest
proceeds being diverted to cure the class E coverage test.

S&P lowered its rating on the class F-R notes to 'CCC+ (sf)' due to
the decline in the class' overall credit support, deferred interest
payment, failed cash flows at its current rating level, and weaker
pure O/C. On a standalone basis, the cash flow results indicate a
lower rating for the class F-R notes. But, at this time, the
lowered rating is limited to one notch, based on our criteria
definitions for 'CCC' risks. However, any increase in defaults or
par losses could lead to negative rating actions on the notes.

The affirmations on the class A-R, B-R, C-R, D-R, and E-R notes
reflect S&P's view that the credit support for each class is
commensurate with the assigned rating level.

S&P said, "We also noted the results of the cash flow analysis
indicated a higher rating on the class B-R, C-R, and D-R notes.
However, because of the drop in pure O/C, trustee O/C, and the
increase in the 'CCC' (default) bucket, as well as the senior-most
notes (A-R) still having 82.38% of its original balance
outstanding, we limited the upgrade to offset the potential credit
migration in the underlying collateral.

"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. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each rated class. The results of the cash flow
analysis, and other qualitative factors as applicable, demonstrated
that the outstanding rated classes have adequate available credit
enhancement at the rating levels associated with these rating
actions.

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

  Ratings Affirmed

  Shackleton 2013-III CLO Ltd.

  Class A-R: AAA (sf)
  Class B-R: AA (sf)
  Class C-R: A (sf)
  Class D-R: BBB- (sf)
  Class E-R: B+ (sf)



SLM STUDENT 2010-1: Moody's Lowers Rating on Class A Notes to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded five tranches issued by
five FFELP student loan securitizations serviced by Navient
Solutions, LLC. The securitizations are backed by student loans
originated under the Federal Family Education Loan Program (FFELP)
that are guaranteed by the US government for a minimum of 97% of
defaulted principal and accrued interest.

The complete rating actions are as follows:

Issuer: SLM Student Loan Trust 2009-1

Class A, Downgraded to Aa2 (sf); previously on Nov 23, 2022
Downgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2010-1

Class A Notes, Downgraded to B1 (sf); previously on Oct 18, 2022
Downgraded to Ba3 (sf)

Issuer: SLM Student Loan Trust 2012-1

Class A-3, Downgraded to Ba2 (sf); previously on Sep 16, 2016
Downgraded to Baa3 (sf)

Issuer: SLM Student Loan Trust 2012-6

Class A-3, Downgraded to Ba2 (sf); previously on Nov 1, 2016
Downgraded to Ba1 (sf)

Issuer: SLM Student Loan Trust 2012-7

Class A-3, Downgraded to Ba2 (sf); previously on Sep 16, 2016
Downgraded to Ba1 (sf)

RATINGS RATIONALE

The rating actions on the Class A notes from SLM Student Loan Trust
2010-1, 2012-1, 2012-6 and 2012-7 are primarily a result of these
notes approaching their legal final maturities and the reliance on
Navient's support to pay off the notes in full by their legal final
maturity dates. The maturity dates for these notes are between
March 2025 and September 2028. The downgrade action on Class A from
SLM Student Loan Trust 2009-1 is driven by the updated performance
of the transaction and expected loss on the tranche across Moody's
cash flow scenarios.

The rating actions also consider the change in the weighted average
remaining term for the transactions. Due to the significant
increases in forbearance previously, the weighted average remaining
terms continue to rise for most transactions, reducing collateral
pool amortization rates and increasing the risk of notes not paying
down by their legal final maturity dates. Additionally, Moody's
considered Navient's willingness and ability to support the notes
by paying off the outstanding amount of the notes at their legal
final maturity dates. The transactions include a 10% clean-up call
provision by Navient.

The rating actions also reflect the granularity of the collateral
data Moody's receives. Generally, more granularity allows for a
better understanding of the collateral characteristics important in
evaluating performance and the likelihood of repayment by the
bonds' final maturity dates. Given the low likelihood of Moody's
modeled assumptions persisting for an extended period of time,
certain Navient notes with final maturity dates of more than five
years are rated higher than indicated by the model output.

The actions also reflect the updated performance of the
transactions and updated expected loss on the tranches across
Moody's cash flow scenarios. Moody's quantitative analysis derives
the expected loss for a tranche using 28 cash flow scenarios with
weights accorded to each scenario.

Moody's ratings on Class A notes of some of the affected
transactions are lower than the ratings on the subordinated Class B
notes. Although some transaction structures stipulate that Class B
interest is diverted to pay Class A principal upon default on the
Class A notes, Moody's analysis indicates that the cash flow
available to make payments on the Class B notes will be sufficient
to make all required payments, including accrued interest, to Class
B noteholders by the Class B final maturity dates, which occur
later than the final maturity dates of the downgraded Class A
notes. The Class B maturities range between February 2035 and
December 2043.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating Securities Backed by FFELP Student Loans"
published in April 2021.

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

Up

Moody's could upgrade the ratings if the paydown speed of the loan
pool increases as a result of declining borrower usage of
deferment, forbearance and IBR, increasing voluntary prepayment
rates, or prepayments with proceeds from sponsor repurchases of
student loan collateral. Moody's could also upgrade the ratings
owing to a build-up in credit enhancement.

Down

Moody's could downgrade the ratings if the paydown speed of the
loan pool declines as a result of lower than expected voluntary
prepayments, and higher than expected deferment, forbearance and
IBR rates, which would threaten full repayment of the class by its
final maturity date. In addition, because the US Department of
Education guarantees at least 97% of principal and accrued interest
on defaulted loans, Moody's could downgrade the rating of the notes
if it were to downgrade the rating on the United States government.



US AUTO 2021-1: Moody's Lowers Rating on Class E Notes to Ca
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
classes of notes from two asset-backed securitizations backed by
non-prime retail automobile loan contracts originated by U.S. Auto
Sales, Inc. (US Auto), an affiliate of U.S. Auto Finance Inc. Six
of the seven tranches remain on review for downgrade.

The complete rating actions are as follows:

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

Class D Notes, Downgraded to Caa1 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 B3 (sf) Placed Under
Review for Possible Downgrade

Class E Notes, Downgraded to Ca (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 Caa2 (sf) Placed
Under Review for Possible Downgrade

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

Class A Notes, Downgraded to Baa1 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 A3 (sf) Placed Under
Review for Possible Downgrade

Class B Notes, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 Baa1 (sf) Placed
Under Review for Possible Downgrade

Class C Notes, Downgraded to Caa1 (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 B3 (sf) Placed Under
Review for Possible Downgrade

Class D Notes, Downgraded to Ca (sf) and Remains On Review for
Possible Downgrade; previously on Apr 28, 2023 Caa2 (sf) Placed
Under Review for Possible Downgrade

Class E Notes, Downgraded to C (sf); previously on Apr 28, 2023 Ca
(sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The rating action is primarily driven by the material declines in
credit enhancement available for the affected notes as a result of
recent shortfalls in funds remitted for U.S. Auto Funding Trust
(USAUT) 2021-1 and USAUT 2022-1 and high pool loss rates.

The June 2023 servicer report for USAUT 2022-1 indicated a $1.7
million shortfall out of $4.6 million in total available funds
calculated for the period. This is in addition to the $2.2 million
shortfall out of $7.9 million in total available funds indicated in
April 2023 and $1.7 million shortfall out of $6.7 million indicated
in May 2023. The shortfalls represent a difference in collections
available to make trust payments compared to the servicer's
calculated pool collections. For USAUT 2021-1, the shortfall
totaled to approximately $1.6 million out of $4.9 million in total
available funds in June 2023. US Auto has indicated that these
shortfalls arose from failure of its dealerships to reimburse the
trusts for unearned portions of vehicle service contracts and GAP
waiver agreements upon a loan default. These contracts are
ancillary products included in the loan balance at origination and
reimbursed unearned premiums typically partially offset the
defaulted loan balance as a recovery amount. As US Auto has ceased
operations, in Moody's analysis, Moody's considered non-recoupment
of these funds by the trusts in the future.

Effective May 22, 2023, Westlake Portfolio Management, LLC
(Westlake) was appointed as successor servicer for the
transactions, replacing USASF Servicing LLC (USASF). The
appointment of Westlake followed the occurrence of servicing events
of default for the outstanding USAUT transactions on April 20, 2023
due to the failure of USASF to remit trust collections to the trust
collection accounts within two business days as required under
Section 8.2 of the underlying indentures.

Net loss rates remain elevated in these transactions, contributing
to declining credit enhancement available for the notes. Cumulative
net loss-to-liquidation was 49.8% in USAUT 2022-1 and 38.5% in
USAUT 2021-1 as of May 31. Moreover, approximately 49% of the in
USAUT 2022-1 pool and 47% of the USAUT 2021-1 pool received a
payment extension in May. Westlake noted that these extensions are
non-recurring and were granted in line with its standard procedures
for transferred portfolios.

Following the servicing transfer, Moody's expect continued
deterioration in credit performance for the pools. Due to the
continued shortfalls and the elevated pool loss rates,
overcollateralization declined to 6.5% of the current pool balance
from 18.5% at closing for USAUT 2022-1 and to 14.3% of the current
pool balance from 16.0% at closing for USAUT 2021-1.

In Moody's rating action, Moody's considered the high governance
risk due to elevated uncertainty regarding the funds remitted to
the trusts, as well as concerns related to the quality of data
provided.

During the review period, Moody's will consider pool performance in
light of the shutdown of US Auto's business, the impact of the
economy and servicing transition. Moody's will seek additional
information on remittance of funds to the trusts, future accounting
of reimbursements on vehicle service contracts/GAP waiver
agreements, and updated performance of the underlying pools.
Moody's will consider overall data quality and the accuracy and
completeness of the information provided.  Any concerns with regard
to data quality may result in a downgrade or lead to withdrawal of
the assigned ratings if Moody's have insufficient information to
maintain the ratings.

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

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


WFRBS COMMERCIAL 2024-C23: Fitch Cuts Rating to B-sf on 2 Tranches
------------------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed seven classes
of WFRBS Commercial Mortgage Trust 2014-C23 (WFRBS 2014-C23)
commercial mortgage pass-through certificates.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
WFRBS 2014-C23

   A-4 92939HAX3    LT AAAsf  Affirmed     AAAsf
   A-5 92939HAY1    LT AAAsf  Affirmed     AAAsf
   A-S 92939HBA2    LT AAAsf  Affirmed     AAAsf
   A-SB 92939HAZ8   LT AAAsf  Affirmed     AAAsf
   B 92939HBB0      LT Asf    Downgrade    AA-sf
   C 92939HBC8      LT BBBsf  Downgrade    A-sf
   D 92939HAJ4      LT Bsf    Downgrade    BBB-sf
   E 92939HAL9      LT B-sf   Downgrade    Bsf
   F 92939HAN5      LT CCCsf  Affirmed     CCCsf
   PEX 92939HBD6    LT BBBsf  Downgrade    A-sf
   X-A 92939HBE4    LT AAAsf  Affirmed     AAAsf
   X-C 92939HAA3    LT B-sf   Downgrade    Bsf
   X-D 92939HAC9    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 Fitch's prior
rating action.

The downgrade reflects the impact of the criteria and the high
losses and heightened maturity default risk of four top 15 loans
within the pool, including Bank of America Plaza, Crossings at
Corona, 677 Broadway and Slatten Ranch Shopping Center. Given the
2014 vintage of the deal, Fitch's current ratings incorporate a
'Bsf' rating sensitivity case loss of 8.6% which modeled an
additional year of expected paydown and amortization. Eight loans
(36.5% of the pool) are considered Fitch Loans of Concern (FLOCs).
All remaining loans in the pool are performing.

Largest Contributors to Loss: The largest loss contributor to the
pool, Bank of America Plaza (15.6%), is secured by a
Brookfield-sponsored, 1.4 million-sf, Gold LEED certified office
building located in Los Angeles, CA. Property occupancy declined to
83% as of the March 2023 rent roll, from the underwritten level of
90% at issuance. YE 2022 NOI declined by 13% from YE 2021. The rent
roll shows leases totaling 21% of NRA are expiring by the YE 2024
which include Alston & Bird (5.6% of NRA; December 2023), the
fourth largest tenant. The tenant has confirmed that they will be
vacating and relocating to another building within the LA CBD at
their lease expiration, reducing occupancy to 77.8%.

Costar reported a 1Q23 vacancy of 18.7% and an average asking rent
of $39.5 psf for the Downtown Los Angeles office submarket where
the subject property is located.

Fitch used a cap rate of 9% and applied a 15% stress to the YE 2022
NOI to address the near-term rollover, the weaker submarket and the
heightened maturity default risk.

The second largest loss contributor to the pool, Crossings at
Corona (9.0%), is secured by an 834,075-sf retail property located
in Corona, CA. The property, which is anchored by Kohl's and
shadow-anchored by Target, has suffered from declining occupancy
after four collateral anchor tenants vacated. Toys R Us (formerly
7.6% of NRA) and Sports Authority (4.5%) both vacated upon filing
for bankruptcy, while Bed Bath & Beyond (2.9%) and Cost Plus (2.2%)
both vacated at their respective lease expirations. As of the March
2023 rent roll, occupancy was 79.4%, a slight improvement from 78%
as of YE 2021, but down from 81% at YE 2019, 86% at YE 2018 and 93%
at YE 2017.

The March 2023 rent roll shows that 16 leases totaling 40% of NRA
are expiring by the end of 2024. These leases include the three
largest tenants, Kohl's (10.4%; January 2024), Regal Cinemas (9.7%;
November 2024) and Best Buy (5.4%; March 2024). Additionally, five
tenants accounting for 6% of the NRA are paying rent on a
month-to-month basis. Updated sales were requested, but not
provided. The most-recently available inline tenant sales were $153
psf as of March 2022, down from $163 psf as of March 2020, $236 psf
in 2018 and $235 psf in 2016.

Fitch's modeled loss of 30.0% reflects a 9.5% cap rate and 20%
stress to the YE 2021 NOI, which reflects Fitch's concern about the
high near-term tenant rollover and loan's heightened maturity
default risk.

The third largest loss contributor to the pool, 677 Broadway
(3.4%), is secured by a 117,682-sf office building located in
downtown Albany, NY. The loan returned to the master servicer in
July 2021 after the mezzanine lender completed a UCC foreclosure
and took ownership of the property. In March 2021, a loan
modification was entered into with the new principals of the
borrower, which provides for an extension of the interest-only (IO)
period through January 2023, two-year accrual of a portion of the
monthly interest receivable and extends the loan's maturity date by
12 months to September 2025.

The loan was previously in special servicing after two tenants
vacated at lease expiration and the largest tenant downsized their
space by 9,000 SF. As of YE 2022, occupancy was 64% with NOI DSCR
of 0.45x, compared to 60% and 0.30x at YE 2021, and 91% and 1.41x
at YE 2019.

Fitch's modeled loss of 24% reflects a cap rate of 10% applied to
the YE 2019 NOI stressed by 35% due to the sustained decline in
performance. New ownership has announced plans to invest $3 million
to improve the lobby, coffee shop, corridors and other updates to
the building.

The third largest loss contributor to the pool, Slatten Ranch
Shopping Center (3.1%), is secured by a 118,250-sf neighborhood
retail center consisting of three buildings located in Antioch, CA.
Bed Bath & Beyond (22.8% of NRA; 14% of rent revenue; January 2024)
is vacating as part of their store closure plan due to the parent
company's bankruptcy. The departure of the largest tenant is
expected to reduce occupancy to 76% from 99% at YE 2022. In
addition, 10 leases (38%), including the second largest tenant
Barnes & Noble (19.5%; January 2024), are expiring through 2024,
according to the March 2023 rent roll.

Fitch's modeled loss of 28% incorporated a 9% cap rate and 30%
stress to the YE 2022 NOI, which addressed the expected tenant
departures, significant upcoming rollover concerns and loan's
heightened maturity default risk.

Improved Credit Enhancement: As of the May 2023 distribution date,
the pool's aggregate principal balance has paid down by 20.2% to
$750.6 million from $940.8 million at issuance. Since issuance, 25
loans (11.1%) have paid in full prior to or at the scheduled
maturity dates. Twenty-four loans (22.0%) have fully defeased and
one loan (7.1%) has partially defeased. Interest shortfalls are
currently affecting the non-rated class G. Five remaining loans
(19.2%) are full term IO. Sixty-seven (98.5%) are scheduled to
mature in 2024, with one loan in 2025.

RATING SENSITIVITIES

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

Downgrades to 'AAAsf' category rated classes are not expected, but
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 '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 '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 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 'Asf' and 'BBBsf' category rated classes are not
expected, but 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 'Bsf' 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 distressed ratings are not expected, but possible with
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.


[*] DBRS Reviews 193 Classes From 19 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 193 classes from 19 U.S. residential
mortgage-backed securities (RMBS) transactions. The 19 transactions
are generally classified as subprime and Alt-A collateral. Of the
193 classes reviewed, DBRS Morningstar upgraded 16 ratings and
confirmed 177 ratings.

The Affected ratings are available at https://bit.ly/43Yd9hM

The Affected Entities are:

-- Asset Backed Securities Corporation Home Equity Loan Trust,
Series 2005-HE2

-- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8

-- Asset Backed Securities Corporation Home Equity Loan Trust,
Series WMC 2005-HE5

-- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-3

-- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-7

-- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4

-- Credit Suisse First Boston Mortgage Acceptance Corp. Home
Equity Asset Trust 2005-9

-- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5

-- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6

-- Structured Asset Investment Loan Trust, Series 2004-11

-- Soundview Home Loan Trust 2005-3

-- Long Beach Mortgage Loan Trust 2005-WL1

-- Argent Securities Inc. Series 2004-W11

-- Securitized Asset Backed Receivables LLC Trust 2006-OP1

-- Securitized Asset Backed Receivables LLC Trust 2006-FR1

-- Securitized Asset Backed Receivables LLC Trust 2006-WM1

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1

-- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3

-- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings.


[*] DBRS Reviews 208 Classes From 16 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 208 classes from 16 U.S. residential
mortgage-backed securities (RMBS) transactions. The 16 transactions
are generally classified as re-performing and Freddie Mac credit
risk transfer transactions. Of the 208 classes reviewed, DBRS
Morningstar upgraded 127 ratings and confirmed 81 ratings.

The Affected Ratings are available at https://bit.ly/3NIZ5TE

The Affected Entities are:

-- CIM Trust 2022-R2
-- MFA 2021-RPL1 Trust
-- CIM Trust 2020-R5
-- Towd Point Mortgage Trust 2020-3
-- Citigroup Mortgage Loan Trust 2020-RP1
-- Citigroup Mortgage Loan Trust 2021-RP4
-- Freddie Mac STACR REMIC Trust 2021-DNA5
-- Freddie Mac STACR REMIC Trust 2022-HQA2
-- Freddie Mac STACR REMIC Trust 2022-DNA5
-- BRAVO Residential Funding Trust 2020-RPL1
-- GS Mortgage-Backed Securities Trust 2020-RPL1
-- Freddie Mac Seasoned Credit Risk Transfer Trust,
    Series 2016-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust,
    Series 2020-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust,
    Series 2017-1
-- Towd Point Mortgage Trust 2020-4
-- Freddie Mac Seasoned Credit Risk Transfer Trust,
    Series 2021-2

The rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new rating levels. The rating confirmations reflect asset
performance and credit-support levels that are consistent with the
current ratings.


[*] DBRS Takes Actions on 7 American Credit Trust Transactions
--------------------------------------------------------------
DBRS, Inc. upgraded 18 ratings, confirmed 11 ratings, and
discontinued one rating as a result of full repayment, from seven
American Credit Acceptance Receivables Trust transactions.

The Affected Ratings are available at https://bit.ly/3XqrYY1

The affected Entities are:

-- American Credit Acceptance Receivables Trust 2020-3
-- American Credit Acceptance Receivables Trust 2020-1
-- American Credit Acceptance Receivables Trust 2021-1
-- American Credit Acceptance Receivables Trust 2019-3
-- American Credit Acceptance Receivables Trust 2022-3
-- American Credit Acceptance Receivables Trust 2021-3
-- American Credit Acceptance Receivables Trust 2022-1

The rating actions are based on the following analytical
considerations:

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

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

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

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


[*] DBRS Takes Rating Actions on 8 Flagship Credit Trust Deals
--------------------------------------------------------------
DBRS, Inc. upgraded four ratings, confirmed 38 ratings, and
discontinued one rating as a result of full repayment from eight
Flagship Credit Auto Trust transactions.

The Affected Ratings are available at https://bit.ly/3JszBHy

The affected Entities are:

-- Flagship Credit Auto Trust 2022-2
-- Flagship Credit Auto Trust 2021-1
-- Flagship Credit Auto Trust 2021-2
-- Flagship Credit Auto Trust 2021-3
-- Flagship Credit Auto Trust 2021-4
-- Flagship Credit Auto Trust 2022-4
-- Flagship Credit Auto Trust 2022-1
-- Flagship Credit Auto Trust 2022-3

The rating actions are based on the following analytical
considerations:

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

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

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

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


[*] S&P Takes Various Actions on 46 Classes From 17 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 46 ratings from 17 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
20 upgrades, one downgrade, and 25 affirmations.

A list of Affected Ratings can be viewed at:

                https://rb.gy/65yls

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by its projected cash flows. These considerations
are based on transaction-specific performance and/or structural
characteristics and their potential effects on certain classes.
Some of these considerations may include:

-- Collateral performance or delinquency trends;

-- An increase or decrease in available credit support;

-- Historical missed interest payments or interest shortfalls;
and

-- The assessment of reduced interest payments due to loan
modifications and other credit-related events.

Rating Actions

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

The upgrades primarily reflect the classes' increased credit
support. Most of these transactions have failed their cumulative
loss triggers, which resulted in a permanent sequential principal
payment mechanism. This prevents credit support from eroding and
limits the affected classes' exposure to losses. As a result, the
upgrades reflect the classes' ability to withstand a higher level
of projected losses than S&P had previously anticipated. In
addition, most of these classes are receiving all of the principal
payments or are next in the payment priority when the more senior
class pays down.

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



[*] S&P Takes Various Actions on 49 Classes from 8 U.S. RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 49 classes from eight
U.S. RMBS transactions issued between 2019 and 2021. The review
yielded 19 upgrades and 30 affirmations.

A list of Affected Ratings can be viewed at:

             https://rb.gy/b8geb

S&P said, "We completed a credit analysis for each transaction
using updated loan-level information to determine foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. We also used the same mortgage operational
assessment, representation and warranty, and due diligence factors
that were applied at issuance. Our geographic concentration and
prior-credit-event adjustment factors reflect the transactions'
current pool composition. We did not apply additional adjustment
factors relating to forbearance or repayment plan activity."

The upgrades primarily reflect deleveraging due to the respective
transactions benefitting from low or zero accumulated losses to
date; and, although declining, elevated observed prepayment speeds
over the past year, which resulted in a greater percentage of
credit support for the rated classes. The improved loan-to-value
ratios due to significant home price appreciation also resulted in
lower projected default expectations. Ultimately, S&P believes
these classes have sufficient credit support to withstand projected
losses at higher rating levels.

The affirmations reflect S&P's view that the classes' projected
collateral performance relative to our projected credit support
remain relatively consistent with our previous expectations.

Analytical Considerations

S&P incorporates various considerations into its decisions to
raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by the application of its criteria. These
considerations are based on transaction-specific performance or
structural characteristics (or both) and their potential effects on
certain classes. These considerations include:

-- Collateral performance or delinquency trends,

-- The priority of principal payments,

-- The priority of loss allocation, and

-- Available subordination and excess spread.




                            *********

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