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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, August 6, 2023, Vol. 27, No. 217

                            Headlines

A&D MORTGAGE 2023-NQM3: DBRS Gives Prov. B(low) Rating on B-2 Certs
ACCESS GROUP 2004-2: Fitch Hikes Rating on Cl. A-4 Notes to 'BBsf'
ADAMS OUTDOOR 2023-1: Fitch Assigns 'BB-sf' Rating to Cl. C Notes
APIDOS CLO XII: Moody's Lowers Rating on $8.5MM F-R Notes to Caa2
ARES CLO XXXVIII: Moody's Ups Rating on $26MM D-R Notes From Ba1

BANK 2019-BNK24: DBRS Confirms BB Rating on Class X-G Certs
BANK 2023-BNK46: Fitch Assigns 'B-(EXP)sf' Rating on 2 Tranches
BBCMS TRUST 2018-CBM: DBRS Confirms B(high) Rating on Class F Certs
BLOCKROCK DLF 2020-1: DBRS Confirms B Rating on Class W Notes
BX COMMERCIAL 2020-VKNG: DBRS Confirms B Rating on Class G Certs

CANADIAN COMMERCIAL 4: DBRS Confirms B Rating on Class G Certs
CANTOR COMMERCIAL 2016-C7: Fitch Cuts Rating on 2 Tranches to CCsf
CHILDREN'S TRUST 2002: Moody's Hikes Rating on Term Bond 3 to Ba1
CIT GROUP 1995-2: S&P Affirms 'CC (sf)' Rating on Class B Notes
CITIGROUP 2015-GC35: Fitch Affirms 'Bsf' Rating on 2 Tranches

CLNY TRUST 2019-IKPR: DBRS Confirms B Rating on Class F Certs
COMM 2020-CX: DBRS Confirms BB Rating on 2 Classes
CONN'S RECEIVABLES 2023-A: Fitch Gives B+(EXP)sf Rating to C Notes
DENALI CAPITAL XI: Moody's Cuts Rating on $6.6MM E-R Notes to Caa3
FLAGSHIP CREDIT 2023-3: S&P Assigns Prelim 'BB-' Rating on E Notes

GCT COMMERCIAL 2021-GCT: Moody's Cuts Rating on Cl. E Notes to Ca
GLS AUTO 2023-3: S&P Assigns BB- (sf) Rating on Class E Notes
GPMT 2021-FL3: DBRS Confirms B(low) Rating on Class G Notes
GRACIE POINT 2022-2: DBRS Confirms BB Rating on Class E Notes
GS MORTGAGE 2017-GPTX: Moody's Lowers Rating on Cl. C Certs to Caa1

GS MORTGAGE 2018-HULA: DBRS Hikes Class G Certs Rating to B(high)
GS MORTGAGE 2021-IP: DBRS Confirms BB Rating on Class F Certs
GS MORTGAGE 2023-SHIP: Moody's Gives (P)B2 Rating to Cl. HRR Certs
HPS LOAN 11-2017: Moody's Cuts Rating on $5.265MM F Notes to Caa2
JP MORGAN 2023-6: Fitch Assigns 'B-sf' Rating to Class B-5 Certs

MORGAN STANLEY 2013-C9: Moody's Lowers Rating on Cl. C Certs to B2
MORGAN STANLEY 2016-C30: Fitch Cuts Rating on 2 Tranches to 'Bsf'
MORGAN STANLEY 2023-2: Fitch Assigns 'B+sf' Rating to B-5 Certs
OZLM LTD XXII: Moody's Cuts Rating on $9.6MM Class E Notes to Caa2
PACWEST REFERENCE 2022-1: Fitch Revises Rating Watch to 'Evolving'

PRIME STRUCTURED 2020-1: Moody's Ups Rating on Cl. F Certs to Ba3
RR LTD 23: Fitch Affirms 'BB(EXP)sf' Rating on Class D-R Notes
SEQUOIA MORTGAGE 2018-CH1: Moody's Ups B-5 Notes Rating From Ba1
SLM STUDENT 2008-7: Fitch Lowers Rating on 2 Tranches to 'Dsf'
SOUND POINT 36: Fitch Assigns 'BB-(EXP)sf' Rating to Class E Notes

SOUND POINT III-R: Moody's Cuts Rating on $21MM Cl. E Notes to B1
SYMPHONY CLO 34-PS: S&P Assigns BB- (sf) Rating on Class E-R Notes
TOWD POINT 2023-CES1: Fitch Assigns 'B-sf' Rating to Cl. B2 Notes
TRIMARAN CAVU 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
VERUS SECURITIZATION 2023-INV2: S&P Assigns B- (sf) on B-2 Notes

WELLS FARGO 2015-C30: DBRS Confirms B Rating on Class X-FG Certs
WELLS FARGO 2016-NXS6: Fitch Lowers Rating on Class F Debt to CCC
WELLS FARGO 2021-1: S&P Affirms B (sf) Rating on Class B5 Notes
WESTLAKE 2023-3: S&P Assigns Prelim 'BB(sf)' Rating on Cl. E Notes
[*] Moody's Takes Action on $178.4MM of US RMBS Issued 2005-2007

[*] Moody's Upgrades $52.9MM of US RMBS Bonds Issued 2019
[*] S&P Takes Various Actions on 200 Classes From 16 US RMBS Deals

                            *********

A&D MORTGAGE 2023-NQM3: DBRS Gives Prov. B(low) Rating on B-2 Certs
-------------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following Mortgage
Pass-Through Certificates, Series 2023-NQM3 (the Certificates) to
be issued by A&D Mortgage Trust 2023-NQM3 (the Trust):

-- $242.8 million Class A-1 at AAA (sf)
-- $40.3 million Class A-2 at AA (low) (sf)
-- $35.3 million Class A-3 at A (low) (sf)
-- $15.6 million Class M-1 at BBB (low) (sf)
-- $16.3 million Class B-1 at BB (low) (sf)
-- $11.7 million Class B-2 at B (low) (sf)

The AAA (sf) rating on the Class A-1 Certificates reflects 34.65%
of credit enhancement provided by subordinated Certificates. The AA
(low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B
(low) (sf) ratings reflect 23.80%, 14.30%, 10.10%, 5.70%, and 2.55%
of credit enhancement, respectively.

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

This transaction is a securitization of a portfolio of fixed-rate
and adjustable-rate prime and nonprime first-lien residential
mortgages funded by the issuance of the Certificates. The
Certificates are backed by 898 loans with a total principal balance
of approximately $371,535,264 as of the Cut-Off Date (July 1,
2023).

The originators for the mortgage pool are A&D Mortgage LLC (ADM;
97.0%) and others (3.0%). ADM originated the mortgages under the
following five programs:
-- Super Prime
-- Prime
-- Debt Service Coverage Ratio (DSCR)
-- Foreign National – Full Doc
-- Foreign National – DSCR

A&D Mortgage LLC (ADM) will act as the Sponsor and the Servicer for
all loans.

Nationstar Mortgage LLC (Nationstar) will act as the Master
Servicer and Citibank, N.A. (rated AA (low) with a Stable trend by
DBRS Morningstar) will act as the Securities Administrator and
Certificate Registrar.

Wilmington Trust, National Association will serve as the Custodian,
and Wilmington Savings Fund Society, FSB will act as the Trustee.

The pool is about two months seasoned on a weighted-average basis,
although seasoning may span from zero to 24 months.

In accordance with U.S. credit risk retention requirements, ADM as
the Sponsor, either directly or through a Majority-Owned Affiliate,
will retain an eligible horizontal residual interest consisting of
the Class X Certificates, the Class B-3 Certificates, and a portion
of the Class B-2 Certificates (together, the Risk Retained
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 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, 63.6% of the loans
are designated as non-QM. Approximately 35.9% of the loans are made
to investors for business purposes and are thus not subject to the
QM/ATR rules. Also, five loans (0.4% of the pool) are QM with a
conclusive presumption of compliance with the ATR rules and
designated as QM Safe Harbor.

The Servicer will generally fund advances of delinquent principal
and interest (P&I) on any mortgage until such loan becomes 90 days
delinquent under the Mortgage Bankers Association (MBA) method,
contingent upon recoverability determination. The Servicer is also
obligated to make advances in respect of taxes, insurance premiums,
and reasonable costs incurred in the course of servicing and
disposing of properties. If the Servicer fails in its obligation to
make P&I advances, Nationstar, as the Master Servicer, will be
obligated to fund such advances. In addition, if the Master
Servicer fails in its obligation to make P&I advances, Citibank,
N.A., as the Securities Administrator, will be obligated to fund
such advances. The Master Servicer and Securities Administrator are
only responsible for P&I Advances; the Servicer is responsible for
P&I and advances with respect to taxes, insurance premiums, and
reasonable costs incurred in the course of servicing and disposing
of properties (Servicing Advances). If the Servicer fails to make
the Servicing Advances on a delinquent loan, the recovery amount
upon liquidation may be reduced.

The Sponsor (ADM) will have the option, but not the obligation, to
repurchase any mortgage loan that is 90 or more days delinquent
under the MBA method (or, in the case of any Coronavirus Disease
(COVID-19) forbearance loan, such mortgage loan becomes 90 or more
days delinquent under the MBA method after the related forbearance
period ends or any REO property acquired in respect of a mortgage
loan) at the Repurchase Price, provided that such repurchases in
aggregate do not exceed 7.5% of the total principal balance as of
the Cut-Off Date.

The Depositor (A&D Mortgage Depositor LLC) may, at its option, on
any date that is the later of (1) the two-year anniversary of the
Closing Date, and (2) the earlier of (A) the three-year anniversary
of the Closing Date and (B) 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 (Optional
Redemption). 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) before being applied
sequentially to amortize the balances of the senior and
subordinated certificates. For the Class A-3 Certificates (only
after a Credit Event) and for the mezzanine and subordinate classes
of certificates (both before and after a Credit Event), principal
proceeds will be available to cover interest shortfalls only after
the more senior certificates have been paid off in full. Also, the
excess spread can be used to cover realized losses first before
being allocated to unpaid Cap Carryover Amounts due to Class A-1,
Class A-2, Class A-3 and Class M-1 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 payment
date in November 2026 (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, Class A-3 and Class M-1 Certificates' Cap Carryover Amounts
after the Class A coupons step up.

The ratings reflect transactional strengths that include the
following:

-- Substantial borrower equity, robust loan attributes, and pool
composition;
-- Compliance with the ATR rules;
-- Satisfactory third-party due-diligence review;
-- Current loans; and
-- Improved underwriting standards.

The transaction also includes the following challenges:
-- Nonprime, non-QM, and investor loans;
-- Three-month advances of delinquent P&I;
-- Representations and warranties framework;
-- Servicer's financial capability; and
-- A servicer with limited performance history.

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

DBRS Morningstar's credit ratings on the Certificates address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Certificates are the
related Interest Distribution Amount, Interest Carryforward Amount
and the related Class Balances.

DBRS Morningstar's credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. For example, in this transaction, DBRS Morningstar's
ratings do not address the payment of any Cap Carryover Amounts
based on its position in the cash flow waterfall.

DBRS Morningstar's credit ratings on the Class A-1, Class A-2, and
Class A-3 Certificates also address the credit risk associated with
the increased rate of interest applicable to the Class A-1, Class
A-2, and Class A-3 Certificates if the Class A-1, Class A-2, and
Class A-3 Certificates remain outstanding on the step-up date
(November 2026) in accordance with the applicable transaction
document(s).

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued.

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



ACCESS GROUP 2004-2: Fitch Hikes Rating on Cl. A-4 Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded class A-4 of Access Group 2004-2 to
'BBsf' from 'Bsf'. The Rating Outlook is Stable. The upgrade
reflects continued improved performance. Class A-5 and class B have
been affirmed at 'CCCsf'. In addition, Fitch has maintained the
Rating Watch Negative on the class A note for Access Funding LLC
2015-1 and affirmed the 'AAsf' rating on class B while maintaining
the Stable Outlook.

ENTITY/DEBT    RATING   PRIOR  
----------              ------          -----
Access Group, Inc. - Federal
Student Loan Notes, Series
2004-2

A-4 00432CBX8   LT   BBsf     Upgrade        Bsf

A-5 00432CBY6   LT   CCCsf    Affirmed       CCCsf

B 00432CBZ3     LT   CCCsf    Affirmed       CCCsf

Access Funding 2015-1 LLC

A 00435TAA9     LT   AAAsf    Rating Watch   AAAsf
                               Maintained

B 00435TAB7     LT   AAsf     Affirmed       AAsf

TRANSACTION SUMMARY

For 2004-2, Class A-3 was paid in full in the first quarter of 2023
and currently, class A-4 is the only senior note receiving
principal due to the sequential pay structure amongst class A.

KEY RATING DRIVERS

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

Collateral Performance: Based on transaction-specific performance
to date, Fitch assumed a sustainable constant default rate
assumption (sCDR) of 2.0% for 2004-2 and 2.5% for 2015-1 and a sCPR
of 6.25% for 2004-2 and 16.0% for 2015-1. The cumulative and
effective (after applying Fitch's standard default timing curve)
base case and 'AAA' default rate is unchanged at 11.0% and 33.0%,
respectively, for Acc. 2004-2 and 14.5% and 43.5%, respectively,
for Acc. 2015-1. The TTM levels of deferment and forbearance are
0.8% and approximately 2.7%, respectively, for 2004-2, and 2.5% and
4.5%, respectively, for 2015-1. These levels are used as the
starting point in cash flow modeling and subsequent declines and
increases are modeled as per criteria. Fitch applies the standard
default timing curve. The claim reject rate is assumed to be 0.25%
in the base case and 2.0% in the 'AAA' case.

The 30-59DPD increased year over year to 1.9% from 1.4% for 2004-2
and 90-119DPD improved to 0.44% from 0.55%. For Acc 2015-1,
30-59DPD improved to 1.7% from 2.09% and 90-119DPD was 0.44%
compared with 0.29% for the same time last year.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for SAP and the securities. As of the end of the most
recent collection period, all trust student loans are indexed to
either 91-day T-bill or 30-day Average SOFR plus spread adjustment
(SA) and all notes are indexed to either 30-day or 90-day SOFR plus
SA.

Payment Structure: Credit enhancement (CE) is provided by excess
spread and the class A notes benefit from subordination provided by
the class B notes. Acc 2004-2 is not releasing cash as the parity
is below 100.2% but Acc 2015-1 is as the specified
overcollateralization amount of the greater of 2.25% of the pool
balance and $1,070,000 is maintained for 2015-1. Liquidity support
is provided by a reserve account sized at $1.1 million and $303,814
for 2004-2 and 2015-1, respectively.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc., which Fitch believes to be an acceptable servicer of
student loans due to its long servicing history.

RATING SENSITIVITIES

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

'AAAsf'-rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions.

This section provides insight into the model-implied sensitivities
the transactions face when one assumption is modified, while
holding others equal. Fitch conducts credit and maturity stress
sensitivity analysis by increasing or decreasing key assumptions by
25% and 50% over the base case. The credit stress sensitivity is
viewed by stressing both the base case default rate and the basis
spread. The maturity stress sensitivity is viewed by stressing
remaining term, IBR usage and prepayments. The results below should
only be considered as one potential outcome, as the transaction is
exposed to multiple dynamic risk factors and should not be used as
an indicator of possible future performance.

Fitch has revised its global economic outlook forecasts as a result
of the war in Ukraine and related economic sanctions. Downside
risks have increased highlighted in the special report, "What a
Stagflation Scenario Would Mean for Global Structured Finance", an
assessment of the potential rating and asset performance impact of
a plausible, albeit worse than expected, adverse stagflation
scenario. Fitch expects the FFELP student loan ABS sector, under
this scenario, to experience mild to modest asset performance
deterioration, indicating some Outlook changes (between 5% and 20%
of outstanding ratings). Asset performance under this adverse
scenario is expected to be more modest than the most severe
sensitivity scenario. The severity and duration of the
macroeconomic disruption is uncertain, but is balanced by a strong
labor market and the build-up of household savings during the
pandemic, which will provide support in the near term to households
faced with falling real incomes.

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Current Rating: Class A-4 'BBsf'; Class A-5 and Class B 'CCCsf'.

Credit Stress Rating Sensitivity

-- Default increase 25%: class A-4 'BBsf', class A-5 'CCCsf',
class B 'CCCsf';

-- Default increase 50%: class A-4 'BBsf', class A-5 'CCCsf',
class B 'CCCsf';

-- Basis Spread increase 0.25%: class A-4 'BBsf', class A-5
'CCCsf', class B 'CCCsf';

-- Basis Spread increase 0.5%: class A-4 'BBsf', class A-5
'CCCsf', class B 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A-4 'CCCsf', class A-5 'CCCsf', class B
'CCCsf';

-- CPR decrease 50%: class A-4 'CCCsf', class A-5 'CCCsf', class B
'CCCsf';

-- IBR Usage increase 25%: class A-4 'Bsf', class A-5 'CCCsf',
class B 'CCCsf';

-- IBR Usage increase 50%: class A-4 'Bsf', class A-5 'CCCsf',
class B 'CCCsf';

-- Remaining Term increase 25%: class A-4 'CCCsf', class A-5
'CCCsf', class B 'CCCsf';

-- Remaining Term increase 50%: class A-4 'CCCsf', class A-5
'CCCsf', class B 'CCCsf'.

Current Rating: - Class A - 'AAAsf'; Class B - 'AAsf'.

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'BBBsf', class B 'Asf';

-- Default increase 50%: class A 'BBBsf', class B 'Asf';

-- Basis Spread increase 0.25%: class A 'Asf', class B 'Asf';

-- Basis Spread increase 0.5%: class A 'Asf', class B 'Asf'.

Maturity Stress Rating Sensitivity

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

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

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

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

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

-- Remaining Term increase 50%: class A 'AAAsf', class B 'AAAsf'.

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

Access Group, Inc. - Federal Student Loan Notes, Series 2004-2

Credit Stress Rating Sensitivity

-- Default decrease 25%: class A-4 'AAAsf', class A-5 'CCCsf',
class B 'CCCsf';

-- Basis Spread decrease 0.25%: class A-4 'AAAsf', class A-5
'CCCsf', class B 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR increase 25%: class A-4 'Asf', class A-5 'CCCsf', class B
'CCCsf';

-- IBR Usage decrease 25%: class A-4 'Asf', class A-5 'CCCsf',
class B 'CCCsf';

-- Remaining Term decrease 25%: class A-4 'AAAsf', class A-5
'CCCsf', class B 'CCCsf'.

Access Funding 2015-1 LLC

Class A is rated 'AAAsf' and is at its highest attainable rating.
Results shown are for class B.

Credit Stress Rating Sensitivity

-- Default decrease 25%: class B 'AAAsf';

-- Basis Spread decrease 0.25%: class B 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR increase 25%: class B 'AAAsf';

-- IBR Usage decrease 25%: class B 'AAAsf';

-- Remaining Term decrease 25%: class B 'AAAsf'.

CRITERIA VARIATION

The rating for class A-4 of 2004-2 is more than one category lower
than the lowest model implied rating of 'Asf'. As noted in the
FFELP criteria, if the final ratings are different from the model
results by more than one rating category, it would constitute a
criteria variation. The upgrade is limited as cash flow modelling
under the maturity stress indicates that the note is paid in full
on the legal final maturity date for ratings of 'BBB' and 'A'. The
limited margin of safety on the repayment date expected under those
levels of stress is not considerate commensurate with
investment-grade ratings. Had Fitch not applied this variation, the
notes could have been upgraded to 'Asf'.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


ADAMS OUTDOOR 2023-1: Fitch Assigns 'BB-sf' Rating to Cl. C Notes
-----------------------------------------------------------------
Fitch Ratings has assigned the following final ratings and Rating
Outlooks to Adams Outdoor Advertising Limited Partnership (LP),
Secured Billboard Revenue Notes, Series 2023-1:

-- $0 class A-1 'A-sf'; Outlook Stable;

-- $459,000,000 class A-2 'A-sf'; Outlook Stable;

-- $64,400,000 class B 'BBB-sf'; Outlook Stable;

-- $83,600,000 class C 'BB-sf'; Outlook Stable.

The ratings are based on information provided by the issuer as of
July 27, 2023. All classes are being privately placed pursuant to
Rule 144A.

TRANSACTION SUMMARY

The transaction represents a securitization in the form of notes
backed by approximately 9,999 outdoor advertising displays. None of
the outdoor sites are secured by mortgages; rather, the notes will
primarily be secured by a perfected security interest in all the
issuer's right to, title to and interest in outdoor advertising
sites and associated contracts, as well as the related permits,
licenses, ground leases and parcels of real estate on which the
outdoor advertising structures are located.

Proceeds from the notes will be used to repay the series 2018-1 and
2021-1 secured billboard revenue notes in full, fund a distribution
to equity owners and for general corporate purposes. The series
2023-1 notes are secured by three fixed-rate, IO, secured notes
(class A-2, B, and C notes) and a floating-rate, IO,
variable-funding secured note (class A-1). The class A-1 variable
funding note (VFN) is benchmarked to the term Secured Overnight
Financing Rate (SOFR), while the class A-2, B, and C notes are
fixed-rate notes. The SOFR rate is uncapped, and class A-1 proceeds
at closing are expected to be $0. Class A-1 proceeds are capped at
$60.0 million, subject to a leverage ratio of 5.5x, among other
provisions. The loan is structured with an anticipated repayment
date (ARD) in July 2028.

As this transaction isolates the assets from the parent company,
the ratings reflect a structured finance analysis of the cash flows
from advertising structures, not an assessment of the corporate
default risk of the ultimate parent.

KEY RATING DRIVERS

Non-Traditional Asset Type; Rating Cap: Due to the specialized
nature of the collateral consisting primarily of outdoor
advertising displays and lack of mortgages, the senior classes of
this transaction do not achieve ratings above 'Asf'.

Continued Cash Flow Growth/Fitch Leverage: Fitch's net cash flow
(NCF) on the pool is $70.9 million, implying a Fitch stressed debt
service coverage ratio of (DSCR) of 1.23x. Fitch's NCF has
increased from $61.6 million at the issuance of series 2018-1 rated
notes to $70.9 million in the series 2023-1 notes, which results in
a 15.1% increase during a five-year timeframe. The debt multiple
relative to Fitch's NCF is 8.6x, which equates to a debt yield of
11.7%. The Fitch market loan-to-value (LTV) at 'BB-sf' (the lowest
Fitch-rated non-investment-grade tranche) is not applicable for
this transaction. The Fitch market LTV is based on a blend of the
Fitch cap rate and market cap rate. Fitch did not assign a cap rate
nor is there an appraisal to determine a market cap rate.

Dominant Market Share/Barriers to Entry: Adams Outdoor Advertising
L.P. (AOA) primarily operates in midsize markets where it is the
dominant provider of outdoor advertising, with an average 83%
market share. This dominant market share adds to the predictability
of the cash flow by minimizing pricing pressure from competition.
AOA faces limited competition in its market as a result of the
billboard permitting process and significant federal, state and
local regulations that limit supply and prohibit new billboards.

Diverse Number of Assets: AOA currently operates approximately
9,999 billboard faces, including 3,742 bulletins, 5,889 posters,
342 digital displays and 26 other displays, in 12 primary markets
in nine states. In addition, no customer accounts for greater than
2.0% of revenues, and no industry accounts for greater than 12.4%
of net revenues.

Experienced Sponsorship and Management Team: AOA has been operating
since 1983 and is currently one of the largest domestic billboard
operators. AOA has shown consistent performance and has effectively
managed its operations through economic cycles, reducing expenses
in 2008 and 2009 during the financial crisis and more recently in
2020 and 2021 during the coronavirus pandemic to offset the decline
in revenue.

RATING SENSITIVITIES

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

-- Downgrades are limited due to the high barriers of entry and
limited competition and by the sponsor's ability to manage expenses
to offset declines in revenue during periods of economic
downturns.

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

-- Upgrades are limited due to the provision allowing the issuance
of additional notes, and the non-traditional asset type and rating
cap.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


APIDOS CLO XII: Moody's Lowers Rating on $8.5MM F-R Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Apidos CLO XII:

US$58,500,000 Class B-R Senior Secured Floating Rate Notes due 2031
(the "Class B-R Notes"), Upgraded to Aa1 (sf); previously on
February 22, 2018 Assigned Aa2 (sf)

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

US$8,500,000 Class F-R Mezzanine Deferrable Floating Rate Notes due
2031 (the "Class F-R Notes"), Downgraded to Caa2 (sf); previously
on February 22, 2018 Assigned B3 (sf)

Apidos CLO XII, originally issued in April 2013 and refinanced in
February 2018 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2023.

RATINGS RATIONALE

The upgrade rating action reflects the benefit of the end of the
deal's reinvestment period and an expectation that the notes will
begin to be repaid in order of seniority, given the end of the
reinvestment period in April 2023. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will be
maintained or satisfy certain covenant requirements.

Moody's notes however that the portfolio has lost par over the last
year. Based on the trustee's July 2023 report[1], the
over-collateralization (OC) ratios for the Class A-R/B-R, Class
C-R, Class D-R, and Class E-R notes are reported at 128.65%,
118.78%, 110.69%, and 105.42% respectively, versus July 2022[2]
levels of 129.16%, 119.25%, 111.13%, and 105.84%, respectively.

The downgrade rating action on the Class F-R notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the Moody's calculation, the total collateral par balance,
including principal collections, recoveries from defaulted
securities, is $489.3 million, or $9.8 million less than the $500.0
million initial par amount targeted during the deal's ramp-up.
Furthermore, trustee-reported weighted average rating factor (WARF)
has deteriorated and the current level is 2886 compared to 2778 in
July 2022 [3].  

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: $488,041,112

Defaulted par:  $3,046,638

Diversity Score: 83

Weighted Average Rating Factor (WARF): 2770

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.24%

Weighted Average Recovery Rate (WARR): 47.62%

Weighted Average Life (WAL): 4.13 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 and lower recoveries
on defaulted assets.

Methodology Used for the Rating Action:

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

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

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


ARES CLO XXXVIII: Moody's Ups Rating on $26MM D-R Notes From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares XXXVIII CLO Ltd.:

US$40,000,000 Class B-R Senior Floating Rate Notes due 2030 (the
"Class B-R Notes"), Upgraded to Aa1 (sf); previously on March 13,
2018 Definitive Rating Assigned Aa2 (sf)

US$26,000,000 Class D-R Mezzanine Deferrable Floating Rate Notes
due 2030 (the "Class D-R Notes"), Upgraded to Baa3 (sf); previously
on August 14, 2020 Downgraded to Ba1 (sf)

Ares XXXVIII CLO Ltd., originally issued in December 2015 and
refinanced in March 2018, is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in April 2023.

RATINGS RATIONALE

These rating actions reflect the benefit of the end of the deal's
reinvestment period in April 2023. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will be
maintained. In particular, Moody's assumed that the deal will
benefit from lower weighted average rating factor (WARF) compared
to its respective covenant levels. Moody's modeled a WARF of 2900
compared to its current covenant level of 3006.

The deal has also benefited from deleveraging of the senior notes.
Since the end of the reinvestment period in April 2023, the Class
A-1-R notes have been paid down by approximately 3.0% or $7.0
million.

The actions also reflect the correction of a prior error. In the
last rating action, Moody's cash flow modeling of the amortization
period for this transaction did not include coverage tests, thereby
underestimating the amounts available to support the rated notes.

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: $389,069,616

Defaulted par:  $4,486,327

Diversity Score: 74

Weighted Average Rating Factor (WARF): 2900

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

Weighted Average Recovery Rate (WARR): 47.09%

Weighted Average Life (WAL): 4.2 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.


BANK 2019-BNK24: DBRS Confirms BB Rating on Class X-G Certs
-----------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2019-BNK24 issued by BANK
2019-BNK24 as follows:

-- Class A-1 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AAA (sf)
-- Class C at AA (low) (sf)
-- Class D at A (low) (sf)
-- Class X-D at A (low) (sf)
-- Class E at BBB (high) (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BB (sf)
-- Class G at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains relatively unchanged since the last
rating action. The pool's financial performance remains generally
healthy, but DBRS Morningstar notes that there is a high
concentration of loans collateralized by office properties,
representing 33.8% of the pool balance. In general, the office
sector's performance has been challenged, given the low investor
appetite for the property type and high vacancy rates in many
submarkets as a result of the shift in workplace dynamics. In the
analysis for this review, loans backed by office properties and
other properties that were showing performance declines from
issuance or exhibiting increased risks from issuance were analyzed
with stressed scenarios to increase the expected losses as
applicable. The resulting weighted-average (WA) expected loss for
the stressed office loans is approximately 45.1% higher than the
pool's average expected loss.

As of the June 2023 remittance, 70 of the original 71 loans remain
in the trust with an outstanding trust balance of $1.2 billion,
reflecting a collateral reduction of 1.2% since issuance. One loan,
representing 1.1% of the trust balance, is defeased. Ten loans,
representing 15.1% of the trust balance, are on the servicer's
watchlist, primarily because of low debt service coverage ratios
(DSCRs), deferred maintenance, and/or recent transfers back to the
master servicer from the special servicer. There are currently no
loans in special servicing and two loans, previously in special
servicing since 2021, returned to the master servicer in May 2023.

The largest loan on the servicer's watchlist, 1412 Broadway
(Prospectus ID#3; 8.3% of the pool balance), is secured by a
421,396-square-foot (sf), 24-story office building in Manhattan's
Fashion District. Based on the servicer-reported YE2022 financials,
the loan reported a DSCR of 1.04 times (x), a steady decline from
1.52x in YE2021 and 1.95x in YE2020. During the same period,
occupancy and average rent per sf have fluctuated but steadily
increased to 99.2% and $64.88, respectively, as of YE2022, up from
95.6% and $61.18 at YE2021 and 81.1% and $62.32 at YE2020. The five
largest tenants comprise 47.1% of net rentable area (NRA) and none
of these tenants have leases scheduled to expire over the next 12
months; however, the largest tenant, comprising 12.5% of NRA, has a
lease scheduled to expire in December 2024. Securitas Security,
representing 4.5% of NRA, has an upcoming lease expiration in
September 2023, and media reports suggest the tenant has already
signed a lease at a competing property. In addition, Last Minute
Transactions, Inc., representing 1.9% of NRA, vacated prior to its
lease expiration in December 2025 and the space is currently dark,
but the tenant appears to still be paying rent according to the
most recent rent roll. Given the declining DSCR, tenant rollover
concerns, and softening of the office market, DBRS Morningstar
applied a probability of default penalty and stressed loan-to-value
ratio in its analysis, resulting in an expected loss that was about
130% higher than the pool's WA expected loss.

At issuance, DBRS Morningstar shadow-rated four loans, representing
22.5% of the current trust balance, investment grade, which
included 55 Hudson Yards (Prospectus ID#1; 8.2% of the current
trust balance), Jackson Park (Prospectus ID#2; 8.2% of the current
trust balance), Park Tower at Transbay (Prospectus ID#9; 4.1% of
the current trust balance), and ILPT Industrial Portfolio
(Prospectus ID#15; 2.1% of the current trust balance). With this
review, DBRS Morningstar confirms that the performance of all four
loans remains in line with the shadow ratings assigned at
issuance.

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



BANK 2023-BNK46: Fitch Assigns 'B-(EXP)sf' Rating on 2 Tranches
---------------------------------------------------------------
Fitch Ratings has issued a presale report on BANK 2023-BNK46,
commercial mortgage pass-through certificates, series 2023-BNK46.
Fitch has assigned the following expected ratings:

-- $3,674,000 class A-1 'AAAsf'; Outlook Stable;

-- $161,130,000a class A-2-1 'AAAsf'; Outlook Stable;

-- $37,500,000ae class A-2-2 'AAAsf'; Outlook Stable;

-- $6,426,000 class A-SB 'AAAsf'; Outlook Stable;

-- $35,000,000bc class A-3 'AAAsf'; Outlook Stable;

-- $0c class A-3-1 'AAAsf'; Outlook Stable;

-- $0c class A-3-2 'AAAsf'; Outlook Stable;

-- $0cd class A-3-X1 'AAAsf'; Outlook Stable;

-- $0cd class A-3-X2 'AAAsf'; Outlook Stable;

-- $235,454,000bc class A-4 'AAAsf'; Outlook Stable;

-- $0c class A-4-1 'AAAsf'; Outlook Stable;

-- $0c class A-4-2 'AAAsf'; Outlook Stable;

-- $0cd class A-4-X1 'AAAsf'; Outlook Stable;

-- $0cd class A-4-X2 'AAAsf'; Outlook Stable;

-- $86,424,000c class A-S 'AAAsf'; Outlook Stable;

-- $0c class A-S-1 'AAAsf'; Outlook Stable;

-- $0c class A-S-2 'AAAsf'; Outlook Stable;

-- $0cd class A-S-X1 'AAAsf'; Outlook Stable;

-- $0cd class A-S-X2 'AAAsf'; Outlook Stable;

-- $479,184,000d class X-A 'AAAsf'; Outlook Stable;

-- $30,805,000c class B 'AA-sf'; Outlook Stable;

-- $0c class B-1 'AA-sf'; Outlook Stable;

-- $0c class B-2 'AA-sf'; Outlook Stable;

-- $0cd class B-X1 'AA-sf'; Outlook Stable;

-- $0cd class B-X2 'AA-sf'; Outlook Stable;

-- $21,392,000c class C 'A-sf'; Outlook Stable;

-- $0c class C-1 'A-sf'; Outlook Stable;

-- $0c class C-2 'A-sf'; Outlook Stable;

-- $0cd class C-X1 'A-sf'; Outlook Stable;

-- $0cd class C-X2 'A-sf'; Outlook Stable;

-- $138,621,000d class X-B 'A-sf'; Outlook Stable;

-- $13,691,000e class D 'BBBsf'; Outlook Stable;

-- $6,846,000e class E 'BBB-sf'; Outlook Stable;

-- $20,537,000de class X-D 'BBB-sf'; Outlook Stable;

-- $13,691,000e class F 'BB-sf'; Outlook Stable;

-- $13,691,000de class X-F 'BB-sf'; Outlook Stable;

-- $10,268,000e class G 'B-sf'; Outlook Stable;

-- $10,268,000de class X-G 'B-sf'; Outlook Stable.

Fitch is not expected to rate the following classes:

-- $22,248,287e class H;

-- $27,807,743f class RR;

-- $8,221,167f class RR-I.

a) The initial certificate balances of classes A-2-1 and A-2-2 are
not yet known but are expected to be $198,630,000 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
$123,630,000-$198,630,000, and the expected class A-2-2 balance
range is $0-$75,000,000. The balances of classes A-2-1 and A-2-2
above represent the hypothetical balance for class A-2-2 if class
A-2-1 were sized at the midpoint of its range. In the event that
the class A-2-1 certificates are issued with an initial certificate
balance of $198,630,000, the class A-2-2 certificates will not be
issued.

b) The initial certificate balances of classes A-3 and A-4 are not
yet known but are expected to be $270,454,000 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-3 balance range is $0-$70,000,000, and the expected class
A-4 balance range is $200,454,000-$270,454,000. The balances of
classes A-3 and A-4 above represent the hypothetical balance for
class A-3 if class A-4 were sized at the midpoint of its range. In
the event that the class A-4 certificates are issued with an
initial certificate balance of $270,454,000, the class A-3
certificates will not be issued.

c) Exchangeable certificates. Class A-3, A-4, A-S, B and C
certificates 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 corresponding
classes of exchangeable certificates. Class A-3 may be surrendered
(or received) for the received (or surrendered) classes A-3-1 and
A-3-X1. Class A-3 may be surrendered (or received) for the received
(or surrendered) classes A-3-2 and A-3-X2. Class A-4 may be
surrendered (or received) for the received (or surrendered) classes
A-4-1 and A-4-X1. Class A-4 may be surrendered (or received) for
the received (or surrendered) classes A-4-2 and A-4-X2. Class A-S
may be surrendered (or received) for the received (or surrendered)
classes A-S-1 and A-S-X1. Class A-S may be surrendered (or
received) for the received (or surrendered) classes A-S-2 and
A-S-X2. Class B may be surrendered (or received) for the received
(or surrendered) classes B-1 and B-X1. Class B may be surrendered
(or received) for the received (or surrendered) classes B-2 and
B-X2. Class C may be surrendered (or received) for the received (or
surrendered) classes C-1 and C-X1. Class C may be surrendered (or
received) for the received (or surrendered) classes C-2 and C-X2.

d) Notional amount and IO.

e) Privately placed and pursuant to Rule 144A.

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

The expected ratings are based on information provided by the
issuer as of July 26, 2023.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 32 loans secured by 32
commercial properties having an aggregate principal balance of
$720,578,197 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
Servicers are expected to be Wells Fargo Bank, National Association
and National Cooperative Bank, N.A., and the Special Servicers are
expected to be LNR Partners, LLC and National Cooperative Bank,
N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 75.6% of the properties
by balance, cash flow analyses of 99.4% of the pool and asset
summary reviews on 100.0% of the pool.

KEY RATING DRIVERS

Lower Leverage Compared to Recent Transactions: The pool has lower
leverage compared to recent multiborrower transactions rated by
Fitch. The pool's weighted average (WA) Fitch loan-to-value ratio
(LTV) of 80.9% is lower than both the YTD 2023 and 2022 averages of
89.1% and 99.3%, respectively. The pool's WA Fitch net cash flow
(NCF) debt yield (DY) of 13.0% is higher than the YTD 2023 and 2022
averages of 10.7% and 9.9%, respectively. Excluding credit opinion
loans, the pool's Fitch LTV and DY are 88.2% and 13.1%,
respectively, compared to the equivalent conduit YTD 2023 LTV and
DY averages of 95.2% and 10.3%, respectively.

Investment Grade Credit Opinion Loans: Four loans representing
29.2% of the pool received an investment grade credit opinion,
which is above the YTD 2023 and 2022 averages of 20.9% and 14.4%,
respectively. CX - 250 Water Street (10.0% of pool) received a
standalone credit opinion of 'BBBsf', Fashion Valley Mall (9.7%)
received a standalone credit opinion of 'AAAsf', 1201 Third Avenue
(5.8%) received a standalone credit opinion of 'BBB+sf' and 22330
Glenn Drive (3.7%) received a standalone credit opinion of 'A-sf'.

Higher Pool Concentration: The pool is more concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 65.6% of the pool, higher than the YTD 2023 and 2022 levels
of 63.8% and 55.2%, respectively. The pool's effective loan count
of 17.9 is lower than the YTD 2023 and 2022 averages of 20 and 26,
respectively.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 1.7%, which is below the YTD 2023 and
2022 averages of 2.0% and 3.3%, respectively. The pool has 22 IO
loans (83.8% of the pool by balance), which is higher than the YTD
2023 and 2022 averages of 79.3% and 77.5%, respectively. Three
loans (9.6% of the pool by balance) are partial IO, which is below
the YTD 2023 and 2022 averages of 12.4% and10.2%, respectively.

RATING SENSITIVITIES

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

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

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

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

-- 10% NCF Decline: 'AA-sf'/'A-sf'/'BBBsf'/'BB+sf'/'BBsf'/'Bsf'/'

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

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

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

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

The list indicates the model implied rating sensitivity to changes
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'/'BBsf'/'Bsf'.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


BBCMS TRUST 2018-CBM: DBRS Confirms B(high) Rating on Class F Certs
-------------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-CBM issued by BBCMS Trust
2018-CBM as follows:

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

In addition, DBRS Morningstar revised the trends on Classes D, E,
and F to Negative from Stable. This reflects DBRS Morningstar's
concerns regarding the limited potential for pre-Coronavirus
Disease (COVID-19) pandemic cash flow to be fully recaptured, in
addition to the loan being past its July 2023 maturity date. With
this review, DBRS Morningstar re-evaluated its cash flow approach
to derive an updated DBRS Morningstar value of $331.5 million,
which represents a -50.9% variance to the issuance appraised value,
with the resulting impact to the Loan-To-Value (LTV) Sizing
Benchmarks suggesting downgrade pressure for the bottom three
classes, supporting the Negative trends. The trends for Classes A,
B, and C, which have a current cumulative balance of $228.7
million, remain Stable.

The $415.0 million floating-rate loan is secured by a portfolio of
30 Courtyard by Marriott select-service hotels, totaling 4,379
rooms spread across 15 states. The portfolio is geographically
diverse, with hotels in 23 metropolitan statistical areas across 15
states. California accounts for the largest percentage of the pool,
at 29.8% by allocated loan amount, followed by 10.8% in Michigan,
and 9.6% in Florida. No property represents more than 6.6% of the
total allocated loan amount. Since issuance, there have been no
property releases.

The loan was previously in special servicing in 2020 and was
ultimately resolved when a new borrower assumed the loan. The
original loan sponsor, Colony Capital, Inc. (Colony), transferred
100% of its interests to a joint venture (JV) between Highgate
Capital Investments, L.P. (Highgate) and Cerberus Real Estate
Capital Management, LLC (Cerberus) in March 2021. The transfer was
part of a larger sale of six select-service hotel portfolios that
Colony agreed to sell to the JV between Highgate and Cerberus. The
sale included 197 properties for an aggregate sale price of $67.5
million and the assumption of the $2.7 billion outstanding mortgage
debt on all 197 properties. The current sponsor has continued to
fund capital projects, with $4.3 million in owner-funded items
budgeted for 2022 and $4.3 million budgeted for 2023.

The YE2022 net cash flow (NCF) for the combined portfolio was
reported to be $30.1 million, up from $12.8 million at YE2021 and
negative cash flow of -$9.4 million at YE2020. The most recent NCF
continues to lag the DBRS Morningstar NCF of $47.6 million derived
in 2020 when ratings were assigned. The cash flow trends suggest
the portfolio continues to stabilize from the effects of the
coronavirus pandemic, with a weighted-average revenue per available
room (RevPAR) improvement of 25.9% year-over-year for the trailing
12 months, ended March 31, 2023. Nearly all of the underlying
properties are outperforming their competitive sets in terms of
occupancy, average daily rate (ADR), and RevPAR. The portfolio's
consolidated occupancy, ADR, and RevPAR for YE2022 were reported to
be 62.6%, $138.92, and $89.31, respectively, according to the
servicer. In comparison, the occupancy, ADR, and RevPAR at issuance
were 72.0%, $130.10, and $93.73, respectively.

The loan was structured with an initial term of two years, with
five additional one-year extension options. As of the July 2023
remittance, the loan has passed its currently scheduled maturity
date of July 9, 2023, and the servicer reports that borrower is
engaged in discussions to execute its fourth extension option. The
initial interest rate was set at a 2.17% spread over one-month
Libor, with a Libor cap of 4.5%. With the fourth extension option,
the spread would be scheduled to increase by 25 basis points. The
in-place interest rate cap agreement is scheduled to expire on July
15, 2023. According to the servicer, the borrower has requested a
modification of the loan terms in order to effectuate the fourth
extension option, and negotiations are ongoing.

At issuance, the portfolio was appraised at a value of $674.0
million. In July 2020, the portfolio was reappraised at a value of
$533.7 million, representative of a 20.82% decline from the
issuance appraised value. Although cash flow trends showing
year-over-year improvements are encouraging, DBRS Morningstar
remains concerned that the portfolio is not likely to fully
recapture pre-pandemic performance, and expects that a modification
of the loan will be costly. In the analysis for this review, DBRS
Morningstar derived a value of $331.5 million based on the YE2022
NCF of $30.1 million and a cap rate of 9.06%. DBRS Morningstar
maintained positive qualitative adjustments, totaling 4.0% to
account for the portfolio's globally recognized Marriott
International brand affiliation and long-term management
agreements, in addition to property quality and market
fundamentals. DBRS Morningstar notes that the analysis is
conservative, given the YE2022 NCF is still considered a stressed
figure, with the STR reports provided showing RevPAR improvements
have continued in 2023, suggesting the YE2023 NCF should show
improvement, as well.

The ratings on all classes are higher than the results implied by
the LTV sizing benchmarks by three or more notches. These variances
are warranted given the substantial year-over-year improvements as
illustrated by the weighted-average RevPAR growth of 25.9% and 135%
NCF growth. DBRS Morningstar notes that the portfolio is likely
still affected by the effects of the pandemic, along with the
increased challenges present by the high interest rate
environment.

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



BLOCKROCK DLF 2020-1: DBRS Confirms B Rating on Class W Notes
-------------------------------------------------------------
DBRS, Inc. confirmed its ratings on the following classes of Notes
(together, the Secured Notes) issued by BlackRock DLF IX 2020-1
CLO, LLC, pursuant to the Note Purchase and Security Agreement (the
NPSA) dated as of July 21, 2020, among BlackRock DLF IX 2020-1 CLO,
LLC, as Issuer, U.S. Bank National Association, as Collateral
Agent, Custodian, Document Custodian, Collateral Administrator,
Information Agent, and Note Agent, and the Purchasers referred to
therein:

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

The ratings on the Class A-1 and A-2 Notes address the timely
payment of interest (excluding the additional interest payable at
the Post-Default Rate, as defined in the NPSA) and the ultimate
payment of principal on or before the Stated Maturity of July 21,
2030.

The ratings on the Class B Notes, Class C Notes, Class D Notes,
Class E Notes, and Class W Notes address the ultimate payment of
interest (excluding the additional interest payable at the
Post-Default Rate, as defined in the NPSA) and the ultimate payment
of principal on or before the Stated Maturity of July 21, 2030. The
Class W Notes have a fixed-rate coupon that is lower than the
spread/coupon of some of the more-senior Secured Notes. The Class W
Notes also benefit from the Class W Note Payment Amount, which
allows for principal repayment of the Class W Notes with collateral
interest proceeds, in accordance with the Priority of Payments.

CREDIT RATING RATIONALE/DESCRIPTION

The rating confirmations are being provided in relation to the
execution of the Notice of Libor Replacement (the Notice), dated as
of June 29, 2023, which states that commencing on the first
Business Day of the Interest Period immediately following the LIBOR
Reporting Cessation Date and continuing thereafter (unless and
until a new Designated Reference Rate comes into effect after the
date hereof pursuant to the terms of the NPSA), the LIBOR
Replacement Rate shall be equal to the sum of the Term SOFR
Reference Rate plus a reference rate modifier of 0.26161%. The
transaction is performing within DBRS Morningstar's expectation.
The Reinvestment Period for the transaction ends on July 21, 2024.
The Stated Maturity is July 21, 2030.

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

-- The NPSA.
-- The Notice.
-- The integrity of the transaction structure.
-- DBRS Morningstar's assessment of the portfolio quality.
-- Adequate credit enhancement to withstand DBRS Morningstar's
projected collateral loss rates under various cash flow-stress
scenarios.
-- DBRS Morningstar's assessment of the origination, servicing,
and CLO management capabilities of BlackRock Capital Investment
Advisors, LLC.

The transaction has a dynamic structural configuration that permits
variations of certain asset metrics via a selection of an
applicable row from a collateral quality matrix (the CQM). The
following metrics are selected accordingly from the applicable row
of the CQM specified by the Investment Manager: DBRS Morningstar
Risk Score, Advance Rate, Weighted Average Spread, and Recovery
Rates. Overcollateralization (OC) Ratios. DBRS Morningstar analyzed
each structural configuration as a unique transaction. The Coverage
Tests and triggers as well as the Collateral Quality Tests that
DBRS Morningstar modelled during its analysis are presented below:

Collateral Quality Tests

Minimum Weighted Average Spread: Subject to Collateral Quality
Matrix; 5.75%
Minimum Weighted Average Coupon: Subject to Collateral Quality
Matrix; 6.00%
Maximum Weighted Average Life: 4.5 years
Maximum Risk Score: Subject to Collateral Quality Matrix; 38.00
Minimum Weighted Average Recovery Rate Test: Subject to Collateral
Quality Matrix; 47.5%
Minimum Diversity Score Test; Subject to Collateral Quality Matrix;
30

Coverage Tests

Class A Overcollateralization Ratio: 143.97%
Class B Overcollateralization Ratio: 134.18%
Class C Overcollateralization Ratio: 127.71%
Class D Overcollateralization Ratio: 120.03%
Class E Overcollateralization Ratio: 117.55%

Class A Interest Coverage: 150.00%
Class B Interest Coverage: 140.00%
Class C Interest Coverage: 130.00%
Class D Interest Coverage: 110.00%
Class E Interest Coverage: 110.00%

The transaction is performing according to the contractual
requirements of the NPSA. As of May 8, 2023, the Issuer is in
compliance with all Coverage and Collateral Quality Tests, as well
as the Concentration Limitation tests.

Some particular strengths of the transaction are (1) the collateral
quality, which consists mostly of senior-secured floating-rate
Middle Market loans and (2) the adequate diversification of the
portfolio of collateral obligations (the current DScore of 42
compared with test level of 30). Some challenges were identified as
follows: (1) the weighted average credit quality of the underlying
obligors may fall below investment grade and may not have public
ratings and (2) the underlying collateral portfolio may be
insufficient to redeem the Secured Notes in an Event of Default.

DBRS Morningstar modeled the transaction using the DBRS Morningstar
CLO Asset Model and its proprietary cash flow engine, which
incorporated assumptions regarding principal amortization, amount
of interest generated, default timings, and recovery rates, among
other credit considerations referenced in the DBRS Morningstar
rating methodology Cash Flow Assumptions for Corporate Credit
Securitizations.

To assess portfolio credit quality, DBRS Morningstar provides a
credit estimate or internal assessment for each nonfinancial
corporate obligor in the portfolio not rated by DBRS Morningstar.
Credit estimates are not ratings; rather, they represent a
model-driven default probability for each obligor that DBRS
Morningstar uses when rating the Secured Notes.

DBRS Morningstar's credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations include the interest at the Applicable Rate
(excluding any additional interest payable at the Post-Default
Rate), Deferred Interest, and the principal amounts for each class
of Secured Notes.

DBRS Morningstar's credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. For example, the ratings on the Secured Notes do not
address the additional interest payable at the Post-Default Rate,
as defined in the NPSA.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued.

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



BX COMMERCIAL 2020-VKNG: DBRS Confirms B Rating on Class G Certs
----------------------------------------------------------------
DBRS Limited confirmed the ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2020-VKNG issued by BX Commercial
Mortgage Trust 2020-VKNG (the Trust) as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance for
the underlying warehouse and logistics portfolio, which benefits
from tenant granularity and largely urban infill property
locations, both of which contribute to strong occupancy rates and
cash flow stability over time.

At issuance, the portfolio consisted of 67 industrial and logistics
properties totaling approximately 8.2 million square feet across
six states—Minnesota, Colorado, California, New Jersey, Georgia,
and New York. The issuance whole loan of $645.0 million consisted
of $600.0 million of senior debt held in the Trust and $45.0
million of mezzanine debt held outside of the Trust. The
interest-only (IO) floating-rate loan had an initial two-year term
with three one-year extension options. To exercise an extension,
the borrower must purchase an interest rate cap agreement that must
be the greater of 3.5% or at a price that will ensure a minimum
debt service coverage ratio (DSCR) of 1.10 times (x) during the
extension periods. The borrower exercised its first extension
option in October 2022 extending the maturity to October 2023, with
a fully extended maturity date in October 2025.

The loan has a partial pro rata/sequential-pay structure, which
allows for pro rata paydowns for the initial 30.0% of the unpaid
principal balance and then turns to sequential-pay structure. The
loan has release provisions where the prepayment premium to release
individual assets is 105.0% of the allocated loan balance until the
outstanding principal balance has been reduced to $420.0 million,
at which point the release premium will increase to 110.0%. The
sponsors, Blackstone Real Estate Partners IX and certain
co-investment and managed vehicles under common control, purchased
the property through several transactions from October 2019 to
March 2020. Since issuance, 33 of the original 67 properties have
been released. Thirteen of these loans have been released since the
last rating action, reducing the transaction balance by 35.5% to
$387.3 million as of the June 2023 reporting.

The portfolio reported a YE2022 occupancy rate of 96.0%, compared
with YE2021, YE2020, and issuance occupancy rates of 91.9%, 90.5%,
and 90.0%, respectively. According to the financials for the
trailing 12 months ended December 31, 2022, the 34 unreleased
properties reported net cash flow (NCF) of $35.2 million. This is
still above DBRS Morningstar expectations when accounting for
property releases. The YE2022 whole-loan DSCR was reported at
2.09x, compared with YE2021 DSCR of 3.44x and DBRS Morningstar DSCR
of 3.23x at issuance. Because of the floating-rate structure of the
loan and the rising interest rate environment, the debt service
amount increased by more than 30% in YE2022.

In the analysis for this review, DBRS Morningstar derived an
updated NCF of $29.0 million based on the assets remaining in the
pool. Using a 7.25% capitalization rate, DBRS Morningstar
calculated a value of $399.3 million. The updated DBRS Morningstar
value implies a loan-to-value (LTV) ratio of 97.0% to the trust
balance, compared with the original portfolio's LTV of 93.9% at
issuance. The vast majority of the remaining properties (56.3% of
the pool) are concentrated in the Minneapolis-St. Paul metropolitan
statistical area, which has historically exhibited strong
absorption and favorable demographics. The industrial vacancy rate
for the Minneapolis-St. Paul market was 2.6% as of Q1 2023,
according to CBRE, compared with the national average vacancy rate
of 3.5%. The average year built for the remaining portfolio is
1994, compared with 1992 at issuance, suggesting property releases
have been concentrated in older stock of lower quality. DBRS
Morningstar maintained positive adjustments to the LTV sizing
benchmarks to give credit to the cash flow stability, property
quality, and favorable market conditions, totaling 5.25%.

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



CANADIAN COMMERCIAL 4: DBRS Confirms B Rating on Class G Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-4 issued by Canadian
Commercial Mortgage Origination Trust 4 as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since its last review. As of the June 2023 remittance,
33 of the original 53 loans remaining in the pool, representing a
collateral reduction of 31.7% since issuance with a current trust
balance of $375.5 million. No loans are delinquent or specially
serviced. The pool is concentrated by property type with loans
secured by office and retail properties representing 34.1% and
30.4% of the current trust balance, respectively. In general, the
office sector has been challenged by low investor appetite and high
vacancy rates in many submarkets as a result of the shift in
workplace dynamics. In the analysis for this review, DBRS
Morningstar analyzed loans backed by office and other properties
that were showing declines from issuance or otherwise exhibiting
increased risk from issuance with stressed scenarios to increase
expected losses as applicable. As a result, office properties
exhibited a weighted-average (WA) expected loss that was more than
double than the pool average.

The Europro Office Portfolio (Prospectus ID#12, #13, and #14,
collectively representing 11.1% of the pool) is composed of three
cross-collateralized and cross-defaulted loans secured by one Class
A and two Class B office properties in downtown Kitchener, Ontario.
In the past few years, the portfolio has reported consistent
declines in occupancy with the March 2023 rent roll quoting a
combined occupancy rate of 64.6%, compared with May 2021 and
December 2017 occupancies of 77.9% and 83.2%, respectively.
Notably, the Europro Frederick Office saw a decrease in occupancy
to 53.9% as of March 2023 from 59% as of March 2022, caused
primarily by Easy Education Inc. (8.1% of the portfolio net
rentable area (NRA)), which downsized to 26.8% from 43.6% of the
building's NRA. Fortunately, the borrower was able to back-fill a
portion of the other vacant units to mitigate the downsizing of
Easy Education Inc. Additionally, the fourth- and fifth-largest
tenants of the Europro King Street Office, Workplace Safety (4.6%
of portfolio NRA) and Igloo Inc (3.8% of portfolio NRA), have
leases scheduled to expire in June 2023. A leasing update was
requested from the servicer. According to the Colliers Q2 2023
Waterloo Office Market Report, the average vacancy for the downtown
Kitchener submarket was 26.2%, which is an improvement over the Q2
2022 figure of 30.9%.

No updated financials have been provided since YE2021 when the
portfolio reported a net cash flow (NCF) of $4.8 million (debt
service coverage ratio (DSCR) of 1.59 times (x)) compared with the
YE2020 NCF of $5.3 million (DSCR of 1.88x). Despite the occupancy
declines, the portfolio's NCF is still slightly above the DBRS
Morningstar NCF of $4.0 million (DSCR of 1.33x). These loans have
limited recourse where 50.0% of the original loan balance is
guaranteed by Cedar Pointe MF Holdings Inc. As a result of
amortization, the current loan-to-value ratio (LTV) is 55.5%,
compared with the issuance LTV of 65.3%. Considering the soft
office submarket, low historical occupancy rates, and a decline in
the year-over-year NCF, DBRS Morningstar analyzed this loan with a
stressed LTV and an elevated probability of default (POD),
resulting in an expected loss that was more than four times that
pool expected loss.

As of the June 2023 remittance, there are five loans on the
servicer's watchlist, representing 11.2% of the current pool. The
largest watchlisted loan is the Homewood Suites by Hilton
(Prospectus ID#6, 4.9% of the pool), which is secured by a 140-key,
full-service hotel in Vaughan, Ontario, and has been on the
watchlist since November 2020 for low occupancy because of the
effects of the Coronavirus Disease (COVID-19) pandemic. Based on
the YE2020 financials, the property was 37.4% occupied with an
average daily rate (ADR) and revenue per available room (RevPAR) of
$114.15 and $42.70, respectively. However, the subject improved
with the March 31, 2022, financials reporting an occupancy rate,
ADR, and RevPAR of 60.1%, $113.94, and $80.46, respectively. The
loan reported an annualized DSCR of 0.55x as of March 31, 2022,
which is an improvement from YE2020 when the loan reported a
negative NCF, but it is still below break-even. Despite the
performance challenges, the loan has remained current and it has
full recourse to the sponsors. In addition, the hotel benefits from
its proximity to wedding venues and is able to cater to wedding
guests. DBRS Morningstar will continue to closely monitor this
loan.

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



CANTOR COMMERCIAL 2016-C7: Fitch Cuts Rating on 2 Tranches to CCsf
------------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed eight classes of
Cantor Commercial Real Estate (CFCRE) Commercial Mortgage Trust
2016-C7. The Rating Outlook on class D is Negative following the
downgrade. The under criteria observation (UCO) has been resolved.

ENTITY/DEBT    RATING    PRIOR  
----------              ------                  -----
CFCRE 2016-C7

A-2 12532BAC1 LT   AAAsf  Affirmed AAAsf
A-3 12532BAD9 LT   AAAsf  Affirmed AAAsf
A-M 12532BAE7 LT   AAAsf  Affirmed AAAsf
A-SB 12532BAB3 LT   AAAsf  Affirmed AAAsf
B 12532BAF4 LT   AA-sf  Affirmed AA-sf
C 12532BAG2 LT   A-sf  Affirmed A-sf
D 12532BAL1 LT   BBsf  Downgrade BBB-sf
E 12532BAN7 LT   CCCsf  Downgrade B-sf
F 12532BAQ0 LT   CCsf  Downgrade CCCsf
X-A 12532BAH0 LT   AAAsf  Affirmed AAAsf
X-B 12532BAJ6 LT   AA-sf  Affirmed AA-sf
X-E 12532BAW7 LT   CCCsf  Downgrade B-sf
X-F 12532BAY3 LT   CCsf  Downgrade CCCsf

KEY RATING DRIVERS

Criteria Update: The rating actions reflect the impact of Fitch's
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 downgrades reflect the impact of the updated criteria,
performance concerns associated with the four Fitch Loans of
Concern (FLOCs), comprising 15.1% of the pool, as well as a greater
certainty of losses due to the deterioration of CE for the
subordinate classes following the liquidation of the Kirlin
Industries loan. The Negative Outlook reflects potential future
downgrade concern with further performance deterioration on the 681
Fifth Avenue loan. Fitch's current ratings incorporate a 'Bsf'
rating case loss of 4.1%.

The largest contributor to loss expectations is the 681 Fifth
Avenue loan (5.9%), which is secured by an 82,573-sf mixed-use
building located in Midtown Manhattan's Plaza District along Fifth
Avenue. The current largest tenants include Metropole Realty
Advisors (9.2% of NRA; through March 2029) and Vera Bradley (7.1%;
March 2026). The former largest tenant, Tommy Hilfiger (27.3% of
NRA; 77.4% of base rents), went dark in March 2019, but continued
to pay rent until they vacated at their May 2023 lease expiration;
the borrower is attempting to backfill the space.

Occupancy has dropped to 51.5% per the May 2023 rent roll after
Apex (7.2% of NRA) did not renew and vacated at their March 2023
lease expiration, down from 59% at YE 2022. The servicer-reported
NOI DSCR was 1.65x for YE 2022, declining further to 1.30x as of
YTD March 2023.

Fitch's 'Bsf' rating case loss of 15% reflects a 20% stress to the
YE 2022 NOI and a 9.5% cap rate.

The second largest contributor to modeled losses is Fresno Fashion
Fair (7.0%), which is secured by 561,989-sf portion of an
835,416-sf super-regional mall located in Fresno, CA.
Non-collateral tenants include Macy's (Women's & Home, and Men's &
Children's Stores), BJ's Restaurant and Brewhouse, Chick-fil-A and
Fleming's. The largest collateral tenants include JCPenney (27.4%
of NRA, lease expiry in March 2028), H&M (3.4%, January 2027),
Victoria's Secret (2.6%, January 2027), Cheesecake Factory (1.8%,
January 2026) and ULTA Beauty (1.8%, August 2027).

Performance has continued its upward trend following the trough
performance in 2020, with occupancy reaching 96.8% per the March
2023 rent roll and 2.31x NOI DSCR for YE 2022. This compares to 93%
and 2.20x for YE 2021, and 85% and 1.86x for YE 2020. Sales at the
subject have declined slightly to $961 psf ($786 psf excluding
Apple) for YE 2022, down from $973 psf ($794 psf ex-Apple) for TTM
June 2022, but remains well above $689 psf ($607 psf ex-Apple) for
TTM June 2021.

The 'Bsf' rating case loss of 7.5% reflects a 11% cap rate on YE
2021 NOI.

The third largest contributor to modeled losses is Potomac Mills
(7.0%), which is secured by 1.46 million sf of a 1.84 million-sf
super-regional mall located in Woodbridge, VA, along the I-95
corridor. Collateral anchors include Costco Warehouse (10.1% NRA;
lease expiry in May 2032), J.C. Penney (7.3% NRA; March 2027), Buy
Baby/and That! (5% NRA; January 2025), Marshalls (4.2% NRA; January
2030) and an 18-screen AMC (5.1% NRA; Feb. 2024). Both IKEA and
Burlington Coat Factory are non-collateral anchors.

Performance has remained strong, with occupancy at 92.0% per the
December 2022 rent roll, and an NOI DSCR of 4.37x for YE 2022.
Sales have held steady, with in-line tenants reporting sales of
$452 psf for YE 2022, down slightly from $465 psf at YE 2021. The
AMC Theatres reported sales of $446,000 per screen, up nearly 50%
from $298,000 per screen at YE 2021 ahead of their February 2024
lease expiration.

Fitch's 'Bsf' rating case loss of 4.8% reflects a 5% stress to YE
2021 NOI and an 11% cap rate.

CE Bifurcation: CE for the super senior 'AAAsf'-rated classes has
increased since the prior rating action due to continued paydown
and amortization, while CE for classes A-M and below have decreased
following the liquidation of the Kirlin Industries loan. Since the
prior rating action, one additional loan (0.6% of pool) has
defeased.

As of the July 2023 remittance reporting, the pool's aggregate
balance has been reduced by 11.0% to $581.4 million from $662.9
million at issuance. There are 12 loans (56.7%) that are full-term
interest-only (IO), 11 (30.1%) balloon loans, seven loans (13.1% of
the pool) with a partial IO component.

RATING SENSITIVITIES

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

Downgrades to A-SB through B along with the associated IO classes
are not likely due to the continued expected amortization and
sufficient CE relative to loss expectations, but may occur should
interest shortfalls affect these classes. Further downgrades to
classes D, E, and F along with the associated IO classes X-E and
X-F would occur should expected losses for the pool increase
substantially, with continued underperformance of the FLOCs and/or
the transfer of loans to special servicing. Downgrades may also
occur with greater certainty of losses from additional performance
declines on the larger FLOCs, including 681 Fifth Avenue and
Library Hotel.

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

Factors that could lead to positive rating actions would include
stable to improved asset performance, coupled with additional
paydown and/or defeasance. Upgrades to the 'AA-sf' and 'A-sf' rated
classes may occur when CE improves significantly, and with the
stabilization of performance on the FLOCs; however, adverse
selection and increased concentrations could cause this trend to
reverse.

An upgrade to the 'BBsf' rated class is considered unlikely, and
would be limited based on the potential for future concentrations.
Classes would not be upgraded above 'Asf' if there is a likelihood
of interest shortfalls. Upgrades to the 'B-sf' and 'CCCsf' rated
classes are not likely until the later years in the transaction and
only if the performance of the remaining pool is stable and/or
there is sufficient CE to the bonds.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


CHILDREN'S TRUST 2002: Moody's Hikes Rating on Term Bond 3 to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of nine tranches
in six tobacco settlement revenue securitizations.

The complete rating actions are as follows:

Issuer: Children's Trust, Series 2002

  Term Bond 2, Upgraded to Baa3 (sf); previously on Feb 20, 2014
  Downgraded to Ba1 (sf)

  Term Bond 3, Upgraded to Ba1 (sf); previously on Feb 20, 2014
  Downgraded to Ba2 (sf)

Issuer: New York Counties Tobacco Trust I, Series 2000

  Flex. Amort. Term Bond 3, Upgraded to A3 (sf); previously on
   Feb 20, 2014 Confirmed at Baa1 (sf)

Issuer: New York Counties Tobacco Trust II, Series 2001

  Super Sinker Term Bond 2, Upgraded to A2 (sf); previously on
  Aug 26, 2022 Upgraded to Baa1 (sf)

Issuer: The California County Tobacco Securitization Agency
( Fresno County Tobacco Funding Corporation), Series 2002

  Ser. 2002  Term Bonds 3, Upgraded to A3 (sf); previously on
  Jul 26, 2021 Upgraded to Baa1 (sf)

  Ser. 2002 Term Bond 4, Upgraded to Baa1 (sf); previously on
  Jul 26, 2021 Upgraded to Baa2 (sf)

Issuer: The California County Tobacco Securitization Agency
(Alameda County Tobacco Asset Securitization Corporation),
Series 2002

  Ser. 2002 Turbo Bond 3, Upgraded to A2 (sf); previously on
  Aug 26, 2022 Upgraded to A3 (sf)

  Ser. 2002 Turbo Bond 4, Upgraded to Baa1 (sf); previously
  on Aug 26, 2022 Upgraded to Baa2 (sf)

Issuer: The California County Tobacco Securitization Agency
(Stanislaus County Tobacco Funding Corporation), Series 2002

  Ser. 2002A Term Bond 2, Upgraded to A2 (sf); previously
  on Aug 26, 2022 Upgraded to A3 (sf)

RATINGS RATIONALE

The upgrade rating actions are primarily driven by continued
deleveraging and the availability of non-declining cash reserves
that could be used to pay the bonds' outstanding principal at legal
final maturity. Cigarette consumption volumes, the main driver of
tobacco settlement revenues, continued to decrease in the 2022
sales year. The negative trends in cigarette volumes are partially
offset by an increase in inflation adjustments that positively
impacted the revenues available to the bonds. Other considerations
include the high regulatory risks in the tobacco sector and the
bonds' legal final maturities, as bonds with relatively short-term
maturities are less exposed to the impact of future cigarette
shipment declines.

Moody's currently expects that US cigarette shipment volumes will
decline by 5%-8% per year over the next 3-5 years.

For Children's Trust, Moody's also consider the political and
financial situations of the commonwealth which have stabilized
since 2016. Puerto Rico completed the central government debt
restructuring in 2022. The Children's Trust tobacco settlement
securitization transaction was excluded from the restructuring plan
and it continued to receive payments consistently throughout the
entire debt restructuring period. For the New York transactions,
Moody's considered cash flow runs for additional scenarios to test
the resiliency of ratings to stresses to the projections of future
non-SET paid tribal NPM pack sales.

Continued shifts in attitudes towards smoking, as well as further
regulation, pose very high risks for tobacco settlement ABS. These
identified risks have been taken into account in the analysis of
the ABS.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Tobacco
Settlement Revenue Securitizations Methodology" published in May
2020.

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

Up

Moody's could upgrade the ratings if the annual rate of decline in
the volume of domestic cigarette shipments decreases, if payments
increase due to inflation, if future arbitration proceedings and
subsequent recoveries for settling states become more expeditious
than they currently are, or, in the case of the New York deals, the
number of non-SET paid Tribal NPM packs sold drop significantly
below Moody's expectations.

Down

Moody's could downgrade the ratings if the annual rate of decline
in the volume of domestic cigarette shipments increases, if
subsequent recoveries from future arbitration proceedings for
settling states take longer than Moody's assumption of 15-20 years,
if an arbitration panel finds that a settling state was not
diligent in enforcing a certain statute which could lead to a
significant decline in cash flow to that state, or, for the New
York deals, the number of non-SET paid Tribal NPM packs sold do not
decrease in line with Moody's expectations.


CIT GROUP 1995-2: S&P Affirms 'CC (sf)' Rating on Class B Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CC (sf)' rating on CIT Group
Securitization Corp. II's series 1995-2 class B notes.

The transaction is backed by a collateral pool of manufactured
housing loans that are currently serviced by Caliber Home Loans
Inc.

The 'CC (sf)' rating reflects S&P's view that the related class
remains virtually certain to default, based on its "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct.
1, 2012.



CITIGROUP 2015-GC35: Fitch Affirms 'Bsf' Rating on 2 Tranches
-------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed eight classes for
Citigroup Commercial Mortgage Trust (CGCMT) 2015-GC35 Mortgage
Pass-Through Certificates Series 2015-GC35. In addition, Fitch has
assigned Negative Rating Outlooks to six classes following their
downgrades; two classes remain on Negative Outlook. The Under
Criteria Observation (UCO) has been resolved.

ENTITY/DEBT    RATING    PRIOR  
-----------             ------                  -----
CGCMT 2015-GC35

A-2 17324KAM0 LT   AAAsf      Affirmed AAAsf
A-3 17324KAN8 LT   AAAsf  Affirmed AAAsf
A-4 17324KAP3 LT   AAAsf  Affirmed AAAsf
A-AB 17324KAQ1 LT   AAAsf  Affirmed AAAsf
A-S 17324KAR9 LT   AA-sf  Downgrade AAAsf
B 17324KAS7 LT   A-sf  Downgrade AA-sf
C 17324KAT5 LT   BBB-sf     Downgrade A-sf
D 17324KAU2 LT   Bsf  Affirmed Bsf
E 17324KAA6 LT   CCCsf  Affirmed CCCsf
F 17324KAC2 LT   CCsf  Affirmed CCsf
PEZ 17324KAY4 LT   BBB-sf     Downgrade  A-sf
X-A 17324KAV0 LT   AA-sf  Downgrade AAAsf
X-B 17324KAW8 LT   A-sf  Downgrade AA-sf
X-D 17324KAX6 LT   Bsf  Affirmed Bsf

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 prior rating
action.

Fitch's current ratings incorporate a 'Bsf' rating case loss of
9.8%. Ten loans (52.5% of the pool) are considered Fitch Loans of
Concern (FLOCs), four (9.6%) of which are in special servicing.

The downgrades and Negative Outlooks reflect the impact of the
updated criteria, significantly higher loss expectations on
Illinois Center and 750 Lexington due to sustained performance
deterioration, as well as continued heightened refinance concerns
on the two regional mall FLOCs, South Plains Mall and Paramus
Park.

Fitch Loans of Concern: The largest contributor to loss
expectations is the South Plains Mall loan (10.6%), which is
secured by 992,140-sf portion of a 1,135,840-sf super-regional mall
located in Lubbock, TX. The loan is sponsored by the Macerich
Company and GIC Realty. Collateral anchors include JCPenney (20.4%
of collateral NRA; July 2028 lease expiry), Dillard's Women (16.4%;
month-to-month [MTM]), Dillard's Men & Children (9.5%; MTM) and a
non-collateral former Sears (143,700 sf), which closed in late 2018
and was previously temporarily leased by Spirit Halloween during
the fall season of 2020. The Dillard's leases expired in April 2023
and were converted to MTM. According to the servicer, Dillard's is
still in-place until construction of their new location is
completed.

While YE 2022 performance showed an improvement, with occupancy
increasing to 96% from 84% at YE 2021 and 79% at YE 2020, and NOI
debt service coverage ratio (DSCR) also increasing to 1.87x from
1.69x at YE 2021 and 1.77x at YE 2019, the April 2023 rent roll
shows 36% of the collateral NRA is scheduled to roll in 2023,
inclusive of the MTM Dillard's leases.

Comparable in-line sales for tenants less than 10,000 sf were
reported at $558 psf as of the TTM ended March 2023, $573 psf as of
YE 2021, from $418 psf at YE 2020, $502 psf at TTM June 2019 and
$461 psf as of TTM August 2018.

Fitch's 'Bsf' rating case loss of 30.8% prior to a concentration
adjustment is based on a 15% cap rate to the YE 2021 NOI.

The second largest contributor to loss is the Illinois Center loan
(6.1%), which is secured by two adjoining 32-story office towers
totaling 2.09 million-sf, located in the East Loop submarket of the
Chicago CBD. As of March 2023, property was 63% occupied, down from
67% in December 2020, 73.8% in December 2019 and 72.3% at issuance.
According to the master servicer, the largest tenant, Department of
Health & Human Services (8.1% of NRA), will be vacating at their
November 2023 lease expiration to relocate to government owned
space. The second largest tenant, Bankers Life and Casualty (6.5%),
is also expected to vacate at their lease expiration in August 2023
to relocate to a nearby office property. The departure of the two
largest tenants will reduce occupancy to approximately 48%.

Fitch's 'Bsf' rating case loss of 25.8% prior to a concentration
adjustment is based on a 10% cap rate to the YE 2022 NOI.
Additionally, Fitch increased the probability of default to 100%
given refinancing concerns.

The third largest contributor to loss is Paramus Park (12.7%),
which is a secured by a 302,283-sf portion of a 761,340-sf regional
mall located in Paramus, NJ. Non-collateral anchors include Macy's
and Stew Leonards, which took over a 100,000 sf portion of the
former 169,634 sf Sears box that was vacated in 2019. Collateral
occupancy declined to 84% as of March 2023, compared to 89% at YE
2022. Comparable in-line tenant sales for tenants under 10,000sf
improved to $423 psf as of TTM March 2023, after declining to $233
psf in 2020, and is inline with $429 psf in 2019. The property was
impacted during the pandemic with 18 tenants (16.3% of collateral
NRA) vacating at or ahead of their lease expiration between March
2020 and March 2021.

Fitch's 'Bsf' rating case loss of 11.5% prior to a concentration
adjustment is based on a 13% cap rate to the YE 2022 NOI.

The fourth largest contributor to loss is the 750 Lexington Avenue
loan (4.6%), which is a 358,580-sf office property with ground
floor retail located in Manhattan's Plaza District, NY. Property
occupancy declined to 66% at YE 2022 from 71% as of September 2021,
86% as of September 2020 and 100% at issuance. The largest tenant
WeWork's lease consists of two portions and includes a total of 32
months of free rent spread over its lease term. The first portion
of the lease (23% of NRA, March 2033 lease expiry) commenced in
March 2018, which helped to drive occupancy up to 89.2% in June
2018 from 66% in June 2017. The second portion of the lease, which
includes an additional 8.6% of the NRA on the 10th and 11th floors,
was expected to commence in February 2020; however, WeWork is not
in occupancy of the additional space, but is obligated to pay rent
until March 2035. This portion is being remedied with the security
deposit, which is held in a $6 million letter of credit. The loan
was reported as 60 days delinquent as of the July 2023 distribution
date.

Fitch's 'Bsf' rating case loss of 23.1% prior to a concentration
adjustment is based on an 8.75% cap rate to a Fitch sustainable NCF
that is in line with YE 2021 NOI which assumes a lease up to 75%
occupancy at a discounted market rate of $65 psf.

Credit Enhancement: As of the July 2023 remittance reporting, the
pool's aggregate balance has paid down by 14.5% to $944.7 million
from $1.1 billion at issuance. Thirteen loans (6.7%) have been
defeased. Ten loans (48.6% of pool) are full-term, interest-only;
the remainder of the pool are amortizing. All remaining loans are
scheduled to mature in 2025.

Credit Opinion Loan: One loan, 590 Madison Avenue (10.6%), received
an investment-grade credit opinion on a stand-alone basis at
issuance of 'AA+'.

Alternative Loss Considerations: Due to the large concentration of
loan maturities in 2025, Fitch performed an additional sensitivity
and paydown analysis, which assumed the South Plains Mall, Paramus
Park, Illinois Center and 750 Lexington Avenue FLOCs remain in the
pool; this supported the affirmation of classes A-2, A-3, A-4 and
A-AB whereby limited recoveries are needed from these FLOCs. Fitch
also performed an additional sensitivity scenario which assumed two
additional years of transaction seasoning and paydown of the credit
opinion loan; the downgrades reflect this analysis.
RATING SENSITIVITIES

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

Downgrades to classes A-2, A-3, A-4 and A-AB are not expected due
to expected continued paydowns and amortization, but may occur
should interest shortfalls affect these classes. Further downgrades
to classes A-S, B, X-B, C and PEZ may occur should the FLOCs,
particularly South Plains Mall, Paramus Park, Illinois Center and
750 Lexington Avenue, experience continued performance
deterioration and/or additional loans expected to refinance
transfer to special servicing or defaults. Downgrades to classes D,
X-D, E and F would occur as losses are realized and/or become more
certain.

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

Upgrades to classes B, X-B, C and PEZ may occur with significant
improvement in CE and/or defeasance, as well as with the
stabilization of performance on the FLOCs, particularly South
Plains Mall, Paramus Park, Illinois Center and 750 Lexington
Avenue. Upgrades to classes D and X-D are considered unlikely and
would be limited based on concentrations or the potential for
future concentration. Classes would not be upgraded above 'Asf' if
interest shortfalls were likely. Upgrades to the distressed classes
E and F are not likely unless resolution of the specially serviced
loans is better than expected and/or recoveries on the FLOCs are
significantly better than expected, and there is sufficient CE to
the classes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


CLNY TRUST 2019-IKPR: DBRS Confirms B Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-IKPR issued by CLNY
Trust 2019-IKPR as follows:

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

In addition, DBRS Morningstar changed the trends on Classes D, E,
and F to Negative from Stable. Class G has a rating that does not
typically carry a trend for commercial mortgage-backed securities
(CMBS) ratings. All remaining classes have Stable trends.

The interest-only (IO), floating-rate underlying loan is secured by
a portfolio of 46 extended-stay, limited-service, and full-service
hotels in 16 states across the U.S. with approximately 6,000 guest
rooms. The majority of the portfolio consists of extended-stay
hotels, representing 78.3% of total rooms, with select-service and
full-service hotels representing 15.2% and 6.5% of total rooms,
respectively. These hotels operate under the Marriott, Hyatt, and
Hilton brands, in addition to eight different sub-brands.

The collateral was significantly affected by the Coronavirus
Disease (COVID-19) pandemic shortly after issuance. Performance and
net cash flow (NCF) have trended upward since the onset of the
pandemic, with the year-end (YE) 2021 NCF reported at $39.2
million, a significant improvement over the YE2020 NCF of $18.1
million. Given this trajectory, DBRS Morningstar had changed the
trends on Classes E and F to Stable from Negative at the August
2022 review. Despite the continued improvement in cash flow (the
YE2022 NCF figure was $54.3 million), the delta between the
in-place figures and the DBRS Morningstar NCF of $73.1 million
remains quite large. This discrepancy has been compounded in the
last year with increases in interest rates and what appears to be a
leveling of the demand for the core product in the portfolio,
extended-stay hotels. In addition, the loan is scheduled to mature
in November 2023. Although the borrower has three additional
one-year extension options available, it is required to purchase an
interest rate cap agreement with each extension, and the costs for
those have increased significantly in the last year. Given these
risks, DBRS Morningstar changed the trends on three classes to
Negative as outlined above, with the analytical approach further
described below.

There have been no property releases to date, and all hotels in the
portfolio are conjoined by cross-defaulted and cross-collateralized
mortgages, deeds of trust, indenture deeds of trust or similar
instruments applicable in each jurisdiction, plus liens on the
furniture, fixture, equipment, and leases. The loan sponsor at
issuance, Colony Capital exited the hospitality business and sold
six of its portfolios, including the subject, to Highgate and an
affiliate of Cerberus Capital Management, L.P. The sale loan
assumption was considered a neutral to positive development given
Highgate is an experienced owner and operator of lodging portfolios
of more than 87,500 hotel rooms across the U.S., Europe, Caribbean,
and Latin America.

As previously mentioned, the YE2022 NCF improved substantially year
over year but is still well below the DBRS Morningstar NCF.
Departmental revenue is 8.7% below the DBRS Morningstar figure,
while total expenses have been relatively in line with
expectations, bringing the operating expense (opex) ratio to 72.2%,
compared with the DBRS Morningstar opex ratio of 65.5%. The loan is
susceptible to debt service volatility as a result of the
floating-rate structure, resulting in YE2022 debt service coverage
ratio (DSCR) of 1.70 times (x), below the YE2021 DSCR of 1.84x
despite the NCF improvement.

According to reporting provided by the servicer, the portfolio
reported YE2022 occupancy rate, average daily rate (ADR), and
revenue per available room (RevPAR) of 56.7%, $133.86, and $75.86,
respectively. The RevPAR is relatively unchanged from the YE2021
figure of $74.46, but it is an improvement from the YE2020 figure
of $57.08. DBRS Morningstar received STR, Inc. reports for majority
of the properties. Based on the reporting, the portfolio has shown
a further increase in RevPAR based on the trailing three-month
period (T-3) ended February 28, 2023.

In the analysis for this review, DBRS Morningstar considered a
stressed value based on the YE2022 NCF and a capitalization rate of
9.0%, which resulted in a DBRS Morningstar value of $603.6 million.
This represents a -44.2% haircut to the issuance value of $1.1
billion and a -25.7% haircut to the DBRS Morningstar value derived
in 2020 when ratings were assigned. DBRS Morningstar applied
positive qualitative adjustments, totaling 2.0% to account for
property quality and market fundamentals. In previous years, DBRS
Morningstar had given credit for low cash flow volatility, but
given the trends as outlined above, that credit was removed with
this review.

As a result of the stressed approach with this review, the ratings
on Classes B through F are higher than the results implied by the
loan-to-value sizing benchmarks by three or more notches. These
variances are warranted given the trends showing NCF growth
continues to be seen over the lows experienced in the pandemic. In
addition, DBRS Morningstar notes that the allocated loan balance
attributed to properties that exhibited RevPAR increases over the
T-3 period ended February 28, 2023, is enough to cover the four
most senior classes, supporting the Stable trends for the top three
classes. Finally, DBRS Morningstar notes the new sponsors' recent
acquisition of the portfolio and exhibited commitment since the
loan was assumed. Cash flow trends will continue to be monitored,
as will the November 2023 maturity, as DBRS Morningstar evaluates
the Negative trends placed with this review.

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



COMM 2020-CX: DBRS Confirms BB Rating on 2 Classes
---------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates issued by COMM 2020-CX Mortgage Trust as
follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the collateral, which remains in line with DBRS Morningstar's
expectations, as illustrated by the strong occupancy rate and net
cash flow (NCF) trends.

The loan is secured by the borrower's fee-simple interest in 222
Jacobs Street, a Class A life sciences office building in the
Kendall Square submarket of Cambridge, Massachusetts. The building
was delivered to market in 2019 as one of the first components of
the larger master-planned Cambridge Crossing Development (CX),
which is currently being constructed by the sponsor, DivcoWest.
When completed, CX will consist of approximately 2.1 million square
feet (sf) of science and technology space, 2.4 million sf of
residential space, and 100,000 sf of retail space. According to a
November 2022 article published by Commercial Property Executive,
approximately 1.9 million sf of office and laboratory space was
completed.

The $435.0 million whole loan consists of $295.0 million of senior
debt and $140.0 million of subordinate debt, of which $270.0
million of the senior debt and the entirety of the subordinate debt
is held in the trust. The loan proceeds were used to refinance an
existing $320.6 million loan, return $80.0 million of equity to the
sponsor, fund upfront reserves of $31.6 million, and pay closing
costs. The loan features a 10-year term through November 2030,
followed by a four-year anticipated repayment date period.

According to the March 2023 rent roll, the property was 97.1%
occupied, in line with historically reported figures since
issuance. The two largest tenants, Philips Electronics (Philips)
and Cerevel Therapeutics, LLC (Cerevel), account for 94.7% of the
net rentable area (NRA). Philips, an investment-grade tenant, has
made the subject its North American headquarters, leasing 80.4% of
the NRA through various leases that expire in November 2034.
Cerevel occupies 14.3% of the NRA with a lease expiration in
February 2030. There is no near-term rollover risk as the earliest
lease expiration on the tenant roster is in November 2029.
According to Q1 2023 reporting from CB Richard Ellis, the
Cambridge-East submarket recorded an office vacancy rate of 11.1%,
higher than historical averages; however, the life sciences market
remains resilient, with a laboratory/research and development
vacancy rate of only 1.9%. As of March 2023, the average base
rental rate at the property was $71.73 per square foot (psf), and
the average gross rental rate was $99.10 psf. In comparison, office
properties in the Cambridge-East submarket reported an average
gross asking rent of $87.47 psf.

According to the YE2022 financial reporting, the NCF and debt
service coverage ratio (DSCR) of $32.9 million and 2.76 times (x),
respectively, were above the DBRS Morningstar NCF and DSCR figures
of $30.0 million and 2.52x at issuance. In addition, NCF has
improved significantly when compared with the YE2021 and YE2020
figures of $21.8 million and $10.6 million; however, DBRS
Morningstar expected these improvements as rent abatements granted
to Philips burned off and full rent commenced in May 2021.

The sponsor is a joint venture between DivcoWest and the California
State Teachers Retirement System (CalSTRS). DivcoWest is an
experienced developer, owner, and operator of real estate
throughout the United States, with significant expertise in Boston.
CalSTRS is the country's second-largest public pension fund, with
an investment portfolio totalling more than $300 billion.

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



CONN'S RECEIVABLES 2023-A: Fitch Gives B+(EXP)sf Rating to C Notes
------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to the
notes issued by Conn's Receivables Funding 2023-A, LLC, which
consists of notes backed by retail loans originated by Conn
Appliances, Inc. or Conn Credit Corporation, Inc. and serviced by
Conn Appliances, Inc.

ENTITY/DEBT    RATING  
----------              ------
Conns 2023-A

Class A  LT   BBB(EXP)sf Expected Rating
Class B  LT   BB(EXP)sf  Expected Rating
Class C  LT   B+(EXP)sf  Expected Rating

KEY RATING DRIVERS

Forward-Looking Approach to Base Case Default Derivation: Fitch
considered economic conditions and future expectations when
deriving the base case default assumption of 28%. During the
pandemic, Conn's managed performance improved as the company
tightened underwriting, and as obligors benefitted from available
stimulus payments and re-age and deferral programs offered by
Conn's. Conn's has also tightened use of the re-age policy in
recent years, which is contributing to an increase in early
defaults. Due to the recency of these changes and shifting
macroeconomic conditions, Fitch relied on historical default timing
trends and pre-pandemic performance to set the base case default
assumption.

Rating Stress Reflects Subprime Collateral: The Conn's 2023-A
receivables pool has a weighted average (WA) FICO score of 619, and
10.2% of the loans have scores below 550 or no score. Fitch applied
2.2x, 1.5x and 1.3x stresses to the 28% default assumption at the
'BBBsf', 'BBsf' and 'B+sf' levels, respectively. The default
multiple reflects the high absolute value of the historical
defaults, the variability of default performance in recent years
and the high geographical concentration of the portfolio.

Rating Cap at 'BBBsf': The rating cap reflects the subprime
credit-risk profile of the customer base; higher loan defaults in
the years prior to the coronavirus pandemic; the high concentration
of receivables from Texas; the disruption in servicing in 2020
contributing to increased defaults in impacted securitized
vintages; and servicing collection risk, albeit reduced in recent
years, due to a portion of customers making in-store payments.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) totals 56.46%, 33.87% and 25.50% for class
A, B and C notes, respectively. Initial CE is sufficient to cover
Fitch's stressed cash flow assumptions for all classes.

Adequate Servicing Capabilities: Conn Appliances, Inc. (Conn's) has
a long track record as an originator, underwriter and servicer. The
credit-risk profile of the entity is mitigated by the backup
servicing provided by Systems & Services Technologies, Inc. (SST),
which has committed to a servicing transition period of 30 days.
Fitch considers all parties to be adequate servicers for this pool
at the expected rating levels. Fitch evaluated the servicers'
business continuity plan as adequate to minimize disruptions in the
collection process during the pandemic.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or charge-offs
could produce loss levels higher than the base case, and would
likely result in declines of CE and remaining net loss coverage
levels available to the notes. Decreased CE may make certain
ratings on the notes susceptible to potential negative rating
actions, depending on the extent of the decline in coverage.

Fitch conducts sensitivity analysis by stressing a transaction's
initial base case default assumption by an additional 10%, 25% and
50% and examining the rating implications. These increases of the
base case default rate are intended to provide an indication of the
rating sensitivity of the notes to unexpected deterioration of a
trusts performance. The most severe downside sensitivity run of a
50% increase in the base case default rate could result in
downgrades of one rating category for the class A notes, two
categories for the class B notes, and a downgrade below 'CCCsf' for
the class C notes.

During the sensitivity analysis, Fitch examines the magnitude of
the multiplier compression by projecting the expected cash flows
and loss coverage levels over the life of investments under higher
than the initial base case default assumptions. Fitch models cash
flows with the revised default estimates while holding constant all
other modeling assumptions.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If the defaults are 20% less than the
projected base case default rate, the expected ratings for the
class B notes could be upgraded by two notches and the expected
ratings for the class C notes could be upgraded by one category.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Fitch was provided with third-party due diligence information from
Ernst & Young LLP. The third-party due diligence focused on
comparing certain information with respect to a sample of loans
from the statistical data file. Fitch considered this information
in its analysis, and the findings did not have an impact on Fitch
analysis. A copy of the ABS Due Diligence Form-15E received by
Fitch in connection with this transaction may be obtained through
the link contained on the bottom of this rating action commentary.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


DENALI CAPITAL XI: Moody's Cuts Rating on $6.6MM E-R Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Denali Capital CLO XI, Ltd.:

US$19,740,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2028 (the "Class C-R Notes"), Upgraded to Aa2 (sf);
previously on November 14, 2022 Upgraded to A2 (sf)

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

US$6,600,000 Class E-R Secured Deferrable Floating Rate Notes due
2028 (the "Class E-R Notes"), Downgraded to Caa3 (sf); previously
on June 19, 2020 Downgraded to Caa2 (sf)

Denali Capital CLO XI, Ltd., originally issued in March 2015,
partially refinanced in July 2017 and then in October 2018 is a
managed cashflow CLO. The notes are collateralized primarily by a
portfolio of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in October 2020.

RATINGS RATIONALE

The upgrade rating action is primarily a result of deleveraging of
the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since October 2022. The Class
A-1-RR have been fully paid down by $43.0 million and Class A-2-RR
notes have been paid down by approximately 23.3% or $9.2 million
since then. Based on July 2023 trustee report[1], the OC ratio for
the Class C-R notes is currently 128.25% versus October 2022 level
of 122.92%[2]. Moody's notes that the July 2023 trustee reported OC
ratio does not fully reflect the payment distribution when $18.6
million of principal proceeds were used to pay down the Class
A-1-RR and A-2-RR notes.

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by OC ratio and credit
deterioration observed in the underlying CLO portfolio. Based on
July 2023 trustee report[3], the OC ratio for the Class E-R notes
is currently 100.54% versus October 2022 level of 104.12%[4].
Furthermore, the Moody's calculated weighted average rating factor
(WARF) has been deteriorating and the current level is 3317,
compared to 3153, in October 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: $91,757,867

Defaulted par:  $3,637,100

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3317

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

Weighted Average Recovery Rate (WARR): 48.24%

Weighted Average Life (WAL): 2.64 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.


FLAGSHIP CREDIT 2023-3: S&P Assigns Prelim 'BB-' Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Flagship
Credit Auto Trust 2023-3's automobile receivables-backed notes.

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

The preliminary ratings are based on information as of Aug. 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 43.96%, 37.70%, 28.95%,
22.22%, and 17.84% credit support--hard credit enhancement and
haircut to excess spread--for the class A (A-1, A-2, and A-3,
collectively), B, C, D, and E notes, respectively, based on
stressed cash flow scenarios. These credit support levels provide
at least 3.50x, 3.00x, 2.30x, 1.75x, and 1.40x coverage of S&P's
expected net loss of 12.50% for the class A, B, C, D, and E notes,
respectively.

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

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

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

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

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

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Flagship Credit Auto Trust 2023-3

  Class A-1, $35.80 million: A-1+ (sf)
  Class A-2, $145.00 million: AAA (sf)
  Class A-3, $46.26 million: AAA (sf)
  Class B, $31.13 million: AA (sf)
  Class C, $41.33 million: A (sf)
  Class D, $31.48 million: BBB (sf)
  Class E, $19.00 million: BB- (sf)



GCT COMMERCIAL 2021-GCT: Moody's Cuts Rating on Cl. E Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded six classes in GCT
Commercial Mortgage Trust 2021-GCT, Commercial Mortgage
Pass-Through Certificates, Series 2021-GCT as follows:

Cl. A, Downgraded to Baa1 (sf); previously on Mar 6, 2023
Downgraded to Aa1 (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Mar 6, 2023 Downgraded
to A1 (sf)

Cl. C, Downgraded to B1 (sf); previously on Mar 6, 2023 Downgraded
to A3 (sf)

Cl. D, Downgraded to Caa1 (sf); previously on Mar 6, 2023
Downgraded to Baa3 (sf)

Cl. E, Downgraded to Ca (sf); previously on Mar 6, 2023 Downgraded
to B1 (sf)

Cl. HRR, Downgraded to C (sf); previously on Mar 6, 2023 Downgraded
to B2 (sf)

RATINGS RATIONALE

The ratings on six P&I classes were downgraded due to an increase
in Moody's loan-to-value (LTV) ratio because of the decline in loan
performance since securitization, further contractions announced by
the existing tenant base and increased interest shortfalls due to
the recent appraisal reduction amount (ARA). The loan became
delinquent after being unable to payoff the loan at its initial
maturity date in February 2023. The property's net cash flow (NCF)
have declined since securitization and the property's occupancy is
anticipated to decline further as multiple tenants either recently
reduced their space or plan to vacate at their lease expirations.
As of the July 2023 distribution date, the loan remains last paid
through its April 2023 payment date. An updated appraised value
reported as of the July 2023 remittance report was 23% below the
outstanding loan balance causing an ARA of $115.8 million. As a
results interest shortfalls totaling $680,549 affecting up to Cl. D
as of the July 2023 payment date and there are also outstanding
advances totaling approximately $8.6 million.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the July 2023 distribution date the transaction's certificate
balance was $350 million, the same as at securitization. The
original 5-year (two-year initial term plus three, one-year
extension options), floating rate, interest-only loan is secured by
the fee simple interest in (i) a 54-story, Class A office building
located at 555 West 5th Street in Los Angeles, CA (the "Gas Company
Tower") and (ii) a 1,166-stall parking garage located at 350 South
Figueroa Street in Los Angeles, CA. There is mezzanine debt
totaling $115 million held outside of the trust.

The borrower elected not to extend or pay off the loan at its
initial maturity date in February 2023 and a receiver was appointed
in April 2023. The mortgage loan extension option required (among
other items) an extension term strike rate that would result in a
debt service coverage ratio (DSCR) of at least 1.10x based on total
debt and the extension of any outstanding mezzanine debt. Due to
the higher interest rate environment, the property's cash flow is
not sufficient to cover the in-place debt service obligation of the
first mortgage balance.

The Gas Company Tower is a 54-story, 1,377,053 square feet (SF),
Class A office building with grade level retail space and a 978
stall on-site subterranean parking garage located in downtown Los
Angeles, CA. The building was built in 1991 and is LEED Gold
certified. The property's sponsor, Brookfield DTLA Holdings, LLC,
owns six Class A office properties and a retail center that are all
located in Downtown Los Angeles. According to its public filings,
three of its mortgages are in default.

Downtown Los Angeles office market fundamentals have been
deteriorating since the COVID pandemic. According to CBRE, as of Q2
2023, the Class A office vacancy in Los Angeles Financial District
submarket was 22.1% and the average gross asking rent was $32.21,
compared to 15.2% and $37.03, respectively, in 2019.

As of December 2022, the property was 73% leased, compared to 76%
at securitization. The property's 2022 reported NOI was $23.8
million which was 25% lower than its trailing-twelve-month NOI
reported as of November 2020. Additionally, the property's
performance is anticipated to see further significant decline as
multiple tenants either recently reduced their space or plan to
vacate at their lease expirations. The largest tenant, Southern
California Gas Company, has exercised a contraction right to no
longer occupy the 22nd floor (2% of property net rentable area
(NRA)), effective March 31, 2024. The third and fourth largest
tenant at securitization, Deloitte and WeWork, recently each
reduced their space by 28,000 SF (for an aggregate 4% of NRA).
Furthermore, the second largest tenant at securitization, Sidley
Austin (10% of the NRA), announced plans to vacate at their lease
expiration on December 31, 2023 and relocate to an office property
nearby. Another tenant, JAMs, Inc. (2% of the NRA), also plans to
vacate. The largest tenant, Southern California Gas Company (26% of
NRA at securitization), has a lease expiration in October 2026.

Moody's NCF was $17.2 million and the Moody's capitalization rate
was increased. Moody's LTV ratio for the first mortgage balance is
180% based on Moody's Value.  Adjusted Moody's LTV ratio for the
first mortgage is 159% based on Moody's value using a cap rate
adjusted for the current interest rate environment. Moody's
stressed DSCR is 0.53x for the first mortgage balance. There are
outstanding advances totaling approximately $8.6 million and
interest shortfalls totaling $680,549 affecting up to Cl. D as of
the July 2023 payment date.


GLS AUTO 2023-3: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to GLS Auto
Receivables Issuer Trust 2023-3's automobile receivables-backed
notes.

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

The preliminary ratings are based on information as of Aug. 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 56.44%, 47.92%, 38.29%,
28.18%, and 22.36% of credit support (hard credit enhancement and
haircut to excess spread) for the class A (A-1 and A-2), B, C, D
and E notes, respectively, based on stressed cash flow scenarios
(including excess spread). These credit support levels provide at
least 3.20x, 2.70x, 2.10x, 1.55x, and 1.27x S&P's 17.50% expected
cumulative net loss for the class A, B, C, D, and E notes,
respectively.

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

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

-- The collateral characteristics of the series' subprime
automobile loans, including the representation in the transaction
documents that all contracts in the pool have made at least one
payment, S&P's view of the credit risk of the collateral, and its
updated macroeconomic forecast and forward-looking view of the auto
finance sector.

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

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

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

-- The transaction's payment and legal structures.

S&P's ECNL for GCAR 2023-3 is 17.50%, which is unchanged from GCAR
2023-2. It reflects:

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

-- S&P's view that the GCAR 2023-3 collateral characteristics are
slightly stronger than those of GCAR 2023-2; and

-- S&P's forward-looking view of the auto finance sector,
including its outlook for a shallower and more attenuated economic
slowdown in 2023 and lower recovery rates.

  Preliminary Ratings Assigned

  GLS Auto Receivables Issuer Trust 2023-3

  Class A-1, $58.00 million: A-1+ (sf)
  Class A-2, $161.33 million: AAA (sf)
  Class B, $66.35 million: AA (sf)
  Class C, $59.36 million: A (sf)
  Class D, $65.63 million: BBB- (sf)
  Class E, $41.26 million: BB- (sf)



GPMT 2021-FL3: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of notes issued by
GPMT 2021-FL3, Ltd. 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 increased credit support to
the notes as a result of successful loan repayment, resulting in a
collateral reduction of 22.6% since issuance. The increased credit
support to the notes serves as a mitigant to potential adverse
selection in the transaction as eight loans are secured by office
properties, representing 49.4% of the current trust loan balance.
As a result of complications initially arising from impacts of the
Coronavirus Disease (COVID-19) pandemic and the ongoing challenges
with leasing available space, the borrowers of these loans have
generally been unable to increase occupancy and rental rates to
initially projected levels, resulting in lower-than-expected cash
flows.

While all loans remain current, given the decline in desirability
of office product across tenants, investors, and lenders alike,
there is greater uncertainty regarding the borrowers' exit
strategies upon loan maturity. In the analysis for this review,
DBRS Morningstar evaluated these risks by stressing the current
property values for 10 loans, representing 56.8% of the current
trust balance, collateralized by both office and nonoffice property
types. That analysis suggested the rated notes remain sufficiently
insulated (relative to the respective rating categories) from loan
delinquency and increased credit risk. In conjunction with this
press release, DBRS Morningstar has published a Surveillance
Performance Update report with in-depth analysis and credit metrics
for the transaction and with business plan updates on select loans.


As of the July 2023 remittance, the trust reported an outstanding
balance of $637.8 million with 18 loans remaining in the trust. The
transaction is static, with a Replenishment Period that expired
with the May 2023 Payment Date. All future loan repayments will pay
down the notes sequentially. Since the previous DBRS Morningstar
rating action in November 2022, one loan with a former trust
balance of $24.4 million has been repaid. The remaining loans in
the transaction beyond the office concentration noted above include
five loans secured by multifamily properties (26.2% of the current
trust loan balance) and three loans secured by mixed-use properties
(17.6% of the current trust loan balance). The transaction's
property type concentration has remained relatively stable since
March 2022 when 47.3% of the trust loan balance was secured by
office collateral, 29.5% of the trust loan balance was secured by
multifamily collateral, and 14.8% of the trust loan balance was
secured by mixed-use collateral.

The remaining loans are secured by properties in urban and suburban
markets. Ten loans, representing 60.2% 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. Eight loans,
representing 39.8% of the pool, are secured by properties with a
DBRS Morningstar Market Rank of 3, 4, or 5, denoting a suburban
market. In comparison with the pool composition in March 2022,
properties in urban markets represented 61.9% of the collateral and
properties in suburban markets represented 38.1% 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 unchanged since
issuance as the current weighted-average (WA) as-is appraised value
loan-to-value (LTV) ratio is 66.8% with a current WA stabilized LTV
ratio of 64.1%. In comparison, these figures were 67.9% and 62.1%,
respectively, at issuance. DBRS Morningstar recognizes these values
may be inflated as the individual property appraisals were
completed in 2021 and do not reflect the current rising interest
rate or widening capitalization rate environments.

Through March 2023, the lender had advanced $160.4 million in loan
future funding to 17 of the remaining individual borrowers to aid
in property stabilization efforts. The largest loan advances
included $61.7 million to the borrower of the Times Square West
loan and $27.7 million to the borrower of the Courtyards on the
Park loan. The Times Square West loan is secured by an office
property in Midtown Manhattan and the borrower has used the
advanced funds for its repositioning and renovation project of the
asset as well as to fund debt service carry and leasing costs. The
Courtyards on the Park loan is secured by a multifamily property in
Des Plaines, Illinois, and the borrower has used the advanced funds
for its capital improvement project across the property to renovate
unit interiors and property exteriors and amenities as well as to
fund loan carry costs. An additional $35.8 million of loan future
funding allocated to 15 individual borrowers remains available. The
largest individual allocation, $7.8 million, is allocated to the
borrower of the Times Square West loan for additional leasing
costs.

As of the July 2023 reporting, no loans are delinquent in special
servicing but five loans, representing 32.3% of the current trust
balance, are on the servicer's watchlist,. The loans have been
flagged for performance issues with low occupancy rates and below
breakeven debt service coverage ratios. The largest loan on the
servicer's watchlist is Times Square West, representing 13.8% of
the transaction. An additional nine loans, representing 41.9% of
the current pool balance, have upcoming loan maturity dates
throughout 2023. Each loan has at least one remaining 12-month
extension option, and DBRS Morningstar expects the majority of
loans to be extended. In the instances where property performance
does not meet required minimum thresholds, DBRS Morningstar expects
the individual borrowers and lenders to agree to mutually
beneficial terms to extend the loans, which will likely include
fresh equity contributions from the borrowers.

Eleven of the remaining loans, representing 55.8% of the current
pool balance, have also been modified as individual borrowers have
either needed relief or additional time to execute business plans.
Terms of loan modifications have varied; however, common elements
include the delay of milestone completion dates for capital
improvements, changes to floating interest rate terms, reallocation
of existing reserves, and waiver of minimum property performance
thresholds to qualify for maturity extensions.

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



GRACIE POINT 2022-2: DBRS Confirms BB Rating on Class E Notes
-------------------------------------------------------------
DBRS, Inc. confirmed its ratings on nine classes of notes included
in two Gracie Point International Funding transactions as follows:

Gracie Point International Funding 2022-2:

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

Gracie Point International Funding 2022-3:

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

CREDIT RATING RATIONALE/DESCRIPTION

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: June 2023 Update," published on June 30, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse Coronavirus Disease (COVID-19) pandemic
scenarios, which were first published in April 2020.

-- The transactions' capital structure and form and sufficiency of
available credit enhancement.

-- Credit enhancement is in the form of overcollateralization,
subordination (as applicable), and a reserve account.

-- Overall, the collateral performance of the transactions has
been in line with expectations.

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


GS MORTGAGE 2017-GPTX: Moody's Lowers Rating on Cl. C Certs to Caa1
-------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on three
classes of bonds issued by GS Mortgage Securities Corporation Trust
2017-GPTX, Commercial Mortgage Pass-Through Certificates, Series
2017-GPTX. Moody's rating action is as follows:

Cl. A, Downgraded to A2 (sf); previously on Aug 29, 2019 Affirmed
Aaa (sf)

Cl. B, Downgraded to Ba2 (sf); previously on Nov 18, 2022
Downgraded to A3 (sf)

Cl. C, Downgraded to Caa1 (sf); previously on Nov 18, 2022
Downgraded to Ba1 (sf)

RATINGS RATIONALE

The ratings were downgraded based on higher Moody's LTV from weak
loan performance due to steady declines in property revenue and
occupancy since 2019. The property's 2022 net operating income
(NOI) was approximately $40 million (a 44% decline from
securitization) and the 2023 NOI is expected to be at similar
levels to 2022. The original interest-only fixed rate loan had a
coupon of 3.753% and the interest only debt service payment is
approximately $17.5 million.  After transferring to special
servicing in July 2022 due a maturity default in May 2022, the loan
was under forbearance agreement that expired on July 6, 2023, since
having transferred to special servicing in July 2022 due to
maturity default in May 2022.  The borrower was unable to payoff at
or prior to the end of the forbearance agreement and indicated they
are unwilling to commit additional capital to the project such as
capital expenditures or leasing costs. The special servicer is
currently waiting on a consensual receivership order.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION:

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

DEAL PERFORMANCE

As of the July 17, 2023 payment date, the transaction's aggregate
certificate balance remains unchanged from securitization at $465
million. The interest only, 5-year, fixed-rate loan failed to
payoff at its initial loan maturity date in May 2022. A forbearance
agreement was subsequently executed and expired in July 2022. An
amendment to the forbearance agreement was executed and expired on
July 6, 2023.

The Greenway Plaza loan is secured by ten office buildings
(approximately 4.3 million SF), a food hall, a health and
recreation facility, two ground leased outparcels, a power facility
to heat and cool the complex plus four parking garages. The 52-acre
master planned community was developed between 1969 and 1981 and is
located between the Houston CBD and the Galleria/Uptown submarkets.
The portfolio benefits from its central location amongst the
Houston CBD submarket (to the east), the Galleria/Uptown submarkets
(to the west) and the River Oaks neighborhood (to the north).
Greenway Plaza is located north of I-69, south of Richmond Avenue,
and in between Buffalo Speedway and Timmons Lane from the east and
west, respectively.

According to CBRE, the Greenway Plaza submarket in Houston, TX
included 6.3 million square feet of Class A office space in Q1 2023
with a vacancy of 26%, similar to the Houston Class A market as a
whole, which according to CBRE reported a 24% vacancy during the
same period. Many tenants continue to downsize in the Houston
office market, extending the trend of weak demand fueled by hybrid
work model.

The portfolio's weighted average occupancy as of May 2023 rent roll
was approximately 71%, largely unchanged from those of 2021 and
2022. However, approximately 5% of NRA vacated at the end of their
lease term in May 2023 reducing the occupancy to approximately
66%.

The portfolio's NOI for 2022 was reported at $39.4 million compared
to $45.2 million in 2021 and $63.5 million for 2020, respectively.
The budgeted NOI for 2023 is expected to be at par with 2022
levels. The loan remains cash managed with a full cash sweep.

Moody's LTV ratio for the first mortgage balance is 123% based on
Moody's Value. Adjusted Moody's LTV ratio for the first mortgage
balance is 108% based on Moody's Value using a cap rate adjusted
for the current interest rate environment. The original
interest-only fixed rate loan had a coupon of 3.753% and the
interest only debt service payment is approximately $17.5 million.
There is interest shortfalls totaling $3,117 as of the current
distribution date.


GS MORTGAGE 2018-HULA: DBRS Hikes Class G Certs Rating to B(high)
-----------------------------------------------------------------
DBRS Limited upgraded its ratings on three classes of the
Commercial Mortgage Pass-Through Certificates, Series 2018-HULA
issued by GS Mortgage Securities Corporation Trust 2018-HULA as
follows:

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

DBRS Morningstar also confirmed the following classes:

-- Class A at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (high) (sf)
-- Class X-NCP at AA (low) (sf)
-- Class D at A (high) (sf)

All trends are Stable. The rating upgrades reflect the strong
rebound and growth in net cash flow (NCF) performance of the
collateral since the Coronavirus Disease (COVID-19) pandemic and
subsequent to the borrower's nearly $100 million capital
improvement plan that was completed in October 2021. The trailing
12-month (T-12) period ended March 31, 2023, financials reported a
NCF of $47.3 million, which represents a positive variance of 68.9%
over the figure previously derived by DBRS Morningstar in 2020,
driven by significant growth in occupancy and revenue per available
room (RevPAR). DBRS Morningstar re-evaluated its NCF analysis in
light of the sustained cash flow growth, as described below. To
further test the durability of the ratings, DBRS Morningstar
performed a stressed cash flow scenario, which provides additional
support for the rating upgrades.

The interest-only (IO) loan is secured by the Four Seasons Resort
Hualalai, a luxury hotel and resort located on the Big Island of
Hawaii. The collateral consists of a 243-key resort spread across
39 acres and the private membership Hualālai Club. At
issuance, collateral also included 250 acres of a residential
master-planned community; however a portion of that land was
recently sold, as discussed below. The loan had an initial two-year
term with five one-year extension options. To date, four of the
five options have been exercised, which has extended the loan
maturity date to July 2024. To exercise the fourth option, the loan
was not subject to any performance-based criteria; however, the
borrower must provide a replacement interest rate cap agreement for
the extension period. In addition, 25 basis points will be added to
the spread with both the fourth and fifth options.

The trust had an initial balance of $350.0 million at issuance,
with a $100.0 million B Note held outside of the trust. As of the
July 2023 reporting, the trust had an outstanding balance of $320.2
million, representing a collateral reduction of 8.5% since issuance
as a result of the land that was released for residential
development. With the exception of the residential land, the
collateral is subject to a ground lease. The underlying land is
owned by the Trustees of the Estate of Bernice Pauahi Bishop. The
ground lease expires in December 2061, with no renewal options. The
borrower pays a minimum rent of $4.2 million and a percentage of
revenue through December 2026.

As noted, the subject underwent a $100 million renovation, which
was completed in October 2021 according to a press release from the
Four Seasons. The scope of the work included full renovations to
all rooms, upgrades to the finishes and furniture, and a new
bungalow that added six new rooms along the property's oceanfront.
Amenities were upgraded as well, with significant work to be
completed at King's Pond, the property's swimmable aquarium, and to
other pools at the property. Finally, the property's golf course
was upgraded with new features and a new turf.

According to the financials for the T-12 period ended March 31,
2023, the loan reported a NCF of $47.3 million, a substantial
increase from the $28.8 million from YE2021 as a result of room
revenue reporting a 39.9% increase, but below the YE2022 NCF high
of $53.2 million. As of the February 2023 STR report, the subject
reported T-12 occupancy, average daily rate, and RevPAR figures of
73.5%, $1,882, and $1,383, respectively, with a RevPAR penetration
figure of 301.6%. This is a continued improvement over the T-12
ended April 30, 2022, figures of 71.2%, $1,774, and $1,263,
respectively, and well above the T-12 ended June 30, 2021, figures
of 50.7%, $1,434, and $894, respectively.

In determining the ratings, DBRS Morningstar analyzed the cash flow
under both a base case and stressed scenario. The base case
scenario, which is based on a standard surveillance haircut to the
T-12 ended March 31, 2023, reported figure, results in a base case
DBRS Morningstar value of $543.9 million, compared with the DBRS
Morningstar value of $328.8 million previously derived in 2020.
Under the stressed scenario, which was based on a 20% stress to the
YE2022 NCF, DBRS Morningstar derived a stressed value of $444.2
million. The conservative haircut was used to evaluate the
potential for upgrades given the recent improvement in collateral
performance based on updated reporting. In both scenarios, DBRS
Morningstar applied a cap rate of 8.5%, which is at the middle of
the range of DBRS Morningstar cap rate ranges for lodging
properties, reflecting the hotel's quality, irreplaceable location,
and high barriers to entry. The implied DBRS Morningstar
loan-to-value (LTV) for the stressed scenario is 94.6%. DBRS
Morningstar anticipates continued stable performance for the
underlying collateral property in light of strong market
positioning, continued capital expenditures on development, and the
return of Hawaii's tourism industry to post-pandemic normalcy.

DBRS Morningstar made positive qualitative adjustments to the final
LTV-sizing benchmarks for this rating analysis, totaling 10% to
account for cash flow volatility, property quality, and market
fundamentals.

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



GS MORTGAGE 2021-IP: DBRS Confirms BB Rating on Class F Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2021-IP issued by GS
Mortgage Securities Corporation Trust 2021-IP as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, specifically the continued strong in-line tenant
sales and robust financial performance throughout 2022.

The interest-only floating-rate loan is secured by the borrower's
fee-simple and leasehold interest in the nondepartment store
component of International Plaza, a 1.2 million-square foot (sf)
Class A super-regional mall, of which approximately 740,000 sf
serve as collateral for the loan. The property is four miles west
of downtown Tampa and is anchored by noncollateral tenants in
Neiman Marcus, Nordstrom, and Dillard's, all of which remain open
as of this publication date. The subject features two additional
anchor boxes on the first and second floors: the first floor space
serves as collateral and was formerly occupied by Lifetime Athletic
while the second floor space was formerly occupied by Lord &
Taylor. The second floor was divided up, and about 20,000 sf was
backfilled by Ballard Designs, but the remaining 50,000-sf space
has been vacant for more than 10 years and is currently used as
storage space.

Goldman Sachs Bank USA originated the mortgage loan to Tampa
Westshore Associates Limited Partnership, which is indirectly owned
and controlled by the Taubman Realty Group LLC, Simon Property
Group, L.P., Nuveen, and the Teachers Insurance and Annuity
Association of America-College Retirement Equities Fund. The loan
was added to the servicer's watchlist in May 2023 ahead of its
upcoming October 2023 maturity date. The loan is structured with
three one-year extension options for a fully extended maturity date
of October 2026. Per the most recent servicer commentary, the
borrower has indicated its intentions to exercise the first of its
three options; however, the borrower is required to enter into an
interest rate cap agreement with a strike rate equal to 4.0% during
each of the three extension periods.

As of the December 2022 rent roll, the collateral was 95.8%
occupied compared with the March 2022 occupancy rate of 95.9%. The
December 2022 occupancy rate does not reflect the recent departure
of LifeTime Athletic (previously the largest collateral tenant with
7.6% of the net rentable area (NRA)). Per an online news article in
the "Tampa Bay Business Journal" dated April 2023, it was noted
that the tenant would be closing its location at the subject
property ahead of its lease expiration in January 2029. The tenant
is no longer listed on the mall's directory. Currently, the largest
collateral tenants include Restoration Hardware (5.9% of the NRA,
lease expiry in January 2031), Forever 21 (4.7% of the NRA, lease
expired in January 2022), and Crate & Barrel (4.5% of NRA, lease
expiry in January 2024). Although the Forever 21 lease appears to
have expired, the tenant remains open according to the subject
property's online tenant directory. DBRS Morningstar has asked for
confirmation of the tenant's renewal. The property features a
strong tenant mix with many upscale retailers, including Tiffany &
Co., Burberry, Saint Laurent, Gucci, and others. Near-term rollover
risk is concentrated, with leases representing approximately 22.0%
of the NRA scheduled to roll within the next 12 months. Given the
strong historical occupancy, DBRS Morningstar expects many of these
leases will be renewed.

A YE 2022 tenant sales report was provided. When excluding Apple,
Tesla, and Luis Vuitton, reported sales totaled $984 per square
foot (psf) compared with the YE2021 figure of $833 psf. The loan
reported a debt service coverage ratio (DSCR) of 3.06 times (x) for
YE2022, according to the servicer's provided financials, and a net
cash flow (NCF) of $51.2 million compared with the DBRS Morningstar
DSCR of 3.63x and NCF of $38.4 million. Although the NCF has
improved, the DSCR has fluctuated because of the loan's floating
rate coupon. The subject continues to perform in line with
expectations, as evidenced by the robust tenant sales and reported
NCF for YE2022. Although physical vacancy has increased following
the departure of the previous largest collateral tenant and there
is concentrated upcoming rollover, DBRS Morningstar remains
optimistic the performance will remain stable based on the strong
tenant mix, prime market location, and experienced sponsorship.

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




GS MORTGAGE 2023-SHIP: Moody's Gives (P)B2 Rating to Cl. HRR Certs
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to six
classes of CMBS securities, issued by GS Mortgage Securities
Corporation Trust 2023-SHIP, Commercial Mortgage Pass-Through
Certificates, Series 2023-SHIP:

Cl. A, Assigned (P)Aaa (sf)

Cl. B, Assigned (P)Aa3 (sf)

Cl. C, Assigned (P)A3 (sf)

Cl. D, Assigned (P)Baa3 (sf)

Cl. E, Assigned (P)Ba3 (sf)

Cl. HRR, Assigned (P)B2 (sf)

RATINGS RATIONALE

The certificates are collateralized by a single loan backed by a
first lien commercial mortgage related to a portfolio of 12
single-tenant industrial warehouse properties each leased to
Amazon.com Services LLC. Moody's ratings are based on the credit
quality of the loans and the strength of the securitization
structure.

The Portfolio offers 12,067,244 SF of aggregate area, and all 12
properties are brand new with one property built in 2020, ten
properties built in 2021, and one built in 2022. The properties
offer superior functionality with a large average size of 742,796
footprint SF (range from 278,435 footprint SF to 1,080,308
footprint SF), low average percentage of office usage of 3.3%
(range from 1.0% to 6.2%), very high clear heights averaging 38'
(range from 12' to 45'), and a high average number of dock doors at
115 (range from 52 to 257).

The Portfolio is 100% leased to Amazon.com Services LLC, with
Amazon.com, Inc. (A1, senior unsecured) as the guarantor under 12
different leases. The leases maintain a weighted average remaining
term of 14.2 years.

Moody's approach to rating this transaction involved the
application of Moody's Large Loan and Single Asset/Single Borrower
Commercial Mortgage-Backed Securitization methodology. The rating
approach for securities backed by a single loan compares the credit
risk inherent in the underlying collateral with the credit
protection offered by the structure. The structure's credit
enhancement is quantified by the maximum deterioration in property
value that the securities are able to withstand under various
stress scenarios without causing an increase in the expected loss
for various rating levels. In assigning single borrower ratings,
Moody's also consider a range of qualitative issues as well as the
transaction's structural and legal aspects.

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

The Moody's first mortgage actual DSCR is 1.26X and Moody's first
mortgage actual stressed DSCR is 0.73X. Moody's DSCR is based on
Moody's stabilized net cash flow.

The first mortgage balance of $1,035,000,000 represents a Moody's
LTV of 117.7% based on Moody's value. The adjusted Moody's LTV
ratio for the first mortgage balance is 103.8% based on Moody's
Value using a cap rate adjusted for the current interest rate
environment.

Moody's also grades properties on a scale of 0 to 5 (best to worst)
and considers those grades when assessing the likelihood of debt
payment. The factors considered include property age, quality of
construction, location, market, and tenancy. The portfolio's
property quality grade is 1.00.

Positive features of the transaction include asset quality, strong
tenancy, strategic locations, rollover profile, and geographic
diversity. Offsetting these strengths are tenant concentration, low
barriers to entry markets, interest-only mortgage loan profile and
certain credit negative legal features.

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 approach for single borrower and large loan multi-borrower
transactions evaluates credit enhancement levels based on an
aggregation of adjusted loan level proceeds derived from Moody's
loan level LTV ratios. Major adjustments to determining proceeds
include leverage, loan structure, and property type. These
aggregated proceeds are then further adjusted for any pooling
benefits associated with loan level diversity, other concentrations
and correlations.

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 may
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously anticipated. Factors that may cause an
upgrade of the ratings include significant loan pay downs or
amortization, an increase in the pool's share of defeasance or
overall improved pool performance. Factors that may cause a
downgrade of the ratings include a decline in the overall
performance of the pool, loan concentration, increased expected
losses from specially serviced and troubled loans or interest
shortfalls.


HPS LOAN 11-2017: Moody's Cuts Rating on $5.265MM F Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by HPS Loan Management 11-2017, Ltd.:

US$57,500,000 Class B-R Senior Secured Floating Rate Notes due 2030
(the "Class B-R Notes"), Upgraded to Aaa (sf); previously on April
22, 2022 Upgraded to Aa1 (sf)

US$28,500,000 Class C-R Secured Deferrable Floating Rate Notes due
2030 (the "Class C-R Notes"), Upgraded to Aa3 (sf); previously on
April 22, 2022 Upgraded to A1 (sf)

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

US$5,265,000 Class F Secured Deferrable Floating Rate Notes due
2030 (the "Class F Notes"), Downgraded to Caa2 (sf); previously on
September 1, 2020 Downgraded to B3 (sf)

HPS Loan Management 11-2017, Ltd., originally issued in May 2017
and partially refinanced in February 2020, is a managed cashflow
CLO. The notes are collateralized primarily by a portfolio of
broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in May 2022.

RATINGS RATIONALE

The upgrade rating actions are primarily a result of deleveraging
of the senior notes and an increase in the transaction's
over-collateralization (OC) ratios since June 2022. The Class A-R
notes have been paid down by approximately 21.6% or $69.0 million
since then. Based on the trustee's June 2023 report[1], the OC
ratios for the Class A/B and Class C notes are reported at 132.94%
and 121.69%, respectively, versus June 2022[2] levels of 128.47%
and 119.45%, respectively.  

The downgrade rating action on the Class F notes reflects the
specific risks to the junior notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
the trustee's June 2023 report[3], the OC ratio for the Class F
notes (as inferred by the interest diversion test) is reported at
103.49% versus June 2022[4] level of 104.24%. Furthermore, the
weighted average rating factor (WARF) has been deteriorating and is
reported at 3274 as of June 2023[5], compared to 2813 in June 2022
report[6].

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

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

Performing par and principal proceeds balance: $407,228,379

Defaulted par:  $4,830,820

Diversity Score: 66

Weighted Average Rating Factor (WARF): 3044

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

Weighted Average Recovery Rate (WARR): 47.99%

Weighted Average Life (WAL): 3.78 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.


JP MORGAN 2023-6: Fitch Assigns 'B-sf' Rating to Class B-5 Certs
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to JP Morgan Mortgage
Trust 2023-6 (JPMMT 2023-6).

ENTITY/DEBT   RATING              PRIOR   
----------    ------              -----
JPMMT 2023-6

A-1     LT   AAAsf    New Rating   AAA(EXP)sf
A-2     LT   AAAsf    New Rating   AAA(EXP)sf
A-2-A   LT   AAAsf    New Rating   AAA(EXP)sf
A-2-X   LT   AAAsf    New Rating   AAA(EXP)sf
A-3     LT   AAAsf    New Rating   AAA(EXP)sf
A-4     LT   AAAsf    New Rating   AAA(EXP)sf
A-4-A   LT   AAAsf    New Rating   AAA(EXP)sf
A-4-B   LT   AAAsf    New Rating   AAA(EXP)sf
A-4-C   LT   AAAsf    New Rating   AAA(EXP)sf
A-4-X   LT   AAAsf    New Rating   AAA(EXP)sf
A-5     LT   AAAsf    New Rating   AAA(EXP)sf
A-5-A   LT   AAAsf    New Rating   AAA(EXP)sf
A-5-B   LT   AAAsf    New Rating   AAA(EXP)sf
A-5-C   LT   AAAsf    New Rating   AAA(EXP)sf
A-5-X   LT   AAAsf    New Rating   AAA(EXP)sf
A-6     LT   AA+sf    New Rating   AA+(EXP)sf
A-6-A   LT   AA+sf    New Rating   AA+(EXP)sf
A-X-1   LT   AA+sf    New Rating   AA+(EXP)sf
B-1     LT   AA-sf    New Rating   AA-(EXP)sf
B-2     LT   A-sf     New Rating   A-(EXP)sf
B-3     LT   BBB-sf   New Rating   BBB-(EXP)sf
B-4     LT   BB-sf    New Rating   BB-(EXP)sf
B-5     LT   B-sf     New Rating   B-(EXP)sf
B-6     LT   NRsf     New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by J.P. Morgan Mortgage Trust 2023-6 (JPMMT
2023-6) as indicated. The certificates are supported by 338 loans
with a total balance of approximately $411.32 million as of the
cut-off date. The pool consists of prime-quality, fixed-rate
mortgages from various mortgage originators.

The pool consists of loans mainly originated by United Wholesale
Mortgage, LLC (49.0%) with the remaining 51.0% of the loans
originated by various originators, each contributing less than 10%
to the pool. The loan-level representations and warranties are
provided by the various originators, MAXEX, or Oceanview
(aggregators).

NewRez LLC (f/k/a New Penn Financial, LLC), d/b/a Shellpoint
Mortgage Servicing (Shellpoint), will act as interim servicer for
approximately 46.0% of the pool from the closing date until the
servicing transfer date, which is expected to occur on or about
Sept. 1, 2023. After the servicing transfer date, these mortgage
loans will be serviced by JPMorgan Chase Bank, National Association
(Chase). Since Chase will service these loans after the transfer
date, Fitch performed its analysis assuming Chase is the servicer
for these loans.

The other main servicer in the transaction is United Wholesale
Mortgage, LLC (servicing 49.0% of the loans); the remaining 5.0% of
the loans are being serviced by LoanDepot.com, LLC. Nationstar
Mortgage LLC (Nationstar) will be the master servicer.

Most of the loans (99.2%) qualify as safe-harbor qualified mortgage
(SHQM), agency SHQM, or SHQM (average prime offer rate [APOR]); the
remaining 0.8% qualify as QM rebuttable presumption (APOR).

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

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 6.5% above a long-term sustainable level (versus
7.8% on a national level as of March 2023, down 2.7% since last
quarter). The rapid gain in home prices through the pandemic has
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 Mortgage Pool (Positive): The pool consists of
high-quality, fixed-rate, fully amortizing prime quality loans with
maturities of up to 30 years. Most of the loans (99.2%) qualify as
SHQM, agency SHQM, or SHQM (APOR); the remaining 0.8% qualify as QM
rebuttable presumption (APOR). The loans were made to borrowers
with strong credit profiles, relatively low leverage and large
liquid reserves.

The loans are seasoned at an average of seven months, according to
Fitch (five months per the transaction documents). The pool has a
WA original FICO score of 759, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
65.7%, as determined by Fitch, of the loans have a borrower with an
original FICO score equal to or above 750. In addition, the
original WA combined loan-to-value (CLTV) ratio of 75.4%,
translating to a sustainable loan-to-value (sLTV) ratio of 79.5%,
represents moderate borrower equity in the property and reduced
default risk compared with a borrower with a CLTV over 80%.

Per the transaction documents, nonconforming loans comprise 95.9%
of the pool, while the remaining 4.1% represents conforming loans.
However in Fitch's analysis, Fitch considered HPQM GSE eligible
loans to be nonconforming; as a result Fitch viewed the pool as
having 96.0% nonconforming loans and 4.0% conforming loans. All of
the loans are designated as QM loans, with 56.6% of the pool
originated by a retail and correspondent channel.

Of the pool, 100.0% is comprised of loans where the borrower
maintains a primary or secondary residence. Single-family homes,
planned unit developments (PUDs), townhouses and single-family
attached dwellings constitute 95.0% of the pool; condominiums make
up 4.3%; and multifamily homes make up 0.8%. The pool consists of
loans with the following loan purposes, as determined by Fitch:
purchases (82.1%), cashout refinances (9.7%) and rate-term
refinances (8.2%). Fitch views favorably that there are no loans to
investment properties and the majority of the mortgages are
purchases.

A total of 211 loans in the pool are over $1.0 million, and the
largest loan is approximately $2.99 million.

Of the pool, 41.3% is concentrated in California. The largest MSA
concentration is in the Los Angeles-Long Beach-Santa Ana, CA MSA
(12.9%), followed by the San Francisco-Oakland-Fremont, CA MSA
(8.7%) and Phoenix-Mesa-Scottsdale, AZ MSA (7.0%). The top three
MSAs account for 29% of the pool. As a result, there was no
probability of default (PD) penalty applied for geographic
concentration.

Loan Count Concentration (Negative): The loan count of this pool
(338 loans) resulted in a loan count concentration penalty. The
loan count concentration penalty applies when the weighted average
number of loans is less than 300. The loan count concentration of
this pool resulted in a 1.02x penalty, which increased the loss
expectations by 14 basis points (bps) at the 'AAAsf' rating
category.

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

The servicers will provide full advancing for the life of the
transaction; each servicer is expected to advance delinquent
principal and interest (P&I) on loans that entered into a
coronavirus pandemic-related forbearance plan. Although full P&I
advancing will provide liquidity to the certificates, it will also
increase the loan-level loss severity (LS) since the servicer looks
to recoup P&I advances from liquidation proceeds, which results in
less recoveries.

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

CE Floor (Positive): A CE or senior subordination floor of 2.50%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 1.40% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 39.2% 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, Digital Risk, Opus, and Clayton. 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 0.32% 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, Digital Risk, Opus, and Clayton were engaged to perform
the review. Loans reviewed under this engagement were given
compliance, credit and valuation grades and assigned initial grades
for each subcategory. Minimal exceptions and waivers were noted in
the due diligence reports. Refer to the "Third-Party Due Diligence"
section for more detail.

Fitch also utilized data files provided by the issuer on its SEC
Rule 17g-5 designated website. Fitch received loan level
information based on the ResiPLS data layout format, and the data
provided was 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

JPMMT 2023-6 has an ESG Relevance Score of '4+' for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in JPMMT 2023-6. The factors that contribute to well controlled
operational risk include: strong transaction due diligence with no
material findings, an 'Above Average' aggregator, the majority of
the pool being originated by an 'Above Average' originator, and a
large portion of the pool is serviced by an 'RPS1-' servicer. All
of these attributes result in a reduction in expected losses. This
has a positive impact on the transaction's credit profile and is
relevant to the ratings in conjunction with other factors.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


MORGAN STANLEY 2013-C9: Moody's Lowers Rating on Cl. C Certs to B2
------------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on two classes
and downgraded the ratings on five classes in Morgan Stanley Bank
of America Merrill Lynch Trust 2013-C9, Commercial Mortgage
Pass-Through Certificates, Series 2013-C9 as follows:

Cl. A-S, Confirmed at Aaa (sf); previously on May 3, 2023 Aaa (sf)
Placed Under Review for Possible Downgrade

Cl. B, Downgraded to Ba2 (sf); previously on May 3, 2023 Downgraded
to Baa1 (sf) and Placed Under Review for Possible Downgrade

Cl. C, Downgraded to B2 (sf); previously on May 3, 2023 Downgraded
to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. D, Downgraded to B3 (sf); previously on May 3, 2023 Downgraded
to B2 (sf) and Placed Under Review for Possible Downgrade

Cl. PST, Downgraded to Ba2 (sf); previously on May 3, 2023
Downgraded to Baa2 (sf) and Placed Under Review for Possible
Downgrade

Cl. X-A*, Confirmed at Aaa (sf); previously on May 3, 2023 Aaa (sf)
Placed Under Review for Possible Downgrade

Cl. X-B*, Downgraded to Ba3 (sf); previously on May 3, 2023
Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade

* Reflects Interest-Only Classes

RATINGS RATIONALE

The rating on one P&I class, Cl. A-S, was confirmed because of its
significant credit support in connection with the transaction's
Moody's loan-to-value (LTV) ratio and the expected principal
recovery on the remaining loans in the pool.

The ratings on three P&I classes, Cl. B, Cl. C and Cl. D, were
downgraded due to the increase in ongoing interest shortfalls
caused by the non-recoverability determination of the largest loan
in the pool, the Milford Plaza Fee loan (58% of the pool). The loan
has been in special servicing since June 2020 and is last paid
through its April 2020 payment date. The loan was deemed
non-recoverable as of the April 2023 remittance date after
incurring significant loan advances and Moody's anticipate interest
shortfalls to continue until the resolution of this loan. Interest
shortfalls have impacted up to Cl. C since the May 2023 remittance
date and as of the July 2023 remittance date Cl. C received
approximately 50% of its accrued monthly interest proceeds.

The rating on one IO class, Cl. X-A was confirmed based on the
credit quality of its referenced class.

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

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

The actions conclude the review for downgrade initiated on May 3,
2023.

Moody's rating action reflects a base expected loss of 21.4% of the
current pooled balance, compared to 17.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 6.1% of the
original pooled balance, compared to 5.9% 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, an increase in
the pool's share of defeasance or a significant improvement in pool
performance.

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

Moody's analysis incorporated a loss and recovery approach in
rating the P&I classes in this deal since 77% of the pool is in
special servicing. In this approach, Moody's determines a
probability of default for each specially serviced and troubled
loan that it expects will generate a loss and estimates a loss
given default based on a review of broker's opinions of value (if
available), other information from the special servicer, available
market data and Moody's internal data. The loss given default for
each loan also takes into consideration repayment of servicer
advances to date, estimated future advances and closing costs.
Translating the probability of default and loss given default into
an expected loss estimate, Moody's then applies the aggregate loss
from specially serviced 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 July 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 78% to $282.8
million from $1.28 billion at securitization. The certificates are
collateralized by five remaining mortgage loans and two loans,
representing 77% of the pool, are in special servicing.

No loans have liquidated from the pool with a loss, however, an
aggregate realized loss of $17.8 million has been incurred due to
the reimbursement for non-recoverable advances on the specially
serviced loan, Milford Plaza Fee Loan ($165 million -- 58.4% of the
pool). As of the July 2023 remittance date, the loan remained last
paid through April 2020 and has incurred approximately $22 million
of outstanding servicer advances in this transaction (the loan has
additional advances outstanding in relation to its pari passu
portion in another transaction outside this trust).

As of the July 2023 remittance statement cumulative interest
shortfalls were $3.4 million and impact up to Cl. C. Moody's
anticipates these interest shortfalls will continue because of the
non-recoverable determination on the Milford Plaza Fee loan.
Interest shortfalls are caused by special servicing fees, including
workout and liquidation fees, appraisal entitlement reductions
(ASERs), loan modifications and extraordinary trust expenses.

The largest specially serviced loan is the Milford Plaza Fee Loan
($165 million -- 58.4% of the pool), which represents a pari passu
portion of a $275 million mortgage loan. The loan is secured by the
ground interest underlying the Row Hotel, a 1,331 key full service
hotel located on 8th avenue in New York City. The ground lease
commenced in 2013 and runs through 2112, and has annual CPI
increases. The loan transferred to the special servicer in June
2020 due to payment default on the ground rent due to the
significant decline in performance of the non-collateral hotel
improvements. As of the July 2023 remittance date, the loan
incurred significant loan advances due to ongoing litigation and
pursuit of foreclosure on the leasehold improvements as well as the
ground lease hotel tenant failing to remit cash flow. The loan had
not received any prior appraisal reduction amounts due to the most
recent appraisal values remaining above the outstanding mortgage
loan balance. Special servicer commentary indicates they are dual
tracking foreclosure with workout discussions and that a prior
proposed sale and loan assumption (which would have collapsed the
ground lease and allowed the new owner to directly control the
hotel) failed to materialize. Moody's analysis considered the value
of the non-collateral improvements that the leased fee interest
underlies when assessing the risk of the loan, as the subject loan
is senior to any debt on the improvements. Due to the recent
non-recoverability determination, delinquent payment status,
significant servicer advances and decline in performance of the
non-collateral hotel property, Moody's has assumed a moderate loss
on this loan.

The other largest specially serviced loan is the Dartmouth Mall
Loan ($52.7 million -- 18.7% of the pool), which is secured by a
530,800 square foot (SF) component of a 671,000 SF regional mall
located in Dartmouth, MA. The mall is anchored by a non-collateral
Macy's, and the collateral is anchored by JC Penney and an AMC
theatre. A 108,000 SF Sears closed in 2019, but was partially
backfilled by Burlington. The loan sponsor, PREIT, classified the
property in the "Top 6 Malls" under its "Core" malls in its fourth
quarter financial statements. As of year-end 2022, the property was
98% occupied, the same as at year-end 2020. The property's 2022 NOI
was 25% higher than in 2013 and the loan has amortized more than
21% since securitization. The loan failed to pay off at its
scheduled maturity date in April 2023 but had a NOI DSCR of 2.14X
as of December 2022. The loan transferred to special servicing in
June 2023 after a two-month forbearance period while the borrower
is continuing efforts to refinance the loan. Cash management is in
place and the loan is last paid through its May 2023 payment date.
Due to the in-place and historical performance, Moody's does not
expect a loss from this loan at this time.

The two non-specially serviced loans represent 23% of the pool
balance. The largest loan is the Apthorp Retail Condominium Loan
($52.6 million -- 18.6% of the pool), which is secured by the
12,850 SF ground floor retail portion interest of the Apthorp, a 12
story condo building that is historically landmarked in New York
City. The collateral sits along Broadway between 79th and 78th
streets. The largest tenant is a Chase Bank Branch, occupying 56%
of the property's NRA through 2029. Occupancy has fluctuated in
recent years, with a low of 63% at year-end 2020. Two new tenants
signed leases during 2021, bringing occupancy to 75%, however, the
2022 year-end NOI DSCR was still only 0.72X. The loan has amortized
19% since securitization and the loan matures in March 2033.
Moody's LTV and stressed DSCR are 136% and 0.68X, respectively,
compared to 137% and 0.67X at the last review.

The second largest loan is the Brighton Shopping Center Loan ($12.4
million -- 4.4% of the pool), which is secured by a 297,941 SF
retail property located in Brighton, Michigan consisting of five,
single-story buildings containing 43 units. The property has
benefited from historically strong occupancy and increasing net
cash flows. Furthermore, the loan is fully amortizing, having
already amortized 41% and will mature in March 2032. Moody's LTV
and stressed DSCR are 54% and 2.01X, respectively, compared to 55%
and 1.96X at the last review.


MORGAN STANLEY 2016-C30: Fitch Cuts Rating on 2 Tranches to 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has downgraded six classes and affirmed six classes
of Morgan Stanley Bank of America Merrill Lynch Trust, commercial
mortgage pass-through certificates, series 2016-C30 (MSBAM
2016-C30). The Rating Outlooks for classes A-S, B, X-B, C, D and
X-D remain Negative following the downgrades. The criteria
observation (UCO) has been resolved.

ENTITY/DEBT           RATING           PRIOR  
----------            ------           -----
MSBAM 2016-C30

A-4 61766NBA2 LT   AAAsf  Affirmed AAAsf
A-5 61766NBB0 LT   AAAsf  Affirmed AAAsf
A-S 61766NBE4 LT   AAsf   Downgrade AAAsf
A-SB 61766NAY1 LT   AAAsf  Affirmed AAAsf
B 61766NBF1 LT   Asf    Downgrade AA-sf
C 61766NBG9 LT   BBB-sf Downgrade A-sf
D 61766NAJ4 LT   Bsf    Downgrade BBsf
E 61766NAL9 LT   CCCsf  Affirmed CCCsf
X-A 61766NBC8 LT   AAAsf  Affirmed AAAsf
X-B 61766NBD6 LT   Asf    Downgrade AA-sf
X-D 61766NAA3 LT   Bsf    Downgrade BBsf
X-E 61766NAC9 LT   CCCsf  Affirmed CCCsf

KEY RATING DRIVERS

Criteria Update: The rating actions reflect the impact of Fitch's
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 downgrades and Negative Outlooks on classes A-S, B, X-B, C, D
and X-D reflect the impact of the criteria and increased
performance concerns/declines with 11 Fitch Loans of Concern
(FLOCs; 39.2% of pool), including three secured by regional
malls/outlet centers (18.1%), five secured by office properties
with occupancy and tenancy concerns (17.3%) and one REO asset
(0.5%). Fitch's current ratings incorporate a 'Bsf' rating case
loss of 8.0%.

Regional Mall/Outlet Center FLOCs: The largest contributor to loss
expectations, Briarwood Mall (8.6%), is secured by a 369,916-sf
portion of a 978,034-sf super regional mall in Ann Arbor, MI,
approximately 2.5 miles from the University of Michigan. The loan,
which is sponsored in a 50/50 joint venture between Simon Property
Group and General Motors Pension Trust, was designated a FLOC due
to continued occupancy declines and increasing refinance risk.

Net operating income (NOI) has continued to decline, with YE 2022
and YE 2021 NOI falling approximately 20% below YE 2020 and 33%
below YE 2019. Servicer-reported NOI debt service coverage ratio
(DSCR) for this interest-only (IO) loan was 2.04x at YE 2022, flat
from 2.06x at YE 2021 but down from 2.54x at YE 2020, 3.03x at YE
2019 and 3.51x at issuance.

The NOI declines are primarily due to tenant departures, with
collateral occupancy declining to 71% per the March 2023 rent roll
from 76% at YE 2020, 87% at YE 2019 and 95% at issuance. The
remaining non-collateral anchors are Macy's, JCPenney, and Von Maur
after Sears closed in the fourth quarter of 2018. In-line sales
have also declined, reporting at $482 psf ($387 psf excluding
Apple; Apple recently renewed their lease until [January 2025]) for
the TTM ended March 2022 compared with $543 psf ($358) for TTM
ended July 2020. Near-term rollover is granular and includes
approximately 30% NRA by YE 2024.

Fitch's 'Bsf' ratings case loss prior to concentration add-on of
41% is based on a 15% cap rate and a 7.5% haircut to the YE 2022
NOI and reflects a higher probability of default to account for the
likelihood of transfer to special servicing and/or maturity
default.

The second largest contributor to loss expectations, Simon Premium
Outlets (2.7%), is secured by a 782,765 sf portfolio of three
outlet centers located in tertiary markets including Lee, MA,
Gaffney, SC and Calhoun, GA. The loan, which is sponsored by Simon
Property Group, was designated a FLOC due to concerns about the
sponsor's commitment to the portfolio, tertiary market locations of
the outlet centers, continued occupancy and sales declines and
significant near-term lease rollover.

Portfolio occupancy declined to 67% at YE 2022 from 82% at YE 2019
and 94% at issuance. As a result, the YE 2022 NOI fell 3% below YE
2021, 23% below YE 2020 and 32% below YE 2019. Servicer-reported
NOI DSCR for this amortizing loan was 1.93x at YE 2022, down from
1.99x at YE 2021, 2.52x at YE 2020, 2.83x at YE 2019 and 2.78x at
issuance. Per the December 2022 rent roll, near-term rollover
includes approximately 40% portfolio NRA by 2024.

Fitch's 'Bsf' ratings case loss prior to concentration add-on of
40% is based on a 25% cap rate and 15% stress to the YE 2022 NOI
and reflects a higher probability of default to account for the
likelihood of transfer to special servicing and/or maturity
default.

Coconut Point (6.8%), is secured by an 836,531-sf retail portion of
a 1.2 million-sf open-air, mixed-use development featuring a large
anchored regional shopping center, two hotels and the Residences at
Coconut Point luxury high-rise condominiums. The property is
located in Estero, FL, approximately 18 miles southeast of Fort
Myers and was built in 2006. The loan, which is sponsored 50/50 by
Simon and Dillard's, was designated a FLOC due to occupancy
declines and performance concerns.

The largest collateral tenant, a 16-screen Regal Theater, which
leased 9.5% NRA through April 2024, recently closed this location.
Additionally, Christmas Tree Shops, which backfilled the former Bed
Bath & Beyond space (4.2% NRA) on a lease through May 2032 is in
the process of filing for bankruptcy and Barnes and Noble, which
leases approximately 28,000 sf plans to downsize and relocate to a
smaller space within the mall. Primarily due to the recent Regal
vacancy, collateral occupancy declined to 77% as of March 2023 from
90% at YE 2019 and should decline further given the news about
Christmas Tree Shops and Barnes and Noble.

Servicer-reported NOI DSCR for this loan, which is amortizing after
the initial 25-month IO period expired, was 1.48x at YE 2022
compared with 1.54x at YE 2021 and 1.54x at issuance. In-line sales
were $376 psf ($286 excluding Apple) at YE 2021 down from $426 psf
($331 psf excluding Apple) as of TTM ended July 2016 at issuance.

Larger collateral tenants at the mall include TJ Maxx, which leases
3.8% NRA through May 2026 and Ross, which leases 3.6% NRA through
January 2027. The non-collateral anchors are Super Target and
Dillard's. Near-term rollover is granular and includes
approximately 25% NRA by YE 2024.

Fitch's 'Bsf' ratings case loss prior to concentration add-on of 5%
is based on a 10% cap rate and 15% stress to the YE 2022 NOI.

High Office Concentration: Loans secured by office properties
comprise 33.5% of the pool, including five (26.2%) in the top 15
and five (17.3%) that were designated FLOCs. In its analysis, Fitch
increased cap rates and stresses for several of these loans due to
concerns with occupancy, tenancy, future transfer to special
servicing and maturity default. Fitch's analysis also included a
sensitivity scenario, which increased the probability of default on
Flagler Corporate Center (4.6%) due to significant performance
concerns with the low occupancy. These additional stresses
contributed to the Negative Outlooks on classes A-S, B, X-B, C, D
and X-D.

Increasing Credit Enhancement: As of the June 2023 distribution
date, the pool's aggregate balance has been reduced by 8.5% to
$809.9 million from $885.2 million at issuance. Eight loans (9.9%)
are fully defeased. Ten loans (39.5%) are full-term, interest-only,
and 19 loans (32.4%) had a partial-term, interest-only component.
All have begun to amortize. Interest Shortfalls of $887,689 are
currently impacting the non-rated class G. Loan maturities are
concentrated in 2026 (98.0%).

Undercollateralization: The transaction is undercollateralized by
$805,350 due to a WODRA on Tinley Point Center (REO asset), which
was reflected in the July 2022 remittance report.

Credit Opinion Loans: Four loans (23.9%) received investment-grade
credit opinions at issuance: Vertex Pharmaceuticals HQ (9.6%;
'BBB-sf*'), Easton Town Center (9.3%; 'A+sf*'), The Shops at
Crystals (2.5%; 'BBB+sf*') and International Square (2.5%;
'AA-sf*'). Fitch no longer considers Easton Town Center and The
Shops at Crystal credit opinion loans due to the regional mall
property types and International Square due to performance and
occupancy concerns/declines with the office property.

RATING SENSITIVITIES

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

Downgrades of the senior 'AAAsf ' rated classes are not expected
due to sufficient CE and expected receipt of continued amortization
but could occur if interest shortfalls impact the class or with
significant increases in deal expected losses. Further downgrades
of classes A-S, B and X-B could occur if interest shortfalls impact
the class, additional loans become FLOCs or performance of the
FLOCs declines further. Classes C, D, X-D, E and X-E would be
downgraded if loss expectations increase or become more certain,
additional loans transfer to special servicing or performance of
the FLOCs deteriorates further.

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

Upgrades are unlikely absent significant performance improvement of
the FLOCs.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


MORGAN STANLEY 2023-2: Fitch Assigns 'B+sf' Rating to B-5 Certs
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Morgan Stanley
Residential Mortgage Loan Trust 2023-2 (MSRM 2023-2).

ENTITY/DEBT     RATING               PRIOR  
----------      ------               -----
MSRM 2023-2

A-1       LT   AAAsf    New Rating   AAA(EXP)sf
A-1-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-2       LT   AAAsf    New Rating   AAA(EXP)sf
A-2-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-3       LT   AAAsf    New Rating   AAA(EXP)sf
A-3-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-4       LT   AAAsf    New Rating   AAA(EXP)sf
A-4-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-5       LT   AAAsf    New Rating   AAA(EXP)sf
A-6       LT   AAAsf    New Rating   AAA(EXP)sf
A-6-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-7       LT   AAAsf    New Rating   AAA(EXP)sf
A-8       LT   AAAsf    New Rating   AAA(EXP)sf
A-8-IO    LT   AAAsf    New Rating   AAA(EXP)sf
A-9       LT   AAAsf    New Rating   AAA(EXP)sf
A-10      LT   AAAsf    New Rating   AAA(EXP)sf
A-10-IO   LT   AAAsf    New Rating   AAA(EXP)sf
A-11      LT   AAAsf    New Rating   AAA(EXP)sf
A-12      LT   AAAsf    New Rating   AAA(EXP)sf
A-13      LT   AAAsf    New Rating   AAA(EXP)sf
B-1       LT   AA-sf    New Rating   AA-(EXP)sf
B-2       LT   Asf      New Rating   A(EXP)sf
B-3       LT   BBBsf    New Rating   BBB(EXP)sf
B-4       LT   BB+sf    New Rating   BB+(EXP)sf
B-5       LT   B+sf     New Rating   B+(EXP)sf
B-6       LT   NRsf     New Rating   NR(EXP)sf
R         LT   NRsf     New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates issued by Morgan Stanley Residential Mortgage Loan
Trust 2023-2 (MSRM 2023-2), as indicated above.

This is the 12th post-crisis transaction off the Morgan Stanley
Residential Mortgage Loan Trust shelf; the first transaction was
issued in 2014. This is the 10th MSRM transaction that comprises
loans from various sellers that were acquired by Morgan Stanley in
its prime-jumbo aggregation process and is their second prime
transaction in 2023.

The certificates are supported by 309 prime-quality loans with a
total balance of approximately $294.28 million as of the cutoff
date. The pool consists of 100% fixed-rate mortgages (FRMs) from
various mortgage originators. The top three largest originators are
CrossCountry Mortgage, LLC (CrossCountry) at 15.03%, United
Wholesale Mortgage, LLC (UWM) at 14.66% and Fairway Independent
Mortgage Corp. (Fairway) at 11.56%. The servicer for this
transaction is Specialized Loan Servicing, LLC (SLS). Nationstar
Mortgage LLC (Nationstar) will be the master servicer.

Of the loans, 99.4% qualify as safe-harbor qualified mortgage (QM)
average prime offer rate (APOR) loans. The remaining 0.6% are
higher-priced QM APOR loans.

There is no exposure to LIBOR in this transaction. The collateral
comprises 100% fixed-rate loans, and the certificates are fixed
rate and capped at the net weighted average coupon.

Like other prime transactions, this transaction utilizes a
senior-subordinate, shifting-interest structure with subordination
floors to protect against tail risk.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.4% above a long-term sustainable level (versus
7.8% on a national level as of March 2023, down 2.7% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating with a decline observed in 3Q22. Driven by
the strong gains seen in 1H22, home prices rose 5.8% yoy nationally
as of December 2022.

High-Quality Mortgage Pool (Positive): The collateral consists of
100% first lien prime quality mortgage loans with terms of mainly
30 years. Specifically the collateral consists of 30-year (99.6%)
and 15-year (0.4%) fixed-rate fully amortizing loans seasoned at
approximately 5.5 months in aggregate as determined by Fitch (four
months per the transaction documents). Of the loans, 71.7% were
originated through the sellers' retail channels. The borrowers in
this pool have strong credit profiles with a 777 weighted average
(WA) FICO (FICO scores rage from 700-816) and are either owner
occupied or second homes. 92.3% of the loans in the pool are
collateralized by single family homes (which include single family,
PUD, and single family attached) while condos make up the remaining
7.7%. There are no investor loans or multi-family homes in the
pool, which Fitch views favorably.

The WA combined loan-to-value (CLTV) is 75.5% which translates into
a 81.0% sustainable LTV as determined by Fitch. The 75.5% LTV is
driven by the large percent of purchase loans (94.8%) that have a
WA CLTV of 75.9%.

A total of 119 loans are over $1.0 million, and the largest loan
totals $3.0 million. Fitch considered 100% of the loans in the pool
to be fully documented loans. Lastly, six loans in the pool
comprise nonpermanent residents, and none of the loans in the pool
were made to foreign nationals. Based on historical performance,
Fitch found that nonpermanent residents performed in line with U.S.
citizens and as a result these loans did not receive the additional
adjustments in the loss analysis.

Approximately 26% of the pool is concentrated in California with
moderate MSA concentration. The largest MSA concentration is in the
Seattle MSA (7.6%), followed by the Los Angeles MSA (7.0%) and the
San Diego MSA (6.1%). The top three MSAs account for 21% of the
pool. There was no adjustment for geographic concentration.

Loan Count Concentration (Negative): The loan count of this pool
(309 loans) resulted in a loan count concentration penalty. The
loan count concentration penalty applies when the weighted average
number of loans (WAN) is less than 300; in this pool, the WAN is
260. The loan count concentration of this pool resulted in a 1.08x
penalty, which increased the loss expectations by 48 basis points
at the 'AAAsf' rating category.

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

The servicer will provide full advancing for the life of the
transaction (the servicer is expected to advance delinquent P&I on
loans that enter a coronavirus forbearance plan). Although full P&I
advancing will provide liquidity to the certificates, it will also
increase the loan-level loss severity (LS) since the servicer looks
to recoup P&I advances from liquidation proceeds, which results in
less recoveries.

Nationstar is the master servicer and will advance if the servicer
is unable to. If the master servicer is not able to advance, then
the securities administrator (Citibank, N.A.) will advance.

Credit Enhancement Floor (Positive): A CE or senior subordination
floor of 2.50% has been considered to mitigate potential tail-end
risk and loss exposure for senior tranches as the pool size
declines and performance volatility increases due to adverse loan
selection and small loan count concentration. Additionally, a
junior subordination floor of 1.40% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analyses were 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 stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the model
projected MVD, which is 39.8% in the 'AAAsf' stress. The analysis
indicates that there is some potential rating migration with higher
MVDs, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

DATA ADEQUACY

Fitch relied 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 of the presale
report for more detail.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. Fitch received
loan-level information based on the American Securitization Forum's
(ASF) data layout format, and the data are considered to be
comprehensive. The ASF data tape layout was established with input
from various industry participants, including rating agencies,
issuers, originators, investors and others to produce an industry
standard for the pool-level data in support of the U.S. RMBS
securitization market. The data contained in the ASF layout data
tape were reviewed by the due diligence companies, and no material
discrepancies were noted.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


OZLM LTD XXII: Moody's Cuts Rating on $9.6MM Class E Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by OZLM XXII, Ltd.:

US$48,000,000 Class A-2 Senior Secured Floating Rate Notes due 2031
(the "Class A-2 Notes"), Upgraded to Aaa (sf); previously on
February 22, 2018 Assigned Aa2 (sf)

US$28,800,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2031 (the "Class B Notes"), Upgraded to Aa3 (sf); previously on
February 22, 2018 Assigned A2 (sf)

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

US$9,600,000 Class E Secured Deferrable Floating Rate Notes due
2031 (the "Class E Notes"), Downgraded to Caa2 (sf); previously on
August 10, 2020 Downgraded to Caa1 (sf)

OZLM XXII, Ltd., originally issued in February 2018, is a managed
cashflow CLO. The notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in January 2023.

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 November 2022. The Class
A-1 notes have been paid down by approximately 15.5% or $48.3
million since that time. Based on Moody's calculation, the OC
ratios for the Class A and Class B notes are currently 132.94% and
121.68%, respectively, versus November 2022 levels of 129.84% and
120.21%, respectively.

The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on Moody's calculation, the OC
ratio for the Class E notes is currently 102.81% versus November
2022 level of 103.57%.

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

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

Performing par and principal proceeds balance: $413,319,175

Defaulted par: $2,643,761

Diversity Score: 75

Weighted Average Rating Factor (WARF): 2650

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.23%

Weighted Average Recovery Rate (WARR): 46.62%

Weighted Average Life (WAL): 4.0 years

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


PACWEST REFERENCE 2022-1: Fitch Revises Rating Watch to 'Evolving'
------------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on PacWest Reference
Notes, Series 2022-1 (PacWest 2022-1) 'BB+sf' rated classes M1 and
M2 notes to Evolving from Negative in response to Pacific Western
Bank's rating.

ENTITY/DEBT        RATING                          PRIOR  
----------         ------                          -----
PacWest Reference Notes,
Series 2022-1

M-1 694908AD6   LT  BB+sf   Rating Watch Revision   BB+sf
M-2 694908AE4   LT  BB+sf   Rating Watch Revision   BB+sf

KEY RATING DRIVERS

Counterparty Risk (Negative):

Ratings on the notes are directly linked, and therefore capped, at
the Long-Term Issuer Default Rating (LT IDR) of the counterparty,
Pacific Western Bank (BB+/Rating Watch Evolving).

For PacWest 2022-1 there is no transfer or sale of assets, and the
referenced collateral will remain on balance sheet as unencumbered
assets of the bank. Interest payments on the notes are unsecured
debt obligations of PacWest. Funds from the sale of the notes are
to be deposited in an eligible account at CitiBank NA (A+/Stable).
Principal payments on the notes will be paid from this account
based on the performance of the underlying collateral.

On July 31, 2023, Fitch placed Pacific Western Bank on Rating Watch
Evolving. This view was driven by uncertainty surrounding the
merger between Pacific Western Bank's parent company, PacWest
Bancorp and Banc of California (not a Fitch-rated entity). A $1
billion transaction has been announced which is expected to close
before 2Q24. According to the terms, Pacific Western Bank will
merge with Banc of California and assume its name.

Stable Deal Performance (Positive): PacWest 2022-1 is a recently
issued nonprime synthetic transaction seasoned approximately 10
months. Over the last 10 months, performance has been stable and
delinquencies (DQ) 30 days or more remain below 1%. At issuance,
the pool reported approximately 0.09% DQ compared with 0.40%
currently, only a 31bp increase. There have been no losses incurred
within the pool; however, the pool has only paid down about 4.20%,
as prepayments remain low and flat (three-month CPR at 2.88%).

RATING SENSITIVITIES

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

PacWest 2022-1 is capped at the rating of Pacific Western Bank, and
negative rating action will result in a similar negative action for
the transaction.

The actual performance of the transaction to date has been in line
with expectations and the LT IDR of the issuer is currently the
constraint on the rated notes due to the direct credit linkage.

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

Any positive rating pressure for the transaction will be capped at
the rating and Rating Outlook of that of Pacific Western Bank.

The actual performance of the transaction to date has been in line
with expectations and the LT IDR of the issuer is currently the
constraint on the rated notes due to the direct credit linkage.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of the PacWest 2022-1 notes is directly linked to the LT
IDR of Pacific Western Bank (BBB-/Rating Watch Evolving), the
guarantor. A change in Fitch's assessment of the Pacific Western
Bank IDR would automatically result in a change in the rating on
the PacWest 2022-1 notes.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


PRIME STRUCTURED 2020-1: Moody's Ups Rating on Cl. F Certs to Ba3
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings on 16 notes (RMBS Notes) issued by seven Canadian RMBS
Issuers and backed by prime-quality mortgages or real
estate-secured line of credit accounts on properties located in
Canada (Canadian RMBS).

Issuer/Tranche Name     Prior Rating  Current Rating
-------------------     ------------  --------------
Prime Structured Mortgage (PriSM) Trust,
Mortgage-Backed Certificates,
Series 2020-1

Class C                   Aa2          Aa1
Class D                   A2           A1
Class E                   Aa1          Aaa
Class F                   Aa2          Aa1

Fortified Trust,
Series 2021-1

Class B                   A2           A1
Class C                   Ba3          Ba2

Prime Structured Mortgage
Trust, Series 2021-1

Class B                   Aa2          Aa1
Class C                   A2           A1
Class D                   Aa2          Aa1

Fortified Trust,
Series 2022-1

Class B                   A2           A1
Class C                   Baa2         Baa1

Fortified Trust,
Series 2023-1

Class B                   Aa1          Aa1
Class C                   A2           A1

Classic RMBS Trust,
Mortgage Pass Through Notes,
Series 2022-1

Class C                    Aa1         Aaa

Moody's actions stem from the publication of "Residential
Mortgage-Backed Securitizations" Rating Methodology together with
"Canada: Residential Mortgage-Backed Securitizations" Methodology
Supplement, the credit rating methodology used in rating these
securities, and also reflect an increase in credit enhancement due
to deleveraging, as well as performance considerations.

Although the updated methodology results in a change in Moody's
overall assessment of MILAN Stressed Loss and cash flow modelling,
only certain deals' ratings are impacted. For instance, structural
elements of the transactions as well as collateral performance may
limit or mitigate the potential for the rating action resulting
from the methodology change. The ratings actions may also reflect
an increase in credit enhancement due to deleveraging, and
performance considerations, which may result in more significant
rating actions than purely stemming from the methodology change.

RATINGS RATIONALE

This list is an integral part of this Press Release and provides,
for each of the credit ratings covered, Moody's disclosures on the
following items:

-- Rationale for rating action

-- Expected Loss (%CB)

-- MILAN Stressed Loss

-- Constraining factors on the ratings

The rating actions result from the update to Moody's methodology
for rating Canadian RMBS, the associated updates to the MILAN
Stressed Loss assumption for these transactions, as well as updates
to assumptions and the cash flow modelling.

For the RMBS Notes upgraded Moody's completed a full analysis
considering the collateral portfolio, performance, as well as the
full set of structural features of each RMBS transaction.

The rating actions also took into consideration the notes' exposure
to relevant counterparties, such as servicer, liquidity provider,
account banks and swap counterparties.

Details of the MILAN Stressed Loss and Expected Loss as % of
current pool balance assumptions related to the actions can be
found in the List of Affected Credit Ratings associated with this
press release.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in July 2023.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


RR LTD 23: Fitch Affirms 'BB(EXP)sf' Rating on Class D-R Notes
--------------------------------------------------------------
Fitch Ratings has affirmed expected ratings and Rating Outlooks to
RR 23 Ltd.

ENTITY/DEBT         RATING                 PRIOR
----------          ------                  -----
RR 23 Ltd.

A-1a-R       LT    AAA(EXP)sf    Affirmed   AAA(EXP)sf
A-1b-R       LT    AAA(EXP)sf    Affirmed   AAA(EXP)sf
A-2-R        LT    AA(EXP)sf     Affirmed   AA(EXP)sf
B-1-R        LT    A+(EXP)sf     Affirmed   A+(EXP)sf
B-2-R        LT    A(EXP)sf      Affirmed   A(EXP)sf
C-1-R        LT    BBB(EXP)sf    Affirmed   BBB(EXP)sf
C-2-R        LT    BBB-(EXP)sf   Affirmed   BBB-(EXP)sf
D-R          LT    BB(EXP)sf     Affirmed   BB(EXP)sf

TRANSACTION SUMMARY

RR 23 Ltd. (the issuer) is an arbitrage cash flow collateralized
loan obligation (CLO) that will be managed by Redding Ridge Asset
Management LLC that originally closed in August 2022. The CLO's
secured notes are expected to be refinanced in whole on Aug. 29,
2023 from proceeds of new secured and subordinated notes. Net
proceeds from the issuance of the secured and subordinated notes
will provide financing on a portfolio of approximately $850 million
of primarily first-lien senior secured leveraged loans.

KEY RATING DRIVERS

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

Asset Security (Positive): The indicative portfolio consists of
99.4% first-lien senior secured loans and has a weighted average
recovery assumption of 74.5%. Fitch stressed the indicative
portfolio by assuming a higher portfolio concentration of assets
with lower recovery prospects and further reduced recovery
assumptions for higher rating stresses.

Portfolio Composition (Positive): The largest three industries may
comprise up to 37% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

Upgrade scenarios are not applicable to the class A-1a-R and A-1b-R
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 A-2-R, 'A+sf' for class B-2-R,
'A+sf' for class C-1-R, 'A-sf' for class C-2-R; and 'BBB+sf' for
class D-R.

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.


SEQUOIA MORTGAGE 2018-CH1: Moody's Ups B-5 Notes Rating From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five bonds
from five US residential mortgage-backed transactions (RMBS) issued
by Sequoia Mortgage Trust, backed by prime jumbo and agency
eligible mortgage loans.

Complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2017-CH1

Cl. B-4, Upgraded to Aa1 (sf); previously on Oct 4, 2022 Upgraded
to Aa2 (sf)

Issuer: Sequoia Mortgage Trust 2018-2

Cl. B-3, Upgraded to A3 (sf); previously on Dec 17, 2021 Upgraded
to Baa1 (sf)

Issuer: Sequoia Mortgage Trust 2018-CH1

Cl. B-5, Upgraded to Baa3 (sf); previously on Aug 3, 2021 Upgraded
to Ba1 (sf)

Issuer: Sequoia Mortgage Trust 2018-CH2

Cl. B-5, Upgraded to Baa3 (sf); previously on Aug 3, 2021 Upgraded
to Ba1 (sf)

Issuer: Sequoia Mortgage Trust 2018-CH3

Cl. B-5, Upgraded to Baa2 (sf); previously on Aug 3, 2021 Upgraded
to Baa3 (sf)

RATINGS RATIONALE

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

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

These transactions feature a structural deal mechanism that the
servicer and the securities administrator will not advance
principal and interest to loans that are 120 days or more
delinquent. The interest distribution amount will be reduced by the
interest accrued on the stop advance mortgage loans (SAML) and this
interest reduction will be allocated reverse sequentially first to
the subordinate bonds, then to the senior support bond, and then
pro-rata among senior bonds. Once a SAML is liquidated, the net
recovery from that loan's liquidation is allocated first to pay
down the loan's outstanding principal amount and then to repay its
accrued interest. The recovered accrued interest on the loan is
used to repay the interest reduction incurred by the bonds that
resulted from that SAML. Moody's expect such interest shortfalls to
be reimbursed over the next several months.

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

Principal Methodologies

The principal methodology used in these ratings was "Moody's
Approach to Rating US RMBS Using the MILAN Framework" published in
April 2023.

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

Up

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

Down

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

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


SLM STUDENT 2008-7: Fitch Lowers Rating on 2 Tranches to 'Dsf'
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of all outstanding classes
of SLM Student Loan Trust (SLM) 2008-5, SLM 2008-6 and SLM 2008-7
to 'Dsf' from 'CCsf'.

ENTITY/DEBT    RATING    PRIOR  
----------              ------                  -----
SLM Student Loan Trust
2008-7

A-4 78445FAD7         LT   Dsf    Downgrade CCsf
B 78445FAE5  LT   Dsf    Downgrade CCsf

SLM Student Loan Trust
2008-5

A-4 78444YAD7         LT   Dsf    Downgrade CCsf
B 78444YAE5  LT   Dsf    Downgrade CCsf
SLM Student Loan Trust
2008-6

A-4 78445CAD4         LT   Dsf    Downgrade CCsf
B 78445CAE2  LT   Dsf    Downgrade CCsf

TRANSACTION SUMMARY

The downgrade of each transaction's class A-4 notes to 'Dsf'
reflects the default on the senior notes in the payment of their
outstanding principal balance on their legal final maturity date of
July 25, 2023.

The downgrade of the class B notes of each transaction to 'Dsf'
reflects that interest payments are being diverted to the class A-4
notes until they are paid in full, given the provisions in the
indenture that change the cashflow waterfall while an event of
default is continuing. Under the terms of the indenture,
non-payment of class B interest when due and payable also
constitutes an event of default.

The A-4 and B classes are the final rated classes of each
transaction, as such the default ratings will be withdrawn within
11 months.

AUTOMATIC WITHDRAWAL OF THE LAST DEFAULT RATING

Default ratings ('Dsf') assigned to the last rated class of a
transaction will be automatically withdrawn within 11 months from
the date of this rating action. A separate RAC will not be issued
at that time.

KEY RATING DRIVERS

Effects of Event of Default for Class A-4: Fitch is downgrading the
outstanding senior class A-4 notes of SLM 2008-5, 2008-6, and
2008-7 to 'Dsf' due to an event of default on the legal final
maturity date of this class of notes. The notes will remain at
'Dsf' so long as the event of default is continuing. Under Fitch's
base case cashflow analysis, the outstanding class A-4 notes are
eventually paid in full with no principal shortfall.

According to the trusts' indentures, the event of default may
result in acceleration of the notes as declared by the indenture
trustee or by a majority of noteholders. The event of default may
result in a liquidation of the trust depending upon the remedies
decided upon by the noteholders or the indenture trustee, in
accordance with the terms of the trust indenture.

Effects of Event of Default for Class B: Pursuant to the trusts'
indentures, each trust has switched to a post-event of default
waterfall following the default of the class A-4 notes, directing
all payments to the class A-4 notes until the balance is paid in
full, which results in interest payments being diverted away from
the class B notes. This occurred on the July 25, 2023 payment date,
and the class B notes are not expected to receive any further
interest until the class A-4 notes are paid in full.

Because of this diversion of interest and the class A-4 notes'
default, Fitch is downgrading the class B notes to 'Dsf' from
'CCsf'.

RATING SENSITIVITIES


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

Due to the occurrence of the event of default, all notes will
remain at 'Dsf' so long as the event of default is continuing.

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

All notes will remain at 'Dsf' so long as the event of default is
continuing, and class A-4 remains outstanding.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


SOUND POINT 36: Fitch Assigns 'BB-(EXP)sf' Rating to Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Sound Point CLO 36, Ltd.

ENTITY/DEBT       RATING
-----------                ------
Sound Point CLO 36, Ltd.

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

TRANSACTION SUMMARY

Sound Point CLO 36, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by Sound
Point CLO C-MOA, LLC. Net proceeds from the issuance of the secured
and subordinated notes will provide financing on a portfolio of
approximately $400.0 million of primarily first lien senior secured
leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor of the indicative
portfolio is 24.3, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.5. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.5% first lien senior secured loans. The weighted average
recovery rate of the indicative portfolio is 76.0%, versus a
minimum covenant, in accordance with the initial expected matrix
point of 73.0%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 39.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 9.0% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
that of other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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


SOUND POINT III-R: Moody's Cuts Rating on $21MM Cl. E Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sound Point CLO III-R, Ltd.:

US$48,600,000 Class B Senior Secured Floating Rate Notes due 2029
(the "Class B Notes"), Upgraded to Aaa (sf); previously on March
10, 2021 Upgraded to Aa1 (sf)

US$25,200,000 Class C Mezzanine Secured Deferrable Floating Rate
Notes due 2029 (the "Class C Notes"), Upgraded to Aa2 (sf);
previously on March 10, 2021 Upgraded to A1 (sf)

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

US$21,000,000 Class E Junior Secured Deferrable Floating Rate Notes
due 2029 (the "Class E Notes"), Downgraded to B1 (sf); previously
on July 24, 2020 Confirmed at Ba3 (sf)

Sound Point CLO III-R, Ltd., issued in April 2018 is a managed
cashflow CLO. The notes are collateralized primarily by a portfolio
of broadly syndicated senior secured corporate loans. The
transaction's reinvestment period ended in April 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 October 2022. The Class
A-1 and Class A-2 notes have been paid down by approximately 47.5%
or $158 million since then. Based on Moody's calculation, the OC
ratios for the Class A/B and Class C notes are currently 153.48%
and 133.54%, respectively, versus October 2022 levels of 128.78%
and 119.69% respectively.

The downgrade rating action on the Class E notes reflects the
specific risks to the notes posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculations, after taking into account principal payments
on the Class A-1 and Class A-2 notes, the transaction has lost
approximately $28.5 million of par as compared to the initial par
amount targeted during the deal's ramp up. Based on the Moody's
calculations, both the weighted average rating factor (WARF) and
diversity score (DS) have been deteriorating, and the current
levels are currently 2895 and 53, compared to 2598 and 61
respectively, in October 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: $258,947,183

Defaulted par: $3,990,942

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2895

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.24%

Weighted Average Recovery Rate (WARR): 47.40%

Weighted Average Life (WAL): 2.72 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.


SYMPHONY CLO 34-PS: S&P Assigns BB- (sf) Rating on Class E-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, B-1-R,
B-2-R, C-R, D-R, and E-R replacement notes and the new class X
notes from Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC, a CLO
that is managed by Symphony Alternative Asset Management LLC. At
the same time, S&P withdrew its ratings on the original class A, B,
C, D, and E notes following payment in full, the refinancing date.


The replacement notes were issued via a proposed supplemental
indenture, which outlines the terms of the replacement notes.
According to the proposed supplemental indenture:

-- The replacement class A-R, B-1-R, B-2-R, C-R, D-R, and E-R
notes will be issued at a lower cost of debt than the original
notes.

-- The replacement class B-1-R and B-2-R notes will be issued at a
floating spread and fixed coupon, respectively, replacing the
current class B floating spread.

-- The stated maturity and reinvestment period will be extended by
two and three years, respectively.

-- The non-call period will be updated to July 24, 2025.

-- There will not be a new effective date, and the first payment
date following the July 27, 2023, first refinancing date will be
Oct. 24, 2023.

-- The class X notes will be issued in connection with this
refinancing and paid down using interest proceeds during the first
14 payment dates, beginning with the October 2023 payment date.

-- Of the identified underlying collateral obligations, 99.51%
have credit ratings assigned by S&P Global Ratings.

-- Of the identified underlying collateral obligations, 96.97%
have recovery ratings assigned by S&P Global Ratings.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and the
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 of the rated tranches. The results of the cash
flow analysis (and other qualitative factors, as applicable)
demonstrated, in our view, that the outstanding rated classes all
have adequate credit enhancement available at the rating levels
associated with the rating actions.

"All or some of the debt issued by this CLO transaction contain
stated interest at secured overnight financing rate (SOFR) plus a
fixed margin. We will continue to monitor reference rate reform and
consider changes specific to this transaction and its underlying
assets when appropriate."

  Ratings Assigned

  Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC

  Class X, $2.40 million: AAA (sf)
  Class A-R, $248.00 million: AAA (sf)
  Class B-1-R, $36.00 million: AA (sf)
  Class B-2-R, $20.00 million: AA (sf)
  Class C-R (deferrable), $23.00 million: A (sf)
  Class D-R (deferrable), $23.20 million: BBB- (sf)
  Class E-R (deferrable), $12.40 million: BB- (sf)
  Subordinated notes, $31.00 million: NR



TOWD POINT 2023-CES1: Fitch Assigns 'B-sf' Rating to Cl. B2 Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Towd Point Mortgage
Trust 2023-CES1 (TPMT 2023-CES1).

ENTITY/DEBT     RATING                  PRIOR  
-----------     ------                  -----
TPMT 2023-CES1

A1    LT        AAAsf    New Rating    AAA(EXP)sf
A2    LT        AA-sf    New Rating    AA-(EXP)sf
M1    LT        A-sf     New Rating    A-(EXP)sf
M2    LT        BBB-sf   New Rating    BBB-(EXP)sf
B1    LT        BB-sf    New Rating    BB-(EXP)sf
B2    LT        B-sf     New Rating    B-(EXP)sf
B3    LT        NRsf     New Rating    NR(EXP)sf
B4    LT        NRsf     New Rating    NR(EXP)sf
B5    LT        NRsf     New Rating    NR(EXP)sf
A3    LT        AA-sf    New Rating    AA-(EXP)sf
A4    LT        AA-sf    New Rating    AA-(EXP)sf
A1A   LT        AAAsf    New Rating    AAA(EXP)sf
A1AX  LT        AAAsf    New Rating    AAA(EXP)sf
A1B   LT        AAAsf    New Rating    AAA(EXP)sf
A1BX  LT        AAAsf    New Rating    AAA(EXP)sf
A1C   LT        AAAsf    New Rating    AAA(EXP)sf
A1CX  LT        AAAsf    New Rating    AAA(EXP)sf
A1D   LT        AAAsf    New Rating    AAA(EXP)sf
A1DX  LT        AAAsf    New Rating    AAA(EXP)sf
A2A   LT        AA-sf    New Rating    AA-(EXP)sf
A2AX  LT        AA-sf    New Rating    AA-(EXP)sf
A2B   LT        AA-sf    New Rating    AA-(EXP)sf
A2BX  LT        AA-sf    New Rating    AA-(EXP)sf
A2C   LT        AA-sf    New Rating    AA-(EXP)sf
A2CX  LT        AA-sf    New Rating    AA-(EXP)sf
A2D   LT        AA-sf    New Rating    AA-(EXP)sf
A2DX  LT        AA-sf    New Rating    AA-(EXP)sf
M1A   LT        A-sf     New Rating    A-(EXP)sf
M1AX  LT        A-sf     New Rating    A-(EXP)sf
M1B   LT        A-sf     New Rating    A-(EXP)sf
M1BX  LT        A-sf     New Rating    A-(EXP)sf
M1C   LT        A-sf     New Rating    A-(EXP)sf
M1CX  LT        A-sf     New Rating    A-(EXP)sf
M1D   LT        A-sf     New Rating    A-(EXP)sf
M1DX  LT        A-sf     New Rating    A-(EXP)sf
M2A   LT        BBB-sf   New Rating    BBB-(EXP)sf
M2AX  LT        BBB-sf   New Rating    BBB-(EXP)sf
M2B   LT        BBB-sf   New Rating    BBB-(EXP)sf
M2BX  LT        BBB-sf   New Rating    BBB-(EXP)sf
M2C   LT        BBB-sf   New Rating    BBB-(EXP)sf
M2CX  LT        BBB-sf   New Rating    BBB-(EXP)sf
M2D   LT        BBB-sf   New Rating    BBB-(EXP)sf
M2DX  LT        BBB-sf   New Rating    BBB-(EXP)sf
XA    LT        NRsf     New Rating    NR(EXP)sf
XA2   LT        NRsf     New Rating    NR(EXP)sf
XS1   LT        NRsf     New Rating    NR(EXP)sf
XS2   LT        NRsf     New Rating    NR(EXP)sf
XS3   LT        NRsf     New Rating    NR(EXP)sf
X     LT        NRsf     New Rating    NR(EXP)sf
R     LT        NRsf     New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The bond sizes in this rating action commentary reflect the final,
closing bond sizes. The remainder of the commentary reflects the
data as of the statistical calculation date.

Fitch Ratings rates the residential mortgage-backed notes issued by
Towd Point Mortgage Trust 2023-CES1 (TPMT 2023-CES1) as indicated.
The notes are supported by one collateral group that consists of
4,678 newly originated, closed-end second (CES) lien loans with a
total balance of $339 million, as of the statistical calculation
date. The bond balances indicated above are as of the statistical
calculation date. PennyMac Financial Services, LLC (PennyMac),
Rocket Mortgage, LLC (Rocket) and SpringEQ, LLC (SpringEQ)
originated 28.9%, 45.2% and 25.9% of the loans, respectively.

PennyMac, Rocket and Specialized Loan Servicing LLC will service
the loans. The servicers will not advance delinquent (DL) monthly
payments of P&I.

Distributions of P&I and loss allocations are based on a
traditional senior-subordinate, sequential structure. The
sequential-pay structure locks out principal to the subordinated
notes until the most senior notes outstanding are paid in full.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.2% above a long-term sustainable level (versus
7.8% on a national level as of 4Q22, down 2.7% since last quarter).
The rapid gain in home prices through the pandemic has seen signs
of moderating with a decline observed in 3Q22. Driven by the strong
gains seen in 1H22, home prices rose 3.8% yoy nationally as of
January 2023.

CES Liens (Negative): The entirety of the collateral pool is
composed of newly originated CES lien mortgages. 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 with first-lien loans; after controlling for credit
attributes, no additional penalty was applied.

Strong Credit Quality (Positive): The pool consists of
new-origination, CES loans, seasoned approximately four months (as
calculated by Fitch), with a relatively strong credit profile --
weighted average (WA) model credit score of 738, a 37%
debt-to-income ratio (DTI) and a moderate sustainable loan-to-value
(sLTV) of 79%. Roughly 95.2% of the loans were treated as full
documentation in Fitch's analysis. None of the loans have
experienced any prior modifications since origination. 23 loans
were flagged previously as delinquent (DQ) due to a temporary
payment interruption as a result of servicing transfer or initial
payment set-up. For this reason, Fitch did not penalize the
delinquencies and considered those loans as current in its
analysis.

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

With respect to any loan that became DQ for 150 days or more under
the Office of Thrift Supervision methodology, the related servicer
will review, and may charge-off, such loan with the approval of the
asset manager based on an equity analysis review performed by the
servicer and, therefore, will cause the most subordinated class to
be written down. Despite the 100% LS assumed for each defaulted
second lien loan, Fitch views the writedown feature positively, as
cash flows will not be needed to pay timely interest to the 'AAAsf'
and 'AA-sf' rated notes during loan resolution by the servicers. In
addition, subsequent recoveries realized after the writedown at 150
days' DQ (excluding forbearance mortgage or loss mitigation loans)
will be passed on to bondholders as principal.

To haircut the excess cashflow present in the transaction, Fitch
applied haircuts to the WA coupon through a rate modification
assumption. This assumption was derived as a 2.5% haircut on 40% of
the non-DQ projection in Fitch's stresses. Given the lower
projected delinquency (as a result of the chargeoff feature
described above), there was a higher current percentage and a
higher rate modification assumption, as a result.

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

RATING SENSITIVITIES

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0%, in addition to the model-projected 40.4%, at 'AAAsf'. The
analysis indicates there is some potential rating migration, with
higher MVDs for all rated classes compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

Third-party due diligence was performed by Clayton, LLC (Clayton)
and SitusAMC (AMC) on 100% of the loans. Clayton and AMC are
assessed by Fitch as 'Acceptable' third-party review firms. Fitch
applied a credit for the high percentage of loan-level due
diligence, which reduced the 'AAAsf' loss expectation by 82bps. The
results of the review indicate low operational risk with
approximately 0.02% by loan count (one loan) graded 'C' for
property.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


TRIMARAN CAVU 2023-1: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Trimaran
CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 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 Trimaran Advisors LLC.

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

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

-- The 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

  Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC

  Class A, $252.00 million: Not rated
  Class B, $52.00 million: AA (sf)
  Class C (deferrable), $22.60 million: A (sf)
  Class D (deferrable), $21.80 million: BBB- (sf)
  Class E (deferrable), $12.40 million: BB- (sf)
  Subordinated notes, $42.70 million: Not rated



VERUS SECURITIZATION 2023-INV2: S&P Assigns B- (sf) on B-2 Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Verus Securitization
Trust 2023-INV2's mortgage-backed notes series 2023-INV2.

The note issuance is an RMBS securitization backed by first-lien,
fixed and adjustable rate (some with interest-only periods)
residential mortgage loans secured by single-family residences,
planned unit developments, two- to four-family residential
properties, condominiums, five– to 10-unit multi-family
properties, mixed-use properties, and condotels to both prime and
non-prime borrowers. The pool has 1,104 residential mortgage loans,
and three are cross-collateralized loans backed by 13 properties
for a total property count of 1,114. The loans in the pool are
ability to repay-exempt loans.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

-- The mortgage aggregator, Invictus Capital Partners, and any S&P
Global Ratings reviewed originator; 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' FF for the archetypal pool at 3.25%,
given our current outlook for the U.S. economy. We expect the U.S.
economic growth will slow rather than fall into a recession. We now
expect U.S. real GDP growth will slow to under 1.0% in the second
half of the year, half the rate expected in the second quarter. Our
baseline view is that we see this necessary slowdown as a longer,
gradual process rather than a short, abrupt one. An eventual
slowdown is necessary, and we see a multi-quarter period of
sub-potential growth ahead. Under this view, monetary policy rates
will be higher for longer and financial conditions will be tighter
for longer, easing back toward their longer-term levels as the
economy lands."

Ratings Assigned

  Verus Securitization Trust 2023-INV2

  Class A-1, $210,430,000: AAA (sf)
  Class A-2, $44,291,000: AA (sf)
  Class A-3, $50,589,000: A (sf)
  Class M-1, $32,677,000: BBB- (sf)
  Class B-1, $22,047,000: BB- (sf)
  Class B-2, $13,976,000: B- (sf)
  Class B-3, $19,685,533: Not rated
  Class A-IO-S, $393,695,533(i): Not rated
  Class XS, $393,695,533(i): Not rated
  Class R, not applicable: Not rated

(i)The notional amount equals the aggregate stated principal
balance of loans in the pool as of the cutoff date.



WELLS FARGO 2015-C30: DBRS Confirms B Rating on Class X-FG Certs
----------------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2015-C30 issued by Wells Fargo
Commercial Mortgage Trust 2015-C30 as follows:

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

All trends are Stable.

The rating confirmations and Stable trends reflect DBRS
Morningstar's current outlook and loss expectations for the
transaction, which remain relatively unchanged from the November
2022 review. At that time, DBRS Morningstar changed the trends on
Classes F , G and X-FG to Stable from Negative, given the improved
outlook of select loans, primarily those secured by retail and
lodging properties, which had previously faced disruptions as a
result of the Coronavirus Disease (COVID-19) pandemic. In addition,
DBRS Morningstar noted that the transaction as a whole continued to
benefit from increased credit support to the bonds as a result of
scheduled amortization, loan repayments, and significant
defeasance.

At issuance, the transaction consisted of 101 fixed-rate loans
secured by 111 commercial and multifamily properties, with an
aggregate trust balance of $740.3 million. As of the June 2023
remittance, 95 loans remain within the transaction with a trust
balance of $649.3 million, reflecting collateral reduction of
12.30% since issuance. There are currently 19 fully defeased loans,
representing 28.75% of the pool. Three loans, representing 3.29% of
the pool, are currently in special servicing; including two secured
by retail assets that are real estate owned (REO) and 10 loans,
representing 4.84% of the pool, are on the servicer's watchlist.

The transaction is concentrated by property type, with loans
representing 22.52%, 14.13%, and 10.86% of the pool collateralized
by retail, multifamily, and office properties, respectively. The
majority of loans secured by office properties in this transaction
continue to exhibit healthy credit metrics, reflecting a
weighted-average debt yield of 13.90% based on the most recent
financials available. However, DBRS Morningstar has a cautious
outlook for this asset type as sustained upward pressure on vacancy
rates in the broader office market may challenge landlords' efforts
to back-fill vacant space, and, in certain instances, contribute to
value declines, particularly for assets in noncore markets and/or
with disadvantages in location, building quality, or amenities
offered. Where applicable, DBRS Morningstar increased the
probability of default (POD) penalties and, in certain cases,
applied stressed loan-to-value ratios (LTVs) for loans that are
secured by office properties.

The largest loan in special servicing, Sheraton Crescent Phoenix
(Prospectus ID#16; 1.3% of the current pool), is secured by the
borrower's fee-simple interest in a 342-key, full-service hotel
property in Phoenix. At issuance, room revenue was generated
primarily from business travelers (40.0%) and meeting/group demand
(35.0%), with the remainder coming from leisure guests (25%). The
loan transferred to special servicing in March 2020 for imminent
monetary default. As of the most recent reporting, dated June 2023,
the loan is delinquent having last paid in April 2021. The borrower
and special servicer have entered into multiple rounds of
negotiations regarding a potential forbearance; however, both
parties were unable to reach an agreement, prompting the special
servicer to file a motion to appoint a receiver for the property.
That motion was denied and the servicer has confirmed that the
borrower continues to work on a sale of the asset. The loan is
currently cash managed.

Operating performance has improved from the lows reported during
the pandemic, with the property reporting YE2022 occupancy rate,
average daily rate (ADR), and revenue per available room (RevPAR)
metrics of 52.10%, $130.60, and $68.04, respectively, which compare
favorably with the YE2020 figures of 52.1%, $129.10, and $67.20.
However, reported net cash flow (NCF) remains subdued with the
YE2022 figure of $490,091 over 50.0% lower than the issuance figure
of $1.0 million. The most recent appraisal, dated December 2022,
valued the property at $23.0 million, a significant improvement
from the March 2022 appraised value of $12.5 million. Based on this
updated value, which is approximately 84.0% above the previous
appraisal, DBRS Morningstar does not expect a loss at resolution;
however, it notes that there remains increased default risk from
issuance given the sustained decline in cash flow, extended period
of time in special servicing, and contractions in demand from
business/group travel. DBRS Morningstar analyzed this loan with a
stressed POD penalty, with the resulting expected loss more than
two times (x) the pool average.

The second-largest loan in special servicing, Bristol Retail
Portfolio (Prospectus ID#24; 1.1% of the current pool), is secured
by the borrower's fee-simple interests in a portfolio of nine
unanchored retail properties with a combined 84,984 square feet in
Bristol, a town that straddles the border between Virginia and
Tennessee. Portfolio cash flows began to decline in 2017, which was
further exacerbated by the pandemic. The loan transferred to
special servicing in February 2019 and the portfolio became REO in
October 2020. As of the June 2023 reporting period, DBRS
Morningstar estimates the loan has accumulated in excess of $1.6
million in outstanding servicer advances and appraisal subordinate
entitlement reductions (ASERs), bringing the loan's total exposure
closer to $9.2 million. The most recent appraisal reported by the
servicer, dated November 2022, valued the portfolio at $6.1
million, down 45.50% from the appraised value of $11.2 million at
issuance. The servicer engaged a new property manager who is
working to stabilize operations, with an expected REO sale between
the end of 2023 and Q1 2024. Based on a haircut to the most recent
appraisal, DBRS Morningstar projects a loss severity in excess of
55.0% will be realized at liquidation.

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



WELLS FARGO 2016-NXS6: Fitch Lowers Rating on Class F Debt to CCC
-----------------------------------------------------------------
Fitch Ratings has downgraded three classes and affirmed 11 classes
of Wells Fargo Commercial Mortgage Trust 2016-NXS6 (WFCM
2016-NXS6). A Negative Outlook was assigned to classes E and X-E
following the downgrade. In addition, the Rating Outlooks for
classes D and X-D were revised to Negative from Stable. The
criteria observation (UCO) has been resolved.

ENTITY/DEBT    RATING   PRIOR
-----------             ------          -----
WFCM 2016-NXS6

A-2 95000KAZ8   LT   AAAsf  Affirmed    AAAsf
A-3 95000KBA2   LT   AAAsf  Affirmed    AAAsf
A-4 95000KBB0   LT   AAAsf  Affirmed    AAAsf
A-S 95000KBD6   LT   AAAsf  Affirmed    AAAsf
A-SB 95000KBC8  LT   AAAsf  Affirmed    AAAsf
B 95000KBG9     LT   AA-sf  Affirmed    AA-sf
C 95000KBH7     LT   A-sf   Affirmed    A-sf
D 95000KAJ4     LT   BBB-sf Affirmed    BBB-sf
E 95000KAL9     LT   Bsf    Downgrade   BB-sf
F 95000KAN5     LT   CCCsf  Downgrade   B-sf
X-A 95000KBE4   LT   AAAsf  Affirmed    AAAsf
X-B 95000KBF1   LT   AA-sf  Affirmed    AA-sf
X-D 95000KAA3   LT   BBB-sf Affirmed    BBB-sf
X-E 95000KAC9   LT   Bsf    Downgrade   BB-sf

KEY RATING DRIVERS

Criteria Update: The rating actions reflect the impact of Fitch's
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.

Fitch's current ratings incorporate a 'Bsf' rating case loss of 7%.
Seven loans are considered Fitch Loans of Concern (FLOCs; 26.2% of
pool), including one specially serviced loan (5.7%).

The downgrades reflect the impact of the updated criteria, higher
loss expectations from continued underperformance of the specially
serviced Cassa Times Square Mixed-Use loan (5.7%), as well as
heighted refinance concerns on the Peachtree Mall (2.7%) and 909
Poydras (6.8%) loans. The Negative Outlooks reflect an additional
stress scenario that resulted in a 'Bsf' sensitivity case loss of
7.9%, which assumed a higher probability of default on 909 Poydras
due to significant upcoming tenant rollover and refinance
concerns.

Specially Serviced Loan: The largest contributor to overall loss
expectations is the specially serviced, Cassa Times Square
Mixed-Use loan (5.7%), The loan is secured by an 86-key boutique
hotel, ground floor retail, and a below ground parking garage
located in Midtown Manhattan, a few blocks from Times Square.
Performance had suffered as a result of the pandemic, and the loan
transferred to special servicing in May 2020 for imminent monetary
default. According to the servicer the lender is pursuing
foreclosure and a motion for summary judgment has been to be filed
with the court. Fitch's 'Bsf' ratings case loss of 57% reflects a
discount to a recent appraisal value.

FLOCS/Larger Contributors to Loss: The second largest contributor
to overall loss expectations is the Peachtree Mall (2.7%) loan,
which is secured by a 621,367-sf portion of an 822,443-sf regional
mall located in Columbus, GA and sponsored by Brookfield Properties
Retail Group. The mall is anchored by a non-collateral Dillard's
and collateral tenants that include JCPenney, At Home and Macy's.
Per the March 2023 rent roll, the collateral was 93.5% occupied,
which is up slightly from 91% in 2021 and 93% in 2020. 24 tenants
comprising approximately 32% of the NRA have leases scheduled to
expire by YE 2023. Servicer-reported NOI DSCR for this amortizing
loan was 1.77x as of the YTD September 2022, compared with 1.58x at
YE 2021 and 1.56x at YE 2020.

Fitch's 'Bsf' rating case loss of 38% prior to the concentration
add-ons reflects a 20% stressed cap rate applied to the YE 2022
NOI. Additionally, Fitch increased the probability of default given
refinancing concerns.

The third largest loan in the pool is 909 Poydras (6.8%), which is
secured by a 545,157-sf office located in New Orleans, LA. The
property is located near the French Quarter and within walking
distance of the Superdome. The largest tenant is the law firm
Stone, Pigman, Walther, Wittman LLC, who accounts for 7.8% of NRA
with a lease expiration of October 2032. The servicer-reported DSCR
as of the March 2023 was 1.92x compared with 1.74x at YE 2022 and
1.84x at YE 2021. Occupancy fell to 81% as of March 2023 from 86%
in December 2021. Near-term rollover includes 14.3% (14 leases) of
the collateral NRA in 2023, 11.5% (9 leases) in 2024, and 3.4% (4
leases) in 2025.

Fitch's 'Bsf' rating case loss of 4% prior to the concentration
add-ons reflects a 10% cap rate and 20% stress on the YE 2022 NOI
to account for declining occupancy and upcoming rollover.

Increasing CE: CE has increased since the prior rating action due
to amortization, loans disposing, and defeasance. The pool balance
has been paid down by 21% since issuance. No losses have been
realized losses to date and 10% of the pool is defeased. Interest
shortfalls are currently affecting the non-rated classes G and H.
Of the remaining pool balance, seven loans comprising 46.1% of the
pool are full interest-only through the term of the loan.

Property Type Concentration: The highest concentration is retail
(26.5%), followed by office (20.3%) and mixed use (20%).

RATING SENSITIVITIES

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

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

-- Downgrades to the 'AAAsf' and 'AAsf' rated classes are not
likely due to the continued expected amortization and sufficient CE
relative to loss expectations, but may occur should interest
shortfalls affect these classes.

-- Downgrades to the 'A-sf' and 'BBB-sf' rated classes would occur
should expected losses for the pool increase substantially, with
continued underperformance of the FLOCs and/or the transfer of
loans to special servicing.

-- Downgrades to the 'Bsf' and 'CCCsf' rated class would occur
should loss expectations increase as FLOC performance declines or
fails to stabilize and/or with greater certainty of losses.

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

-- Sensitivity factors that could lead to upgrades include stable
to improved asset performance, coupled with additional paydown
and/or defeasance.

-- Upgrades to the 'AAsf' and 'A-sf' classes may occur with
significant improvement in CE and/or defeasance, and with the
stabilization of performance on the FLOCs; however, adverse
selection and increased concentrations could cause this trend to
reverse.

-- Upgrades to classes rated 'BBB-sf' may occur as the number of
FLOCs are reduced, and there is sufficient CE to the classes. Class
would not be upgraded above 'Asf' if there were any likelihood of
interest shortfalls.

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.


WELLS FARGO 2021-1: S&P Affirms B (sf) Rating on Class B5 Notes
---------------------------------------------------------------
S&P Global Ratings completed its review of 131 classes from four
U.S. RMBS transactions between 2019 and 2021, which are all backed
by prime collateral. The review yielded 34 upgrades and 97
affirmations.

S&P said, "For each transaction, we performed credit analysis using
updated loan-level information from which we determined foreclosure
frequency, loss severity, and loss coverage amounts commensurate
for each rating level. In addition, we used the same mortgage
operational assessment, representation and warranty, and due
diligence factors that were applied at issuance. Our geographic
concentration and prior credit event adjustment factors were based
on the transactions' current pool composition."

The upgrades primarily reflect deleveraging as the rated classes
benefit from a growing percentage of credit support from historical
prepayments and very low delinquencies.

The affirmations reflect S&P's view that the projected collateral
performance relative to its projected credit support on these
classes remains relatively consistent with its prior projections.

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. Some of these considerations include:

-- Collateral performance or delinquency trends;

-- Priority of principal payments;

-- Priority of loss allocation;

-- Application of interest-only criteria;

-- Available subordination and/or credit enhancement floors; and

-- Large-balance loan exposure/tail risk.


  Ratings list


  RATING


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A1
  CUSIP : 95001TAA3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A2
  CUSIP : 95001TAB1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A5
  CUSIP : 95001TAE5
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A6
  CUSIP : 95001TAF2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A9
  CUSIP : 95001TAJ4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A10
  CUSIP : 95001TAK1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A15
  CUSIP : 95001TAQ8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A16
  CUSIP : 95001TAR6
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A17
  CUSIP : 95001TAS4
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A18
  CUSIP : 95001TAT2
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A19
  CUSIP : 95001TAU9
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : A20
  CUSIP : 95001TAV7
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO1
  CUSIP : 95001TAW5
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO2
  CUSIP : 95001TAX3
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO4
  CUSIP : 95001TAZ8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO6
  CUSIP : 95001TBB0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO9
  CUSIP : 95001TBE4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO10
  CUSIP : 95001TBF1
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : AIO11
  CUSIP : 95001TBG9
  TO  :  AAA (sf)
  FROM : AA+ (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : B1
  CUSIP : 95001TBH7
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : B2
  CUSIP : 95001TBJ3
  TO  :  AA (sf)
  FROM : A+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : B3
  CUSIP : 95001TBK0
  TO  :  A- (sf)
  FROM : BBB+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2019-1 Trust
  SERIES : 2019-1
  CLASS : B4
  CUSIP : 95001TBL8
  TO  :  BBB- (sf)
  FROM : BBB- (sf)


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : A1A
  CUSIP : 676477AA0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : A1B
  CUSIP : 676477AB8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : A2
  CUSIP : 676477AC6
  TO  :  AA+ (sf)
  FROM : AA+ (sf)


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : A3
  CUSIP : 676477AD4
  TO  :  AA (sf)
  FROM : A+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : M1
  CUSIP : 676477AE2
  TO  :  A (sf)
  FROM : BBB+ (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : B1
  CUSIP : 676477AF9
  TO  :  BB+ (sf)
  FROM : BB (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Oceanview Mortgage Loan Trust 2020-1
  SERIES : 2020-1
  CLASS : B2
  CUSIP : 676477AG7
  TO  :  B (sf)
  FROM : B (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1
  CUSIP : 17329EAA5
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1IO
  CUSIP : 17329EAB3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1IOX
  CUSIP : 17329EAC1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1A
  CUSIP : 17329EAD9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1B
  CUSIP : 17329ECM7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1IOW
  CUSIP : 17329EAE7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A1W
  CUSIP : 17329EAF4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2
  CUSIP : 17329EAG2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2IO
  CUSIP : 17329EAH0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2IOX
  CUSIP : 17329EAJ6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2A
  CUSIP : 17329EAK3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2IOW
  CUSIP : 17329EAL1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A2W
  CUSIP : 17329EAM9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3
  CUSIP : 17329EAN7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3IO
  CUSIP : 17329EAP2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3IOX
  CUSIP : 17329EAQ0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3A
  CUSIP : 17329EAR8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3IOW
  CUSIP : 17329EAS6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A3W
  CUSIP : 17329EAT4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4
  CUSIP : 17329EAU1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4IO
  CUSIP : 17329EAV9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4IOX
  CUSIP : 17329EAW7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4A
  CUSIP : 17329EAX5
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4IOW
  CUSIP : 17329EAY3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A4W
  CUSIP : 17329EAZ0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5
  CUSIP : 17329EBA4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5IO
  CUSIP : 17329EBB2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5IOX
  CUSIP : 17329EBC0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5A
  CUSIP : 17329EBD8
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5IOW
  CUSIP : 17329EBE6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A5W
  CUSIP : 17329EBF3
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6
  CUSIP : 17329ECC9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6IO
  CUSIP : 17329ECD7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6IOX
  CUSIP : 17329ECE5
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6A
  CUSIP : 17329ECF2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6IOW
  CUSIP : 17329ECG0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A6W
  CUSIP : 17329ECH8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A7
  CUSIP : 17329ECJ4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A7IO
  CUSIP : 17329ECK1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A7IOX
  CUSIP : 17329ECL9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A7IOW
  CUSIP : 17329ECN5
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A7W
  CUSIP : 17329ECP0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8
  CUSIP : 17329ECQ8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8IO
  CUSIP : 17329ECR6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8IOX
  CUSIP : 17329ECS4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8A
  CUSIP : 17329ECT2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8IOW
  CUSIP : 17329ECU9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : A8W
  CUSIP : 17329ECV7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B1
  CUSIP : 17329EBG1
  TO  :  AA+ (sf)
  FROM :  AA (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B1IO
  CUSIP : 17329EBH9
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B1IOX
  CUSIP : 17329EBJ5
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B1IOW
  CUSIP : 17329EBK2
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B1W
  CUSIP : 17329EBL0
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B2
  CUSIP : 17329EBM8
  TO  :  AA- (sf)
  FROM : A (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B2IO
  CUSIP : 17329EBN6
  TO   : AA- (sf)
  FROM : A (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B2IOX
  CUSIP : 17329EBP1
  TO  :  AA- (sf)
  FROM : A (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B2IOW
  CUSIP : 17329EBQ9
  TO  :  AA- (sf)
  FROM : A (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B2W
  CUSIP : 17329EBR7
  TO  :  AA- (sf)
  FROM : A (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B3
  CUSIP : 17329EBS5
  TO  :  A- (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B3IO
  CUSIP : 17329EBT3
  TO  :  A- (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B3IOX
  CUSIP : 17329EBU0
  TO  :  A- (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B3IOW
  CUSIP : 17329EBV8
  TO  :  A- (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Interest-only criteria


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B3W
  CUSIP : 17329EBW6
  TO  :  A- (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B4
  CUSIP : 17329EBX4
  TO  :  BB+ (sf)
  FROM : BB (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Citigroup Mortgage Loan Trust 2021-J1
  SERIES : 2021-J1
  CLASS : B5
  CUSIP : 17329EBY2
  TO  :  B+ (sf)
  FROM : B (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A1
  CUSIP : 95003AAA2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A2
  CUSIP : 95003AAB0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A3
  CUSIP : 95003AAC8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A4
  CUSIP : 95003AAD6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A5
  CUSIP : 95003AAE4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A6
  CUSIP : 95003AAF1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A7
  CUSIP : 95003AAG9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A8
  CUSIP : 95003AAH7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A9
  CUSIP : 95003AAJ3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A10
  CUSIP : 95003AAK0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A11
  CUSIP : 95003AAL8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A12
  CUSIP : 95003AAM6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A13
  CUSIP : 95003AAN4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A14
  CUSIP : 95003AAP9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A15
  CUSIP : 95003AAQ7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A16
  CUSIP : 95003AAR5
  TO   : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A17
  CUSIP : 95003AAS3
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A18
  CUSIP : 95003AAT1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A19
  CUSIP : 95003AAU8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : A20
  CUSIP : 95003ABP8
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO1
  CUSIP : 95003AAV6
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO2
  CUSIP : 95003AAW4
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO3
  CUSIP : 95003AAX2
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO4
  CUSIP : 95003AAY0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO5
  CUSIP : 95003AAZ7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO6
  CUSIP : 95003ABA1
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO7
  CUSIP : 95003ABB9
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO8
  CUSIP : 95003ABC7
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO9
  CUSIP : 95003ABD5
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO10
  CUSIP : 95003ABE3
  TO : AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : AIO11
  CUSIP : 95003ABF0
  TO  :  AAA (sf)
  FROM : AAA (sf)


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : B1
  CUSIP : 95003ABG8
  TO  :  AA+ (sf)
  FROM : AA (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : B2
  CUSIP : 95003ABH6
  TO  :  A+ (sf)
  FROM : A (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : B3
  CUSIP : 95003ABJ2
  TO  :  BBB+ (sf)
  FROM : BBB (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : B4
  CUSIP : 95003ABK9
  TO  :  BB (sf)
  FROM : BB- (sf)
  MAIN RATIONALE: Increased credit support


  ISSUER : Wells Fargo Mortgage Backed Securities 2021-1 Trust
  SERIES : 2021-1
  CLASS : B5
  CUSIP : 95003ABL7
  TO  :  B (sf)
  FROM : B (sf)



WESTLAKE 2023-3: S&P Assigns Prelim 'BB(sf)' Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Westlake
Automobile Receivables Trust 2023-3's automobile receivables-backed
notes series 2023-3.

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

The preliminary ratings are based on information as of Aug. 2,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 44.36%, 38.22%, 29.69%,
22.88%, and 19.72% credit support (hard credit enhancement and
haircut to excess spread) for the class A (classes A-1,
A-2-A/A-2-B, and A-3, collectively), B, C, D, and E notes,
respectively, based on stressed cash flow scenarios. These credit
support levels provide at least 3.50x, 3.00x, 2.30x, 1.75x, and
1.50x coverage of S&P's expected cumulative net loss (ECNL) of
12.50% for the class A, B, C, D, and E notes, respectively.

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

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

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

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

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

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

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  Westlake Automobile Receivables Trust 2023-3

  Class A-1, $224.40 million: A-1+ (sf)
  Class A-2-A/A-2-B, $346.87 million: AAA (sf)
  Class A-3, $128.44 million: AAA (sf)
  Class B, $75.51 million: AA (sf)
  Class C, $123.34 million: A (sf)
  Class D, $101.44 million: BBB (sf)
  Class E, $57.64 million: BB (sf)



[*] Moody's Takes Action on $178.4MM of US RMBS Issued 2005-2007
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of eight bonds
and downgraded the rating of one bond from five US residential
mortgage-backed transactions (RMBS), backed by option ARM and
subprime mortgages issued by multiple issuers.

Issuer: CWABS Asset-Backed Certificates Trust 2006-9

Cl. 2-AV, Upgraded to A2 (sf); previously on May 24, 2018 Upgraded
to A3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-10

Cl. 1-A-1, Upgraded to Ba3 (sf); previously on Nov 22, 2016
Upgraded to B2 (sf)

Cl. 1-A-2, Upgraded to B2 (sf); previously on Jan 21, 2022 Upgraded
to Caa1 (sf)

Cl. 2-A-4, Upgraded to Ba2 (sf); previously on Jan 21, 2022
Upgraded to B1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2007-11

Cl. 1-A-1, Upgraded to Ba2 (sf); previously on Apr 9, 2018 Upgraded
to B1 (sf)

Cl. 1-A-2, Upgraded to B2 (sf); previously on Oct 25, 2019 Upgraded
to Caa1 (sf)

Cl. 2-A-4, Upgraded to B3 (sf); previously on Nov 22, 2016 Upgraded
to Caa2 (sf)

Issuer: HarborView Mortgage Loan Trust 2005-11

Cl. 2-A-1A, Downgraded to Baa2 (sf); previously on Feb 23, 2017
Upgraded to A3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-FF1

Cl. B-2, Upgraded to Aa1 (sf); previously on Jan 23, 2020 Upgraded
to Aa3 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating upgrades are a result of the improving performance of the
related pools, and an increase in credit enhancement available to
the bonds. The rating downgrade is primarily due to the decline in
credit enhancement available to the bond resulting from the
amortization of the support bonds.

Principal Methodologies

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

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

Up

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

Down

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

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


[*] Moody's Upgrades $52.9MM of US RMBS Bonds Issued 2019
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of 10 bonds from
four US residential mortgage-backed transactions (RMBS) issued by
Sequoia Mortgage Trust, backed by prime jumbo and agency eligible
mortgage loans.

The complete rating actions are as follows:

Issuer: Sequoia Mortgage Trust 2019-2

Cl. B-2, Upgraded to Aaa (sf); previously on Oct 4, 2022 Upgraded
to Aa1 (sf)

Cl. B-3, Upgraded to A2 (sf); previously on Oct 4, 2022 Upgraded to
A3 (sf)

Cl. B-4, Upgraded to Ba2 (sf); previously on May 29, 2019
Definitive Rating Assigned Ba3 (sf)

Issuer: Sequoia Mortgage Trust 2019-3

Cl. B-2, Upgraded to Aaa (sf); previously on Oct 4, 2022 Upgraded
to Aa1 (sf)

Cl. B-3, Upgraded to A2 (sf); previously on Oct 4, 2022 Upgraded to
A3 (sf)

Cl. B-4, Upgraded to Ba2 (sf); previously on Sep 27, 2019 Affirmed
Ba3 (sf)

Issuer: Sequoia Mortgage Trust 2019-CH2

Cl. B-3, Upgraded to Aa3 (sf); previously on Oct 4, 2022 Upgraded
to A1 (sf)

Cl. B-4, Upgraded to Baa3 (sf); previously on Jan 13, 2022 Upgraded
to Ba1 (sf)

Issuer: Sequoia Mortgage Trust 2019-CH3

Cl. B-3, Upgraded to A2 (sf); previously on Oct 4, 2022 Upgraded to
A3 (sf)

Cl. B-4, Upgraded to Ba2 (sf); previously on Aug 3, 2021 Upgraded
to Ba3 (sf)

RATINGS RATIONALE

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

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

These transactions feature a structural deal mechanism that the
servicer and the securities administrator will not advance
principal and interest to loans that are 120 days or more
delinquent. The interest distribution amount will be reduced by the
interest accrued on the stop advance mortgage loans (SAML) and this
interest reduction will be allocated reverse sequentially first to
the subordinate bonds, then to the senior support bonds, and then
pro-rata among senior bonds. Once a SAML is liquidated, the net
recovery from that loan's liquidation is allocated first to pay
down the loan's outstanding principal amount and then to repay its
accrued interest. The recovered accrued interest on the loan is
used to repay the interest reduction incurred by the bonds that
resulted from that SAML. Moody's expect such interest shortfalls to
be reimbursed over the next several months.

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

Principal Methodologies

The principal methodology used in these ratings was "Moody's
Approach to Rating US RMBS Using the MILAN Framework" published in
April 2023.

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

Up

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

Down

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

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


[*] S&P Takes Various Actions on 200 Classes From 16 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of the ratings on 200
classes from 16 U.S. RMBS transactions issued between 2018 and
2021. The review yielded 49 upgrades, three discontinuances, and
148 affirmations.

A list of Affected Ratings can be viewed at:

            https://shorturl.at/bfnzH

S&P said, "We performed a credit analysis for each transaction
using updated loan-level information from which we determined
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 compositions. 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. In addition, improved
loan-to-value ratios due to significant home price appreciation
resulted in lower projected default expectations. Ultimately, S&P
believes these classes have sufficient credit support to withstand
projected losses at higher rating levels.

The affirmations reflect S&P's view that the classes' projected
collateral performance relative to 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 (including prepayment and delinquency
trends),

-- Priority of principal payments,

-- Priority of loss allocation,

-- Available subordination and excess spread,

-- Large balance loan exposure/tail risk, and

-- Historical Interest shortfalls or missed interest payments.



                            *********

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