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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 13, 2023, Vol. 27, No. 224

                            Headlines

ABPCI DIRECT XI: Fitch Affirms 'BB-sf' Rating on Class E Notes
AJAX MORTGAGE 2023-C: DBRS Finalizes BB Rating on Class M-2 Notes
AMERICAN HOME 2004-3: Moody's Ups Rating on Cl. VI-A5 Debt to Ba1
BBCMS 2020-BID: DBRS Confirms BB Rating on Class HRR Certs
BCC MIDDLE 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes

BEAR STEARNS 2003-SD2: S&P Cuts Cl. B-2 Certs Rating to 'D (sf)'
BMARK 2023-V3: Fitch Assigns 'B-sf' Rating to Class G Certificates
BRAVO RESIDENTIAL 2023-NQM5: Fitch Gives B(EXP) Rating on B-2 Notes
BWAY 2015-1740: S&P Lowers Class F Certs Rating to 'D (sf)'
BX TRUST 2022-PSB: Fitch Affirms 'Bsf' Rating on Class F Certs

CARLYLE US 2022-5: Fitch Affirms 'BB-sf' Rating on Class E Notes
CARVANA AUTO 2023-N2: BRS Finalizes BB(high) Rating on E Notes
COMM 2013-CCRE8: Moody's Upgrades Rating on Cl. X-C Certs to B2
COMM 2016-COR1: Fitch Lowers Rating on 2 Tranches to 'BB-sf'
CPS AUTO 2023-C: BRS Finalizes BB Rating on Class E Notes

DBUBS 2017-BRBK: S&P Affirms B- (sf) Rating on Class HRR Certs
ELMWOOD CLO 18: S&P Assigns 'B-' Rating on Class F Notes
EMPOWER CLO 2023-2: S&P Assigns Prelim BB- (sf) Rating Cl. E Notes
GS MORTGAGE 2014-GC26: Moody's Lowers Rating on Cl. C Certs to Ba1
JP MORGAN 2018-ASH8: DBRS Confirms B(low) Rating on Class F Certs

JP MORGAN 2023-6: DBRS Gives Prov. B(low) Rating on Class B-5 Certs
LSTAR COMMERCIAL 2016-4: DBRS Cuts Class G Certs Rating to C
M&T EQUIPMENT 2023-LEAF1: Moody's Assigns (P)Ba1 Rating to E Notes
MARATHON STATIC 2022-18: Fitch Affirms 'BB+sf' Rating on E Notes
PARALLEL LTD 2015-1: Moody's Cuts Rating on $8MM Cl. F Notes to Ca

RADNOR RE 2023-1: DBRS Gives Prov. B Rating on Class B-1 Notes
UPSTART STRUCTURED 2022-4A: Moody's Cuts Cl. C Notes Rating to B1
VOYA CLO 2014-2: Moody's Lowers Rating on $9.5MM E-R Notes to Caa3
WELLS FARGO 2016-C37: DBRS Confirms B(high) Rating on Class H Certs
[*] DBRS Reviews 308 Classes From 25 US RMBS Transactions

[*] S&P Takes Various Actions on 78 Classes From 17 U.S. RMBS Deals
[*] S&P Takes Various Actions on 93 Classes From 22 U.S. RMBS Deals

                            *********

ABPCI DIRECT XI: Fitch Affirms 'BB-sf' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the class A-1, A-2, A-L, B-1, B-2, C, D
and E notes of ABPCI Direct Lending Fund CLO XI LP (ABPCI XI). The
Rating Outlooks on all the tranches remain Stable.

ENTITY/DEBT    RATING    PRIOR  
----------              ------                  -----
ABPCI Direct Lending Fund
CLO XI LP

A-1 00091UAA1 LT   AAAsf  Affirmed AAAsf
A-2 00091UAC7 LT   AAAsf  Affirmed AAAsf
A-L  LT   AAAsf  Affirmed AAAsf
B-1 00091UAE3 LT   AAsf  Affirmed AAsf
B-2 00091UAN3 LT   AAsf  Affirmed AAsf
C 00091UAG8 LT   A-sf  Affirmed A-sf
D 00091UAJ2 LT   BBB-sf     Affirmed BBB-sf
E 00091UAL7 LT   BB-sf  Affirmed BB-sf

TRANSACTION SUMMARY

ABPCI XI is a middle-market (MM) collateralized loan obligation
(CLO) managed by AB Private Credit Investors LLC. The transaction
closed in September of 2022 and will exit its reinvestment period
in October of 2026. The CLO is secured primarily by first-lien,
senior secured MM loans.

KEY RATING DRIVERS

Asset Credit Quality, Asset Security and Portfolio Composition

The affirmations are driven by the portfolio's stable performance
since closing. As of July 2023 reporting, the average credit
quality remained generally in the 'B-' level, as the Fitch weighted
average rating factor (WARF) of the portfolio increased to 31.9
from 31.4 at closing. ABPCI XI contains 81 obligors, with the top
10 obligors comprising 25.1% of the portfolio. Assets with Fitch
issuer default credit opinions and ratings of 'CCC+' or lower,
including non-rated assets, represent 14.0% of the portfolio.

First lien loans, cash and eligible investments comprise 98% of the
portfolio. Fitch's weighted average recovery rate (WARR) of the
portfolio is 64.9%, compared with 64.5% at closing.

There have been no defaults in the portfolio and all coverage
tests, concentration limitations, and collateral quality tests
(CQTs) are in compliance.

Cash Flow Analysis

Fitch conducted an updated cash flow analysis based on newly run
Fitch Stressed Portfolio (FSP) since the transaction is still in
its reinvestment period. The FSP analysis stressed the current
portfolio to account for permissible concentration and CQT limits.
The FSP analysis was updated to stress weighted average life to
6.25 years at all points on the Fitch Test Matrix.

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

RATING SENSITIVITIES

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

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

-- A 25% increase of the mean default rate across all ratings,
along with a 25% decrease of the recovery rate at all rating levels
for the current portfolio, would lead to downgrades of up to one
notch, based on MIRs.

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

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

-- A 25% reduction of the mean default rate across all ratings,
along with a 25% increase of the recovery rate at all rating levels
for the current portfolio, would lead to upgrades of up to five
rating notches, based on the MIRs, except for the 'AAAsf' rated
notes, which are at the highest level on Fitch's scale and cannot
be upgraded.

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.



AJAX MORTGAGE 2023-C: DBRS Finalizes BB Rating on Class M-2 Notes
-----------------------------------------------------------------
DBRS, Inc. finalized the following provisional ratings on the
Mortgage-Backed Securities, Series 2023-C (the Notes) issued by
Ajax Mortgage Loan Trust 2023-C (AJAX 2023-C or the Trust):

-- $135.7 million Class A-1 at AAA (sf)
-- $7.6 million Class A-2 at AA (sf)
-- $4.1 million Class A-3 at A (sf)
-- $3.6 million Class M-1 at BBB (sf)
-- $22.1 million Class M-2 at BB (sf)

The AAA (sf) rating on the Notes reflects 33.35% of credit
enhancement provided by subordinated certificates. The AA (sf), A
(sf), BBB (sf), and BB (sf) ratings reflect 29.60%, 27.60%, 25.85%,
and 15.00% of credit enhancement, respectively.

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

The Trust is a securitization of a portfolio of seasoned
performing, and reperforming first-lien residential mortgages
funded by the issuance of mortgage-backed securities (the Notes).
The Notes are backed by 1,171 loans with a total principal balance
of $203,810,262 as of the Cut-Off Date (May 31, 2023).

The mortgage loans are approximately 196 months seasoned. Although
the number of months clean (consecutively zero times 30 (0 x 30)
days delinquent) at issuance is weaker relative to other DBRS
Morningstar-rated seasoned transactions, the borrowers demonstrate
reasonable cash flow velocity (as by number of payments over time)
in the past six, 12, and 24 months.

The portfolio contains 88.8% modified loans. The modifications
happened more than two years ago for 83.0% of the modified loans.
Within the pool, 509 mortgages (43.5% of the pool) have
non-interest-bearing deferred principal balances and deferred
interest amounts (including Principal Reduction Alternative (PRA)
deferred principal balances) of $14,713,252, which equate to
approximately 7.2% of the total principal balance.

The mortgage loans were previously included in prior
securitizations issued by Great Ajax Operating Partnership L.P.
(Ajax or the Sponsor). The Seller will acquire such loans as a
result of the exercise of loan sale rights, and, on the Closing
Date, the mortgage loans will be conveyed by the Seller to the
Depositor.

To satisfy the credit risk retention requirements, the Sponsor or a
majority-owned affiliate of the Sponsor will retain at least a 5%
eligible vertical interest in the securities.

Gregory Funding LLC (Gregory Funding) is the Servicer for the
entire pool and will not advance any delinquent principal and
interest (P&I) on the mortgages; however, the Servicer is obligated
to make advances in respect of prior liens, insurance, real estate
taxes and assessments as well as reasonable costs and expenses
incurred in the course of servicing and disposing of properties.

Since 2013, Ajax and its affiliates have issued 46 securitizations
under the Ajax Mortgage Loan Trust shelf prior to AJAX 2023-C.
These issuances were backed by seasoned loans, RPLs, or NPLs and
are mostly unrated by DBRS Morningstar. DBRS Morningstar reviewed
the historical performance of the Ajax shelf; however, the nonrated
deals generally exhibit worse collateral attributes than the rated
deals with regard to delinquencies at issuance. The prior nonrated
Ajax transactions generally exhibit relatively high levels of
delinquencies and losses compared with the rated Ajax
securitizations, which are expected given the nature of these
severely distressed assets.

The Issuer has the option to redeem the rated Notes in full at a
price equal to the remaining note amount of the rated Notes plus
accrued and unpaid interest, and any unpaid expenses and
reimbursement amounts (Rated Note Redemption Price). Such Rated
Note Redemption Rights may be exercised on any date:

-- Beginning the Payment Date after the Redemption Account equals
or exceeds the Rated Note Redemption Price (Funded Redemption); or

-- Beginning three years after the Closing Date at the direction
of the Depositor or, if the Depositor does not intend to redeem,
the Majority Controlling Holders (Optional Redemption).
The Redemption Date is any date when a Funded Redemption or an
Optional Redemption occurs.

The transaction employs a sequential-pay cash flow structure with a
bullet feature to Class A-2 and more subordinate notes on the
Redemption Date. P&I collections are commingled and are first used
to pay interest to the Notes sequentially and then to pay Class A-1
until reduced to zero, which may provide for timely payment of
interest to certain rated Notes. Class A-2 and below are not
entitled to any payments of principal until the Redemption Date or
upon the occurrence of an Event of Default. Prior to the Redemption
Date or an Event of Default, any available funds remaining after
Class A-1 is paid in full will be deposited into a Redemption
Account.

After the Payment Date in July 2030 (Step-Up Date), the Class A-1
Notes will be entitled to its initial Note Rate plus the Step-Up
Note Rate of 1.00% per annum. If the Issuer does not redeem the
rated Notes in full by the Step-Up Date, an Accrual Event will be
in effect until the earlier of the Redemption Date or the
occurrence of an Event of Default.

If an Accrual Event is in effect and Class A-1 is outstanding,
Class A-2 and more subordinate notes will become accrual Notes, and
interest that would otherwise be allocated to such classes will be
paid as principal to the Class A-1 Notes until reduced to zero. Any
excess accrual amounts on such payment date will be deposited into
the Redemption Account. All such accrual amounts will be added to
the principal balance of the related outstanding accrual Notes. If
an Accrual Event is in effect and Class A-1 is no longer
outstanding, Class A-2 will be entitled to interest from available
funds, or from the Redemption Account, as applicable. Class A-2 and
more subordinate notes will only receive principal on the
Redemption Date or upon the occurrence of an Event of Default.

If a Redemption Date or an Event of Default has not occurred prior
to the Stated Final Maturity Date, amounts in the Redemption
Account will be paid, sequentially, as interest and then as
principal to the Notes until reduced to zero (IPIP) on the Stated
Final Maturity Date.

In addition to the above bullet and accrual features, a certain
aspect of the interest rates on the Notes is less commonly seen in
DBRS Morningstar-rated seasoned securitizations as well. The
interest rates on the Notes are set at fixed rates, which are not
capped by the net weighted-average coupon (Net WAC) or available
funds. This feature causes the structure to need elevated
subordination levels relative to a comparable structure with
fixed-capped interest rates because more principal must be used to
cover interest shortfalls. DBRS Morningstar considered such nuanced
features and incorporated them in its cash flow analysis. The cash
flow structure is discussed in more detail in the Cash Flow
Structure and Features section of the related report.

Similar to AJAX 2023-A, the representations and warranties (R&W)
framework for this transaction incorporates the following
features:

-- A pool-level review trigger that incorporates only cumulative
losses, dissimilar to other rated RPL securitizations;

-- The absence of a repurchase remedy by the Seller, dissimilar to
other rated RPL securitizations; and

-- A Breach Reserve Account, which will be available to satisfy
losses related to R&W breaches. Such account is fully funded
upfront and then funds after interest is paid to the Notes,
dissimilar to other rated RPL securitizations.

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


AMERICAN HOME 2004-3: Moody's Ups Rating on Cl. VI-A5 Debt to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two bonds
issued by American Home Mortgage Investment Trust 2004-3. The
collateral backing this deal consists of Alt-A mortgages.

Complete rating actions are as follows:

Issuer: American Home Mortgage Investment Trust 2004-3

Cl. VI-A1, Upgraded to Baa1 (sf); previously on Jul 20, 2017
Downgraded to Baa3 (sf)

Cl. VI-A5, Upgraded to Ba1 (sf); previously on Jul 20, 2017
Downgraded to Ba3 (sf)

RATINGS RATIONALE

The rating action reflects 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.

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.


BBCMS 2020-BID: DBRS Confirms BB Rating on Class HRR Certs
----------------------------------------------------------
DBRS, Inc. confirmed the following ratings of the Commercial
Mortgage Pass-Through Certificates, Series 2020-BID issued by BBCMS
2020-BID Mortgage Trust:

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

All trends are Stable.

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

The transaction is collateralized by a 506,000-square-foot, Class A
office building in the Upper East Side submarket of Manhattan. The
building is fully leased to Sotheby's, one of the world's largest
auction houses, and has served as the company's global headquarters
since 1980. The tenant is an affiliate of the borrower, which is
indirectly owned by BidFair USA, Inc. Sotheby's executed a new
15-year triple net lease with three 10-year extension options in
concurrence with the closing of the mortgage loan in September
2020. After being taken private in 2019, updated information on
Sotheby's revenues has been limited but news reports in late 2022
suggested the company would close the year with record-breaking
sales of $8.0 billion, an increase over the $7.3 billion figure
reported for YE2021 and far surpassing the pre-Coronavirus Disease
(COVID-19) pandemic sales of $4.8 billion reported for YE2019, when
the company reported a loss of $71.2 million and raised significant
doubt regarding its ability to operate as a going concern in its
2019 annual report.

The trust loan of $423.5 million along with $60.0 million of
mezzanine debt (held outside of the trust) and $10.7 million of
borrower equity, refinanced existing debt, and funded reserves at
issuance. The interest-only (IO) loan has a floating interest rate
and is structured with an initial two-year term and three one-year
extension options. The borrower has exercised one of the three
extension options and is evaluating options ahead of its upcoming
maturity in October 2023. The transaction benefits from a
borrower-funded interest reserve of approximately $16.7 million
contributed at issuance.

Based on the YE2022 financials, the loan reported a net cash flow
(NCF) of $41.5 million, which is unchanged from the YE2021 NCF of
$41.5 million; however, because of the increased interest rates,
the loan's debt service coverage ratio fell to 1.43 times (x) as of
YE2022, down from 1.80x at YE2021. According to the most recent
roll provided by the servicer, the single-tenant lease is
structured with rental increases at Year 6 and Year 11.

Despite investing more than $50 million in its space in 2018 and
2019 alone, in June 2023, Sotheby's announced plans to relocate its
New York headquarters along with its gallery spaces, auction room,
and offices from its current location at the subject property into
the Bruer Building, situated near Manhattan's Museum Mile, in
phases beginning with the relocation of the New York sales room and
galleries in 2024 and opening to the public the following year in
2025, which coincides with the fully extended maturity date. DBRS
Morningstar has questions out to the servicer regarding whether the
tenant has plans to continue to operate at the subject property in
any capacity, sub-leasing momentum, and/or the possibility of an
early lease termination.

At closing, DBRS Morningstar noted the subject property is also
well positioned to capture space demands in the area coined as
Hospital Row that is home to a number of hospital and biomedical
research institutions. In the event that the Sotheby's space needs
change, the subject's proximity to a cluster of major medical
office space users, including New York-Presbyterian/Weill Cornell
Medical Center and the Hospital for Special Surgery, combined with
its large floorplates and freight elevator infrastructure lend
itself to being a logical choice for conversion to a medical
office. Discussions around subleasing a portion of the property to
a healthcare tenant began prior to the coronavirus pandemic with a
letter of intent that was put on hold just before securitization
but continues to persist with proposed terms that are viewed as
credit positive including long-term, investment-grade tenancy with
a nonborrower affiliate at a rental rate that is at or above the
market rate.

The loan has a relatively low loan-to-value (LTV) ratio of 51.0% on
the senior debt and 58.3% on the whole loan based on the
appraiser's value of $830.0 million at issuance. This compares with
the DBRS Morningstar LTV ratio of 81.5% on the senior debt and
93.0% on the whole loan based on the DBRS Morningstar value of
$519.7 million. The DBRS Morningstar value is derived using a NCF
of $33.7 million and a cap rate of 6.50%. The property benefits
from a substantial floor value based on its desirable location
demonstrated by the appraiser's concluded land value at issuance of
approximately $485.0 million, which covers the entire whole-loan
balance, including the $60 million mezzanine loan, and provides
additional downside protection. As further support, the appraiser
determined a hypothetical go-dark value for the subject property of
$575.0 million at issuance, which also covers the entire loan
balance, and would result in a hypothetical go-dark LTV of 73.7% on
the senior debt and 84.1% on the whole loan.

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


BCC MIDDLE 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to BCC Middle Market CLO 2023-1
LLC's floating- and fixed-rate notes.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  BCC Middle Market CLO 2023-1 LLC's

  Class A, $234.0000 million: AAA (sf)
  Class B-1, $29.0000 million: AA (sf)
  Class B-2, $9.0000 million: AA (sf)
  Class C (deferrable), $32.0000 million: A (sf)
  Class D (deferrable), $24.0000 million: BBB- (sf)
  Class E (deferrable), $24.0000 million: BB- (sf)
  Subordinated notes, $45.6355 million: Not rated



BEAR STEARNS 2003-SD2: S&P Cuts Cl. B-2 Certs Rating to 'D (sf)'
----------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of mortgage
pass-through certificates from seven U.S. RMBS transactions, issued
between 2003 and 2005 to 'D (sf)'. At the same time, S&P withdrew
one rating as it was written down to zero. These transactions are
backed by prime jumbo, alternative-A, re-performing, or
negative-amortization collateral.

The downgrades reflect S&P's assessment of the principal
write-downs' impact on the affected classes during recent
remittance periods. All the ratings lowered were rated 'CCC (sf)'
prior to the rating action.

All of the transactions in this review receive credit enhancement
from a combination of subordination, excess spread, and
overcollateralization (where applicable).

S&P will continue to monitor its ratings on securities that
experience principal write-downs, and S&P will further adjust our
ratings as we consider appropriate according to its criteria.

  Ratings list


  ISSUER: Alternative Loan Trust 2005-24
  SERIES: 2005-24
  CLASS: 2-A-1B
  CUSIP: 12667GUY7
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: Alternative Loan Trust 2005-6CB
  SERIES: 2005-6CB
  CLASS: 1-A-7
  CUSIP: 12667F5J0
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: Alternative Loan Trust 2005-7CB
  SERIES: 2005-7CB
  CLASS: 2-A-8
  CUSIP: 12667F4T9
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: Bear Stearns Asset Backed Securities Trust 2003-SD2
  SERIES: 2003-SD2
  CLASS: B-2
  CUSIP: 07384YLM6
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: Bear Stearns Asset Backed Securities Trust 2003-SD2
  SERIES: 2003-SD2
  CLASS: B-3
  CUSIP: 07384YLN4
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal writedown. Additionally, the class was
written down to zero. As such, S&P lowered the rating to 'D (sf)'
and subsequently withdrew the rating.


  ISSUER: Bear Stearns Asset Backed Securities Trust 2003-SD2
  SERIES: 2003-SD2
  CLASS: B-3
  CUSIP: 07384YLN4
  RATING TO: NR
  RATING FROM: D (sf)


  ISSUER: CHL Mortgage Pass-Through Trust 2005-11
  SERIES: 2005-11
  CLASS: 3-A-1
  CUSIP: 12669GUM1
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: MASTR Adjustable Rate Mortgages Trust 2004-5
  SERIES: 2004-5
  CLASS: B-2
  CUSIP: 576433NJ1
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.


  ISSUER: MASTR Alternative Loan Trust 2003-4
  SERIES: 2003-4
  CLASS: B-1
  CUSIP: 576434EW0
  RATING TO: D (sf)
  RATING FROM: CCC (sf)
  MAIN RATIONALE: Principal write-down.



BMARK 2023-V3: Fitch Assigns 'B-sf' Rating to Class G Certificates
------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
BMARK 2023-V3 Mortgage Trust Commercial Mortgage Pass-Through
certificates series 2023-V3 as follows:

-- $2,083,000 class A-1 'AAAsf'; Outlook Stable;

-- $200,000,000a class A-2 'AAAsf'; Outlook Stable;

-- $439,732,000a class A-3 'AAAsf'; Outlook Stable;

-- $123,779,000 class A-S 'AAAsf'; Outlook Stable;

-- $38,967,000 class B 'AA-sf'; Outlook Stable;

-- $33,237,000 class C 'A-sf'; Outlook Stable;

-- $11,461,000d class D 'BBBsf'; Outlook Stable;

-- $9,169,000d class E 'BBB-sf'; Outlook Stable;

-- $17,191,000d class F 'BB-sf'; Outlook Stable;

-- $10,315,000d class G 'B-sf'; Outlook Stable;

-- $765,594,000b class X-A 'AAAsf'; Outlook Stable;

-- $72,204,000b class X-B 'A-sf'; Outlook Stable;

-- $20,630,000b,d class X-D 'BBB-sf'; Outlook Stable.

Fitch does not rate the following classes:

-- $30,945,508d class H;

-- $23,803,350c class RR;

-- $24,453,467c class RR-Interest.

(a) Since Fitch published its expected ratings on July 13, 2023,
the balances for classes A-2 and A-3 were finalized. At the time
the expected ratings were published, the initial certificate
balances of class A-2 and A-3 were expected to be $639,732,000 in
the aggregate, subject to a 5% variance. The classes above reflect
the final ratings and deal structure.

(b) Notional amount and IO.

(c) Classes RR and RR-Interest comprise the transactions' vertical
risk retention interest.

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

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 38 loans secured by 73
commercial properties with an aggregate principal balance of
$965,136,325 as of the cutoff date. The loans were contributed to
the trust by Goldman Sachs Mortgage Company, Citi Real Estate
Funding Inc., German American Capital Corporation, JP Morgan Chase
Bank, Barclays Capital Real Estate Inc., and Bank of Montreal. The
master servicer is expected to be Midland Loan Services, a Division
of PNC Bank, National Association and the special servicer is
expected to be Greystone Servicing Company LLC.

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 Fitch loan to value ratio (LTV) of 87.7% is lower
than the YTD 2023 and 2022 averages of 89.9% and 99.3%,
respectively. The pool's Fitch net cash flow (NCF) debt yield (DY)
of10.8% is higher than the YTD 2023 and 2022 averages of 10.6% and
9.9%, respectively. Excluding credit opinion loans, the pool's
Fitch LTV and DY are 90.8% and 9.5%, respectively, compared to the
equivalent conduit YTD 2023 LTV and DY averages of 95.2% and 10.3%,
respectively.

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

Lower Pool Concentration: The pool is less concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 51.4% of the pool, which is significantly lower than the
2023 YTD level of 63.5% and 2022 level of 55.2%. The pool's
effective loan count of 26.6 is higher than the 2023 YTD and 2022
average effective loan count of 20.5 and 25.9, respectively.

Investment-Grade Credit Opinion Loans: Four loans representing
10.6% of the pool received an investment-grade credit opinion. Back
Bay (4.7%) received a standalone credit opinion of 'AAAsf*',
Harborside 2-3 (2.8%) received a standalone credit opinion of
'BBBsf*', Miracle Mile (2.1%) received a standalone credit opinion
of 'AA-sf*' and Scottsdale Fashion Square (1.0%) received a
standalone credit opinion of 'AAsf*'. The pool's total credit
opinion percentage is below the YTD 2023 and 2022 averages of 19.8%
and 14.4%, respectively.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 0.3%, which is well-below the 2023 YTD
and 2022 averages of 2.0% and 3.3%, respectively. The pool has 32
IO loans, or 92.8% of pool by balance, which is well-above the 2023
YTD and 2022 averages of 78.6% and 77.5%, respectively.

RATING SENSITIVITIES

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

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

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

-- 10% NCF Decline: 'AAAsf' / 'AAAsf' / 'AAAsf' / 'AA+sf' / 'Asf'
/ 'BBBsf' / 'BBB-sf' / 'BB+sf'

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

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

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

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

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.


BRAVO RESIDENTIAL 2023-NQM5: Fitch Gives B(EXP) Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued by BRAVO Residential Funding Trust 2023-NQM5 (BRAVO
2023-NQM5).

ENTITY/DEBT      RATING  
-----------      ------
BRAVO 2023-NQM5

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

TRANSACTION SUMMARY

The notes are supported by 706 loans with a total interest-bearing
balance of approximately $324 million as of the cutoff date.

The loans in the pool were primarily originated by Arc Home LLC
(Arc) and Acra Lending (Acra). The remaining loans were originated
by multiple entities The loans are serviced by Shellpoint Mortgage
Servicing (Shellpoint) and Acra (primarily subserviced by
ServiceMac).

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 6.6% above a long-term sustainable level (versus
7.8% on a national level as of 4Q22, down 2.7% since 3Q22). Despite
rising in 1Q23, home prices are down yoy as of March 2023.

Nonqualified Mortgage Credit Quality (Negative): The collateral
consists of 706 loans totaling $324 million and seasoned at
approximately nine months in aggregate, calculated as the
difference between the origination date and the cutoff date. The
borrowers have a moderate credit profile — a 727 model FICO and a
41% debt-to-income (DTI) ratio, which includes mapping for debt
service coverage ratio (DSCR) loans — and leverage, as evidenced
by a 74% sustainable loan-to-value (sLTV) ratio. Of the pool, 59.8%
of loans are treated as owner-occupied, while 40.2% are treated as
an investor property or second home, which includes loans to
foreign nationals or loans where the residency status was not
confirmed.

Additionally, 8.4% of the loans were originated through a retail
channel. Of the loans, 43% are nonqualified mortgages (non-QM)
while the Ability to Repay Rule is not applicable for the remaining
portion.

Loan Documentation (Negative): Approximately 94.9% of the pool
loans were underwritten to less than full documentation as
determined by Fitch, and 50.3% were underwritten to a 12-month or
24-month bank statement program for verifying income, which is not
consistent with Appendix Q standards and Fitch's view of a full
documentation program. A key distinction between this pool and
legacy Alt-A loans is that these loans adhere to underwriting and
documentation standards required under the Consumer Financial
Protections Bureau's (CFPB) Ability-to-Repay/Qualified Mortgage
Rule (ATR), which reduces the risk of borrower default arising from
lack of affordability, misrepresentation or other operational
quality risks due to the rigors of the ATR mandates regarding
underwriting and documentation of the borrower's ability to repay.

Additionally, 23.3% of the loans is a DSCR product while the
remainder comprises a mix of asset depletion, collateral principal
amount (CPA), P&L and written verification of employment (WVOE)
products. Separately, 15 loans were originated to foreign nationals
or were unable to confirm residency

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

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100bp increase to the fixed coupon but are limited by the net
weighted average coupon (WAC) rate. Fitch expects the senior
classes to be capped by the net WAC in its analysis. Additionally,
after four years, the unrated class B-3 interest allocation will
redirect toward the senior cap carryover amount for as long as
there is an unpaid cap carryover amount outstanding. This increases
the P&I allocation for the senior classes as long as class B-3 is
not written down and helps to ensure payment of the 100-bps step
up.

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

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

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

RATING SENSITIVITIES


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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper market value declines (MVDs) at
the national level. The analysis assumes MVDs of 10.0%, 20.0% and
30.0% in addition to the model projected 39.3% at 'AAA'. The
analysis indicates that there is some potential for rating
migration with higher MVDs for all rated classes, compared with the
model projection. Specifically, a 10% additional decline in home
prices would lower all rated classes by one full category.

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

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

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

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

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

-- Fitch lowered its loss expectations by approximately 46bps as a
result of the diligence review.

ESG CONSIDERATIONS

BRAVO 2023-NQM5 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the counterparties to the
transaction and related representation and warranty framework which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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.


BWAY 2015-1740: S&P Lowers Class F Certs Rating to 'D (sf)'
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of
commercial mortgage pass-through certificates from BWAY 2015-1740
Mortgage Trust, a U.S. CMBS transaction. At the same time, S&P
placed the ratings from six of the classes on CreditWatch with
negative implications.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a fixed-rate interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in 1740 Broadway, an office building
in Manhattan's Columbus Circle office submarket.

Rating Actions

S&P said, "The downgrades on the class A, B, C, D, E, and F
certificates reflect our view that the continued increase in the
total loan exposure since our last review in March 2023, due to the
extended resolution timing of the specially serviced loan, further
reduces the liquidity and ultimate recovery to the bondholders. In
addition, we placed our ratings on classes A, B, C and D on
CreditWatch with negative implications because of our concerns that
the loan's extended resolution timing will result in further
increases in total loan exposure, which would result in further
reductions in liquidity and ultimate recovery. Through the February
2023 remittance report date, servicer advances for loan interest,
taxes and insurance, and other expenses totaled $20.8 million, and
interest thereon totaled $399,548. Since that time, the servicer
advanced an additional $13.1 million; interest on advances
increased by $811,042; and the loan registered a $245,758 appraisal
subordinate entitlement reduction (ASER) amount due to the recent
implementation of an automatic appraisal reduction amount
(automatic ARA). These changes resulted in a total loan exposure of
$343.4 million. As servicing advances continue to build up because
the loan is not resolved in a timely manner, we expect lower
recovery to the trust because servicing advances are paid senior
per the transaction waterfall.

"The downgrade of the class D certificates to 'CCC- (sf)/Watch Neg'
from 'B (sf)' further reflects our belief that the class is now at
an elevated risk of experiencing liquidity interruption and default
and loss.

"The downgrades of the class E to 'D (sf)' from 'CCC (sf)' and F to
'D (sf)' from 'CCC- (sf)' also consider that these bonds are
already experiencing interest shortfalls due to ASERs in connection
with the above-mentioned automatic ARA. Given our ongoing
surveillance and analysis of the transaction, we expect that any
updated appraisal value is likely to result in an actual ARA that
exceeds the automatic threshold, and as such, these classes are
likely to experience ASER-driven shortfalls for the foreseeable
future. Based on our discussions with the special servicer, Midland
Loan Services Inc. (Midland), there is no set resolution timeframe
for the loan. It is our understanding that special servicing duties
recently transferred from Midland to CWCapital Asset Management
LLC.

"While the model-indicated ratings were higher than the revised
ratings on the class C and D certificates, the downgrades weighed
the potential for these classes to experience reduced liquidity and
ultimate recovery because of the continued build-up in the total
loan exposure and/or a potential increase in the ARA implemented by
the servicer. Assuming a 10.0% haircut (for selling costs and other
fees) to our current stabilized expected-case value of $270.4
million ($448 per sq. ft.) (unchanged at this time), the total loan
exposure implies that the class C certificates and below are at an
elevated risk of potential default and loss.

"We lowered our ratings on the class X-A and X-B IO certificates
and placed them on CreditWatch with negative implications, based on
our criteria for rating IO securities, in which the ratings on the
IO securities would not be higher than that of the lowest-rated
reference class. The notional balance of the class X-A and X-B
certificates reference class A and a portion of the class B
certificates.

'As part of the CreditWatch resolution, we will continue to monitor
the transaction for any further developments including updated
valuation points (and the implementation of updated ARAs/ASERs),
information around loan resolution strategy and/or timing, and
changes in underlying property performance. We expect to resolve
the CreditWatch placements upon the receipt of any material updates
related to the aforementioned items."

Property-Level Analysis

S&P said, "Since our last review in March 2023, the occupancy of
the property at 1740 Broadway has remained at about 9.6%, leased to
three smaller office tenants (Spaces, Arcade Beauty, and EQ
Management LLC) and three restaurant/retail tenants (Citibank,
Sugarfish, and Sweetgreen). It is our understanding that there is
no new leasing interest at the property. In addition, the submarket
metrics have remained relatively flat since March 2023. Given this
relatively-unchanged property and submarket performance, our
current stabilized expected-case value of $270.4 million ($448 per
sq. ft.) is unchanged from our last review in March 2023."

Transaction Summary

The 10-year, fixed-rate IO mortgage loan had an initial and current
balance of $308.0 million and an outstanding total exposure of
$343.4 million (according to the July 12, 2023, trustee remittance
report). The mortgage loan pays an annual fixed interest rate of
3.84%, matures on Jan. 6, 2025, and has been delinquent since the
Oct. 2022 payment period. There is no additional debt, and the
trust has not incurred any principal losses to date.

  Ratings Lowered and Placed On CreditWatch Negative

  BWAY 2015-1740 Mortgage Trust

  Class A to 'A (sf)/Watch Neg' from 'AA (sf)'
  Class B to 'BB+ (sf)/Watch Neg' from 'BBB (sf)'
  Class C to 'B+ (sf)/Watch Neg' from 'BB- (sf)'
  Class D to 'CCC- (sf)/Watch Neg' from 'B- (sf)'
  Class X-A to 'BB+ (sf)/Watch Neg' from 'BBB (sf)'
  Class X-B to 'BB+ (sf)/Watch Neg' from 'BBB (sf)'

  Ratings Lowered

  BWAY 2015-1740 Mortgage Trust

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



BX TRUST 2022-PSB: Fitch Affirms 'Bsf' Rating on Class F Certs
--------------------------------------------------------------
Fitch Ratings has affirmed seven classes of BX Trust 2022-PSB,
commercial mortgage pass-through certificates, series 2022-PSB. The
Rating Outlooks are Stable.

ENTITY/DEBT        RATING     PRIOR  
----------                  -----                       -----
BX Trust 2022-PSB

A 05606DAS7  LT   AAAsf  Affirmed AAAsf
B 05606DAC2  LT   AA-sf  Affirmed AA-sf
C 05606DAE8  LT   A-sf  Affirmed A-sf
D 05606DAG3  LT   BBB-sf     Affirmed BBB-sf
E 05606DAJ7  LT   BB-sf  Affirmed BB-sf
F 05606DAL2  LT   Bsf  Affirmed Bsf
HRR 05606DAN8         LT   B-sf  Affirmed B-sf

KEY RATING DRIVERS

Property Releases: Since issuance, 14 properties were released,
resulting in $294 million (10.7% of the loan) of principal paydowns
that was applied to the bond certificates on a pro rata basis. The
bond certificates will pay on a pro rata basis from paydown in
connection with property releases for up to the first 30% of the
loan so long as the mortgage is not in default. The release prices
are subject to prepayment premiums, which are 105% of the allocated
loan amount (ALA) until the outstanding loan amount has been
reduced to $1.91 billion and 110% thereafter.

High Fitch Stressed Leverage: The $2.44 billion mortgage loan has a
Fitch debt service coverage ratio (DSCR) of 0.78x, stressed loan to
value ratio (LTV) of 113.4%. The total mortgage debt represents
$149 psf. Additional mezzanine debt is permitted subject to debt
yield and LTV thresholds. Fitch was not provided property-level net
cashflows for the remaining properties in the pool following the
release; therefore, the analysis incorporates the Fitch issuance
NCF reduced by 10.7%, which is in line with the principal paydown
of the loan.

Property and Tenant Diversity: The portfolio is highly diverse and
at issuance consisted of 138 properties located in 13 markets
across six states. The largest market concentration is Miami,
consisting of 22 properties in a single business park (21.1% of
NRA, 24.0% of ALA). The tenancy is also highly diverse, totaling
over 2,900 tenants. The largest tenant in the portfolio by size
accounts for 2.0% of the NRA. Of the portfolio's 138 individual
properties, 22 are single tenanted; however, some of the
single-tenanted properties are located within larger multi-tenanted
business parks that serve as collateral.

Experienced Sponsorship, Including with Industrial Properties: The
loan is sponsored by Blackstone Real Estate Partners IX L.P., an
affiliate of Blackstone Inc. Blackstone Real Estate has
approximately $320 billion of investor capital under management. It
is the largest owner of commercial real estate globally, and its
portfolio includes properties throughout the world with a mix of
property types. Blackstone has acquired over 600 million sf of
industrial space globally since 2010.

Infill Locations and Flexible Uses: The properties are generally
located in infill industrial areas with proximity to highways and
airports in major markets, an advantage as e-commerce shoppers'
expectations for delivery times have shortened. The tenant spaces
can be used for a variety of purposes; at issuance the portfolio's
weighted average office finish is 38.1%. Although the primary
property type is industrial, the portfolio includes office, retail
and self-storage uses.

RATING SENSITIVITIES

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

-- A significant and sustained decline in portfolio occupancy
and/or cash flow.

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

-- A significant and sustained improvement in occupancy and/or
portfolio cash flow;

-- A significant improvement in credit enhancement from additional
property releases, coupled with stable to improved performance.

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.


CARLYLE US 2022-5: Fitch Affirms 'BB-sf' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1, B-1, B-2,
D and E notes of Carlyle US CLO 2022-4, Ltd. (Carlyle 2022-4) and
the class A-L loan and class A-1, B, C, D and E notes of Carlyle US
CLO 2022-5, Ltd. (Carlyle 2022-5). The Rating Outlooks on all rated
debt remain Stable.

ENTITY/DEBT    RATING    PRIOR  
-----------             ------                  -----
Carlyle US CLO 2022-5, Ltd.

A-1 14318LAA9 LT AAAsf   Affirmed AAAsf
A-L  LT AAAsf   Affirmed AAAsf
B 14318LAC5 LT    AAsf    Affirmed AAsf
C 14318LAE1 LT Asf  Affirmed Asf
D 14318LAG6 LT BBB-sf  Affirmed BBB-sf
E 14318NAA5 LT BB-sf   Affirmed BB-sf

Carlyle US CLO 2022-4, Ltd.

A-1 14317BAA2 LT AAAsf   Affirmed AAAsf
B-1 14317BAE4 LT AAsf    Affirmed AAsf
B-2 14317BAL8 LT  AAsf    Affirmed AAsf
D 14317BAG9 LT BBBsf   Affirmed BBBsf
E 14317EAA6 LT BB-sf   Affirmed BB-sf

TRANSACTION SUMMARY

Carlyle 2022-4 and Carlyle 2022-5 are broadly syndicated
collateralized loan obligations (CLOs) managed by Carlyle CLO
Management L.L.C. Both transactions closed in September of 2022,
with Carlyle 2022-5 exiting its reinvestment period in October of
2026 and Carlyle 2022-4 exiting its reinvestment period in July of
2027. Both CLOs are secured primarily by first-lien, senior secured
leveraged loans.

KEY RATING DRIVERS

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

The affirmations are due to the portfolios' stable performance
since closing. The credit quality of both portfolios as of July
2023 reporting is at the 'B'/'B-' rating level compared with the
'B'/'B-' rating level for both portfolios at closing. The Fitch
weighted average rating factors (WARF) for Carlyle 2022-4 and
Carlyle 2022-5 portfolios were 25.2 on average, compared with an
average of 24.7 at closing.

The portfolio for Carlyle 2022-4 consists of 311 obligors, and the
largest 10 obligors represent 7.6% of the portfolio. Carlyle 2022-5
has 305 obligors, with the largest 10 obligors comprising 7.1% of
the portfolio. There are no defaults in either portfolio. Exposure
to issuers with a Negative Outlook and Fitch's watchlist are 16.4%
and 4.7%, respectively, for Carlyle 2022-4, and 15.6% and 6.5%,
respectively, for Carlyle 2022-5.

On average, first lien loans, cash and eligible investments
comprise 97.4% of the portfolio and fixed-rate assets comprise 1.7%
of the portfolio. Fitch's weighted average recovery rate of the
portfolios was 74.4% on average, compared with an average 75.1% at
closing.

All coverage tests and concentration limitations are in compliance
for both transactions.

Cash Flow Analysis

Fitch conducted updated cash flow analyses based on newly run Fitch
Stressed Portfolio (FSP) since both transactions are still in their
reinvestment periods. The FSP analysis stressed the current
portfolios from the latest trustee reports to account for
permissible concentration and CQT limits. The FSP analysis assumed
weighted average lives of 7.00 years and 7.17 years for Carlyle
2022-4 and Carlyle 2022-5, respectively. Fixed rate assets were
also assumed at 5.0% for both Carlyle 2022-4 and Carlyle 2022-5.
The weighted average spread (WAS), WARR and WARF were stressed to
the current Fitch test matrix points for both Carlyle 2022-4 and
Carlyle 2022-5.

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

RATING SENSITIVITIES

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

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

A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to downgrades of up to three
rating notches for Carlyle 2022-4 and Carlyle 2022-5, based on
MIRs.

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

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

A 25% reduction of the mean default rate across all ratings, along
with a 25% increase of the recovery rate at all rating levels for
the current portfolio, would lead to upgrades of up to five rating
notches for Carlyle 2022-4 and Carlyle 2022-5, based on the MIRs,
except for the 'AAAsf' rated debt, which are at the highest level
on Fitch's scale and cannot be upgraded.

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.

DATA ADEQUACY

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

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

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



CARVANA AUTO 2023-N2: BRS Finalizes BB(high) Rating on E Notes
--------------------------------------------------------------
DBRS, Inc. assigned final ratings to the following classes of notes
issued by Carvana Auto Receivables Trust 2023-N2 (the Issuer or
CRVNA 2023-N2)

-- $69,700,000 Class A-1 Notes at AAA (sf)
-- $23,292,000 Class A-2 Notes at AAA (sf)
-- $24,019,000 Class B Notes at AA (sf)
-- $26,556,000 Class C Notes at A (sf)
-- $6,433,000 Class D Notes at BBB (high) (sf)
-- $18,220,000 Class E Notes at BB (high) (sf)

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

-- As of the Cut-Off Date, the collateral pool for the transaction
is primarily composed of receivables due from non-prime obligors
with a nonzero weighted-average (WA) FICO score of 573, a WA
Carvana Deal Score of 24, a WA annual percentage rate of 21.93%,
and a WA loan-to-value ratio of 101.42%.

-- The DBRS Morningstar CNL assumption is 15.25% based on the pool
composition.

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

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

-- Principal on the Notes will initially be paid sequentially to
reach or maintain each Class's Target Balance. Once a Class's
Target Balance is reached, principal will be allocated in seniority
to reach or maintain each Classes' Target Balances. Principal may
be paid to subordinated Classes prior to senior Classes being fully
paid to the extent that the Senior Classes' Target Balances are
maintained.

(3) The consistent operational history of Carvana (CRVNA or the
Company) and the strength of the overall Company and its management
team.

-- The Carvana senior management team has considerable experience
and a successful track record within the auto finance industry.

-- Carvana's financial condition as reported in its annual report
on Form 10-K filed as of February 23, 2023.

(4) The capabilities of Carvana with regard to originations,
underwriting, and Bridgecrest's capabilities as servicer.

-- DBRS Morningstar performed an operational review of Carvana and
considers the Company to be an acceptable originator and performed
an operational review of Bridegcrest as servicer and considers them
to be an acceptable servicer of subprime automobile loan contracts
with an acceptable backup servicer.

(5) DBRS Morningstar exclusively used the static pool approach
because Carvana has enough data to generate a sufficient amount of
static pool projected losses.

(6) The Company indicated that there is no material pending or
threatened litigation.

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

Carvana is an independent full-service automotive financing company
that provides (1) financing to borrowers who do not typically have
access to prime credit-lending terms for the purchase of late-model
vehicles and (2) refinancing of existing automotive financing.

The rating on the Class A Notes reflects 49.95% of initial hard
credit enhancement provided by the subordinated notes in the pool
(41.50%), the reserve account (1.25%), and OC (7.20%). The ratings
on the Class B, C, D, and E Notes reflect 36.70%, 22.05%, 18.50%,
and 8.45% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities listed below
addresses the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

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.


COMM 2013-CCRE8: Moody's Upgrades Rating on Cl. X-C Certs to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on six classes
in COMM 2013-CCRE8 Mortgage Trust, Commercial Pass-Through
Certificates, Series 2013-CCRE8 as follows:

Cl. B, Upgraded to Aaa (sf); previously on Feb 10, 2022 Upgraded to
Aa1 (sf)

Cl. C, Upgraded to Aaa (sf); previously on Feb 10, 2022 Upgraded to
A1 (sf)

Cl. D, Upgraded to Aaa (sf); previously on Feb 10, 2022 Confirmed
at Baa3 (sf)

Cl. E, Upgraded to A1 (sf); previously on Feb 10, 2022 Confirmed at
Ba2 (sf)

Cl. F, Upgraded to Ba1 (sf); previously on Nov 25, 2019 Affirmed B2
(sf)

Cl. X-C*, Upgraded to B2 (sf); previously on Feb 10, 2022 Confirmed
at B3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes, Cl. B, Cl. C, Cl. D and  Cl. E,
were upgraded primarily due to significant increase in credit
support since Moody's last review from loan payoffs and the
improvement in the pool's Moody's loan-to-value (LTV) ratio. The
pool has paid down by 82% since securitization and the largest
remaining loan in the pool, the 375 Park Loan, is secured by the
pari passu interest in the senior most portion of the whole
mortgage loan and now represents 80% of the remaining pool balance.
The loan's initial maturity date of May 2023 was recently extended
to May 2024 with an additional one-year extension option and the
property occupancy has returned to pre-pandemic levels.  The senior
portion of the loan included in the trust has a structured credit
assessment of aaa (sca.pd). The rating of A1 (sf) on Cl. E reflects
the risk of interest shortfalls due to possible extraordinary
non-recoverable trust expenses; however, the aggregate balances of
Classes E, F and G serve as an effective mitigant to this risk for
the more senior certificates upgraded to Aaa (sf).

The rating on Cl.  F was upgraded due to the credit support and
Moody's loan-to-value (LTV) ratio in connection with the exposure
to specially serviced loans that have passed their original
maturity dates. The remaining three loans (an aggregate 20% of the
pool) are secured by a mix of property types and transferred to
special servicing after being unable to payoff at their scheduled
maturity dates. As of the July 2023 remittance report the loans
were at least one month delinquent and were all classified as
"non-performing maturity."  If the performance of these loans were
to deteriorate and remain delinquent, Cl. F may be at elevated risk
of interest shortfalls.

The ratings on the Interest Only (IO) Class, Cl. X-C was upgraded
due to improvement in credit quality of its reference classes.

Moody's rating action reflects a base expected loss of 5.2% of the
current pooled balance, compared to 2.4% at Moody's last review.
Moody's base expected loss plus realized losses is now 1.3% of the
original pooled balance, compared to 1.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the July 10, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 82% to $252.6
million from $1.4 billion at securitization. The certificates are
collateralized by four mortgage loans and the largest loan,
constituting 80% of the pool, has an investment-grade structured
credit assessment. As of the July 2023 remittance report, three
loans representing 20% of the pool were classified as
"non-performing maturity," and the remaining loan recently received
a loan extension.

Two loans have been liquidated from the pool, resulting in an
aggregate realized loss of $4.9 million (for an average loss
severity of 38%).

The largest remaining loan is the 375 Park Avenue ($201.5 million
-- 80% of the pool), which represents a pari passu portion in a
$403 million A-note, a $364.8 million B-note and a $217.3 million
Mezzanine loan. The loan is backed by an 831,000 square foot (SF),
38-story, class-A office tower in Midtown Manhattan also known as
the "Seagram Building." Prior to the pandemic, performance at the
property had been stable with a tenant roster of blue chip
financial and legal firms. Between 2020 and 2021, occupancy fell
from 94% to 67%, and 2021 NOI was less than half of the
underwritten NOI. However, by March 2023, the property was back to
92% leased, including securing Blue Owl Holdings as the new anchor
tenant, occupying 15% of the net rentable area (NRA) through 2038.
The annualized 2023 NOI is still well below underwritten levels but
is expected to increase as rent abatements for newly signed tenants
burn off. The loan transferred to the special servicer in May 2023
for maturity default and a loan extension was subsequentially
executed to include a one-year extension to May 2024, with an
option to extend for an additional year. The borrower was required
to make a paydown of $15 million to the A-note and is also required
to pay an additional $40 million in principal over the extension
term. Moody's structured credit assessment is aaa (sca.pd).

The second largest remaining loan is the El Paseo South Gate ($38.2
million -- 15% of the pool), which is secured by a 299,000 SF
retail center in South Gate, CA, south of Los Angeles. The center
is anchored by an Edwards Movie Theatre (36% of NRA; lease
expiration in 2036) and a Curacao department store (36% of NRA;
leased expiration in April 2024). The property faces significant
near term lease rollover based on the second largest tenant,
however, servicer commentary indicates they are expected to renew
based on the tenant's recent investment to remodel their space.

Other tenants include banks, a gym and restaurants. For the 12
months ending March 2023, the property was 100% leased with the NOI
above levels at securitization. The loan transferred to the special
servicer in May 2023 upon maturity default, and a forbearance
agreement is being negotiated. Moody's LTV and stressed DSCR are
123% and 0.93X, respectively.

The third largest loan is the 11000 Equity Drive ($9.7 million --
4% of the pool), which is secured by a 64,000 SF office property
located in the West Belt submarket of Houston, TX. The property had
previous occupancy issues but executed a lease with a single tenant
for 100% of the property in 2019. The property's revenue did not
cover its expenses in 2019 and 2020, as rent did not commence until
2021, but the property's revenue recovered by 2022. The current
tenant leases 100% of the property with a lease expiration in 2031.
The loan transferred to special servicing in June 2023 as the
borrower did not pay off the loan at its original maturity date.
Moody's value includes a lit/dark analysis and Moody's LTV was and
stressed DSCR are 151% and 0.83X, respectively.

The remaining loan is secured by a limited service hotel located in
San Dimas, CA, which is 25 miles East of Los Angeles. The loan was
unable to pay off at its June 2023 maturity and the borrower was
given a 60 day forbearance on the loan.  The property's 2021 and
2022 NOI were above levels at securitization.


COMM 2016-COR1: Fitch Lowers Rating on 2 Tranches to 'BB-sf'
------------------------------------------------------------
Fitch Ratings has downgraded seven classes and affirmed seven
classes of COMM 2016-COR1 Mortgage Trust. A Negative Outlook was
assigned to classes C, D and X-C following their downgrades. In
addition, the Rating Outlooks for class B and X-B were revised to
Negative from Stable. The criteria observation (UCO) has been
resolved.

ENTITY/DEBT    RATING    PRIOR  
----------              ------                  -----
COMM 2016-COR1

A-3 12594MBB3 LT    AAAsf    Affirmed  AAAsf
A-4 12594MBC1 LT    AAAsf    Affirmed  AAAsf
A-M 12594MBG2 LT    AAAsf    Affirmed  AAAsf
A-SB 12594MBA5 LT    AAAsf    Affirmed  AAAsf
B 12594MBE7 LT    AA-sf    Affirmed  AA-sf
C 12594MBF4 LT    BBB+sf   Downgrade A-sf
D 12594MAL2 LT    BB-sf    Downgrade BBB-sf
E 12594MAN8 LT    CCCsf    Downgrade BB-sf
F 12594MAQ1 LT    CCsf     Downgrade B-sf
X-A 12594MBD9 LT    AAAsf    Affirmed  AAAsf
X-B 12594MAA6 LT    AA-sf    Affirmed  AA-sf
X-C 12594MAC2 LT    BB-sf    Downgrade BBB-sf
X-E 12594MAE8 LT    CCCsf    Downgrade BB-sf
X-F 12594MAG3 LT    CCsf     Downgrade B-sf

KEY RATING DRIVERS

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

Increase in Loss Expectations: The downgrades reflect Fitch's
higher overall pool loss expectations. Fitch's current ratings
incorporate a 'Bsf' rating case loss of 7.0%.

The Negative Outlooks are due to the pool's elevated level of
FLOCs, including exposure to underperforming office and retail
properties facing declining occupancy, rollover and/or high
submarket vacancy rates, along with concerns with tertiary market
outlet mall loans. Eleven loans are considered Fitch Loans of
Concern (FLOCs; 26.3% of pool), including three specially serviced
loans (10.5%).

The Negative Outlooks also include the potential for higher than
expected losses on the Westfield San Francisco Centre (3% of the
pool) loan. In affirming the senior classes, Fitch also considered
higher stressed losses on the Westfield San Francisco Centre of
50%.

The largest contributor to overall loss expectations is the
specially serviced Mt Diablo Terrace loan (2.6% of the pool), which
is secured by a suburban office property located in Lafayette, CA,
east of Oakland, CA. Occupancy has steadily declined and has fallen
to 53% as of March 2023 from 71% at YE 2020, 88% at YE 2019 and
100% at YE 2018. The decline in occupancy since 2020 is primarily
due to three larger tenants vacating at their lease expirations in
February 2020, February 2022 and January 2022, respectively.

The property's NOI has deteriorated due to the occupancy decline
with additional lease expirations in 2023. The property's submarket
(as defined by CoStar as of July 2023) had an average vacancy rate
of 27.5%. Fitch's 'Bsf' ratings case loss (prior to concentration
add-ons) of 72% reflects a 10% cap rate and 5% stress to the
interim 2023 NOI.

The second largest contributor loss expectations is the specially
serviced Westfield San Francisco Centre (3.0%), a 1,445,449-sf
super regional mall located in San Francisco's Union Square
neighborhood. The loan is currently due for the June 2023 payment,
following the recent transfer to the special servicer, and
announcement that the non-collateral Nordstrom would be closing. A
resolution has not been agreed to and Fitch considers a high
likelihood of a Deed in Lieu of Foreclosure (DIL) to be coming in
the near future, given various media reports.

Occupancy at the subject has declined to 46.1% as of March 2023,
down from 73.9% at YE 2021. This decline is primarily driven by
office tenants vacating at their respective lease expirations; the
most recent departure being San Francisco State University
(previously 15.8% of NRA and 52.0% of the office segment) following
their lease expiration in January 2022. The office segment is
currently 94.6% vacant, compared with 41.4% vacant in September
2021. Upcoming rollover is as follows: 2023: 20 tenants (16.9% NRA
excluding the non-collateral Nordstrom; 30.9% if included); 2024:
33 tenants (12.1% NRA); 2025: nine tenants (2.8% NRA).

Tenant sales remain a key focus following the occupancy declines.
Sales were $850 psf for inline tenants less than 10,000 sf, $164
psf for inline tenant's larger than 10,000 sf, and total property
sales were $276 psf. All of which are up from YE 2021, but remain
below the $1,048 psf, $278 psf, and $423 psf figures from YE 2019.
Inline sales have recovered to 61.8% of YE 2019.

Collateral performance has continued its downward trend, posting a
YTD March 2023 NOI debt service coverage ratio (DSCR) of 1.00x
compared with 1.15x at YE 2022, 1.14x at YE 2021, 1.77x at YE 2020,
and 2.32x at YE 2019. The YE 2022 NOI reflects a 50.7% decline from
YE 2019, and a 61.1% decline from underwritten expectations. At
issuance, this loan was assigned a credit opinion of 'Asf';
however, given declining occupancy and NOI, Fitch no longer
considers it as such. Fitch's analysis includes an 10% cap rate to
the YE 2022 NOI resulting in a 37% expected loss.

The third largest contributor to loss is the Hagerstown Premium
Outlets loan (1.9%, FLOC), which is sponsored by Simon Property
Group and secured by a 484,994 square foot, open-air outlet mall,
located in the tertiary market of Hagerstown, MD. Occupancy had
fallen to 44% at YE 2022 from 51% at YE 2020 and an underwritten
occupancy of 90%. Tim's Furniture Mart, a MD-based retailer,
recently opened in the vacant 67,320-sf space formerly occupied by
another furniture retailer. Occupancy is expected to remain well
below the issuance level.

Fitch requested a leasing update, sales and a recent rent roll and
it has not been received. Fitch's analysis reflects an 18% cap rate
to the YE 2022 NOI resulting in a 'Bsf' ratings case loss (prior to
concentration add-ons) of 38%.

Additional Specially Serviced Loans: The sixth largest loan,
Prudential Plaza (4.8%), recently transferred to special servicing
in June 2023 due to the borrowers' maturity extension request
beyond the current August 2025 loan maturity. It is secured by a
two-building office complex spanning a total of 2,243,970 sf
located in Chicago, IL. The loan has remained current as of the
June 2023 remittance. The YE 2022 occupancy and NOI DSCR were
reported at 82.5% and 1.68x, respectively. Fitch's 'Bsf' rating
case loss of 2.5% (prior to concentration add-ons) reflects a 10%
cap rate and a 10% stress to the YE 2022 NOI.

Credit Enhancement: As of the July 2023 distribution date, the
pool's aggregate principal balance has paid down by 13.3% to $772.5
million from $890.7 million at issuance. Four loans (8.2%) have
been fully defeased. Twelve loans (52.9% of pool) are full-term
interest-only (IO). Two loans (5.7%) are scheduled to mature in
mid-2025, including the specially serviced Prudential Plaza loan.
Loan maturities are concentrated in 2026 (89.1%).

Pool Concentrations: Based on property type, the largest
concentrations are office at 36.3% of the pool and retail at 29.2%.
The top 10 loans represent 59.9% of the remaining balance.

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

-- Downgrades to the 'BB-sf', 'CCCsf' and 'CCsf' 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 'AA-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' and 'BB-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 ' CCCsf' and 'CCsf' 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.

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.

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.
For more information on Fitch's ESG Relevance Scores,


CPS AUTO 2023-C: BRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the classes of
notes to be issued by CPS Auto Receivables Trust 2023-C (the
Issuer) as follows:

Class A Notes   AAA (sf)   Provis.-Final
Class B Notes   AA (sf}    Provis.-Final
Class C Notes   A (sf)     Provis.-Final
Class D Notes   BBB (sf)   Provis.-Final
Class E Notes   BB (sf)    Provis.-Final

CREDIT RATING RATIONALE/DESCRIPTION

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

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

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

-- The DBRS Morningstar CNL assumption is 15.85% based on the
expected pool composition.

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

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

(3) The consistent operational history of Consumer Portfolio
Services, Inc. (CPS or the Company) and the strength of the overall
Company and its management team.

-- The CPS senior management team has considerable experience and
a successful track record within the auto finance industry.

(4) The capabilities of CPS with regard to originations,
underwriting, and servicing.

-- DBRS Morningstar performed an operational review of CPS and
considers the Company to be an acceptable originator and servicer
of subprime automobile loan contracts with an acceptable backup
servicer.

(5) DBRS Morningstar exclusively used the static pool approach
because CPS has enough data to generate a sufficient amount of
static pool projected losses.

-- DBRS Morningstar was conservative in the loss forecast analysis
that it performed on the static pool data.

(6) The Company indicated that there is no material pending or
threatened litigation.

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

CPS is an independent full-service automotive financing and
servicing company that provides (1) financing to borrowers who do
not typically have access to prime credit-lending terms for the
purchase of late-model vehicles and (2) refinancing of existing
automotive financing.

The rating on the Class A Notes reflects 58.15% of initial hard
credit enhancement provided by the subordinated notes in the pool
(50.45%), the reserve account (1.00%), and OC (6.70%). The ratings
on the Class B, C, D, and E Notes reflect 45.30%, 28.95%, 17.70%,
and 7.70% of initial hard credit enhancement, respectively.
Additional credit support may be provided from excess spread
available in the structure.

DBRS Morningstar's credit rating on the securities listed below
addresses the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

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.


DBUBS 2017-BRBK: S&P Affirms B- (sf) Rating on Class HRR Certs
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on eight classes of
commercial mortgage pass-through certificates from DBUBS 2017-BRBK
Mortgage Trust, a U.S. CMBS transaction.

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a portion of a fixed-rate mortgage whole loan secured by a
first-mortgage lien on the borrowers' fee simple interests in the
Burbank Media Portfolio, which comprises four office properties
totaling approximately 2.1 million sq. ft. in Burbank, Calif.

Rating Actions

S&P affirmed its ratings on the class A, B, C, D, E, F, and HRR
certificates. The affirmations reflect its expected-case value,
which is unchanged since our last review in September 2020. While
recent updates from the borrower seem to indicate that certain
tenants, including Warner Bros. Discovery, Inc. (Warner Bros.; 7.9%
of net rentable area [NRA]), are in various stages of exiting The
Pointe and Central Park properties, our re-evaluation of the
property portfolio supports the sustainability of our existing S&P
Global Ratings net cash flow (NCF) and expected-case value, at this
time. The Warner Bros. exit is likely a unique situation reflecting
the recent completion of their new headquarters, the
800,000-sq.-ft. Second Century at Burbank Studios (as discussed in
our last review press release). Furthermore, the property
portfolio's proximity to major television and movie studios
including Disney/ABC Signature, Warner Bros., Comcast/NBCUniversal,
and the independent Burbank Studios, should ensure a steady stream
of demand from the entertainment-based entities that form its
tenant base. This belief is reinforced by related tenants, ABC
Cable Networks Group (ABC; 20.1% of NRA) and The Walt Disney Co.
(8.2% of NRA), which recently extended their leases through March
2031 and May 2026, respectively. Also, a recent leasing activity
report provided by the servicer indicates that there's marketing,
touring, and new-lease negotiation activity across the property
portfolio. In addition, while the submarket's vacancy rate has
increased to 11.6% from 6.1% as of our September 2020 review, its
metrics still compare favorably to those of other nearby
submarkets, including Downtown Los Angeles, which has an 18.6%
vacancy rate.

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

S&P said, "Since our last review in September 2020, the servicer
reported that portfolio occupancy declined slightly to 91.5% in
2022, down from 94.0% in 2020, due mainly to various tenant lease
expirations at The Pointe and Central Park properties. The borrower
has indicated that re-leasing efforts are underway, and interest
has been shown in the vacant spaces. According to the Aug. 1, 2023,
rent roll, the property portfolio was 90.5% occupied; however, we
expect the occupancy rate to decline to 88.4% following the
September 2023 lease expiration of 2.1% of NRA currently leased to
Warner Bros. (Warner Bros. has subleased, already vacated, or
intends to vacate, various portions of this space). This 11.6%
expected vacancy rate equals that of the submarket, and is lower
than our 12.8% assumed vacancy rate from last review and the 15.0%
assumed vacancy rate used in our current re-evaluation of the
property portfolio.

"While our property-level analysis considered the weakened office
submarket fundamentals driven by the prevailing hybrid work
environment, we believe the property portfolio's location, in
proximity to its primary demand drivers, including various major
television and movie studios, positions it for relatively stable
long-term performance. That said, in recognition of the weakening
office fundamentals, in our current re-evaluation of the property
portfolio, we used a 15.0% vacancy rate, up from 12.8% at last
review, primarily reflecting increased vacancy at the Central Park
property (the Central Park property accounts for 12.5% of portfolio
NRA, and is currently 61.4% occupied). We also assumed a $51.12 per
sq. ft. gross rent, up from $48.85 per sq. ft. at last review. The
net increase in the rent assumption primarily reflects rent steps
incurred, counterbalanced by our marking down of 15.2% of the NRA
to $43.78 per sq. ft. (submarket gross) from $59.82 per sq. ft.
in-place gross. The markdown pertains to the tenants, Warner Bros.,
Turner Broadcasting System Inc. (TBS), Fremantle Media of North
America (Fremantle), and Public Media Group of Southern California
(PMG), all of which exhibit various levels of dark tenancy and
subleasing. Finally, our re-evaluation reflects a 38.1% operating
expense ratio (in-line with last review). The re-evaluated NCF
supports the sustainability of our existing S&P Global Ratings NCF
of $52.2 million. Using our existing S&P Global Ratings portfolio
capitalization rate of 7.43% (unchanged from last review), and
deducting a net $6.9 million for assumed reserve shortfalls and
present value of investment-grade-rated tenant rent steps, we
arrive at a portfolio value that supports the sustainability of our
existing S&P Global Ratings expected-case value of $694.3 million
($331 per sq. ft.). As such, our S&P Global Ratings loan metrics
remain unchanged from last review, yielding a 2.20x debt service
coverage (DSC) and 95.1% loan-to-value ratio.

"While the servicer-reported DSC is 2.48x as of year-end 2022 and
2.76x as of year-end 2021, we note that the existing mortgage
interest rate of 3.54% is well-below prevailing rates for office
properties. We will continue to monitor interest rates in tandem
with the property portfolio's cash flows and value, as DSC
considerations may constrain the size of a refinance mortgage at
the loan maturity in October 2024. We will also continue to monitor
the upcoming lease roll (including the May 2024 lease expiration of
significant tenant, Kaiser Foundation Health Plan [9.3% of NRA]),
the ongoing re-leasing efforts, and the impact of the entertainment
writers' strike, and will revisit our analysis and/or take rating
action as we determine necessary."

Property-Level Analysis

The Burbank Media Portfolio, which comprises four distinct office
properties (Media Studios, The Pointe, 3800 Alameda, and Central
Park) in Burbank, Calif., totaling approximately 2.1 million sq.
ft. is the collateral for this loan. Most of the properties are
within close proximity to their primary demand drivers, which are
three major television and movie studios: Disney/ABC Signature,
Warner Bros., Comcast/NBCUniversal, and the independent Burbank
Studios.

The sponsorship team is comprised of Blackstone Real Estate Group
(80.0% interest in each property in the portfolio) and Worthe Real
Estate Group (20.0% interest in each property in the portfolio).
Worthe Real Estate Group is also the sponsor behind the
800,000-sq.-ft. Second Century at Burbank Studios, which will serve
as Warner Bros.' headquarters.

From 2019 to 2022, the property portfolio reported occupancy at or
above approximately 90.0%. As of the Aug. 1, 2023, rent roll, the
portfolio was 90.5% occupied; however, S&P expects the occupancy
rate to decline to 88.4% following the September 2023 lease
expiration of 2.1% of NRA currently leased to Warner Bros.

Based on the Aug. 1, 2023, rent roll, and reflecting vacancy and
rent adjustments made by S&P Global Ratings, the five largest
tenants (by aggregate gross rent, as calculated by S&P Global
Ratings) are:

-- ABC (owned by The Walt Disney Co.) (24.8% of aggregate gross
rent, as calculated by S&P Global Ratings; 20.1% of NRA; March 2031
lease expiration);

-- Kaiser Foundation Health Plan (10.1%; 9.3%; May 2024);

-- The Walt Disney Co. (9.7%; 8.2%; May 2026);

-- Legend Pictures (7.0%; 5.0%; October 2024 and March 2025); and

-- Warner Bros. (5.5%; 5.8%; December 2024, November 2025, and
December 2025).

While the property faces concentrated tenant rollover in each year
from 2024 through 2027 (17.7%; 13.1%; 16.7%; and 10.9% of NRA,
respectively), this risk is somewhat mitigated by the fact that
each year's rollover is at least dispersed across multiple
tenants.

S&P's communication with the servicer revealed the following
subleasing and dark tenant activity:

-- Warner Bros. (7.9% of NRA; $58.87 per sq. ft. in-place gross
rent [non-S&PGR-adjusted]; various lease expiration dates
[September 2023, December 2024, November 2025, and December
2025])-–Warner Bros. has subleased 5.4% of NRA, vacated 0.7% of
NRA, and will vacate 0.9% of NRA;

-- Fremantle (3.4%; $60.34 per sq. ft; October 2026)-–Fremantle
has subleased 1.0% of NRA;

-- TBS (3.0%; $54.26 per sq. ft; February 2024)-–TBS has vacated
1.5% of NRA; and

-- PMG (2.8%; $64.63 per sq. ft; June 2031)-–PMG has subleased
1.8% of NRA.

S&P said, "Within our analysis, we assumed that the Warner Bros.
space expiring in September 2023 will become vacant, and we marked
all other space held by the above tenants to $43.78 per sq. ft.
gross (submarket level). It is our understanding that none of the
above tenants have lease termination/contraction options, which,
absent any lease modifications, should ensure a steady stream of
rental revenue through lease expiration as replacement tenancy is
sought."

According to CoStar, the Burbank office submarket that houses the
property portfolio is arguably the epicenter of the entertainment
industry in the greater Los Angeles area. Disney and Warner Bros.
have their headquarters in Burbank, and ABC, Nickelodeon, Netflix,
and other household names in the industry also have significant
footprints. Burbank office space can be highly specialized because
these tenants often require studio and post-production space. For
year-to-date 2023, the submarket had a 11.6% vacancy rate, 13.0%
availability rate, and $43.78 per sq. ft. gross rental rate.

Transaction Summary

The IO mortgage loan has a current trust balance of $530.0 million
and a current whole loan balance of $660.0 million (as of the July
2023 remittance report), unchanged from S&P's last review. The
whole loan pays an annual fixed interest rate of 3.54%, and matures
on Oct. 6, 2024. The loan has a reported current payment status
through its July 2023 payment date. To date, the trust has not
incurred any principal losses.

  Ratings Affirmed

  DBUBS 2017-BRBK Mortgage Trust

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



ELMWOOD CLO 18: S&P Assigns 'B-' Rating on Class F Notes
--------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-R, C-R, E-R,
and F-R replacement notes from Elmwood CLO 18 Ltd./Elmwood CLO 18
LLC a CLO originally issued in 2022 that is managed by Elmwood
Asset Management LLC. At the same time, S&P withdrew its ratings on
the original class A, C, E, and F notes following payment in full
on the Aug. 9, 2023, refinancing date. S&P also affirmed its
ratings on the class B and D notes, which were not refinanced.

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

-- The replacement class A-R, C-R, E-R, and F-R notes are being
issued at a lower spread over three-month CME term secured
overnight financing rate (SOFR) than the original notes

-- Of the identified underlying collateral obligations, 100% have
credit ratings (which may include confidential ratings, private
ratings, and credit estimates) assigned by S&P Global Ratings.

-- The reinvestment period and stated maturity period are
unchanged.

Replacement And Original Note Issuances

Replacement notes

-- Class A-R, $307.5000 million: Three-month CME term SOFR +
1.65%

-- Class C-R, $29.2500 million: Three-month CME term SOFR + 2.75%

-- Class E-R, $17.0625 million: Three-month CME term SOFR + 6.90%

-- Class F-R, $5.4375 million: Three-month CME term SOFR + 7.75%

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.

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

  Ratings Assigned

  Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC

  Class A-R, $307.5000 million: AAA (sf)
  Class C-R (deferrable), $29.2500 million: A (sf)
  Class E-R (deferrable), $17.0625 million: BB-
  Class F-R (deferrable), $5.4375 million: B-

  Ratings Affirmed

  Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC

  Class B: AA (sf)
  Class D (deferrable): BBB- (sf)

  Ratings Withdrawn

  Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC

  Class A to NR from AAA (sf)
  Class C (deferrable) to NR from A (sf)
  Class E (deferrable) to NR from BB-(sf)
  Class F (deferrable) to NR from B- (sf)

  NR--Not rated.



EMPOWER CLO 2023-2: S&P Assigns Prelim BB- (sf) Rating Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Empower CLO
2023-2 Ltd./Empower CLO 2023-2 LLC's floating-rate debt.

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

The preliminary ratings are based on information as of Aug. 3,
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 debt through portfolio
identification and ongoing management; and

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

  Preliminary Ratings Assigned

  Empower CLO 2023-2 Ltd./Empower CLO 2023-2 LLC

  Class A-1, $250.00 million: AAA (sf)
  Class A-1 loans, $50.00 million: AAA (sf)
  Class A-2, $22.50 million: AAA (sf)
  Class B, $57.50 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $27.50 million: BBB- (sf)  
  Class E (deferrable), $17.50 million: BB- (sf)
  Subordinate notes, $49.30 million: Not rated



GS MORTGAGE 2014-GC26: Moody's Lowers Rating on Cl. C Certs to Ba1
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on five classes
and downgraded the ratings on four classes in GS Mortgage
Securities Trust 2014-GC26, Commercial Mortgage Pass-Through
Certificates, Series 2014-GC26 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Jan 26, 2021 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Jan 26, 2021 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Jan 26, 2021 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aa1 (sf); previously on Jan 26, 2021 Affirmed Aa1
(sf)

Cl. B, Downgraded to A2 (sf); previously on Jan 26, 2021 Affirmed
Aa3 (sf)

Cl. C, Downgraded to Ba1 (sf); previously on Jan 26, 2021
Downgraded to Baa1 (sf)

Cl. PEZ, Downgraded to Baa1 (sf); previously on Jan 26, 2021
Affirmed A1 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Jan 26, 2021 Affirmed
Aa1 (sf)

Cl. X-B*, Downgraded to A2 (sf); previously on Jan 26, 2021
Affirmed Aa3 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes were affirmed due to their
significant credit support and because the transaction's key
metrics, including Moody's loan-to-value (LTV) ratio, Moody's
stressed debt service coverage ratio (DSCR) and the transaction's
Herfindahl Index (Herf), are within acceptable ranges. These
classes will also benefit from principal paydowns and amortization
as the remaining loans approach their maturity dates and defeased
loans now represent 23% of the pool.

The ratings on two P&I classes, Cl. B and Cl. C, were downgraded
due to higher expected losses from the exposure to specially
serviced loans and troubled loan, loans with high Moody's LTV as
well as increased risks of refinance challenges for certain poorly
performing loans with upcoming maturity dates. Three loans,
representing 11.3% of the pool are in special servicing and the
largest specially serviced loan is secured by a troubled regional
mall that has recognized an appraisal reduction amount (ARA) of
$47.6 million (57% of its outstanding balance). Additionally,
Moody's has identified one troubled loan (8% of the pool) secured
by an office property with significant tenant concentration risk
and two additional office loans (representing an aggregate 11% of
the pool) had a Moody's LTV above 140%. There are outstanding
interest shortfalls totaling $4.9 million affecting up to Cl. D as
of the July 2023 payment date. All the remaining loans mature by
December 2024 and if certain loans are unable to pay off at their
maturity date, the outstanding classes may face increased interest
shortfalls.

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

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

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

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

Moody's rating action reflects a base expected loss of 15.3% of the
current pooled balance, compared to 11.8% at Moody's last review.
Moody's base expected loss plus realized losses is now 12.1% of the
original pooled balance, compared to 10.5% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the July 12, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 29% to $895 million
from $1.26 billion at securitization. The certificates are
collateralized by 73 mortgage loans ranging in size from less than
1% to 9% of the pool, with the top ten loans (excluding defeasance)
constituting 48% of the pool. Twenty-two loans, constituting 23% of
the pool, have defeased and are secured by US government
securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 17, compared to 27 at Moody's last review.

Ten loans, constituting 15% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Four loans have been liquidated from the pool, resulting in an
aggregate realized loss of $15.0 million (for an average loss
severity of 31%). Three loans, constituting 11% of the pool, are
currently in special servicing.

The largest specially serviced loan is the is the Queen Ka'ahumanu
Center Loan ($83.1 million – 9.3% of the pool), which is secured
by the borrowers' fee simple interest in a 507,904 square foot (SF)
regional mall located on the island of Maui in Kahului, Hawaii. The
mall features an open-air design and is the only regional mall in
Maui. At securitization, the mall contained three non-collateral
anchor boxes, one occupied by Sears and two by Macy's and junior
anchors included a Foodland grocery store and a 6-screen Ka'ahumanu
theatre. However, Sears and Ka'ahumanu Theatre closed at this
location in November 2021 and July 2023, respectively.  The
property's net operating income (NOI) had been falling since
year-end 2016 due to declining rental revenue and increased
expenses. The loan transferred to special servicing in June 2020
after the property's cash flow was further impacted by the
coronavirus pandemic, and the asset became real estate owned (REO)
in June 2022. As of May 2023, the property was 76% leased compared
to 90% leased in December 2019. The loan was originally structured
with a five-year interest-only period that ended in October 2019
and has since amortized 6.1% from securitization. A July 2022
appraisal valued the property 63% below the securitization value
and 47% below the outstanding loan balance. As of the July 2023
remittance date the servicer has recognized an appraisal reduction
of 57% of the current loan balance and the loan was last paid
through its May 2022 payment date.

The second largest specially serviced loan is the Hilton Garden Inn
Cleveland Airport Loan ($12.3 million -- 1.4% of the pool), which
is secured by a 7-story, 168-key full-service hotel located in
Cleveland, Ohio approximately 1-mile North of Cleveland-Hopkins
International Airport and 10-miles SW of Cleveland CBD. The
property operates under a franchise agreement with Hilton expiring
in 2034. The loan benefits from amortization and has amortized
nearly 15% since securitization. The property had performed well
prior to 2020 with increasing revenue. However, the property's cash
flow was significantly impacted by the pandemic and the loan
transferred to special servicing in June 2020. The property's cash
flow remained well below securitization levels through 2022 and as
of the July 2023 remittance date the servicer has recognized an
appraisal reduction of 12% of the current loan balance. The loan
was last paid through its April 2021 payment date and the special
servicer is continuing to proceed with enforcement of remedies.

The third largest specially serviced loan is the Holiday Inn
Express & Suites Houston North Loan ($6.0 million – 0.7% of the
pool), which is secured by a three-story, two-building 109-key
Holiday Inn Express located in Houston, Texas. The loan transferred
to special servicing in July 2020 and became REO in July 2022.
Special servicer commentary indicates the property traded in the
June auction event and is currently under contract for sale.

Moody's has also assumed a high default probability for a poorly
performing loans, the 5599 San Felipe loan (8.4% of the pool) which
is discussed in detail further below. Moody's has estimated an
aggregate loss of $100.8 million (a 57% expected loss on average)
from these specially serviced and troubled loans.

As of the July 2023 remittance statement cumulative interest
shortfalls were $4.9 million, affecting up to Cl. D. Moody's
anticipates interest shortfalls will continue because of the
exposure to specially serviced loans and/or modified loans.
Interest shortfalls are caused by special servicing fees, including
workout and liquidation fees, appraisal entitlement reductions
(ASERs), loan modifications and extraordinary trust expenses.

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

Moody's received full year 2021 operating results for 89% of the
pool and full or partial year 2022 operating results for 88% of the
pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 112%, essentially unchanged from
Moody's last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 18.7% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.8%.

Moody's actual and stressed conduit DSCRs are 1.50X and 1.01X,
respectively, compared to 1.50X and 0.97X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The largest non-specially serviced loan is the 1201 North Market
Street Loan ($77.0 million – 8.6% of the pool), which is secured
by a 23-story, Class A office building containing 447,440 SF of net
rentable area(NRA), located in Wilmington, Delaware. Property
performance has declined since securitization due to both lower
rental revenue and higher expenses and the property's 2022 NOI was
24% lower than in 2015. The property was 73% leased as of December
2022, compared to 78% as of December 2020 and 79% as of December
2019. The loan has amortized 9.9% after an initial three-year
interest only period and the December 2022 actual NOI DSCR dropped
to 1.14X from 1.20X in December 2020 and 1.35X in December 2019.
The loan is scheduled to mature in November 2024 and the rent roll
shows an additional 12% of the NRA expiring by year-end 2024. Due
to the drop in performance since securitization and additional
upcoming lease rollover, the loan may face increased refinance
risk. Moody's LTV and stressed DSCR are 159% and 0.66X,
respectively, compared to 133% and 0.77X at the last review.

The second largest non-specially serviced loan is the 5599 San
Felipe Loan ($75.0 million – 8.4% of the pool), a 20-story, Class
A office building located in Houston, Texas. The property includes
an eight-level parking garage, an on-site deli and panoramic views
of downtown Houston and the Galleria district. The property's cash
flow declined in 2020 and 2021 NOI due to lower rental revenues.
While the NOI rebounded in 2022, it was still 11% lower than in
2019. As of March 2023, the property was 94% leased, compared to
99% as of December 2019. The largest tenant Schlumberger Ltd,
occupies 314, 078 SF (72% of the NRA) with a lease expiration in
July 2027, however, they have put at least 153,000 SF of their
space on the sublease market. The second largest tenant McCombs
Energy (10,297 SF -- 2% of NRA), also subleases their space at the
property. According to CBRE, as of Q2 2023, the Class A office
vacancy in Houston West Loop/Galleria submarket was 29.3% and the
average net asking rent was $20.88, compared to 10.1% and $22.56,
respectively, in 2014.  The loan matures in November 2024 and due
to significant tenant concentration, space available for sublease
and Houston market statistics the loan faces heighted refinance
risk and Moody's considers this a troubled loan.

The third largest loan is the Twin Cities Premium Outlets Loan
($65.0 million – 7.3% of the pool), which represents a pari passu
interest in a $115.0 million senior mortgage loan. The loan is
secured by a 409,207 SF open-air outlet shopping center located in
Eagan, Minnesota, approximately 10 miles south of downtown
Minneapolis and 5 miles south of Mall of America. The borrowing
entity is a joint venture between affiliates of Paragon Outlets (an
affiliate of The Lightstone Group) and Simon Property Group, L.P.
The property was constructed in 2014 and major tenants at the
property include Saks Off Fifth (6.8% of NRA), Nike (4.2%), Polo
(3.7%), Old Navy (3.0%), Under Armour (2.9%) and Gap (2.8%). As of
March 2023, the property was 85% leased compared to 86% in 2022,
84% in 2021, and 93% in 2019. The property's NOI has generally
declined since 2019 due to lower rental revenue, however, the
loan's interest only DSCR was 2.44X in 2021 and 2.53X in 2022. The
loan is interest only for its entire term, has remained current on
its debt service payments and matures in November 2024. Moody's LTV
and stressed DSCR are 108% and 1.00X, respectively, compared to
105% and 1.00X at the last review.


JP MORGAN 2018-ASH8: DBRS Confirms B(low) Rating on Class F Certs
-----------------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2018-ASH8
issued by J.P. Morgan Chase Commercial Mortgage Securities Trust
2018-ASH8:

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

All trends are Stable.

The rating confirmations reflect the continued stable performance
of the transaction, which remains in line with DBRS Morningstar's
expectations since the last review, when the trends on Classes E
and F were changed to Stable from Negative, based on the general
improvement in performance of the underlying collateral, which had
previously faced disruptions as a result of the Coronavirus Disease
(COVID-19) pandemic. Although cash flows continue to lag behind
pre-pandemic levels, the portfolio overall continues to demonstrate
improvements in key performance indicators, as evidenced by the
last few reporting periods. In addition, the transaction benefits
from a recent sizable principal repayment, as described in more
detail below. At issuance, the $395.0 million mortgage loan was
secured by the fee and leasehold interests in a portfolio of eight
full-service hotels totaling 1,964 keys across six states in the
United States, all of which are cross collateralized and cross
defaulted. To date, there have been no property releases. The
portfolio is largely concentrated in California (two hotels, 743
keys; 33.7% of the allocated loan amount (ALA)), Florida (two
hotels, 334 keys; 22.4% of the ALA), and Oregon (one hotel, 276
keys; 22.2% of the ALA), with the remaining collateral in Virginia,
Minnesota, and Maryland.

The subject financing, along with $112.4 million of equity from the
sponsor, retired $378.9 million of existing debt and established
upfront reserves. All but one of the hotels are affiliated with
Hilton Hotels & Resorts, IHG Hotels & Resorts, or Starwood Hotels
and Resorts Worldwide, Inc. There is one hotel that operates as an
independent entity. Flags within the portfolio include Embassy
Suites by Hilton, Crowne Plaza, Hilton, and Sheraton Hotels and
Resorts, allowing the hotels to benefit from strong brand
recognition as well as brand-wide reservation systems, marketing,
and loyalty programs. The franchise agreements of Embassy Suites by
Hilton Santa Clara Silicon Valley, Embassy Suites by Hilton Crystal
City National Airport, and Embassy Suites by Hilton Orlando Airport
expired in February 2023. As of the most recent update provided by
the servicer, these hotels continue to be owned and operated by
Hilton, they are not required to have franchise agreements, and do
not pay a franchise fee in addition to the management fee. All
other franchise agreements have been extended beyond the fully
extended loan maturity date. The transaction benefits from a
strong, experienced sponsor, Ashford Hospitality Trust, a leading
hotel and asset management firm and a publicly traded real estate
investment trust that focuses on upscale, full-service hotels in
the top 25 metropolitan statistical areas.

The interest-only (IO), floating-rate loan had an initial two-year
term with five one-year extension options. The borrowers are
obligated to provide a replacement interest rate cap agreement for
any extension period with a strike price when added to the spread
or alternate spread of the mortgage loan that would result in a
debt service coverage ratio (DSCR) of not less than 1.25 times (x).
The servicer confirmed that the borrower executed an interest rate
cap agreement with an effective date of February 15, 2023, and has
successfully exercised the fourth extension option, pushing the
loan maturity date to February 15, 2024. According to the June 2023
remittance, the outstanding trust balance has been reduced to
$325.0 million because of the $50 million principal repayment,
primarily related to meeting the minimum debt yield requirement of
10.25% associated with the fourth extension option.

The loan was previously in special servicing in April 2020 with a
modification approved in January 2021, resulting from a request for
relief that was related to the coronavirus pandemic. The loan
modification included the suspension of furniture, fixtures, and
equipment monthly deposits between April 2020 and December 2020 and
reduced future debt yield extension tests. The servicer reports the
loan is current and the borrower is in compliance with the terms of
the modification. As of the June 2023 loan-level reserve report,
approximately $11.7 million was held across all reserve accounts.

Since DBRS Morningstar's last rating action, performance has
steadily improved, with the portfolio reporting weighted-average
occupancy rate, average daily rate (ADR), and revenue per available
room (RevPAR) metrics of 70.6%, $191.0, and $134.8, respectively,
for the trailing 12-month period (T-12) ended March 31, 2023.
Operating performance across the portfolio has drastically improved
from the lows of the pandemic when RevPAR was $59.2 (as of YE2020)
and has generally seen a rebound close to issuance levels when
RevPAR was reportedly $133.4. Based on the T-12 ended March 31,
2023, financials, the portfolio generated net cash flow (NCF) of
$27.8 million, a significant improvement from the negative NCF
reported in YE2020 but still below the DBRS Morningstar NCF of
$35.8 million. Departmental revenue is 4.6% less than the DBRS
Morningstar figure while total expenses has been relatively in line
with expectations, bringing the operating expense (opex) ratio to
59% compared with the DBRS Morningstar opex ratio of 52%. The loan
is susceptible to debt service volatility because of the
floating-rate nature, resulting in a T-12 March 31, 2023, DSCR of
1.50x, below the YE2022 DSCR of 1.67x despite the NCF improvement.
DBRS Morningstar received STR reports for all properties and based
on the reporting, the portfolio has shown positive growth in
occupancy, ADR, and RevPAR based on the T-3 ended March 31, 2023.

Given the proximity to the final maturity date in 2025, an updated
DBRS Morningstar value was derived for this review. DBRS
Morningstar's analysis for this review considered a NCF of $27.3
million, which was derived by applying a 2.0% haircut to the T-12
ended March 31, 2023, NCF. A 9.22% cap rate was applied to that
value, resulting in a DBRS Morningstar value of $296.1 million.
DBRS Morningstar maintained positive qualitative adjustments to the
final loan-to-value (LTV)-sizing benchmarks used for this rating
analysis, totaling 1.0% to account for cash flow volatility,
property quality, and market fundamentals. The June 2023 DBRS
Morningstar value represents a –21.0% variance from the value
derived in March 2020 and a -43.4% variance from the appraised
as-is value of $523 million at issuance. The June 2023 DBRS
Morningstar value implies a LTV of 116.5% compared with an LTV of
75.5% on the as-is appraised value at issuance. The decline in
value from the 2020 DBRS Morningstar value is generally reflective
of a sustained contraction in cash flow, which remains below
pre-pandemic levels. Although this scenario suggested moderate
negative pressure when comparing the resulting LTV-sizing
benchmarks to the class structure, primarily at the bottom of the
capital stack, the impact was overall not considered significant
given the mitigating factors in the portfolio's positive cash flow
trends that have been sustained in recent years, suggesting
performance continues to trend back to pre-pandemic levels. In
addition, the sponsor's commitment to the loan appears strong given
the recent principal repayment and rate cap acquisition as part of
the loan extension.

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


JP MORGAN 2023-6: DBRS Gives Prov. B(low) Rating on Class B-5 Certs
-------------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Pass-Through Certificates, Series 2023-6 (the
Certificates) to be issued by J.P. Morgan Mortgage Trust 2023-6
(JPMMT 2023-6):

-- $349.6 million Class A-1 at AAA (sf)
-- $262.2 million Class A-2 at AAA (sf)
-- $262.2 million Class A-2-A at AAA (sf)
-- $262.2 million Class A-2-X at AAA (sf)
-- $87.4 million Class A-3 at AAA (sf)
-- $196.7 million Class A-4 at AAA (sf)
-- $65.6 million Class A-4-A at AAA (sf)
-- $196.7 million Class A-4-B at AAA (sf)
-- $262.2 million Class A-4-C at AAA (sf)
-- $196.7 million Class A-4-X at AAA (sf)
-- $65.6 million Class A-5 at AAA (sf)
-- $21.9 million Class A-5-A at AAA (sf)
-- $65.6 million Class A-5-B at AAA (sf)
-- $87.4 million Class A-5-C at AAA (sf)
-- $65.6 million Class A-5-X at AAA (sf)
-- $25.3 million Class A-6 at AA (high) (sf)
-- $8.4 million Class A-6-A at AA (high) (sf)
-- $383.3 million Class A-X-1 at AA (high) (sf)
-- $9.5 million Class B-1 at AA (low) (sf)
-- $7.2 million Class B-2 at A (low) (sf)
-- $4.9 million Class B-3 at BBB (low) (sf)
-- $2.7 million Class B-4 at BB (high) (sf)
-- $2.1 million Class B-5 at B (low) (sf)

Classes A-2-X, A-4-X, A-5-X, and A-X-1 are interest-only (IO)
certificates. The class balances represent notional amounts.

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

Classes A-1, A-2, A-2-A, A-3, A-4, A-4-A, A-4-B, A-4-C, A-5, A-5-A,
A-5-B, and A-5-C are super senior certificates. These classes
benefit from additional protection from the senior support
certificates (Class A-6 and A-6-A certificates) with respect to
loss allocation.

The AAA (sf) ratings on the Certificates reflect 15.00% of credit
enhancement provided by subordinated certificates. The AA (high)
(sf), AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (high) (sf),
and B (low) (sf) ratings reflect 6.80%, 4.50%, 2.75%, 1.55%, 0.90%,
and 0.40% 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 first-lien,
fixed-rate prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 338 loans with a
total principal balance of $411,315,203 as of the Cut-Off Date
(July 1, 2023).

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of primarily 30 years and a
weighted-average loan age of five months. Approximately 96.0% of
the loans are traditional, nonagency, prime jumbo mortgage loans.
The remaining 4.10% of the pool are conforming mortgage loans that
were underwritten using an automated underwriting system designated
by Fannie Mae or Freddie Mac and were eligible for purchase by such
agencies. Details on the underwriting of conforming loans can be
found in the Key Probability of Default Drivers section of the
related Presale Report. In addition, all of the loans in the pool
were originated in accordance with the new general qualified
mortgage rule.

United Wholesale Mortgage, LLC originated 49.0% of the pool.
Various other originators, each comprising less than 15%,
originated the remainder of the loans. The mortgage loans will be
serviced or subserviced, as applicable, by Cenlar FSB (49.0%), JP
Morgan Chase Bank (JPMCB; 46.0%), and loanDepot.com, LLC (5.0%).
For the JPMCB-serviced loans, Shellpoint Mortgage Servicing
(Shellpoint or SMS) will act as interim servicer until the loans
transfer to JPMCB on the servicing transfer date (September 1,
2023).

For this transaction, generally, the servicing fee payable for
mortgage loans is composed of three separate components: the base
servicing fee, the delinquent servicing fee, and the additional
servicing fee. These fees vary based on the delinquency status of
the related loan and will be paid from interest collections before
distribution to the securities.

Nationstar Mortgage LLC will act as the Master Servicer. Citibank,
N.A. (rated AA (low) with a Stable trend by DBRS Morningstar) will
act as Securities Administrator and Delaware Trustee. Computershare
Trust Company, N.A. will act as Custodian. Pentalpha Surveillance
LLC will serve as the Representations and Warranties Reviewer.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that is enhanced from a precrisis structure.

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 Amounts, the related Interest
Shortfalls, and the related Class Principal Amounts (for non-IO
Certificates).

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.


LSTAR COMMERCIAL 2016-4: DBRS Cuts Class G Certs Rating to C
------------------------------------------------------------
DBRS Limited downgraded its ratings on two classes of the
Commercial Mortgage Pass-Through Certificates, Series 2016-4 issued
by LSTAR Commercial Mortgage Trust 2016-4 as follows:

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

DBRS Morningstar also confirmed its ratings on the following
classes:

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

DBRS Morningstar changed the trend on Class E to Negative from
Stable. Classes F and G have ratings that generally do not carry
trends in commercial mortgage-backed securities (CMBS). All other
trends are Stable.

The rating actions reflect DBRS Morningstar's increased loss
expectations for the pool since the last rating action. The
increased loss expectations are primarily driven by the largest
loan in the pool, Charlotte Plaza (Prospectus ID#1, 13.9% of the
pool), which is in special servicing, and the fourth-largest loan
in the pool, 995 Market Street (Prospectus #4, 12.3% of the pool),
which is on the servicer's watchlist. Both loans are secured by
office properties and have exhibited significant performance
declines from issuance. To date, one loan has been liquidated from
the trust, incurring a realized loss of approximately $0.3 million.
In its analysis for this review, DBRS Morningstar liquidated three
loans (27.5% of the pool) from the trust, including the two loans
noted above and 310 Superior Street (Prospectus ID#22, 1.3% of the
pool) as the special servicer is actively pursuing foreclosure,
resulting in an implied loss of more than $28.0 million. Based on
these results, the balance of Class G would be written down by
nearly 20.0%, significantly eroding the transaction's credit
support, particularly toward the bottom of the capital stack, and
supporting the rating actions.

The pool is concentrated by property type, with hotel and office
properties representing 32.9% and 27.6% of the pool, respectively.
Given the uncertainty related to the end-user demand and investor
appetite for office properties, DBRS Morningstar anticipates upward
pressure on vacancy rates in the broader office market, challenging
landlords' efforts to backfill vacant space. In certain instances,
this pressure can contribute to value declines, particularly for
assets in noncore markets and/or with disadvantages in location,
building quality, or amenities offered. Additional information and
the analytical approach for the two office loans is discussed in
more detail below.

The Charlotte Plaza loan is secured by a 632,171-square-foot (sf)
office building in downtown Charlotte, North Carolina, and was
transferred to special servicing in January 2023 for maturity
default. The subject property has experienced significant declines
in occupancy since the departure of the former largest tenants,
Charlotte School of Law, LLC and Grant Thornton, which collectively
represented around 50.0% of the property's net rentable area (NRA).
As of the February 2023 rent roll, the subject was 63.6% occupied,
compared with the YE2021 and issuance occupancy figures of 69.9%
and 91.4%, respectively.

The largest tenant, Lowe's Home Improvement (Lowe's; 31.8% of NRA),
went dark and is actively marketing roughly 150,000 sf (23.0% of
NRA) of its space as available for sublease, although the tenant
continues to honor the terms of the lease, which expires in July
2024. According to various news outlets, Lowe's completed the
construction of a new building in late 2022, in South End
Charlotte, that will serve as its new headquarters. When accounting
for the eventual departure of Lowe's, occupancy may dip as low as
30.0%, without consideration for potential future leasing
momentum.

According to the Q1 2023 Reis report, office properties in the
Uptown submarket had an average vacancy rate of 20.5% with an
effective rental rate of $29.25 per square foot (psf), compared
with the Q1 2022 figures of 17.0% and $29.27 psf, respectively. Per
the February 2023 rent roll, the property had an average rental
rate of $35.50 psf, with Lowe's paying a rental rate of $37.71 psf,
suggesting replacement tenants will likely be signed at lower
rental rates. Based on the most recent financials, the loan
reported a debt service coverage ratio (DSCR) of 1.88 times (x) for
the trailing three-month period ended March 31, 2023, compared with
the YE2021 DSCR of 2.09x and the DBRS Morningstar DSCR of 1.61x
derived at issuance. When removing Lowe's rent from the net cash
flow, the loan's DSCR drops below break-even.

The servicer noted a loan modification as the resolution strategy,
but discussions surrounding the workout are ongoing. Given the soft
submarket, low occupancy rate, and general challenges in
backfilling the current vacant space, the value of the property has
likely declined significantly from the issuance figure of $181.5
million. In its analysis for this review, DBRS Morningstar
liquidated the loan from the trust based on a stressed value,
resulting in an implied loss of nearly $16.0 million, or a loss
severity in excess of 30%.

The 995 Market Street loan is secured by a 91,000-sf, Class B
office property in downtown San Francisco. The loan has been on the
servicer's watchlist since April 2022 for occupancy and
DSCR-related declines. The original three tenants at the subject,
WeWork (74.7% of NRA), Compass Family Services (13.2% of NRA), and
CVS (9.7% of NRA), vacated ahead of their lease expirations,
although CVS continues to honor its lease, which expires in January
2031. According to LoopNet, the majority of the property is listed
as available for lease. The subject property is on the border of
three separate office submarkets where vacancy rates range from
12.9% to 32.2%, according to Reis.

WeWork's lease was guaranteed under a $6.5 million corporate
guarantee from WeWork Companies. The corporate guarantee was set to
decrease each year until it reached $2.0 million in 2025, where it
was to remain until the expiration of the lease in August 2027. The
lease was also secured by a $3.25 million letter of credit (LOC),
which was posted by WeWork. The status of the LOC and questions on
whether the corporate guarantee is being used to cover WeWork's
rent was sent to the servicer, and a response is currently pending.
According to the July 2023 loan-level reserve report, $4.0 million
remains in leasing reserves.

Although the sponsor contributed $18.2 million of equity to
purchase the property at issuance and has kept the loan current
despite the significant performance declines, it is uncertain
whether the sponsor will continue to be committed to the property
given the challenged office sector, particularly in the San
Francisco area. Considering the subject is nearly vacant and
reporting negative cash flows, value has likely deteriorated
significantly from the issuance value of $64.4 million and the loan
is likely to transfer to special servicing in the near term. For
this review, DBRS Morningstar liquidated the loan from the trust
based on a stressed value, resulting in an implied loss of nearly
$12.0 million and a loss severity of almost 30.0%.

As of the July 2023 remittance, 14 of the original 22 loans remain
in the transaction with an outstanding trust balance of $359.7
million, representing a collateral reduction of 29.0% since
issuance. Two loans, representing 8.4% of the pool, are secured by
collateral that has been fully defeased. There are two loans in
special servicing and two loans on the servicer's watchlist,
representing 15.2% and 14.2% of the pool balance, respectively.

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


M&T EQUIPMENT 2023-LEAF1: Moody's Assigns (P)Ba1 Rating to E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by M&T Equipment (2023-LEAF1), LLC. The
transaction is a securitization of small- and mid-ticket equipment
loans and leases originated by LEAF Capital Funding, LLC, including
light industrial and construction equipment, computers, software,
and other office equipment. LEAF Commercial Capital, Inc. (LEAF)
will be the servicer of the assets backing the transaction.

The complete rating actions are as follows:

Issuer: M&T Equipment (2023-LEAF1), LLC

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

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

Class A-3 Notes, Assigned (P)Aaa (sf)

Class A-4 Notes, Assigned (P)Aaa (sf)

Class B Notes, Assigned (P)Aa2 (sf)

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

Class D Notes, Assigned (P)Baa1 (sf)

Class E Notes, Assigned (P)Ba1 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying equipment
contracts, the strong and consistent historical performance of
similar contracts originated by LEAF Capital Funding, LLC, the
transaction's sequential pay structure, the experience and
expertise of LEAF, as the transaction servicer, as well as the
servicing performance guarantee provided by Manufacturers and
Traders Trust Company (A3 LT Issuer Rating). Additionally, we base
Moody's (P)P-1 (sf) rating of the Class A-1 notes on the cash flows
that Moody's expect the underlying receivables to generate during
the collection periods prior to the Class A-1 note's legal final
maturity date

Moody's cumulative net loss expectation for the M&T Equipment
(2023-LEAF1), LLC collateral pool is 2.25%, and the loss at a Aaa
stress is 19.0% (inclusive of 18.75% credit loss and 0.25% residual
value loss).

Moody's based its cumulative net loss expectation and the loss at a
Aaa stress for the M&T Equipment (2023-LEAF1), LLC transaction on
an analysis of the credit quality of the securitized pool, the
historical performance of similar collateral, including managed
portfolio credit performance and residual values realization of
similar equipment, the ability of LEAF to perform the servicing
functions, and current expectations for the state of the
macroeconomic environment during the life of the transaction.

At transaction closing, the Class A, Class B, Class C, Class D, and
Class E notes will benefit from 18.90%, 14.90%, 11.30%, 7.70%, and
5.70% of initial hard credit enhancement, respectively (as a
percentage of the initial pool balance). Hard credit enhancement
for the notes consists of a combination of overcollateralization of
4.20% with a target of 7.00% of the current discounted balance and
a 1.50% fully funded, non-declining, reserve account. Excess spread
may be available as additional credit protection for the notes. The
transaction's payment structure and the overcollateralization
target will result in a rapid build-up of credit enhancement in the
transaction.  

PRINCIPAL METHODOLOGY

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

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

Up

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

Down

Moody's could downgrade the notes if levels of credit enhancement
are insufficient to protect investors against current expectations
of portfolio losses. Losses could rise above Moody's original
expectations as a result of a higher number of obligor defaults or
higher than expected deterioration in the value of the equipment
that secure the obligor's promise of payment. As the primary
drivers of performance, negative changes in the US macro economy
and the performance of various sectors in which the obligors
operate could also affect the ratings. Other reasons for
worse-than-expected performance could include poor servicing, error
on the part of transaction parties, inadequate transaction
governance or fraud.

Additionally, Moody's could downgrade the short term rating of the
Class A-1 notes following a significant slowdown in principal
collections in the first year of the transaction, which could
result from, among other reasons, high delinquencies or a servicer
disruption that impacts obligor's payments.


MARATHON STATIC 2022-18: Fitch Affirms 'BB+sf' Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1, A-2, B-1,
B-2, C, D and E notes of Marathon Static CLO 2022-18 Ltd (Marathon
Static 2022-18). The Rating Outlooks on all rated tranches remain
Stable.

ENTITY/DEBT    RATING    PRIOR
-----------             ------                  -----
Marathon Static CLO 2022-
18 Ltd

A-1 56586PAA6 LT AAAsf    Affirmed   AAAsf
A-2 56586PAC2 LT AAAsf    Affirmed   AAAsf
B-1 56586PAE8 LT AA+sf    Affirmed   AA+sf
B-2 56586PAG3 LT AA+sf    Affirmed   AA+sf
C 56586PAJ7 LT A+sf     Affirmed   A+sf
D 56586PAL2 LT BBB+sf   Affirmed   BBB+sf
E 56587DAA2 LT BB+sf    Affirmed   BB+sf

TRANSACTION SUMMARY

Marathon Static 2022-18 is a broadly syndicated collateralized loan
obligation (CLO) managed by Marathon Asset Management, L.P. The
transaction is a static CLO that closed in August of 2022 and is
secured primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

The affirmations are due to the portfolio's stable performance
since closing. Approximately 11.3% of the original class A-1 note
balance has amortized since closing.

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

As of July 2023 reporting, the credit quality of the portfolio has
remained at the 'B+'/'B' level, although the Fitch weighted average
rating factor of the portfolio increased to 22.8 from 21.8 at
closing. The portfolio consists of 194 obligors, and the largest 10
obligors represent 8.2% of the portfolio. Exposure to issuers with
a Negative Outlook and Fitch's watchlist is 14.6% and 5.0%,
respectively. There have been no defaults in the portfolio.

All coverage tests are in compliance. First lien loans, cash and
eligible investments comprise 100% of the portfolio and there are
no fixed rate assets in the portfolio. Fitch's weighted average
recovery rate is 77.0%, compared with 76.4% at closing.

Cash Flow Analysis

The rating actions for all classes of notes are in line with their
model-implied ratings (MIRs), as defined in the CLOs and Corporate
CDOs Rating Criteria.

The Stable Outlooks reflect Fitch's expectation that the notes have
sufficient level of credit protection to withstand potential
deterioration in the credit quality of the portfolios in stress
scenarios commensurate with each class' rating.

RATING SENSITIVITIES

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

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

A 25% increase of the mean default rate across all ratings, along
with a 25% decrease of the recovery rate at all rating levels for
the current portfolio, would lead to downgrades of up to four
notches, based on MIRs.

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

Except for tranches already at the highest 'AAAsf' rating, upgrades
may occur in the event of better-than-expected portfolio credit
quality and transaction performance.

A 25% reduction of the mean default rate across all ratings, along
with a 25% increase of the recovery rate at all rating levels for
the current portfolio, would lead to upgrades of up to four
notches, based on MIRs.

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.

DATA ADEQUACY

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

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

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

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.


PARALLEL LTD 2015-1: Moody's Cuts Rating on $8MM Cl. F Notes to Ca
------------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
note issued by Parallel 2015-1 Ltd.:

US$24,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2027, Upgraded to Aa1 (sf); previously on March 18, 2022
Upgraded to Aa3 (sf)

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

US$8,000,000 Class F Junior Secured Deferrable Floating Rate Notes
due 2027 (current outstanding balance of $8,197,766.21), Downgraded
to Ca (sf); previously on December 22, 2022 Downgraded to Caa3
(sf)

Parallel 2015-1 Ltd., originally issued in July 2015 and partially
refinanced in January 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 2019.

RATINGS RATIONALE

The rating action is 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
B-R notes have been paid down by 100% or $18.6 million and the
Class C-1-R and C-2-R notes have been paid down by approximately
56% or $7.8 million and $3.9 million since November 2022. Based on
Moody's calculation, the OC ratio for the Class D-R notes is
currently 172.81% versus the November 2022 level of 146.84%.

The downgrade rating action on the Class F notes reflects the
specific risks to the junior note posed by par loss and credit
deterioration observed in the underlying CLO portfolio. Based on
Moody's calculation, the OC ratio for the Class F notes is 93.57%
versus the November 2022 level of 101.82%. As a result of previous
OC test failures, the Class F notes also have a deferred interest
balance of $197,766. Furthermore, the Moody's calculated weighted
average rating factor (WARF) has been deteriorating and failing the
trigger of 2738 at the current level of 3555 compared to 3235 in
November 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: $59,299,015

Defaulted par:  $5,599,093

Diversity Score: 27

Weighted Average Rating Factor (WARF): 3555

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.67%

Weighted Average Recovery Rate (WARR): 45.7%

Weighted Average Life (WAL): 2.01 years

Par haircut in OC tests and interest diversion test: 5.37%

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.


RADNOR RE 2023-1: DBRS Gives Prov. B Rating on Class B-1 Notes
--------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Mortgage Insurance-Linked Notes, Series 2023-1 (the Notes) to be
issued by Radnor Re 2023-1 Ltd. (RMIR 2023-1 or the Issuer):

-- $89.6 million Class M-1A at BB (high) (sf)
-- $74.0 million Class M-1B at BB (low) (sf)
-- $70.1 million Class M-2 at B (sf)
-- $19.5 million Class B-1 at B (sf)

The BB (high) (sf), BB (low) (sf), and B (sf) ratings reflect
5.35%, 4.40%, and 3.25% of credit enhancement, respectively.

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

RMIR 2023-1 is Essent Guaranty, Inc.'s (Essent Guaranty or the
Ceding Insurer) ninth-rated mortgage insurance (MI)-linked note
(MILN) transaction. The Notes are backed by reinsurance premiums,
eligible investments, and related account investment earnings, in
each case relating to a pool of MI policies linked to residential
loans. The Notes are exposed to the risk arising from losses the
Ceding Insurer pays to settle claims on the underlying MI policies.
As of the cut-off date, the pool of insured mortgage loans consists
of 133,879 fully amortizing first-lien fixed- and variable-rate
mortgages underwritten primarily to a full documentation standard
with original loan-to-value ratios (LTVs) less than or equal to
100%, which have never been reported to the Ceding Insurer as 60 or
more days delinquent, and have not been reported to be in a payment
forbearance plan as of the cut-off date. The mortgage loans have MI
policies effective on or after August 2022 and on or before June
2023.

On March 1, 2020, a new master policy was introduced to conform to
the government-sponsored enterprises' revised rescission relief
principles under the Private Mortgage Insurer Eligibility
Requirements (PMIERs) guidelines (see the Representations and
Warranties section for more detail). All of the mortgage loans are
insured under the new master policy.

On the Closing Date, the Issuer will enter into the Reinsurance
Agreement with the Ceding Insurer. As per the agreement, the Ceding
Insurer will get protection for the funded portion of the MI
losses. In exchange for this protection, the Ceding Insurer will
make premium payments related to the underlying insured mortgage
loans to the Issuer.

The Issuer is expected to use the proceeds from the sale of the
Notes to purchase certain eligible investments that will be held in
the reinsurance trust account. The eligible investments are
restricted to Aaa-mf by Moody's or AAAm by S&P rated U.S. Treasury
money-market funds and securities. Unlike other residential
mortgage-backed security (RMBS) transactions, cash flow from the
underlying loans will not be used to make any payments; rather, in
MILN transactions, a portion of the eligible investments held in
the reinsurance trust account will be liquidated to make principal
payments to the noteholders and to make loss payments to the Ceding
Insurer when claims are settled with respect to the MI policy.

The Issuer will use the investment earnings on the eligible
investments, together with the Ceding Insurer's premium payments,
to pay interest to the noteholders.

The calculation of principal payments to the Notes will be based on
the reduction in aggregate exposed principal balance on the
underlying MI policy that is allocated to the Notes. The
subordinate Notes will receive their pro rata share of available
principal funds if the minimum credit enhancement test and the
delinquency test are satisfied. The minimum credit enhancement test
has been set to fail at the closing date, thus locking out the
rated classes from initially receiving any principal payments until
the subordinate percentage grows to 7.00% from 6.50%. The
delinquency test will be satisfied if the three-month average of
60+ days delinquency percentage is below 75% of the subordinate
percentage. Additionally, if these performance tests are met and
subordinate percentage is greater than 7.00%, then the subordinate
Notes will be entitled to accelerated principal payments equal to
two times the subordinate principal reduction amount, until the
subordinate percentage comes down to target Credit Enhancement of
7.00%. See the Cash Flow Structure and Features section of the
related report for more detail.

The coupon rates for the Notes Issued by RMIR 2023-1 are based on
the Secured Overnight Financing Rate (SOFR). There are replacement
provisions in place in the event that SOFR is no longer available;
please see the Offering Circular for more details. DBRS Morningstar
did not run interest rate stresses for this transaction, as the
interest is not linked to the performance of the underlying loans.
Instead, interest payments are funded via (1) premium payments that
the Ceding Insurer must make under the reinsurance agreement and
(2) earnings on eligible investments.

On the Closing Date, the Ceding Insurer will establish a cash and
securities account, the premium deposit account. In case of the
Ceding Insurer's default in paying coverage premium payments to the
Issuer, the amount available in this account will be used to make
interest payments to the noteholders. The premium deposit account
will not be funded at closing. Please refer to the related report
for more details.

RMIR 2023-1 transaction is issued with a 10-year term. The Notes
are scheduled to mature on July 25, 2033, but are subject to early
redemption at the option of the Ceding Insurer (1) for a 10%
clean-up call or (2) on or following the payment date in July 2028,
among others. The Notes are also subject to mandatory redemption
before the scheduled maturity date upon the termination of the
Reinsurance Agreement. Additionally, there is a provision for the
Ceding Insurer to issue a tender offer to reduce all or a portion
of the outstanding Notes.

Essent Guaranty will be the Ceding Insurer. The Bank of New York
Mellon (rated AA (high) with a Stable trend by DBRS Morningstar)
will act as the Indenture Trustee, Paying Agent, Note Registrar,
and Reinsurance Trustee.

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


UPSTART STRUCTURED 2022-4A: Moody's Cuts Cl. C Notes Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Class C Exchange Notes
from Upstart Structured Pass-Through Trust, Series 2022-4A. The
transaction is backed by a pool of unsecured consumer installment
loan contracts serviced by Upstart Network, Inc.              

The complete rating action is as follows:

Issuer: Upstart Structured Pass-Through Trust, Series 2022-4A

2022-4A Class C Exchange Notes, Downgraded to B1 (sf); previously
on Oct 19, 2022 Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE              

The rating downgrade is driven by deteriorating pool performance
and Moody's updated loss expectation on the underlying pool. The
deal has experienced higher loss and delinquency rates compared to
historical ranges, prompting an increase in Moody's lifetime loss
expectations. The Class C Exchange Notes are subordinate notes that
have lower credit enhancement available to protect it, making it
more vulnerable to any increase in defaults.

Moody's lifetime cumulative net loss expectation is 26% and
stressed loss assumption is 63%, reflecting updated performance
trends on the underlying pool.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was "Moody's Approach
to Rating Consumer Loan-Backed ABS" published in December 2022.

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

Up

Levels of credit protection that are higher than necessary to
offset current expectations of loss could drive the ratings up.
Losses could decline below Moody's expectations as a result of a
lower-than-expected cumulative charge-offs. Favorable regulatory
policies and legal actions could also move the ratings up.

Down

Levels of credit protection that are lower than necessary to offset
current expectations of loss could drive the ratings down. Losses
could increase above Moody's expectations as a result of
higher-than-expected cumulative charge-offs. Adverse regulatory and
legal risks, specifically legal issues stemming from the
origination model and whether interest rates charged on some loans
could violate usury laws, could also move the ratings down.


VOYA CLO 2014-2: Moody's Lowers Rating on $9.5MM E-R Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Voya CLO 2014-2, Ltd.:

US$44,000,000 Class A-2a-RR Floating Rate Notes due 2030 (the
"Class A-2a-RR Notes"), Upgraded to Aaa (sf); previously on March
12, 2020 Assigned Aa1 (sf)

US$15,000,000 Class A-2b-RR Floating Rate Notes due 2030 (the
"Class A-2b-RR Notes"), Upgraded to Aaa (sf); previously on March
12, 2020 Assigned Aa1 (sf)

US$27,600,000 Class B-RR Deferrable Floating Rate Notes due 2030
(the "Class B-RR Notes"), Upgraded to Aa3 (sf); previously on April
28, 2022 Upgraded to A1 (sf)

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

US$9,500,000 Class E-R Deferrable Floating Rate Notes due 2030 (the
"Class E-R Notes"), Downgraded to Caa3 (sf); previously on October
2, 2020 Downgraded to Caa1 (sf)

Voya CLO 2014-2, Ltd., originally issued in June 2014 and fully
refinanced in April 2017, and partially refinanced in March 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 April 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 July 2022. The Class
A-1-RR notes have been paid down by approximately 24% or $78.3
million since then. Based on the trustee's July 2023 report[1], the
OC ratios for the Class A and Class B notes are reported at 129.77%
and 119.88%, respectively, versus July 2022 levels [2] of 128.07%
and 119.56%, respectively. Moody's notes that the July 2023
trustee-reported OC ratios do not reflect the July 2023 payment
distribution, when $24.9 million of principal and interest proceeds
were used to pay down the Class A-1-RR Notes.

The downgrade rating action on the Class E-R notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's July 2023
report[3], the OC ratio for the Class E-R notes (as inferred by the
interest diversion test) is currently at 101.37% versus July 2022
level of 103.15%[4].

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

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

Performing par and principal proceeds balance: $410,591,697

Defaulted par:  $7,113,634

Diversity Score: 85

Weighted Average Rating Factor (WARF): 2770

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

Weighted Average Recovery Rate (WARR): 47.52%

Weighted Average Life (WAL): 3.7 years

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


WELLS FARGO 2016-C37: DBRS Confirms B(high) Rating on Class H Certs
-------------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2016-C37 issued by Wells
Fargo Commercial Mortgage Trust 2016-C37 as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (sf)
-- Class X-D at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-EF at BBB (sf)
-- Class F at BBB (low) (sf)
-- Class X-G at BBB (low) (sf)
-- Class G at BB (high) (sf)
-- Class X-H at BB (low) (sf)
-- Class H at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which remains in line with DBRS Morningstar's
expectations since the last review. The transaction as a whole
continues to benefit from increased credit support to the bonds as
a result of scheduled amortization, loan repayments, and
defeasance. Two former top five loans, Walmart Shadow Anchored
Portfolio and Quantum Park, which represented 12.2% of the trust
balance at issuance, repaid in September and October 2021,
respectively. According to the June 2023 remittance, 58 of the
original 63 loans remain within the transaction with a trust
balance of $583.7 million, reflecting collateral reduction of 22.2%
since issuance. In addition, six loans, representing 8.1% of the
pool, have fully defeased. Only one loan, representing 1.0% of the
pool, is in special servicing; however, six loans, representing
20.6% of the pool, are on the servicer's watchlist.

The transaction is concentrated by property type, with loans
representing 25.3%, 22.9%, and 18.4% of the current pool balance
collateralized by retail, lodging, and multi-family properties,
respectively. In addition, three loans are secured by office
properties, which represent 10.9% of pool. Operating performance at
these office properties is generally trending below issuance
expectations, as evidenced by the historical occupancy rates and
cash flow trends demonstrated over the last few reporting periods.
In general, 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 backfill 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.
DBRS Morningstar applied stressed loan-to-value (LTV) ratios, and
where applicable, increased the probability of default penalties
for these loans, resulting in a weighted-average expected loss that
is approximately 2.3 times (x) the pool average.

The largest loan on the servicer's watchlist, 1140 Avenue of the
Americas (Prospectus ID#6; 5.1% of the pool), is secured by a
247,183-square foot (sf) Class A office building in Midtown
Manhattan. The loan was added to the servicer's watchlist in
October 2020 for a low debt service coverage ratio (DSCR) after
three tenants that formerly occupied 30,784 sf (12.7% of net
rentable area (NRA)) vacated prior to their lease expirations.
Subsequently, four additional tenants vacated the property in
November 2021, pushing the occupancy rate down to a low of 66.1%.
Although the borrower has successfully executed a lease extension
for the largest tenant, City National Bank (14.4% of NRA) through
2033, the low occupancy rate has significantly affected cash flows.
According to the YE2022 financial reporting, occupancy rate, net
cash flow (NCF) and DSCR were 71.0%, $2.5 million, and 0.61 times
(x), respectively. Although the YE2022 NCF figure was 16.6% higher
than the prior year, it remains 40.8% and 71.5% below the YE2020
and issuance levels, respectively.

Waterfall Asset Management (WAM), which formerly occupied 10.5% of
the NRA on a lease through August 2022, had been subleasing its
space at the property to two tenants. Although WAM did not renew
its lease, the servicer confirmed that the former subtenants have
signed direct leases for that space. Overall, the tenant roster is
relatively granular with no single tenant (except for the largest
tenant, City National Bank) accounting for more than 7.0% of the
NRA. No updated appraisal has been provided since issuance, when
the property was valued at $180.0 million; however, given the low
occupancy rate and general challenges for office properties in
today's environment, DBRS Morningstar notes that the collateral's
as-is value has likely declined significantly, elevating the credit
risk to the trust. As such, DBRS Morningstar increased the
probability of default for this loan and derived a stressed value
based on the property's in-place cash flow, using the high end of
DBRS Morningstar's capitalization rate range for office properties,
with the resulting LTV ratio well above 100.0%.

The second-largest loan on the servicer's watchlist, Franklin
Square III (Prospectus ID #5; 4.9% of the pool), is secured by a
272,222-sf power center in Gastonia, North Carolina, approximately
16 miles west of the Charlotte, North Carolina, central business
district. The loan has been monitored on the servicer's watchlist
since 2018 after the property's second largest tenant, Gander
Mountain (formerly 15.8% of the NRA; lease through February 2028),
filed for bankruptcy and vacated. Gander Mountain was acquired out
of bankruptcy by Camping World Inc.; however, the subject location
remained dark until December 2022, when a new tenant, Painted Tree,
signed a10-year lease for the entirety of the space. In addition,
PetSmart (9.6% of the NRA) executed a 10-year lease renewal,
pushing its expiration date to 2035 from 2025. As of YE2022, the
property was 91.0% occupied and generated $2.2 million of NCF
resulting in a DSCR of 1.06x, an improvement from the YE2020
figures of $1.9 million and 0.94x, but approximately 20.0% below
the issuance figures of $2.7 million and 1.33x. DBRS Morningstar
notes that cash flows may trend upward in the near to moderate
term, given that Old Navy (5.6% of the NRA; lease through July
2025), in conjunction with Painted Tree's opening, reverted to
paying full rent; up from the 50.0% it had been paying since the
departure of Gander Mountain and prior to the recent leasing
activity at the property.

At issuance, DBRS Morningstar shadow-rated the Hilton Hawaiian
Village loan (Prospectus ID#1; 9.0% of the pool) and the Potomac
Mills loan (Prospectus ID#4; 6.2% of the pool) as investment grade.
This assessment was supported by the loans' strong credit metrics,
strong sponsorship strength, and historically stable collateral
performance. With this review, DBRS Morningstar confirms that the
characteristics of these loans remain consistent with the
investment-grade shadow rating.

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


[*] DBRS Reviews 308 Classes From 25 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 308 classes from 25 U.S. residential
mortgage-backed securities (RMBS) transactions. The 25 transactions
are generally classified as subprime and Alt-A collateral. Of the
308 classes reviewed, DBRS Morningstar upgraded 33 ratings and
confirmed 275 ratings.

The Affected Ratings Are Available at https://bit.ly/44OnX2A

Here is the list of the Issuers:

RESI Finance Limited Partnership 2005-A & RESI Finance DE
Corporation 2005-A
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust
C-BASS 2006-SL1 Trust
C-BASS 2004-CB4 Trust
C-BASS 2006-CB7 Trust
C-BASS 2007-CB1 TRUST
C-BASS 2006-CB4 TRUST
C-BASS 2007-CB5 Trust
RESI Finance Limited Partnership 2003-CB1 & RESI Finance DE
Corporation 2003-CB1
Credit Suisse First Boston Mortgage Securities Corp. Adjustable
Rate Mortgage Trust 2005-8
Soundview Home Loan Trust 2008-1
C-BASS 2006-CB9 Trust
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4
MASTR Adjustable Rate Mortgages Trust 2007-3
C-BASS Mortgage Loan Trust 2007-CB3
C-BASS Mortgage Loan Trust 2007-CB2
BCAP LLC Trust 2007-AA5
Residential Loan Trust 2008-AH1
TBW Mortgage-Backed Trust 2007-2
J.P. Morgan Mortgage Trust 2005-A3
Securitized Asset Backed Receivables LLC Trust 2005-FR5
Securitized Asset Backed Receivables LLC Trust 2005-HE1
Renaissance Home Equity Loan Trust 2005-2
Accredited Mortgage Loan Trust 2004-4
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8

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

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



[*] S&P Takes Various Actions on 78 Classes From 17 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 78 ratings from 17 U.S.
RMBS transactions issued between 2003 and 2007. The review yielded
11 upgrades, three downgrades, seven withdrawals, and 57
affirmations.

A list of Affected Ratings can be viewed at:

              https://shorturl.at/gmnG0

Analytical Considerations

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

-- Collateral performance or delinquency trends;
-- Increase or decrease in available credit support;
-- A small loan count;
-- Tail risk; and
-- Payment priority.





[*] S&P Takes Various Actions on 93 Classes From 22 U.S. RMBS Deals
-------------------------------------------------------------------
S&P Global Ratings completed its review of 93 ratings from 22 U.S.
RMBS transactions issued between 1997 and 2006. The review yielded
38 upgrades, five downgrades, and 50 affirmations.

A list of Affected Ratings can be viewed at:

             https://shorturl.at/efiQ9

Analytical Considerations

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

-- Collateral performance or delinquency trends,

-- An increase or decrease in available credit support, and

-- Historical missed interest payments or interest shortfalls.

Rating Actions

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

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




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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***