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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, September 17, 2023, Vol. 27, No. 259

                            Headlines

AASET TRUST 2020-1: Fitch Affirms Bsf Rating on Class C Notes
AMERICREDIT AUTOMOBILE 2023-2: Fitch Gives BB(EXP) Rating on E Debt
AMSR 2023-SFR3: DBRS Gives Prov. BB Rating on Class F-1 Certs
ANGEL OAK 2023-6: Fitch Gives Final 'Bsf' Rating on Class B-2 Certs
ARBOR REALTY 2021-FL3: DBRS Confirms B(low) Rating on G Notes

ARES CLO XXXIIR: Moody's Cuts Rating on $9.9MM Cl. E Notes to Caa2
ARES LOAN II: S&P Assigns Prelim BB- (sf) Rating on Cl. E-R Notes
BANK 2018-BNK14: Fitch Affirms B- Rating on 2 Tranches
BANK 2019-BNK16: DBRS Confirms B Rating on 2 Classes
BANK 2020-BNK26: DBRS Confirms B(high) Rating on Class G Certs

BANK5 2023-5YR3: Fitch Gives 'B-(EXP)sf' Rating on Two Tranches
BARINGS CLO 2023-III: S&P Assigns Prelim BB-(sf) Rating on E Notes
BBCMS MORTGAGE 2023-C21: Fitch Gives B-(EXP)sf Rating on G-RR Certs
BDS 2022-FL11: DBRS Confirms B(low) Rating on Class G Notes
BENCHMARK 2018-B5: DBRS Confirms B Rating on Class G-RR Certs

BFLD TRUST 2020-EYP: S&P Lowers Class D Certs Rating to 'B (sf)'
BHMS 2018-ATLS: DBRS Confirms BB Rating on Class E Certs
BRAVO RESIDENTIAL 2023-NQM6: Fitch Assigns Bsf Rating on B-2 Notes
BRYANT PARK 2023-21: S&P Assigns Prelim BB- (sf) Rating on E Notes
BX TRUST 2021-BXMF: DBRS Confirms B(low) Rating on Class F Certs

CANYON CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
CHASE HOME 2023-1: Fitch Gives 'B(EXP)sf' Rating on Class B-5 Certs
CHNGE MORTGAGE 2023-4: DBRS Finalizes B(high) Rating on B2 Certs
CIFC-LBC 2023-1: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
CITIGROUP 2016-C1: Fitch Affirms 'B-sf' Rating on Class F Certs

CITIGROUP 2017-B1: Fitch Affirms 'B-sf' Rating on Class F Certs
CITIGROUP 2017-C4: Fitch Affirms CCC Rating on Class H-RR Certs
CITIGROUP 2020-GC46: DBRS Confirms BB Rating on GRR Certs
COREVEST AMERICAN 2023-P1: Fitch Gives 'B-sf' Rating on Cl. G Certs
CXP TRUST 2022-CXP1: Moody's Lowers Rating on Class F Certs to Caa2

DBGS 2018-C1: Fitch Lowers Rating on Two Tranches to BBsf
DBJPM MORTGAGE 2017-C6: Fitch Affirms B- Rating on Class F-RR Certs
DC COMMERCIAL 2023-DC: DBRS Finalizes BB Rating on Class HRR Certs
DRYDEN 106 CLO: Fitch Affirms BB- Rating on Class E Notes
ECAF I LTD: Fitch Affirms CCsf Rating on Class B-1 Notes

EMPOWER CLO 2022-1: Fitch Affirms BB- Rating on Cl. E Notes
EXETER AUTOMOBILE 2023-1: Fitch Affirms 'BBsf' Rating on E Notes
FLAGSTAR MORTGAGE 2017-2: Moody's Ups Rating on B-5 Certs to Ba1
FS RIALTO 2021-FL3: DBRS Confirms B(low) Rating on Class G Certs
GALLATIN 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes

GCAT TRUST 2023-NQM3: Fitch Gives 'B(EXP)sf' Rating on B-2 Certs.
GENERATE CLO 12: S&P Assigns BB- (sf) Rating on Class E Notes
GERMAN AMERICA 2016-CD1: Fitch Cuts Rating on Two Tranches to B-sf
GOLDENTREE LOAN 15: Fitch Puts Final 'B-sf' Rating on Cl. F-R Notes
GOLDENTREE LOAN IX: S&P Affirms Cl. F-R-2 Notes Rating to CCC+(sf)

GS MORTGAGE 2014-GC22: Moody's Lowers Rating on Cl. C Certs to Ba2
JP MORGAN 2011-C3: S&P Cuts Class J Notes Rating to 'CCC- (sf)'
JP MORGAN 2023-DSC2: DBRS Finalizes B(low) Rating on B-2 Certs
KKR CLO 10: S&P Affirms 'B+ (sf)' Rating on Class E-R Notes
LB-UBS 2005-C7: S&P Assigns B- (sf) Rating on Class SP-7 Certs

LCM 38 LTD: Fitch Assigns B+sf Rating on Cl. F-R Notes
MARATHON CLO V: S&P Raises Class D-R Notes Rating to B- (sf)
MFA 2023-INV2: S&P Assigns Prelim B (sf) Rating on Class B-2 Certs
MFA TRUST 2023-NQM3: Fitch Gives Bsf Final Rating on Cl. B-2 Certs
MIDOCEAN CREDIT II: S&P Affirms CCC+ (sf) Rating on Class F Notes

MONROE CAPITAL XV: Moody's Assigns Ba3 Rating to $26.3MM E Notes
MORGAN STANLEY 2012-C6: Moody's Cuts Rating on 3 Tranches to Ba1
MORGAN STANLEY 2022-18: Fitch Affirms 'BB-sf' Rating on E Notes
MORGAN STANLEY 2023-INV1: Fitch Puts B-(EXP)sf Rating on B-5 Certs
MOSAIC SOLAR 2023-4: Fitch Gives 'BB-(EXP)sf' Rating on Cl. D Notes

NELNET STUDENT 2023-A: DBRS Finalizes BB Rating on Class E Notes
NORTHSTAR GUARANTEE 2007-1: Fitch Lowers Rating on B Notes to BBsf
OCTAGON 70 ALTO: Fitch Puts BB-(EXP)sf Rating on E Notes
OCTANE 2023-3: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
PRKCM 2023-AFC3: DBRS Gives Prov. B Rating on Class B-2 Notes

PRKCM 2023-AFC3: S&P Assigns B (sf) Rating on Class B-2 Notes
RAD CLO 20: Fitch Gives Final BBsf Rating on Class E Notes
RCKT MORTGAGE 2023-CES2: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes
REALT 2015-1: Fitch Affirms Bsf Rating on Class G Debt
SBALR COMMERCIAL 2020-RR1: Moody's Cuts Rating on C Certs to Ba2

SBLAR COMMERCIAL 2020-RR1: DBRS Places F CCC Rating Under Review
STRUCTURED ASSET 2006-GEL4: Moody's Hikes Rating on M1 Debt to Ba1
SYMPHONY CLO 35: Fitch Gives Final 'BBsf' Rating on Class E-R Notes
THUNDERBOLT III AIRCRAFT: Fitch Affirms Bsf Rating on Class B Notes
TRINITAS CLO XXIII: S&P Assigns BB- (sf) Rating on Class E Notes

WIND RIVER 2015-1: Moody's Cuts $12.03MM F-R Notes Rating to Caa1
ZAIS CLO 8: S&P Lowers Class E Notes Rating to 'B- (sf)'
[*] DBRS Confirms 39 Ratings From 8 Carvana Auto Trust Transactions
[*] DBRS Reviews 345 Classes From 39 US RMBS Transactions
[*] Moody's Lowers Rating on $93.5MM of US RMBS Issued 2003-2005

[*] S&P Takes Various Actions on 123 Classes From 38 US RMBS Deals
[] S&P Takes Various Actions on 92 Classes From 19 U.S. RMBS Deals

                            *********

AASET TRUST 2020-1: Fitch Affirms Bsf Rating on Class C Notes
-------------------------------------------------------------
Fitch Ratings has taken the following rating actions on seven
outstanding AASET aircraft ABS transactions:

- Apollo Aviation Securitization Equity Trust 2014-1 (AASET 2014-1)
series A, B and C notes were affirmed;

- AASET 2017-1 Trust (2017-1) series A, B, and C notes were
upgraded;

- AASET 2018-1 Trust (2018-1) series A, B, and C notes were
affirmed;

- AASET 2018-2 Trust (2018-2) series A notes were upgraded, B and C
notes were affirmed;

- AASET 2019-1 Trust (2019-1) series A & B notes were downgraded,
and series C notes affirmed;

- AASET 2019-2 Trust (2019-2) AASET 2018-1 Trust (2018-1) series A,
B, and C notes were affirmed;

- AASET 2020-1 Trust (2020-1) series A, B notes were downgraded,
and C notes were affirmed.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
AASET 2019-1 Trust

   Class A 00256DAA0  LT  CCCsf  Downgrade   B-sf
   Class B 00256DAB8  LT  CCsf   Downgrade   CCCsf
   Class C 00256DAC6  LT  CCsf   Affirmed    CCsf

AASET 2019-2 Trust

   A 00038RAA4        LT  Asf    Affirmed    Asf
   B 00038RAB2        LT  BBBsf  Affirmed    BBBsf
   C 00038RAC0        LT  BBsf   Affirmed    BBsf

AASET 2017-1 Trust

   A 000366AA2        LT  Asf    Upgrade     BBBsf
   B 000366AB0        LT  BBBsf  Upgrade     Bsf
   C 000366AC8        LT  BB+sf  Upgrade     CCCsf

AASET 2018-2 Trust

   A 04546KAA6        LT  BB+sf  Upgrade     BBsf
   B 04546KAB4        LT  Bsf    Affirmed    Bsf
   C 04546KAC2        LT  CCCsf  Affirmed    CCCsf

AASET 2020-1 Trust

   A 00255UAA3        LT  A-sf   Downgrade    Asf
   B 00255UAB1        LT  BBB-sf Downgrade    BBBsf
   C 00255UAC9        LT  Bsf    Affirmed     Bsf

AASET 2018-1 Trust

   A 000367AA0        LT  CCCsf  Affirmed    CCCsf
   B 000367AB8        LT  CCsf   Affirmed    CCsf
   C 000367AC6        LT  CCsf   Affirmed    CCsf

AASET 2014-1,
2018 Refinance

   A 03766#AA2        LT  Asf    Affirmed    Asf
   B 03766#AC8        LT  Bsf    Affirmed    Bsf
   C 03766#AB0        LT  CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

Fitch took various rating actions on the AASET transactions as well
as various changes to rating outlooks. These transactions, along
with the other operating lease ABS transactions rated by Fitch,
were placed Under Criteria Observation (UCO) in June of 2023
following Fitch's publication of new Aircraft Operating Lease ABS
Criteria:

The ratings reflect current transaction performance, Fitch's cash
flow projections, and its expectation for the structures to
withstand rating-specific stresses under Fitch's new criteria and
related asset model. Rating considerations include lease terms,
lessee credit quality and performance, updated aircraft values, and
Fitch's assumptions and stresses, which inform its modeled cash
flows and coverage levels. Fitch's updated rating assumptions for
airlines are based on a variety of performance metrics and airline
characteristics. For any transaction exposed to aircraft held in
Russia or Ukraine, or leased to any Russian or Ukrainian lessee,
Fitch incorporated expected proceeds from insurance claims filed by
the lessor into its cash flow analysis.

Portfolio performance varies considerably. Transactions consisting
of older aircraft on lease to poorer quality lessees with on-going
payment issues have been downgraded, while the performance of other
transactions have stabilized or improved since its last review in
February 2023. Yoy cash collection performance has varied by
transaction. The lessee credit landscape has generally improved,
although all seven transactions still include one or more aircraft
on lease to lessees that are not fully current on their leases.
Debt service coverage ratios remain below the trigger level for
each of the transactions. Outstanding principal balances remain
behind schedule for all notes other than the 2014-1 and 2017-1 A
notes.

Overall Market Recovery:

The global commercial aviation market continues to recover, posting
a 47% increase in revenue passenger kilometers (RPKs) in the first
half of 2023 compared with the same period last year with June
global RPKs recovering to 94% of pre-pandemic levels per
International Air Transport Association (IATA). Asia-Pacific
airlines led the way with a 126% increase in first-half 2023
traffic versus last year.

Domestic RPKs globally rose 27% in June compared with the prior
year and have surpassed pre-pandemic RPKs by 5.1%; June
international RPKs climbed 34% compared with the prior year and are
approximately 12% below pre-pandemic levels per IATA.

International and domestic market performance differs across
regions. APAC has seen significant growth in domestic markets, led
by China returning to pre-pandemic levels with a 136% June YTD
increase in RPKs versus last year. APAC has also enjoyed triple
digit international RPK growth; however, there is still room for
additional recovery as it has only reached 71% of pre-pandemic
levels per IATA.

North American and European traffic (domestic and international)
continues to rebound with June RPKs marginally exceeding
pre-pandemic levels in North America and reaching approximately 95%
of pre-pandemic levels in Europe per IATA.

Macro Risks:

While the commercial aviation market has recovered significantly
over the past 12 months, it will continue to face certain unknowns
and potential headwinds including workforce shortages, inflationary
pressures, particularly related to labor and fuel costs, supply
chain issues, geopolitical risks, and recessionary concerns that
would impact passenger demand. Most of these events would lead to
increased credit risk due to increased lessee delinquencies, lease
restructurings, defaults, and reductions in lease rates and asset
values, particularly for older aircraft, all of which would cause
downward pressure on future cashflows needed to meet debt service.

KEY RATING DRIVERS

Asset Values:

The aircraft in the ASSET transactions are generally older with a
weighted-average age (by value) of between 14 and 21 years
depending on the transaction.

Using mean maintenance-adjusted base value in order to make period
to period comparisons and to control for changes in Fitch's
approach to determining the Fitch Value, the loan-to-value (LTV)
for each of the notes has changed since Fitch's February's 2023
review as follows:

- Asset 2014-1: A note 49% to 54%; B note 66% to 78%; C note 85% to
104%;

- AASET 2017-1: A note 65% to 39%; B note 88% to 42%; C note 95% to
55%;

- Asset 2018-1: A note 99% to 113%; B note 119% to 139%; C note
130% to 153%;

- AASET 2018-2: A note 69% to 66%; B note 86% to 83%; C note 99% to
96%;

- AASET 2019-1: A note 100% to 122%; B note 129% to 164%; C note
149% to 193%;

- AASET 2019-2: A note67% to 66%; B note 82% to 83%; C note 90% to
92%;

- AASET 2020-1: A note 72% to 69%; B note 85% to 84%; C note 99% to
98%.

AASET 2017-1's large improvement in LTV resulted from the sale of
nine aircraft over the past 12 months, yielding $117million in sale
proceeds (including lessee buyouts of substantial end-of-lease
maintenance obligations) and $17million in maintenance reserve
release. The note balances decreased more than the portfolio value,
thus lowering the LTV and improving the notes' credit quality.

In determining the Fitch Value of each pool, Fitch used the July
2023 appraisals. Fitch employs a methodology whereby it varies the
type of value based on the remaining leasable life:

- Less than three years of leasable life: Maintenance-adjusted
market value;

- More than three years of leasable life, but more than 15 years
old: Maintenance-adjusted base value;

- Less than 15 years old: Half-life base value.

Fitch then uses the lesser of mean and median of the given value.
The starting Fitch Value for each of the transactions is as
follows:

- ASSET 2014-1: $83 million;

- AASET 2017-1: $92 million;

- AASET 2018-1: $93 million;

- AASET 2018-2: $337 million;

- AASET 2019-1: $84 million;

- AASET 2019-2: $363 million;

- AASET 2020-1: $212 million.

Fitch also applies a haircut to residual values that vary based on
rating stress level beginning at 5% at 'Bsf' and increasing to 15%
at 'Asf'.

Tiered Collateral Quality:

Fitch utilizes three tiers when assessing the quality and
corresponding marketability of aircraft collateral: tier 1 which is
the most marketable and tier 3 which is the least marketable. As
aircraft in the pool reach an age of 15 and then 20 years, pursuant
to Fitch's criteria, the aircraft tier will migrate one level
lower.

The weighted average age and tier for each of the transactions is
as follows:

- AASET 2014-1: Age: 20.4 years; Tier: 3.0;

- AASET 2017-1: Age: 16.8 years; Tier: 2.4;

--AASET 2018-1: Age: 17.2; Tier 2.6;

- AASET 2018-2: Age: 17.8; Tier: 2.2;

- AASET 2019-1: Age: 18.8; Tier: 2.7;

- AASET 2019-2: Age: 14.3; Tier: 1.5;

- AASET 2020-1: Age: 17.4; Tier: 2.1.

Pool Concentration:

The number of aircraft in the pools is declining as the
transactions mature and aircraft are sold when they come off lease
given their age.

The aircraft count and number of lessees by transaction are as
follows:

- AASET 2014-1: 18 aircraft; eight lessees;

- AASET 2017-1: six aircraft; five lessees;

- AASET 2018-1: nine aircraft; seven lessees;

- AASET 2018-2: 29 aircraft; 15 lessees;

- AASET 2019-1: 11 aircraft; six lessees;

- AASET 2019-2: 22 aircraft; 13 lessees;

- AASET 2020-1: 15 aircraft and one engine; 12 lessees.

As the pools continue to age and Fitch assumes aircraft are sold at
the end of their leasable lives (generally 20 years), pool
concentration increases. Fitch stresses cash flows based on the
effective aircraft count given the increased riskiness of the
cashflows, particularly maintenance cashflows, for smaller pools.
Rating-specific concentration haircuts are applied at stresses
higher than 'CCCsf'.

Lessee Credit Risk:

Fitch considers the credit risk posed by the pool of lessees to be
moderate-to-high, although delinquencies have improved considerably
since the prior review. The modeled credit rating Fitch assigns to
the subject airlines may improve if they demonstrate a longer track
record of timely payment performance, particularly for airlines
that have recently been restructured; however, Fitch has generally
maintained the credit ratings assigned in its prior review. The
weighted-average lessee credit rating by transaction is as
follows:

- AASET 2014-1: 'CCsf';

- AASET 2017-1: 'CCC-sf';

- AASET 2018-1: 'CCCsf';

- AASET 2018-2: 'CCCsf';

- AASET 2019-1: 'CCCsf';

- AAET 2019-2: 'CCCsf';

- AASET 2020-1: 'CCC-sf'.

Operation and Servicing Risk:

Fitch deems the servicer, Carlyle Aviation Partners, to be
qualified based on its experience as a lessor, overall servicing
capabilities and historical ABS performance to date.

RATING SENSITIVITIES

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

An increase in delinquencies, lower lease rates, or sales of
aircraft below Fitch's projections could lead to a downgrade.

The aircraft ABS sector has a rating cap of 'Asf'. All subordinate
tranches carry ratings lower than the senior tranche and below the
ratings at close.

Fitch conducted a sensitivity in which residual values were reduced
by 20% to simulate underperformance in sales beyond the haircuts,
depreciation, and market value declines already incorporated into
Fitch's model. Fitch also performed a sensitivity in which gross
cash flows were reduced by 10% to simulate increased delinquencies
given the low credit ratings of many lessees. The sensitivities
resulted in decreases in the model-implied-ratings of the classes
of one or two notches.

Fitch also gauged the ratings sensitivity of nine aircraft on lease
to SpiceJet (AASET 2014-1: two aircraft; AASET 2017-1: two
aircraft; AASET 2018-1: one aircraft; AASET 2020-1: four aircraft),
which is experiencing substantial financial hardship, coming off
lease early and enduring extended downtime prior to redeployment.

Additionally, Fitch ran sensitivities on the forecasted maintenance
cashflows, for which Fitch hasn't received updated estimates, other
than for end-of-lease payments, since the transactions closed.

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

If contractual lease rates outperform modeled cash flows or lessee
credit quality improves materially, this may lead to an upgrade.
Similarly, if assets in the pool display higher values and stronger
rent generation than Fitch's stressed scenarios this may also lead
to an upgrade.

Fitch also considers jurisdictional concentrations per the
"Structured Finance and Covered Bonds Country Risk Rating
Criteria," which could result in rating caps lower than 'Asf'.


AMERICREDIT AUTOMOBILE 2023-2: Fitch Gives BB(EXP) Rating on E Debt
-------------------------------------------------------------------
Fitch Ratings expects to assign ratings and Rating Outlooks to
AmeriCredit Automobile Receivables Trust (AMCAR) 2023-2.

   Entity/Debt       Rating           
   -----------       ------           
AmeriCredit
Automobile
Receivables
Trust 2023-2

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

KEY RATING DRIVERS

Collateral and Concentration Risks— Consistent Credit Quality:
The pool has consistent credit quality compared with recent pools,
based on the weighted average (WA) Fair Isaac Corp. (FICO) score of
590 and internal credit scores. Obligors with FICO scores of 600
and greater total 47.2%, up from 46.5% in 2023-1 but lower than
50.0% in 2022-2. Extended-term (61+ month) contracts total 94.6%,
which is consistent with prior series.

2023-2 is the ninth transaction to include 76- to 84-month
contracts, at 24.0% of the pool, up from 19.8% in 2023-1 and the
highest to date. Performance data for these contracts are
relatively limited due to lack of seasoning, especially for
performance during an economic downturn. However, these longer
loans have obligors with stronger credit metrics; given this and
initial performance observations, Fitch did not apply an additional
stress to these loans.

Forward-Looking Approach to Derive Base Case Loss Proxy: Fitch
considered economic conditions and future expectations by assessing
key macroeconomic and wholesale market conditions in deriving the
series loss proxy. In recognition of the relatively resilient
performance for both the managed portfolio and securitizations,
Fitch adjusted the vintage ranges to derive the loss proxy for
2023-2 when compared with those used for 2022-1 and factored in
securitization performance, while still maintaining a conservative
through-the-cycle approach. Consequently, Fitch's cumulative net
loss (CNL) proxy for 2023-2 is 9.00%, down from 10.00% in 2022-1.

Payment Structure — Sufficient Credit Enhancement: Initial hard
credit enhancement (CE) is consistent with 2023-1, totaling 33.10%,
26.60%, 18.45%, 10.60% and 7.75% for classes A, B, C, D and E,
respectively. Excess spread is expected to be 6.42% per annum. Loss
coverage for each class of notes is sufficient to cover the
respective multiples of Fitch's base case CNL proxy.

Seller/Servicer Operational Review — Consistent
Origination/Underwriting/Servicing: Fitch rates GM and GMF
'BBB-'/'F3'/Outlook Positive. GMF demonstrates adequate abilities
as originator, underwriter and servicer, as evidenced by historical
portfolio and securitization performance. Fitch deems GMF capable
of adequately servicing this series.

RATING SENSITIVITIES

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

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

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

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

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

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

ESG CONSIDERATIONS

The concentration of hybrid and electric vehicles in the pool of
approximately 0.90% did not have an impact on Fitch's ratings
analysis or conclusion on this transaction and has no impact on
Fitch's ESG Relevance Score.

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.


AMSR 2023-SFR3: DBRS Gives Prov. BB Rating on Class F-1 Certs
-------------------------------------------------------------
DBRS, Inc. assigned the following provisional ratings to the
Single-Family Rental Pass-Through Certificates (the Certificates)
to be issued by AMSR 2023-SFR3 Trust (AMSR 2023-SFR3):

-- $126.3 million Class A at AAA (sf)
-- $44.2 million Class B at AA (high) (sf)
-- $18.4 million Class C at AA (sf)
-- $22.1 million Class D at A (high) (sf)
-- $38.7 million Class E-1 at BBB (sf)
-- $15.7 million Class E-2 at BBB (low) (sf)
-- $18.4 million Class F-1 at BB (sf)
-- $11.1 million Class F-2 at BB (low) (sf)

The AAA (sf) rating on the Class A Certificates reflects 60.9% of
credit enhancement provided by subordinated notes in the pool. The
AA (high) (sf), AA (sf), A (high) (sf), BBB (sf), BBB (low) (sf),
BB (sf), and BB (low) (sf) ratings reflect 47.1%, 41.4%, 34.6%,
22.6%, 17.7%, 12.0%, and 8.6% of credit enhancement, respectively.

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

The AMSR 2023-SFR3 Certificates are supported by the income streams
and values from 1,376 rental properties. The properties are
distributed across 14 states and 29 metropolitan statistical areas
(MSAs) in the United States. DBRS Morningstar maps an MSA based on
the ZIP code provided in the data tape, which may result in
different MSA stratifications than those provided in offering
documents. As measured by broker price opinion value, 37.4% of the
portfolio is concentrated in three states: Missouri (14.3%),
Arizona (11.6%), and North Carolina (11.4%). The average value is
$267,969. The average age of the properties is roughly 43 years.
The majority of the properties have three or more bedrooms. The
Certificates represent a beneficial ownership in an approximately
five-year, fixed-rate, interest-only loan with an initial aggregate
principal balance of approximately $322.6 million.

The sponsor intends to satisfy its risk-retention obligations under
the U.S. Risk Retention Rules. The sponsor does not make any
representation with respect to whether such risk retention
satisfies EU Risk Retention Requirements, and UK Risk Retention
Requirements by Class G, which is 7.5% of the initial total
issuance balance, either directly or through a majority-owned
affiliate.

DBRS Morningstar assigned the provisional ratings for each class of
Certificates by performing a quantitative and qualitative
collateral, structural, and legal analysis. This analysis uses DBRS
Morningstar's single-family rental subordination analytical tool
and is based on DBRS Morningstar's published criteria. DBRS
Morningstar developed property-level stresses for the analysis of
single-family rental assets. DBRS Morningstar assigned the
provisional ratings to each class based on the level of stresses
each class can withstand and whether such stresses are commensurate
with the applicable rating level. DBRS Morningstar's analysis
includes estimated base-case net cash flows (NCFs) by evaluating
the gross rent, concession, vacancy, operating expenses, and
capital expenditure data. The DBRS Morningstar NCF analysis
resulted in a minimum debt service coverage ratio of more than 1.0
times.

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


ANGEL OAK 2023-6: Fitch Gives Final 'Bsf' Rating on Class B-2 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Angel Oak Mortgage
Trust 2023-6 (AOMT 2023-6).

   Entity/Debt            Rating                   Prior
   -----------            ------                   -----
AOMT 2023-6

   A-1 03464UAA4      LT  AAAsf   New Rating    AAA(EXP)sf
   A-2 03464UAB2      LT  AAsf    New Rating    AA(EXP)sf
   A-3 03464UAC0      LT  Asf     New Rating    A(EXP)sf
   M-1 03464UAD8      LT  BBB-sf  New Rating    BBB-(EXP)sf
   B-1 03464UAE6      LT  BBsf    New Rating    BB(EXP)sf
   B-2 03464UAF3      LT  Bsf     New Rating    B(EXP)sf
   B-3 03464UAG1      LT  NRsf    New Rating    NR(EXP)sf
   A-IO-S 03464UAH9   LT  NRsf    New Rating    NR(EXP)sf
   XS 03464UAJ5       LT  NRsf    New Rating    NR(EXP)sf
   R 03464UAK2        LT  NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the RMBS to be issued by Angel
Oak Mortgage Trust 2023-6, Series 2023-6 (AOMT 2023-6), as
indicated above. The certificates are supported by 480 loans with a
balance of $246.23 million as of the cutoff date. This represents
the 32nd Fitch-rated AOMT transaction and the sixth Fitch-rated
AOMT transaction in 2023.

The certificates are secured by mortgage loans mainly originated by
Angel Oak Mortgage Solutions LLC and Angel Oak Home Loans LLC. All
other originators each contribute less than 10% of the loans to the
pool. Of the loans, 65.2% are designated as nonqualified mortgage
(non-QM) loans, and 34.8% are investment properties not subject to
the Ability to Repay (ATR) Rule.

There is no Libor exposure in this transaction, as the ARM loan in
the pool does not reference Libor and the certificates do not have
Libor exposure. Class A-1, A-2 and A-3 certificates are fixed rate,
are capped at the net weighted average coupon (WAC) and have a
step-up feature. Class M-1, B-1 and B-3 certificates are based on
the net WAC; class B-2 certificates are based on the net WAC but
have a stepdown feature, whereby the class becomes a principal-only
bond at the point the class A-1, A-2 and A-3 certificate coupons
step up.

Additionally, on any distribution date where the aggregate unpaid
cap carryover amount for the class A certificates is greater than
zero, payments to the class A step-up cap carryover reserve account
will be prioritized over the payment of interest/unpaid interest
payable to the class B-3 certificates.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.6% above a long-term sustainable level, compared
with 7.6% on a national level as of 1Q23, down 0.2% since last
quarter. The rapid gain in home prices through the pandemic shows
signs of moderating, with a decline observed in 3Q22. Home prices
decreased 0.2% yoy nationally as of April 2023, driven by the
strong gains in 1H22.

Non-QM Credit Quality (Mixed): The collateral consists of 480 loans
totaling $246.23 million and seasoned at approximately 14 months in
aggregate, according to Fitch, and 12 months per the transaction
documents.

The borrowers have a relatively strong credit profile (735 nonzero
FICO and 41.0% debt-to-income (DTI) ratio along with relatively
moderate leverage, with an original combined loan-to-value (CLTV)
ratio of 73.5%, as determined by Fitch, which translates to a
Fitch-calculated sustainable LTV of 77.1%.

Per the transaction documents and Fitch's analysis, 65.2%
represents loans whereby the borrower maintains a primary or
secondary residence, while the remaining 34.8% comprises investor
properties.

Fitch determined that 24.9% of the loans were originated through a
retail channel.

Additionally, 65.2% are designated as non-QM, while the remaining
34.8% are exempt from QM status, as they are investor loans.

The pool contains 49 loans over $1.0 million, with the largest
amounting to $2.56 million.

Loans on investor properties (9.9% underwritten to the borrower's
credit profile and 24.9% comprising investor cash flow loans)
represent 34.8% of the pool, as determined by Fitch. There are no
second lien loans, and 2.3% of the borrowers were viewed by Fitch
as having a prior credit event in the past seven years.

Per the transaction documents, none of the loans have subordinate
financing. In Fitch's analysis, Fitch also considered loans with
deferred balances to have subordinate financing. In this
transaction, there were no loans with deferred balances; therefore,
Fitch performed its analysis considering none of the loans to have
subordinate financing. Fitch viewed the lack of subordinate
financing as a positive aspect of the transaction.

Fitch determined that four of the loans in the pool are to foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, coded as no documentation, for employment and income
documentation and removed the liquid reserves. If a credit score is
not available, Fitch uses a credit score of 650 for these
borrowers.

Although the borrowers' credit quality is higher than that of AOMT
transactions securitized in 2022 and 2021, the pool's
characteristics resemble those of nonprime collateral and,
therefore, the pool was analyzed using Fitch's nonprime model.

The largest concentration of loans is in California (26.1%),
followed by Florida and Texas. The largest MSA is Los Angeles
(13.8%), followed by Miami (10.1%) and Dallas (4.7%). The top three
MSAs account for 28.6% of the pool. As a result, there was no
penalty was applied for geographic concentration.

Loan Documentation (Negative): Fitch determined that 93.0% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Per the transaction documents, 92.4% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan based on its review of the loan program and
the documentation details provided in the loan tape, which may
explain any discrepancy between Fitch's percentage and the
transaction documents.

Of the loans underwritten to borrowers with less than full
documentation, Fitch determined that 63.8% were underwritten to a
12-month or 24-month business or personal bank statement program
for verifying income, which is not consistent with the previously
applicable Appendix Q standards and Fitch's view of a full
documentation program. To reflect the additional risk, Fitch
increases the probability of default (PD) by 1.5x on bank statement
loans. In addition to loans underwritten to a bank statement
program, 24.9% comprise a debt service coverage ratio (DSCR)
product and 3.4% are an asset qualifier product.

None of the loans in the pool are no-ratio DSCR loans, which Fitch
viewed as a positive aspect compared with other Fitch rated NQM
transactions that include no ratio loans in limited quantities. For
no-ratio loans, employment and income are considered to be no
documentation in Fitch's analysis and Fitch assumes a DTI ratio of
100%. This is in addition to the loans being treated as investor
occupied.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent P&I. The limited advancing reduces
loss severities, as a lower amount is repaid to the servicer when a
loan liquidates and liquidation proceeds are prioritized to cover
principal repayment over accrued but unpaid interest. The downside
is the additional stress on the structure, as liquidity is limited
in the event of large and extended delinquencies (DQs).

Modified Sequential-Payment Structure (Neutral): The structure
distributes collected principal pro rata among the class A
certificates while excluding the mezzanine and subordinate
certificates from principal until all three A classes are reduced
to zero. To the extent that either a cumulative loss trigger event
or a DQ trigger event occurs in a given period, principal will be
distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero.

There is limited excess spread in the transaction available to
reimburse for losses or interest shortfalls should they occur.
However, excess spread will be reduced on and after the
distribution date in September 2027, since the class A certificates
have a step-up coupon feature whereby the coupon rate will be the
lesser of (i) the applicable fixed rate plus 1.000%; and (ii) the
net WAC rate.

To offset the impact of the class A certificates' step-up coupon
feature, class B-2 has a stepdown coupon feature that will become
effective in September 2027, which will change the B-2 coupon to
0.0%. Additionally, on any distribution date where the aggregate
unpaid cap carryover amount for the class A certificates is greater
than zero, payments to the class A step-up cap carryover reserve
account will be prioritized over the payment of interest/unpaid
interest payable to the class B-3 certificates. These features are
supportive of classes A-1 and A-2 being paid timely interest at the
step-up coupon rate and class A-3 being paid ultimate interest at
the step-up coupon rate.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.0% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged Canopy, Consolidated Analytics, Covius, Incenter, Infinity,
IngletBlair, Recovco and Selene to perform the review. Loans
reviewed under these engagements were given compliance, credit and
valuation grades and assigned initial grades for each subcategory.

An exception and waiver report was provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than guideline
requirement. Therefore, no adjustments were needed to compensate
for these occurrences.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's (ASF) data layout format.

The ASF data tape layout was established with input from various
industry participants, including rating agencies, issuers,
originators, investors and others, to produce an industry standard
for the pool-level data in support of the U.S. RMBS securitization
market. The data contained in the data tape layout were populated
by the due diligence company and no material discrepancies were
noted.

ESG CONSIDERATIONS

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


ARBOR REALTY 2021-FL3: DBRS Confirms B(low) Rating on G Notes
-------------------------------------------------------------
DBRS, Inc. confirmed the ratings on all classes of commercial
mortgage-backed notes issued by Arbor Realty Commercial Real Estate
Notes 2021-FL3, Ltd. as follows:

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance as the trust continues to be solely
secured by the multifamily collateral. In conjunction with this
press release, DBRS Morningstar has published a Surveillance
Performance Update report with in-depth analysis and credit metrics
for the transaction and with business plan updates on select loans.


The transaction closed in September 2021 with the initial
collateral consisting of 36 floating-rate mortgages and senior
participations secured by 50 mostly transitional properties with a
cut-off balance of $1.50 billion. Most loans were in a period of
transition with plans to stabilize performance and improve the
asset value. The transaction has a maximum funded balance of $1.5
billion and is a managed vehicle with its reinvestment period
scheduled to expire with the March 2024 Payment Date. As of August
2023 reporting, the Reinvestment Account has a balance of $98.3
million.

As of the August 2023 remittance, the pool comprises 49 loans
secured by 67 properties with a cumulative trust balance of $1.40
billion. Thirteen of the original loans in the transaction at
closing, representing 36.4% of the current trust balance, remain in
the trust. Since issuance, 26 loans with a former cumulative trust
balance of $717.7 million have been successfully repaid from the
pool, including 16 loans totaling $386.7 million since the previous
DBRS Morningstar rating action in November 2022. An additional 13
loans, totaling $420.5 million, have been added to the trust since
the previous DBRS Morningstar rating action.

The transaction is concentrated by property type as all loans are
secured by multifamily properties. The loans are primarily secured
by properties in suburban markets as 36 loans, representing 75.3%
of the pool, are secured by properties in suburban markets, as
defined by DBRS Morningstar, with a DBRS Morningstar Market Rank of
3, 4, or 5. An additional 10 loans, representing 17.6% of the pool,
are secured by properties with DBRS Morningstar Market Ranks of 1
and 2, denoting rural and tertiary markets, while three loans,
representing 7.0% of the pool, are secured by properties with DBRS
Morningstar Market Ranks of 6 or 7, denoting urban markets. In
comparison, at transaction issuance, properties in suburban markets
represented 68.5% of the collateral, properties in tertiary and
rural markets represented 18.2% of the collateral, and properties
in urban markets represented 13.3% of the collateral.

Leverage across the pool has decreased slightly as of the August
2023 reporting when the current weighted-average (WA) as-is
appraised value loan-to-value ratio (LTV) was 83.1%, with a current
WA stabilized LTV of 69.2%. In comparison, these figures were 84.1%
and 71.6%, respectively, at issuance. DBRS Morningstar recognizes
that select property values may be inflated as the majority of the
individual property appraisals were completed in 2021 and 2022, and
may not reflect the current rising interest rate or widening
capitalization rate environments.

Through March 2023, the lender had advanced cumulative loan future
funding of $99.6 million to 42 of the 47 outstanding individual
borrowers to aid in property stabilization efforts. The largest
advance has been made to the borrower of the Diplomat Tower ($25.1
million) loan. The loan is secured by a recently built 27-story,
Class A multifamily tower and adjoining parking structure in
Hallandale Beach, Florida. The advanced funds have been provided as
an earnout based on the property achieving occupancy benchmarks and
for debt service reserves to keep the loan current during the
initial lease-up phase. An additional $5.0 million of future
funding for future debt service shortfalls remains outstanding.

An additional $102.5 million of loan future funding allocated to 48
of the outstanding individual borrowers remains available.
Available loan proceeds for each respective borrower, excluding the
borrower of the Diplomat Tower loan, are for planned capital
expenditure improvements with the largest portion of available
funds, $9.7 million, allocated to the borrower of the 41 Marietta
loan. At issuance, the loan was backed by a vacant 13-story
high-rise office building in Atlanta with the borrower's business
plan consisting of implementing a $20.9 million capital improvement
and transition plan to convert the asset into a multifamily
property. Through March 2023, $11.2 million of advanced funds have
been used to fund the borrower's redevelopment of the property.
According to the Q1 2023 collateral manager's report, the
redevelopment is expected to be completed by February 2024 with
pre-leasing expected to commence in December 2023. While the
renovation reserve has a balance of $9.4 million, the collateral
manager noted that the borrower secured a $4.8 million mezzanine
loan to assist in the remaining renovation work, suggesting the
incurred costs have been above budget.

As of the August 2023 reporting, no loans are specially serviced or
watchlisted, however, two loans, totaling $56.4 million and
representing 4.0% of the pool balance, are delinquent. The loans,
Landings at Brittany Acres and 100 Riverbend, were both reported
30-days delinquent. The Landings at Brittany Acres loan, which is
backed by a 77-unit garden-style multifamily property in suburban
St. Louis, Missouri, was 87.9% occupied as of the February 2023
rent roll, with an average rental rate of $994/unit. The achieved
rental rate represented a 16.0% increase over rents at issuance.
According to the collateral manager, the borrower will be required
to replenish the interest reserve. The loan matures in April 2024
and includes two 12-month extension options. According to the
collateral manager, the borrower for the 100 Riverbend loan is
expected to conduct a capital call with its investors to bring the
loan current and to market the property for sale in September 2023
upon completion of the property renovations.

Maturity risk is concentrated in 2024 as collateral representing
64.4% of the pool is scheduled to mature; however, the majority of
the loans have extension options ranging between 12 and 24 months.
Only two loans, representing 1.9% of the pool, mature in 2023 and
both include a 12-month extension option.

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



ARES CLO XXXIIR: Moody's Cuts Rating on $9.9MM Cl. E Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ares XXXIIR CLO Ltd.:

US$39,500,000 Class A-2A Senior Floating Rate Notes due 2030 (the
"Class A-2A Notes"), Upgraded to Aa1 (sf); previously on April 26,
2018 Definitive Rating Assigned Aa2 (sf)

US$10,000,000 Class A-2B-R Senior Floating Rate Notes due 2030 (the
"Class A-2B-R Notes"), Upgraded to Aa1 (sf); previously on October
14, 2020 Assigned Aa2 (sf)

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

US$9,900,000 Class E Mezzanine Deferrable Floating Rate Notes due
2030 (the "Class E Notes"), Downgraded to Caa2 (sf); previously on
September 8, 2020 Downgraded to Caa1 (sf)

Ares XXXIIR CLO Ltd., originally issued in April 2018 and partially
refinanced in October 2020 is a managed cashflow CLO. The notes are
collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period ended in May 2023.

RATINGS RATIONALE

The upgrade rating actions reflect the benefit of the end of the
deal's reinvestment period in May 2023 and the amortization of the
senior notes since that time. In light of the reinvestment
restrictions during the amortization period which limit the ability
of the manager to effect significant changes to the current
collateral pool, Moody's analyzed the deal assuming a higher
likelihood that the collateral pool characteristics will be
maintained and continue to satisfy certain covenant requirements.
In particular, Moody's assumed that the deal will benefit from
lower weighted average rating factor (WARF) levels compared to its
covenant level. Moody's modeled a WARF of 2841 compared to its
current covenant level of 2945. Additionally, the Class A-1A notes
amortized by $11.2 million or 3.78% since May 2023.
The downgrade rating action on the Class E notes reflects the
specific risks to the junior notes posed by par loss observed in
the underlying CLO portfolio. Based on the trustee's August 2023[1]
report, the OC ratio for the Class E notes (as inferred by the
Reinvestment Overcollateralization Test) is reported at 102.77%
versus August 2022  level of 104.30%[2].
Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

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

Performing par and principal proceeds balance: $465,940,727
Defaulted par:  $5,120,248
Diversity Score: 70
Weighted Average Rating Factor (WARF): 2841
Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.32%
Weighted Average Recovery Rate (WARR): 46.88%
Weighted Average Life (WAL): 4.3 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.


ARES LOAN II: S&P Assigns Prelim BB- (sf) Rating on Cl. E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
A-R, B-R, C-R, D-1-R, D-2-R, and E-R replacement debt from Ares
Loan Funding II Ltd./Ares Loan Funding II LLC, a CLO that is
managed by Ares CLO Management LLC.

The preliminary ratings are based on information as of Sept. 11,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

On the Sept. 14, 2023, refinancing date, the proceeds from the
replacement debt will be used to redeem the original debt. At that
time, S&P expects to assign ratings to the replacement debt.
However, if the refinancing doesn't occur, it may withdraw its
preliminary ratings on the replacement debt.

The replacement debt will be issued via a proposed supplemental
indenture, which outlines the terms of the replacement debt.
According to the proposed supplemental indenture:

-- The replacement class A-R, C-R, and E-R debt are expected to be
issued at a lower spread over three-month SOFR than the original
debt. The replacement class B-R debt are expected to be issued at
the same spread over three-month SOFR as the original debt.

-- The replacement class D-1-R and D-2-R debt are expected to be
issued at a floating spread and a fixed coupon, respectively,
replacing the current class D floating spread.

-- The stated maturity and the reinvestment period will be
extended three years.

-- The weighted average life test is set for nine years from the
closing date.

-- A two-year noncall period will be implemented from the closing
date.

-- 100% of the identified underlying collateral obligations have
credit ratings assigned by S&P Global Ratings.

-- 91.88% of the identified underlying collateral obligations have
recovery ratings assigned by S&P Global Ratings.

  Replacement And Original Debt Issuances

  Replacement debt

  Class A-R, $248.00 million: Three-month term SOFR + 1.675%
  Class B-R, $56.00 million: Three-month term SOFR + 2.40%
  Class C-R, $24.00 million: Three-month term SOFR + 2.85%
  Class D-1-R, $13.00 million: Three-month term SOFR + 4.80%
  Class D-2-R, $11.00 million: 8.632%
  Class E-R, $12.40 million: Three-month term SOFR + 8.24%

  Original debt

  Class A, $240.00 million: Three-month term SOFR + 1.83%
  Class B, $64.00 million: Three-month term SOFR +2.40%
  Class C, $23.50 million: Three-month term SOFR + 2.90%
  Class D, $23.00 million: Three-month term SOFR + 4.18%
  Class E, $12.75 million: Three-month term SOFR + 7.82%

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and the
recoveries upon default under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis (and other qualitative factors, as applicable)
demonstrated, in our view, that the outstanding rated classes all
have adequate credit enhancement available at the rating levels
associated with the rating actions.

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

  Preliminary Ratings Assigned

  Ares Loan Funding II Ltd./Ares Loan Funding II LLC

  Class A-R, $248.00 million: AAA (sf)
  Class B-R, $56.00 million: AA (sf)
  Class C-R (deferrable), $24.00 million: A (sf)
  Class D-1-R (deferrable), $13.00 million: BBB- (sf)
  Class D-2-R (deferrable), $11.00 million: BBB- (sf)
  Class E-R (deferrable), $12.40 million: BB- (sf)
  Subordinated notes, $28.35 million: Not rated



BANK 2018-BNK14: Fitch Affirms B- Rating on 2 Tranches
------------------------------------------------------
Fitch Ratings has affirmed 16 classes of BANK 2018-BNK14 commercial
mortgage pass-through certificates. The Rating Outlooks on classes
G and X-G have been revised to Stable from Negative. The Under
Criteria Observation (UCO) has been resolved.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
BANK 2018-BNK14

   A-2 06035RAP1    LT  AAAsf   Affirmed    AAAsf
   A-3 06035RAR7    LT  AAAsf   Affirmed    AAAsf
   A-4 06035RAS5    LT  AAAsf   Affirmed    AAAsf
   A-S 06035RAU0    LT  AAAsf   Affirmed    AAAsf
   A-SB 06035RAQ9   LT  AAAsf   Affirmed    AAAsf
   B 06035RAV8      LT  AA-sf   Affirmed    AA-sf
   C 06035RAW6      LT  A-sf    Affirmed    A-sf
   D 06035RAX4      LT  BBBsf   Affirmed    BBBsf
   E 06035RAZ9      LT  BBB-sf  Affirmed    BBB-sf
   F 06035RBB1      LT  BB-sf   Affirmed    BB-sf
   G 06035RBD7      LT  B-sf    Affirmed    B-sf
   X-A 06035RBH8    LT  AAAsf   Affirmed    AAAsf
   X-B 06035RAT3    LT  AA-sf   Affirmed    AA-sf
   X-D 06035RAA4    LT  BBB-sf  Affirmed    BBB-sf
   X-F 06035RAC0    LT  BB-sf   Affirmed    BB-sf
   X-G 06035RAE6    LT  B-sf    Affirmed    B-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance since Fitch's last rating action. There are six
Fitch Loans of Concern (16.5%), which includes two loans in special
servicing (6.3%) one of which is still performing (2.6%). Fitch's
current ratings incorporate a 'Bsf' rating case loss of 3.4%.

Largest Contributor to Loss: The largest contributor to loss is the
Doubletree Grand Naniloa Hotel asset (3.7%), a 388-unit lodging
property located in Hilo, HI. The loan transferred to special
servicing in June 2020 as a result of the Covid-19 pandemic. As of
March 2023, occupancy, ADR and RevPAR rates were 78%, $194 and
$152, respectively and has penetration rates of 101%, 77% and 78%,
respectively. Subject YE 2021 NOI DSCR was 1.33x compared to 0.01x
as of YE 2020 and underwritten NOI DSCR of 2.00x. Per the most
recent updates, a receiver was appointed in June 2022 and
foreclosure litigation is still ongoing.

Fitch modelled a loss of approximately 19% which reflects a value
of $133,500 per key.

The next largest contributor to loss is the Park 80 West loan (6%),
which is secured by a 510,130 sf suburban office property located
in Saddle Brook, NJ, approximately 17 miles west of the Manhattan
CBD. The servicer reported interest-only NOI DSCR was 2.07x at YE
2022 compared with 2.08x at YE 2021 and 1.89x at YE 2020. Occupancy
was 92% as of June 2023, compared with 93% at YE 2022 and 85% at YE
2021. Upcoming rollover at the property includes 2.9% of the NRA in
2023, followed by 16.7% in 2024, 10% in 2025 and 13.8% in 2026.

Fitch's 'Bsf' loss of approximately 6% (prior to concentration
adjustments) utilized a 10% cap with a 15% haircut to the YE 2022
NOI to reflect upcoming rollover concerns.

Credit Enhancement: As of the August 2023 distribution date, the
pool's aggregate balance has been paid down by 9.1% to $1.25
billion from $1.4 billion at issuance. One loan (0.7%) is defeased.
Twenty-one loans comprising 59.5% of the pool are full
interest-only through the term of the loan. Twenty-two loans (68%)
are full-term interest-only, and two loans (2.85%) with a partial
IO period remain. Interest shortfalls are currently affecting the
NR H class.

Credit Opinion Loans: Five loans, representing 23.9% of the pool,
were assigned investment-grade credit opinions at issuance.
Aventura Mall (7.4% of the pool), 685 Fifth Avenue Retail (7.4%),
1745 Broadway (3.7%), Millennium Partners Portfolio (3.7%), and
Pfizer Building (1.2%).

Co-op Housing Concentration: Seventeen loans comprising 13.3% of
outstanding loan balance are securitized by co-op housing
properties.

RATING SENSITIVITIES

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

Downgrades to classes A-1, A-2, A-3, A-4, A-SB, A-S, B, X-A, B and
X-B are not likely due to their position in the capital structure
but may occur should interest shortfalls affect these classes.
Downgrades to classes C, D and X-D may occur should expected losses
for the pool increase substantially.

Downgrades to classes E, F, G, X-D, X-F and X-G would be downgraded
further if loss expectations increase, additional loans transfer to
special servicing or losses are realized.

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

Upgrades to classes B, C, D and X-B may occur with significant
improvement in CE and/or defeasance, and with the stabilization of
performance on the FLOCs. Classes would not be upgraded above 'Asf'
if there is likelihood for interest shortfalls. Upgrades to classes
E, F, G, X-D, X-F and X-G are not likely unless resolution of the
specially serviced loans is better than expected and performance of
the remaining pool is stable.

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.


BANK 2019-BNK16: DBRS Confirms B Rating on 2 Classes
-----------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2019-BNK16 issued by
BANK 2019-BNK16 as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BB (high) (sf)
-- Class F at BB (sf)
-- Class X-G at B (high) (sf)
-- Class G at B (sf)
-- Class X-H at B (sf)
-- Class H at B (low) (sf)

All trends are Stable.

The rating confirmations reflect the stable performance of the
transaction since issuance as illustrated by the strong financial
performance of the pool with a weighted-average (WA) debt service
coverage ratio (DSCR) above 2.0 times (x) based on the most recent
year-end financials. In addition, there are no loans in special
servicing and no delinquent loans. As of the August 2023
remittance, 68 of the 69 original loans remain in the pool,
representing a collateral reduction of 3.4% since issuance. Two
loans are fully defeased, representing 0.6% of the pool balance.
Eight loans are on the servicer's watchlist, representing 15.8% of
the pool, and are being monitored for performance-related concerns,
tenant rollover risk, deferred maintenance, and upcoming maturity.

The pool is concentrated by property type with loans backed by
office and retail properties making up 32.2% and 31.5% of the pool,
respectively. Most of those office loans continue to perform in
line with issuance expectations, but the concentration is
noteworthy given the overall stress for the office market as a
whole in recent years and the risk is compounded especially for
loans with upcoming maturity, which includes the Regions Tower loan
(Prospectus ID#7, 4.6% of the pool) that is scheduled to mature in
October 2023. Both the most recent occupancy rate and net cash flow
(NCF) have been trending downwards in recent years, suggesting
increased refinance risk, and will likely require an extension.
Given these concerns, the loan was analyzed with a stressed
loan-to-value ratio (LTV), resulting in an expected loss that was
more than triple the pool average expected loss.

The largest loan on the servicer's watchlist, Southeast Hotel
Portfolio (Prospectus ID#2, 6.9% of the pool), is secured by a
hotel portfolio of five properties totaling 759 keys. The portfolio
consists of four limited-service and one full-service hotels
located across three cities in the United States, with two in
Atlanta, Georgia; two in Orlando, Florida; and one in Gastonia,
North Carolina. Three hotels operate under the Marriott flag, while
two operate under the Hilton flag.

The loan was previously in special servicing as the borrower
requested relief as a result of challenges arising from the
Coronavirus Disease (COVID-19) pandemic; however, the loan was
returned to the master servicer in January 2023 after a loan
modification was executed. The loan is currently on the servicer's
watchlist for low DSCR and deferred maintenance concerns. While the
deferred maintenance is in the process of being remediated, the
subject's performance continues to lag.

According to the March 2023 STR report, the portfolio reported a
trailing 12-month (T-12) WA occupancy rate, average daily rate
(ADR), and revenue per available room (RevPAR) of 73.1%, $109.18,
and $79.52, respectively, compared with the YE2022 RevPAR of $77.52
and issuance RevPAR of $86.71. As of the T-12 March 31, 2023,
financials, the DSCR was reported at 1.05x, compared with the
YE2022 DSCR of 0.95x and the DBRS Morningstar DSCR of 1.38x. While
the overall performance has improved year-over-year as exhibited by
the growth in DSCR and RevPAR, performance remains below DBRS
Morningstar's expectations. In terms of the analysis, the loan
inherently has an elevated expected loss that was nearly triple the
pool average, which was maintained with this review.

A loan that DBRS Morningstar is currently monitoring is US Bank
Centre (Prospectus ID#8, 3.4% of the pool), which is secured by a
256,000-square-foot (sf) office property in downtown Cleveland,
Ohio. The loan was previously watchlisted because of the trigger of
a cash management account tied to the former third-largest tenant,
U.S. Department of Housing and Urban Development, which had
announced its intent to vacate. However, the tenant downsized its
space to 3,300 sf in 2021 from approximately 34,200 sf. As of the
May 2023 rent roll, the property was 74.1% occupied and tenants
representing more than 35.0% of the net rentable area (NRA) had
leases that expired/expiring in the next 12 months, which includes
the three largest tenants at the subject: Cohen & Company Ltd
(Cohen & Company; 14.7% of NRA, lease expiry in July 2024), GCA
Services (12.67% of NRA, lease expiry in January 2024), and U.S.
Bank (11.16% of NRA, lease expiry in July 2024). According to the
servicer, the borrower has already identified replacement tenants
for majority of GCA Servicer's space, some of which are subleased
tenants that will sign a direct lease. In addition, a LoopNet
posting noted approximately 70,000 sf of space is available for
lease, which does not include the spaces occupied by Cohen &
Company and U.S. Bank.

As per the YE2022 financials, the loan reported a DSCR of 1.15x,
which is above YE2021 figure of 1.07x but still below the DBRS
Morningstar DSCR of 1.27x. According to the loan level reserve
report, there is $2.5 million held across all reserves, including
$2.0 million in tenant reserves and approximately $318,000 in other
reserves. The loan should be in cash managed since a sweep is
triggered 12 months prior to Cohen & Company and U.S. Bank's lease
expiration. DBRS Morningstar will continue to closely monitor this
loan for updates.

At issuance, DBRS Morningstar shadow-rated Millenium Partners
Portfolio (Prospectus ID#3, 6.8% of the pool) and Willowbend
Apartments (Prospectus ID#11, 2.5% of the pool) as
investment-grade. The Millenium Partners Portfolio is pari passu
with several other commercial mortgage-backed securities (CMBS)
transactions including three DBRS Morningstar rated transactions:
Morgan Stanley Capital I Trust 2018-MP, Morgan Stanley Capital I
Trust 2018-L1, and BANK 2018-BNK14. For this review, DBRS
Morningstar confirmed that the performance of these loans continues
to be in line with investment-grade loan characteristics.

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



BANK 2020-BNK26: DBRS Confirms B(high) Rating on Class G Certs
--------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-BNK26 issued by
BANK 2020-BNK26 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-3-1 at AAA (sf)
-- Class A-3-2 at AAA (sf)
-- Class A-3-X1 at AAA (sf)
-- Class A-3-X2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-4-1 at AAA (sf)
-- Class A-4-2 at AAA (sf)
-- Class A-4-X1 at AAA (sf)
-- Class A-4-X2 at AAA (sf)
-- Class X-A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-S-1 at AAA (sf)
-- Class A-S-2 at AAA (sf)
-- Class A-S-X1 at AAA (sf)
-- Class A-S-X2 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at A (high) (sf)
-- Class C at A (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (high) (sf)
-- Class E at BBB (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class X-G at BB (low) (sf)
-- Class G at B (high) (sf)

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which generally remains in line with DBRS
Morningstar's expectations since issuance, as exhibited by the
strong weighted-average debt service coverage ratio (DSCR) of more
than 2.0 times based on the most recent year-end financials. In
addition, the pool benefits from the continued stable performance
of the five shadow-rated loans (collectively representing 23.4% of
the pool balance), the small number of loans on the servicer's
watchlist that are being monitored for performance-related
concerns, and no loans in special servicing.

As of the August 2023 reporting, all 75 original loans remain in
the pool, with a trust balance of $1.2 billion, representing a
collateral reduction of 1.5% since issuance as a result of loan
amortization. Only one loan, representing 0.2% of the pool, is
fully defeased. Twelve loans, representing 19.8% of the pool, are
on the servicer's watchlist; six of the loans (15.5% of the pool)
are flagged for deferred maintenance and the remaining loans are
being monitored for tenant rollover and/or low DSCRs.

The pool is most concentrated by loans backed by office properties,
which represent 37.8% of the pool balance. Most of those loans
continue to perform in line with issuance expectations, but the
concentration is noteworthy given the overall stress for the office
market as a whole in recent years. For loans that have exhibited
increased risk, DBRS Morningstar increased the probability of
default penalties and, in certain cases, applied stressed
loan-to-value ratios (LTVs) in the analysis, resulting in a
weighted-average expected loss approximately 40% higher than the
pool average.

DBRS Morningstar is closely monitoring the Bravern Office Commons
loan (Prospectus ID#2; 6.3% of the pool), which is secured by a
Class A office property in Bellevue, Washington. The loan is pari
passu, with the other piece of the whole loan secured in BAMLL
2020-BOC (not rated by DBRS Morningstar). The property is leased to
a single tenant, Microsoft Corporation (Microsoft), on two triple
net leases extending to June 2025 and August 2025. Per
communication with the servicer, Microsoft has relocated its staff
out of the subject property to the Redmond campus (known as the
Microsoft Campus) in Redmond, Washington, suggesting the subject
building is currently dark. Despite Microsoft's assurance to
fulfill the rent obligations through the lease term, concerns arise
considering the 2025 lease expiration and the sponsor's ability to
backfill the space ahead of lease maturity.

Vacancy rates have been on the rise, with Reis reporting a Q2 2023
rate of 12.2% for the Bellevue Issaquah submarket, compared with
8.9% at Q2 2022. Based on the YE2022 financials, the loan reported
a net cash flow (NCF) of $26.1 million, an improvement from the
YE2021 NCF of $22.7 million but below the DBRS Morningstar NCF of
$29.9 million. The drop in NCF from the DBRS Morningstar figure was
primarily driven by a decrease in expense reimbursements of
approximately $5.0 million. At issuance, the subject was valued at
$605 million, which represents an LTV of 37.6% on the senior debt
and 50.2% on the whole loan of $304.0 million. DBRS Morningstar
contemplated a dark value analysis that valued the dark property at
$436.3 million, which sufficiently covers the whole-loan amount,
providing some cushion in the event Microsoft goes dark.

At issuance, the Bravern Office Commons loan, along with four other
loans in the top 10, were shadow-rated investment grade. This
includes 560 Mission Street (Prospectus ID#3; 5.9% of the pool), 55
Hudson Yards (Prospectus ID#6; 4.7% of the pool), 1633 Broadway
(Prospectus ID#8; 3.4% of the pool), and Bellagio Hotel and Casino
(Prospectus ID#9; 2.9% of the pool). With this review, DBRS
Morningstar confirms that the loan performance trends remain
consistent with investment-grade loan characteristics.

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



BANK5 2023-5YR3: Fitch Gives 'B-(EXP)sf' Rating on Two Tranches
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
BANK5 2023-5YR3 commercial mortgage pass-through certificates
series 2023-5YR3 as follows:

   Entity/Debt        Rating           
   -----------        ------            
BANK5 2023-5YR3

- $137,500,000ab class A-2 'AAAsf'; Outlook Stable;

- $0b class A-2-1 'AAAsf'; Outlook Stable;

- $0bc class A-2-X1 'AAAsf'; Outlook Stable;

- $0b class A-2-2 'AAAsf'; Outlook Stable;

- $0bc class A-2-X2 'AAAsf'; Outlook Stable;

- $451,734,000ab class A-3 'AAAsf'; Outlook Stable;

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

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

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

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

- $589,234,000c class X-A 'AAAsf'; Outlook Stable;

- $99,959,000b class A-S 'AAAsf'; Outlook Stable;

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

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

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

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

- $42,088,000b class B 'AA-sf'; Outlook Stable;

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

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

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

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

- $142,047,000c class X-B 'AA-sf; Outlook Stable;

- $31,566,000b class C 'A-sf'; Outlook Stable;

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

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

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

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

- $14,731,000d class D 'BBBsf'; Outlook Stable;

- $8,418,000d class E 'BBB-sf'; Outlook Stable;

- $23,149,000cd class X-D 'BBB-sf'; Outlook Stable;

- $15,783,000d class F 'BB-sf'; Outlook Stable;

- $15,783,000cd class X-F 'BB-sf'; Outlook Stable;

- $10,522,000d class G 'B-sf'; Outlook Stable;

- $10,522,000cd class X-G 'B-sf'; Outlook Stable.

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

- $29,462,243d class H;

- $29,462,243cd class X-H;

- $44,303,329e RR Interest.

(a) The initial certificate balances of classes A-2 and A-3 are
unknown and expected to be $589,234,000 in aggregate, subject to a
5% variance. The certificate balances will be determined based on
the final pricing of those classes of certificates. The expected
class A-2 balance range is $0 to $275,000,000 and the expected
class A-3 balance range is $314,234,000 to $589,234,000. Fitch's
certificate balances for classes A-2 and A-3 are assumed at the
midpoints of their range.

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

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

(c) Notional amount and interest only.

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

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

The expected ratings are based on information provided by the
issuer as of Sept. 12, 2023.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 36 loans secured by 65
commercial properties having an aggregate principal balance of
$886,066,573 as of the cut-off date. The loans were contributed to
the trust by Morgan Stanley Mortgage Capital Holdings, LLC, Bank of
America, N.A., Wells Fargo Bank, N.A. and Citi Real Estate Funding
Inc. The Master Servicer is expected to be Wells Fargo Bank, N.A.
and the Special Servicer is expected to be Greystone Servicing
Company LLC.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 73.5% of the loans by
balance, cash flow analysis of 100% of the pool and asset summary
reviews on 100% of the pool.

KEY RATING DRIVERS

Fitch Leverage: The pool has higher leverage compared with recent
multiborrower transactions rated by Fitch. The pool's Fitch loan-to
value ratio (LTV) of 89.9% is worse than the 2023 YTD average of
88.4%, but better than the 2022 average of 99.3%. The pool's Fitch
NCF debt yield (DY) of 10.7% is in-line with the 2023 YTD average
of 10.8%, but better than the 2022 average of 9.9%. Excluding
credit opinion loans, the pool's Fitch LTV and DY are 92.3% and
10.5%, respectively, compared with the equivalent conduit 2023 YTD
LTV and DY averages of 95.2% and 10.5%, respectively.

Investment Grade Credit Opinion Loans: Three loans representing
8.4% of the pool received an investment-grade credit opinion on a
stand-alone basis. Miracle Mile Shops (4.4% of pool) received a
standalone credit opinion of 'AA-sf*', Harborside 2-3 (2.3%)
received a standalone credit opinion of 'BBBsf*' and Back Bay
Office (1.7%) received a standalone credit opinion of 'AAAsf*'. The
pool's total credit opinion percentage is lower than the 2023 YTD
and 2022 averages of 20.3% and 14.4%, respectively.

Limited Amortization: Based on the scheduled balances at maturity,
the pool will pay down by 0.1%, which is worse than both the 2023
YTD and 2022 averages of 1.8% and 3.3%, respectively. The pool has
35 interest-only loans (98.0% of pool), which is worse than both
the 2023 YTD and 2022 averages of 81.0% and 77.5%, respectively.

Lower Pool Concentration: The pool is less concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 55.8% of the pool, which is lower than the 2023 YTD average
of 63.2%, but slightly higher than the 2022 average of 55.2%. Fitch
measures loan concentration risk with an effective loan count,
which accounts for both the number and size of loans in the pool.
The pool's effective loan count is 23.1.

Shorter Duration Loans: The pool is 100.0% comprised of loans with
five-year terms, whereas standard conduit transactions have
historically included mostly loans with 10-year terms. Fitch's
historical loan performance analysis shows that five-year loans
have a modestly lower probability of default than 10-year loans,
all else 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.

RATING SENSITIVITIES

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

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

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

- 10% NCF Decline: 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BB+sf' /
'BBsf' / 'B-sf' / less than 'CCCsf'.

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

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

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

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


BARINGS CLO 2023-III: S&P Assigns Prelim BB-(sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Barings CLO
Ltd. 2023-III/Barings CLO 2023-III 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 Barings LLC, a subsidiary of
MassMutual.

The preliminary ratings are based on information as of Sept. 11,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.
.
Barings CLO Ltd. 2023-III's debt issuance is a CLO securitization
governed by investment criteria and backed primarily by broadly
syndicated speculative-grade senior secured term loans.

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

  Barings CLO Ltd. 2023-III/Barings CLO 2023-III LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $60.00 million: AA (sf)
  Class C (deferrable), $30.00 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $17.50 million: BB- (sf)
  Subordinated notes, $51.00 million: Not rated



BBCMS MORTGAGE 2023-C21: Fitch Gives B-(EXP)sf Rating on G-RR Certs
-------------------------------------------------------------------
Fitch Ratings has assigned the following expected ratings to BBCMS
Mortgage Trust 2023-C21, Commercial Mortgage Pass-Through
Certificates, Series 2023-C21. A presale report has been issued.

   Entity/Debt        Rating           
   -----------        ------           
BBCMS 2023-C21

- $1,970,000 class A-1 'AAAsf'; Outlook Stable;

- $100,130,000 class A-2 'AAAsf'; Outlook Stable;

- $59,700,000 class A-3 'AAAsf'; Outlook Stable;

- $100,000,000a class A-4 'AAAsf'; Outlook Stable;

- $210,590,000a class A-5 'AAAsf'; Outlook Stable;

- $475,482,000b class X-A 'AAAsf'; Outlook Stable;

- $3,092,000 class A-SB 'AAAsf'; Outlook Stable;

- $84,058,000 class A-S 'AAAsf'; Outlook Stable;

- $29,718,000 class B 'AA-sf'; Outlook Stable;

- $24,623,000 class C 'A-sf'; Outlook Stable;

- $7,642,000cd class D-RR 'BBB+sf'; Outlook Stable;

- $13,585,000cd class E-RR 'BBB-sf'; Outlook Stable;

- $12,736,000cd class F-RR 'BB-sf'; Outlook Stable;

- $8,491,000cd class G-RR 'B-sf'; Outlook Stable.

Fitch does not expect to rate the following class:

- $22,925,690cd class H-RR;

a) The initial certificate balances of classes A-4 and A-5 are not
yet known but are expected to be $310,590,000 in aggregate, subject
to a 5% variance. The certificate balances will be determined based
on the final pricing of those classes of certificates. The expected
class A-4 balance range is $0-$100,000,000, and the expected class
A-5 balance range is $210,590,000-$310,590,000. The balances of
classes A-4 and A-5 above represent the hypothetical balance for
class A-4 if class A-5 were sized at the largest and smallest point
in their ranges, respectively.

b) Notional amount and interest-only.

c) Privately placed and pursuant to Rule 144A.

d) Represents the "eligible horizontal interest" comprising at
least 5.0% of the pool.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 25 loans secured by 152
commercial properties having an aggregate principal balance of
$679,260,690 as of the cut-off date. The loans were contributed to
the trust by Barclays Capital Real Estate Inc., 3650 Real Estate
Investment Trust 2 LLC, Citi Real Estate Funding Inc., Bank of
Montreal, and German American Capital Corporation. 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 3650 REIT Loan Servicing LLC.

KEY RATING DRIVERS

Leverage In line with Recent Transactions: The pool's Fitch
loan-to-value ratio (LTV) of 89.3% is in line with the YTD 2023
average of 88.4% and below the 2022 average of 99.3%. The pool's
Fitch NCF debt yield (DY) of 10.9% is higher than the YTD 2023 and
2022 averages of 10.8% and 9.9%, respectively. Excluding credit
opinion loans, the pool's Fitch LTV and DY are 96.3% and 10.3%,
respectively, in line with the YTD 2023 LTV and DY averages of
95.2% and 10.5%, respectively.

Investment-Grade Credit Opinion Loans: The pool includes three
loans, representing 18.9% of the total cutoff balance, that
received investment-grade credit opinions. This is below the YTD
2023 average of 20.3% and above the 2022 average of 14.4%. The
Fashion Valley Mall loan (9.2% of the pool) received a standalone
credit opinion of 'AAAsf'. The CX - 250 Water Street loan (7.8%)
received a standalone credit rating of 'BBBsf'. The Back Bay Office
loan (1.8%) received a standalone credit opinion of 'AAAsf'.

Limited Amortization: Based on the scheduled balances at maturity,
the pool is scheduled pay down by 0.8%, which is below both the
2023 YTD and 2022 averages of 1.8% and 3.3%, respectively. The pool
has 22 interest-only loans, or 92.2% of the pool by balance, which
is higher than both the 2023 YTD and 2022 averages of 81.0% and
77.5%, respectively.

Higher Pool Concentration: The pool is more concentrated than
recently rated Fitch transactions. The top 10 loans in the pool
make up 69.0% of the pool, which is greater than the 2023 YTD and
2022 average of 63.2% and 55.2%, respectively. The pool's effective
loan count of 21.1 is greater than the 2023 YTD average of 20.5 and
below the 2022 average of 25.9.

RATING SENSITIVITIES

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

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

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

- 10% Decline to Fitch NCF:
'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BBsf'/'B-sf'/ less than 'CCCsf'.

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

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

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

- 10% Increase to Fitch NCF:
'AAAsf'/'AA+sf'/'Asf'/'A-sf'/'BBBsf'/'BBsf'/'Bsf'.

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

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

DATA ADEQUACY

Fitch received information in accordance with its published
criteria. Sufficient data, including asset summaries, three years
of property financials, when available, and third-party reports on
the properties were received from the issuer. Ongoing performance
monitoring, including data provided, is described in the
Surveillance section of the presale report.

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.


BDS 2022-FL11: DBRS Confirms B(low) Rating on Class G Notes
-----------------------------------------------------------
DBRS Limited confirmed its ratings on the following classes of
notes issued by BDS 2022-FL11 LLC (the Issuer) as follows:

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

All trends are Stable.

The rating confirmations reflect the overall performance of the
transaction, which remains in line with DBRS Morningstar
expectations as individual borrowers are generally progressing
through their stated business plans. The pool composition remains
relatively similar to issuance with multifamily representing the
majority of the pool. In conjunction with this press release, DBRS
Morningstar has published a Surveillance Performance Update report
with in-depth analysis and credit metrics for the transaction and
with business plan updates on select loans.

As of the August 2023 remittance, the trust reported an outstanding
balance of $865.5 million with 31 floating-rate loans remaining in
the trust. The transaction is a managed vehicle, with no
delayed-close assets and no replenishment period but is structured
with a 24-month reinvestment period ending in April 2024. All
future loan repayments will pay down the notes sequentially. Since
the previous DBRS Morningstar rating action in November 2022, three
loans successfully repaid from the trust. The remaining loans in
the transaction are heavily concentrated with 27 loans backed by
multifamily properties (87.2% of the current trust balance) with
only two loans (7.7% of the current trust balance) secured by
lodging properties and two loans (5.1% of the current trust
balance) secured by industrial properties.

As of the August 2023 reporting, no loans are in special servicing,
but one loan, The Tailor Lofts (Prospectus ID#17; 3.1% of the
pool), is delinquent and was last paid through in June 2023. A
forbearance is currently being negotiated. Additional loan details
are discussed in the Surveillance Performance Update report.
Fifteen loans, representing 48.0% of the current trust balance, are
on the servicer's watchlist. Eleven of these loans were flagged for
performance issues with low occupancy rates and/or debt service
coverage ratios (DSCRs); however, this was anticipated as borrowers
continue to progress through their business plans to stabilize the
assets, and the floating rate nature of all of the loans in the
pool have increased debt service payments. The largest watchlisted
loan is the Sahara Palms & Playa Palms Apartments (Prospectus ID#2;
4.6% of the pool), which was added in May 2023 because of a drop in
occupancy to 77.0% at YE2022. The Pencil Factory loan (Prospectus
ID#4; 4.7% of the pool) has an upcoming maturity date in December
2023, but the loan has extension options available.

The loans in the pool are secured primarily by properties in
suburban markets. Twenty-five loans, representing 85.5% of the
pool, are secured by properties in suburban markets, as defined by
DBRS Morningstar, with a DBRS Morningstar Market Rank of 3, 4, or
5. Four loans, representing 7.5% of the pool, are secured by
properties with a DBRS Morningstar Market Rank of 6, 7, or 8,
denoting an urban market. In comparison with the pool composition
at issuance, properties in suburban markets represented 81.4% of
the collateral, and properties in urban markets represented 7.5% of
the collateral.

Leverage across the pool has remained relatively unchanged since
issuance as the current weighted-average (WA) as-is appraised value
loan-to-value ratio (LTV) is 72.5% with a current WA stabilized LTV
of 63.4%. In comparison, these figures were 73.2% and 64.5%,
respectively, at issuance. DBRS Morningstar recognizes these values
may be inflated as the individual property appraisals were
completed in 2022 and do not reflect the current rising interest
rate or widening capitalization rate environments.

Through June 2023, the lender had advanced $57.5 million in loan
future funding to 23 of the individual borrowers to aid in property
stabilization efforts. The largest loan advances included $9.7
million toward The American Steel Collection and $9.4 million
towards the Sahara Palms & Playa Palms Apartments. The future
funding for The American Steel Collection will be used toward
capital improvements and leasing costs, while future funds for
Sahara Palms & Playa Palms Apartments will be used strictly for
capital improvements. An additional $52.1 million of loan future
funding allocated to 22 individual borrowers remains available. The
largest individual allocation, $25.5 million, is again allocated to
the borrower of The American Steel Collection loan.

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



BENCHMARK 2018-B5: DBRS Confirms B Rating on Class G-RR Certs
-------------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2018-B5 issued by
Benchmark 2018-B5 Mortgage Trust as follows:

-- Class A-2 at AAA (sf)
-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class X-B at AA (high) (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class X-D at A (low) (sf)
-- Class D at BBB (high) (sf)
-- Class E-RR at BBB (low) (sf)
-- Class F-RR at BB (low) (sf)
-- Class G-RR at B (sf)

In addition, DBRS Morningstar changed the trends on classes X-B, B,
C, X-D, D, E-RR, F-RR, and G-RR to Negative from Stable. All other
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 prior rating action. However, there are some
challenges for the pool as the third- and fourth-largest loans are
in special servicing and there is a high concentration of loans
secured by office properties, some of which are exhibiting
performance declines given the general challenges faced in that
sector. DBRS Morningstar notes mitigating factors including a
sizable unrated first loss piece totaling $37.7 million with no
losses incurred to the trust to date and no imminent loss
projections for the loans in special servicing. Although both loans
in special servicing are secured by office properties that
initially had 2023 loan maturities, the borrower recently executed
two- and three-year maturity extensions. The transaction also
benefits from five years of amortization since issuance, in
addition to loan repayments and defeasance. Furthermore, the
largest loan in the pool is shadow-rated investment grade, as
further described below. Given the loan-specific challenges for a
number of office loans and the downward ratings pressure implied by
DBRS Morningstar's Commercial Mortgage-Backed Securities (CMBS)
Insight Model's results on the seven lowest-rated classes that are
most exposed to loss, the Negative trends are warranted.

As of the August 2023 reporting, 53 of the original 55 loans
remained in the pool with an aggregate principal balance of $964.5
million, representing collateral reduction of 7.2% since issuance,
as a result of loan amortization and loan repayments. Four loans,
representing 1.4% of the pool, have been fully defeased. There are
nine loans, representing 22.3% of the pool, on the servicer's
watchlist, and two loans, representing 10.5% of the pool, in
special servicing.

Excluding collateral that has been defeased, the pool is
concentrated by loans that are secured by retail and office
properties, which represent 35.9% and 29.8% of the pool,
respectively. In general, the office sector has been challenged,
given the low investor appetite for that property type and high
vacancy rates in many submarkets as a result of the shift in
workplace dynamics. While select office loans in the transaction
continue to perform as expected, several others are exhibiting
increased risk. In its analysis for this review, DBRS Morningstar
applied stressed loan-to-value (LTV) ratios or increased
probability of default assumptions for six loans backed by office
properties that are exhibiting declines in performance, resulting
in a weighted-average expected loss (EL) approximately 45.0%
greater than the pool average.

The second-largest specially serviced loan, Workspace (Prospectus
ID#4, 5.2% of the pool), is secured by a portfolio of 147
properties, consisting of approximately 9.9 million square feet
(sf) of office and flex space. The subject loan amount of $50.0
million is part of a whole loan totaling $1.3 billion, secured
across four other transaction, three of which are rated by DBRS
Morningstar: JPMCC 2018-WPT (lead securitization), BMARK 2018-B6,
and BMARK 2018-B7. The loan transferred to special servicing in
April 2023, ahead of its July 2023 maturity date as the loan was
not expected to repay. A modification was subsequently executed
extending the loan term by two years, resulting in a new maturity
date of July 2025. Additional details regarding the terms of the
modification were requested from the servicer; however, an online
article dated July 2023 noted a significant principal curtailment
was made in conjunction with the loan extension.

Built between 1972 and 2013, the portfolio includes 88 office
properties (6.5 million sf) and 59 flex buildings (3.4 million sf)
that are located across four states (Pennsylvania, Florida,
Minnesota, and Arizona), five distinct metropolitan statistical
areas (MSAs), and more than 15 submarkets. The largest
concentration of properties is in the Philadelphia MSA, with 69
properties totaling 40.3% of the allocated loan balance at
issuance. Since issuance, only one (300-309 Lakeside Drive) has
been released and the servicer has confirmed that there are no
additional upcoming releases planned. The collateral is generally
located in dense suburban markets that benefit from favorable
accessibility and proximity to their respective central business
districts.

The portfolio generated net cash flow (NCF) of $97.4 million in
2022, resulting in a debt service coverage ratio (DSCR) of 1.43
times (x), which while considered healthy, is a decline from the
YE2021 figure of $101.1 million (a DSCR of 1.57x) and the DBRS
Morningstar NCF of $104.7 million derived in 2020 during the "North
American Single-Asset/Single-Borrower Ratings Methodology" update
for the JPMCC 2018-WPT transaction. The decline in NCF was
predominantly because of decreases in base rent and expense
reimbursements following a drop in occupancy in recent years.
Servicer reporting for the subject transaction reflects a December
2022 occupancy rate of 78.2%, down from 82.6% at YE2021 and 88.6%
at issuance. At issuance, the loan was shadow-rated investment
grade; however, given the sponsor's challenges with securing
takeout financing, coupled with sustained declines in occupancy and
cash flow, the shadow rating was removed with this review. The loan
was analyzed with a stressed LTV assumption based on the DBRS
Morningstar value derived with the May 2023 review for the JPMCC
2018-WPT transaction, resulting in an EL that was more than double
the pool average.

The second-largest loan on the servicer's watchlist, Aon Center
(Prospectus ID#7, 4.5% of the pool), is secured by a 2.8 million-sf
office tower in Chicago's central business district. The trust
asset represents the $43.0 million noncontrolling A-2 note of a
larger $536.0 million whole loan. DBRS Morningstar does not rate
the controlling note included in the JPMCC 2018-AON transaction;
however, it does rate the three other transactions that the
remaining pari passu notes are secured in: BMARK 2018-B4, BMARK
2018-B5, and BMARK 2018-B7.

While the trust's reporting indicates that the loan is on the
servicer's watchlist, the lead note secured in the JPMCC 2018-AON
transaction reports that the loan has been in special servicing
since February 2023 for an event of default following the
borrower's decision to enter into a lease with Blue Cross Blue
Shield Association (BCBS; 4.5% of net rentable area (NRA)) without
lender consent. In addition, the loan was being monitored for its
upcoming July 2023 maturity, which has now passed. According to
servicer commentary, there have been a few positive developments
including the execution of a three-year loan extension through July
2026, a lease extension for Aon Corporation (Aon; 39.6% of NRA)
through December 2028, and a cure of the mezzanine loan defaults by
the mezzanine debtholder. Furthermore, the sponsor has cured the
BCBS lease consent default through a cash deposit and personal
guaranty for tenant improvements and leasing commissions above
reserve requirements. Given the recent development, the lead note
is expected to be returned to the master servicer in the near
term.

As of December 2022, occupancy was reported at 76.0%, a decline
from 89.7% at issuance. The reduction in occupancy was largely
driven by the departures of Integrys Business Support, LLC (6.9% of
NRA) and Daniel J. Edelman, Inc. (6.6% of NRA). Despite the
increased vacancy, however, effective gross income has remained
relatively consistent when compared with the DBRS Morningstar
issuance figure, while operating expenses have displayed a
significant increase, driven by an approximately 40.0% increase in
real estate taxes. As of the YE2022 financial reporting, NCF had
fallen to $38.8 million (a DSCR of 1.10x), reflecting a 19.5%
decline from the DBRS Morningstar figure of $48.2 million (a DSCR
of 2.93x) at issuance. Despite the increased vacancy levels from
issuance, however, there has been some positive leasing momentum at
the property as evidenced by Aon's renewal and the second-largest
tenant, KPMG LLP, recently expanding its footprint at the property
to approximately 11.0% of NRA on a lease expiring in August 2029.

During the next 12 months, rollover is moderate with tenants
representing less than 5.0% of the NRA having lease expirations.
The property has an in-place rental rate of $23.0 per sf (psf),
lower than the East Loop submarket, which reported effective
rental, asking rental, and vacancy rates of $26.0 psf, $35.0 psf,
and 13.5%, respectively. As a result of decreased cash flows and
concerns with the office sector in general, however, DBRS
Morningstar removed the shadow rating for the loan and subsequently
applied a stressed LTV scenario to account for these risks.

The largest loan in special servicing, eBay First Commons
(Prospectus ID#3, 5.3% of the pool), is secured by a 250,056-sf
office campus in San Jose, California. Situated on a 14.16-acre
site, the property consists of four two-story Class B office
buildings that are currently 100.0% leased to eBay Inc. (eBay)
through March 2029. eBay, an investment-grade tenant, vacated the
space in 2020 when it relocated its headquarters to another
property in Willow Glen. However, the tenant continues to honor its
rent payments and the terms of its lease. The loan transferred to
special servicing in March 2023, ahead of its June 2023 maturity
date as the loan was not expected to repay. A modification was
subsequently executed extending the loan term by three years,
resulting in a new maturity date of June 2026. The loan is expected
to return to the master servicer in the near term.

The loan was structured with a cash flow sweep that was triggered
when eBay went dark on more than half of its space, with excess
cash being deposited into a tenant reserve account. Per the August
2023 reporting, the tenant reserve balance was $10.8 million.
Although eBay's lease extends through to 2029, the tenant has a
termination option in March 2026, which requires a 12-month notice
period that would allow a takeout lender to sweep cash flow for 12
months, generating approximately $35.0 psf, in addition to a $12.0
million termination fee. Given the underlying collateral is vacant
and eBay may choose to exercise its early lease termination in
2026, a few months prior to loan maturity, refinance risk is
elevated. As such, DBRS Morningstar removed the shadow rating for
this loan and applied a stressed LTV scenario in its analysis.

At issuance, five loans, representing 29.7% of the current pool,
were shadow-rated investment grade. With this review, DBRS
Morningstar confirms that the performance of one of those
loans—Aventura Mall (Prospectus ID#1, 10.7% of the
pool)—remains consistent with investment-grade characteristics.
This assessment continues to be supported by the loan's strong
credit metrics, experienced sponsorship, and the underlying
collateral's historically stable performance. In addition, with
this review, DBRS Morningstar removed the investment-grade shadow
rating for four loans (eBay North, Workspace, Aon Center, and 181
Fremont Street (Prospectus ID#8, 4.1% of the pool)), as noted
above.

181 Fremont Street was added to the servicer's watchlist in July
2023 following the property's sole tenant, Meta Platforms, Inc.,
listing its entire space for sublease. Given downtown San
Francisco's soft submarket fundamentals and the borrower's
inability to find tenants for sublease over the past several
months, DBRS Morningstar removed the shadow rating and applied a
stressed LTV scenario in its analysis.

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



BFLD TRUST 2020-EYP: S&P Lowers Class D Certs Rating to 'B (sf)'
----------------------------------------------------------------
S&P Global Ratings lowered its ratings on five classes of
commercial mortgage pass-through certificates from BFLD Trust
2020-EYP, a U.S. CMBS transaction

This U.S. stand-alone (single-borrower) CMBS transaction is backed
by a floating-rate, interest-only (IO) mortgage loan secured by the
borrower's fee simple interest in EY Plaza, a class-A office
property, and a portion of an adjacent parking structure in the
Downtown Los Angeles office submarket.

Rating Actions

S&P said, "The downgrades on classes A, B, C, and D reflect our
revised valuation, which is lower than the valuation we derived in
our last review in May 2023 due primarily to further deteriorating
performance at the property: specifically, higher vacancy stemming
from five tenants comprising approximately 6.0% of net rentable
area (NRA) that the special servicer recently stated are vacating
upon their 2023 or early 2024 lease expirations. The downgrades
also consider the increase in trust exposure because the borrower's
sponsor, Brookfield DTLA Holdings LLC, is currently delinquent on
its debt service payments. The borrower has not made debt service
payments since April 2023, and the master servicer has advanced
$13.6 million in interest, real estate taxes, insurance, and other
expenses as of the Aug. 15, 2023, trustee remittance report. As
long as the loan, which transferred to special servicing in April
2023, remains unresolved and servicing advances continue to build
up, we expect reduced liquidity and lower recovery to the
bondholders since servicing advances are paid senior per the
transaction waterfall.

S&P said, "In our last review in May 2023, we assumed a 72.7%
occupancy rate (in line with the weakened office submarket
fundamentals), a $30.16 per sq. ft. base rent and $48.89 per sq.
ft. gross rent as calculated by S&P Global Ratings, and a 48.4%
operating expense ratio to arrive at a revised and lowered
long-term sustainable net cash flow (NCF) of $15.9 million. At that
time, we also increased our capitalization rate by 25 basis points
to 7.50% and, after deducting $7.6 million in mechanic liens filed
against the property and including $313,819 for the present value
of future rent steps for investment-grade tenants, derived an S&P
Global Ratings expected case value of $204.2 million, or $218 per
sq. ft.

"While occupancy at the property was 74.6% as of the July 31, 2023,
rent roll, we expect the occupancy rate to decline to 69.4%, after
considering known tenant movements. Furthermore, office
fundamentals in this submarket continue to exhibit material
declines in occupancy and rents. As a result, we used a 69.4%
occupancy rate, an S&P Global Ratings $31.59 per sq. ft. base rent
and $50.97 per sq. ft. gross rent, and a 49.5% operating expense
ratio, yielding a revised long-term sustainable NCF of $15.0
million, 5.6% lower than our May 2023 review NCF of $15.9 million
and 17.6% below the servicer-reported 2022 NCF of $18.2 million.

"Using the same S&P Global Ratings capitalization rate of 7.50% as
our last review and deducting $10.5 million in mechanic liens
recorded against the property and including $34,932 for the present
value of future rent steps for investment-grade tenants, we arrived
at an S&P Global Ratings expected case value of $189.1 million, or
$202 per sq. ft., 7.4% lower than our last review value of $204.2
million and 57.6% below the issuance appraisal value of $446.0
million. This yielded an S&P Global Ratings loan-to-value (LTV)
ratio of 145.4% on the trust balance, up from 134.7% in our last
review.

"We also considered that the Gas Company Tower, another downtown
Los Angeles office building owned by the sponsor, was appraised in
April 2023 at $270.0 million, or $196 per sq. ft., a decline of
57.3% from its issuance appraised value of $632.0 million. The Gas
Company Tower secures the sole loan in GCT Commercial Mortgage
Trust 2021-GCT (not rated by S&P Global Ratings) and has a reported
nonperforming matured balloon payment status."

Although the model-indicated ratings were lower than the classes'
revised ratings, S&P tempered its downgrades on classes A and B
based on certain weighed qualitative considerations. These
include:

-- The potential that the property's operating performance could
improve above our revised expectations. Net rental collections
after paying property operating expenses have been accumulating in
escrow, with the funds controlled by the receiver, Gregg Williams,
and the property manager, Colliers. As of July 2023, there was $9.5
million in escrow.

-- The significant market value decline that would need to occur
before these classes experience principal losses.

-- The liquidity support provided in the form of servicer
advancing.

-- The relative position of the classes in the payment waterfall.

The loan, which has a reported 90-plus-days delinquent payment
status, was transferred to the special servicer on April 11, 2023,
due to imminent monetary default after the borrower failed to make
its April 2023 debt service payment. According to the special
servicer, Situs Holdings LLC, the borrower is not requesting a loan
modification or resolution for the missed payments and the
mezzanine lender has not indicated if it plans to foreclose or cure
the default on the first mortgage loan. On May 24, 2023, the court
appointed Gregg Williams as the receiver, who hired Colliers as the
property manager and leasing agent. Situs stated that a new
appraisal report, which was ordered through counsel a few months
ago, has not yet been finalized and that it will continue to
evaluate resolution alternatives and timing.

Further, Situs noted that the mechanic liens related to outstanding
lease obligations to fund tenant improvements for two tenants,
Jackson Lewis P.C. (5.8% of NRA) and Saiful Bouquet Structural
Engineers (2.7%), are currently still in place. Situs informed us
that it recently received approval from the controlling class
representative to fund the outstanding amounts totaling $10.5
million to eliminate the litigations and liens on the property,
preserve the tenant leases, and complete the tenant improvement
work.

S&P said, "We will continue to monitor the status of the property
and loan. If we receive information that differs materially from
our expectations, such as an updated value that is substantially
below our revised expected-case value, property performance that is
materially below our expectations, or a workout strategy that
negatively affects the transaction's liquidity and recovery, we may
revisit our analysis and take further rating actions.

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

Property-Level Analysis

The loan collateral includes EY Plaza, a 41-story, 938,097-sq.-ft.
class A office building located at 725 South Figueroa St., and a
portion (1,480 parking spaces) of an adjacent 13-level, 2,400-space
parking garage in downtown Los Angeles. EY Plaza, built in 1985 and
most recently renovated in 2019, is adjacent to the
Brookfield-owned FIGat7th open-air shopping mall, within walking
distance of the 7th Street retail and restaurant corridor and
cultural venues, and one block from the subway station and
Interstate 110. The sponsor has owned the subject property since
2006.

Occupancy at the property has hovered around mid- to high-70% since
2021. According to Situs, there are a few leasing prospects in
early stages of discussions. As of the July 2023 rent roll, the
property was 74.6% occupied. The five largest tenants comprise
37.8% of NRA and are:

-- Ernst & Young U.S. LLP (13.1% of NRA, 17.3% of in place gross
rent, as calculated by S&P Global Ratings, October 2032 lease
expiration; according to CoStar, the tenant is currently marketing
3.4% of its NRA for sublease);

-- The General Services Administration (Secret Service; 10.2%,
10.8%, June 2025);

-- Jackson Lewis P.C. (5.8%, 7.5%, September 2038; the tenant
recently renewed its lease for 15 years effective Oct. 1, 2023);

-- Pillsbury Winthrop Shaw Pittman LLP (5.5%, 7.4%, November
2033); and

-- Great American Insurance Company (3.1%, 4.4%, July 2026).

The property's notable rollover risk is in 2025 (12.9% of NRA,
14.9% of S&P Global Ratings' in-place gross rent) and 2032 (15.9%,
20.8%).

According to CoStar, as of year-to-date September 2023, the four-
and five-star office properties in the submarket had a 18.7%
vacancy rate, 21.9% availability rate, and $42.23 per sq. ft.
asking rent, versus a 17.0% vacancy rate and $42.52 per sq. ft.
asking rent at issuance in 2020. CoStar projects vacancy to
increase to 21.8% in 2024 and 22.6% in 2025 and asking rent to
contract to $39.87 per sq. ft. and $39.08 per sq. ft. for the same
periods. CoStar noted that the peer properties in the submarket had
a $37.14 per sq. ft. asking rent, 19.2% vacancy rate, and 24.4%
availability rate.

S&P utilized a 69.4% occupancy rate (after excluding five tenants
comprising 6.0% of NRA that vacated or indicated that they will
vacate upon their lease expirations in 2023 or early 2024), a
$50.97 per sq. ft. S&P Global Ratings gross rent, and a 49.5%
operating expense ratio in determining our sustainable NCF.

Transaction Summary

The IO mortgage loan had an initial and current balance of $275.0
million (as of the Aug. 15, 2023, trustee remittance report) and
pays an annual floating interest rate originally indexed to
one-month LIBOR plus a 2.857% spread. LIBOR ceased to be published
after June 30, 2023. As a result, the new reference rate, effective
as of the August 2023 payment date, is one-month term SOFR plus a
2.971% alternate rate spread. The loan was originated with an
initial two-year term with three one-year extension options
exercisable upon satisfying certain terms and conditions, including
the borrower obtaining a substitute interest rate cap agreement. As
part of exercising its first extension option, the borrower
obtained an interest rate cap agreement with a 6.02% strike rate
that expires in October 2023. The specially serviced loan currently
matures on Oct. 9, 2023. The borrower has two one-year extension
options remaining. The loan's fully extended maturity date is Oct.
9, 2025. The master servicer, KeyBank Real Estate Capital, reported
debt service coverage of 1.27x in 2022, down from 2.14x in 2021.
However, due to raising interest rates, using the current one-month
term SOFR of 5.337%, according to the August 2023 trustee
remittance report, the alternate rate spread, and the
servicer-reported 2022 NCF, S&P calculated debt service coverage of
0.78x. To date, the trust has not incurred any principal losses.

In addition, there is an outstanding $30.0 million IO mezzanine
loan that is coterminous with the mortgage loan. Including the
mezzanine loan, the S&P Global Ratings LTV ratio increases to
161.3%, based on our revised valuation.

  Ratings Lowered

  BFLD Trust 2020-EYP

  Class A to 'AA (sf)' from 'AAA (sf)'
  Class B to 'A- (sf)' from 'AA- (sf)'
  Class C to 'BB- (sf)' from 'BBB (sf)'
  Class D to 'B (sf)' from 'BB (sf)'
  Class X-EXT to 'AA (sf)' from 'AAA (sf)'



BHMS 2018-ATLS: DBRS Confirms BB Rating on Class E Certs
--------------------------------------------------------
DBRS Limited confirmed its ratings on the Commercial Mortgage
Pass-Through Certificates, Series 2018-ATLS issued by BHMS
2018-ATLS as follows:

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

All trends are Stable.

The rating confirmations follow improvements in performance for the
underlying collateral, Atlantis Resort, driven by the return of
tourism in the Bahamas. This is evidenced by reported net cash flow
(NCF), which, as of the most recent financial statements, has
stabilized to issuance levels.

The loan is secured by the Atlantis Resort, a 2,917-key, beachfront
resort comprising of four (The Beach, The Coral, The Royal, and The
Cove) hotel towers on Paradise Island in the Bahamas, and the fee
interest in amenities including 40 restaurants and bars, a
60,000-square-foot (sf) casino, the 141-acre Aquaventure water
park, 73,391 sf of retail space and spa facilities, and 500,000 sf
of meeting and group space. The resort also includes a luxury tower
with an additional 495 rooms owned by third parties as condo-hotel
units and 392 timeshare rooms at the Harborside Resort, neither of
which are part of the collateral. The loan sponsor is BREF ONE,
LLC, a subsidiary of Brookfield Asset Management Inc.

Whole loan proceeds of $1.2 billion along with $650.0 million in
mezzanine debt spread across three loans refinanced existing debt,
returned $148.9 million of sponsor equity, and covered closing
costs. The $635.0 million trust loan has an initial two-year
original term, with five one-year extension options and is interest
only (IO) throughout its entire loan term. According to the July
2023 reporting, the sponsor has exercised the loan's fourth
extension option, extending the maturity to July 2024.

The collateral reported an NCF of $182.3 million for the trailing
12-month (T-12) period ended March 31, 2022, surpassing the YE2022
NCF of $133.8 million, YE2021 NCF of $24.4 million, and in line
with the issuer's NCF of $181.3 million. According to the most
recent STR report, the combined occupancy, average daily rate
(ADR), and revenue per available room (RevPAR) for the T-12 period
ended March 31, 2023, were 56.2%, $355, and $200, respectively, up
from 35.5%, $277, and $99 for YE2021. In comparison, the occupancy,
ADR, and RevPAR were 72.2%, $277, and $200 at issuance,
respectively. In 2020, DBRS Morningstar concluded an NCF of $147.8
million and a value of $1.6 billion. DBRS Morningstar utilized a
9.0% capitalization rate in its analysis, giving consideration to
the lack of direct competition in the immediate area, reliance on
international tourism, and potential for sovereign risk related to
the Commonwealth of the Bahamas. Additionally, DBRS Morningstar
applied qualitative adjustments to its sizing results totaling
5.25% to reflect the property's quality, lack of direct competition
in the immediate area, and historical cash flow volatility. The
resulting DBRS Morningstar loan-to-value ratio (LTV) is 73.1% on
the trust amount and 112.6% on the whole loan.

While occupancy at the property remains low, as noted at the time
of the last rating action, the collateral has been undergoing
significant upgrades and renovations, including the complete
redevelopment of The Beach tower and upgrades to all guest rooms
and suites in The Royal tower. These capital projects, which are
scheduled to be completed in 2024, have likely resulted in rooms
being temporarily closed, contributing to the decline in occupancy.
According to the servicer's latest update, The Beach Tower has
remained vacant since closing during the Coronavirus Disease
(COVID-19) pandemic, and while the property was originally
scheduled to reopen as Somewhere Else in 2024, the borrower has
stated that design plans and the scope of the renovation work are
still being discussed. Other minor capital projects involving
dining, operations, the marine waterpark, and supply chain
management, among others, were recently completed according to the
December 2022 capital expenditure report provided by the servicer,
which outlined that the borrower had spent approximately $52.0
million in 2022 on major and minor capital projects, and $76.0
million since 2019.

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



BRAVO RESIDENTIAL 2023-NQM6: Fitch Assigns Bsf Rating on B-2 Notes
------------------------------------------------------------------
Fitch Ratings assigns ratings to the residential mortgage-backed
notes issued by BRAVO Residential Funding Trust 2023-NQM6 (BRAVO
2023-NQM6).

   Entity/Debt          Rating                 Prior
   -----------          ------                 -----
BRAVO 2023-NQM6

   A-1 10569DAA1    LT  AAAsf New Rating   AAA(EXP)sf
   A-2 10569DAB9    LT  AAsf  New Rating    AA(EXP)sf
   A-3 10569DAC7    LT  Asf   New Rating     A(EXP)sf
   M-1 10569DAD5    LT  BBBsf New Rating   BBB(EXP)sf
   B-1 10569DAE3    LT  BBsf  New Rating    BB(EXP)sf
   B-2 10569DAF0    LT  Bsf   New Rating     B(EXP)sf

TRANSACTION SUMMARY

The notes are supported by 605 loans with a total interest-bearing
balance of approximately $284 million as of the cutoff date. The
loans in the pool were primarily originated by Acra Lending.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Fitch views the home
price values of this pool as 7.6% above a long-term sustainable
level (vs. 7.6% on a national level as of 1Q23, down 0.2% since
last quarter) due to Fitch's updated view on sustainable home
prices. The rapid gain in home prices through the pandemic
moderated in the second half of 2022 but has resumed increasing in
2023. Driven by the declines in 2H22, home prices decreased 0.2%
YoY nationally as of April 2023.

Nonqualified Mortgage Credit Quality (Negative): The collateral
consists of 605 loans totaling $284 million and seasoned at
approximately three months in aggregate, calculated as the
difference between the origination date and the cutoff date. The
borrowers have a moderate credit profile — a 716 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 75% sustainable loan-to-value (sLTV) ratio.

Of the pool, 55.2% of loans are treated as owner-occupied, while
44.8% 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, 4.8% of the loans were originated through a retail
channel. Of the loans, 56.6% are nonqualified mortgages (non-QM)
while the Ability-to-Repay (ATR) Rule is not applicable for the
remaining portion.

Loan Documentation (Negative): Approximately 98.6% of the pool
loans were underwritten to less than full documentation as
determined by Fitch, and 53.3% 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 ATR/QM
Rule, 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, 31.8% of the loans is a DSCR product while the
remainder comprises a mix of asset depletion, collateral principal
amount, P&L and written verification of employment products.
Separately, eight loans were originated to foreign nationals or
were unable to confirm residency.

Modified Sequential-Payment Structure with No Advancing (Mixed):
The structure distributes principal pro rata among the senior
certificates while shutting out the subordinate bonds from
principal until all senior classes are reduced to zero. If a
cumulative loss trigger event or delinquency trigger event 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.

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

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

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bp increase to the fixed coupon or the net weighted average
coupon (WAC) rate. Fitch expects the senior classes to be capped by
the Net WAC. The unrated class B-3 interest allocation goes toward
the senior cap carryover amount on any date after the step-up date
for as long as there is unpaid cap carryover amount for any of the
senior classes. This increases the P&I allocation for the senior
classes as long as the B-3 is not written down.

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

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

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 40.0% 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.

- 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 47bps as a
result of the diligence review.

ESG CONSIDERATIONS

BRAVO 2023-NQM6 has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to increased operational risk
considering R&W, transaction due diligence and originator and
servicer results in an increase in expected losses, 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.


BRYANT PARK 2023-21: S&P Assigns Prelim BB- (sf) Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bryant Park
Funding 2023-21 Ltd./Bryant Park Funding 2023-21 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 Marathon Asset Management L.P.

The preliminary ratings are based on information as of Sept. 12,
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

  Bryant Park Funding 2023-21 Ltd./Bryant Park Funding 2023-21 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-2, $12.00 million: AAA (sf)
  Class B, $52.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A+ (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $13.20 million: BB- (sf)
  Subordinated notes, $37.40 million: Not rated



BX TRUST 2021-BXMF: 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 2021-BXMF
issued by BX Trust 2021-BXMF:

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

All trends are Stable. The rating confirmations reflect the overall
stable performance in the two years since issuance, as the YE2022
net cash flow (NCF) of $60.6 million was 8.5% over the DBRS
Morningstar NCF derived at issuance. Occupancy rates remain
relatively stable across the portfolio as well, and there have been
no property releases to date.

The collateral consists of the borrower's fee-simple interest in 12
mid-rise Class A multifamily properties and one student housing
property totaling 5,449 units across seven states and nine distinct
markets. The portfolio is predominantly concentrated in Texas (two
properties, 2,062 units, 29.9% of the allocated loan amount (ALA)),
Florida (four properties, 1,360 units, 29.1% of the ALA), and
Georgia (three properties, 1,183 units, 21.1% of the ALA).
Additional markets include Las Vegas; Denver; Los Angeles; and
Columbus, Ohio. The portfolio generally comprises newer vintage
properties, with a weighted-average (WA) vintage of 2012 and only
two properties in the portfolio built before 2004. The loan
benefits from experienced sponsorship in an affiliate of Blackstone
Group, Inc., a global real estate investment platform, which
contributed $347.7 million of additional equity at closing as part
of the subject transaction.

Whole loan proceeds of $1.075 billion along with $347.7 million of
borrower equity were used to recapitalize existing debt. Individual
properties can be released, subject to customary debt yield and
loan-to-value ratio (LTV) tests. Prepayment premiums for the
release of individual assets is 105.0% of the ALA for the first
30.0% of the original principal balance and 110.0% of the ALA
thereafter. The transaction has a partial pro rata structure that
allows for pro rata paydowns for the first 30.0% of the original
principal balance.

The loan has an initial maturity date in October 2023 with three
one-year extension options and is interest only throughout its
five-year fully extended loan term. There are no performance
triggers, financial covenants, or fees required for the borrower to
exercise the three one-year extension options; however, the
borrower must purchase an interest rate cap with a strike rate
equal to the greater of 3.25% or a rate that results in a debt
service coverage ratio (DSCR) of at least 1.10 times (x). The loan
is currently being monitored on the servicer's watchlist because of
its upcoming maturity. DBRS Morningstar inquired about the status
of the upcoming extension option; however, the borrower has not yet
indicated its plans for the loan's maturity. Based on recent
performance trends as described below, DBRS Morningstar believes
the loan is well positioned to execute on its first extension
option.

The loan continues to perform in line with DBRS Morningstar's
expectations. As of the YE2022 financials, the loan reported an NCF
of $60.6 million, surpassing the DBRS Morningstar NCF of $55.9
million. Despite the increase in cash flow, DSCR declined to 1.76x
as of YE2022 from 3.05x at issuance because of the loan's
floating-rate coupon and an increase in debt service. The increase
in interest rate is partially mitigated by the presence of an
interest rate cap, which the borrower is required to purchase in
order to exercise the loan's first extension option. DBRS
Morningstar's ratings are based on a value analysis completed at
issuance, resulting in a DBRS Morningstar value of $894.7 million
and a whole loan LTV of 120.2%. The DBRS Morningstar value
represents a -44.4% haircut to the appraiser's value of $1.6
billion, providing sufficient cushion and supporting the rating
confirmations.

Per the March 2023 rent rolls, the portfolio occupancy was 93.7%,
down slightly from the issuance occupancy rate of 95.8%. Individual
property occupancies ranged from 90.5% to 99.8%. According to Reis,
the Q2 2023 WA market vacancy rate for the portfolio was 5.7%, as
compared with 6.2% at issuance. Most of the portfolio is located in
high-growth suburban markets, reporting a WA DBRS Morningstar
Market Rank of 3.9. In addition, there has been year-over-year
rental rate growth, as evidenced by the portfolio's WA rental rate
of $1,811 per unit, compared with $1,588 per unit at issuance.
Given the stable occupancy, geographic diversity, and strong
sponsorship, DBRS Morningstar believes the portfolio will continue
performing in line with issuance expectations.

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



CANYON CLO 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to Canyon CLO 2023-1
Ltd./Canyon CLO 2023-1 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 Canyon CLO Advisors L.P.

The ratings reflect our view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Canyon CLO 2023-1 Ltd./Canyon CLO 2023-1 LLC

  Class A, $252.00 million: AAA (sf)

  Class B, $52.00 million: AA (sf)

  Class C (deferrable), $24.00 million: A (sf)

  Class D (deferrable), $22.00 million: BBB- (sf)

  Class E (deferrable), $12.00 million: BB- (sf)

  Subordinated notes, $40.83 million: Not rated



CHASE HOME 2023-1: Fitch Gives 'B(EXP)sf' Rating on Class B-5 Certs
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Chase Home Lending
Mortgage Trust 2023-1 (Chase 2023-1).

   Entity/Debt      Rating           
   -----------      ------            
Chase 2023-1

   A-1          LT  AAA(EXP)sf  Expected Rating
   A-1-A        LT  AAA(EXP)sf  Expected Rating
   A-1-X        LT  AAA(EXP)sf  Expected Rating
   A-2          LT  AAA(EXP)sf  Expected Rating
   A-3          LT  AAA(EXP)sf  Expected Rating
   A-3-X        LT  AAA(EXP)sf  Expected Rating
   A-4          LT  AAA(EXP)sf  Expected Rating
   A-4-A        LT  AAA(EXP)sf  Expected Rating
   A-4-X        LT  AAA(EXP)sf  Expected Rating
   A-5          LT  AAA(EXP)sf  Expected Rating
   A-5-A        LT  AAA(EXP)sf  Expected Rating
   A-5-X        LT  AAA(EXP)sf  Expected Rating
   A-6          LT  AAA(EXP)sf  Expected Rating
   A-6-A        LT  AAA(EXP)sf  Expected Rating
   A-6-X        LT  AAA(EXP)sf  Expected Rating
   A-X-1        LT  AAA(EXP)sf  Expected Rating
   B-1          LT  AA-(EXP)sf  Expected Rating
   B-2          LT  A-(EXP)sf   Expected Rating
   B-3          LT  BBB-(EXP)sf Expected Rating
   B-4          LT  BB-(EXP)sf  Expected Rating
   B-5          LT  B(EXP)sf    Expected Rating
   B-6          LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
issued by Chase Home Lending Mortgage Trust 2023-1 (Chase 2023-1)
as indicated above. The certificates are supported by 356 loans
with a total balance of approximately $401.03 million as of the
cutoff date.

The pool consists of prime-quality fixed-rate mortgages solely
originated by JPMorgan Chase Bank, National Association (Chase).
The loan-level representations and warranties are provided by the
originator, Chase. All of the mortgage loans in the pool will be
serviced by Chase.

All of the loans qualify as safe-harbor qualified mortgage (SHQM)
average prime offer rate (APOR). There is no exposure to LIBOR in
this transaction. The collateral comprises 100% fixed-rate loans,
and the certificates are fixed rate and capped at the net weighted
average coupon (WAC) or based on the net WAC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.8% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since last quarter).
The rapid gain in home prices through the pandemic has seen signs
of moderating with a decline observed in 3Q22. Driven by the strong
gains seen in 1H22, home prices declined -0.2% yoy nationally, as
of April 2023.

High Quality Mortgage Pool (Positive): The pool consists of
high-quality, fixed-rate, fully amortizing prime-quality loans with
maturities of 30 years. All of the loans qualify as SHQM APOR. The
loans were made to borrowers with strong credit profiles,
relatively low leverage and large liquid reserves.

The loans are seasoned at an average of nine months, according to
Fitch (seven months per the transaction documents). The pool has a
WA original FICO score of 763, as determined by Fitch, which is
indicative of very high credit quality borrowers. Approximately
70.4% of the loans, as determined by Fitch, have a borrower with an
original FICO score equal to or above 750.

In addition, the original WA combined loan-to-value (CLTV) ratio of
76.7%, translating to a sustainable LTV ratio of 81.9%, represents
moderate borrower equity in the property and reduced default risk
compared with a borrower with a CLTV over 80%. Nonconforming loans
comprise 100.0% of the pool. All of the loans are designated as QM
loans, with 100.0% of the pool originated by correspondent
channel.

Of the pool, 100.0% comprises loans where the borrower maintains a
primary or secondary residence. Single-family homes, planned unit
developments, and single-family attached dwellings constitute 96.0%
of the pool; condominiums, site condos, and coops make up 3.7%; and
multifamily homes make up 0.3%. The pool consists of loans with the
following loan purposes, as determined by Fitch: purchases (94.7%),
cashout refinances (1.6%) and rate-term refinances (3.6%). Fitch
views favorably that there are no loans to investment properties,
and the majority of the mortgages are purchases.

A total of 197 loans in the pool are over $1.0 million, and the
largest loan is around $2.83 million.

Of the pool, 23.0% is concentrated in California. The largest MSA
concentration is in the Seattle-Tacoma-Bellevue, WA MSA (10.0%),
followed by the Los Angeles-Long Beach-Santa Ana, CA MSA (5.3%) and
the Denver-Aurora, CO MSA (5.1%). The top three MSAs account for
20% of the pool.

As a result, there was no probability of default (PD) penalty
applied for geographic concentration.

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

The servicer will provide full advancing for the life of the
transaction. The servicer is expected to advance delinquent P&I on
loans that entered into a pandemic-related forbearance plan.
Although full P&I advancing will provide liquidity to the
certificates, it will also increase the loan-level loss severity
(LS) since the servicer looks to recoup P&I advances from
liquidation proceeds, which results in less recoveries. There is no
master servicer for this transaction. U.S. Bank Trust National
Association (A+/F1) is the trustee who will advance as needed until
a replacement servicer can be found. The trustee is the ultimate
advancing party.

CE Floor (Positive): A CE or senior subordination floor of 2.00%
has been considered to mitigate potential tail-end risk and loss
exposure for senior tranches as the pool size declines and
performance volatility increases due to adverse loan selection and
small loan count concentration. Additionally, a junior
subordination floor of 1.10% has been considered to mitigate
potential tail-end risk and loss exposure for subordinate tranches
as the pool size declines and performance volatility increases due
to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.1% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

DATA ADEQUACY

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

Fitch also utilized data files provided by the issuer on its SEC
Rule 17g-5 designated website. Fitch received loan level
information based on the ResiPLS data layout format, and the data
provided was considered comprehensive. The data contained in the
ResiPLS layout data tape were reviewed by the due diligence
companies, and no material discrepancies were noted.

ESG CONSIDERATIONS

Chase 2023-1 has an ESG Relevance Score of '4' [+] for Transaction
Parties and Operational Risk. Operational risk is well controlled
for in Chase 2023-1, including strong transaction due diligence,
the entirety of the pool is originated by an 'Above Average'
originator, and the entirety of the pool is serviced by an 'RPS1-'
servicer. All of these attributes result in a reduction in expected
losses. This has a positive impact on the transaction's credit
profile and is relevant to the ratings in conjunction with other
factors.

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

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


CHNGE MORTGAGE 2023-4: DBRS Finalizes B(high) Rating on B2 Certs
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
Mortgage Pass-Through Certificates, Series 2023-4 (the
Certificates) issued by CHNGE Mortgage Trust 2023-4 (CHNGE 2023-4
or the Trust):

-- $197.5 million Class A-1 at AAA (sf)
-- $24.5 million Class A-2 at AA (sf)
-- $20.9 million Class A-3 at A (sf)
-- $242.9 million Class A-4 at A (sf)
-- $14.8 million Class M-1 at BBB (sf)
-- $8.8 million Class B-1 at BB (high) (sf)
-- $6.5 million Class B-2 at B (high) (sf)

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

The AAA (sf) rating on the Class A-1 Certificates reflects 31.40%
of credit enhancement provided by subordinated certificates. The AA
(sf), A (sf), BBB (sf), BB (high) (sf), and B (high) (sf) ratings
reflect 22.90%, 15.65%, 10.50%, 7.45%, and 5.20% of credit
enhancement, respectively.

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

This is a securitization of a portfolio of fixed and
adjustable-rate expanded prime first-lien residential mortgages
funded by the issuance of the Certificates. The Certificates are
backed by 527 mortgage loans with a total principal balance of
$287,948,962 as of the Cut-Off Date (August 1, 2023).

CHNGE 2023-4 represents the ninth securitization issued by the
Sponsor, Change Lending, LLC (Change), entirely consisting of loans
from its Community Mortgage program (or a mix of Community and
EZ-Prime programs), and Change's 10th securitization overall. All
of the loans in the pool were originated by Change, which is
certified by the U.S. Department of the Treasury as a Community
Development Financial Institution (CDFI). As a CDFI, Change is
required to lend at least 60% of its production to its target
markets, which include African Americans, Hispanics, low-income
individuals, and certain low-income communities (as disclosed by
Change). In addition to the above-mentioned transactions, DBRS
Morningstar has rated other transactions mostly comprising, as well
as in lesser amounts of, Change- and other CDFI-originated mortgage
loans.

While loans originated by a CDFI are exempt from the Consumer
Financial Protection Bureau's Qualified Mortgage (QM) and
Ability-to-Repay rules, the mortgages included in this pool were
made to generally creditworthy borrowers with near-prime credit
scores, low loan-to-value ratios, and robust reserves.

The loans in the pool were underwritten through Change's Community
Mortgage program, which is considered weaker than other origination
programs because income documentation verification is not required
(prior transactions also included small amounts of E-Z Prime, which
also does not require income documentation verification).
Generally, underwriting practices of these programs focus on
borrower credit, borrower equity contribution, housing payment
history, and liquid reserves relative to monthly mortgage
payments.

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

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

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

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

This transaction employs a sequential-pay cash flow structure with
a pro rata principal distribution among the senior classes (Classes
A-1, A-2, and A-3) subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (a Trigger Event). After a Trigger Event, principal
proceeds can be used to cover interest shortfalls on Class A-1 and
then A-2 before being applied sequentially to amortize the balances
of the certificates (IIPP). For all other classes, principal
proceeds can be used to cover interest shortfalls after the more
senior tranches are paid in full. This structure is similar to that
of Change 2023-3 and other recent non-QM transactions. The initial
six Change core shelf transactions used pure sequential payment
structures with a single senior class.

The Class A-1, A-2, and A-3 fixed rates step up by 100 basis points
after the payment date in August 2027, and P&I otherwise payable to
Class B-3 as accrued and unpaid interest may also be used to pay
related cap carryover amounts. Furthermore, excess spread can be
used to cover realized losses and prior-period bond writedown
amounts first before being allocated to unpaid cap carryover
amounts to Class A-1, A-2, and A-3.

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

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

The ratings reflect transactional strengths that include the
following:
-- Robust loan attributes and pool composition,
-- Satisfactory third-party due-diligence review, and
-- 100% current loans.

The transaction also includes the following challenges:
-- CDFI no-ratio loans,
-- Representations and warranties framework,
-- Three-month advances of delinquent P&I, and
-- Servicers' financial capability.

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

DBRS Morningstar's credit ratings on the Certificates address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Certificates are the
related interest distribution amount, any interest carryforward
amount, and the related class balances.

DBRS Morningstar's credit ratings on Classes A-1, A-2, and A-3 also
address the credit risk associated with the increased rate of
interest applicable to the Certificates if they remain outstanding
on the step-up date (August 2027) in accordance with the applicable
transaction documents.

DBRS Morningstar's credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, in this transaction, DBRS Morningstar's
ratings do not address the payment of any cap carryover amounts.

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.


CIFC-LBC 2023-1: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to CIFC-LBC
Middle Market CLO 2023-1 LLC's floating-rate debt.

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

The preliminary ratings are based on information as of Sept. 8,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The collateral pool's diversification;

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

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

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

  Preliminary Ratings Assigned

  CIFC-LBC Middle Market CLO 2023-1 LLC

  Class A-1, $232.00 million: AAA (sf)
  Class A-2 loans, $16.00 million: AAA (sf)
  Class B-1, $12.00 million: AA (sf)
  Class B-2 loans, $12.00 million: AA (sf)
  Class C (deferrable), $32.00 million: A (sf)
  Class D (deferrable), $24.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $47.45 million: Not rated



CITIGROUP 2016-C1: Fitch Affirms 'B-sf' Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has upgraded four and affirmed nine classes of
Citigroup Commercial Mortgage Trust, commercial mortgage
pass-through certificates series 2016-C1 (CGCMT 2016-C1). Following
the upgrades, the Rating Outlooks for classes B, C, EC and X-B are
Stable. The under criteria observation (UCO) has been resolved.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
CGCMT 2016-C1

   A-2 17290YAP3    LT  AAAsf   Affirmed   AAAsf
   A-3 17290YAQ1    LT  AAAsf   Affirmed   AAAsf
   A-4 17290YAR9    LT  AAAsf   Affirmed   AAAsf
   A-AB 17290YAS7   LT  AAAsf   Affirmed   AAAsf
   A-S 17290YAT5    LT  AAAsf   Affirmed   AAAsf
   B 17290YAU2      LT  AA+sf   Upgrade    AA-sf
   C 17290YAV0      LT  A+sf    Upgrade    A-sf
   D 17290YAA6      LT  BBB-sf  Affirmed   BBB-sf
   E 17290YAC2      LT  BB-sf   Affirmed   BB-sf
   EC 17290YAY4     LT  A+sf    Upgrade    A-sf
   F 17290YAE8      LT  B-sf    Affirmed   B-sf
   X-A 17290YAW8    LT  AAAsf   Affirmed   AAAsf
   X-B 17290YAX6    LT  AA+sf   Upgrade    AA-sf

KEY RATING DRIVERS

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

Stable Loss Expectations: The upgrades reflect the impact of the
criteria and overall stable loss expectations for the pool since
Fitch's prior rating action. Eight loans (8.8% of pool) were
flagged as Fitch Loans of Concern (FLOCs). There are currently no
loans in special servicing. Fitch's current ratings reflect a 'Bsf'
rating case loss of 5.1%.

The largest contributor to loss expectations is The Strip (13.1%),
which is also the largest loan in the pool. The loan is secured by
a 786,928-sf anchored retail center located in North Canton, OH.
The property is near downtown Canton, Kent State University at
Stark and the Pro Football Hall of Fame. The property's major
tenants include; Walmart (19.0% of NRA, leased through October
2026), Lowe's (16.6%, October 2026); Giant Eagle (11.5%, January
2027); Cinemark (8.4%, December 2025) and Bob's Discount Furniture
(5.4%, July 2030).

Property performance has been generally stable, although, YE 2022
NOI declined slightly by 2.4% when compared to YE 2021 NOI. The
property's occupancy remains stable at 100% as of the March 2023
rent roll. There is minimal near-term rollover until 2025 when 11%
of the NRA rolls. The property's largest tenants, Walmart and
Lowe's lease expiry dates are almost coterminous with the loan
maturity date in April 2026.

Fitch's 'Bsf' case loss of 8.9% (prior to a concentration
adjustment) is based on a 9.0% cap rate and 5% stress to the YE
2021 NOI.

The second largest contributor to loss expectations is the 46 Geary
Street (1.9%) loan, which is secured by an 18,002-sf mixed-use
property located in downtown San Francisco, CA. The property's
current tenants include; F/X Entertainment (29.4% of NRA, leased
through July 2024) and Paul Smith (23.0%, February 2024).

The property's occupancy declined to 52.3% as of June 2023,
unchanged from YE 2022, 72.9% at YE 2021 and 100% at YE 2020.
Occupancy declined due to TapFwd (previously 27.1% of the NRA)
vacating in 2020 ahead of the January 2021 lease expiration.
Additionally, Haus Services (previously 21.7% of the NRA) vacated
the property in January 2022 upon lease expiration. According to
the servicer, Paul Smith (23.0% of NRA; 75.7% of base rental
income), will not be renewing its lease at the property upon lease
expiry in February 2024, which will reduce the property's occupancy
further to 29.3%. There are currently no prospective tenants for
vacant space in the property.

The property's NOI DSCR was 1.06x as of March 2023, compared to
0.73x at YE 2022, 1.22x at YE 2021, 1.31x at YE 2020 and 1.63x at
YE 2019. The loan has been cash managed since 2016, and reported a
total $1.1 million ($60 sq. ft.) in reserves as of the August 2023
loan reserve report. Per the servicer commentary, the loan reported
an excess cash balance of $952,196 as of August 2023. The loan was
reported as current as of the August 2023 financial reporting.

Fitch's 'Bsf' case loss of 52.7% (prior to a concentration
adjustment) is based on a 10.0% cap rate and 75% stress to the YE
2022 NOI to reflect the upcoming significant lease rollover.

Increased Credit Enhancement (CE): As of the August 2023
distribution date, the pool's aggregate principal balance has been
reduced by 10.4% to $677.4 million from $755.7 million at issuance.
Nine loans (9.9%) are fully defeased and one loan has been paid off
(1.9% of original pool balance). Six loans, representing 18.5% of
the pool, are full-term interest-only. Twenty loans, representing
40.8% of the pool, are structured with a partial interest-only
component, all of which have commenced amortization. All, but two
loans, are scheduled to mature in the first half of 2026. To date,
the trust has incurred $37,709 in realized losses, which has been
absorbed by the non-rated class H.

RATING SENSITIVITIES

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

- Downgrades to the 'AAAsf' and 'AA-sf' rated classes are not
likely due to increasing CE and expected continued amortization,
but may occur if losses increase substantially or if interest
shortfalls affect these classes. Downgrades to the 'A-sf' and
'BBB-sf' rated classes could occur if expected losses for the pool
increase significantly and one or more larger FLOCs incur an
outsized loss.

- Downgrades to the 'BB-sf' and 'B-sf' rated classes would occur
should loss expectations increase from further performance declines
of the FLOCs and/or with additional loans transferring to special
servicing.

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

- Sensitivity factors that could lead to upgrades to 'Asf' and
'AAsf' categories include additional paydowns and/or defeasance, as
well as performance stabilization of the FLOCs.

- Upgrades to the 'BBBsf' category rated classes would be limited
based on sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded to 'Asf' if there is a
likelihood for interest shortfalls. Upgrades to the 'Bsf' and
'BBsf' categories are not likely until the later years in a
transaction and only if the performance of the remaining pool is
stable and/or FLOCs such as 46 Geary Street improve and stabilize,
and there is sufficient CE to the classes.

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.


CITIGROUP 2017-B1: Fitch Affirms 'B-sf' Rating on Class F Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Citigroup Commercial
Mortgage Trust, commercial mortgage pass-through certificates,
series 2017-B1 (CGCMT 2017-B1). The under criteria observation
(UCO) has been resolved.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Citigroup
Commercial
Mortgage Trust
2017-B1

   A-3 17326CAY0      LT  AAAsf   Affirmed    AAAsf
   A-4 17326CAZ7      LT  AAAsf   Affirmed    AAAsf
   A-AB 17326CBA1     LT  AAAsf   Affirmed    AAAsf
   A-S 17326CBB9      LT  AAAsf   Affirmed    AAAsf
   B 17326CBC7        LT  AA-sf   Affirmed    AA-sf
   C 17326CBD5        LT  A-sf    Affirmed    A-sf
   D 17326CAA2        LT  BBB-sf  Affirmed    BBB-sf
   E 17326CAC8        LT  BB-sf   Affirmed    BB-sf
   F 17326CAE4        LT  B-sf    Affirmed    B-sf
   X-A 17326CBE3      LT  AAAsf   Affirmed    AAAsf
   X-B 17326CBF0      LT  AA-sf   Affirmed    AA-sf
   X-D 17326CAJ3      LT  BBB-sf  Affirmed    BBB-sf
   X-E 17326CAL8      LT  BB-sf   Affirmed    BB-sf

KEY RATING DRIVERS

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

Stable Loss Expectations: The affirmations reflect the impact of
the criteria and overall stable loss expectations for the pool
since Fitch's prior rating action. Seven loans (16.7%) are
considered Fitch Loans of Concern (FLOC), including two office
properties in the top 15 with upcoming rollover concerns and/or
declining performance. There are currently two loans in special
servicing, Clinton Crossings Medical Office (1.0%) and 4901 West
Irving Park (1.0%), both of which have been designated FLOCs.
Fitch's current ratings reflect a 'Bsf' rating case loss of 4.2%.

The largest contributor to loss expectations is the specially
serviced, 4901 West Irving Park (1.0%) loan, which is secured by a
60,448-sf retail property located in the Six Corners/Old Irving
Park, Chicago, IL. The loan transferred to special servicing in
January 2020 due to delinquent payments. As of the August 2023
reporting, the loan was reported to be 60+ days delinquent.
According to the servicer, a foreclosure sale was held in April
2023 and the lender was the winning bidder. The sale confirmation
is still in progress.

The property's largest tenants include Gold Standard Enterprises
(40.5% of NRA, leased through January 2033), Irving Park Health
Club, LLC (30%, May 2027), and Immigration Lawyers, P.C. (8.2%,
June 2027). Occupancy as of the July 2023 rent roll was 78.5%,
unchanged from YE 2022, 79% at March 2021 and 82% at September
2019. The NOI debt service coverage ratio (DSCR) was 0.65x as of YE
2022, negative in 2021, and 1.9x at September 2019.

Fitch's 'Bsf' case loss of 72.4% (prior to a concentration
adjustment) is based on a haircut to the most recent December 2022
appraisal valuation.

The second largest contributor to loss expectations is the 6 West
48th Street (1.8%) loan, which is secured by a 78,450-sf office
property located in Manhattan, NY. As of March 2023, the property
was 11.2% occupied by two tenants; FedEx (7.7% of NRA, leased
through December 2027) and Eun Sung (3.6%, December 2024).
According to the servicer, the property 's occupancy declined after
Knotel vacated its space at the property in 2021.

NOI DSCR as of March 2023 was 0.93x, compared with 1.24x at YE
2022, 2.19x at YE 2021 and 3.84x at YE 2020.

Fitch's 'Bsf' case loss of 39.5% (prior to a concentration
adjustment) is based on a 10.75% cap rate to the YE 2022 NOI.

Increased Credit Enhancement (CE): As of the August 2023
distribution date, the pool's aggregate principal balance has been
reduced by 9.9% to $848.1 million from $941.6 million at issuance.
Five loans (4.0%) are fully defeased and three loans have been paid
off (6.3% of original pool balance). Nineteen loans, representing
60.3% of the pool, are full-term interest-only. Fifteen loans,
representing 20.0% of the pool, are structured with a partial
interest-only component, all of which have commenced amortization.
All of the loans in the pool are scheduled to mature in 2027, with
the exception of the TKG 4 Retail Portfolio loan, which matures in
2026. To date, the trust has not incurred any realized losses.

RATING SENSITIVITIES

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

Downgrades of classes in the 'AAAsf' and 'AAsf' categories are not
likely due to the position in the capital structure, but may occur
at the 'AAsf' and 'AAAsf' categories should interest shortfalls
occur. Downgrades of classes in the 'Asf' and 'BBBsf' categories
would occur if additional loans become FLOCs or if performance of
the FLOCs deteriorates further. Classes E, X-E and F would be
downgraded if loss expectations increase or additional loans
transfer to special servicing and/or become FLOCs.

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

Upgrades of classes B, X-B, C, D and X-D may occur with significant
improvement in CE and/or defeasance but would be limited based on
sensitivity to concentrations or the potential for future
concentration. Classes would not be upgraded above 'Asf' if there
is a likelihood for interest shortfalls. Upgrades of classes E, X-E
and F could occur if performance of the FLOCs improves
significantly and/or if there is sufficient CE, which would likely
occur if the non-rated classes are not eroded and the senior
classes pay-off.

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.


CITIGROUP 2017-C4: Fitch Affirms CCC Rating on Class H-RR Certs
---------------------------------------------------------------
Fitch Ratings has affirmed 15 classes of Citigroup Commercial
Mortgage Trust 2017-C4. The Rating Outlooks on classes E-RR, F-RR,
and G-RR have been revised to Negative from Stable. The Under
Criteria Observation (UCO) has been resolved.

   Entity/Debt           Rating            Prior
   -----------           ------            -----
CGCMT 2017-C4

   A-2 17326FAB3     LT  AAAsf   Affirmed    AAAsf
   A-3 17326FAC1     LT  AAAsf   Affirmed    AAAsf
   A-4 17326FAD9     LT  AAAsf   Affirmed    AAAsf
   A-AB 17326FAE7    LT  AAAsf   Affirmed    AAAsf
   A-S 17326FAH0     LT  AAAsf   Affirmed    AAAsf
   B 17326FAJ6       LT  AA-sf   Affirmed    AA-sf
   C 17326FAK3       LT  A-sf    Affirmed    A-sf
   D 17326FAL1       LT  BBBsf   Affirmed    BBBsf
   E-RR 17326FAN7    LT  BBB-sf  Affirmed    BBB-sf
   F-RR 17326FAQ0    LT  BB+sf   Affirmed    BB+sf
   G-RR 17326FAS6    LT  BB-sf   Affirmed    BB-sf
   H-RR 17326FAU1    LT  CCCsf   Affirmed    CCCsf
   X-A 17326FAF4     LT  AAAsf   Affirmed    AAAsf
   X-B 17326FAG2     LT  A-sf    Affirmed    A-sf
   X-D 17326FAY3     LT  BBBsf   Affirmed    BBBsf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance of loans in the pool. Fitch's base case loss
expectations reach 6.4% at the 'Bsf' rating category. The outlook
revisions of classes E-RR, F-RR, and G-RR reflect a sensitivity
analysis on the Station Place III loan (5.9% of the pool) where
pool-level loss expectations increase to 6.9%. Fitch identified 11
loans (36.9% of the pool) as Fitch Loans of Concern (FLOCs), which
includes one loan (0.8% in special servicing).

Alternative Loss Consideration: Station Place III (5.9% of the
pool) is secured by a 517,653-sf office property located in the CBD
of Washington D.C. and was built-to-suit as the headquarters for
the U.S. Securities and Exchange Commission (SEC). According to the
servicer, the SEC (40.5% of the NRA) is vacating at their September
2023 lease expiration. With the anticipated departure, occupancy is
expected to decline to about 60%. The loan has a total of $20
million in reserves as of July 2023, which includes a $13.8 million
rollover reserve fund for the major tenant trigger event.

Fitch's base case loss expectations at the 'Bsf' rating category of
3.4% (prior to concentration add-ons) reflect and 8.75% cap rate
and a 40% stress to the YE 2022 NOI to reflect the tenant
departure. A sensitivity analysis includes an increased probability
of default due to the loans heightened default risk. Loan-level
sensitivity losses increase to 11.6% (prior to concentration
add-ons) and pool-level losses increase to 6.90%.

Largest FLOCs: The largest FLOC is South Station (8.9% of the
pool), which is secured by a 200,775-sf office/retail property
located in downtown Boston, MA and accommodates the primary Boston
Amtrak hub. The largest tenants include Amtrak (25.9% of the NRA),
the Commonwealth of Massachusetts (19.9%) and CVS (14.4%).
Occupancy declined to about 76% in 2021 after Aegis Media (17%)
vacated at their January 2021 lease expiration.

Along with occupancy declines, performance deterioration has been
exacerbated by higher expenses. Compared to YE 2020, YE 2022
property insurance (115% higher), utilities (32.4%), repairs and
maintenance (130%), and professional fees have all increased. The
YE 2022 operating expenses are 17% ($1.4 million) higher than YE
2020 and 35% ($2.6 million) higher than expenses at issuance.
Increased vacancy coupled with higher operating expenses have
caused YE 2022 and YE 2021 NOI to decline 41% and 36%, respectively
below issuance levels. The loan maintained an IO YE 2022 debt
service coverage ratio (DSCR) of 1.10x.

Due to the performance declines, Fitch's analysis includes a 10%
stress to the YE 2022 NOI and an increased probability of default
due to the loan's heightened default risk resulting in a 'Bsf'
rating case loss of 23% (prior to concentration adjustments).

The next largest FLOC is the Godfrey Hotel (4.8%), which is secured
by a 221-key boutique hotel located in the North River district of
Chicago, IL. The hotel experienced performance declines due to the
onset of the pandemic and transferred to special servicing in
September 2020 for payment default. The loan transferred back to
the master servicer in November 2021 after the loan was modified.
Performance is stabilizing with the June 2023 occupancy recovering
to 78.6% compared to 75.5% at YE 2022, 57% at YE 2021, and 51% at
YE 2020, but remains below occupancy of 95% at issuance. The TTM
June 2023 NOI is 4% below NOI at issuance and the NOI DSCR has
improved to 1.78x and 1.95x for the TTM June 2023 and YE 2022
reporting periods.

The loan has an upcoming maturity in October 2023. Fitch's 'Bsf'
rating case loss of 4.5% (prior to concentration adjustments)
reflects a 15% stress to the TTM June 2023 NOI and an increased
probability of default to account for maturity default risk.

The Pleasant Prairie Premium Outlets (5.1%) is secured by a
402,488-sf retail center located in Pleasant Prairie, WI a
secondary market in between Milwaukee and Chicago. The largest
tenants include Nike Factory Store (5.0%, through January 2028) and
Old Navy (4.0%; January 2022). Occupancy remains lower at 84% as of
March 2023 compared to 85% at YE 2021 and 93% at YE 2019. Per the
March 2023 rent roll, about 11% of the NRA had lease expirations in
2022, 12% have lease expirations in 2023 and 12% in 2024.

The loan maintained an interest-only NOI DSCR of 2.46x at YE 2022
and 2.36x at YE 2021, which is slightly lower than expectations at
issuance of 2.77x.

To account for the performance declines, Fitch's analysis includes
a 12% cap rate and a 10% stress to the YE 2022 NOI, which results
in a 'Bsf' rating case loss of 7% (prior to concentration
adjustments).

Changes to Credit Enhancement: As of the August 2023 remittance
report, the pool's aggregate balance has been reduced by 13.5% to
$845.2 million from $977.1 million. Five loans (3.3% of the pool)
have fully defeased. There are 18 loans (45.7% of the NRA) that are
full-term, IO; 30 loans (47.8%) that are currently amortizing; and
two loans (6.5%) that remains in their partial IO periods. Interest
shortfalls of $264,684 are currently impacting the non-rated class
J-RR.

RATING SENSITIVITIES

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

Factors that may lead to a downgrade include an increase in
pool-level losses from underperforming or specially serviced
loans/assets. Downgrades to classes A-1 through A-S and the IO
class X-A are not likely due to the position in the capital
structure but may occur should interest shortfalls occur.

Downgrades to classes B, C, D, E-RR, F-RR, G-RR, X-B and X-D are
possible should performance of the FLOCs continue to decline and/or
should further loans transfer to special servicing. Class H-RR
could be downgraded further should expected losses on specially
serviced loans become more certain.

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

Factors that could lead to upgrades would include stable to
improved asset performance, coupled with additional paydown and/or
defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated classes are
not expected but would likely occur with significant improvement in
CE and/or defeasance.

Upgrades of the 'BBBsf' and 'BBB-sf' classes would be considered
with increased paydown and/or defeasance, combined with performance
stabilization. Classes would not be upgraded above 'Asf' if there
is a likelihood of interest shortfalls. An upgrade to the 'BB+sf',
'BB-sf' and 'B-sf' rated classes may occur in the later years of a
transaction if performance of the remaining pool is stable, with
sufficient CE to these classes and limited pool-level losses, but
would be limited based on sensitivity to concentrations or the
potential for adverse selection.

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.


CITIGROUP 2020-GC46: DBRS Confirms BB Rating on GRR Certs
---------------------------------------------------------
DBRS Limited confirmed its ratings on all classes of Commercial
Mortgage Pass-Through Certificates, Series 2020-GC-46 issued by
Citigroup Commercial Mortgage Trust 2020-GC46 as follows:

-- Class A-1 at AAA (sf)
-- Class A-2 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)
-- Class B at AA (high) (sf)
-- Class X-B at AA (low) (sf)
-- Class C at A (high) (sf)
-- Class D at BBB (high) (sf)
-- Class X-D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class X-F at BBB (low) (sf)
-- Class F at BB (high) (sf)
-- Class G-RR at BB (low) (sf)

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction with minimal collateral reduction of just 0.9%
since issuance and no loans in special servicing as of the August
2023 remittance. Additionally, the pool exhibited stable net cash
flow (NCF) with the trust reporting a weighted-average debt service
coverage ratio (DSCR) of more than 2.80 times (x) and the largest
10 loans in the pool (50.1% of the pool) reporting a DSCR of more
than 3.00x. According to the August 2023 remittance, all of the
original 46 loans remain in the pool, with an aggregate principal
balance of $1.2 billion. Two loans, representing 0.7% of the pool,
are fully defeased. Fourteen loans, representing 35.8% of the pool,
are on the servicer's watchlist, primarily because of declines in
performance, tenant rollover risk, performance-related concerns,
and/or deferred maintenance items. The three largest loans on the
watchlist (17.4% of the current trust balance), are shadow-rated
investment grade, mainly because of their senior debt positions.

The largest loan on the servicer's watchlist, 650 Madison Avenue
– Trust (Prospectus ID#1; 9.5% of the pool), is secured by a
Class A office and retail tower at 650 Madison Avenue in the Plaza
district of New York City. The property consists of approximately
544,000 square feet (sf) of office space, 22,000 sf of ground-floor
retail space, and 34,000 sf of storage and flex space. The loan is
pari passu with other pieces of the whole loan secured in several
transactions, including four other transactions that are also rated
by DBRS Morningstar. The loan was added to the servicer's watchlist
in April 2023 because of a drop in DSCR, which was mainly driven by
the departure of the former second-largest tenant, Memorial Sloan
Kettering Cancer Center, upon its lease expiration in June 2022. As
a result, the occupancy rate dropped to 77.6%, according to the
January 2023 rent roll, compared with 90.2% at YE2021 and 97.0% at
issuance. In addition, the lease for the current second-largest
tenant, BC Partners Inc. (11.7% of the net rentable area (NRA was
set to expire in June 2023 but the company appears to have remained
at the subject property as the location is still listed on its
website. While there is minimal rollover risk through the next 12
months, the lease of the largest tenant, Ralph Lauren (40.7% of the
NRA), is scheduled to expire in December 2024. The loan is
structured with a cash flow sweep in the event that the tenant does
not provide written notice of renewing its lease 18 months prior to
expiration. The amount to be swept is $80 per square foot (psf) or
approximately $20.0 million. According to a June 2023 article
posted on The Real Deal, Ralph Lauren is planning to reduce its
North American footprint by 30% in the coming years, and may
downsize or vacate the subject property. DBRS Morningstar has
requested an update from the servicer and a response is pending as
of the date of this press release.

According to the most recent financials for the trailing 12 months
ended March 31, 2023, NCF was $37.8 million (reflecting a DSCR of
1.77x on the senior debt; 1.39x on the whole loan), compared with
the YE2021 NCF of $63.2 million (DSCR of 2.82x on the senior debt;
2.23x on the whole loan) and the DBRS Morningstar NCF of $50.8
million (DSCR of 2.45x on the senior debt). Reis reports the
property's average base rent of $89.36 psf for office space as of
January 2023 is below the current average rental rate of $95.31 psf
for Class A office space within a one-mile radius. However, leases
that were executed at the subject in 2022 have rates that are well
above $100 psf, with rental abatements provided and contributing to
the lower YE2022 NCF. At issuance, the loan was shadow-rated
investment grade primarily because of the low A-note loan-to-value
ratio of 32.1% and high DBRS Morningstar Term DSCR; however, given
the declines in occupancy rate and NCF and the increased rollover
risk, DBRS Morningstar removed the shadow rating for this review.
DBRS Morningstar will continue to closely monitor this loan.

The 805 Third Avenue (Prospectus ID#7; 3.7% of the pool) pari passu
loan is secured by a 596,100-sf office property and a 30,659-sf
three-story retail pavilion in the Plaza district in New York.
Other pieces of the whole-loan are secured in the BMARK 2020-IG1
transaction and Citigroup Commercial Mortgage Trust 2019-C7 (rated
by DBRS Morningstar). The loan has been on the watchlist since
September 2020 because of the challenges faced during the
Coronavirus Disease (COVID-19) pandemic but the borrower received
relief where monthly tax and replacement reserve deposits were
waived until September 2020 with the expectation that the deferred
amounts will be repaid in increments. The loan remain on the
watchlist for the low DSCR, primarily driven by a drop in occupancy
rate in recent years. Several tenants have vacated the subject,
including the former second- and fourth-largest tenants, Toyota
Tsusho America, Inc. (6.9% of the NRA; expired in November 2022)
and Yes Network, LLC (4.0% of the NRA; expired in May 2022). As of
the January 2023 rent roll, the subject was 59.8% occupied. Based
on the most recent financials, the loan reported a YE2022 DSCR of
1.05x on the senior debt; however, the whole loan DSCR is below
breakeven. The loan is currently delinquent, with the last payment
received in May 2023. However, DBRS Morningstar observed reporting
discrepancies between the subject transaction and the other
companion transactions and clarification from the servicer was
requested.

At issuance, the loan was shadow-rated investment-grade primarily
because of the building's quality, granular lease rollover,
excellent location, and high-quality sponsor. However, given the
substantially low performance of the subject, the generally
challenged office submarket in New York, and the loan being
delinquent on its payments, DBRS Morningstar removed the shadow
rating and increased the probability of default in its analysis.
This resulted in a loan-level expected loss that was more than four
times the pool's average.

At issuance, six other loans were shadow-rated investment grade,
including 1633 Broadway (Prospectus ID#2; 9.0% of the trust
balance), Southcenter Mall (Prospectus ID#3; 4.8% of the trust
balance), CBM Portfolio (Prospectus ID#5; 4.1% of the trust
balance), Parkmerced (Prospectus ID#18 – 2.3% of the trust
balance), Bellagio Hotel and Casino (Prospectus ID#20;1.6% of the
trust balance), and 510 East 14th Street (Prospectus ID#31;1.2% of
the trust balance). With this review, DBRS Morningstar confirms
that the loan performance trends remain consistent with the
investment-grade shadow rating.

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


COREVEST AMERICAN 2023-P1: Fitch Gives 'B-sf' Rating on Cl. G Certs
-------------------------------------------------------------------
Fitch Ratings has assigned the following ratings and Rating
Outlooks to CoreVest American Finance 2023-P1 Trust Mortgage
Pass-Through Certificates:

- $106,144,000 class A1 'AAAsf'; Outlook Stable;

- $79,000,000 class A2 'AAAsf'; Outlook Stable;

- $31,611,000 class B 'Asf'; Outlook Stable;

- $222,312,000a class X 'A-sf'; Outlook Stable;

- $5,557,000 class C 'A-sf'; Outlook Stable;

- $10,074,000 class D 'BBBsf'; Outlook Stable;

- $4,863,000 class E 'BBB-sf'; Outlook Stable;

- $9,726,000 class F 'BB-sf'; Outlook Stable;

- $6,600,000 class G 'B-sf'; Outlook Stable.

Fitch did not rate the following classes:

- $4,168,000 class H;

- $20,148,080b class I.

(a) Notional amount and interest-only.

(b) Horizontal credit risk retention interest.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, the primary assets of which are 58 loans secured by 1,501
commercial properties (residential income-producing rental
properties, multifamily properties and mixed-use properties) having
an aggregate principal balance of $277,891,081 as of the cutoff
date. The loans were contributed to the trust by CoreVest American
Finance Lender LLC (CAFL). Fitch reviewed a comprehensive sample of
the transaction's collateral, including cash flow analysis on 100%
of the pool. Details of Fitch's analysis are highlighted in the
presale report.

KEY RATING DRIVERS

Fitch Leverage: Fitch's debt service coverage ratio (DSCR),
loan-to-value ratio (LTV) and Fitch net cash flow (NCF) debt yield
of 1.02x, 119.6% and 8.22%, respectively, indicate leverage
slightly better than recently issued CAF transactions. The
Fitch-stressed DSCR of 1.02x is better than CAF 2022-P2 (0.95x),
CAF 2022-1 (0.89x) and CAF 2021-3 (0.96x). The Fitch-stressed LTV
of 119.6% is slightly higher compared with CAF 2022-P2 (117.8%) and
is lower compared with CAF 2022-1 (131.1%) and CAF 2021-3
(130.7%).

Pool Concentration: The pool consists of 58 loans secured by 1,501
properties. On average, each loan has 26 properties. The 10 largest
loans represent 59.2% of the pool, which is more concentrated than
recently issued CAF transactions including CAF 2022-P2 and CAF
2022-1, which had respective top 10 loan concentrations of 53.6%
and 44.7%. Additionally, the pool's largest sponsor contributed
13.1% of the pool, which is above 10.2% in CAF 2022-P2 and 9.7% in
CAF 2022-1.

Below-Average Amortization: Scheduled amortization of 4.6% is
higher than the amounts scheduled for CAF 2022-1 of 4.4%, but lower
than the amounts scheduled for CAF 2022-P2 and CAF 2021-3 of 5.4%
and 6.1%, respectively. Contributing factors include the weighted
average original loan term for the pool, which is 84 months, below
CAF 2022-P2 and CAF 2022-1, which had terms of 95.8 and 97.7,
respectively, and the pool's concentration of interest-only (IO)
loans, totaling 49.8% of the cutoff, which is below both the CAF
2022-P2 and CAF 2022-1 concentrations of 59.3% and 51.7%,
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
debt service obligations. The table below indicates the
model-implied rating sensitivity to changes in one variable, Fitch
NCF:

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

- 10% NCF Decline: 'AAsf' / 'BBB+sf' / 'BBBsf' / 'BB+sf' / 'BBsf' /
'B-sf' / '

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

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

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

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

ESG CONSIDERATIONS

CAF 2023-P1 has an ESG Relevance Score of '4' for Data Transparency
& Privacy due to limited transaction data and periodic reporting,
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.


CXP TRUST 2022-CXP1: Moody's Lowers Rating on Class F Certs to Caa2
-------------------------------------------------------------------
Moody's Investors Service has downgraded two classes of CXP Trust
2022-CXP1, Commercial Mortgage Pass-Through Certificates, Series
2022-CXP1 as follows:

Cl. E, Downgraded to B2 (sf); previously on Sep 20, 2022 Definitive
Rating Assigned Ba3 (sf)

Cl. F, Downgraded to Caa2 (sf); previously on Sep 20, 2022
Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The ratings on two P&I classes were downgraded due to an increase
in the loan's Moody's (loan-to-value) LTV because of the
deterioration in collateral property performance and anticipated
further declines in the portfolio's cash flow. The floating rate
loan is secured by seven office properties and transferred to
special servicing in January 2023 and as of the August 2023
distribution date was last paid through its April 2023 payment
date. The portfolio was approximately 82% leased as of May 2023,
down from 84.5% leased at the time of securitization and the
servicer indicated there have been rent collection issues at
certain of the office properties.  The loan is subject to an
interest rate cap having a SOFR strike rate of 2.88552% and an
initial maturity date in December 2023. At the current term SOFR
rate, the uncapped IO debt service payments would be approximately
41% higher than the current capped amount.

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

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the August 9, 2023 distribution date, the transaction's
certificate balance was $484.7 million, the same as at
securitization.  The transaction is backed by a portion of a 5-year
(two-year initial term plus three, one-year extension options),
floating rate, IO whole mortgage loan collateralized by the
borrower's fee simple or leasehold interests in a portfolio of
seven office properties located in New York City (51.6% of
allocated loan amount (ALA)), San Francisco (30.7% of ALA), Boston
(9.0% of ALA) and Jersey City (8.6% of ALA).

The trust loan of $484,742,628 represents a portion of a
$1,717,842,628 whole mortgage loan further split between A-Notes
totaling $1,557,842,628 (the "Senior Loan") and B-Notes totaling
$160,000,000 (the "B-Note"). The total debt amount includes the
whole mortgage loan and a $125,000,000 mezzanine loan. The trust
loan represents the junior portion of the Senior Loan, which is
senior in right of payment to the B-Note and mezzanine loan.

The Senior Loan bears interest at Term SOFR plus approximately
2.403%. The B-Note bears interest at Term SOFR plus approximately
5.606%. The mezzanine loan bears interest at Term SOFR plus 8.050%.
At loan closing in December 2021, an interest rate cap was acquired
for the initial two year term of the loan with a Term SOFR strike
rate of 2.88552%. The initial maturity date is in December 2023.

Collateral for the whole mortgage loan is the borrower's fee simple
or leasehold interests in seven cross-collateralized office
properties totaling 2,749,316 SF across four markets in New York,
NY (three properties, 1,094,567 SF), San Francisco, CA (two
properties, 729,493SF), Jersey City, NJ (one property, 652,329 SF)
and Boston, MA (one property, 272,876 SF). Construction dates range
between 1902 and 1991, with a weighted average year built of 1952.
Property sizes range between 258,000 SF to 652,329 SF, with an
average size of 392,752 SF.

The loan originally transferred to special servicing in January
2023 upon the borrower notifying the servicer that a major tenant,
Twitter (76% of the NRA at the 245-249 West 17th Street property;
8.3% of portfolio NRA and 12.2% of portfolio base rent), defaulted
on their lease by not paying rent. Twitter has sublet spaces
representing approximately 2.1% of portfolio NRA and 3.1% of
portfolio base rent.  As of May 2023, the portfolio was
approximately 81.9% leased, down from 84.5% leased at the time of
securitization. Furthermore, special servicer commentary indicated
there have been several rent collections issues at certain
properties. The portfolio also has exposure to recently troubled
tenants including WeWork (2.2% of portfolio NRA; lease expiration
in February 2029) and First Republic (1.2% of portfolio NRA; lease
expiration in November 2026).

As of the August 2023 remittance statement the loan is last paid
through its April 2023 payment date and there are outstanding P&I
advances of $10.2 million due to the delinquency status. The loan
had also recognized a prior appraisal reduction causing interest
shortfalls to impact Cl. F, however, based on an updated appraisal
reported as of the August 2023 remittance report there is no longer
an appraisal reduction amount. The most updated value was 23% below
the securitization value but still above the senior mortgage loan
balance. As of the August 2023 remittance report, the trust had
aggregate interest shortfalls of $2.4 million.

Accounting for the SOFR cap now in effect (2.88552%), the in-place
NCF produced a DSCR of approximately 0.93x on the total debt amount
including the B-Note and mezzanine loan. The current SOFR cap
expires at loan maturity in December 2023 and at current term SOFR
rates, the uncapped DSCR for both total mortgage debt and total
debt (including mezzanine) would be well below 1.00x based on
in-place NCF performance through May 2023 and Moody's NCF.

Office market fundamentals have also deteriorated across the
portfolio's locations since securitization. According to CBRE, as
of Q2 2023, the weighted average vacancy (weighted by property
gross rent) of the various submarkets represented in the subject
portfolio was approximately 17.8% compared to 13.5% at
securitization.

Moody's NCF was lowered to $81.3 million from $96.6 million at
securitization and Moody's capitalization rate was increased due to
tenant departures, weaker market performance, and higher operating
expenses. Moody's LTV ratio for the Senior Loan balance and first
mortgage balance (including the B-Note) are 167% and 184%,
respectively.  Adjusted Moody's LTV ratio for the Senior Loan
balance and first mortgage balance are 147% and 163%, respectively
using a cap rate adjusted for the current interest rate
environment. Moody's total debt LTV (including mezzanine debt)
would be 197% and the adjusted Moody's total debt LTV would be
174%. Moody's stressed debt service coverage ratio (DSCR) is 0.56x
for the Senior Loan, 0.51x for the first mortgage balance, and
0.48x on the total debt.


DBGS 2018-C1: Fitch Lowers Rating on Two Tranches to BBsf
---------------------------------------------------------
Fitch Ratings has downgraded two and affirmed 12 classes of DBGS
2018-C1 Mortgage Trust commercial mortgage pass-through
certificates. The Rating Outlooks for classes E, F, X-D and X-F
remain Negative. The under criteria observation (UCO) has been
resolved.

   Entity/Debt          Rating             Prior
   -----------          ------             -----
DBGS 2018-C1

   A-2 23307DAX1    LT  AAAsf  Affirmed     AAAsf
   A-3 23307DAZ6    LT  AAAsf  Affirmed     AAAsf
   A-4 23307DBA0    LT  AAAsf  Affirmed     AAAsf
   A-M 23307DBC6    LT  AAAsf  Affirmed     AAAsf
   A-SB 23307DAY9   LT  AAAsf  Affirmed     AAAsf
   B 23307DBD4      LT  AA-sf  Affirmed     AA-sf
   C 23307DBE2      LT  A-sf   Affirmed     A-sf
   D 23307DAG8      LT  BBBsf  Affirmed     BBBsf
   E 23307DAJ2      LT  BBsf   Downgrade    BBB-sf
   F 23307DAL7      LT  B-sf   Affirmed     B-sf
   G-RR 23307DAN3   LT  CCCsf  Affirmed     CCCsf
   X-A 23307DBB8    LT  AAAsf  Affirmed     AAAsf
   X-D 23307DAC7    LT  BBsf   Downgrade    BBB-sf
   X-F 23307DAE3    LT  B-sf   Affirmed     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.

The downgrades reflect the impact of the criteria and deterioration
in performance of the office loans in the pool, including
TripAdvisor HQ, Time Square Office Renton, Summit Office Park and
GSK North American HQ. Fitch's current ratings incorporate a 'Bsf'
rating case loss of 3.96%. Ten loans are Fitch Loans of Concern
(FLOCs; 30% of the pool), including three loans (4.6%) in special
servicing.

The Negative Outlooks on E, F, X-D and X-F reflect a high exposure
to office loans (11 loans; 41.6%) and the potential for further
downgrades with continued underperformance. The Negative Outlooks
factor in a higher loss on the GSK North American HQ loan due to
refinance concerns and a heightened probability of default for the
Chase Bank Tower and Cherry Tower loans.

Fitch Loans of Concern: The largest contributor to expected losses
is TripAdvisor HQ, which is secured by a 280,892-sf suburban office
property located in Needham, MA. TripAdvisor leases 100% of the
building through 2030; however, the tenant is marketing
approximately 50% of its space for sublease. As of YE 2022, the NOI
debt service coverage ratio (DSCR) was reported to be 1.80x.
Fitch's 'Bsf' rating case loss of 8% (prior to concentration
adjustments) is based on a 10% cap rate and 15% stress to YE 2021
NOI.

The second largest contributor to expected losses is Time Square
Office Renton. The loan is secured by a suburban office complex
consisting of five, two-story buildings, totaling 319,767-sf
suburban office property located in Renton, WA, approximately 11
miles southeast of downtown Seattle. Integra Telecom (14.2% of NRA)
vacated their space at its June 2021 expiration; existing tenant
MicroScan Systems expanded into a portion of the space vacated by
Integra Telecom. As YE 2022, occupancy declined to 77% from 95% at
YE 2020. The NOI DSCR for YE 2022 was reported to be 1.17x. Fitch's
'Bsf' rating case loss of 8.3% (prior to concentration adjustments)
is based on a 10% cap rate and 10% stress to YE 2022 NOI.

Minimal Change to Credit Enhancement (CE): As of the August 2023
remittance report, the pool's aggregate balance has been paid down
by 5.9% to $1.0 billion from $1.066 billion at issuance. There are
16 loans (60.4% of the pool) that are full-term, IO; two loans
(3.4%) are partial-term IO (27.4%); and the remaining loans are
currently amortizing. Two loans (4.3%) have fully defeased.

RATING SENSITIVITIES

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

Sensitivity factors that lead to downgrades include an increase in
pool level losses from underperforming or specially serviced loans.
Downgrades to the 'AA-sf' and 'AAAsf' rated categories are not
likely due to the position in the capital structure and expected
continued paydown, but may happen should interest shortfalls affect
these classes.

Downgrades to the 'A-sf', 'BBBsf' and 'BBsf' rated categories may
occur should overall pool loss expectations increase significantly
from further performance deterioration of the FLOCs, specifically
the suburban office loans (TripAdvisor HQ, Times Square Office
Renton, Summit Office Park and GSK North American HQ).

Further downgrades to the 'B-sf' and 'CCCsf' rated classes would
occur as losses are realized and/or become more certain.

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

Upgrades would occur with stable to improved asset performance
coupled with additional paydown and/or defeasance.

Upgrades of the 'Asf' and 'AAsf' categories would likely occur with
significant improvement in CE and/or defeasance; however, adverse
selection, increased concentrations and further underperformance of
the FLOCs could cause this trend to reverse.

An upgrade to the 'BBBsf' category is considered unlikely and would
be limited based on sensitivity to concentrations or the potential
for future concentration. Classes would not be upgraded above 'Asf'
if there is likelihood for interest shortfalls.

Upgrades to the 'BBsf', 'Bsf' and 'CCCsf' categories 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.

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.


DBJPM MORTGAGE 2017-C6: Fitch Affirms B- Rating on Class F-RR Certs
-------------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of DBJPM Mortgage Trust
commercial mortgage pass-through certificates, series 2017-C6. The
Rating Outlooks on class D, X-D, E-RR and F-RR have been revised to
Negative from Stable.

   Entity/Debt           Rating             Prior
   -----------           ------             -----
DBJPM 2017-C6

   A-3 23312JAC7    LT  AAAsf    Affirmed    AAAsf
   A-4 23312JAE3    LT  AAAsf    Affirmed    AAAsf
   A-5 23312JAF0    LT  AAAsf    Affirmed    AAAsf
   A-M 23312JAH6    LT  AAAsf    Affirmed    AAAsf
   A-SB 23312JAD5   LT  AAAsf    Affirmed    AAAsf
   B 23312JAJ2      LT  AA-sf    Affirmed    AA-sf
   C 23312JAK9      LT  A-sf     Affirmed    A-sf
   D 23312JAQ6      LT  BBB-sf   Affirmed    BBB-sf
   E-RR 23312JAS2   LT  BB-sf    Affirmed    BB-sf
   F-RR 23312JAU7   LT  B-sf     Affirmed    B-sf
   X-A 23312JAG8    LT  AAAsf    Affirmed    AAAsf
   X-B 23312JAL7    LT  A-sf     Affirmed    A-sf
   X-D 23312JAN3    LT  BBB-sf   Affirmed    BBB-sf

KEY RATING DRIVERS

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

The affirmations reflect the impact of the criteria and generally
stable performance since Fitch's last rating action. There are
eight Fitch Loans of Concern (FLOCs) comprising26.5%, which
includes 2 loans in special servicing (6.3%). Fitch's current
ratings incorporate a 'Bsf' rating case loss of 3.53%.

The Negative Outlooks reflect an increased probability of default
assumption on the 211 Main Street loan, as well as potential
further declines in other FLOCs. The 211 Main Street loan is
collateralized by an office property located in San Francisco, CA.
The sole tenant, Charles Schwab, lease expires in April 2028;
however, media reports have indicated the tenant may relocate to
its new corporate campus in Westlake, TX.

Largest Contributor to Loss: The largest contributor to overall
loss expectations is the Starwood Capital Group Hotel Portfolio
loan (7.7%), which is secured by a portfolio of 65 hotels totaling
6,370 keys located across 21 states with 14 different franchises.
The loan was maintained as a FLOC due to sustained pandemic-related
performance declines. The properties are largely located in
California), Texas and Indiana. The hotels reflect 14 different
franchises, largely from flags such as Marriott, Hilton, Larkspur
Landing (Starwood), IHG, and Choice Hotels. The sponsor does not
have franchise agreements for the properties for which it is the
franchisor (Larkspur Landing).

Portfolio occupancy increased to 73% at YE 2022 from 66% at YE 2021
and 54% at YE 2020 and remains in-line with pre-pandemic levels of
74% at YE 2019. While occupancy has improved, the YE 2022 Average
Daily Rate (ADR) remains lower at $82 compared to $115 at YE 2019.
With the lower operating performance, the YE 2022 NOI DSCR is about
27% lower than NOI at issuance. The interest-only DSCR remains
lower at 1.98x as of YE 2022 compared to 2.73x at YE 2019 and 2.72x
at issuance.

Due to the sustained performance declines, Fitch's analysis is
based off an 11.50% cap rate and no stress to the YE 2022 NOI.

The next largest contributor to loss is the Long Meadow Farms asset
(1%), which is a 39,175 SF retail property built in 2015 and
located in Richmond, Texas. The loan transferred to special
servicing in May 2020 due to payment default and a receiver was
appointed in April 2021. According to servicer updates, the
receiver is trying to stabilize the property by increasing
occupancy. As of March 2023, the property is 62% occupied.

Fitch modelled a loss of approximately 42% which reflects a value
of $205 psf.

The third largest contributor to loss is the Union Hotel asset
(0.7%), which is a 42-room limited service hotel located in
Brooklyn, NY. The loan transferred to special servicing in June
2020. According to servicer updates, a foreclosure sale is
expected.

Fitch modelled a loss of approximately 58% which reflects a value
of $118,000 per key.

Credit Enhancement: As of the August 2023 distribution date, the
pool's aggregate balance has been paid down by 16% to $952.1
million from $1.13 billion at issuance. The pool has 5.4 million in
realized losses to date. Three loans (8.7%) are defeased. Twelve
full-term interest-only loans comprise 66.9% of the pool, and no
loan remain in their partial interest-only period. There are also
two anticipated repayment date (ARD) loans representing 10% of the
pool.

Additional Sensitivity: The ratings incorporate an increased
probability of default assumption on the 211 Main Street loan given
potential refinance challenges if the tenant vacates at lease
expiration. This sensitivity contributes to the Negative Outlooks.

RATING SENSITIVITIES

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

Downgrades to the senior classes, rated 'AA-sf' through 'AAAsf',
are not likely due to their position in the capital structure and
the high credit enhancement; however, downgrades to these classes
may occur should interest shortfalls occur. Downgrades to the
classes rated 'BBB-sf' and below would occur if there is an
increase in pool level losses due to underperforming or special
serviced loans, including a potential default of the 211 Main
Street loan.

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

- Stable-to-improved asset performance, coupled with additional
paydown and/or defeasance. Upgrades to the 'A-sf' and 'AA-sf' rated
classes would likely occur with significant improvement in credit
enhancement and/or defeasance; however, adverse selection and
increased concentrations, or underperformance of the FLOCs, could
cause this trend to reverse.

- Upgrades to the 'BBB-sf' and below-rated classes are considered
unlikely and would be limited based on sensitivity to
concentrations or the potential for future concentrations. Classes
would not be upgraded above 'Asf' if there is a likelihood of
interest shortfalls. Additionally, an upgrade to the 'BB-sf' and
'B-sf' rated classes is not likely until later years of the
transaction and only if the performance of the remaining pool is
stable and/or there is sufficient credit enhancement, which would
likely occur when the nonrated class is not eroded and the senior
classes pay off.


DC COMMERCIAL 2023-DC: DBRS Finalizes BB Rating on Class HRR Certs
------------------------------------------------------------------
DBRS, Inc. finalized its ratings on the following classes of
Commercial Mortgage Pass-Through Certificates, Series 2023-DC (the
Certificates) issued by DC Commercial Mortgage Trust 2023-DC (DC
2023-DC):

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

All trends are Stable.

DC 2023-DC is a single asset/single-borrower transaction
collateralized by the borrower's fee-simple interest in two data
center properties totaling three buildings in Ashburn, Virginia.
DBRS Morningstar generally takes a positive view of the credit
profile of the overall transaction based on the portfolio's
favorable market position, affordable power rates, desirable
efficiency metrics, and strong tenancy profile. The loan is
unclosed by expected to close on or before August 30, 2023 and
terms of the loan are subject to change.

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

From the standpoint of the physical plants, the data center assets
are heavily powered with more than 104 megawatts (MW) of critical
IT load and feature N+2 redundancy for all building systems. DBRS
Morningstar views the data center collateral as strong assets with
strong critical infrastructure, including power and redundancy,
built to accommodate the technology needs not only of today, but
also well into the future. Digital Realty, 20% owner and the
operator of the portfolio, currently owns and operates more than
300 data center properties across 28 countries.

Data center operators have historically benefited from high
barriers to entry because of the complexity of their operations
along with the specialized knowledge required to operate the
facilities to extraordinarily demanding uptime and reliability
standards. Furthermore, the high upfront capital costs and
necessary power infrastructure also make speculative development
more difficult than with other property types. Moreover, local
power provider Dominion Energy announced in July 2022 that it
cannot allocate additional power to new data center developments in
Northern Virginia, essentially delaying new data center development
through 2026.

The portfolio's Issuer underwritten (UW) rent for data center space
is approximately 17.9% below the sponsor's market rent estimates
and recent leasing data. This represents an opportunity for the
sponsor to push rolling and expiring leases to a higher rental rate
that is closer to the market rent. Leases signed since Q4 2022 at
both the subject property and in Digital Realty's Northern Virginia
portfolio exhibit an average rent of $150 per kilowatt (kW) per
month, which is significantly higher than the Issuer UW rent of
$95.88 per kW per month. According to market data listed in the
term sheet, the Ashburn submarket generally commands rents between
10% and 15% above the remaining Northern Virginia market.

Data center operators benefit from strong clustering and network
effects attributable to the complex IT environments of their
tenants. For various reasons, larger tenants strongly prefer to
scale within existing environments rather than add capacity at a
facility with a different provider.

The assets are in Ashburn, Virginia, which is part of the greater
Northern Virginia market known as Data Center Alley. Northern
Virginia is the largest data center market in the world and is
supported by some of the most favorable wholesale power costs and
tax rates in the country. Ashburn's wholesale power costs are
approximately $0.05 per kilowatt hour (kWh), which compares
favorably with other nearby markets where power costs can be
higher, such as Pennsylvania, New Jersey, and Manhattan, which
exhibit power costs of $0.0771/kWh, $0.1105/kWh, and $0.13/kWh,
respectively. The properties within the portfolio—named ACC5,
ACC6, and ACC7—exhibit power utilization efficiency (PUE) ratios
of 1.48, 1.47, and 1.20, respectively, which indicates a relatively
efficient delivery of power to critical IT infrastructure. However,
the properties have design PUE ratios of 1.28, 1.28, and 1.15,
respectively. Typical PUE ratios range from 1.2 to 3.0 and,
according to a third-party market report outlined in the Term
Sheet, average annual PUE across all data centers in the United
States is 1.80.

The cross-collateralized portfolio benefits from relatively
granular tenancy and favorable industry diversification. The
portfolio also benefits from the tenancy of numerous cloud and IT
tenants and hosts service provider tenants whose significant power
consumption and complex needs are projected to only grow over time.
Additionally, approximately 58.7% of the DBRS Morningstar in-place
base rent is attributable to investment-grade tenants across the
portfolio, which is a highly favorable ratio.

The $990.0 million mortgage loan represents an 84.33% loan-to-value
ratio on the DBRS Morningstar value of $1.174 billion, which is
relatively modest compared with more fully leveraged
single-asset/single-borrower transactions.

Digital Realty is an experienced data center operator with a
portfolio of more than 300 data centers in 28 countries on six
continents. The company has established relationships with
significant power users across various industries. Furthermore, the
company has committed to improving the sustainability of their
operation with approximately 62% of their global power provided
through a renewable source. The sponsor on the transaction is a
joint venture between Digital Realty and TPG, a global private
equity firm founded in 2009 with approximately $139.0 billion in
assets under management (AUM) as of the end of 2022. The
experienced institutional sponsorship of TPG complements Digital
Realty's experience in operating the data center assets. TPG has a
dedicated team focused on real estate with more than $19 billion in
AUM.

ACC5 and ACC7 are LEED Gold certified and exhibit strong design PUE
ratios of 1.28 and 1.15, respectively, while ACC6 is LEED Silver
certified and exhibits a design PUE ratio of 1.28. All the data
center buildings in the portfolio were constructed with N+2
redundancy, which will allow for two failures of any system. N+2
redundancy also allows for more flexibility for repair and
maintenance of the various mechanical systems at the property.

Data center properties require specialized operational knowledge
and expertise in order to operate to extremely high uptime and
reliability standards set forth in various service-level agreements
with tenants. Therefore, the pool of potential buyers may be more
limited than for other asset types, such as warehouse or
distribution properties. Furthermore, a substantial component of
the portfolio's value is dependent on Digital Realty's tenant
roster and extensive industry relationships and technical
expertise. However, Digital Realty has significant experience in
the operation and management of data centers, especially in
Northern Virginia where it has significant experience and manages
16 data center properties. The loan documents require that any
replacement manager meet certain qualifications, including, but not
limited to, at least five years' experience in the management of at
least five data centers totaling 1.0 million square feet (sf), or
be one of the pre-approved managers outlined in the offering
documents.

DBRS Morningstar views data center properties as significantly more
capital intensive beyond the identifiable shell building repairs
captured by a typical engineering report. Data center properties
typically have dedicated on-site utility substations, complex
closed loop and evaporative cooling systems, and substantial
uninterruptible power supply and backup generator systems that must
be proactively maintained and replaced to ensure the highest level
of uptime and reliability. The property condition report estimated
$1.24 per sf (psf) in ongoing capital expenditure (capex) needs
across the portfolio. DBRS Morningstar assumed higher ongoing capex
requirements of $4.00 per kW per month in its concluded cash flow
to reflect the higher capital-intensive needs of the properties.

The loan agreement permits the borrower to release individual
properties across the portfolio pursuant to a release premium of
110% of the allocated loan amount. DBRS Morningstar considers 110%
to be weaker than a generally credit-neutral standard of 115%. As a
result, DBRS Morningstar applied a penalty to the sizing hurdles to
account for this release structure. As it relates to the release of
individual properties, ACC5 and ACC6 are on the same tax parcel and
must be released together. ACC7 is on its own tax parcel and can be
released on its own.

DBRS Morningstar's credit rating on the Certificates addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are listed at the end of this Press Release.

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 (for example, Yield Maintenance Premium).

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.



DRYDEN 106 CLO: Fitch Affirms BB- Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has affirmed 15 classes from five U.S. collateralized
loan obligations (CLOs) managed by PGIM, Inc. The Rating Outlooks
for all the rated classes remain Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Dryden 65 CLO,
Ltd.

   A-1 26251YAA4    LT AAAsf  Affirmed    AAAsf

   A-2 26251YAC0    LT AAAsf  Affirmed    AAAsf

   Combination
   Securities
   26252AAE7        LT AA-sf  Affirmed    AA-sf

Dryden 106 CLO,
Ltd.

   B-1 26254CAC5    LT AAsf   Affirmed     AAsf

   B-2 26254CAJ0    LT AAsf   Affirmed     AAsf

   C 26254CAE1      LT Asf    Affirmed     Asf

   D 26254CAG6      LT BBB-sf Affirmed     BBB-sf

   E 26254TAA2      LT BB-sf  Affirmed     BB-sf

Dryden 41 Senior
Loan Fund

   A-R 26244KAN6    LT AAAsf  Affirmed    AAAsf

   B-R 26244KAQ9    LT AA+sf  Affirmed    AA+sf

Dryden 38 Senior
Loan Fund

   A-1-R 26249QAQ1  LT AAAsf  Affirmed    AAAsf

   A-2-R 26249QAS7  LT AAAsf  Affirmed    AAAsf

   B-R 26249QAU2    LT AA+sf  Affirmed    AA+sf

Dryden 40 Senior
Loan Fund

   A-R 26244GAE5    LT AAAsf  Affirmed    AAAsf

   B-R 26244GAG0    LT AA+sf  Affirmed    AA+sf

TRANSACTION SUMMARY

Dryden 38 Senior Loan Fund (Dryden 38), Dryden 40 Senior Loan Fund
(Dryden 40), Dryden 41 Senior Loan Fund (Dryden 41), Dryden 65 CLO,
Ltd. (Dryden 65), and Dryden 106 CLO, Ltd. (Dryden 106) are broadly
syndicated CLOs managed by PGIM, Inc. Dryden 38, Dryden 40, Dryden
41 and Dryden 65 had closed or reset in 2018, and had exited their
respective reinvestment periods in 2023. Dryden 106 closed in
November 2022 and will exit its reinvestment period in October
2027. All five CLOs are securitized primarily by first-lien, senior
secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are driven by the portfolios' stable performance
since last review or closing in 2022. The credit quality of all
five performing portfolios as of the July 2023 trustee reporting
has remained at the 'B'/'B-' rating level. The Fitch weighted
average rating factor (WARF) for all portfolios were 24.2 on
average, unchanged from the average WARF from the last rating
actions. For transactions out of reinvestment, the class A-R notes
in Dryden 41 and combination securities in Dryden 65 have amortized
by 2.4% and 26.3%, respectively, of their original balances.

The portfolios remain diversified, with a range of 409 to 432
obligors with the largest 10 obligors representing between 7.9% and
8.1% of their respective portfolios. Exposure to issuers with a
Negative Outlook and Fitch's watchlist averaged 16.3% and 8.3%,
respectively. Defaulted assets comprise 2.1% of the portfolios on
average.

First lien loans, cash and eligible investments comprised 96.3% on
average. Fitch's weighted average recovery rate (WARR) of the
portfolios averaged 76.3%, compared to average 75.8% at the last
rating actions.

Dryden 38, Dryden 41 and Dryden 65 are failing their weighted
average life (WAL) limits as of the most recent reporting. All
other coverage tests, collateral quality tests (CQTs), and
concentration limitations are in compliance.

Cash Flow Analysis

Fitch conducted cash flow analyses based on newly run Fitch
Stressed Portfolios (FSP) due to the likelihood that the CLOs will
continue to reinvest even after their respective reinvestment
periods, subject to certain conditions. The FSP analysis stressed
the current portfolio from the latest trustee reports to account
for permissible concentration and CQT limits.

The weighted average spread (WAS), WARR and WARF were stressed to
the levels indicated by the current Fitch test matrix point for
Dryden 106, while the FSP analysis assumed 7.5%-10% 'CCC' assets,
7.5%-10% non-senior secured assets and WAS levels in line with the
current test levels for all other transactions. The FSP analysis
assumed WALs of 8.0 years for Dryden 106 and 4.2 to 4.5 years for
all other transactions. In addition, the FSP analysis stressed 1.0%
long dated exposure in Dryden 40 and Dryden 41 to account for the
allowable limits on outright purchases of long dated assets.

The rating actions are in line with the model implied ratings
(MIRs) as defined in the 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 rating
notch for Dryden 38, Dryden 40, Dryden 41 and Dryden 65, and
downgrades of up to two notches for Dryden 106, 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 one
notch for Dryden 38, Dryden 40, and Dryden 41, up to three rating
notches for Dryden 65, and upgrades of up to six notches for Dryden
106, based on MIRs.

DATA ADEQUACY

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

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

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


ECAF I LTD: Fitch Affirms CCsf Rating on Class B-1 Notes
--------------------------------------------------------
Fitch Ratings has affirmed ECAF I Ltd. (ECAF) series A-1, A-2 and
B-1 notes.

   Entity/Debt          Rating           Prior
   -----------          ------           -----
ECAF I Ltd.

   A-1 26827EAA3    LT  CCCsf  Affirmed   CCCsf
   A-2 26827EAC9    LT  CCCsf  Affirmed   CCCsf
   B-1 26827EAE5    LT  CCsf   Affirmed   CCsf

TRANSACTION SUMMARY

Fitch has affirmed the ratings of ECAF's A-1, A-2 and B-1 notes at
'CCCsf', 'CCCsf' and 'CCsf', respectively. This transaction, along
with other aircraft operating lease ABS transactions rated by
Fitch, was placed Under Criteria Observation (UCO) in June of 2023
following Fitch's publication of new Aircraft Operating Lease ABS
Criteria:

The ratings reflect current transaction performance, Fitch's cash
flow projections, and its expectation for the structure to
withstand rating-specific stresses under Fitch's new criteria and
related asset model. Rating considerations include lease terms,
lessee credit quality and performance, updated aircraft values, and
Fitch's assumptions and stresses, which inform its modeled cash
flows and coverage levels. Fitch's updated rating assumptions for
airlines are based on a variety of performance metrics and airline
characteristics.

Overall, the performance in the portfolio has stabilized. Several
aircraft that were off lease at the time of Fitch's last review are
now on lease and rent collections have increased modestly. Several
lessees, however, remain delinquent. The series A-1, series A-2 and
series B-1 notes continue to receive timely interest. All series
are beyond their anticipated repayment date.

Overall Market Recovery:

The global commercial aviation market continues to recover, posting
a 47% increase in revenue passenger kilometers (RPKs) in the first
half of 2023 compared to the same period last year with June global
RPKs recovering to 94% of pre-COVID levels per IATA. Asia-Pacific
airlines led the way with a 126% increase in first half 2023
traffic versus last year.

Domestic RPKs globally rose 27% in June compared to the prior year
and have surpassed pre-pandemic RPKs by 5.1%; June international
RPKs climbed 34% compared to the prior year and are approximately
12% below pre-pandemic levels per IATA.

International and domestic market performance differs across
regions. APAC has seen significant growth in domestic markets, led
by China returning to pre-pandemic levels with a 136% June YTD
increase in RPKs versus last year. APAC has also enjoyed triple
digit international RPK growth, however, there is still room for
additional recovery as it has only reached 71% of pre-pandemic
levels per IATA.

North American and European traffic (domestic and international)
continue to rebound with June RPKs marginally exceeding
pre-pandemic levels in North America and reaching approximately 95%
of pre-pandemic levels in Europe per IATA.

Macro Risks:

While the commercial aviation market has recovered significantly
over the past 12 months, it will continue to face certain unknowns
and potential headwinds including workforce shortages, inflationary
pressures particularly related to labor and fuel costs, supply
chain issues, geopolitical risks, and recessionary concerns which
would impact passenger demand. Most of these events would lead to
increased credit risk due to increased lessee delinquencies, lease
restructurings, defaults, and reductions in lease rates and asset
values, particularly for older aircraft, all of which would cause
downward pressure on future cashflows needed to meet debt service.

KEY RATING DRIVERS

Asset Values:

Aircraft values have declined 7% between the June 2022 and June
2023 appraisals using mean maintenance-adjusted base value (MABV).
Using the June 2023 MABV of $486 million, loan-to-values (LTVs)
remained consistent with the prior review around 90%, 90%, and 106%
for the class A-1, A-2 and B-1 notes, respectively.

The Fitch value for the pool is $436 million. Fitch used the June
2023 appraisals and applied depreciation and market value decline
assumptions pursuant to its criteria. Value is informed by the
remaining leasable life:

3 years of leasable life, but >15 years old:
Maintenance-adjusted base value;




EMPOWER CLO 2022-1: Fitch Affirms BB- Rating on Cl. E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class B, D and E
notes of Empower CLO 2022-1, Ltd. (Empower 2022-1). The Rating
Outlooks on all rated tranches remain Stable.

   Entity/Debt         Rating             Prior
   -----------         ------             -----
Empower CLO
2022-1, Ltd.

   B 29246AAE0     LT  AAsf    Affirmed   AAsf
   D 29246AAJ9     LT  BBB-sf  Affirmed   BBB-sf
   E 29246YAA6     LT  BB-sf   Affirmed   BB-sf

TRANSACTION SUMMARY

Empower 2022-1 is a broadly syndicated collateralized loan
obligation (CLO) managed by Empower Capital Management, LLC. The
transaction closed in October of 2022 and will exit its
reinvestment period in October of 2026. Empower 2022-1 is secured
primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are due to the portfolio's stable performance
since closing. As of August 2023 reporting, the credit quality of
the portfolio has remained at the 'B+'/'B' level, and the Fitch
weighted average rating factor (WARF) of the portfolio decreased to
22.3 from 22.6 at closing. The portfolio consists of 329 obligors,
and the largest 10 obligors represent 4.3% of the portfolio.
Exposure to issuers with a Negative Outlook and Fitch's watchlist
is 11.0% and 1.0%, respectively. There have been no defaults in the
portfolio.

First lien loans, cash and eligible investments comprise 99.2% of
the portfolio and fixed-rate assets comprise 0.8% of the portfolio.
Fitch's weighted average recovery rate (WARR) is 77.5%, compared
with 76.9% at closing.

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

Cash Flow Analysis

Fitch updated its Fitch Stressed Portfolio (FSP) analysis since the
transaction is still in its reinvestment period. The FSP stressed
the current portfolio from the latest trustee report to account for
permissible concentration limits and CQT limits. The FSP analysis
assumed weighted average life of 6.26 years. Weighted average
spread, WARF and WARR were stressed to all points within the Fitch
Test Matrix. In addition, assumptions of both 0% and 5% fixed-rate
assets were tested as part of the FSP's cash flow modelling.

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 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 seven
notches, based on MIRs.

DATA ADEQUACY

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

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

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


EXETER AUTOMOBILE 2023-1: Fitch Affirms 'BBsf' Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed eighteen classes of notes in three
outstanding Exeter Automobile Receivables Trust (EART)
transactions.

   Entity/Debt         Rating          Prior
   -----------         ------          -----
Exeter Automobile
Receivables
Trust 2022-5

   A-2 30167FAB8   LT  AAAsf Affirmed   AAAsf
   A-3 30167FAC6   LT  AAAsf Affirmed   AAAsf
   B 30167FAD4     LT  AAsf  Affirmed   AAsf
   C 30167FAE2     LT  Asf   Affirmed   Asf
   D 30167FAF9     LT  BBBsf Affirmed   BBBsf
   E 30167FAG7     LT  BBsf  Affirmed   BBsf

Exeter Automobile
Receivables
Trust 2022-6

   A-2 30168AAB8   LT  AAAsf Affirmed   AAAsf
   A-3 30168AAC6   LT  AAAsf Affirmed   AAAsf
   B 30168AAD4     LT  AAsf  Affirmed   AAsf
   C 30168AAE2     LT  Asf   Affirmed   Asf
   D 30168AAF9     LT  BBBsf Affirmed   BBBsf
   E 30168AAG7     LT  BBsf  Affirmed   BBsf

Exeter Automobile
Receivables
Trust 2023-1

   A-2 30168BAB6   LT AAAsf Affirmed   AAAsf
   A-3 30168BAC4   LT AAAsf Affirmed   AAAsf
   B 30168BAD2     LT AAsf  Affirmed    AAsf
   C 30168BAE0     LT Asf   Affirmed     Asf
   D 30168BAF7     LT BBBsf Affirmed   BBBsf
   E 30168BAG5     LT BBsf  Affirmed    BBsf

KEY RATING DRIVERS

The affirmations of the outstanding notes reflect available credit
enhancement (CE) and loss performance to date. CNLs are tracking
higher than the initial base case proxies for the 2022
transactions. However, hard CE levels have grown for all classes of
notes in each transaction since close based on the current
collateral balance. The Stable Rating Outlooks on the notes reflect
Fitch's expectation for loss coverage to continue to improve as the
transaction amortizes.

As of the August 2023 distribution date, 61+ day delinquencies were
7.90%, 6.62%, and 5.38% for EART 2022-5, 2022-6, and 2023-1,
respectively. Cumulative net losses (CNL) were 6.40%, 5.18%, and
2.14%, respectively, compared with Fitch's initial base case
proxies of 18.75%, 19.00%, and 19.00%, respectively. The 2022
transactions are trending higher than Fitch's initial
expectations.

The revised lifetime CNL proxies consider the transactions'
remaining pool factors, pool compositions, and performance to date.
Furthermore, they consider current and future macroeconomic
conditions that drive loss frequency, along with the state of
wholesale vehicle values, which affect recovery rates and
ultimately transaction losses.

To account for potential further increases in delinquencies and
losses, Fitch applied conservative assumptions in deriving the
updated base case loss proxies. Given the high losses of the 2022
transactions, Fitch raised the base case CNL proxies to 21.00% each
from 18.75% and 19.00% for 2022-5 and 2022-6, respectively. Fitch
maintained the initial 40% recovery expectation. Although these
transactions under some extrapolation measures are exceeding
Fitch's revised CNL proxies, Fitch's analysis caps defaults at 100%
of the collateral pool. The 2023-1 series' performance to date is
tracking inside Fitch's initial expectations, and therefore Fitch
conservatively maintained the base case CNL proxy at 19.00%.

Fitch conducted updated cashflow modeling for each transaction and
loss coverage multiples for the rated notes are consistent with or
in excess of 3.00x for 'AAAsf', 2.50x for 'AAsf', 2.00x for 'Asf',
1.50x for BBBsf and 1.25x for 'BBsf'.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults could produce
default levels higher than the current projected base case default
proxies and affect available loss coverage and multiples levels for
the transactions. Weakening asset performance is strongly
correlated to increasing levels of delinquencies and defaults that
could negatively affect CE levels. Lower loss coverage could affect
ratings and Outlooks, depending on the extent of the decline in
coverage.

In Fitch's initial review the notes were found to have sensitivity
to a 1.5x and 2.0x increase of Fitch's base case loss expectation
for each transaction. For outstanding transactions, this scenario
suggests a possible downgrade of up to three categories for all
classes of notes. To date, while the transactions have weakening
performance with losses sometimes exceeding Fitch's initial
expectations, hard credit enhancement has built to a degree that is
supportive of adequate loss coverage and multiple levels at the
current ratings. Therefore, further deterioration in performance
would have to occur within the asset collateral to have potential
negative impact on the outstanding ratings.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and consideration
for potential upgrades. If CNLs were 20% less than projected CNL
proxy, the ratings could be affirmed or upgraded.

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.


FLAGSTAR MORTGAGE 2017-2: Moody's Ups Rating on B-5 Certs to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five classes
from two Flagstar Mortgage Trust (FSMT) transactions issued from
2017 to 2018. The transactions are securitizations of fixed rate,
first-lien prime jumbo and agency eligible mortgage loans.

Complete rating actions are as follows:

Issuer: FLAGSTAR MORTGAGE TRUST 2017-2

Cl. B-4, Upgraded to A1 (sf); previously on Nov 18, 2022 Upgraded
to A2 (sf)

Cl. B-5, Upgraded to Ba1 (sf); previously on Jul 19, 2019 Upgraded
to Ba2 (sf)

Issuer: Flagstar Mortgage Trust 2018-5

Cl. B-3, Upgraded to Aa2 (sf); previously on Jan 21, 2022 Upgraded
to A1 (sf)

Cl. B-4, Upgraded to A2 (sf); previously on Jan 21, 2022 Upgraded
to Baa1 (sf)

Cl. B-5, Upgraded to Ba3 (sf); previously on Jul 19, 2019 Upgraded
to B1 (sf)

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

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

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

Principal Methodologies

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

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

Up

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

Down

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

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


FS RIALTO 2021-FL3: DBRS Confirms B(low) Rating on Class G Certs
----------------------------------------------------------------
DBRS, Inc. confirmed its ratings on all classes of the Commercial
Mortgage Pass-Through Certificates, Series 2021-FL3 issued by FS
Rialto 2021-FL3 Issuer, Ltd. as follows:

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

All trends are Stable.

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

The initial collateral consisted of 26 floating-rate mortgage
assets with an aggregate cut-off date balance of $1.13 billion
secured by 68 mostly transitional commercial real estate
properties. As of the August 2023 remittance, the transaction
consists of 31 loans secured by 55 properties with a cumulative
loan balance of $1.13 billion. Twenty-three of these loans (82.8%
of the current pool balance) were in the pool at issuance. Since
the previous DBRS Morningstar rating action in November 2022, five
loans have been added to the trust with a current cumulative trust
balance of $165.3 million, four loans with a former cumulative
trust balance of $181.6 million have fully repaid, and one
portfolio loan had a partial principal repayment of $26.8 million.

The transaction is a managed vehicle, structured with a 24-month
Reinvestment Period, with the October 2023 Payment Date. During
this period, the Issuer may acquire Reinvestment Collateral
Interests, which may include Funded Companion Participations,
subject to the Eligibility Criteria and Acquisition Criteria as
defined at closing. Additionally, during the Reinvestment Period,
the transaction must maintain a cumulative minimum balance of loans
secured by multifamily properties of 80.0% of the $1.13 billion
transaction balance. As of August 2023, there are no funds in the
Reinvestment Account.

In general, borrowers are making progress toward completing the
stated business plans at loan closing. Through July 2023, the
collateral manager had advanced cumulative loan future funding of
$78 million to 21 of the outstanding individual borrowers. The
largest advances have been made to the borrowers of Paradise Plaza
($19.8 million) and Nob Hill Apartments ($17.7 million) loans. The
loans are secured by a mixed-use property and multifamily property
in Miami, Florida and Houston, Texas, respectively. The borrower of
the Paradise Plaza loan plans to use up to $21.0 million to fund
accretive leasing costs with additional loan future funding of
$15.0 million available as a performance-based earnout. The
borrower of the Nob Hill Apartments loan has used advanced loan
proceeds to fund its planned $23.9 million capital improvement
program. An additional $129.1 million of loan future funding
allocated to 23 individual borrowers remains available. The largest
remaining allocation, $21.7 million, is to the borrower of the
Barnsely Resort loan, which was recently added to the trust in
August 2023. The loan is secured by a full-service, luxury resort
hotel in Adairsville, Georgia, with loan future funding available
to fund the borrower's planned property renovation and expansion
plan.

The transaction is concentrated by property type as 25 loans are
secured by multifamily properties, representing 81.4% of the pool
balance. Remaining asset types include hotel, retail, mixed use,
and industrial. At issuance, multifamily loans represented 71.2% of
the collateral and mixed-use properties represented 16.1% of the
collateral. In terms of property location, the assets are primarily
in suburban markets, as 27 loans, representing 81.5% of the pool
balance, are secured by properties in markets with a DBRS
Morningstar Market Rank of 3, 4, and 5, which DBRS Morningstar
considers suburban in nature. There are also three loans,
representing 13.9% of the current pool balance, secured by
properties in urban markets with a DBRS Morningstar Market Rank of
6 and 8.

As of the August 2023 reporting, there are no delinquent or
specially serviced loans and there are five loans on the servicer's
watchlist, representing 17.7% of the current pool balance. Three of
these loans were added in August 2023 as a result of declining debt
service coverage ratios, primarily related to increases in debt
service on the floating-rate loans. No loans have received a
forbearance; however, one loan, representing 1.8% of the current
cumulative trust balance, received a maturity date extension to
August 2024 from August 2023.

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



GALLATIN 2023-1: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned ratings to Gallatin CLO X 2023-1
Ltd./Gallatin CLO X 2023-1 LLC's floating- and fixed-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 Aquarian Credit Partners LLC.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Gallatin CLO X 2023-1 Ltd./Gallatin CLO X 2023-1 LLC

  Class A-1, $240.00 million: AAA (sf)
  Class A-J, $8.00 million: AAA (sf)
  Class B, 56.00 million: AA (sf)
  Class C-1 (deferrable), $20.50 million: A (sf)
  Class C-F (deferrable), $2.50 million: A (sf)
  Class D (deferrable), $22.00 million: BBB- (sf)
  Class E (deferrable), $12.00 million: BB- (sf)
  Subordinated notes, $32.50 million: Not rated



GCAT TRUST 2023-NQM3: Fitch Gives 'B(EXP)sf' Rating on B-2 Certs.
-----------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
to be issued GCAT 2023-NQM3 Trust (GCAT 2023-NQM3).

   Entity/Debt        Rating           
   -----------        ------           
GCAT 2023-NQM3

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

TRANSACTION SUMMARY

The certificates are supported by 869 loans with a total balance of
approximately $406 million as of the cutoff date.

A majority of the loans were originated by Arc Home LLC (Arc),
United Wholesale Mortgage, and PennyMac,, with all other
originators contributing less than 10%. All loans are serviced by
NewRez LLC, d/b/a Shellpoint Mortgage Servicing (SMS), PennyMac,
and AmWest.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.9% above a long-term sustainable level (versus
7.6% on a national level as of January 2023, down 0.2% since last
quarter). The rapid gain in home prices through the pandemic has
seen signs of moderating but has resumed increasing in 2023. Home
prices declines 0.2% YOY nationally as of April 2023 due to
declines seen in 2H22.

Non-QM Credit Quality (Negative): The collateral consists of 869
loans, totaling $406 million, and seasoned approximately six months
in aggregate, calculated as the difference between the origination
date and the cutoff date. The borrowers have a strong credit
profile (747 FICO and 40% debt to income [DTI] ratio) and moderate
leverage (80% sustainable loan-to-value [sLTV] ratio).

The pool consists of 49.2% of loans where the borrower maintains a
primary residence, while 50.8% comprise an investor property or
second home including foreign nationals or borrowers with an
unknown residency that are treated as investor loans. Additionally,
16.1% are designated as qualified mortgage (QM) loans, while 8.94%
are higher-price QM (HPQM), 23.05% are Safe Harbor QM (SHQM) and
24.38% are non-QM. For the remaining loans, the Ability to Repay
Rule (ATR Rule) does not apply, either due to the loan being an
investor property or having been originated through a Community
Development Financial Institution (CDFI).

Loan Documentation (Negative): Approximately 60.7% of the pool
according to Fitch's treatment were underwritten to less than full
documentation. Of the pool, 33.04% were underwritten to a 12- 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
the pool loans adhere to underwriting and documentation standards
required under the CFPB's ATR Rule, which reduces the risk of
borrower default arising from lack of affordability,
misrepresentation or other operational quality risks due to rigor
of the Rule's mandates with respect to the underwriting and
documentation of the borrower's ability to repay. Additionally,
0.23% of the pool are an asset depletion product, 9.1% are a CPA or
PnL product, and 12.2% are a DSCR product.

Limited Advancing (Mixed): The deal is structured to three months
of servicer advances for delinquent P&I to the extent it is deemed
recoverable. The limited advancing reduces loss severities, as
there is a lower amount repaid to the servicer when a loan
liquidates and liquidation proceeds are prioritized to cover
principal repayment over accrued but unpaid interest. The downside
to this is the additional stress on the structure side, as there is
limited liquidity in the event of large and extended
delinquencies.

Modified Sequential-Payment Structure (Mixed): The structure
distributes principal pro rata among the senior certificates while
shutting out the subordinate bonds from principal until all senior
classes are reduced to zero. If a cumulative loss trigger event or
delinquency trigger event occurs in a given period, principal will
be distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero. Furthermore, the provision to
re-allocate principal to pay interest on the 'AAAsf' and 'AAsf'
rated notes prior to other principal distributions is highly
supportive of timely interest payments to those class with limited
advancing.

The structure has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bp increase to the fixed coupon or the net weighted average
coupon (WAC) rate. Fitch expects the senior classes to be capped by
the Net WAC. The unrated class B-3 interest allocation goes toward
the senior cap carryover amount on any date after the step-up date
for as long as there is unpaid cap carryover amount for any of the
senior classes. This increases the P&I allocation for the senior
classes as long as the B-3 is not written down.

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

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

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 42.0% at 'AAA'. The
analysis indicates that there is some potential rating migration
with higher MVDs for all rated classes, compared with the model
projection. Specifically, a 10% additional decline in home prices
would lower all rated classes by one full category.

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

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

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

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 a
credit, compliance and property valuation review. Fitch considered
this information in its analysis and, as a result, Fitch made the
following adjustment(s) 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 49bps as a
result of the diligence review.

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.


GENERATE CLO 12: S&P Assigns BB- (sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to Generate CLO 12
Ltd./Generate CLO 12 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 Generate Advisors 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

  Generate CLO 12 Ltd./Generate CLO 12 LLC

  Class A, $206.00 million: Not rated
  Class A loans, $50.00 million: Not rated
  Class B, $48.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $20.00 million: BBB- (sf)
  Class E (deferrable), $14.00 million: BB- (sf)
  Subordinated notes, $38.00 million: Not rated



GERMAN AMERICA 2016-CD1: Fitch Cuts Rating on Two Tranches to B-sf
-------------------------------------------------------------------
Fitch Ratings has downgraded seven classes and affirmed seven
classes of German America Capital Corp.'s CD Mortgage Securities
Trust 2016-CD1 commercial mortgage pass-through certificates. In
addition, Fitch has assigned Negative Rating Outlooks to the seven
downgraded classes.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
CD 2016-CD1

   A-3 12514MBB0    LT  AAAsf   Affirmed    AAAsf
   A-4 12514MBC8    LT  AAAsf   Affirmed    AAAsf
   A-M 12514MBE4    LT  AA-sf   Downgrade   AAAsf
   A-SB 12514MBA2   LT  AAAsf   Affirmed    AAAsf
   B 12514MBF1      LT  A-sf    Downgrade   AA-sf
   C 12514MBG9      LT  BBB-sf  Downgrade   A-sf
   D 12514MAL9      LT  B-sf    Downgrade   BBB-sf
   E 12514MAN5      LT  CCCsf   Affirmed    CCCsf
   F 12514MAQ8      LT  CCsf    Affirmed    CCsf
   X-A 12514MBD6    LT  AA-sf   Downgrade   AAAsf
   X-B 12514MAA3    LT  BBB-sf  Downgrade   A-sf
   X-C 12514MAC9    LT  B-sf    Downgrade   BBB-sf
   X-D 12514MAE5    LT  CCCsf   Affirmed    CCCsf
   X-E 12514MAG0    LT  CCsf    Affirmed    CCsf

KEY RATING DRIVERS

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

Increased Loss Expectations: The downgrades reflect increased
expected losses since the prior rating action primarily driven by
underperforming Fitch Loans of Concern (FLOCs), specifically the
Westfield San Francisco Centre (10.1%). Eleven loans (44.8% of the
pool) are flagged as FLOCs, including five loans (23%) in special
servicing.

Fitch's current ratings incorporate a base case loss of 8.6%. The
Negative Outlooks on classes A-M through D and interest only
classes X-A through X-C reflects the potential for further
downgrades with higher than expected losses for Westfield San
Francisco Centre or from other loans in special servicing. In
affirming the senior classes, Fitch also considered higher stressed
losses on the Westfield San Francisco Centre of 50%.

The largest contributor to loss expectations is the specially
serviced Westfield San Francisco Centre, 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 its
recent transfer to the special servicer and an announcement that
the non-collateral Nordstrom store would be closing. A resolution
has not been agreed to, and Fitch considers it highly likely that a
Deed in Lieu of Foreclosure (DIL) will be arranged in the near
future, given various media reports.

Occupancy at the property 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 was 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 the credit opinion applicable. Fitch's analysis includes
an 10% cap rate to the YE 2022 NOI resulting in a 37% expected loss
(prior to concentration add-ons).

The largest contributor to losses, 401 South State Street (2.4% of
pool), is secured by a 487,000 sf of office space located in the
CBD of Chicago, IL. The asset consists of the 401 South State
Street building (479,522 sf) and the 418 South Wabash Avenue
building (7,500-sf). The property is 100% vacant following the
departure of Robert Morris College (previously 75% of the NRA), and
Columbia College (1% of the NRA), both of which vacated prior to
their respective lease expirations. In October 2021, the final
distribution of $3.9 million was received as a part of the rent
claim against Robert Morris.

The loan was transferred to the special servicer in June 2020 for
payment default. A receiver was appointed to the property in
September 2020; the asset is now real estate owned (REO) following
the foreclosure sale in March 2023. Fitch's base case loss of 98%
(prior to concentration add-ons) is based on the most recent
appraisal provided by the special servicer and results in a
stressed value of approximately $37 psf.

Additional Specially Serviced Loans: The fourth largest loan,
Prudential Plaza (7.9%), 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 approximately 4% (prior to concentration add-ons)
reflects a 10% cap rate and a 10% stress to the YE 2022 NOI.

Credit Enhancement: As of the August 2023 distribution date, the
pool's aggregate principal balance has paid down by 15.8% to
$592.2million from $703.2 million at issuance. Thirty of the
original 32 loans remain outstanding, and there are no scheduled
maturities until 2025. Five loans representing 35.8% of the pool
are full-term interest only (IO). Seven loans (7%) have been fully
defeased.

RATING SENSITIVITIES

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

Downgrades would occur with an increase in pool-level losses from
FLOCs or underperforming loans.

Downgrades to classes A-M through D, and the associated IO classes
X-A, X-B and X-C are possible due to higher than expected losses
from the Westfield San Francisco Centre loan, elevated losses on
loans secured by outlet malls (Birch Run Premium Outlets and
Columbia Gorge Premium Outlets) and increased refinance risk for
loans secured by office properties (47.7% of the pool).

Further downgrades to classes E and F, and the associated IO
classes X-D and X-E are possible as losses are realized or become
more certain.

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

Factors that lead to upgrades would include stable to improved
asset performance, particularly on the FLOCs, coupled with
additional paydown and/or defeasance. Upgrades to classes B, C, and
the associated IO class X-B would only occur with significant
improvement in credit enhancement and/or defeasance, and with the
stabilization of performance and viable resolutions on the FLOCs,
specifically the Westfield San Francisco Centre.

Upgrades of classes D, E and F, and the associated IO classes X-C,
X-D, and X-E are not likely without stabilization of performance on
the FLOCs and substantially higher recoveries than expected on the
specially serviced loans/assets. Classes would not be upgraded
above 'Asf' if there were likelihood of interest shortfalls.

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.


GOLDENTREE LOAN 15: Fitch Puts Final 'B-sf' Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
GoldenTree Loan Management US CLO 15, Ltd. Reset Transaction.

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
GoldenTree Loan
Management US
CLO 15, Ltd.

   A-J             LT  AAAsf   New Rating     AAA(EXP)sf
   A-R             LT  AAAsf   New Rating     AAA(EXP)sf
   B-R             LT  AAsf    New Rating     AA(EXP)sf
   C 38139BAG4     LT  PIFsf   Paid In Full   Asf
   C-R             LT  Asf     New Rating     A(EXP)sf
   D 38139BAJ8     LT  PIFsf   Paid In Full   BBBsf
   D-R             LT  BBB-sf  New Rating     BBB-(EXP)sf
   E 38139CAA5     LT  PIFsf   Paid In Full   BB+sf
   E-R             LT  BB-sf   New Rating     BB-(EXP)sf
   F-R             LT  B-sf    New Rating     B-(EXP)sf
   X-R             LT  NRsf    New Rating     NR(EXP)sf

TRANSACTION SUMMARY

GoldenTree Loan Management US CLO 15, Ltd. (the issuer) is an
arbitrage cash flow collateralized loan obligation (CLO) managed by
GLM II, LP, an affiliate of GoldenTree Asset Management. GLM II, LP
is dependent on support and services from GoldenTree Asset
Management LP, as outlined in a services agreement between the two
parties. The deal originally closed in August 2022. The CLO's
secured notes were refinanced in whole on Sept. 14, 2023 from
proceeds of new secured and subordinated notes. Net proceeds from
the issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $600 million of primarily
first lien senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor of the indicative
portfolio is 24.02, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.0. Issuers rated in the 'B'
rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
98.1% first-lien senior secured loans. The weighted average
recovery rate of the indicative portfolio is 76.6% versus a minimum
covenant, in accordance with the initial expected matrix point of
67.7%.

Portfolio Composition (Neutral): The largest three industries may
comprise up to 44.5% of the portfolio balance in aggregate while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


GOLDENTREE LOAN IX: S&P Affirms Cl. F-R-2 Notes Rating to CCC+(sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R-2, C-R-2,
and D-R-2 notes from GoldenTree Loan Opportunities IX Ltd. S&P also
removed the class B-R-2 and C-R-2 notes from CreditWatch, where it
placed them with positive implications in June 2023. At the same
time, S&P affirmed its ratings on the class A-R-2, E-R-2, and F-R-2
notes from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the July 2023 trustee report.

The transaction has paid down $206.43 million to the class A-R-2
notes since our July 2020 rating actions. These paydowns resulted
in improved reported overcollateralization (O/C) ratios since the
May 2020 trustee report, which we used for S&P's previous rating
actions:

-- The class A/B O/C ratio improved to 139.88% from 129.19%.
-- The class C O/C ratio improved to 124.90% from 119.11%.
-- The class D O/C ratio improved to 113.41% from 110.93%.
-- The class E O/C ratio improved to 106.96% from 106.14%.

In addition to the improvement in the O/C ratios, the collateral
portfolio's credit quality has also improved since S&P's last
rating actions. Collateral obligations with ratings in the 'CCC'
category have decreased to $26.07 million as of the July 2023
trustee report from $53.55 million as of the May 2020 trustee
report. Over the same period, the par amount of defaulted
collateral has decreased to zero from $9.24 million. The
transaction has also benefited from a drop in the weighted average
life due to underlying collateral's seasoning, with 2.97 years as
of the July 2023 trustee report, compared with 4.58 years reported
at the time of its July 2020 rating actions.

The upgraded ratings reflect the improved credit support available
to the notes at the prior rating levels.

The affirmed ratings reflect adequate credit support at the current
rating levels, though any deterioration in the credit support
available to the notes could result in future ratings changes. The
class F-R-2 notes are passing cash flows at the current rating
level. S&P believes the class meets its 'CCC' criteria and would be
dependent on favorable market conditions. However, further paydowns
or improvements could improve this class in the future.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class D-R-2 and E-R-2 notes.
However, the transaction has experienced some par loss within the
portfolio, which has limited the improvement to the O/C ratios.
S&P's rating actions also reflect additional sensitivity runs that
considered the exposure to lower quality assets and distressed
prices we noticed in the portfolio.

GoldenTree Loan Opportunities IX Ltd. has transitioned its
liabilities to three-month CME term SOFR as its underlying index
with the Alternative Reference Rates Committee-recommended credit
spread adjustment. S&P's cash flow analysis reflects this change
and assumes that the underlying assets have also transitioned to a
term SOFR as their respective underlying index. If the trustee
reports indicated a credit spread adjustment in any asset, its cash
flow analysis considered the same.

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

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

  Ratings Raised And Removed From CreditWatch Positive

  GoldenTree Loan Opportunities IX Ltd.

  Class B-R-2 to 'AAA (sf)' from 'AA (sf)/Watch Pos'
  Class C-R-2 to 'AA (sf)' from 'A (sf)/Watch Pos'

  Ratings Raised

  GoldenTree Loan Opportunities IX Ltd.

  Class D-R-2 to 'BBB+ (sf)' from 'BBB- (sf)'

  Ratings Affirmed

  GoldenTree Loan Opportunities IX Ltd.

  Class A-R-2: AAA (sf)
  Class E-R-2: BB- (sf)
  Class F-R-2: CCC+ (sf)



GS MORTGAGE 2014-GC22: Moody's Lowers Rating on Cl. C Certs to Ba2
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on six classes
and downgraded the ratings on four classes in GS Mortgage
Securities Trust 2014-GC22, Commercial Pass-Through Certificates,
Series 2014-GC22 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed Aaa
(sf)

Cl. A-4, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed Aaa
(sf)

Cl. B, Downgraded to Baa1 (sf); previously on Dec 14, 2022
Downgraded to A1 (sf)

Cl. C, Downgraded to Ba2 (sf); previously on Dec 14, 2022
Downgraded to Baa2 (sf)

Cl. PEZ, Downgraded to Baa2 (sf); previously on Dec 14, 2022
Downgraded to A2 (sf)

Cl. X-B*, Downgraded to Baa1 (sf); previously on Dec 14, 2022
Downgraded to A1 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 14, 2022 Affirmed
Aaa (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on five P&I classes were affirmed due to their 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.

The ratings on two P&I Classes, Cl. B and Cl. C, were downgraded
due to the potential for higher losses and increased risk of
interest shortfalls due to the exposure to specially serviced loans
and potential refinance challenges for certain large loans with
upcoming maturity dates. Two loans, representing 13.2% of the pool,
are in special servicing. The largest specially serviced loan,
EpiCentre (11.8% of the pool), is secured by a mixed-use property
that has had a significant decline in performance and is currently
real estate owned (REO).  Moody's has also identified four troubled
loans, representing a total of 5.6% of the pool, that have had a
decline in performance in recent years. Furthermore, all the
remaining loans mature by June 2024 and given the higher interest
rate environment and loan performance, certain loans may be unable
to pay off at their maturity date

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

The rating on the IO class, Cl. X-B, was downgraded based on the
credit quality of the referenced classes.

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

Moody's rating action reflects a base expected loss of 14.3% of the
current pooled balance, compared to 11.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 10.9% of the
original pooled balance, compared to 9.1% at Moody's last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

DEAL PERFORMANCE

As of the August 11, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 25.3% to $717.7
million from $961.5 million at securitization. The certificates are
collateralized by 50 mortgage loans ranging in size from less than
1% to 15.3% of the pool, with the top ten loans (excluding
defeasance) constituting 55.1% of the pool. Eleven loans,
constituting 22.3% of the pool, have defeased and are secured by US
government securities.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 10, unchanged from Moody's last review.

Eleven loans, constituting 12.7% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, contributing to an
aggregate loss of $2.5 million (with a loss severity of 41.4%). Two
loans, constituting 13.2% of the pool, are currently in special
servicing.

The largest specially serviced loan is the EpiCentre loan ($85.0
million -- 11.8% of the pool), which is secured by a 304,772 square
feet (SF) mixed-use property located in the commercial business
district (CBD) of Charlotte, North Carolina. The property is
comprised of 264,323 SF of retail and 40,449 SF of office space.
The property was built in 2008 and renovated between 2011 and 2013.
In addition to the commercial space at the property, the collateral
also consists of a four-story parking garage containing 989 spaces.
The loan transferred to special servicing in March 2021 due to
imminent monetary default. The loan has been in REO status since
September 2022.  The property was 35% occupied in June 2023,
compared to 38% in December 2021, 78% in December 2019 and 90% at
securitization.  The most recent appraisal from May 2023 valued the
property 38% below the value at securitization, and as of the
August 2023 remittance, the master servicer has recognized a 25%
appraisal reduction based on the current loan balance.

The second largest specially serviced loan is the Westwood Plaza
loan ($9.8 million -- 1.4% of the pool), which is secured by a
201,712 SF shopping center located in Johnstown, Pennsylvania,
approximately 67 miles east of the Pittsburgh CBD. The loan
transferred to special servicing in May 2019 due to payment
default. The borrower indicated that they cannot meet debt
obligations and can no longer support the collateral. In June 2021,
a receiver was appointed, and the special servicer pursued
foreclosure. The loan has been in REO status since May 2022. The
property was previously anchored by Good Cents Grocery (23% of net
rentable area (NRA)), and vacated in December 2016. The current
largest tenant, Memorial Medical Center (30% of NRA), intends to
vacate the property at lease expiration in November 2023. Per the
December 2022 rent roll, the property was 50% occupied, compared to
54% in December 2021, and 59% in December 2018. The vacant space
continues to be marketed for lease, and the strategy is to lease up
and stabilize the property before disposition. The most recent
appraisal from October 2022 valued the property 52% below the value
at securitization, and as of the August 2023 remittance, the master
servicer has recognized a 42% appraisal reduction based on the
current loan balance.  

Moody's has also assumed a high default probability for three
poorly performing loans, constituting 5.6% of the pool and has
estimated an aggregate loss of $56.8 million (a 42% expected loss
on average) from these specially serviced and troubled loans. The
largest troubled loan is the Maccabees Center loan ($17.9 million
– 2.5% of the deal) which is secured by the borrower's fee simple
interest in a 360,280 SF, Class B office building that was built in
1985 renovated in 2013, located in Southfield, Michigan. Occupancy
has declined to 27% in December 2022 from 34% in December 2021, and
80% at securitization. The second largest troubled loan is the
College Towers loan ($13.6 million -- 1.9% of the pool), which is
secured by a 289-unit student housing property located in Kent,
Ohio. Property performance has declined due to a significant
increase in expenses and a decline in revenue. The remaining
troubled loan is secured by an underperforming hotel property in
Pineville, North Carolina.

As of the August 2023 remittance statement cumulative interest
shortfalls was $1,473,984. 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 96% of the
pool, and full year 2022 operating results for 93% of the pool
(excluding specially serviced and defeased loans). Moody's weighted
average conduit LTV is 129%, compared to 122% at Moody's last
review. Moody's conduit component excludes loans with structured
credit assessments, defeased and CTL loans, and specially serviced
and troubled loans. Moody's net cash flow (NCF) reflects a weighted
average haircut of 19.8% 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 1.32X and 0.86X,
respectively, compared to 1.40X and 0.90X 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 top three conduit loans represent 32% of the pool balance. The
largest loan is the Maine Mall loan ($110.0 million -- 15.3% of the
pool), which is secured by a 730,444 SF component of a 1.0 million
SF super-regional mall located in Portland, Maine. The loan
represents a pari passu portion of a $235.0 million first-mortgage
loan and is interest-only through maturity. The mall contains four
anchors, which include Macy's, J.C. Penney, Sears, and Best Buy.
Macy's and Sears are not part of the collateral for the loan and
J.C. Penney is under a ground lease. A new lease was signed with
Jordan's Furniture replacing the Bon-Ton space (17% of NRA), a
former collateral anchor that vacated in August 2017. In 2018,
Round 1 Bowling & Amusement moved into the prior Sports Authority
space (6% of NRA) that went dark in 2017. As of March 2023, the
occupancy was 94%, compared to 91% in December 2021 and 97% at
securitization. Moody's LTV and stressed DSCR are 144% and 0.71X,
respectively, unchanged from Moody's last review.

The second largest loan is the Selig Portfolio loan ($100.0 million
-- 13.9% of the pool), which represents the pari passu portion of a
$238.9 million whole loan. The loan is secured by a portfolio of
seven office properties, totaling 1.1 million SF, all located in
the Seattle area. The largest two properties represent 55% of the
portfolio NRA, and the tenant base is varied and includes
government agencies, and Amazon. From 2014 through 2019, the
portfolio averaged 95% occupancy. However, as of March 2023,
portfolio occupancy had declined to 72%, resulting in a decline in
NOI. The loan is interest only and matures in May 2024. Moody's LTV
and stressed DSCR are 156% and 0.69X, respectively, compared to
136% and 0.78X at the last review.

The third largest loan is the Corporate Park I&II/AirPark North
Business Loan ($18.4 million – 2.6% of the pool), which is
secured by the borrower's fee simple interest in a 184,811 SF,
office building located in Huntsville, Alabama and a 77,140 SF flex
building in Tampa, Florida. The Corporate Park Office Center I&II
was built in 1986, renovated in 2012, and is located in Huntsville,
Alabama. The AirPark North Business Center was built in 2006, and
renovated in 2012. The AirPark North Business center is 68% leased
as of June 2023 after Times Publishing Co vacated at lease
expiration in January 2023, while the Corporate Park Office Center
I&II was 89% occupied as of March 2023, compared to 90% in December
2019. The loan has amortized by 14.7% since securitization. Moody's
LTV and stressed DSCR are 100% and 1.07X, respectively, compared to
102% and 1.05X at last review.


JP MORGAN 2011-C3: S&P Cuts Class J Notes Rating to 'CCC- (sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its ratings on eight classes of
commercial mortgage pass-through certificates from J.P. Morgan
Chase Commercial Mortgage Securities Trust 2011-C3, a U.S. CMBS
transaction.

Rationale

The downgrades of the class B, C, D, E, F, G, H, and J certificates
primarily reflect:

-- The adverse selection of the two remaining loans in the
transaction, which both failed to pay off on their original
maturity dates in 2021. One loan, the Sangertown Square loan (23.7%
of pooled trust balance) was recently transferred back to special
servicing.

-- The reduced liquidity, which may be insufficient to support the
notes if an appraisal reduction amount is effectuated, resulting in
appraisal subordinate entitlement reduction (ASER) amounts or a
nonrecoverability determination on the specially serviced loan.

-- S&P's higher loss expectations on the specially serviced
Sangertown Square loan and its lower valuation on the Holyoke Mall
loan (76.3%). These expectations primarily reflect the continued
performance deterioration since its last review in August 2021 and
its view that the borrower may encounter difficulty refinancing the
loan in February 2024.

-- The downgrades of the class F, G, H, and J certificates to
'CCC- (sf)' also reflect S&P's view of the classes' elevated
susceptibility to liquidity interruption, default, and loss, based
on its lower expected case valuation on the Holyoke Mall loan, its
higher loss expectations on the specially serviced Sangertown
Square loan, and the current market conditions.

Although the model-indicated ratings were higher than the revised
ratings on classes B, C, and D, S&P downgraded these classes
because the transaction faces adverse selection.

The trust is backed by two underperforming mall loans (Holyoke Mall
and Sangertown Square) that S&P believes the sponsor, Pyramid
Management Group, will have difficulty paying off on their modified
January or February 2024 maturity dates. Specifically, the
Sangertown Square loan was transferred back to special servicing in
May 2023 due to imminent default because the borrower indicated
that the property's cash flow is not sufficient to cover operating
expenses and debt service payments. Further, the borrower has
stated that it doesn't expect to refinance the loan upon its
January 2024 maturity date. As a result, S&P qualitatively
considered the potential for reduced liquidity support to these
classes from appraisal reduction amount and/or nonrecoverability
determination if both loans do not pay off timely, and if the
underlying collateral mall performance and/or market value decline
more than its expectations.

S&P said, "We will continue to monitor the transaction's
performance, particularly any developments around the performance
and refinancing prospects of the Holyoke Mall loan, and the
eventual workout and liquidation of the specially serviced
Sangertown Square loan. To the extent future developments differ
meaningfully from our underlying assumptions, we may take further
rating actions as we deem necessary."

Transaction Summary

As of the August 2023 trustee remittance report, the collateral
pool balance was $220.3 million, which is 14.8% of the pool balance
at issuance. The pool currently includes two retail mall loans,
down from 45 loans at issuance.

To date, the transaction has experienced $16.4 million (1.1% of the
original pool trust balance) in principal losses. S&P expects
losses to reach approximately 3.6% of the original pool trust
balance upon the eventual resolution of the specially serviced
loan, based on the losses incurred to date and the additional
losses S&P expects on the eventual resolution of the specially
serviced loan.

Loan Details

S&P provides additional details on the two remaining loans in the
pool below.

Holyoke Mall ($168.1 million trust balance; 76.3% of the trust
balance)

The larger of the two remaining loans, Holyoke Mall, has a current
trust balance of $168.1 million, down from $179.0 million as of
S&P's August 2021 review and $215.0 million at issuance. The
partial interest-only (IO) loan pays an annual fixed interest rate
of 5.564% and had an original maturity of Feb. 1, 2021. The loan
amortizes on a 25-year schedule after an initial 24-month IO
period. There is also a $29.8 million mezzanine loan outstanding.

The trust loan transferred to special servicing on May 4, 2020, due
to imminent default. The loan was modified by the special servicer,
Midland Loan Services, on Oct. 17, 2020, and returned to the master
servicer, also Midland, on May 24, 2021. The modification terms
included, among other things: extending the loan's maturity date to
Feb. 1, 2024; converting the loan to interest-only for six months
starting Sept. 1, 2020, with principal and interest payments
resuming March 1, 2021; and the borrower repaying deferred amounts
over a 12-month period, commencing with the January 2021 payment
date. The loan, which has a current payment status, is on the
master servicer's watchlist due to low reported occupancy at the
property. There was $6.8 million held in various reserve accounts
as of the August 2023 loan-level reserve report.

While the servicer reported a debt service coverage (DSC) of 1.11x
as of year-end 2022, S&P noted that the existing mortgage interest
rate on the loan of 5.56% is below prevailing rates for mall
properties. Given the low servicer reported DSC using a low
existing mortgage interest rate, it expects the borrower to
experience difficulties refinancing the loan in the current market
environment, unless the borrower infused equity to deleverage the
existing loan.

The Holyoke Mall loan is secured by the borrower's fee simple
interest in Holyoke Mall, a 1.56 million-sq.-ft. (of which 1.36
million sq. ft. is collateral), two-story, regional mall in
Holyoke, Mass. The mall was built in 1979 and renovated in 1995,
and it is located at the intersection of Interstate-90 and
Interstate-91, and approximately nine miles north of Springfield,
Mass. Anchor tenants at the property include Target (collateral;
155,558 sq. ft.; January 2025 lease expiration), J.C. Penney
(collateral; 149,146 sq. ft.; May 2028), and Macy's (noncollateral;
200,000 sq. ft.). There is also a vacant 166,000 sq. ft. collateral
anchor box previously occupied by Sears.

Servicer-reported net cash flow (NCF) declined at the onset of the
COVID-19 pandemic by negative 36.4% to $11.8 million in 2020 from
$18.5 million in 2019. While the reported NCF declined 18.8% to
$16.6 million in 2022 after rebounding 74.0% to $20.5 million in
2021. The servicer reported a NCF of $4.1 million for the three
months ended March 31, 2023.

According to the June 2023 rent roll provided by the servicer, the
collateral was 72.7% occupied, with the five largest tenants,
including the Target and J.C. Penney anchors, comprise 35.2% of the
net rentable area (NRA). The other tenants are:

-- Burlington Coat Factory (62,926 sq. ft.; February 2024 lease
expiration);

-- Hobby Lobby (51,607 sq. ft.; February 2028); and

-- Round One Entertainment (51,590 sq. ft.; March 2029).

The property faces elevated tenant rollover in 2024 (12.0% of NRA)
and 2025 (18.6% of NRA).

S&P said, "Our current property-level analysis considers that the
property's occupancy has not improved since our last review and
that the recent reported NCF is still below pre-pandemic levels.
Using a 72.7% occupancy rate, an S&P Global Ratings base rent of
$20.86 per sq. ft., and gross rent of $28.45 per sq. ft., and a
48.6% operating expense ratio, we revised and lowered our
sustainable NCF to $14.4 million, down 11.8% from our last review
NCF of $16.3 million and 13.4% lower than the servicer reported
2022 NCF. Using an S&P Global Ratings' capitalization rate of
9.75%, up 50 basis points from 9.25% in our last review, we arrived
at an S&P Global Ratings expected-case value of $147.9 million, or
$111 per sq. ft.--a 16.3% decline from our $176.7 million as our
last review and 26.1% lower than the August 2020 appraised value of
$200.0 million. This yielded an S&P Global Ratings loan to value
(LTV) ratio of 113.7% on the whole loan balance."

Sangertown Square ($52.2 million trust balance; 23.7% of the trust
balance)

The smallest loan remaining in the pool, Sangertown Square, has a
current trust balance of $52.2 million, down from $52.4 million as
of S&P's August 2021 review, and $67.8 million at issuance. The
loan pays an annual fixed interest rate of 5.854% and amortizes on
a 25-year schedule with an original maturity of Jan. 1, 2021.

The loan initially transferred to the special servicer on May 4,
2020, due to imminent default. The loan was modified and returned
to the master servicer on Oct. 8, 2021. The modification terms
included, among other things: extending the loan's maturity date to
Jan. 1, 2024, and converting the loan to IO from amortizing for two
years (June 2021 to May 2023).

The loan transferred back to special servicing in May 2023 due to
imminent default. The borrower has indicated that--after the loan
converted back to amortizing--the property's cash flow is not
sufficient to cover operating expenses and debt service payments.
The borrower is also unlikely to refinance the loan by the January
2024 maturity date. Midland stated that discussions with the
borrower are ongoing and it has yet to furnish an asset strategy
report.

As of the August 2023 loan-level reserve report, there is $1.6
million held in various reserve accounts. While the borrower has
been current on its debt service payments through August 2023,
Midland reported a 0.92x DSC as of year-end 2022. If the loan
becomes delinquent, master servicer advancing is required to
provide liquidity to the loan.

The Sangertown Square loan is secured by the borrower's fee simple
interest in Sangertown Square, a single-story, enclosed
894,127-sq.-ft. regional mall on a 102-acre site in New Hartford,
N.Y., about 55 miles east of Syracuse. Anchor tenants at the
property include Boscov's (collateral; 172,473 sq. ft.; January
2037 lease expiration) and Target (collateral; 126,000 sq. ft.;
January 2028). There are also two vacant collateral anchor spaces
totaling about 290,000 sq. ft. that were previously occupied by
J.C. Penney (149,662 sq. ft.) and Macy's (139,634 sq. ft.).

Servicer-reported NCF declined at the onset of the COVID-19
pandemic by negative 37.5% to $3.5 million in 2020 from $5.6
million in 2019. The reported NCF declined 48.8% in 2022 to $2.9
million after improving 62.2% to $5.6 million in 2021. The servicer
reported a NCF of $1.1 million for the three months ended March 31,
2023.

According to the May 2023 rent roll, the collateral was 57.5%
occupied, with the five largest tenants, including the Target and
Boscov's anchors, comprising 44.0% of the NRA. The other tenants
include:

-- Dick's Sporting Goods (51,355 sq. ft.; October 2028 lease
expiration);

-- HomeGoods (22,142 sq. ft.; October 2027); and

-- PiNZ (19,396 sq. ft.; June 2030).

Given the loan's recent transfer to special servicing for imminent
default, its foreclosure in progress payment status, the mall's
continued weak occupancy and performance, and the February 2021
appraised value of $19.1 million (a 82.1% decline from the issuance
appraised value of $107.0 million), S&P expects a significant loss
of about 72.3% (up from about 64.6% in its last review) upon the
eventual resolution of the loan.

  Ratings Lowered

  J.P. Morgan Chase Commercial Mortgage Securities Trust 2011-C3

  Class B to 'A- (sf)' from 'A (sf)'
  Class C to 'BBB- (sf)' from 'BBB (sf)'
  Class D to 'BB- (sf)' from 'BB (sf)'
  Class E to 'B- (sf)' from 'B+ (sf)'
  Class F to 'CCC- (sf)' from 'B (sf)'
  Class G to 'CCC- (sf)' from 'B- (sf)'
  Class H to 'CCC- (sf)' from 'CCC (sf)'
  Class J to 'CCC- (sf)' from 'CCC (sf)'



JP MORGAN 2023-DSC2: DBRS Finalizes B(low) Rating on B-2 Certs
--------------------------------------------------------------
DBRS, Inc. finalized its following provisional ratings on the
Mortgage Pass-Through Certificates, Series 2023-DSC2 (the
Certificates) to be issued by J.P. Morgan Mortgage Trust 2023-DSC2
(JPMMT 2023-DSC2):

-- $201.2 million Class A-1 at AAA (sf)
-- $201.2 million Class A-1-A at AAA (sf)
-- $201.2 million Class A-1-A-X at AAA (sf)
-- $201.2 million Class A-1-B at AAA (sf)
-- $201.2 million Class A-1-B-X at AAA (sf)
-- $201.2 million Class A-1-C at AAA (sf)
-- $201.2 million Class A-1-C-X at AAA (sf)
-- $32.0 million Class A-2 at AA (high) (sf)
-- $32.0 million Class A-2-A at AA (high) (sf)
-- $32.0 million Class A-2-A-X at AA (high) (sf)
-- $32.0 million Class A-2-B at AA (high) (sf)
-- $32.0 million Class A-2-B-X at AA (high) (sf)
-- $32.0 million Class A-2-C at AA (high) (sf)
-- $32.0 million Class A-2-C-X at AA (high) (sf)
-- $34.5 million Class A-3 at A (sf)
-- $34.5 million Class A-3-A at A (sf)
-- $34.5 million Class A-3-A-X at A (sf)
-- $34.5 million Class A-3-B at A (sf)
-- $34.5 million Class A-3-B-X at A (sf)
-- $34.5 million Class A-3-C at A (sf)
-- $34.5 million Class A-3-C-X at A (sf)
-- $14.8 million Class M-1 at BBB (low) (sf)
-- $10.8 million Class B-1 at BB (low) (sf)
-- $7.9 million Class B-2 at B (low) (sf)

Classes A-1-A-X, A-1-B-X, A-1-C-X, A-2-A-X, A-2-B-X, A-2-C-X,
A-3-A-X, A-3-B-X, and A-3-C-X are interest-only(IO) exchangeable
certificates. The class balances represent notional amounts.

Classes A-1-A, A-1-B, A-1-C, A-2-A, A-2-B, A-2-C, A-3-A, A-3-B, and
A-3-C are also exchangeable certificates.

The exchangeable classes can be exchanged for combinations of
depositable certificates as specified in the offering documents.

The AAA (sf) ratings on the Certificates reflect 34.70% of credit
enhancement provided by subordinated certificates. The AA (high)
(sf), A (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf)
ratings reflect 24.30%, 13.10%, 8.30%, 4.80%, and 2.25% of credit
enhancement, respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, investor debt service coverage ratio (DSCR; 92.0%)
and conventional (8%), first-lien residential mortgages funded by
the issuance of the Certificates. The Certificates are backed by
950 mortgage loans (representing 1,546 properties) with a total
principal balance of $308,148,236 as of the Cut-Off Date (August 1,
2023).

JPMMT 2023-DSC2 represents the third securitization issued from the
JPMMT-DSC shelf (the first of such rated by DBRS Morningstar),
which is generally backed by business-purpose investment property
loans primarily underwritten using DSCR. J.P. Morgan Mortgage
Acquisition Corp. (JPMMAC) serves as the Sponsor of this
transaction.

The mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on property value,
the mortgagor's credit profile, and predominantly the DSCR, where
applicable. Since the loans were made to investors for business
purposes, they are exempt from the Consumer Financial Protection
Bureau's Ability-to-Repay (ATR) rules and the TILA/RESPA Integrated
Disclosure rule.

JPMMAC, acquired (or in advance of closing, will have acquired) the
loans directly from originators, or in other cases certain
third-party initial aggregators (B4 Residential Mortgage Trust,
Series I, B4 Residential Mortgage Trust, Series IV, (together, B4),
MAXEX Clearing LLC (MAXEX) ,and Oceanview Dispositions, LLC
(Oceanview) that directly or indirectly acquired other mortgage
loans. On the closing date, JPMMAC will sell all of its interest in
the mortgage loans to the depositor. Various originators, each
generally comprising less than 15% of the pool (except LendingOne
LLC with 17.7%), originated the loans. As further detailed in this
report, DBRS Morningstar did not perform individual originator
reviews for the purpose of evaluating the mortgage pool.

The Sponsor, or a majority-owned affiliate, will retain an eligible
vertical interest representing at least 5% of the aggregate fair
value of the Certificates, other than the Class A-R Certificates,
to satisfy the credit risk-retention requirements under Section 15G
of the Securities Exchange Act of 1934 and the regulations
promulgated thereunder. Such retention aligns Sponsor and investor
interest in the capital structure.

On any date following the date on which the aggregate unpaid
principal balance (UPB) of the mortgage loans is less than or equal
to 10% of the Cut-Off Date balance, the Optional Clean-Up Call
Holder will have the option to terminate the transaction by
directing the Master Servicer to purchase all of the mortgage loans
and any real estate owned (REO) property from the Issuer at a price
equal to the sum of the aggregate UPB of the mortgage loans (other
than any REO property) plus accrued interest thereon, the lesser of
the fair market value of any REO property and the stated principal
balance of the related loan, and any outstanding and unreimbursed
servicing advances, accrued and unpaid fees, any
non-interest-bearing deferred amounts, and expenses that are
payable or reimbursable to the transaction parties.

Of note, the representations and warranty (R&W) framework of this
transaction, while still containing certain weaknesses, does
utilize certain features more closely aligned with post-crisis
prime transactions, such as automatic reviews at 120-day
delinquency and the use of an independent third party R&W reviewer.
For this, and other reasons as further detailed in Representations
and Warranties section of the rating report, this framework is
perceived as stronger than that of a typical Non-QM/DSCR
transaction.

NewRez LLC d/b/a Shellpoint Mortgage Servicing will act as the
Servicer for all of the loans following the servicing transfer
date. Shellpoint currently services 44.9% of the pool. Prior to the
servicing transfer date, Fay and Selene service 44.6% and 10.5% of
the pool, respectively, as Interim Servicers. Computershare Trust
Company, N.A. (rated BBB with a Stable trend by DBRS Morningstar)
will act as the Paying Agent, Certificate Registrar, and
Custodian.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until loans become 120 days delinquent
or are otherwise deemed unrecoverable. Additionally, the Servicer
is obligated to make advances in respect of taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties (servicing advances). If the Servicer
fails in its obligation to advance, the Master Servicer is
obligated to make such advance to the extent it deems the advance
recoverable. If the Master Servicer fails in its obligation to
advance, the Securities Administrator is obligated to make such
advance to the extent it deems the advance recoverable.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior classes (Classes
A-1, A-2, and A-3) subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Trigger Event). Prior to a Trigger Event, principal
proceeds can be used to cover interest shortfalls on Classes A-1,
A-2, and A-3 before being applied to amortize the balances of the
Certificates. After a Trigger Event, principal proceeds can be used
to cover interest shortfalls on Classes A-1 and A-2 sequentially
(IIPP). For the more subordinate Certificates, principal proceeds
can be used to cover interest shortfalls as the more senior
Certificates are paid in full.

Excess spread, if available, can be used to cover (1) realized
losses and (2) cumulative applied realized loss amounts preceding
the allocation of funds to unpaid Cap Carryover Amounts due to
Classes A-1 down to A-3. Interest and principal otherwise payable
to Class B-3 interest and principal may be used to pay the Cap
Carryover Amounts.

The rating reflects transactional strengths that include the
following:
-- Improved underwriting standards;
-- Certain loan attributes;
-- Robust pool composition;
-- Satisfactory third-party due-diligence review; and
-- 100% of the loans are current by MBA definition.

The transaction also includes the following challenges:
-- 100% investor loans;
-- Four-month servicer advances of delinquent P&I; and
-- Representations and warranties framework.

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

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

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

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.



KKR CLO 10: S&P Affirms 'B+ (sf)' Rating on Class E-R Notes
-----------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R and C-R
notes from KKR CLO 10 Ltd. and removed them from CreditWatch, where
S&P placed them with positive implications on June 30, 2023. At the
same time, S&P affirmed its ratings on the class A-R, D-R, and E-R
notes.

The rating actions follow S&P's review of the transaction's
performance using data from the June 30, 2023, trustee report and
considering all rating actions and defaults on the underlying
collateral that might have occurred subsequently.

The transaction has seen approximately $131.9 million in collective
paydowns to the class A-R notes since S&P's September 2020 rating
actions, which were based on data from the June 30, 2020, trustee
report. These paydowns resulted in improved reported
overcollateralization (O/C) ratios since our previous rating
actions for the following classes:

-- The class A/B O/C ratio improved to 149.43% from 126.08%.
-- The class C O/C ratio improved to 131.00% from 116.81%
-- The class D O/C ratio improved to 116.61% from 108.81%.
-- The class E O/C ratio improved to 108.66% from 104.06%.

While the O/C ratios improved, the collateral portfolio's credit
quality has slightly deteriorated since S&P's last rating actions.
Collateral obligations with ratings in the 'CCC' category have
decreased in dollar terms, with $37.13 million reported as of the
June 30, 2023, trustee report, compared with $55.15 million
reported as of the June 30, 2020, trustee report. However, since
the transaction is amortizing, the current exposure to 'CCC'
collateral is about 14.3%, which is slightly higher than the 14.2%
'CCC' exposure reported in the June 30, 2020, trustee report.
Still, the transaction's paydowns have offset the impact of higher
concentrations in the 'CCC' category.

The transaction has exposure to long-dated assets (i.e., assets
maturing after the CLO's stated maturity). According to the June
30, 2023, trustee report, the balance of collateral with a maturity
date after the transaction's stated maturity totaled $2.20 million
(0.86% of the portfolio). S&P's analysis considered the potential
market value risk and settlement-related risk arising from the
possible liquidation of the remaining securities on the
transaction's legal final maturity date.

The upgraded ratings reflect the improved credit support available
to the notes at the prior rating levels. On a standalone basis, the
results of the cash flow analysis indicated a higher rating on the
class B-R, C-R, D-R, and E-R notes. However, because the
transaction has increased 'CCC' exposure since our September 2020
rating actions, is currently failing the 'CCC' concentration
limitation test, and has exposure to long-dated assets, our rating
actions reflect additional sensitivity runs that consider such
exposures. As a result of these runs and our overall analysis, S&P
limited the upgrade on some classes, and affirmed, rather than
upgrade, the class D-R and E-R notes to offset future potential
credit migration in the underlying collateral.

KKR CLO 10 Ltd. has transitioned its liabilities to three-month CME
term SOFR as its underlying index with the Alternative Reference
Rates Committee-recommended credit spread adjustment. S&P said,
"Our cash flow analysis reflects this change and assumes that the
underlying assets have also transitioned to a term SOFR as their
respective underlying index. If the trustee reports indicated a
credit spread adjustment in any asset, our cash flow analysis
considered the same."

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

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

  Ratings Raised And Removed From CreditWatch

  KKR CLO 10 Ltd.

  Class B-R to 'AA+(sf)' from 'AA(sf)/Watch Pos'
  Class C-R to 'AA (sf)' from 'A (sf)/Watch Pos'

  Ratings Affirmed

  KKR CLO 10 Ltd.

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



LB-UBS 2005-C7: S&P Assigns B- (sf) Rating on Class SP-7 Certs
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on the nonpooled class
SP-1, SP-2, SP-3, SP-4, SP-5, SP-6, and SP-7 commercial mortgage
pass-through certificates from LB-UBS Commercial Mortgage Trust
2005-C7, a U.S. CMBS transaction.

The SP classes are backed by a $63.0 million subordinate nonpooled
component of a currently $159.9 million, 20-year, fixed-rate,
partial interest-only (IO) mortgage whole loan secured by the
borrower's fee simple interest in Station Place I, an 11-story,
707,483-sq.-ft. class A office building in the NoMa office
submarket of Washington, D.C.

Rating Actions

The affirmations of the seven SP classes reflect the deleveraging
of the Station Place I mortgage whole loan due to amortization that
offset S&P's lower revised valuation (due to its higher vacancy
assumption in line with the deteriorated office submarket
fundamentals). The whole loan has paid down 14.6% since its last
published review in November 2018 and 34.7% since issuance. In
addition, the affirmations considered that the sole office tenant
occupying 99.6% of the net rentable area (NRA) at the property is
expected to extend its lease by five years to 2028 from the current
expiration in September 2023.

The property has been 99.6% leased to the U.S. Securities and
Exchange Commission (SEC) since April 2005. Hence, the master
servicer has reported stable net cash flow (NCF): $20.0 million in
2019, $20.5 million in 2020, $20.2 million in 2021, and $20.5
million in 2022. The SEC had previously extended its lease to
September 2023 from April 2019. The master servicer, Wells Fargo
Bank N.A. (Wells Fargo), confirmed that the tenant recently agreed
to extend its lease for an additional five years through September
2028, while it awaits development of its new 1.2 million-sq.-ft.
headquarters about a mile north of the collateral property, which,
according to various media reports, has been delayed.

S&P said, "As we previously mentioned, our current property-level
analysis considers the single office tenant exposure, the elevated
possibility that the SEC will eventually vacate for a new
headquarters, and the weakened office submarket conditions driven
by the prevailing hybrid work environment. As a result, we used a
15.0% vacancy rate (on par with the current office submarket
vacancy; see below), S&P Global Ratings' base rent of $42.37 per
sq. ft. and gross rent of $47.24 per sq. ft., and a 47.9% operating
expense ratio to revise and lower our long-term sustainable NCF of
the property to $13.0 million, 19.6% lower than our last published
review NCF of $16.2 million and 36.5% below the servicer-reported
2022 NCF. Using the same S&P Global Ratings' capitalization rate of
6.75% as in our last published review, and including $21.0 million
held in reserve by a third party to fund re-tenanting costs, we
arrived at an S&P Global Ratings' expected-case value of $214.3
million or $303 per sq. ft., 23.5% lower than our last published
review value of $280.0 million and 38.8% below the issuance
appraised value of $350.0 million. This yielded an S&P Global
Ratings' loan-to-value ratio of 74.6% on the whole loan balance.

"Although the model-indicated rating was one notch lower than class
SP-6's current rating, we affirmed our rating on the class because
we qualitatively considered that the class's current credit
enhancement level was closer to our model output's required credit
enhancement level for the existing rating.

"While the servicer-reported debt service coverage (DSC) is 1.82x
as of year-end 2022 and 1.53x as of year-end 2021, we note that the
existing mortgage interest rate of 5.531% is below prevailing rates
for office properties. We will continue to monitor the interest
rates in tandem with the property's cash flow and value, as DSC
considerations may constrain the size of a refinance mortgage at
the loan maturity in September 2025. We will also continue to
monitor developments as they relate to the SEC's lease, its planned
new headquarters, and the overall office submarket conditions. If
we receive information that differs materially from our
expectations, we may revisit our analysis and take rating actions,
as we deem necessary."

Property-Level Analysis

The loan collateral consists of an 11-story, 707,483-sq.-ft. class
A office building located adjacent to Union Station in the NoMa
office submarket of Washington, D.C. The property was built in 2004
and is 99.6% occupied by the SEC.

As we previously mentioned, the sole office tenant plans to
eventually vacate the collateral property for a new headquarters
nearby that has yet to be developed. The SEC's lease expires this
month, but Wells Fargo informed us that the tenant plans to extend
the lease term through September 2028.

S&P said, "While a lease extension beyond the loan term mitigates
our near-term default risk concerns, we believe that the short
lease term still poses refinancing risk when the loan matures in
September 2025, especially since there is a high possibility that
the tenant may move out upon its lease expiration in 2028. We
assessed that re-tenanting a vacant office building may be
challenging in the current environment due to lower demand and
longer re-leasing timeframes as companies continue to embrace a
remote or hybrid work arrangement.

"According to CoStar, the NoMa office submarket, like other CBD
office markets, continues to experience limited leasing activity,
negative absorption, and low sales volume. Vacancy and availability
rates in the submarket continue to climb, and asking rents, one of
the highest among the Washington D.C. office submarkets, are
stagnant since the COVID-19 pandemic. As of year-to-date September
2023, the four- and five-star properties in the NoMa office
submarket had a 12.1% vacancy rate, a 16.8% availability rate, and
a $51.23 per sq. ft. asking rent. This compares to a 9.3% vacancy
rate and $51.33 per sq. ft. asking rent at the time of our last
published review in 2018 (hence, we used an 8.1% vacancy assumption
in our analysis at that time), and the property's current in-place
vacancy rate of 0.0% and S&P Global Ratings' gross rent of $47.24
per sq. ft. CoStar projects vacancy for four- and five-star office
properties to continue to increase to 15.9% in 2024 and 18.4% in
2025 and asking rent to decline to $47.93 per sq. ft. and $45.51
per sq. ft. for the same periods."

To account for the deteriorating submarket conditions, single
office tenant exposure at the property, and the SEC's short lease
term, we assumed a higher vacancy rate (15.0%) in determining our
long-term sustainable NCF.

Transaction Summary

The 20-year, partial IO mortgage whole loan has a current balance
of $159.9 million (as of the Aug. 17, 2023, trustee remittance
report), down from $244.7 million at issuance, pays a per annum
fixed interest rate of 5.531%, and matures on Sept. 11, 2025. The
whole loan amortizes on a 30-year schedule with interest-only
payments required for the last three years. The whole loan, which
has a reported current payment status through the August 2023
payment date, is split into three pieces: a senior trust pooled
component portion with an initial balance of $40.3 million that was
amortized down to $0 as of Oct. 11, 2015, a senior non-trust
component with an initial balance of $141.4 million that, as of the
August 2023 payment date, was amortized down to $96.9 million, and
a subordinate non-pooled trust component portion with an initial
and current balance of $63.0 million (as of the August 2023 trustee
remittance report) that supports the nonpooled SP certificates. The
nonpooled SP classes have not experienced any principal losses to
date.

Further, the borrower is permitted to incur mezzanine debt (not to
exceed $40.0 million) provided certain conditions are met. Wells
Fargo confirmed that no mezzanine debt is outstanding currently.

  Ratings Affirmed

  LB-UBS Commercial Mortgage Trust 2005-C7

  Class SP-1: AA (sf)
  Class SP-2: A+ (sf)
  Class SP-3: A- (sf)
  Class SP-4: BBB+ (sf)
  Class SP-5: BBB (sf)
  Class SP-6: BB+ (sf)
  Class SP-7: B- (sf)



LCM 38 LTD: Fitch Assigns B+sf Rating on Cl. F-R Notes
------------------------------------------------------
Fitch Ratings has assigned ratings and Rating Outlooks to LCM 38
Ltd. Reset Transaction.

   Entity/Debt         Rating                    Prior
   -----------         ------                    -----
LCM 38 LTD.

   A-1A-R          LT  NRsf   New Rating      NR(EXP)sf
   A-1B-R          LT  NRsf   New Rating      NR(EXP)sf
   A-2 50204HAE1   LT  PIFsf  Paid In Full    AAAsf
   A-2-R           LT  AAAsf  New Rating      AAA(EXP)sf
   B-1 50204HAG6   LT  PIFsf  Paid In Full    AAsf
   B-1-R           LT  AAsf   New Rating      AA(EXP)sf
   B-2 50204HAJ0   LT  PIFsf  Paid In Full    AAsf
   B-2-R           LT  AAsf   New Rating      AA(EXP)sf
   C 50204HAL5     LT  PIFsf  Paid In Full    Asf
   C-R             LT  Asf    New Rating      A(EXP)sf
   D 50204HAN1     LT  PIFsf  Paid In Full    BBB-sf
   D-R             LT  BBB-sf New Rating      BBB-(EXP)sf
   E 501965AA5     LT  PIFsf  Paid In Full    BB-sf
   E-R             LT  BB-sf  New Rating      BB-(EXP)sf
   F-R             LT  B+sf   New Rating      B-(EXP)sf

TRANSACTION SUMMARY

LCM 38 LTD. is an arbitrage cash flow collateralized loan
obligation (CLO) that will be managed by LCM Euro LLC and that
originally closed in August 2022. The CLO's secured notes were
refinanced in whole on Sept. 7, 2023 from proceeds of the new
secured and subordinated notes. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $350 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 25.28 versus a maximum covenant, in
accordance with the initial matrix point of 26.20. Issuers rated in
the 'B' rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement (CE)
and standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
100% first lien senior secured loans. The weighted average recovery
rate of the indicative portfolio is 75.5% versus a minimum covenant
of 71.4%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 39% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

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

Cash Flow Analysis (Positive): Fitch used a customized proprietary
cash flow model to replicate the principal and interest waterfalls
and assess the effectiveness of various structural features of the
transaction. In its stress scenarios at the initial matrix point,
the rated notes can withstand default rates and recovery
assumptions consistent with other recent Fitch-rated CLO notes.

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

An error was identified in the expected ratings published on Sept.
5, 2023. An operational issue during the publication process lead
to an incorrect rating assignment for the class F-R notes. Today's
actions reflect the correction of this error and a rating
assignment of 'B+sf' with a Stable Rating Outlook for the class F-R
notes.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


MARATHON CLO V: S&P Raises Class D-R Notes Rating to B- (sf)
------------------------------------------------------------
S&P Global Ratings raised its ratings on the class A-2-R, B-R, and
C-R notes from Marathon CLO V Ltd., a U.S. CLO transaction. S&P
also removed the ratings on the class A-2-R and B-R notes from
CreditWatch, where they were placed with positive implications on
June 30, 2023. At the same time, S&P affirmed its 'B-' rating on
the class D-R notes from the same transaction.

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

The transaction has paid down $140.9 million to the class A-1-R and
A-2-R notes since our rating actions on Nov. 16, 2023. These
paydowns resulted in improved reported overcollateralization (O/C)
ratios since the September 2021 trustee report, which S&P used for
its previous rating actions:

-- The class A-2-R O/C ratio improved to 454.48% from 163.35%.

-- The class B-R O/C ratio improved to 201.32% from 135.78%.

-- The class C-R O/C ratio improved to 134.23% from 117.93%.

-- The class D-R O/C ratio declined to 104.43% from 105.99%.

The higher coverage tests for the class A-2-R, B-R, and C-R notes
indicate an increase in their credit support. While senior O/C
ratios improved, the class D-R O/C ratio declined, which is
primarily due to an increase in the number of assets with ratings
in the 'CCC-' category that the transaction incurred since our last
rating action.

While the O/C ratios improved, the collateral portfolio's credit
quality has slightly deteriorated since our last rating actions.
Despite fewer collateral obligations with ratings in the 'CCC'
category, with $45.5 million reported as of the July 2023 trustee
report, compared with $80.2 million reported as of the September
2021 trustee report, the percentage of total performing assets
increased to 32.5% from 24.8%. Over the same period, the par amount
of defaulted collateral has decreased to $6.15 million from $23.1
million.

Despite the slightly larger concentrations of assets rated in the
'CCC' category and defaulted collateral, the transaction has
benefited from a drop in the weighted average life due to the
underlying collateral's seasoning, with 1.98 years reported as of
the July 2023 trustee report, compared with 3.09 years reported at
the time of our November 2021 rating actions. The transaction's
paydowns have also helped offset the impact from portfolio
deterioration and growing concentration.

The upgraded ratings reflect the improved credit support available
to the notes at the prior rating levels, which includes O/C
improvement, paydowns, and collateral seasoning.

The affirmed rating reflects adequate credit support at the current
rating level, though any deterioration in the credit support
available to the class D-R notes could result in rating changes.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class B-R, C-R, and D-R notes.
However, because the transaction currently has elevated exposure to
collateral obligations rated 'CCC' and defaulted assets, we ran
additional sensitivities to consider the transaction's exposure to
these lower quality assets and their distressed prices. Therefore,
S&P limited the upgrade on some classes to offset future potential
credit migration in the underlying collateral.

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

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

Marathon CLO V Ltd. has transitioned its liabilities to three-month
CME term SOFR as its underlying index with the Alternative
Reference Rates Committee-recommended credit spread adjustment. Our
cash flow analysis reflects this change and assumes that the
underlying assets have also transitioned to a term SOFR as their
respective underlying index.

  Ratings Raised And Removed From CreditWatch Positive

  Marathon CLO V Ltd.

  Class A-2-R to 'AAA (sf)' from 'AA+ (sf)/Watch Pos'
  Class B-R to 'AA (sf)' from 'A+ (sf)/Watch Pos'
  Class C-R to 'BBB- (sf)' from 'BB+ (sf)/Watch Pos'

  Rating Affirmed

  Marathon CLO V Ltd.

  Class D-R: B- (sf)



MFA 2023-INV2: S&P Assigns Prelim B (sf) Rating on Class B-2 Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to MFA
2023-INV2 Trust's mortgage pass-through certificates series
2023-INV2.

The certificate issuance is an RMBS transaction backed by
first-lien, fixed- and hybrid adjustable-rate, primarily fully
amortizing, and interest-only residential mortgage loans secured by
single-family residences, condominiums, townhomes, two- to
four-unit properties, and five-plus-multifamily residential
properties to both prime and nonprime borrowers. The pool consists
of 945 business-purpose investor loans backed by 1,460 properties
(including 174 cross-collateralized loans backed by 689 properties)
that are exempt from the qualified mortgage and ability-to-repay
rules.

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

-- The pool's collateral composition;

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

-- The mortgage aggregator and mortgage originator; and

-- The potential impact current and near-term macroeconomic
conditions may have on the performance of the mortgage borrowers in
the pool.

  Preliminary Ratings Assigned(i)

  MFA 2023-INV2 Trust

  Class A-1, $117,559,000: AAA (sf)
  Class A-2, $22,439,000: AA (sf)
  Class A-3, $23,941,000: A (sf)
  Class M-1, $15,031,000: BBB (sf)
  Class B-1, $12,453,000: BB (sf)
  Class B-2, $9,985,000: B (sf)
  Class B-3, $13,313,152: Not rated
  Class XS, Notional(ii): Not rated
  Class R: Not rated

(i)The collateral and structural information in this report reflect
the term sheet dated Sept. 7, 2023. The preliminary ratings address
the ultimate payment of interest and principal and do not address
payment of the cap carryover amounts.
(ii)The notional amount equals the loans' aggregate unpaid
principal balance.



MFA TRUST 2023-NQM3: Fitch Gives Bsf Final Rating on Cl. B-2 Certs
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to the residential
mortgage-backed certificates to be issued by MFA 2023-NQM3 Trust
(MFA 2023-NQM3).

   Entity/Debt        Rating                 Prior
   -----------        ------                 -----
MFA 2023-NQM3

   A-1            LT AAAsf New Rating    AAA(EXP)sf
   A-2            LT AAsf  New Rating    AA(EXP)sf
   A-3            LT Asf   New Rating    A(EXP)sf
   M-1            LT BBBsf New Rating    BBB(EXP)sf
   B-1            LT BBsf  New Rating    BB(EXP)sf
   B-2            LT Bsf   New Rating    B(EXP)sf
   B-3            LT NRsf  New Rating    NR(EXP)sf
   AIOS           LT NRsf  New Rating    NR(EXP)sf
   XS             LT NRsf  New Rating    NR(EXP)sf
   R              LT NRsf  New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Fitch has assigned final ratings to the residential mortgage-backed
certificates to be issued by MFA 2023-NQM3 Trust (MFA 2023-NQM3).
The certificates are supported by 831 nonprime loans with a total
balance of approximately $387 million as of the cutoff date.

Loans in the pool were originated by multiple originators,
including Citadel Servicing Corporation and others. Loans were
aggregated by MFA Financial, Inc (MFA). Loans are currently
serviced by Citadel Servicing Corporation and Planet Home Lending.
All but 20 loans serviced by Citadel Servicing Corporation are
subserviced by ServiceMac LLC.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 7.0% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% since the prior
quarter). Home prices declined 0.5% yoy nationally as of May 2023.

Non-QM Credit Quality (Negative): The collateral consists of 831
loans, totaling $387 million and seasoned approximately six months
in aggregate. The borrowers have a moderate credit profile of a 719
Fitch model FICO and leverage with a 73.3% sustainable
loan-to-value ratio (sLTV).

The pool consists of 54.6% of loans where the borrower maintains a
primary residence, while 45.4% comprise an investor property or
second home. Additionally, 57.3% are nonqualified mortgage (non-QM)
while the QM rule does not apply to the remainder. This pool
consists of a variety of weaker borrower/collateral types,
including second lien, foreign nationals and nonstandard property
types.

Fitch's expected loss in the 'AAAsf' stress is 23.50%. This is
mainly driven by the non-QM collateral and the significant investor
cash flow product concentration.

Loan Documentation (Negative): Around 82.7% of loans in the pool
were underwritten to less than full documentation and 47.0% were
underwritten to a bank statement program for verifying income,
which is not consistent with Appendix Q standards and Fitch's view
of a full documentation program. A key distinction between this
pool and legacy Alt-A loans is these loans adhere to underwriting
and documentation standards required under the Consumer Financial
Protections Bureau's (CFPB) Ability to Repay (ATR) Rule (ATR Rule)
or the Rule.

This reduces risk of borrower default arising from lack of
affordability, misrepresentation or other operational quality risks
due to rigor of the Rule's mandates with respect to the
underwriting and documentation of a borrower's ATR.

Fitch's treatment of alternative loan documentation increased
'AAAsf' expected losses by 650 bps, compared with a deal of 100%
fully documented loans.

High Percentage of DSCR Loans (Negative): There are 360 debt
service coverage ratio (DSCR) and 20 property focused investor
loans, otherwise known as 'no ratio' products in the pool (45.7% by
loan count). These business-purpose loans are available to real
estate investors that are qualified on a cash flow basis, rather
than debt to income (DTI), and borrower income and employment are
not verified.

Compared with standard investment properties, for DSCR loans, Fitch
converts the DSCR values to a DTI and treats as low documentation.
Fitch's treatment for DSCR loans results in a higher Fitch reported
nonzero DTI. Further, no ratio loans are treats as 100% DTI.
Fitch's expected losses for DSCR loans is 32.5% in the 'AAAsf'
stress.

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

Advances of delinquent principal and interest (P&I) will not be
made on the mortgage loans. The lack of advancing reduces loss
severities, as a lower amount is repaid to the servicer when a loan
liquidates and liquidation proceeds are prioritized to cover
principal repayment over accrued but unpaid interest. The downside
to this is the additional stress on the structure, as there is
limited liquidity in the event of large and extended
delinquencies.

MFA 2023-NQM3 has a step-up coupon for the senior classes (A-1, A-2
and A-3). After four years, the senior classes pay the lesser of a
100-bp increase to the fixed coupon or the net weighted average
coupon (WAC) rate. Any class B-3 interest distribution amount will
be distributed to the class A-1, A-2 and A-3 certificates on and
after the step-up date if the cap carryover amount is greater than
zero. This increases the P&I allocation for the senior classes.

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

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

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 39.5% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. 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. A 10% gain
in home prices would result in a full category upgrade for the
rated class excluding those assigned 'AAAsf' ratings.

DATA ADEQUACY

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's data layout format.

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.


MIDOCEAN CREDIT II: S&P Affirms CCC+ (sf) Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on the class B-R and C notes
from MidOcean Credit CLO II (MidOcean). S&P also removed those
ratings from CreditWatch with positive implications, where it
placed them in June 2023. Moreover, S&P lowered its rating on the
class E-R notes and removed it from CreditWatch with negative
implications. At the same time, S&P affirmed its ratings on the
class A-RR, D-R, and F notes from the same transaction.

The rating actions follow its review of the transaction's
performance using data from the July 2023 trustee report and
consider all rating actions and defaults on the underlying
collateral that might have occurred subsequently.

The transaction has paid down $125.96 million to the class A-1RR
notes since S&P's June 2022 rating actions. Since the August 2021
trustee report, which it used for its previous rating actions, the
reported overcollateralization (O/C) ratios have changed:

-- The class A/B O/C ratio improved to 138.92% from 129.53%.

-- The class C O/C ratio improved to 121.06% from 117.91%.

-- The class D O/C ratio declined to 109.85 from 110.08%.

-- The class E O/C ratio declined to 103.60% from 105.51%.

-- The paydowns led to the class A and B O/C test improvement,
while the benefits of those paydowns were offset for the class C
and D O/C ratios by a widening exposure to collateral obligations
with ratings in the 'CCC' category. Exposure to 'CCC' collateral
obligations increased from approximately $26.11 million at the time
of S&P's last rating action to $32.22 million as of the July 2023
trustee report. Over the same period, the par amount of defaulted
collateral has decreased to $2.90 million from $1.57 million.

The upgrades reflect the improved credit support at the prior
rating levels and the affirmations reflect S&P's view that the
credit support available is commensurate with the current rating
levels.

The downgrade of the class E-R notes reflects increased exposure to
'CCC' rated collateral and deterioration in the junior trustee
reported overcollateralization ratio since our last rating action.
We note the continued failure of the class E O/C test as further
justification for the downgrade.

On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class B-R, C, and D-R notes.
However, because the transaction currently has higher-than-average
exposure to 'CCC' and 'D' rated collateral obligations, S&P's
rating actions reflect additional sensitivity runs that consider
such exposures and offset future potential credit migration in the
underlying collateral. Additionally, there are still substantial
balances on the more senior notes that must be paid before proceeds
are cascaded to the payment of the class B-R, C, and D-R notes.

MidOcean has transitioned its liabilities to three-month CME term
SOFR as its underlying index with the Alternative Reference Rates
Committee-recommended credit spread adjustment. S&P's cash flow
analysis reflects this change and assumes the underlying assets
have also transitioned to a term SOFR as their respective
underlying index. If the trustee reports indicated a credit spread
adjustment in any asset, our cash flow analysis considered the
same.

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

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

  Ratings Raised And Removed From CreditWatch Positive

  MidOcean Credit CLO II

  Class B-R to AA+ (sf) from AA (sf)/Watch Pos
  Class C to A (sf) from A- (sf)/Watch Pos

  Rating Lowered And Removed From CreditWatch Negative

  MidOcean Credit CLO II

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

  Ratings Affirmed

  MidOcean Credit CLO II

  Class A-RR: AAA (sf)
  Class D-R: BB+ (sf)
  Class F: CCC+ (sf)



MONROE CAPITAL XV: Moody's Assigns Ba3 Rating to $26.3MM E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to six classes of
notes issued and three classes of loans incurred by Monroe Capital
MML CLO XV, LLC (the "Issuer" or "Monroe XV").

Moody's rating action is as follows:

Up to U.S.$201,100,000 Class A-1 Senior Floating Rate Notes due
2035, Assigned Aaa (sf)

US$24,500,000 Class A-2 Senior Fixed Rate Notes due 2035, Assigned
Aaa (sf)

US$40,000,000 Class A-1A Loans maturing 2035, Assigned Aaa (sf)

US$75,000,000 Class A-1B Loans maturing 2035, Assigned Aaa (sf)

US$26,400,000 Class B Floating Rate Notes due 2035, Assigned Aa2
(sf)

US$13,500,000 Class B Loans maturing 2035, Assigned Aa2 (sf)

US$25,900,000 Class C Deferrable Mezzanine Floating Rate Notes due
2035, Assigned A2 (sf)

US$31,500,000 Class D Deferrable Mezzanine Floating Rate Notes due
2035, Assigned Baa3 (sf)

US$26,300,000 Class E Deferrable Mezzanine Floating Rate Notes due
2035, Assigned Ba3 (sf)

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

On the closing date, the Class A-1A Loans have an outstanding
principal balance of $40,000,000, the Class A-1B Loans have an
outstanding principal balance of $75,000,000, and the Class A-1
Notes have an outstanding principal balance of $86,100,000. At any
time, all or a portion of the Class A-1A Loans and Class A-1B Loans
may be converted to the Class A-1 Notes, thereby decreasing the
outstanding principal balance of the Class A-1A Loans and Class
A-1B Loans, and increasing, by the corresponding amount, the
outstanding principal balance of the Class A-1 Notes. The aggregate
outstanding principal balance of the Class A-1A Loans, Class A-1B
Loans, and the Class A-1 Notes will not exceed $201,100,000, less
the amount of any principal repayments. The Class B Loans are not
convertible into Class B Notes.

RATINGS RATIONALE

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

Monroe XV is a managed cash flow CLO. The issued debt will be
collateralized primarily by middle market loans. At least 95.0% of
the portfolio must consist of first lien senior secured loans and
eligible investments, and up to 5.0% of the portfolio may consist
of second lien loans, senior unsecured loans and senior secured
bonds. The portfolio is approximately 65% ramped as of the closing
date.

Monroe Capital CLO Manager II, LLC (the "Manager") will direct the
selection, acquisition and disposition of the assets on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four year
reinvestment period. Thereafter, the manager may not reinvest in
new assets and all principal proceeds received will be used to
amortize the Rated Debt in sequential order.

In addition to the Rated Debt, the Issuer issued two classes of
subordinated notes.

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

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

Par amount: $400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3670

Weighted Average Spread (WAS): 5.30%

Weighted Average Coupon (WAC): 9.25%

Weighted Average Recovery Rate (WARR): 46.0%

Weighted Average Life (WAL): 7.0 years

Methodology Underlying the Rating Action:

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

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

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


MORGAN STANLEY 2012-C6: Moody's Cuts Rating on 3 Tranches to Ba1
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on three classes
and downgraded the ratings on six classes in Morgan Stanley Bank of
America Merrill Lynch Trust 2012-C6, Commercial Mortgage
Pass-Through Certificates, Series 2012-C6 as follows:

Cl. C, Downgraded to Ba1 (sf); previously on Mar 14, 2023
Downgraded to Baa2 (sf)

Cl. D, Downgraded to B3 (sf); previously on Mar 14, 2023 Downgraded
to B1 (sf)

Cl. E, Downgraded to Caa3 (sf); previously on Mar 14, 2023
Downgraded to Caa2 (sf)

Cl. F, Downgraded to Ca (sf); previously on Mar 14, 2023 Downgraded
to Caa3 (sf)

Cl. G, Affirmed C (sf); previously on Mar 14, 2023 Downgraded to C
(sf)

Cl. H, Affirmed C (sf); previously on Mar 14, 2023 Downgraded to C
(sf)

Cl. PST, Downgraded to Ba1 (sf); previously on Mar 14, 2023
Downgraded to Baa2 (sf)

Cl. X-B*, Downgraded to Ba1 (sf); previously on Mar 14, 2023
Downgraded to Baa2 (sf)

Cl. X-C*, Affirmed Ca (sf); previously on Mar 14, 2023 Downgraded
to Ca (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on four P&I classes, Cl. C, Cl. D, Cl. E and Cl. F,
were downgraded due to a decline in loan performance, higher
anticipated losses and increased interest shortfall risk from the
significant exposure to loans in special servicing. All four
remaining loans (100% of the pool) are in special servicing. The
largest loan in the pool, 1880 Broadway/15 Central Park West Retail
(76% of the pool), has passed its original maturity date in
September 2022 and faces significant declines in net operating
income (NOI) after the departure of its largest tenant (54% of the
property's NRA) and other tenant renewals at lower rents.
Furthermore, due to a significant decline in value, the loan has
recognized an appraisal reduction amount of $55.4 million as of the
August 2023 remittance report. Due to the current appraisal
reduction, the expected further decline in NOI and exposure to
other loans in special servicing, interest shortfalls are likely to
increase.

The ratings on two P&I classes, Cl. G and Cl. H, were affirmed
because their ratings are consistent with Moody's expected loss.

In Moody's rating analysis Moody's analyzed loss and recovery
scenarios to reflect the recovery value, the current cash flow of
the properties and timing to ultimate resolution on the remaining
loans and properties in the pool.

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

The rating on the IO Cl. X-C was affirmed based on the credit
quality of its referenced classes. The IO Class X-C references P&I
classes Cl. D through Cl. J. Cl. J is not rated by Moody's.

The rating on the exchangeable class, Cl. PST, was downgraded due
to a decline in the credit quality of its referenced exchangeable
class. Cl. PST originally referenced Classes A-S, B and C, however,
Classes A-S and B have already paid off in full.

Moody's rating action reflects a base expected loss of 54.9% of the
current pooled balance, compared to 51.3% at Moody's last review.
Moody's base expected loss plus realized losses is now 9.7% of the
original pooled balance, compared to 8.9% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

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

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

DEAL PERFORMANCE

As of the August 17, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 85% to $164.5
million from $1.1 billion at securitization. The certificates are
collateralized by four mortgage loans, all of which are in special
servicing. Loans representing 89% of the pool are in foreclosure or
real estate owned (REO) and 11% were nonperforming past maturity.

One loan has been liquidated from the pool, contributing to an
aggregate realized loss of $19.2 million (for a loss severity of
93%).

The largest specially serviced loan is the 1880 Broadway/15 Central
Park West Retail Loan ($125.0 million -- 76.0% of the pool), which
is secured by an 84,000 SF, four-level (two levels below grade),
multi-tenant retail condominium located on the Upper West Side of
Manhattan. The loan has been in special servicing since September
2022 after it was unable to pay off at its September 2022 maturity
date. The property had been previously 100% leased to four tenants
since securitization, however, the former largest tenant, Best Buy,
vacated ahead of their January 2023 lease expiration, reducing the
property's occupancy to 46%. Best Buy represented just over 40% of
the property's base rent in 2021. Furthermore, JP Morgan Chase (13%
of the NRA) recently renewed their lease at the property at a lower
rent which will result in further reduction of the property's net
operating income (NOI). The special servicer has initiated
foreclosure proceedings in November 2022. A December 2022 appraisal
valued the property approximately 59% lower than at securitization
and 37% below the outstanding loan balance. As of the August 2023
remittance statement an appraisal reduction of $55.4 million was
recognized leading to interest shortfalls, and interest shortfalls
from this loan may increase if property performance continues to
deteriorate.

The second largest specially serviced loan is the 300 West Adams
Loan ($20.5 million -- 12.5% of the pool), which is secured by a
leasehold interest in a 253,000 SF, 12-story, landmarked office
building located in downtown Chicago. The property is in the CBD
West Loop and across the street from the Willis Tower and is
subject to a 99-year ground lease which commenced in September
2012. The ground lease payment started at $1.1 million per year,
with 3% increases year-over-year until 2042 when it's capped at
$2.5 million. The property was 53% leased as of June 2023 compared
to 61% of December 2022, 77% in September 2020 and 97% in 2018. The
decline in occupancy and increased expenses have caused a
significant decline in the property's NOI. The loan has been in
special servicing since January 2021 and has been REO since October
2021. As of the August 2023 remittance report the loan has been
deemed non-recoverable and the special servicer indicated the
property is being marketed for sale. Moody's expects a significant
loss from this loan.

The third largest specially serviced loan is The Palmdale Gateway
Loan ($9.7 million -- 5.9% of the pool), which is secured by a
grocery anchored retail center located in Palmdale, California,
approximately 63 miles northeast of Los Angeles. The five-one story
buildings were constructed in 1986 and total 100,000 SF. The
property was 94% leased as of March 2023, compared to 89% in June
2022 and 90% at securitization. The loan failed to pay off at its
scheduled maturity date in October 2022 and has been in special
servicing since October 2022. The loan has amortized over 20% since
securitization and had an NOI DSCR of 1.91x as of March 2023. The
loan faces significant lease rollover as the two largest tenants
(combining for 46% of the NRA) have lease expirations in or prior
to April 2025. The special servicer has setup cash management and
indicates they will dual track the foreclosure process while
discussing potential forbearance with the borrower.

The fourth specially serviced loan is the 152 Geary Street Loan
($9.3 million -- 5.6% of the pool), which is secured by an 8,100
SF, 3-story, retail building in San Francisco, California. The loan
transferred to special servicing in June 2020 due to payment
default as the single tenant was not paying rent. The loan is last
paid through its August 2022 payment date and has amortized 19%
since securitization. The borrower recently signed a new lease with
a replacement tenant and the tenant was expected to take occupancy
by June 2023. As of the August 2023 remittance report, a recent
appraisal valued the property above the outstanding loan balance
and special servicer commentary indicated they are dual tracking
legal remedies while having ongoing discussions with the borrower
for either a full loan payoff or possible forbearance.

Moody's estimates an aggregate $90.3 million loss for the specially
serviced loans.

As of the August 2023 remittance statement cumulative interest
shortfalls were $2.5 million and impact up to Cl. E. Moody's
anticipates interest shortfalls will continue and may increase
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.


MORGAN STANLEY 2022-18: Fitch Affirms 'BB-sf' Rating on E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the class A-1, A-2, B, C,
D and E notes of Morgan Stanley Eaton Vance CLO 2022-18, Ltd. (MSEV
2022-18). The Rating Outlooks on all rated tranches remain Stable.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
Morgan Stanley
Eaton Vance
CLO 2022-18, Ltd.

   A-1 617924AA3    LT  AAAsf   Affirmed   AAAsf
   A-2 617924AC9    LT  AAAsf   Affirmed   AAAsf
   B 617924AE5      LT  AAsf    Affirmed   AAsf
   C 617924AG0      LT  Asf     Affirmed   Asf
   D 617924AJ4      LT  BBB-sf  Affirmed   BBB-sf
   E 617925AA0      LT  BB-sf   Affirmed   BB-sf

TRANSACTION SUMMARY

MSEV 2022-18 is a broadly syndicated collateralized loan obligation
(CLO) managed by Morgan Stanley Eaton Vance CLO Manager LLC. The
transaction closed in October of 2022 and will exit its
reinvestment period in October of 2027. MSEV 2022-18 is secured
primarily by first-lien, senior secured leveraged loans.

KEY RATING DRIVERS

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

The affirmations are due to the portfolio's stable performance
since closing. As of August 2023 reporting, the credit quality of
the portfolio has remained at the 'B' level, and the Fitch weighted
average rating factor (WARF) of the portfolio decreased to 23.3
from 23.4 at closing. The portfolio consists of 270 obligors, and
the largest 10 obligors represent 8.5% of the portfolio. Exposure
to issuers with a Negative Outlook and Fitch's watchlist is 15.5%
and 4.0%, respectively. There is one defaulted asset, which
comprises 0.6% of the portfolio.

First lien loans, cash and eligible investments comprise 98.9% of
the portfolio and there are no fixed rate assets in the portfolio.
Fitch's weighted average recovery rate is 75.6%, compared with
75.2% at closing.

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

Cash Flow Analysis

Fitch updated its Fitch Stressed Portfolio (FSP) analysis since the
transaction is still in its reinvestment period. The FSP stressed
the current portfolio from the latest trustee report to account for
permissible concentration limits and CQT limits. Weighted average
spread, WARF and WARR were stressed to the current Fitch test
matrix points. In addition, assumptions of both 0% and 5%
fixed-rate assets were tested as part of the FSP's cash flow
modelling.

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 one notch,
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 six notches,
based on MIRs.

DATA ADEQUACY

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

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

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


MORGAN STANLEY 2023-INV1: Fitch Puts B-(EXP)sf Rating on B-5 Certs
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Morgan Stanley
Residential Mortgage Loan Trust 2023-INV1 (MSRM 2023-INV1).

   Entity/Debt      Rating           
   -----------      ------            
MSRM 2023-INV1

   A-1          LT AAA(EXP)sf  Expected Rating
   A-1-IO       LT AAA(EXP)sf  Expected Rating
   A-2          LT AAA(EXP)sf  Expected Rating
   A-2-IO       LT AAA(EXP)sf  Expected Rating
   A-3          LT AAA(EXP)sf  Expected Rating
   A-3-IO       LT AAA(EXP)sf  Expected Rating
   A-4          LT AAA(EXP)sf  Expected Rating
   A-4-IO       LT AAA(EXP)sf  Expected Rating
   A-5          LT AAA(EXP)sf  Expected Rating
   A-6          LT AAA(EXP)sf  Expected Rating
   A-6-IO       LT AAA(EXP)sf  Expected Rating
   A-7          LT AAA(EXP)sf  Expected Rating
   A-8          LT AAA(EXP)sf  Expected Rating
   A-8-IO       LT  AAA(EXP)sf Expected Rating
   A-9          LT AAA(EXP)sf  Expected Rating
   A-10         LT AAA(EXP)sf  Expected Rating
   A-10-IO      LT AAA(EXP)sf  Expected Rating
   A-11         LT AAA(EXP)sf  Expected Rating
   A-12         LT AAA(EXP)sf  Expected Rating
   B-1          LT AA-(EXP)sf  Expected Rating
   B-2          LT A-(EXP)sf   Expected Rating
   B-3          LT BBB-(EXP)sf Expected Rating
   B-4          LT BB-(EXP)sf  Expected Rating
   B-5          LT B-(EXP)sf   Expected Rating
   B-6          LT NR(EXP)sf   Expected Rating
   PT           LT NR(EXP)sf   Expected Rating
   R            LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Fitch expects to rate the residential mortgage-backed certificates
issued by Morgan Stanley Residential Mortgage Loan Trust 2023-INV1
(MSRM 2023-INV1), as indicated above.

MSRM 2023-INV1 is the 13th post-crisis transaction off the Morgan
Stanley Residential Mortgage Loan Trust shelf; the first
transaction was issued in 2014. This is the second 100%
non-owner-occupied MSRM transaction and the eleventh MSRM
transaction that comprises loans from various sellers and is
acquired by Morgan Stanley in its prime-jumbo aggregation process.

The certificates are supported by 1035 prime-quality loans with a
total balance of approximately $343.08 million as of the cutoff
date. The pool consists of 100% fixed-rate mortgages (FRMs) from
various mortgage originators. The servicers for this transaction
are Specialized Loan Servicing, LLC (SLS), PennyMac Loan Services,
LLC, and PennyMac Corp. Nationstar Mortgage LLC (Nationstar) will
be the master servicer.

Of the loans, 2.9% qualify as either Qualified Mortgage (QM) Safe
Harbor Average Prime Offer Rate or Higher Priced QM Aver Prime
Offer Rate (APOR). The remaining 97.1% loans are exempt from the QM
rule.

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

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

This transaction, like MSRM 2023-2, has a structural feature that
other recently issued prime transactions do not have: NAS classes.
The NAS classes in this structure are designed to limit the amount
of principal the NAS classes receive each period in an effort to
reduce prepayment risk and extend the life of the NAS bonds. In
addition, the incorporation of a senior support NAS class allows
for super senior classes to be protected for a longer period, since
the senior support NAS class is structured to be outstanding for a
longer period and will be available to provide protection if losses
occur later in the life of the structure. Fitch views this
structural feature as a positive aspect of the transaction.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, Fitch views the home price values
of this pool as 8.2% above a long-term sustainable level (vs. 7.6%
on a national level as of 1Q23, down 0.2% since last quarter). The
rapid gain in home prices through the pandemic has seen signs of
moderating with a decline observed in Q3 2022. Driven by the strong
gains seen in H1 2022, home prices decrease -0.2% YoY nationally as
of April 2023.

Prime Credit Quality (Positive): The collateral consists of 1035
loans, totaling$343.08 million, and seasoned approximately nine
months in aggregate. The borrowers have a strong credit profile
(767 FICO and 35% DTI) and high leverage (73.7% sLTV).

Nonconforming loans make up 7.3% of the pool while the remaining
92.7% are conforming loans. The majority of the loans (97.1%) are
exempt from the QM rule standards as they are loans on investor
occupied homes that are for business purposes. The remaining 2.9%
are able to qualify as Higher Price (Average Prime Offer Rate
[APOR]) or QM safe-harbor (Average Prime Offer Rate [APOR]) loans.
Roughly 65.0% of the pool is being originated by a retail channel.

The pool consists of 100% investor properties. Single-family homes
make up 67.1% of the pool, condos make up 12.4%, and multifamily
homes make up 20.5%. Cash-out comprise only 14.1% of the pool while
purchases comprise 80.6% and rate refinances comprise 5.3% (as
determined by Fitch). Based on the information provided, there are
no foreign nationals in the pool.

Ten loans in the pool are over $1 million, and the largest loan is
$1.97 million.

Approximately 17% of the pool is concentrated in California. The
largest MSA concentration is in the New York-Northern New
Jersey-Long Island, NY-NJ-PA MSA (6.8%), followed by the Los
Angeles-Long Beach-Santa Ana, CA MSA (5.7%) and the
Phoenix-Mesa-Scottsdale, AZ MSA (4.0%). The top three MSAs account
for 17% of the pool. As a result, there was a no PD penalty for
geographic concentration.

Non-Owner-Occupied Loans (Negative): 100% of the loans in the pool
were made to investors, and 92.7% of the loans in the pool are
conforming loans. They were underwritten to Fannie Mae and Freddie
Mac's guidelines and were approved per Desktop Underwriter (DU) or
Loan Product Advisor (LPA), Fannie Mae and Freddie Mac's automated
underwriting systems, respectively. The remaining 7.3% of the loans
were underwritten to the underlying sellers' guidelines and were
full-documentation loans. All loans were underwritten to the
borrower's credit risk, unlike investor cash flow loans, which are
underwritten to the property's income. Fitch applies a 1.25x PD hit
for agency investor loans and a 1.60x PD hit for investor loans
underwritten to the borrower's credit risk.

For the loss analysis of this pool, Fitch used a customized version
of the U.S. RMBS Loan Loss model that has a 1.25x PD penalty for
agency investor loans and a 1.60x PD penalty for investor loans
underwritten to the borrower's credit risk. The 1.25x PD penalty
was used only for the agency eligible loans (92.7%), with the
remaining loans receiving a 1.60x PD penalty for being investor
occupied. Post-crisis performance indicates that loans underwritten
to DU/LPA guidelines have relatively lower default rates compared
to normal investor loans used in regression data with all other
attributes controlled. The implied penalty has been reduced to
approximately 25% for investor agency loans in the customized model
from approximately 60% for regular investor loans in the production
model.

Multifamily Loans (Negative): 20.5% of the loans in the pool are
multifamily homes, which Fitch views as riskier than single-family
homes, since the borrower may be relying on the rental income to
pay the mortgage payment on the property. To account for this risk,
Fitch adjusts the PD upwards by 25% from the baseline for
multifamily homes.

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

The servicers will provide full advancing for the life of the
transaction. While this helps the liquidity of the structure, it
also increases the expected loss due to unpaid servicer advances.
If the servicers are not able to advance, the master servicer will
provide advancing, and if the master servicer is not able to
advance, the securities administrator will ultimately be
responsible for advancing.

Subordination Floor (Positive): A CE or senior subordination floor
of 1.30% has been considered in order to mitigate potential tail
end risk and loss exposure for senior tranches as pool size
declines and performance volatility increases due to adverse loan
selection and small loan count concentration. A junior
subordination floor of 0.90% has been considered in order to
mitigate potential tail-end risk and loss exposure for subordinate
tranches as pool size declines and performance volatility increases
due to adverse loan selection and small loan count concentration.

RATING SENSITIVITIES

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

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

This defined stress sensitivity analysis demonstrates how the
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10%, 20% and 30%, in addition to the model
projected MVD, which is 40.4% in the 'AAAsf' stress. The analysis
indicates that there is some potential rating migration with higher
MVDs, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by SitusAMC. The third-party due diligence described in
Form 15E focused on four areas: compliance review, credit review,
valuation review and data integrity. Fitch considered this
information in its analysis and, as a result, Fitch did not make
any adjustments to its analysis based on the findings. Fitch
reduced the 'AAAsf' expected loss by 0.43% because there was 100%
due diligence provided and there were no material findings.

DATA ADEQUACY

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

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

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

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

ESG CONSIDERATIONS

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


MOSAIC SOLAR 2023-4: Fitch Gives 'BB-(EXP)sf' Rating on Cl. D Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to notes issued by
Mosaic Solar Loan Trust 2023-4 (Mosaic 2023-4).

   Entity/Debt          Rating           
   -----------          ------           
Mosaic Solar Loan
Trust 2023-4

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

TRANSACTION SUMMARY

Fitch has assigned expected ratings to the Mosaic 2023-4 class A,
B, C and D notes as listed. This is a securitization of consumer
loans backed by residential solar equipment. All the loans were
originated by Solar Mosaic, LLC (Mosaic), one of the oldest
established solar lenders in the U.S.; it has originated solar
loans since 2014.

KEY RATING DRIVERS

Loan Performance Assumptions informed by FICO: Given the material
differences in loan performance by borrower FICO, Fitch grouped
lifetime default expectations by FICO cohorts. The weighted average
base case default rate is 9.8% for the seven Fitch-defined cohorts.
Fitch did not distinguish its recovery assumption by FICO and
assumed a 30% base case recovery rate. Fitch's rating default rates
(RDRs) for 'AA-sf', 'A-sf', 'BBB-sf' and 'BB-sf' are, respectively,
34.9%, 26.0%, 18.7% and 13.4%. Fitch's rating recovery rates (RRRs)
are 19%, 21.8%, 24.0% and 26.0%.

Structural Features and Protections: Class A and B notes will
amortize based on target overcollateralization (OC) percentages.
The target OC is 100% of the outstanding adjusted balance for the
first 16 months, ensuring that there is no leakage of funds
initially, irrespective of the collateral performance; then it
falls to 29%. Should the escalating cumulative loss trigger be
breached, the payment waterfall will switch to turbo sequential,
deferring any interest payments for class C and D, and, thus,
accelerating the senior note deleveraging. The repayment timing of
classes C and D is highly sensitive to the timing of a trigger
breach.

Rating Cap Reflects Limited Performance History: Fitch's rating
assumptions are informed by over eight years of performance data
provided by Mosaic, supplemented with the historical performance of
other solar loans. While considered robust, the data is relatively
short compared to a typical 25-year loan term.

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DATA ADEQUACY

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

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

ESG CONSIDERATIONS

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.


NELNET STUDENT 2023-A: DBRS Finalizes BB Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the classes of
notes issued by Nelnet Student Loan Trust 2023-A (NSLT 2023-A) as
follows:

-- $155,925,000 Floating Rate Class A-FL Notes at AAA (sf)
-- $155,925,000 Fixed Rate Class A-FX Notes at AAA (sf)
-- $12,700,000 Fixed Rate Class B Notes at AA (sf)
-- $12,750,000 Fixed Rate Class C Notes at A (sf)
-- $12,700,000 Fixed Rate Class D Notes at BBB (sf)
-- $8,910,000 Fixed Rate Class E Notes at BB (sf)

CREDIT RATING RATIONALE

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

-- The transaction's form and sufficiency of available credit
enhancement.

-- Overcollateralization (OC), note subordination, reserve account
amounts, and excess spread create credit enhancement levels that
are commensurate with the ratings.

-- Transaction cash flows are sufficient to repay investors under
all AAA (sf), AA (sf), A (sf), BBB (sf), and BB (sf) stress
scenarios in accordance with the terms of the Nelnet 2023-A
transaction documents.

-- The quality and credit characteristics of the student loan
borrowers.

-- The ability of the Servicer to perform collections on the
collateral pool and other required activities.

-- DBRS Morningstar has performed an operational review of
Pennsylvania Higher Education Assistance Agency (PHEAA) and
considers the entity an acceptable servicer of private student
loans.

-- The legal structure and legal opinions that address the true
sale of the student loans, the nonconsolidation of the trust, that
the trust has a valid first-priority security interest in the
assets, and the consistency with the DBRS Morningstar Legal
Criteria for U.S. Structured Finance.

-- 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.

DBRS Morningstar's credit ratings on the securities referenced
herein 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 notes are the related Noteholders' Interest Distribution
Amount and the related Outstanding Principal Balance.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. The associated contractual payment obligation that is
not a financial obligation for each of the rated notes is the
related interest on any unpaid Noteholders' Interest Distribution
Amount.

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. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

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


NORTHSTAR GUARANTEE 2007-1: Fitch Lowers Rating on B Notes to BBsf
-------------------------------------------------------------------
Fitch Ratings has affirmed all Class A notes of the NorthStar
Guarantee, Inc. - 2000 Trust Indenture, as well as Series 2000
Class B, 2002 Class B-1, 2004-1 Class B-1, 2004-2 Class B, and
2005-1 Class B notes. The 2007-1 Class B notes have been downgraded
to 'BBsf' from 'Asf'.

The Rating Outlook for 2005-1 Class B has been revised to Negative
from Stable. All other Outlooks remain Stable.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2005-1

   A-4 66704JBH0       LT  AA+sf  Affirmed   AA+sf
   B 66704JBK3         LT  Asf    Affirmed   Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture

   B 66704JAC2         LT  Asf    Affirmed   Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2004-2

   B 66704JBD9         LT  Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2002

   A-3 66704JAF5       LT  AA+sf  Affirmed    AA+sf
   A-4 66704JAH1       LT  AA+sf  Affirmed    AA+sf
   A-5 66704JAJ7       LT  AA+sf  Affirmed    AA+sf
   B-1 66704JAG3       LT  Asf    Affirmed    Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2007-1

   A-4 66704JBW7       LT  AA+sf  Affirmed    AA+sf
   A-5 66704JBX5       LT  AA+sf  Affirmed    AA+sf
   A-6 66704JBY3       LT  AA+sf  Affirmed    AA+sf
   A-7 66704JBZ0       LT  AA+sf  Affirmed    AA+sf
   A-8 66704JCA4       LT  AA+sf  Affirmed    AA+sf
   B 66704JCB2         LT  BBsf   Downgrade   Asf

NorthStar Guarantee,
Inc. - 2000 Trust
Indenture 2004-1

   B-1 66704JAY4       LT  Asf    Affirmed    Asf

TRANSACTION SUMMARY

The senior notes are performing as expected, and credit metrics did
not change significantly from the last annual review. The notes
pass Fitch's credit and maturity stresses in cash flow modeling for
their respective ratings with sufficient hard credit enhancement
(CE).

The rising interest rate environment has caused a deterioration in
the excess spread performance of the subordinate notes, resulting
in a collateral shortfall under the credit and maturity stress
scenarios in Fitch's cash flow modelling. Significant negative
excess spread is a credit negative for the trust, which will
continue if interest rates remain at their current levels or move
higher. In cashflow modelling, Fitch assumed the junior classes are
paid in order of maturity date, thus class 2007-1B is the most
impacted by the negative excess spread in cashflow modeling and the
downgrade reflects this.

The Class 2005-1-B Outlook revision to Negative from Stable
reflects the possibility of downgrade in the next one to two years,
again from negative excess spread impacting the most junior notes
especially in an increasing rate environment.

The Stable Outlooks on the remaining Class B notes reflect that
upgrades are expected to be muted, per Fitch's criteria, due to the
total parity cash release level (100.75%) of the trust is lower
than the minimum parity of 101.0% necessary for Fitch to consider
an 'AAsf' rating.

KEY RATING DRIVERS

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

Collateral Performance: Based on transaction specific performance
to date, Fitch assumes a cumulative default rate of 6.25% under the
base case scenario and an 17.19% default rate under the 'AA' credit
stress scenario. Fitch is maintaining a sustainable constant
default rate (sCDR) of 1.00% and a sustainable constant prepayment
rate (sCPR; voluntary and involuntary) of 7.00% in cash flow
modeling. Default performance for the trust has weakened, but only
to levels consistent with the sCDR. The 31-60 DPD and the 91-120
DPD have decreased marginally from Aug. 31, 2022 and are currently
0.88% for 31 DPD and 0.25% for 91 DPD compared to 0.89% and 0.27%
for 31 DPD and 91 DPD, respectively. The TTM CPR is higher than
Fitch's sustainable assumption reflecting impacts from the Public
Service Loan Forgiveness waiver that ended last year; current CPR
has return to under 8%. The net claim reject rate is assumed to be
0.50% in the base case and 2.50% in the 'AA' case.

The TTM levels of deferment, forbearance, and income-based
repayment (IBR; prior to adjustment) are 1.20% (1.46% at Aug. 31,
2022), 1.96% (1.94%), and 6.34% (6.00%). These assumptions are used
as the starting point in cash flow modeling, and subsequent
declines and increases are modeled as per criteria. There is no
borrower benefit paid from the trust, based on information provided
by the sponsor.

Basis and Interest Rate Risk: Basis risk for this transaction
arises from any rate and reset frequency mismatch between interest
rate indices for Special Allowance Payments (SAP) and the
securities. As of August 2023, almost all, 99.95%, of the student
loans in the trust were indexed to 30-day Average SOFR and only
0.05% to the three-month T-bill. Fitch applies its standard basis
and interest rate stresses to this transaction as per criteria.

Payment Structure: CE is provided by overcollateralization (OC),
excess spread, the reserve account, and for the senior notes,
subordination provided by the subordinate notes. As of August 2023,
the reported senior and total effective parity ratios (including
the reserve) are 124.12% and 100.54%.

Liquidity support is provided by a reserve account sized at the
greater of 1.00% of the outstanding principal balance of the notes
or $500,000 for Series 2000 and 2002, the greater of 0.75% of the
outstanding principal balance of the notes or $1.0 million for
Series 2004-1 and 2004-2, and the greater of 0.75% of the
outstanding principal amount of the notes or $2.5 million for
Series 2005-1 and 2007-1 and is currently sized at $9,069,125 as of
July 31, 2023. The trust will release cash once 100.75% total
parity and 105.00% senior parity are reached.

Operational Capabilities: Day-to-day servicing is provided by
Nelnet, Inc. (Nelnet). Fitch believes that Nelnet is an acceptable
servicer due to its extensive track record of servicing FFELP
loans.

RATING SENSITIVITIES

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

'AA+sf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, defaults, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions. This section provides insight into the model-implied
sensitivities the transaction faces when one assumption is
modified, while holding others equal.

Fitch conducts credit and maturity stress sensitivity analysis by
increasing or decreasing key assumptions by 25% and 50% over the
base case. The credit stress sensitivity is viewed by stressing
both the base case default rate and the basis spread. The maturity
stress sensitivity is viewed by stressing remaining term, IBR usage
and prepayments. The results below should only be considered as one
potential outcome, as the transactions are exposed to multiple
dynamic risk factors and should not be used as an indicator of
possible future performance.

Credit Stress Rating Sensitivity

- Default increase 25%: class A 'AA+sf'; Series 2000, 2002, 2004,
and 2005 class B 'Asf'; Series 2007 class B 'Bsf';

- Default increase 50%: class A 'AA+sf'; Series 2000, 2002, 2004,
and 2005 class B 'Asf'; Series 2007 class B 'Bsf';

- Basis spread increase 0.25%: class A 'AA+sf'; Series 2000, 2002,
and 2004 class B 'Asf'; Series 2005 class B 'BBBsf'; Series 2007
class B 'CCCsf';

- Basis spread increase 0.50%: class A 'AA+sf'; Series 2000, 2002,
and 2004 class B 'Asf'; Series 2005 class B 'BBBsf'; Series 2007
class B 'CCCsf'.

Maturity Stress Rating Sensitivity

- CPR decrease 25%: class A 'AA+sf'; Series 2000, 2002, 2004, and
2005 class B 'Asf'; Series 2007 class B 'BBsf';

- CPR decrease 50%: class A 'AA+sf'; Series 2000, 2002, 2004, and
2005 class B 'Asf'; Series 2007 class B 'CCCsf';

- IBR usage increase 25%: class A 'AA+sf'; Series 2000, 2002, 2004,
and 2005 class B 'Asf'; Series 2007 class B 'BBsf';

- IBR usage increase 50%: class A 'AA+sf'; Series 2000, 2002, 2004,
and 2005 class B 'Asf'; Series 2007 class B 'BBsf';

- Remaining Term increase 25%: class A 'AA+sf'; Series 2000, 2002,
2004, and 2005 class B 'Asf'; Series 2007 class B 'BBsf';

- Remaining Term increase 50%: class A 'AA+sf'; Series 2000 and
2002 class B 'Asf'; Series 2004 and 2005 class B 'BBBsf'; Series
2007 class B 'CCCsf'.

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

No upgrade credit stress and maturity stress sensitivity are
provided for the class A notes, as they are already at their
highest possible current and model-implied ratings.

Credit Stress Sensitivity

- Default decrease 25%: Series 2000, 2002, and 2004 class B
'AA+sf'; Series 2005 class B 'AAsf'; Series 2007 class B 'BBsf';

- Basis spread decrease 0.25%: Series 2000, 2002, 2004, and 2005
class B 'AA+sf'; Series 2007 class B 'Asf'.

Maturity Stress Sensitivity

- CPR increase 25%: Series 2000, 2002, and 2004 class B 'AA+sf';
Series 2005 class B 'AAsf'; Series 2007 class B 'BBsf';

- IBR usage decrease 25%: Series 2000, 2002, and 2004 class B
'AA+sf'; Series 2005 class B 'AAsf'; Series 2007 class B 'BBsf';

- Remaining Term decrease 25%: Series 2000, 2002, 2004, and 2005
class B 'AA+sf'; Series 2007 class B 'BBsf'.

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.


OCTAGON 70 ALTO: Fitch Puts BB-(EXP)sf Rating on E Notes
--------------------------------------------------------
Fitch Ratings has assigned expected ratings and Rating Outlooks to
Octagon 70 Alto, Ltd.

   Entity/Debt              Rating
   -----------              ------
Octagon 70 Alto, Ltd.

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

TRANSACTION SUMMARY

Octagon 70 Alto, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Octagon Credit Investors, LLC. Net proceeds from the issuance of
the secured and subordinated notes will provide financing on a
portfolio of approximately $450 million of primarily first lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B'/'B-' which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 25.97 versus a maximum covenant, in
accordance with the initial expected matrix point of 27.4. Issuers
rated in the 'B' rating category denote a highly speculative credit
quality; however, the notes benefit from credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
94.3% first lien senior secured loans. The weighted average
recovery rate (WARR) of the indicative portfolio is 73.4% versus a
minimum covenant, in accordance with the initial expected matrix
point of 72.1%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 39.0% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity required by industry,
obligor and geographic concentrations is in line with other recent
U.S. CLOs.

Portfolio Management (Neutral): The transaction has a 5.0-year
reinvestment period and reinvestment criteria similar to other U.S.
CLOs. Fitch's analysis was based on a stressed portfolio created by
making adjustments to the indicative portfolio to reflect
permissible concentration limits and collateral quality test
levels.

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

The weighted average life (WAL) used for the transaction stress
portfolio and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period. In Fitch's opinion, these conditions
would reduce the effective risk horizon of the portfolio during
stress periods. The performance of the rated notes at the other
permitted matrix points is in line with other recent CLOs.

RATING SENSITIVITIES

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

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

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

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

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

DATA ADEQUACY

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

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


OCTANE 2023-3: S&P Assigns Prelim BB- (sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Octane
Receivables Trust 2023-3's asset-backed notes.

The note issuance is an ABS securitization backed by consumer
powersport receivables.

The preliminary ratings are based on information as of Sept. 13,
2023. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

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

-- The availability of approximately 33.75%, 26.40%, 19.32%,
12.66%, and 9.00% in credit support, including excess spread, for
the class A (A1 and A2), B, C, D, and E notes, respectively, based
on stressed cash flow scenarios. These credit support levels
provide at least 5.00x, 4.00x, 3.00x, 2.00x, and 1.43x coverage of
S&P's stressed net loss levels for the class A, B, C, D, and E
notes, respectively.

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

-- The expectation that under a moderate ('BBB') stress scenario
(2.00x S&P's expected loss level), all else being equal, its
ratings will be within the credit stability limits specified by
section A.4 of the Appendix contained in "S&P Global Ratings
Definitions," published June 9, 2023.

-- The collateral characteristics of the consumer powersport
amortizing receivables securitized.

-- The transaction's credit enhancement in the form of
subordination, overcollateralization (O/C) that builds to a target
level of 3.50% of the initial receivables balance, a nonamortizing
reserve account, and excess spread.

-- The transaction's sequential-pay structure, which builds credit
enhancement (on a percentage-of-receivables basis) as the pool
amortizes.

-- The transaction's payment and legal structure.

  Preliminary Ratings Assigned

  Octane Receivables Trust 2023-3

  Class A1, $56.100 million: A-1+ (sf)
  Class A2, $214.549 million: AAA (sf)
  Class B, $30.630 million: AA (sf)
  Class C, $29.670 million: A (sf)
  Class D, $28.306 million: BBB (sf)
  Class E, $20.745 million: BB- (sf)



PRKCM 2023-AFC3: DBRS Gives Prov. B Rating on Class B-2 Notes
-------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following
Mortgage-Backed Notes, Series 2023-AFC3 (the Notes) to be issued by
PRKCM 2023-AFC3 Trust (the Trust or the Issuer):

-- $213.7 million Class A-1 at AAA (sf)
-- $32.7 million Class A-2 at AA (sf)
-- $31.9 million Class A-3 at A (low) (sf)
-- $14.3 million Class M-1 at BBB (sf)
-- $10.7 million Class B-1 at BB (sf)
-- $8.3 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 33.40% of
credit enhancement provided by subordinated notes. The AA (sf), A
(low) (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 23.20%,
13.25%, 8.80%, 5.45%, and 2.85% of credit enhancement,
respectively.

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

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate, expanded prime and nonprime, primarily first-lien
(95.1%) residential mortgages funded by the issuance of the Notes.
The Notes are backed by 816 mortgage loans with a total principal
balance of $320,817,595 as of the Cut-Off Date (August 1, 2023).

This is the seventh securitization by the Sponsor, Park Capital
Management Sponsor LLC, an affiliate of AmWest Funding Corp.
(AmWest). AmWest is the Seller, Originator, and Servicer of the
mortgage loans.

The pool is about two months seasoned on a weighted-average basis,
although, seasoning may span from zero to 10 months. All loans in
the pool are current as of the Cut-Off Date.

Although the mortgage loans were originated to satisfy the Consumer
Financial Protection Bureau's (CFPB) Qualified Mortgage (QM) and
Ability-to-Repay (ATR) rules where applicable, they were made to
borrowers who generally do not qualify for agency, government, or
private-label nonagency prime jumbo products for various reasons.
In accordance with the QM/ATR rules, approximately 57.7% of the
loans are designated as non-QM.

Approximately 39.7% of the loans are made to investors for business
purposes and, hence, are not subject to the QM/ATR rules. The
mortgage loans were underwritten to program guidelines for
business-purpose loans that are designed to rely on the
property-level cash flows for approximately 25.9% of the loans, and
the mortgagor's credit profile and debt-to-income ratio, property
value, and the available assets, where applicable, for
approximately 13.8% of the loans. Since the loans were made to
investors for business purposes, they are exempt from the CFPB ATR
rules and Truth in Lending Act (TILA) and the Real Estate
Settlement Procedures Act (RESPA) Integrated Disclosure rule.

For investor loans originated to investors under debt service
coverage ratio (DSCR) programs (25.9% of the pool), lenders use
property-level cash flow or the DSCR to qualify borrowers for
income. The DSCR is typically calculated as market rental value
(validated by an appraisal report) divided by the principal,
interest, taxes, insurance, and association dues (PITIA).

Also, approximately 6.9% of the pool comprises residential investor
loans underwritten to the property focused underwriting guidelines.
The loans were underwritten to program guidelines for
business-purpose loans where the lender generally expects the
property (or its value) and the borrower assets to be the primary
source of repayment. The lender reviews the mortgagor's credit
profile, though, it does not rely on the borrower's income to make
its credit decision.

In addition, the pool contains nine temporary buy-down mortgage
loans (approximately 0.81%). The initial 12 or 24 monthly payments
made by the borrowers for their respective loans will be less than
their scheduled payments due to the Trust, with the difference (for
each borrower) compensated from funds held in a related account
funded by the seller of the mortgaged property, the mortgage
originator, or another party. The funds are not eligible for use to
offset potential missed payments; however, if a loan is prepaid in
full during its buy-down period, any remaining related funds will
be credited to the related borrower.

For this transaction, the Servicer will fund advances of delinquent
principal and interest (P&I) until loans become 90 days delinquent
or are otherwise deemed unrecoverable. Additionally, the Servicer
is obligated to make advances with respect to taxes, insurance
premiums, and reasonable costs incurred in the course of servicing
and disposing of properties (Servicing Advances). If the Servicer
fails in its obligation to make P&I advances, the Master Servicer
(Nationstar Mortgage, LLC) will be obligated to fund such advances.
In addition, if the Master Servicer fails in its obligation to make
P&I advances, Citibank, N.A. (rated AA (low) with a Stable trend by
DBRS Morningstar) as the Paying Agent, will be obligated to fund
such advances. The Master Servicer and Paying Agent are only
responsible for P&I Advances; the Servicer is responsible for P&I
Advances and Servicing Advances.

The Sponsor, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of the Class B-3 Notes and Class XS Notes,
collectively representing at least 5% of the fair value of the
Notes, to satisfy the credit risk-retention requirements under
Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder.

On any date on or after the earlier of (1) the payment date
occurring in August 2026 or (2) on or after the payment date when
the aggregate stated principal balance of the mortgage loans is
reduced to less than or equal to 20% of the Cut-Off Date balance,
the Sponsor may terminate the Issuer (Optional Termination) by
purchasing the loans, any real estate owned (REO) properties, and
any other property remaining in the Issuer at the optional
termination price, specified in the transaction documents. After
such a purchase, the Sponsor will have to complete a qualified
liquidation, which requires a complete liquidation of assets within
the Trust and the distribution of proceeds to the appropriate
holders of regular or residual interests.

The Controlling Holder in the transaction is a majority holder (or
majority holders if there is no single majority holder) of the
outstanding Class XS Notes, initially, the Seller. The Controlling
Holder will have the option, but not the obligation, to repurchase
any mortgage loan that becomes 90 or more days delinquent under the
Mortgage Banker Association (MBA) Method (or in the case of any
mortgage loan that has been subject to a forbearance plan related
to the impact of the Coronavirus Disease (COVID-19) pandemic, on
any date from and after the date on which such loan becomes 90 or
more days delinquent under the MBA Method from the end of the
forbearance period) at the repurchase price (par plus interest),
provided that such repurchases in aggregate do not exceed 10% of
the total principal balance as of the Cut-Off Date.

The transaction employs a sequential-pay cash flow structure with a
pro rata principal payment among the Class A-1, A-2, and A-3 Notes
(senior classes of Notes) subject to certain performance triggers
related to cumulative losses or delinquencies exceeding a specified
threshold (Credit Event). Also, principal proceeds can be used to
cover interest shortfalls on the senior classes of Notes (IIPP)
before being applied sequentially to amortize the balances of the
Notes. For the Class A-3 Notes (only after a Credit Event) and for
the mezzanine and subordinate classes of notes, principal proceeds
can be used to cover interest shortfalls after the more senior
tranches are paid in full. Also, the excess spread can be used to
cover realized losses first before being allocated to unpaid Cap
Carryover Amounts due to Class A-1 down to Class A-3 Notes. Of
note, the interest and principal otherwise available to pay the
Class B-3 Notes interest and interest shortfalls may be used to pay
the Class A Notes coupons' Cap Carryover Amounts on any payment
date.

The ratings reflect transactional strengths that include the
following:

-- Improved underwriting standards,
-- Robust loan attributes and pool composition,
-- Compliance with the ATR rules, and
-- Comprehensive third-party due-diligence review.

The transaction also includes the following challenges:

-- Alternative documentation loans and loans to self-employed
borrowers;
-- Nonprime, non-QM, and investor loans;
-- Representations and warranties framework;
-- The Servicer's financial capability; and
-- The Servicer's advances of delinquent P&I.

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

DBRS Morningstar's credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated Notes are the related
interest payment amount, any interest carryforward amount, and the
related principal remittance amount.

DBRS Morningstar's credit ratings on Classes A-1, A-2, and A-3 also
address the credit risk associated with the increased rate of
interest applicable to these Notes if they remain outstanding on
the step-up date (September 2027) in accordance with the applicable
transaction documents.

DBRS Morningstar's credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction documents that are not financial
obligations. For example, in this transaction, DBRS Morningstar's
ratings do not address the payment of any cap carryover amounts.

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.



PRKCM 2023-AFC3: S&P Assigns B (sf) Rating on Class B-2 Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to PRKCM 2023-AFC3 Trust's
mortgage-backed notes.

The note issuance is an RMBS transaction backed by first- and
second-lien, fixed- and adjustable-rate, fully amortizing
residential mortgage loans to both prime and nonprime borrowers
(some with interest-only periods). The loans are secured by
single-family residential properties, planned unit developments,
condominiums, townhomes, and two- to four-family residential
properties. The pool consists of 816 loans, which are primarily
ability-to-repay (ATR)-exempt and non-qualified
mortgage/ATR-compliant.

The ratings reflect S&P's view of:

-- The pool's collateral composition;

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

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

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

  Ratings Assigned

  PRKCM 2023-AFC3 Trust(i)

  Class A-1, $213,664,000: AAA (sf)
  Class A-2, $32,723,000: AA (sf)
  Class A-3, $31,922,000: A (sf)
  Class M-1, $14,276,000: BBB (sf)
  Class B-1, $10,748,000: BB (sf)
  Class B-2, $8,341,000: B (sf)
  Class B-3, $9,143,595: Not rated
  Class A-IO-S, Notional(ii): Not rated
  Class XS, Notional(ii): Not rated
  Class R, N/A: Not rated

(i)The ratings address the ultimate payment of interest and
principal.
(ii)The notional amount will equal the aggregate stated principal
balance of the mortgage loans as of the first day of the related
due period and is initially $320,817,595.
N/A--Not applicable.



RAD CLO 20: Fitch Gives Final BBsf Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has assigned Final Ratings and Rating Outlooks to RAD
CLO 20, Ltd.

   Entity/Debt        Rating                   Prior
   -----------        ------                   -----
RAD CLO 20, Ltd.

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

TRANSACTION SUMMARY

RAD CLO 20, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Irradiant Partners, LP. Net proceeds from the issuance of the
secured and subordinated notes will provide financing on a
portfolio of approximately $500 million of primarily first-lien
senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B', which is in line with that of recent
CLOs. The weighted average rating factor (WARF) of the indicative
portfolio is 23.48, versus a maximum covenant, in accordance with
the initial expected matrix point of 25.65. Issuers rated in the
'B' rating category denote a highly speculative credit quality;
however, the notes benefit from appropriate credit enhancement and
standard U.S. CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
100% first-lien senior secured loans. The weighted average recovery
rate (WARR) of the indicative portfolio is 76.8% versus a minimum
covenant, in accordance with the initial expected matrix point of
74.3%.

Portfolio Composition (Positive): The largest three industries may
comprise up to 39% of the portfolio balance in aggregate while the
top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
other recent CLOs.

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

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

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

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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


RCKT MORTGAGE 2023-CES2: Fitch Gives 'B(EXP)sf' Rating on B-2 Notes
-------------------------------------------------------------------
Fitch Ratings expects to rate the residential mortgage-backed notes
issued by RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2).

   Entity/Debt      Rating           
   -----------      ------           
RCKT 2023-CES2

   A-1          LT  AAA(EXP)sf Expected Rating
   A-1A         LT  AAA(EXP)sf Expected Rating
   A-1B         LT  AAA(EXP)sf Expected Rating
   A-1L         LT  AAA(EXP)sf Expected Rating
   A-2          LT  AA(EXP)sf  Expected Rating
   A-3          LT  AA(EXP)sf  Expected Rating
   A-4          LT  A(EXP)sf   Expected Rating
   M-1          LT  A(EXP)sf   Expected Rating
   M-2          LT  BBB(EXP)sf Expected Rating
   A-5          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
   LT-R         LT  NR(EXP)sf  Expected Rating
   R            LT  NR(EXP)sf  Expected Rating
   XS           LT  NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The notes are supported by 4,054 loans with a total balance of
approximately $305 million as of the cutoff date. The pool is
backed by prime, closed-end second lien collateral originated by
Rocket Mortgage, LLC (Rocket Mortgage), formerly known as Quicken
Loans, LLC. Distributions of principal and interest and loss
allocations are based on a senior-subordinate, sequential pay
structure, which also presents a 50% excess cashflow turbo
feature.

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 9.3% above a long-term sustainable level (versus
7.6% on a national level as of 1Q23, down 0.2% qoq). The rapid gain
in home prices through the pandemic moderated in the second half of
2022 but has resumed increasing in 2023. Driven by the declines in
2H22, home prices decreased 0.2% YoY nationally as of April 2023.

Prime Credit Quality (Positive): The collateral consists of 4,054
loans totaling $305 million and seasoned at approximately four
months in aggregate (defined as the difference between the
origination date and the cutoff date). The borrowers have a strong
credit profile consisting of a 739 Fitch model FICO, a 37%
debt-to-income ratio (DTI) and moderate leverage comprising a 76%
sustainable loan-to-value ratio (sLTV). Of the pool, 99.4% consists
of loans where the borrower maintains a primary residence and 0.6%
represents second homes, while 95.5% of loans were originated
through a retail channel. Additionally, 33.5% of loans are
designated as qualified mortgages (QM), 31.0% are higher priced QM
(HPQM) and 35.5% are non-QM. Given the 100% loss severity (LS)
assumption, no additional penalties were applied for the HPQM and
non-QM loan statuses.

Second Lien Collateral (Negative): The entirety of the collateral
pool comprises closed-end second lien loans originated by Rocket
Mortgage. Fitch assumed no recovery and a 100% LS based on the
historical behavior of second lien loans in economic stress
scenarios. Fitch assumes second lien loans default at a rate
comparable to first lien loans; after controlling for credit
attributes, no additional penalty was applied to Fitch's
probability of default (PD) assumption.

Sequential Structure with Turbo Feature (Positive): The transaction
features a monthly excess cashflow priority of payments that
distributes remaining amounts from the interest and principal
priority of payments. These amounts will be applied as principal
first to repay any current and previously allocated cumulative
applied realized loss amounts and then to repay any potential net
WAC shortfalls.

Unlike other transactions that include a material amount of excess
interest, RCKT 2023-CES2 does not distribute all remaining amounts
to the class XS notes. Instead, 50% of any remaining cash
thereafter will be implemented to pay principal for classes
A-1A/A-1B to B-3 sequentially. The other 50% is allocated to pay
the owner trustee, collateral trustee, Delaware trustee, paying
agent, custodian, asset manager and reviewer for extraordinary
trust expenses to the extent not paid due to application of the
annual cap and, subsequently, to class XS. This is a much more
supportive structure and ensures the transaction will benefit from
excess interest regardless of default timing.

To haircut the excess cashflow present in the transaction, Fitch
tested the structure at a 50 basis points (bps) servicing fee and
applied haircuts to the WAC through a rate modification assumption.
This assumption was derived as a 2.5% haircut on 40% of the
nondelinquent projection in Fitch's stresses. Given the lower
projected delinquency (as a result of the chargeoff feature
described below), there was a higher current percentage and a
higher rate modification assumption, as a result.

180-Day Chargeoff Feature (Positive): The asset manager has the
ability, but not the obligation, to instruct the servicer to write
off the balance of a loan at 180 days delinquent (DQ) based on the
Mortgage Bankers Association (MBA) delinquency method. To the
extent the servicer expects a meaningful recovery in any
liquidation scenario, the asset manager may direct the servicer to
continue to monitor the loan and not charge it off. The 180-day
chargeoff feature will result in losses incurred sooner while there
is a larger amount of excess interest to protect against losses.
This compares favorably to a delayed liquidation scenario where the
loss occurs later in the life of the transaction and less excess is
available. If the loan is not charged off due to a presumed
recovery, this will provide added benefit to the transaction, above
Fitch's expectations.

Additionally, subsequent recoveries realized after the writedown at
180 days' DQ, excluding forbearance mortgage or loss mitigation
loans, will be passed on to bondholders as principal.

RATING SENSITIVITIES

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

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

The defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model projected 41.0% at 'AAA'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

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

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

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

ESG CONSIDERATIONS

RCKT 2023-CES2 has an ESG Relevance Score of '4' [+] for
Transaction Parties & Operational Risk due to lower operational
risk considering R&W, transaction due diligence and originator and
servicer results in a decrease in expected losses, which has a
positive 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.


REALT 2015-1: Fitch Affirms Bsf Rating on Class G Debt
------------------------------------------------------
Fitch Ratings has upgraded five and affirmed 32 classes from five
Canadian CMBS conduit transactions. In addition, following their
upgrades, three classes were assigned Stable Rating Outlooks,
reflecting the expectation of future affirmations given increasing
concentrations and refinance risk. These classes are in IMSCI
2015-6 and REALT 2015-1.

All other classes' Outlooks remain at Stable. Fitch has removed all
classes from these transactions from Under Criteria Observation
(UCO).

   Entity/Debt         Rating           Prior
   -----------         ------           -----
REAL-T 2019-1

   A-1 75585RQY4   LT AAAsf  Affirmed   AAAsf
   A-2 75585RQZ1   LT AAAsf  Affirmed   AAAsf
   B 75585RRB3     LT AAsf   Affirmed   AAsf
   C 75585RRC1     LT Asf    Affirmed   Asf
   D-1 75585RRD9   LT BBBsf  Affirmed   BBBsf
   D-2             LT BBBsf  Affirmed   BBBsf

Institutional
Mortgage
Securities Canada
Inc. 2015-6

   A-1 45779BDF3   LT AAAsf  Affirmed   AAAsf
   A-2 45779BDG1   LT AAAsf  Affirmed   AAAsf
   B 45779BDB2     LT AAAsf  Affirmed   AAAsf
   C 45779BDC0     LT AAAsf  Upgrade     AAsf
   D 45779BDD8     LT A+sf   Upgrade    BBBsf
   E 45779BDE6     LT BBBsf  Upgrade   BBB-sf
   F 45779BDJ5     LT BBsf   Affirmed    BBsf
   G 45779BDK2     LT Bsf    Affirmed     Bsf

REAL-T 2021-1

   A-1 75585RSL0   LT AAAsf  Affirmed   AAAsf
   A-2 75585RSA4   LT AAAsf  Affirmed   AAAsf
   B 75585RSC0     LT AAsf   Affirmed    AAsf
   C 75585RSE6     LT Asf    Affirmed     Asf
   D-1 75585RSG1   LT BBBsf  Affirmed   BBBsf
   D-2             LT BBBsf  Affirmed   BBBsf
   E               LT BBB-sf Affirmed  BBB-sf
   F               LT BBsf   Affirmed    BBsf
   G               LT Bsf    Affirmed     Bsf

REAL-T 2015-1

   A-1 75585RMA0   LT AAAsf  Affirmed   AAAsf
   A-2 75585RMB8   LT AAAsf  Affirmed   AAAsf
   B 75585RMD4     LT AAAsf  Affirmed   AAAsf
   C 75585RME2     LT AA+sf  Upgrade     AAsf
   D 75585RMF9     LT BBB+sf Upgrade    BBBsf
   E 75585RMG7     LT BBB-sf Affirmed  BBB-sf
   F 75585RMH5     LT BBsf   Affirmed    BBsf
   G 75585RMJ1     LT Bsf    Affirmed     Bsf

REAL-T 2020-1

   A-1 75585RRM9   LT AAAsf  Affirmed   AAAsf
   A-2 75585RRN7   LT AAAsf  Affirmed   AAAsf
   B 75585RRQ0     LT AAsf   Affirmed    AAsf
   C 75585RRR8     LT Asf    Affirmed     Asf
   D-1 75585RRS6   LT BBBsf  Affirmed   BBBsf
   D-2             LT BBBsf  Affirmed   BBBsf

KEY RATING DRIVERS

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

Performance and 'Bsf' Loss Expectations: Deal-level 'Bsf' rating
case losses range from 2.0% to 3.6%. These transactions have
concentrations of Fitch Loans of Concern (FLOCs) ranging from 0% to
27.1% and no specially serviced loans.

Upgrades of five classes in IMSCI 2015-6 and REAL-T 2015-1 reflect
the impact of the criteria as well as increased CE and improved
recovery expectations since Fitch's prior rating action.

Change to Credit Enhancement: As of the August 2023 distribution
date, the majority of the transactions' pool balances have been
reduced significantly, ranging from 63.0% to 3.6% paydown since
issuance. No losses have been incurred in any of the transactions.

Defeasance: The IMSCI transaction includes three defeased loans,
representing 29% of the remaining pool balance. Fitch is currently
evaluating the treatment of defeased loans in CMBS transactions and
may consider higher stress assumptions on government obligations
that have a rating lower than 'AAA'. Canada's sovereign rating
remains 'AA+'/Outlook Stable.

RATING SENSITIVITIES

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

- Downgrades to 'AAAsf' and 'AAsf' category rated classes are not
expected, but could occur if deal-level expected losses increase
significantly and/or interest shortfalls occur;

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

- Downgrades to 'BBsf' and 'Bsf' category rated classes are
possible with higher expected losses from FLOCs and/or if loans are
unable to refinance and default at maturity;

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

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

- Upgrades to 'AAsf' and 'Asf' category rated classes are possible
with increased credit enhancement resulting from amortization and
paydowns, coupled with stable-to-improved pool-level loss
expectations and performance stabilization of FLOCs. Classes would
not be upgraded above 'Asf' if there is likelihood for interest
shortfalls;

- Upgrades to the 'BBBsf', 'BBsf' and 'Bsf' category rated classes
would be limited based on sensitivity to concentrations of the
pools, including maturity dates;

- Upgrades to distressed ratings of 'CCCsf' through 'Csf' are not
expected but possible with better than expected values on FLOCs.

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.


SBALR COMMERCIAL 2020-RR1: Moody's Cuts Rating on C Certs to Ba2
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded two classes in SBALR Commercial Mortgage 2020-RR1
Trust, Commercial Mortgage Pass-Through Certificates, Series
2020-RR1 as follows:

Cl. A-3, Affirmed Aaa (sf); previously on Dec 13, 2021 Affirmed Aaa
(sf)

Cl. A-AB, Affirmed Aaa (sf); previously on Dec 13, 2021 Affirmed
Aaa (sf)

Cl. A-S, Affirmed Aa2 (sf); previously on Dec 13, 2021 Affirmed Aa2
(sf)

Cl. B, Downgraded to Baa2 (sf); previously on Dec 13, 2021 Affirmed
A3 (sf)

Cl. C, Downgraded to Ba2 (sf); previously on Dec 13, 2021 Affirmed
Baa3 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Dec 13, 2021 Affirmed
Aaa (sf)

*  Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three the P&I classes were affirmed because of their
credit support and 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.

The ratings on two P&I classes were downgraded due to higher
anticipated losses and increased risk of interest shortfalls due to
the exposure to seven loans in special servicing, representing
26.2% of the pool balance. Six of these loans  (22.5% of the pool
balance) are secured by six multifamily portfolios located in the
Bronx borough of New York City, NY. Property performance across
these portfolios has declined significantly as a result of higher
operating expenses and non-paying tenants which has outpaced the
permitted rental increases for these rent stabilized apartments.

The rating on the IO class was affirmed based on the credit quality
of its referenced classes.

Moody's rating action reflects a base expected loss of 11.9% of the
current pooled balance, compared to 5.7% at the last review.
Moody's base expected loss plus realized losses is now 11.1% of the
original pooled balance, compared to 5.6% at the last review.

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

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

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

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

METHODOLOGY UNDERLYING THE RATING ACTION

The 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 August 16, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 8.9% to $364.3
million from $400.1 million at securitization. The certificates are
collateralized by 53 mortgage loans ranging in size from less than
1% to 5.7% of the pool, with the top ten loans (excluding
defeasance) constituting 39.8% of the pool.

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 36, compared to 39 at Moody's last review.

As of the August 2023 remittance report, loans representing 69.4%
were current or within their grace period on their debt service
payments, 4.5% were 30+ days delinquent and 26.2% were 90+ days
delinquent.

Seventeen loans, constituting 29.5% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

One loan has been liquidated from the pool, resulting in a realized
loss of $1.1 million (for a loss severity of 23.5%).  Seven loans,
constituting 26.2% of the pool, are currently in special servicing.
Six of the specially serviced loans, representing 22.5% of the
pool, have transferred to special servicing since May 2023 due to
payment default, and are secured by six multifamily portfolios
(Emerald Bronx Multifamily Portfolios), located in Bronx, New York.
Property performance across these portfolios has declined
significantly due to non-paying tenants and higher expenses which
outpaced the permitted rental increases for rent stabilized
apartments.  The loans are reported 90+ days delinquent and the
servicer is working on some form of forbearance to correct the
performance issues at the properties.

Moody's has also assumed a high default probability for six poorly
performing loans, constituting 10.6% of the pool, and has estimated
an aggregate loss of $32.0 million (a 24% expected loss on average)
from these specially serviced and troubled loans. The largest
troubled loan is another multifamily portfolio, the Emerald Bronx
Multifamily Portfolio - Pool 7, ($16.4 million – 4.5%), which is
reported as 30+days delinquent and has had a decline in performance
due to non-paying tenants and a significant increase in operating
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 2022 operating results for 100% of the
pool, and partial year 2023 operating results for 21% of the pool
(excluding specially serviced loans). Moody's weighted average
conduit LTV is 114%, compared to 123% at Moody's last review.
Moody's conduit component excludes specially serviced and troubled
loans. Moody's net cash flow (NCF) reflects a weighted average
haircut of 16% to the most recently available net operating income
(NOI). Moody's value reflects a weighted average capitalization
rate of 9.5%.

Moody's actual and stressed conduit DSCRs are 1.53X and 0.94X,
respectively, compared to 1.46X and 0.82X at 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 top three conduit loans represent 13.6% of the pool balance.
The largest loan is the Winner's Circle at Saratoga Apartments Loan
($20.8 million -- 5.7% of the pool), which is secured by a 187-unit
multifamily apartment complex located in Saratoga County, New York.
The property is part of a larger multi-phased apartment community
known as Winner's Circle at Saratoga (Phases I, II, III & IV),
which offer a total of 604 apartment units. The property was 95%
leased as of March 2023, compared to 97% as of December 2021 and
92% at securitization. Moody's LTV and stressed DSCR are 103% and
0.97X, compared to 104% and 0.96X, respectively at last review.

The second largest loan is the Emerald Bronx Multifamily Portfolio
- Pool 7 Loan ($16.4 million – 4.5% of the pool), which is
secured by four multifamily properties located in the Bronx borough
of New York City, NY. Together, the properties contain a total of
108 Class B/C residential units and five commercial units which
total 2,850 SF. Performance has declined due to higher operating
expenses and non-paying tenants. Year-end 2022 NOI DSCR has
declined to 0.97X from 1.35X at securitization. The loan is on the
servicer's watchlist and is reported 30+days delinquent.  Due to
the decline in performance this loan has been identified as a
troubled loan.

The third largest loan is the Gutman and Hoffman Multifamily
Portfolio - Pool A Loan ($12.3 million -- 3.4% of the pool), which
is secured by two 86-unit multifamily properties located in the
Bronx borough of New York City, NY. The properties were 93% leased
as of February 2023, compared to 100%% at securitization.
Performance has slightly declined due to higher operating expenses.
Moody's LTV and stressed DSCR are 129% and 0.70X, compared to 121%
and 0.74X, respectively at last review.


SBLAR COMMERCIAL 2020-RR1: DBRS Places F CCC Rating Under Review
----------------------------------------------------------------
DBRS Limited placed its ratings on the following six classes of
Commercial Mortgage Pass-Through Certificates, Series 2020-RR1
issued by SBLAR Commercial Mortgage 2020-RR1 Under Review with
Negative Implications:

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

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

-- Class A-3 at AAA (sf)
-- Class A-AB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class X-A at AAA (sf)

The trends on Classes A-3, A-AB, A-S, and X-A are Stable. With the
Under Review with Negative Implications designation, there are no
trends for Classes B, X-B, C, D, E. Additionally, Class F has a
rating that does not typically carry a trend in commercial
mortgage-backed securities (CMBS) ratings.

DBRS Morningstar downgraded its rating on Class F during its
November 2022 review of this transaction, driven by the increased
credit risk associated with the Clarion Suites Anchorage loan
(Prospectus ID#7; 3.6% of the pool), which is in default and
expected to be liquidated from the pool at a loss. Since that time,
the pool's overall performance has continued to deteriorate, as
demonstrated by the considerable increase in concentration of loans
in special servicing and on the servicer's watchlist. The Class A-S
certificate has a liquidated credit enhancement of approximately
28.0% based on the analysis for this review, suggesting that class,
and the two classes above it in the waterfall (Classes A-3 and
A-AB) remain well insulated from loss, supporting the rating
confirmations and Stable trends with this review.

Most notably, the largest loan group in the pool, Emerald Bronx
Multifamily Portfolio (the Emerald portfolio) (Prospectus ID#s 2,
3, 4, 5, 6, 10, 11, and 12; 30.3% of the pool), continues to report
cash flows significantly below issuance expectations. In May and
June 2023, six of the eight loans within the group (representing
22.5% of the pool) transferred to special servicing because of
imminent monetary default, and, as of the August 2023 reporting,
all six are flagged delinquent. The servicer recently finalized
appraisals, dated June and August 2023 for the properties backing
the six defaulted loans, all of which show sharp value declines
from the issuance appraised values.

The transaction is highly exposed to a single sponsor, as both the
Emerald portfolio and another group of loans, Gutman and Hoffman
Multifamily Portfolio (Prospectus ID#s 9 and 12; 6.6% of the pool),
have the same sponsor. That group of loans is also collateralized
by the same property type, located in similar area as the Emerald
portfolio and those loans are also exhibiting increased risk given
the general performance declines for the collateral properties.
Collectively, this sponsor's loans represent 36.9% of the current
pool balance. The high concentration makes the pool as a whole
particularly vulnerable to issues with the sponsor or related
entities handling property management and operations. DBRS
Morningstar accounted for these increased risks in its analysis,
which are the primary drivers for the negative pressure on the
classes placed Under Review with Negative Implications.

As of the August 2023 reporting, 53 of the original 59 loans remain
in the pool with an aggregate principal balance of $364.3 million,
representing collateral reduction of 8.9% since issuance, as a
result of loan amortization, loan repayments, and the liquidation
of one loan from the trust. There are 17 loans, representing 29.5%
of the pool, on the servicer's watchlist, and seven loans,
representing 26.2% of the pool, in special servicing.

The Emerald portfolio comprises eight loans secured by smaller
portfolios of multifamily properties, typically classified as
"workforce housing." In total, the portfolio consists of 28
properties and 747 units in multiple neighborhoods within the
Bronx. As previously noted, six of the eight loans transferred to
special servicing in May and June 2023 for imminent monetary
default with the sponsor, Emerald Equity Group (Emerald Equity)
citing nonpaying tenants and inflated expenses as the source of the
payment issues. The servicer noted that legal counsel is in the
process of drafting a loan modification and, in the meantime,
discussions with the sponsor regarding plans for correcting various
property condition and general performance issues across the
portfolio are ongoing. It is noteworthy that the servicer has
stated the sponsor has expressed a willingness to forego litigation
and turn the properties over to the lender if they are unable to
make progress toward a resolution within an agreed-upon timeframe.
DBRS Morningstar notes that the sponsor is having difficulty
outside of the subject portfolios, with other defaults reported
since 2020. In addition, the subject financing represented an $8.7
million cash out, with equity of just over $500,000 remaining.
These factors could limit the overall commitment to cure the
outstanding issues.

The most recent appraisals for the properties backing defaulted
loans indicate weighted average (WA) value declines of
approximately 60.0% when compared with the issuance appraised
values. When considering these values in a hypothetical liquidation
scenario, the resulting liquidated loss amounts suggest loss
severities approaching 40.0% would be realized at disposition,
eroding Classes E, F, and G in full and part of Class D. Given the
performance declines for the properties backing the nondefaulted
loans (with the same sponsor), DBRS Morningstar considers the risk
of loss for Classes B and C to be significantly elevated in that
liquidation scenario as well. DBRS Morningstar has requested copies
of the updated appraisals to understand the valuation approach and
drivers for such significant value declines in the few short years
since the loan's closing. At issuance, DBRS Morningstar noted the
properties were generally in worn condition with dated fixtures and
appliances; however, given the properties' status as workforce
housing, this isn't necessarily out of the ordinary. It appears the
sponsor may not have the experience or liquidity to address the
issues outstanding, an additional factor contributing to the
overall increased risks from issuance.

The Clarion Suites Anchorage loan is secured by a 112-room
limited-service hotel in Anchorage, Alaska. The transaction closed
at approximately the same time as government-imposed restrictions
took effect in March 2020 because of the Coronavirus Disease
(COVID-19) pandemic. The loan transferred to the special servicer
in October 2020 and the lender subsequently modified the loan to
interest-only (IO) payments for one year. While the loan
modification provided temporary relief, performance failed to
recover with the lender ultimately obtaining a final foreclosure
judgment. The asset became real estate owned in December 2021. The
hotel had an outstanding property improvement plan (PIP) that the
borrower did not begin addressing before the pandemic, likely
contributing to the declines in operational performance and value.
The latest PIP cost estimates, which were provided in July 2022,
totaled approximately $2.2 million. The special servicer noted that
they are unable to fund the entirety of the required PIP with
cash-on-hand and as such, discussions regarding a reduction in the
scope of work are ongoing. As part of the 20-year franchise
agreement signed with Choice Hotels at issuance, the bulk of the
PIP is required to be complete by January 2024.

Operating performance has improved from the lows reported during
the pandemic, with the property reporting YE2022 occupancy rate,
average daily rate, and revenue per available room metrics of
57.5%, $163.6, and $94.1, respectively, which compare favorably
with the YE2020 figures of 40.6%, $82.8, and $33.6. However,
reported net cash flow (NCF) remains subdued with the YE2022 figure
of $970,563, 42.7% lower than the issuance figure of $1.7 million.
The most recent appraisal, dated March 2022, valued the property at
$16.0 million, substantially lower than the issuance appraisal
value of $22.0 million; however, given that occupancy and NCF at
the property have remained stressed for an extended period, DBRS
Morningstar notes that the collateral's as-is value has likely
declined further, elevating the credit risk to the trust. Based on
a haircut to the most recent appraisal, DBRS Morningstar projects a
loss severity in excess of 20.0% will be realized at liquidation.

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



STRUCTURED ASSET 2006-GEL4: Moody's Hikes Rating on M1 Debt to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three bonds
from three US residential mortgage-backed transactions (RMBS),
backed by scratch and dent mortgages issued by multiple issuers.

Issuer: Bear Stearns Asset Backed Securities Trust 2007-2

Cl. A-3, Upgraded to A3 (sf); previously on Dec 7, 2022 Upgraded to
Baa2 (sf)

Issuer: RAAC Series 2007-RP2 Trust

Cl. A, Upgraded to Aa1 (sf); previously on Dec 7, 2022 Upgraded to
Aa3 (sf)

Issuer: Structured Asset Securities Corporation (SASCO) 2006-GEL4

Cl. M1, Upgraded to Ba1 (sf); previously on Dec 7, 2022 Upgraded to
Ba2 (sf)

RATINGS RATIONALE

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

Principal Methodologies

The principal methodology used in rating all classes 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.


SYMPHONY CLO 35: Fitch Gives Final 'BBsf' Rating on Class E-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
Symphony CLO 35, Ltd. Reset Transaction.

   Entity/Debt          Rating                Prior
   -----------          ------                -----
Symphony CLO 35, Ltd.

   A-R              LT  NRsf   New Rating
   B-1 871980AE8    LT  PIFsf  Paid In Full     AAsf
   B-2 871980AG3    LT  PIFsf  Paid In Full     AAsf
   B-R              LT  AAsf   New Rating
   C 871980AJ7      LT  PIFsf  Paid In Full     A+sf
   C-R              LT  Asf    New Rating
   D 871980AL2      LT  PIFsf  Paid In Full    BBBsf
   D-R              LT  BBB-sf New Rating
   E 87169EAA1      LT  PIFsf  Paid In Full    BB-sf
   E-R              LT  BBsf   New Rating
   F-R              LT  NRsf   New Rating
   X                LT  NRsf   New Rating

TRANSACTION SUMMARY

Symphony CLO 35, Ltd. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO) that will be managed by
Symphony Alternative Asset Management LLC (SAAM), an affiliate of
Nuveen Asset Management, LLC, that originally closed in Aug. 2022.
The CLO's secured notes are expected to be refinanced in whole on
Sep. 07, 2023 from proceeds of new secured notes. Net proceeds from
the issuance of the secured and subordinated notes will provide
financing on a portfolio of approximately $400.0 million of
primarily first lien, senior secured leveraged loans.

KEY RATING DRIVERS

Asset Credit Quality (Negative): The average credit quality of the
indicative portfolio is 'B/B-', which is in line with that of
recent CLOs. The weighted average rating factor (WARF) of the
indicative portfolio is 24.92. Issuers rated in the 'B' rating
category denote a highly speculative credit quality; however, the
notes benefit from appropriate credit enhancement and standard U.S.
CLO structural features.

Asset Security (Positive): The indicative portfolio consists of
96.44% first lien senior secured loans and has a weighted average
recovery assumption of 75.96%.

Portfolio Composition (Positive): The largest three industries may
constitute up to 41% of the portfolio balance in aggregate, while
the top five obligors can represent up to 12.5% of the portfolio
balance in aggregate. The level of diversity resulting from the
industry, obligor and geographic concentrations is in line with
that of other recent CLOs.

Portfolio Management (Neutral): The transaction has a 5.0-year
reinvestment period and reinvestment criteria similar to those of
other U.S. CLOs. Fitch's analysis was based on a stressed portfolio
created by making adjustments to the indicative portfolio to
reflect permissible concentration limits and collateral quality
test levels.

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

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

RATING SENSITIVITIES

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

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

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

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

DATA ADEQUACY

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

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


THUNDERBOLT III AIRCRAFT: Fitch Affirms Bsf Rating on Class B Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed the ratings on Thunderbolt II Aircraft
Lease Limited (TBOLT II) series A and B notes. Fitch has also
affirmed the ratings on Thunderbolt III Aircraft Lease Limited
(TBOLT III) series A and B notes. The Rating Outlook for both
transactions remains Negative.

   Entity/Debt          Rating        Prior
   -----------          ------        -----
Thunderbolt III
Aircraft Lease
Limited

   A 88607AAA7      LT  BBsf   Affirmed    BBsf
   B 88607AAB5      LT  Bsf    Affirmed    Bsf

Thunderbolt II
Aircraft Lease
Limited

   Series A
   886065AA9        LT  BBsf   Affirmed    BBsf

   Series B
   886065AB7        LT  Bsf    Affirmed    Bsf

TRANSACTION SUMMARY

Fitch has affirmed the ratings of TBOLT II and TBOLT III series A
and B notes at 'BBsf' and 'Bsf', respectively. These transactions,
along with other aircraft operating lease ABS transactions rated by
Fitch, were placed Under Criteria Observation (UCO) in June of 2023
following Fitch's publication of new Aircraft Operating Lease.

The ratings reflect current transaction performance, Fitch's cash
flow projections, and its expectation for the structure to
withstand rating-specific stresses under Fitch's new criteria and
related asset model. Rating considerations include lease terms,
lessee credit quality and performance, updated aircraft values, and
Fitch's assumptions and stresses, which inform Fitch's modeled cash
flows and coverage levels. Fitch's updated rating assumptions for
airlines are based on a variety of performance metrics and airline
characteristics.

The performance in the portfolios has generally stabilized. One
aircraft in each pool has been sold, resulting in paydown on the
series A notes. Rent collections have stabilized since the prior
review; however, lessee delinquencies remain in both pools. The
Series A and Series B Notes in both transactions continue to
receive timely interest, but Series B have not received principal
since March 2020. TBOLT II class A principal remains approximately
17% behind schedule, while the class B principal shortfall
increased to 56% from 30% since the prior review in August 2022.
TBOLT III class A principal shortfall increased to 22% from 16%
while the class B shortfall increased to 48% from 27% versus
scheduled.

Overall Market Recovery

The global commercial aviation market continues to recover, posting
a 47% increase in revenue passenger kilometers (RPKs) in the first
half of 2023 compared with the same period last year, with June
global RPKs recovering to 94% of pre-pandemic levels per IATA.
Asia-Pacific airlines led the way with a 126% increase in first
half 2023 traffic versus last year.

Domestic RPKs globally rose 27% in June compared with the prior
year and have surpassed pre-pandemic RPKs by 5.1%; June
international RPKs climbed 34% compared with the prior year and are
approximately 12% below pre-pandemic levels per IATA.

International and domestic market performance differs across
regions. APAC has seen significant growth in domestic markets, led
by China returning to pre-pandemic levels with a 136% June
year-to-date increase in RPKs versus last year. APAC has also
enjoyed triple-digit international RPK growth, however, there is
still room for additional recovery as it has only reached 71% of
pre-pandemic levels per IATA.

North American and European traffic (domestic and international)
continue to rebound with June RPKs marginally exceeding
pre-pandemic levels in North America and reaching approximately 95%
of pre-pandemic levels in Europe per IATA.

Macro Risks

While the commercial aviation market has recovered significantly
over the past 12 months, it will continue to face certain unknowns
and potential headwinds including workforce shortages, inflationary
pressures particularly related to labor and fuel costs, supply
chain issues, geopolitical risks, and recessionary concerns, which
would impact passenger demand. Most of these events would lead to
increased credit risk due to increased lessee delinquencies, lease
restructurings, defaults, and reductions in lease rates and asset
values, particularly for older aircraft, all of which would cause
downward pressure on future cashflows needed to meet debt service.

KEY RATING DRIVERS

Asset Values: TBOLT II mean maintenance-adjusted base value (MABV)
declined 9% between the December 2021 and December 2022 appraisals
(controlling for sale of one aircraft). LTVs remained relatively
consistent with the prior review.

TBOLT III mean maintenance-adjusted base values declined
approximately 5% between the June 2022 and June 2023 appraisals
(controlling for the sale of one aircraft). LTVs remained
consistent with the prior review.

The Fitch values for the Thunderbolt II and Thunderbolt III pools
are $286 million and $304 million, respectively. Fitch used the
most recent appraisals as of December 2022 and June 2023,
respectively, and applied depreciation and market value decline
assumptions pursuant to criteria. Fitch employs a methodology
whereby it varies the type of value based on the remaining leasable
life:

3 years of Leasable Life, but >15 years old:
Maintenance-adjusted base value

< 15 years old: Half-life base value

Fitch also applies a haircut to residual values that vary based on
rating stress level beginning at 5% at Bsf and increasing to 15% at
Asf.

Tiered Collateral Quality: The TBOLT II and TBOLT III pools each
consist of 15 narrowbody (NB) and one widebody (WB) aircraft with
the majority characterized as mid-life aircraft (weighted-average
[WA] age of 12.7 and 13.4 years, respectively). Fitch utilizes
three tiers when assessing the quality and corresponding
marketability of aircraft collateral: tier 1, which is the most
marketable, and tier 3, which is the least marketable. As aircraft
in the pool reach an age of 15 and then 20 years, pursuant to
Fitch's criteria, the aircraft tier will migrate one level lower.

The weighted average tier for the TBOLT II and TBOLT III portfolios
are 1.2 and 1.1, respectively, reflecting the desirability of the
aircraft.

Pool Concentration: Both the TBOLT II and TBOLT III pools include
16 aircraft, with 15 on lease to 13 lessees and one off-lease. As
the pool ages and Fitch assumes aircraft are sold at the end of
their leasable lives (generally 20 years) pool concentration will
increase. Fitch stresses cash flows based on the effective aircraft
count, with rating-specific concentration haircuts above CCCsf.

Lessee Credit Risk: Fitch considers the lessee credit risk of both
pools to be moderate-to-high as several lessees remain delinquent.
Fitch has generally maintained the lessee credit ratings assigned
in its prior review based on aggregate rental collections.

TBOLT II is reasonably diversified across regions with 43% exposure
to Emerging Asia Pacific, 21% to Emerging Europe & CIS, 15% to
Developed Europe, 10% to Emerging Middle East & Africa, and 10%
to Developed North America.

TBOLT III is diversified across regions with 22% exposure to
Emerging Europe & CIS, 22% to Emerging Asia Pacific, 16% to
Developed Europe, 15% to Emerging South & Central America, 15%
to Developed Asia Pacific, and 10% to Emerging Middle East &
Africa.

Operation and Servicing Risk: Fitch deems the servicer, Air Lease
Corporation, to be qualified based on its experience as a lessor,
overall servicing capabilities and historical ABS performance.

RATING SENSITIVITIES

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

An increase in delinquencies, lower lease rates, or sales of
aircraft below Fitch's projections could lead to a downgrade.

The aircraft ABS sector has a rating cap of &Asf. All subordinate
tranches carry ratings lower than the senior tranche and below the
ratings at close.

Fitch also considers jurisdictional concentrations per the
"Structured Finance and Covered Bonds Country Risk Rating
Criteria," which could result in rating caps lower than Asf.

Fitch ran sensitivities related to lessee credit quality given
uncertainty around lessee payment performance. Fitch assigns a
credit rating of CCC or lower to a high percentage of lessees in
both pools. The sensitivity assumed all current lessees are rated
CC; and all future lessees are rated CCC; This scenario resulted in
a one-notch decrease in the model implied ratings (MIR) for both
transactions.

Fitch's base case scenario assumes receipt of insurance proceeds
for aircraft seized in Russia in 2022 (there was one such aircraft
in each pool). Fitch assumed insurance proceeds of 40-50% of
aircraft value at the BBsf and Bsf stress levels and lesser amounts
at the higher rating levels. Excluding these insurance proceeds
results in a decrease in the MIRs for both transactions of one
notch.

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

If contractual lease rates outperform modeled cash flows or lessee
credit quality improves materially, this may lead to an upgrade.
Similarly, if assets in the pool display higher values and stronger
rent generation than Fitch's stressed scenarios this may also lead
to an upgrade.

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.


TRINITAS CLO XXIII: S&P Assigns BB- (sf) Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Trinitas CLO XXIII
Ltd./Trinitas CLO XXIII LLC's fixed- and floating-rate notes.

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

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

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

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

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

  Ratings Assigned

  Trinitas CLO XXIII Ltd./Trinitas CLO XXIII LLC

  Class A, $310.000 million: AAA (sf)
  Class B-1, $59.500 million: AA (sf)
  Class B-2, $10.500 million: AA (sf)
  Class C (deferrable), $30.000 million: A (sf)
  Class D (deferrable), $28.750 million: BBB- (sf)
  Class E (deferrable), $15.000 million: BB- (sf)
  Subordinated notes, $44.485 million: Not rated



WIND RIVER 2015-1: Moody's Cuts $12.03MM F-R Notes Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Wind River 2015-1 CLO Ltd.:

US$62,580,000 Class B-RR Senior Secured Floating Rate Notes due
2030 (the "Class B-RR Notes"), Upgraded to Aa1 (sf); previously on
November 21, 2018 Definitive Rating Assigned Aa2 (sf)

US$14,745,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-1 Notes"), Upgraded to A1 (sf);
previously on November 21, 2018 Definitive Rating Assigned A2 (sf)

US$14,745,000 Class C-2 Mezzanine Secured Deferrable Floating Rate
Notes due 2030 (the "Class C-2 Notes"), Upgraded to A1 (sf);
previously on November 21, 2018 Definitive Rating Assigned A2 (sf)

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

US$12,030,000 Class F-R Junior Secured Deferrable Floating Rate
Notes due 2030 (the "Class F-R Notes"), Downgraded to Caa1 (sf);
previously on October 5, 2020 Confirmed at B3 (sf)

Wind River 2015-1 CLO Ltd., originally issued in July 2015 and last
refinanced in November 2018, is a managed cashflow CLO. The notes
are collateralized primarily by a portfolio of broadly syndicated
senior secured corporate loans. The transaction's reinvestment
period will end in October 2023.

RATINGS RATIONALE

These rating actions reflect the benefit of the short period of
time remaining before the end of the deal's reinvestment period in
October 2023. In light of the reinvestment restrictions during the
amortization period which limit the ability of the manager to
effect significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the collateral
pool characteristics will be maintained and continue to satisfy
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from lower weighted average rating factor
(WARF) and higher weighted average spread (WAS) compared to their
respective covenant levels.  Moody's modeled a WARF of 2782 and a
WAS of 3.39% compared to their current covenant levels of 2978 and
3.32%, respectively. The deal has also benefited from a shortening
of the portfolio's weighted average life since August 2022.

The downgrade rating action on the Class F-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 August 2023
[1] report, the OC ratio for the Class F-R notes is reported at
104.37% versus August 2022 [2] level of 105.92%.

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: $589,299,956

Defaulted par:  $3,269,175

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2782

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.39%

Weighted Average Recovery Rate (WARR): 47.78%

Weighted Average Life (WAL): 4.29 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.


ZAIS CLO 8: S&P Lowers Class E Notes Rating to 'B- (sf)'
--------------------------------------------------------
S&P Global Ratings raised its ratings on the class B and C notes
from ZAIS CLO 8 Ltd. and removed the rating on class B from
CreditWatch, where S&P placed it with positive implications in June
2023. At the same time, S&P lowered its rating on the class E notes
and removed it from CreditWatch, where S&P placed it with negative
implications in June 2023. S&P also affirmed its ratings on the
class A and D notes from the same transaction.

S&P said, "The rating actions follow our review of the
transaction's performance using data from the August 2023 trustee
report. Although the same portfolio backs all of the tranches,
there can be circumstances such as this one, where the ratings on
the tranches may move in opposite directions due to support changes
in the portfolio. This transaction is experiencing opposing rating
movements because principal paydowns improved the senior credit
support, while an increase in defaults and a decline in credit
quality reduced the junior credit support."

The transaction has seen approximately $177 million in paydowns to
the class A notes since our November 2021 rating actions. The
following are the changes in the reported overcollateralization
(O/C) ratios since the October 2021 trustee report, which S&P used
for its previous rating actions:

-- The class A/B O/C ratio improved to 170.74% from 129.64%.
-- The class C O/C ratio improved to 136.22% from 119.56 %.
-- The class D O/C ratio improved to 113.32% from 110.94 %.
-- The class E O/C ratio worsened to 101.90% from 105.85%

While the senior O/C ratios increased due to the lower balances of
the senior notes, the junior O/C ratio declined significantly,
because an increase in the portfolio's exposure to defaulted assets
and assets rated in the 'CCC' category, as well as a sizable par
loss, outweighed the benefit of the senior note paydown. The class
E O/C test is now failing by 1.80%.

S&P said, "The collateral portfolio's credit quality has
deteriorated since our last rating actions. Collateral obligations
with ratings in the 'CCC' category have decreased in amount, with
$33.31 million reported as of the August 2023 trustee report,
compared with $39.68 million reported as of the October 2021
trustee report. However, as a percentage of the total performing
assets, they have increased to 16.93% from 10.43%, and the
corresponding concentration limitation test continues to fail. Over
the same period, the par amount of defaulted collateral has
increased to $13.21 million from $1.54 million.

"The rating upgrades reflect the improved credit support at the
prior rating levels; the affirmations reflect our view that the
credit support available is commensurate with the current rating
levels. The lowered rating reflects the deteriorated credit quality
of the underlying portfolio and the decrease in credit support
available to the class E notes.

"On a standalone basis, the results of the cash flow analysis
indicated a higher rating on the class C, D, and E notes. However,
because the transaction currently has more exposure to 'CCC'-rated
collateral obligations, defaulted assets, and assets currently
priced at distressed levels, our rating actions reflect additional
sensitivity runs that considered the CLO's exposure to these
lower-quality assets and distressed prices, and our preference for
more cushion to offset any future potential negative credit
migration in the underlying collateral.

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

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

ZAIS CLO 8 Ltd. has transitioned its liabilities to three-month CME
term SOFR as its underlying index with the Alternative Reference
Rates Committee-recommended credit spread adjustment. S&P's cash
flow analysis reflects this change and assumes that the underlying
assets have also transitioned to a term SOFR as their respective
underlying index.

  Rating Raised And Removed From CreditWatch

  ZAIS CLO 8 Ltd.

  Class B to 'AAA (sf)' from 'AA+ (sf)/Watch Pos'

  Rating Raised

  ZAIS CLO 8 Ltd.

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

  Rating Lowered And Removed From CreditWatch

  ZAIS CLO 8 Ltd.

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

  Ratings Affirmed

  ZAIS CLO 8 Ltd.

  Class A: AAA (sf)
  Class D: BBB+ (sf)



[*] DBRS Confirms 39 Ratings From 8 Carvana Auto Trust Transactions
-------------------------------------------------------------------
DBRS, Inc. confirmed 39 ratings and upgraded six ratings from eight
Carvana Auto Receivables Trust transactions.

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

The Issuers for this rating action are:

Carvana Auto Receivables Trust 2021-N1
Carvana Auto Receivables Trust 2021-N4
Carvana Auto Receivables Trust 2021-N2
Carvana Auto Receivables Trust 2021-P2
Carvana Auto Receivables Trust 2021-N3
Carvana Auto Receivables Trust 2022-N1
Carvana Auto Receivables Trust 2020-P1
Carvana Auto Receivables Trust 2021-P1

The rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - June 2023 Update, published on June 30, 2023.
These baseline macroeconomic scenarios replace DBRS Morningstar's
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

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

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

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


[*] DBRS Reviews 345 Classes From 39 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 345 classes from 39 U.S. residential
mortgage-backed securities (RMBS) transactions. The 39 transactions
are generally classified as legacy subprime, alt-a, and
reperforming. Of the 345 classes reviewed, DBRS Morningstar
upgraded 145 ratings and confirmed 200 ratings.

The Affected Ratings are available at https://bit.ly/48nvibE

The Issuers involved in the rating action are:

New Century Home Equity Loan Trust 2005-2
Impac CMB Trust Series 2005-1
MASTR Adjustable Rate Mortgages Trust 2005-8
PRPM 2021-RPL2, LLC
COLT 2021-RPL1 Trust
CIM Trust 2021-R6
CIM Trust 2022-R3
Towd Point Mortgage Trust 2022-3
Towd Point Mortgage Trust 2021-SJ1
CSMC 2017-RPL3 Trust
Towd Point Mortgage Trust 2018-4
Towd Point Mortgage Trust 2020-1
Towd Point Mortgage Trust 2018-5
Towd Point Mortgage Trust 2022-4
Towd Point Mortgage Trust 2021-1
Citigroup Mortgage Loan Trust 2020-RP2
Citigroup Mortgage Loan Trust 2021-RP5
Citigroup Mortgage Loan Trust 2022-RP4
Fremont Home Loan Trust 2006-B
BRAVO Residential Funding Trust 2020-RPL2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-3
Aegis Asset Backed Securities Trust 2005-3
Impac CMB Trust Series 2005-3
GS Mortgage-Backed Securities Trust 2020-RPL2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3
MetLife Securitization Trust 2018-1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2022-2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-3
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4
MASTR Asset Backed Securities Trust 2006-HE3

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: The principal methodology applicable to the credit ratings
is the U.S. RMBS Surveillance Methodology (March 3, 2023).



[*] Moody's Lowers Rating on $93.5MM of US RMBS Issued 2003-2005
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of six bonds
from two US residential mortgage-backed transactions (RMBS), backed
by option ARM and prime jumbo mortgages issued by WaMu Mortgage
Pass-Through Certificates between 2003 and 2005.

Complete rating actions are as follows:

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR8
Trust

Cl. B-1, Downgraded to Baa3 (sf); previously on Mar 6, 2018
Upgraded to Baa2 (sf)

Cl. B-2, Downgraded to Ba3 (sf); previously on Mar 6, 2018 Upgraded
to Ba1 (sf)

Cl. B-3, Downgraded to B2 (sf); previously on Mar 6, 2018 Upgraded
to Ba3 (sf)

Cl. B-4, Downgraded to Caa2 (sf); previously on Mar 6, 2018
Upgraded to B3 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR15

Cl. A-1A1, Downgraded to B1 (sf); previously on Aug 18, 2015
Confirmed at Ba2 (sf)

Cl. A-1A2, Downgraded to B2 (sf); previously on Sep 26, 2018
Upgraded to B1 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating downgrades are primarily due to a deterioration in
collateral performance, and/or decline 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.


[*] S&P Takes Various Actions on 123 Classes From 38 US RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 123 ratings from 38 U.S.
RMBS transactions issued between 1999 and 2007. The review yielded
17 upgrades, 14 downgrades, 10 withdrawals, six discontinuances,
and 76 affirmations.

A list of Affected Rating can be viewed at:

               https://rb.gy/ay2nn

Analytical Considerations

S&P said, "We incorporate various considerations into our decisions
to raise, lower, or affirm ratings when reviewing the indicative
ratings suggested by our 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;

-- A small loan count;

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

-- Payment priority.

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. See the ratings list for the specific
rationale associated with each of the classes with rating
transitions.

"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.

"We withdrew our ratings on 10 classes from three transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level."



[] S&P Takes Various Actions on 92 Classes From 19 U.S. RMBS Deals
------------------------------------------------------------------
S&P Global Ratings completed its review of 92 ratings from 19 U.S.
RMBS transactions issued between 2003 and 2005. The review yielded
30 upgrades, two downgrades, 48 affirmations, and 12 withdrawals.

A list of Affected Ratings can be viewed at:

                https://rb.gy/3alae

Analytical Considerations

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

-- Collateral performance or delinquency trends;

-- An increase or decrease in available credit support;

-- Historical missed interest payments or interest shortfalls;

-- Available subordination and/or overcollateralization;

-- A small loan count; and

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

Rating Actions

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

The upgrades primarily reflect the classes' increased credit
support. As a result, the upgrades reflect the classes' ability to
withstand a higher level of projected losses than S&P had
previously anticipated.

S&P said, "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.

"We withdrew our ratings on 12 classes from five transactions due
to the small number of loans remaining in the related group. Once a
pool has declined to a de minimis amount, its future performance
becomes more difficult to project. As such, we believe there is a
high degree of credit instability that is incompatible with any
rating level."



                            *********

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